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
   

 

 

 

Net Assets — 100.0%

    $ 24,955,258  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(c) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(d) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer  

Value at

02/28/23

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

08/31/23

   

Shares

Held at

08/31/23

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 1,369,056       $344,467 (a)    $     $ 195     $ (633   $ 1,713,085       1,713     $ 3,875 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    690,000       220,000 (a)                        910,000       910       24,944        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 195     $ (633   $ 2,623,085       $ 28,819     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

 

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

  19


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® BBB Rated Corporate Bond ETF

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

                                                                               

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Assets

          

Investments

          

Long-Term Investments

          

Corporate Bonds & Notes

  $      $ 23,943,727      $      $ 23,943,727  

Short-Term Securities

          

Money Market Funds

    2,623,085                      2,623,085  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 2,623,085      $ 23,943,727      $      $ 26,566,812  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

20  

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)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.1%            

Interpublic Group of Companies Inc. (The)

   

2.40%, 03/01/31 (Call 12/01/30)

  $ 632     $ 510,869  

3.38%, 03/01/41 (Call 09/01/40)

    979       689,846  

4.65%, 10/01/28 (Call 07/01/28)

    948       906,809  

4.75%, 03/30/30 (Call 12/30/29)

    670       638,617  

5.38%, 06/15/33 (Call 03/15/33)

    518       499,879  

5.40%, 10/01/48 (Call 04/01/48)

    921       839,315  

Omnicom Group Inc.

   

2.45%, 04/30/30 (Call 01/30/30)

    918       761,304  

2.60%, 08/01/31 (Call 05/01/31)(a)

    1,255       1,027,092  

3.60%, 04/15/26 (Call 01/15/26)

    1,965       1,880,510  

3.65%, 11/01/24 (Call 08/01/24)

    768       749,810  

4.20%, 06/01/30 (Call 03/01/30)

    977       902,377  

WPP Finance 2010, 3.75%, 09/19/24

    773       751,751  
   

 

 

 
       10,158,179  
Aerospace & Defense — 1.6%            

Airbus SE

   

3.15%, 04/10/27 (Call 01/10/27)(b)

    945       889,168  

3.95%, 04/10/47 (Call 10/10/46)(a)(b)

    955       795,911  

BAE Systems Finance Inc., 7.50%, 07/01/27(b)

    475       505,285  

BAE Systems Holdings Inc.

   

3.80%, 10/07/24(b)

    855       836,025  

3.85%, 12/15/25 (Call 09/15/25)(b)

     1,304       1,257,067  

4.75%, 10/07/44(b)

    483       422,679  

BAE Systems PLC

   

1.90%, 02/15/31 (Call 11/15/30)(b)

    1,305       1,035,870  

3.00%, 09/15/50 (Call 03/15/50)(b)

    485       317,756  

3.40%, 04/15/30 (Call 01/15/30)(b)

    1,560       1,393,523  

5.80%, 10/11/41(b)

    1,200       1,193,755  

Boeing Co. (The)

   

2.20%, 02/04/26 (Call 09/11/23)

    6,270       5,784,109  

2.25%, 06/15/26 (Call 03/15/26)(a)

    811       743,420  

2.50%, 03/01/25 (Call 12/01/24)

    397       377,364  

2.60%, 10/30/25 (Call 07/30/25)(a)

    705       660,787  

2.70%, 02/01/27 (Call 12/01/26)

    1,170       1,069,890  

2.75%, 02/01/26 (Call 01/01/26)(a)

    1,000       938,465  

2.80%, 03/01/27 (Call 12/01/26)

    767       700,570  

2.85%, 10/30/24 (Call 07/30/24)(a)

    616       593,872  

2.95%, 02/01/30 (Call 11/01/29)

    1,270       1,099,417  

3.10%, 05/01/26 (Call 03/01/26)

    1,285       1,210,361  

3.20%, 03/01/29 (Call 12/01/28)

    1,630       1,464,750  

3.25%, 02/01/28 (Call 12/01/27)

    528       483,538  

3.25%, 03/01/28 (Call 12/01/27)

    722       658,574  

3.25%, 02/01/35 (Call 11/01/34)

    786       631,025  

3.30%, 03/01/35 (Call 09/01/34)(a)

    198       155,601  

3.38%, 06/15/46 (Call 12/15/45)(a)

    440       302,676  

3.45%, 11/01/28 (Call 08/01/28)(a)

    757       694,550  

3.50%, 03/01/39 (Call 09/01/38)

    582       437,785  

3.50%, 03/01/45 (Call 09/01/44)(a)

    468       319,830  

3.55%, 03/01/38 (Call 09/01/37)

    490       375,843  

3.60%, 05/01/34 (Call 02/01/34)

    1,198       1,013,937  

3.63%, 02/01/31 (Call 11/01/30)

    1,250       1,115,907  

3.63%, 03/01/48 (Call 09/01/47)

    553       385,636  

3.65%, 03/01/47 (Call 09/01/46)

    410       286,966  

3.75%, 02/01/50 (Call 08/01/49)

    1,683       1,227,122  

3.83%, 03/01/59 (Call 09/01/58)(a)

    754       520,064  

3.85%, 11/01/48 (Call 05/01/48)

    371       270,304  

3.90%, 05/01/49 (Call 11/01/48)

    927       693,137  
Security  

Par

(000)

    Value  
Aerospace & Defense (continued)            

3.95%, 08/01/59 (Call 02/01/59)

  $ 1,057     $ 757,677  

4.88%, 05/01/25 (Call 04/01/25)

    3,083       3,040,378  

5.04%, 05/01/27 (Call 03/01/27)

    2,555        2,526,876  

5.15%, 05/01/30 (Call 02/01/30)

    4,905       4,825,708  

5.71%, 05/01/40 (Call 11/01/39)

    3,515       3,417,229  

5.81%, 05/01/50 (Call 11/01/49)

    6,534       6,356,836  

5.88%, 02/15/40

    615       609,718  

5.93%, 05/01/60 (Call 11/01/59)

    3,877       3,742,380  

6.13%, 02/15/33

    824       853,758  

6.63%, 02/15/38

    517       541,549  

6.88%, 03/15/39

    638       702,915  

General Dynamics Corp.

   

1.15%, 06/01/26 (Call 05/01/26)(a)

    709       640,421  

2.13%, 08/15/26 (Call 05/15/26)

    715       660,648  

2.25%, 06/01/31 (Call 03/01/31)(a)

    890       744,490  

2.38%, 11/15/24 (Call 09/15/24)

    664       639,763  

2.63%, 11/15/27 (Call 08/15/27)

    595       542,974  

2.85%, 06/01/41 (Call 12/01/40)

    700       510,300  

3.25%, 04/01/25 (Call 03/01/25)

    926       897,217  

3.50%, 05/15/25 (Call 03/15/25)

    881       855,153  

3.50%, 04/01/27 (Call 02/01/27)

    868       826,564  

3.60%, 11/15/42 (Call 05/15/42)

    114       90,951  

3.63%, 04/01/30 (Call 01/01/30)

    1,010       939,888  

3.75%, 05/15/28 (Call 02/15/28)

    1,061       1,012,970  

4.25%, 04/01/40 (Call 10/01/39)

     1,122       998,550  

4.25%, 04/01/50 (Call 10/01/49)

    915       805,390  

HEICO Corp.

   

5.25%, 08/01/28 (Call 07/01/28)

    460       456,321  

5.35%, 08/01/33 (Call 05/01/33)

    525       520,309  

Hexcel Corp.

   

4.20%, 02/15/27 (Call 11/15/26)

    290       270,952  

4.95%, 08/15/25 (Call 05/15/25)

    355       346,222  

Howmet Aerospace Inc.

   

3.00%, 01/15/29 (Call 11/15/28)

    5       4,312  

5.90%, 02/01/27

    5       4,965  

5.95%, 02/01/37

    10       9,845  

L3Harris Technologies Inc.

   

1.80%, 01/15/31 (Call 10/15/30)

    878       691,104  

2.90%, 12/15/29 (Call 09/15/29)

    1,111       966,607  

3.83%, 04/27/25 (Call 01/27/25)

    996       969,095  

3.85%, 12/15/26 (Call 09/15/26)

    822       785,563  

4.40%, 06/15/28 (Call 03/15/28)

    2,624       2,522,917  

4.85%, 04/27/35 (Call 10/27/34)

    637       599,845  

5.05%, 04/27/45 (Call 10/27/44)

    814       752,980  

5.40%, 01/15/27

    1,175       1,177,854  

5.40%, 07/31/33 (Call 04/30/33)

    1,225       1,227,058  

5.60%, 07/31/53 (Call 01/31/53)

    220       221,401  

6.15%, 12/15/40

    525       542,201  

Lockheed Martin Corp.

   

1.85%, 06/15/30 (Call 03/15/30)

    740       613,053  

2.80%, 06/15/50 (Call 12/15/49)

    1,136       764,461  

3.55%, 01/15/26 (Call 10/15/25)

    1,525       1,475,829  

3.60%, 03/01/35 (Call 09/01/34)

    659       580,069  

3.80%, 03/01/45 (Call 09/01/44)

    1,379       1,128,043  

3.90%, 06/15/32 (Call 03/15/32)(a)

    1,265       1,176,213  

4.07%, 12/15/42

    1,535       1,332,275  

4.09%, 09/15/52 (Call 03/15/52)

    1,391       1,168,671  

4.15%, 06/15/53 (Call 12/15/52)(a)

    1,440       1,213,770  

4.30%, 06/15/62 (Call 12/15/61)

    1,109       940,148  

4.45%, 05/15/28 (Call 04/15/28)

    510       502,130  
 

 

 

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

  21


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Aerospace & Defense (continued)            

4.50%, 05/15/36 (Call 11/15/35)

  $ 657     $ 622,738  

4.70%, 05/15/46 (Call 11/15/45)

     1,207       1,128,806  

4.75%, 02/15/34 (Call 11/15/33)

    975       961,849  

4.95%, 10/15/25 (Call 09/15/25)

    509       507,465  

5.10%, 11/15/27 (Call 10/15/27)

    1,127       1,139,339  

5.20%, 02/15/55 (Call 08/15/54)

    360       357,930  

5.25%, 01/15/33 (Call 10/15/32)

    1,010       1,036,520  

5.70%, 11/15/54 (Call 05/15/54)

    1,340       1,436,803  

5.72%, 06/01/40(a)

    95       99,702  

5.90%, 11/15/63 (Call 05/15/63)

    915       1,007,572  

Series B, 6.15%, 09/01/36

    675       733,528  

Northrop Grumman Corp.

   

2.93%, 01/15/25 (Call 11/15/24)

    1,152       1,113,303  

3.20%, 02/01/27 (Call 11/01/26)

    969       914,855  

3.25%, 01/15/28 (Call 10/15/27)

    2,204       2,053,139  

3.85%, 04/15/45 (Call 10/15/44)

    613       486,089  

4.03%, 10/15/47 (Call 04/15/47)

    2,432       2,001,415  

4.40%, 05/01/30 (Call 02/01/30)

    1,061       1,021,015  

4.70%, 03/15/33 (Call 12/15/32)(a)

    1,325       1,284,416  

4.75%, 06/01/43

    1,339       1,216,229  

4.95%, 03/15/53 (Call 09/15/52)(a)

    1,055       988,202  

5.05%, 11/15/40(a)

    954       905,002  

5.15%, 05/01/40 (Call 11/01/39)

    511       490,143  

5.25%, 05/01/50 (Call 11/01/49)

    1,030       1,012,199  

Northrop Grumman Systems Corp., 7.75%, 02/15/31(a)

    175       199,929  

RTX Corp.

   

1.90%, 09/01/31 (Call 06/01/31)

    1,085       849,615  

2.25%, 07/01/30 (Call 04/01/30)

    1,056       877,262  

2.38%, 03/15/32 (Call 12/15/31)

    1,542       1,240,834  

2.65%, 11/01/26 (Call 08/01/26)

    982       911,609  

2.82%, 09/01/51 (Call 03/01/51)

    1,435       897,123  

3.03%, 03/15/52 (Call 09/15/51)

    1,645       1,081,617  

3.13%, 05/04/27 (Call 02/04/27)

    715       666,107  

3.13%, 07/01/50 (Call 01/01/50)

    1,130       766,470  

3.50%, 03/15/27 (Call 12/15/26)

    1,845       1,741,802  

3.75%, 11/01/46 (Call 05/01/46)

    1,582       1,203,768  

3.95%, 08/16/25 (Call 06/16/25)

    2,070       2,012,475  

4.05%, 05/04/47 (Call 11/04/46)

    837       676,274  

4.13%, 11/16/28 (Call 08/16/28)

    3,544       3,382,197  

4.15%, 05/15/45 (Call 11/16/44)

    1,117       908,837  

4.20%, 12/15/44 (Call 06/15/44)

    330       255,093  

4.35%, 04/15/47 (Call 10/15/46)

    1,468       1,235,083  

4.45%, 11/16/38 (Call 05/16/38)

    1,074       950,378  

4.50%, 06/01/42

    3,964       3,457,158  

4.63%, 11/16/48 (Call 05/16/48)

    1,745       1,534,221  

4.70%, 12/15/41

    425       378,108  

4.80%, 12/15/43 (Call 06/15/43)

    634       563,015  

4.88%, 10/15/40

    416       380,496  

5.00%, 02/27/26 (Call 01/27/26)

    410       408,228  

5.15%, 02/27/33 (Call 11/27/32)

    920       909,508  

5.38%, 02/27/53 (Call 08/27/52)

    1,205       1,174,558  

5.40%, 05/01/35

    655       653,560  

5.70%, 04/15/40

    475       475,447  

6.05%, 06/01/36

    530       552,911  

6.13%, 07/15/38

    805       842,080  

6.70%, 08/01/28

    45       48,105  

7.20%, 08/15/27(a)

    150       158,340  

7.50%, 09/15/29

    975       1,086,688  
   

 

 

 
       148,364,210  
Security  

Par

(000)

    Value  
Agriculture — 1.2%            

Altria Group Inc.

   

2.35%, 05/06/25 (Call 04/06/25)

  $ 1,141     $ 1,080,197  

2.45%, 02/04/32 (Call 11/04/31)(a)

     2,205        1,720,996  

2.63%, 09/16/26 (Call 06/16/26)(a)

    740       686,147  

3.40%, 05/06/30 (Call 02/06/30)

    1,038       911,871  

3.40%, 02/04/41 (Call 08/04/40)

    1,816       1,237,361  

3.70%, 02/04/51 (Call 08/04/50)

    1,696       1,107,109  

3.88%, 09/16/46 (Call 03/16/46)

    1,844       1,269,769  

4.00%, 02/04/61 (Call 08/04/60)(a)

    815       551,474  

4.25%, 08/09/42(a)

    760       575,710  

4.40%, 02/14/26 (Call 12/14/25)(a)

    1,419       1,387,454  

4.45%, 05/06/50 (Call 11/06/49)

    831       616,421  

4.50%, 05/02/43

    1,182       921,158  

4.80%, 02/14/29 (Call 11/14/28)

    2,519       2,440,730  

5.38%, 01/31/44(a)

    1,835       1,703,846  

5.80%, 02/14/39 (Call 08/14/38)(a)

    2,419       2,356,947  

5.95%, 02/14/49 (Call 08/14/48)

    2,881       2,682,536  

6.20%, 02/14/59 (Call 08/14/58)(a)

    568       570,731  

Archer-Daniels-Midland Co.

   

2.50%, 08/11/26 (Call 05/11/26)

    1,485       1,393,998  

2.70%, 09/15/51 (Call 03/15/51)

    1,095       705,781  

2.90%, 03/01/32 (Call 12/01/31)

    915       789,636  

3.25%, 03/27/30 (Call 12/27/29)

    1,007       916,069  

3.75%, 09/15/47 (Call 03/15/47)

    455       361,194  

4.02%, 04/16/43

    783       646,361  

4.50%, 08/15/33 (Call 05/15/33)(a)

    165       159,738  

4.50%, 03/15/49 (Call 09/15/48)(a)

    655       587,686  

4.54%, 03/26/42

    430       384,565  

5.38%, 09/15/35

    575       585,826  

5.77%, 03/01/41(c)

    255       256,040  

5.94%, 10/01/32(a)

    506       540,102  

BAT Capital Corp.

   

2.26%, 03/25/28 (Call 01/25/28)(a)

    1,588       1,365,373  

2.73%, 03/25/31 (Call 12/25/30)

    1,044       826,604  

2.79%, 09/06/24 (Call 08/06/24)

    982       952,598  

3.22%, 08/15/24 (Call 06/15/24)

    1,345       1,311,637  

3.22%, 09/06/26 (Call 07/06/26)

    1,110       1,036,480  

3.46%, 09/06/29 (Call 06/06/29)

    927       808,187  

3.56%, 08/15/27 (Call 05/15/27)

    1,098       1,018,592  

3.73%, 09/25/40 (Call 03/25/40)

    975       679,555  

3.98%, 09/25/50 (Call 03/25/50)

    1,276       843,783  

4.39%, 08/15/37 (Call 02/15/37)

    2,958       2,342,476  

4.54%, 08/15/47 (Call 02/15/47)

    2,699       1,962,693  

4.70%, 04/02/27 (Call 02/02/27)

    1,569       1,521,691  

4.74%, 03/16/32 (Call 12/16/31)

    1,162       1,050,597  

4.76%, 09/06/49 (Call 03/06/49)

    1,281       949,438  

4.91%, 04/02/30 (Call 01/02/30)

    1,456       1,371,180  

5.28%, 04/02/50 (Call 10/02/49)(a)

    823       659,382  

5.65%, 03/16/52 (Call 09/16/51)

    772       646,010  

6.34%, 08/02/30 (Call 06/02/30)

    405       407,576  

6.42%, 08/02/33 (Call 05/02/33)

    440       439,217  

7.08%, 08/02/43 (Call 02/02/43)

    245       243,619  

7.08%, 08/02/53 (Call 02/02/53)

    420       413,494  

7.75%, 10/19/32 (Call 07/19/32)

    465       504,587  

BAT International Finance PLC

   

1.67%, 03/25/26 (Call 02/25/26)

    1,373       1,243,370  

4.45%, 03/16/28 (Call 02/16/28)

    1,095       1,038,093  

5.93%, 02/02/29

    480       478,107  

Bunge Ltd. Finance Corp.

   

1.63%, 08/17/25 (Call 07/17/25)

    1,037       960,035  
 

 

 

22  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Agriculture (continued)            

2.75%, 05/14/31 (Call 02/14/31)(a)

  $ 1,328     $ 1,110,740  

3.25%, 08/15/26 (Call 05/15/26)

    1,084       1,021,059  

3.75%, 09/25/27 (Call 06/25/27)(a)

    709       666,966  

Cargill Inc.

   

0.75%, 02/02/26 (Call 01/02/26)(b)

    877       791,015  

1.70%, 02/02/31 (Call 11/02/30)(b)

    735       581,741  

2.13%, 04/23/30 (Call 01/23/30)(b)

    895       750,459  

2.13%, 11/10/31 (Call 08/10/31)(b)

     1,324        1,067,183  

3.13%, 05/25/51 (Call 11/25/50)(b)

    1,090       753,168  

3.25%, 05/23/29 (Call 02/23/29)(a)(b)

    706       650,480  

3.50%, 04/22/25 (Call 10/02/23)(a)(b)

    946       918,932  

3.63%, 04/22/27 (Call 03/22/27)(a)(b)

    515       492,186  

3.88%, 05/23/49 (Call 11/23/48)(a)(b)

    420       329,040  

4.00%, 06/22/32 (Call 03/22/32)(a)(b)

    655       605,405  

4.38%, 04/22/52 (Call 10/22/51)(b)

    435       374,641  

4.50%, 06/24/26(a)(b)

    280       276,357  

4.75%, 04/24/33 (Call 01/24/33)(a)(b)

    650       634,674  

4.76%, 11/23/45(b)

    1,002       911,491  

4.88%, 10/10/25 (Call 09/10/25)(b)

    565       561,191  

5.13%, 10/11/32 (Call 07/11/32)(b)

    667       667,209  

Imperial Brands Finance PLC

   

3.50%, 07/26/26 (Call 05/26/26)(b)

    1,228       1,153,640  

3.88%, 07/26/29 (Call 04/26/29)(b)

    1,309       1,168,559  

4.25%, 07/21/25 (Call 04/21/25)(b)

    2,135       2,064,655  

6.13%, 07/27/27 (Call 06/27/27)(b)

    1,375       1,390,053  

JT International Financial Services BV, 6.88%, 10/24/32 (Call 07/24/32)(b)

    495       540,882  

Philip Morris International Inc.

   

0.88%, 05/01/26 (Call 04/01/26)

    1,688       1,511,356  

1.50%, 05/01/25 (Call 04/01/25)

    1,165       1,093,305  

1.75%, 11/01/30 (Call 08/01/30)

    918       719,677  

2.10%, 05/01/30 (Call 02/01/30)

    940       772,591  

2.75%, 02/25/26 (Call 11/25/25)

    1,108       1,045,414  

3.13%, 08/17/27 (Call 05/17/27)

    653       608,113  

3.13%, 03/02/28 (Call 12/02/27)

    686       629,857  

3.25%, 11/10/24

    837       815,077  

3.38%, 08/11/25 (Call 05/11/25)

    1,007       970,745  

3.38%, 08/15/29 (Call 05/15/29)

    1,020       917,572  

3.88%, 08/21/42

    1,284       1,002,634  

4.13%, 03/04/43

    928       737,172  

4.25%, 11/10/44

    1,195       969,532  

4.38%, 11/15/41

    1,075       889,049  

4.50%, 03/20/42

    1,012       858,967  

4.88%, 02/13/26

    1,428       1,414,078  

4.88%, 02/15/28 (Call 01/15/28)

    1,285       1,268,410  

4.88%, 11/15/43

    705       619,779  

5.00%, 11/17/25

    862       856,953  

5.13%, 11/15/24

    690       686,579  

5.13%, 11/17/27 (Call 10/17/27)

    1,270       1,267,615  

5.13%, 02/15/30 (Call 12/15/29)

    1,873       1,851,251  

5.38%, 02/15/33 (Call 11/15/32)

    2,230       2,202,044  

5.63%, 11/17/29 (Call 09/17/29)

    1,465       1,481,254  

5.75%, 11/17/32 (Call 08/17/32)

    1,295       1,313,423  

6.38%, 05/16/38

    1,745       1,874,562  

Reynolds American Inc.

   

4.45%, 06/12/25 (Call 03/12/25)

    1,540       1,506,620  

5.70%, 08/15/35 (Call 02/15/35)

    983       909,198  

5.85%, 08/15/45 (Call 02/15/45)(a)

    2,771       2,407,079  

6.15%, 09/15/43

    677       619,704  

7.25%, 06/15/37

    880       924,977  
Security  

Par

(000)

    Value  
Agriculture (continued)            

Viterra Finance BV

   

2.00%, 04/21/26 (Call 03/21/26)(b)

  $ 1,026     $ 926,412  

3.20%, 04/21/31 (Call 01/21/31)(b)

     1,010       843,267  

4.90%, 04/21/27 (Call 03/21/27)(b)

    550       532,141  

5.25%, 04/21/32 (Call 01/21/32)(b)

    340       324,558  
   

 

 

 
       111,074,518  
Airlines — 0.2%            

Delta Air Lines Inc.

   

4.50%, 10/20/25(b)

    2,498       2,441,739  

4.75%, 10/20/28(b)

    3,890       3,735,399  

7.00%, 05/01/25(b)

    1,780       1,803,694  

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (Call 10/02/23)(b)

    3,856       3,842,545  

Southwest Airlines Co.

   

2.63%, 02/10/30 (Call 11/10/29)

    1,026       866,726  

3.00%, 11/15/26 (Call 08/15/26)(a)

    254       236,720  

3.45%, 11/16/27 (Call 08/16/27)(a)

    509       469,315  

5.13%, 06/15/27 (Call 04/15/27)

    2,428       2,399,194  

5.25%, 05/04/25 (Call 04/04/25)

    2,072       2,058,603  
   

 

 

 
      17,853,935  
Apparel — 0.2%            

Michael Kors USA Inc., 4.25%, 11/01/24 (Call 09/01/24)(b)

    745       731,873  

NIKE Inc.

   

2.38%, 11/01/26 (Call 08/01/26)

    1,388       1,285,584  

2.40%, 03/27/25 (Call 02/27/25)

    1,357       1,298,286  

2.75%, 03/27/27 (Call 01/27/27)(a)

    1,430       1,336,231  

2.85%, 03/27/30 (Call 12/27/29)

    2,240       1,999,654  

3.25%, 03/27/40 (Call 09/27/39)

    1,434       1,154,880  

3.38%, 11/01/46 (Call 05/01/46)

    921       712,768  

3.38%, 03/27/50 (Call 09/27/49)(a)

    1,485       1,146,535  

3.63%, 05/01/43 (Call 11/01/42)(a)

    460       382,977  

3.88%, 11/01/45 (Call 05/01/45)(a)

    1,348       1,153,645  

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

    1,039       1,005,770  

Ralph Lauren Corp.

   

2.95%, 06/15/30 (Call 03/15/30)(a)

    1,155       1,016,675  

3.75%, 09/15/25 (Call 07/15/25)

    984       952,811  

Tapestry Inc.

   

3.05%, 03/15/32 (Call 12/15/31)

    900       692,336  

4.13%, 07/15/27 (Call 04/15/27)

    702       655,079  

4.25%, 04/01/25 (Call 01/01/25)

    220       213,701  

VF Corp.

   

2.40%, 04/23/25 (Call 03/23/25)

    1,195       1,126,329  

2.80%, 04/23/27 (Call 02/23/27)(a)

    1,161       1,054,679  

2.95%, 04/23/30 (Call 01/23/30)(a)

    1,215       1,008,217  

6.00%, 10/15/33(a)

    410       391,848  

6.45%, 11/01/37(a)

    405       397,208  
   

 

 

 
      19,717,086  
Auto Manufacturers — 2.1%            

American Honda Finance Corp.

   

1.00%, 09/10/25

    1,135       1,040,228  

1.20%, 07/08/25

    953       883,546  

1.30%, 09/09/26

    1,255       1,120,276  

1.50%, 01/13/25

    1,060       1,005,299  

1.80%, 01/13/31(a)

    570       457,193  

2.00%, 03/24/28

    1,114       975,062  

2.15%, 09/10/24

    507       489,484  

2.25%, 01/12/29

    1,265       1,101,572  
 

 

 

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

  23


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

2.30%, 09/09/26

  $ 707     $ 649,712  

2.35%, 01/08/27

    775       709,220  

3.50%, 02/15/28

    482       452,241  

4.60%, 04/17/30

    795       773,614  

4.70%, 01/12/28

     1,080        1,066,093  

4.75%, 01/12/26

    345       341,454  

5.00%, 05/23/25

    750       743,101  

5.13%, 07/07/28

    575       575,386  

5.25%, 07/07/26

    555       555,902  

Series A, 4.60%, 04/17/25

    840       828,934  

BMW Finance NV, 2.85%, 08/14/29 (Call 05/14/29)(a)(b)

    820       721,056  

BMW U.S. Capital LLC

   

1.25%, 08/12/26 (Call 07/12/26)(a)(b)

    1,187       1,062,631  

1.95%, 08/12/31 (Call 05/12/31)(b)

    1,230       978,965  

2.55%, 04/01/31 (Call 01/01/31)(b)

    617       516,893  

2.80%, 04/11/26 (Call 01/11/26)(b)

    1,210       1,142,658  

3.25%, 04/01/25(a)(b)

    487       472,494  

3.30%, 04/06/27 (Call 01/06/27)(b)

    720       677,808  

3.45%, 04/01/27 (Call 03/01/27)(a)(b)

    946       896,303  

3.63%, 04/18/29 (Call 01/18/29)(a)(b)

    675       629,090  

3.70%, 04/01/32 (Call 01/01/32)(a)(b)

    525       472,737  

3.75%, 04/12/28 (Call 01/12/28)(b)

    871       824,302  

3.90%, 04/09/25 (Call 03/09/25)(a)(b)

    1,278       1,251,147  

3.95%, 08/14/28 (Call 05/14/28)(a)(b)

    818       778,623  

4.15%, 04/09/30 (Call 01/09/30)(a)(b)

    1,305       1,239,265  

5.05%, 08/11/28 (Call 07/11/28)(b)

    500       496,581  

5.15%, 08/11/33 (Call 05/11/33)(a)(b)

    500       495,474  

5.30%, 08/11/25(b)

    500       498,269  

Cummins Inc.

   

0.75%, 09/01/25 (Call 08/01/25)

    1,186       1,085,822  

1.50%, 09/01/30 (Call 06/01/30)

    1,010       810,796  

2.60%, 09/01/50 (Call 03/01/50)(a)

    1,308       810,105  

4.88%, 10/01/43 (Call 04/01/43)

    480       438,871  

7.13%, 03/01/28(a)

    190       204,694  

Daimler Finance North America LLC

   

1.45%, 03/02/26(b)

    1,998       1,821,120  

2.13%, 03/10/25(a)(b)

    550       523,035  

2.45%, 03/02/31(b)

    900       753,196  

2.63%, 03/10/30(a)(b)

    1,165       1,003,818  

3.10%, 08/15/29(a)(b)

    473       425,092  

3.30%, 05/19/25(a)(b)

    797       769,633  

4.30%, 02/22/29(a)(b)

    695       668,779  

Daimler Trucks Finance North America LLC

   

1.63%, 12/13/24(b)

    325       308,498  

2.00%, 12/14/26(b)

    1,065       957,388  

2.38%, 12/14/28(b)

    370       319,725  

2.50%, 12/14/31(b)

    1,070       860,687  

3.50%, 04/07/25(b)

    1,225       1,183,652  

3.65%, 04/07/27(a)(b)

    1,172       1,110,553  

5.13%, 01/19/28(a)(b)

    850       839,137  

5.15%, 01/16/26(b)

    635       630,192  

5.20%, 01/17/25(b)

    315       312,812  

5.40%, 09/20/28(b)

    1,600       1,596,111  

5.50%, 09/20/33(b)

    1,000       989,658  

5.60%, 08/08/25(b)

    1,065       1,063,236  

General Motors Co.

   

4.00%, 04/01/25(a)

    413       401,565  

4.20%, 10/01/27 (Call 07/01/27)(a)

    1,114       1,049,566  

5.00%, 10/01/28 (Call 07/01/28)(a)

    1,052       1,020,922  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

5.00%, 04/01/35

  $ 1,280     $ 1,142,877  

5.15%, 04/01/38 (Call 10/01/37)

    1,313        1,145,803  

5.20%, 04/01/45

    1,568       1,295,737  

5.40%, 10/15/29 (Call 08/15/29)

    270       261,029  

5.40%, 04/01/48 (Call 10/01/47)(a)

    880       731,989  

5.60%, 10/15/32 (Call 07/15/32)(a)

     1,245       1,198,342  

5.95%, 04/01/49 (Call 10/01/48)(a)

    1,030       923,639  

6.13%, 10/01/25 (Call 09/01/25)

    2,317       2,326,058  

6.25%, 10/02/43

    1,825       1,716,043  

6.60%, 04/01/36 (Call 10/01/35)

    1,618       1,626,309  

6.75%, 04/01/46 (Call 10/01/45)(a)

    985       971,902  

6.80%, 10/01/27 (Call 08/01/27)

    1,458       1,502,899  

General Motors Financial Co. Inc.

   

1.20%, 10/15/24

    790       748,979  

1.25%, 01/08/26 (Call 12/08/25)

    2,075       1,866,647  

1.50%, 06/10/26 (Call 05/10/26)

    1,900       1,686,523  

2.35%, 02/26/27 (Call 01/26/27)

    1,190       1,057,921  

2.35%, 01/08/31 (Call 10/08/30)

    1,279       993,421  

2.40%, 04/10/28 (Call 02/10/28)

    1,446       1,249,975  

2.40%, 10/15/28 (Call 08/15/28)

    1,315       1,112,970  

2.70%, 08/20/27 (Call 06/20/27)

    1,339       1,190,791  

2.70%, 06/10/31 (Call 03/10/31)(a)

    1,477       1,164,419  

2.75%, 06/20/25 (Call 05/20/25)

    1,466       1,384,317  

2.90%, 02/26/25 (Call 01/26/25)

    1,175       1,121,918  

3.10%, 01/12/32 (Call 10/12/31)

    1,730       1,386,152  

3.50%, 11/07/24 (Call 09/07/24)

    968       940,179  

3.60%, 06/21/30 (Call 03/21/30)

    1,517       1,302,163  

3.80%, 04/07/25

    165       159,384  

3.85%, 01/05/28 (Call 10/05/27)(a)

    719       662,527  

4.00%, 01/15/25 (Call 10/15/24)

    1,197       1,163,592  

4.00%, 10/06/26 (Call 07/06/26)

    1,173       1,108,687  

4.30%, 07/13/25 (Call 04/13/25)

    1,070       1,038,936  

4.30%, 04/06/29 (Call 02/06/29)

    405       370,199  

4.35%, 04/09/25 (Call 02/09/25)

    1,032       1,006,513  

4.35%, 01/17/27 (Call 10/17/26)

    1,456       1,385,302  

5.00%, 04/09/27 (Call 03/09/27)

    1,440       1,403,372  

5.25%, 03/01/26 (Call 12/01/25)

    1,495       1,472,259  

5.40%, 04/06/26(a)

    1,685       1,664,037  

5.65%, 01/17/29 (Call 10/17/28)

    848       833,532  

5.80%, 06/23/28 (Call 05/23/28)

    810       803,020  

5.85%, 04/06/30 (Call 02/06/30)

    730       714,933  

6.00%, 01/09/28 (Call 12/09/27)

    1,505       1,508,724  

6.05%, 10/10/25

    1,185       1,186,107  

6.40%, 01/09/33 (Call 10/09/32)(a)

    1,108       1,115,455  

Honda Motor Co. Ltd.

   

2.27%, 03/10/25 (Call 02/10/25)

    836       798,438  

2.53%, 03/10/27 (Call 02/10/27)

    655       602,208  

2.97%, 03/10/32 (Call 12/10/31)

    1,180       1,031,856  

Hyundai Capital America

   

1.00%, 09/17/24(b)

    948       901,109  

1.30%, 01/08/26 (Call 12/08/25)(b)

    1,320       1,194,652  

1.50%, 06/15/26 (Call 05/15/26)(b)

    1,175       1,050,982  

1.65%, 09/17/26 (Call 08/17/26)(a)(b)

    995       883,622  

1.80%, 10/15/25 (Call 09/15/25)(b)

    1,321       1,218,443  

1.80%, 01/10/28 (Call 11/08/27)(a)(b)

    1,160       982,105  

2.00%, 06/15/28 (Call 04/15/28)(a)(b)

    1,321       1,114,203  

2.10%, 09/15/28 (Call 07/17/28)(b)

    1,060       890,919  

2.38%, 10/15/27 (Call 08/15/27)(b)

    840       735,996  

2.65%, 02/10/25 (Call 01/10/25)(a)(b)

    286       273,401  

2.75%, 09/27/26(a)(b)

    588       539,755  
 

 

 

24  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

3.00%, 02/10/27 (Call 12/10/26)(b)

  $ 576     $ 526,622  

3.50%, 11/02/26 (Call 09/02/26)(a)(b)

     1,076        1,007,987  

5.50%, 03/30/26(b)

    480       477,981  

5.60%, 03/30/28 (Call 02/29/28)(b)

    475       472,489  

5.65%, 06/26/26(b)

    990       987,930  

5.68%, 06/26/28 (Call 05/26/28)(b)

    940       934,712  

5.70%, 06/26/30 (Call 04/26/30)(b)

    725       713,499  

5.80%, 06/26/25(b)

    420       420,505  

5.80%, 04/01/30 (Call 02/01/30)(a)(b)

    305       304,021  

5.88%, 04/07/25 (Call 03/07/25)(b)

    645       645,470  

6.38%, 04/08/30 (Call 01/08/30)(a)(b)

    935       958,084  

Hyundai Capital Services Inc.

   

1.25%, 02/08/26(a)(b)

    595       534,342  

2.13%, 04/24/25(b)

    200       188,503  

2.50%, 01/24/27(b)

    370       334,747  

3.63%, 08/29/27(b)

    210       195,071  

Kia Corp.

   

2.75%, 02/14/27(b)

    140       127,767  

3.25%, 04/21/26(b)

    835       786,014  

3.50%, 10/25/27(a)(b)

    645       596,996  

Mercedes-Benz Finance North America LLC

   

3.45%, 01/06/27(b)

    850       803,869  

3.50%, 08/03/25(b)

    517       499,786  

3.75%, 02/22/28(a)(b)

    904       854,727  

4.80%, 03/30/28(b)

    1,490       1,465,998  

5.05%, 08/03/33(b)

    1,220       1,199,952  

5.10%, 08/03/28(b)

    1,100       1,096,246  

5.20%, 08/03/26(b)

    710       708,600  

5.25%, 11/29/27(a)(b)

    550       551,491  

5.38%, 08/01/25(a)(b)

    1,100       1,098,866  

5.38%, 11/26/25(b)

    680       680,296  

5.50%, 11/27/24(b)

    430       429,356  

8.50%, 01/18/31

    1,538       1,876,645  

Series 144A, 4.80%, 03/30/26(b)

    1,405       1,391,443  

Series 144A, 4.95%, 03/30/25(a)(b)

    920       915,286  

Nissan Motor Acceptance Co. LLC

   

1.85%, 09/16/26 (Call 08/16/26)(b)

    1,115       965,826  

2.45%, 09/15/28 (Call 07/15/28)(a)(b)

    285       232,267  

Nissan Motor Acceptance Corp.

   

2.00%, 03/09/26 (Call 02/09/26)(b)

    415       369,824  

2.75%, 03/09/28 (Call 01/09/28)(b)

    95       80,208  

Nissan Motor Co. Ltd.

   

3.52%, 09/17/25 (Call 08/17/25)(b)

    610       577,403  

4.35%, 09/17/27 (Call 07/17/27)(b)

    1,485       1,360,224  

4.81%, 09/17/30 (Call 06/17/30)(b)

    1,536       1,355,600  

PACCAR Financial Corp.

   

0.90%, 11/08/24

    250       237,521  

1.10%, 05/11/26(a)

    605       546,976  

1.80%, 02/06/25

    854       812,609  

2.00%, 02/04/27

    360       326,091  

2.85%, 04/07/25(a)

    235       226,007  

3.55%, 08/11/25

    440       427,599  

4.45%, 03/30/26(a)

    265       262,693  

4.60%, 01/10/28

    670       664,574  

4.95%, 10/03/25

    635       633,093  

Stellantis Finance U.S. Inc.

   

1.71%, 01/29/27 (Call 12/29/26)(b)

    1,733       1,515,605  

2.69%, 09/15/31 (Call 06/15/31)(b)

    1,870       1,465,516  

5.63%, 01/12/28 (Call 12/12/27)(a)(b)

    650       650,351  

6.38%, 09/12/32 (Call 06/12/32)(a)(b)

    515       515,139  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

Toyota Motor Corp.

   

1.34%, 03/25/26 (Call 02/25/26)

  $ 1,284     $ 1,169,457  

2.36%, 03/25/31 (Call 12/25/30)(a)

    606       509,306  

2.76%, 07/02/29(a)

    515       463,093  

3.67%, 07/20/28(a)

    300       285,587  

5.12%, 07/13/28 (Call 06/13/28)

    525       529,951  

5.12%, 07/13/33 (Call 04/13/33)

    415       419,298  

5.28%, 07/13/26 (Call 06/13/26)(a)

    380       381,954  

Toyota Motor Credit Corp.

   

0.63%, 09/13/24

    305       290,266  

0.80%, 10/16/25

     1,211       1,104,588  

0.80%, 01/09/26

    1,110       1,005,872  

1.13%, 06/18/26

    1,207       1,085,722  

1.15%, 08/13/27

    782       676,772  

1.45%, 01/13/25

    850       807,007  

1.65%, 01/10/31

    1,240       990,635  

1.80%, 02/13/25

    1,549       1,474,028  

1.90%, 01/13/27

    950       859,490  

1.90%, 04/06/28(a)

    931       820,623  

1.90%, 09/12/31

    823       658,537  

2.00%, 10/07/24

    240       231,109  

2.15%, 02/13/30

    1,037       881,759  

2.40%, 01/13/32(a)

    235       194,396  

3.00%, 04/01/25

    1,516       1,463,207  

3.05%, 03/22/27

    1,795       1,684,579  

3.05%, 01/11/28

    546       506,145  

3.20%, 01/11/27

    1,154       1,089,413  

3.38%, 04/01/30

    1,597       1,452,898  

3.40%, 04/14/25

    443       429,883  

3.65%, 08/18/25

    1,222       1,186,286  

3.65%, 01/08/29

    645       608,273  

3.95%, 06/30/25

    1,176       1,148,890  

4.40%, 09/20/24

    690       682,420  

4.45%, 05/18/26

    1,030       1,015,659  

4.45%, 06/29/29(a)

    840       823,118  

4.55%, 09/20/27

    1,198       1,179,629  

4.55%, 05/17/30

    960       934,618  

4.63%, 01/12/28(a)

    1,265       1,251,676  

4.70%, 01/12/33

    595       583,344  

4.80%, 01/10/25

    800       794,342  

5.00%, 08/14/26

    1,000       999,163  

5.40%, 11/10/25

    760       763,795  

5.45%, 11/10/27

    945       962,868  

Volkswagen Group of America Finance LLC

   

1.25%, 11/24/25 (Call 10/24/25)(b)

    1,896       1,728,380  

1.63%, 11/24/27 (Call 09/24/27)(b)

    546       470,494  

2.85%, 09/26/24(b)

    538       521,258  

3.20%, 09/26/26(b)

    500       467,582  

3.35%, 05/13/25(b)

    1,365       1,313,406  

3.75%, 05/13/30(b)

    790       709,500  

3.95%, 06/06/25(b)

    1,085       1,053,104  

4.35%, 06/08/27 (Call 05/08/27)(a)(b)

    1,720       1,656,458  

4.60%, 06/08/29 (Call 04/08/29)(b)

    760       727,182  

4.63%, 11/13/25(a)(b)

    1,098       1,082,151  

4.75%, 11/13/28(a)(b)

    1,659       1,603,813  
   

 

 

 
       193,487,957  
Auto Parts & Equipment — 0.1%            

Aptiv PLC

   

2.40%, 02/18/25 (Call 09/11/23)

    327       311,294  

3.10%, 12/01/51 (Call 06/01/51)

    1,866       1,136,703  
 

 

 

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

  25


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  
Auto Parts & Equipment (continued)            

3.25%, 03/01/32 (Call 12/01/31)(a)

  $ 735     $ 623,262  

4.15%, 05/01/52 (Call 11/01/51)

     1,440       1,070,126  

4.35%, 03/15/29 (Call 12/15/28)(a)

    469       451,780  

4.40%, 10/01/46 (Call 04/01/46)(a)

    436       330,541  

5.40%, 03/15/49 (Call 09/15/48)(a)

    253       222,046  

BorgWarner Inc.

   

2.65%, 07/01/27 (Call 05/01/27)(a)

    1,349       1,222,141  

3.38%, 03/15/25 (Call 12/15/24)(a)

    889       858,493  

4.38%, 03/15/45 (Call 09/15/44)

    614       485,222  

5.00%, 10/01/25(b)

    1,220       1,198,971  

Denso Corp., 1.24%, 09/16/26
(Call 08/16/26)(a)(b)

    640       567,422  

Lear Corp.

   

2.60%, 01/15/32 (Call 10/15/31)(a)

    540       420,980  

3.50%, 05/30/30 (Call 02/28/30)

    390       340,589  

3.55%, 01/15/52 (Call 07/15/51)

    680       443,279  

3.80%, 09/15/27 (Call 06/15/27)

    837       784,712  

4.25%, 05/15/29 (Call 02/15/29)

    514       477,531  

5.25%, 05/15/49 (Call 11/15/48)(a)

    624       541,878  

Magna International Inc.

   

2.45%, 06/15/30 (Call 03/15/30)(a)

    1,207       1,015,369  

4.15%, 10/01/25 (Call 07/01/25)

    1,190       1,155,702  

5.50%, 03/21/33 (Call 12/21/32)(a)

    580       587,807  

Toyota Industries Corp., 3.57%, 03/16/28 (Call 12/16/27)(a)(b)

    135       125,818  
   

 

 

 
       14,371,666  
Banks — 21.6%            

ABN AMRO Bank NV

   

1.54%, 06/16/27 (Call 06/16/26), (1-year CMT + 0.800%)(b)(d)

    625       551,315  

2.47%, 12/13/29 (Call 12/13/28), (1-year CMT + 1.100%)(a)(b)(d)

    880       742,089  

3.32%, 03/13/37 (Call 12/13/31), (5-year CMT + 1.900%)(b)(d)

    1,637       1,261,648  

4.75%, 07/28/25(b)

    1,765       1,713,751  

4.80%, 04/18/26(b)

    1,278       1,230,034  

AIB Group PLC, 7.58%, 10/14/26 (Call 10/14/25), (1-day SOFR + 3.456%)(b)(d)

    1,135       1,162,626  

ANZ Bank New Zealand Ltd., 5.55%, 08/11/32 (Call 08/11/27), (5-year CMT + 2.700%)(b)(d)

    725       712,154  

ANZ New Zealand International Ltd., 5.36%, 08/14/28(b)

    400       398,567  

ANZ New Zealand Int’l Ltd./London

   

1.25%, 06/22/26(b)

    1,208       1,078,509  

2.17%, 02/18/25(b)

    585       556,158  

2.55%, 02/13/30(b)

    1,150       967,401  

3.45%, 07/17/27(a)(b)

    612       570,926  

3.45%, 01/21/28(a)(b)

    767       708,437  

ASB Bank Ltd.

   

1.63%, 10/22/26(b)

    345       306,450  

2.38%, 10/22/31(a)(b)

    725       575,654  

5.28%, 06/17/32 (Call 06/17/27), (5-year CMT + 2.250%)(b)(d)

    730       706,918  

5.35%, 06/15/26(a)(b)

    400       397,230  

5.40%, 11/29/27(b)

    1,245       1,238,443  

Associated Banc-Corp, 4.25%, 01/15/25 (Call 10/15/24)(a)

    739       707,134  

Australia & New Zealand Banking Group Ltd.

   

2.57%, 11/25/35 (Call 11/25/30), (5-year CMT + 1.700%)(b)(d)

    2,495       1,899,709  
Security  

Par

(000)

    Value  
Banks (continued)            

2.95%, 07/22/30 (Call 07/22/25),
(5-year CMT + 1.288%)(b)(d)

  $ 3,079     $ 2,860,998  

3.70%, 11/16/25

     1,092        1,056,544  

4.40%, 05/19/26(b)

    1,902       1,828,317  

4.83%, 02/03/25(b)

    400       396,958  

5.09%, 12/08/25

    485       482,848  

5.38%, 07/03/25

    1,300       1,300,760  

6.74%, 12/08/32(a)(b)

    795       821,275  

Banco Bilbao Vizcaya Argentaria SA

   

1.13%, 09/18/25(a)

    1,366       1,246,163  

5.86%, 09/14/26 (Call 09/14/25), (1-year CMT + 2.300%)(d)

    700       694,217  

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

    240       241,026  

Banco de Bogota SA, 4.38%, 08/03/27 (Call 05/03/27)(b)

    200       183,958  

Banco de Chile, 2.99%, 12/09/31 (Call 09/09/31)(b)

    50       41,897  

Banco de Credito del Peru SA

   

2.70%, 01/11/25 (Call 12/11/24)(a)(b)

    575       550,036  

3.13%, 07/01/30 (Call 07/01/25), (5-year CMT + 3.000%)(b)(d)

    740       687,377  

3.25%, 09/30/31 (Call 09/30/26), (5-year CMT + 2.450%)(b)(d)

    729       650,580  

Banco de Credito e Inversiones SA

   

2.88%, 10/14/31 (Call 07/14/31)(b)

    265       217,156  

3.50%, 10/12/27(a)(b)

    512       469,708  

Banco General SA, 4.13%, 08/07/27
(Call 05/07/27)(b)

    360       339,313  

Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.38%, 04/11/27 (Call 01/11/27)(b)

    512       483,225  

Banco Internacional del Peru SAA Interbank, 3.25%, 10/04/26 (Call 08/04/26)(b)

    358       332,246  

Banco Nacional de Panama, 2.50%, 08/11/30 (Call 05/11/30)(b)

    1,201       957,423  

Banco Santander Chile, 2.70%, 01/10/25 (Call 12/10/24)(b)

    795       760,661  

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 04/17/25(b)

    1,474       1,457,173  

Banco Santander SA

   

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

    1,920       1,687,610  

1.85%, 03/25/26

    1,870       1,688,849  

2.75%, 05/28/25

    1,900       1,797,592  

2.75%, 12/03/30

    1,170       906,666  

2.96%, 03/25/31

    1,035       851,107  

3.23%, 11/22/32 (Call 08/22/31), (1-year CMT + 1.600%)(d)

    1,210       952,270  

3.31%, 06/27/29(a)

    1,360       1,204,688  

3.49%, 05/28/30

    1,542       1,333,880  

3.50%, 03/24/25

    1,220       1,175,727  

3.80%, 02/23/28

    992       908,311  

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

    2,185       2,048,851  

4.25%, 04/11/27

    1,700       1,607,753  

4.38%, 04/12/28

    1,750       1,643,863  

5.15%, 08/18/25

    495       486,922  

5.18%, 11/19/25

    1,957       1,912,877  

5.29%, 08/18/27

    1,600       1,568,521  
 

 

 

26  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

5.59%, 08/08/28

  $ 1,260     $ 1,248,713  

6.92%, 08/08/33

    800       799,735  

Bancolombia SA, 3.00%, 01/29/25
(Call 12/29/24)(a)

    826       787,939  

Bangkok Bank PCL/Hong Kong

   

3.47%, 09/23/36 (Call 09/23/31), (5-year CMT + 2.150%)(b)(d)

    680       545,936  

4.30%, 06/15/27 (Call 05/15/27)(b)

    125       120,867  

4.45%, 09/19/28(b)

    340       327,893  

Bank of America Corp.

   

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

     2,322        2,197,438  

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

    2,771       2,511,123  

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

    3,990       3,671,837  

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

    2,330       2,203,274  

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

    6,425       5,749,021  

1.90%, 07/23/31 (Call 07/23/30), (1-day SOFR + 1.530%)(d)

    3,227       2,547,369  

1.92%, 10/24/31 (Call 10/24/30), (1-day SOFR + 1.370%)(d)

    2,848       2,231,201  

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

    2,073       1,954,664  

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

    3,825       3,263,506  

2.30%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.220%)(d)

    4,482       3,534,742  

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

    2,697       2,592,372  

2.48%, 09/21/36 (Call 09/21/31), (5-year CMT + 1.200%)(d)

    2,474       1,879,367  

2.50%, 02/13/31 (Call 02/13/30), (3-mo. SOFR + 1.252%)(d)

    4,279       3,558,267  

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

    2,615       2,365,027  

2.57%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.210%)(d)

    3,933       3,152,563  

2.59%, 04/29/31 (Call 04/29/30), (1-day SOFR + 2.150%)(d)

    3,522       2,929,627  

2.68%, 06/19/41 (Call 06/19/40), (1-day SOFR + 1.930%)(a)(d)

    6,106       4,204,542  

2.69%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.320%)(d)

    5,257       4,301,337  

2.83%, 10/24/51 (Call 10/24/50), (1-day SOFR + 1.880%)(a)(d)

    1,262       809,027  

2.88%, 10/22/30 (Call 10/22/29), (3-mo. SOFR + 1.452%)(d)

    2,353       2,018,663  

2.97%, 02/04/33 (Call 02/04/32), (1-day SOFR + 1.330%)(d)

    4,695       3,860,301  

2.97%, 07/21/52 (Call 07/21/51), (1-day SOFR + 1.560%)(d)

    2,335       1,539,978  

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

    2,727       2,641,467  

3.19%, 07/23/30 (Call 07/23/29), (3-mo. SOFR + 1.442%)(d)

    3,177       2,789,151  

3.25%, 10/21/27 (Call 10/21/26)(a)

    3,163       2,946,672  

3.31%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.580%)(d)

    3,958       2,958,806  
Security   Par (000)     Value  
Banks (continued)            

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

  $ 2,590     $ 2,497,769  

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

     3,830        3,680,769  

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

    6,992       6,411,707  

3.50%, 04/19/26

    2,908       2,765,516  

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

    3,069       2,907,625  

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

    2,683       2,497,276  

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

    2,525       2,363,589  

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

    3,086       2,909,335  

3.85%, 03/08/37 (Call 03/08/32), (5-year CMT + 2.000%)(d)

    2,782       2,356,931  

3.88%, 08/01/25

    1,912       1,861,009  

3.95%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.452%)(d)

    1,503       1,181,018  

3.97%, 03/05/29 (Call 03/05/28), (3-mo. SOFR + 1.332%)(d)

    2,951       2,757,750  

3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)(d)

    3,488       3,211,372  

4.00%, 01/22/25

    2,055       2,001,802  

4.08%, 04/23/40 (Call 04/23/39), (3-mo. SOFR + 1.582%)(d)

    1,885       1,584,348  

4.08%, 03/20/51 (Call 03/20/50), (3-mo. SOFR + 3.412%)(d)

    6,526       5,244,432  

4.24%, 04/24/38 (Call 04/24/37), (3-mo. SOFR + 2.076%)(d)

    2,357       2,053,947  

4.25%, 10/22/26

    2,412       2,316,384  

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

    3,611       3,407,737  

4.33%, 03/15/50 (Call 03/15/49), (3-mo. SOFR + 1.782%)(a)(d)

    3,038       2,573,500  

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

    2,485       2,385,360  

4.44%, 01/20/48 (Call 01/20/47), (3-mo. SOFR + 2.252%)(d)

    2,381       2,032,074  

4.45%, 03/03/26

    2,511       2,441,616  

4.57%, 04/27/33 (Call 04/27/32), (1-day SOFR + 1.830%)(d)

    4,745       4,398,565  

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

    2,670       2,620,186  

4.88%, 04/01/44(a)

    592       555,316  

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

    3,430       3,358,321  

5.00%, 01/21/44

    2,328       2,214,198  

5.02%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.160%)(d)

    5,870       5,649,620  

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

    3,705       3,656,298  

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

    4,315       4,249,762  

5.29%, 04/25/34, (1-day SOFR + 1.910%)(a)(d)

    5,900       5,757,266  

5.88%, 02/07/42

    1,913       1,981,038  

6.11%, 01/29/37

    2,299       2,381,325  

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

    2,320       2,373,332  
 

 

 

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

  27


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

6.22%, 09/15/26

  $ 615     $ 627,619  

7.75%, 05/14/38

    1,978       2,314,572  

Series L, 3.95%, 04/21/25

     2,817        2,726,704  

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

    1,892       1,795,834  

Series L, 4.75%, 04/21/45(a)

    669       600,207  

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

    2,860       2,584,289  

Series N, 2.65%, 03/11/32 (Call 03/11/31),
(1-day SOFR + 1.220%)(d)

    2,394       1,956,915  

Series N, 3.48%, 03/13/52 (Call 03/13/51),
(1-day SOFR + 1.650%)(d)

    1,195       870,890  

Bank of America NA

   

5.53%, 08/18/26 (Call 07/18/26)

    2,020       2,029,825  

5.65%, 08/18/25 (Call 07/18/25)(a)

    2,000       2,006,792  

6.00%, 10/15/36(a)

    1,503       1,578,162  

Bank of China Ltd., 5.00%, 11/13/24(b)

    1,830       1,806,658  

Bank of Ireland Group PLC

   

2.03%, 09/30/27 (Call 09/30/26), (1-year CMT + 1.100%)(b)(d)

    250       219,955  

6.25%, 09/16/26 (Call 09/16/25), (1-year CMT + 2.650%)(b)(d)

    1,620       1,616,142  

Bank of Montreal

   

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

    1,350       1,211,792  

1.25%, 09/15/26

    2,270       2,011,932  

1.50%, 01/10/25

    1,393       1,317,765  

1.85%, 05/01/25

    1,605       1,507,718  

2.65%, 03/08/27

    2,230       2,033,956  

3.09%, 01/10/37 (Call 01/10/32), (5-year CMT + 1.400%)(d)

    1,552       1,197,327  

3.70%, 06/07/25

    1,305       1,260,576  

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

    1,753       1,552,054  

5.20%, 02/01/28 (Call 01/01/28)

    2,075       2,057,570  

5.30%, 06/05/26

    820       817,163  

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

    1,160       1,131,224  

Bank of New York Mellon Corp. (The)

   

0.75%, 01/28/26 (Call 12/28/25)

    965       871,305  

1.05%, 10/15/26 (Call 09/15/26)

    733       644,426  

1.60%, 04/24/25 (Call 03/24/25)

    1,817       1,707,215  

1.65%, 07/14/28 (Call 05/14/28)

    500       426,490  

1.65%, 01/28/31 (Call 10/28/30)(a)

    382       303,687  

1.80%, 07/28/31 (Call 04/28/31)(a)

    650       510,935  

2.05%, 01/26/27 (Call 12/26/26)

    630       569,336  

2.10%, 10/24/24

    836       805,892  

2.45%, 08/17/26 (Call 05/17/26)

    925       856,298  

2.50%, 01/26/32 (Call 10/26/31)(a)

    760       611,202  

2.80%, 05/04/26 (Call 02/04/26)

    1,134       1,064,911  

3.00%, 10/30/28 (Call 07/30/28)

    491       441,371  

3.25%, 09/11/24 (Call 08/11/24)

    280       273,013  

3.25%, 05/16/27 (Call 02/16/27)

    843       790,461  

3.30%, 08/23/29 (Call 05/23/29)

    909       811,460  

3.35%, 04/25/25 (Call 03/25/25)

    1,155       1,113,442  

3.40%, 01/29/28 (Call 10/29/27)(a)

    1,105       1,029,395  

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

    1,425       1,341,556  

3.85%, 04/28/28

    1,271       1,208,439  

3.85%, 04/26/29 (Call 02/26/29)(a)

    385       363,253  

3.95%, 11/18/25 (Call 10/18/25)

    661       639,091  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 745     $ 710,759  

4.29%, 06/13/33 (Call 06/13/32), (1-day SOFR + 1.418%)(d)

    922       848,304  

4.41%, 07/24/26 (Call 07/24/25), (1-day SOFR + 1.345%)(d)

     1,100        1,075,362  

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

    700       679,521  

4.60%, 07/26/30 (Call 07/26/29), (1-day SOFR + 1.755%)(d)

    645       618,853  

4.71%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.511%)(d)

    1,005       946,315  

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

    1,245       1,225,505  

4.97%, 04/26/34, (1-day SOFR + 1.606%)(d)

    1,245       1,195,352  

5.15%, 05/22/26 (Call 05/22/25), (1-day SOFR + 1.067%)(d)

    250       248,494  

5.22%, 11/21/25 (Call 11/21/24), (1-day SOFR + 0.800%)(d)

    1,355       1,347,201  

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

    1,330       1,345,259  

5.83%, 10/25/33 (Call 10/25/32), (1-day SOFR + 2.074%)(d)

    1,859       1,905,336  

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

    813       783,213  

Series J, 0.85%, 10/25/24 (Call 09/25/24)

    410       388,307  

Series J, 1.90%, 01/25/29 (Call 11/25/28)

    942       795,864  

Bank of New Zealand

   

1.00%, 03/03/26(b)

    665       596,044  

2.00%, 02/21/25(b)

    674       637,910  

2.29%, 01/27/27(a)(b)

    590       533,405  

2.87%, 01/27/32(b)

    760       623,463  

4.85%, 02/07/28(b)

    1,440       1,404,153  

Bank of Nova Scotia (The)

   

1.05%, 03/02/26

    1,416       1,270,199  

1.30%, 06/11/25

    1,812       1,678,208  

1.30%, 09/15/26

    1,392       1,233,446  

1.35%, 06/24/26(a)

    1,030       919,928  

1.45%, 01/10/25

    1,609       1,521,954  

1.95%, 02/02/27

    1,140       1,021,091  

2.15%, 08/01/31

    840       668,049  

2.20%, 02/03/25

    1,477       1,406,620  

2.45%, 02/02/32

    925       749,475  

2.70%, 08/03/26(a)

    1,396       1,296,181  

2.95%, 03/11/27

    915       844,974  

3.45%, 04/11/25

    2,552       2,465,126  

4.50%, 12/16/25

    1,679       1,627,815  

4.59%, 05/04/37 (Call 02/04/32), (5-year CMT + 2.050%)(d)

    1,629       1,406,358  

4.75%, 02/02/26

    1,765       1,733,530  

4.85%, 02/01/30

    1,150       1,113,278  

4.90%, (Call 06/04/25), (5-year CMT +
4.551%)(d)(e)

    459       423,386  

5.25%, 12/06/24

    200       198,903  

5.25%, 06/12/28

    995       986,250  

5.45%, 06/12/25

    640       636,263  

8.63%, 10/27/82 (Call 10/27/27), (5-year CMT + 4.389%)(d)

    260       265,037  

Series 2, 3.63%, 10/27/81 (Call 10/27/26),
(5-year CMT + 2.613%)(a)(d)

    812       578,361  
 

 

 

28  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

Bank OZK, 2.75%, 10/01/31 (Call 10/01/26),
(3-mo. SOFR + 2.090%)(a)(d)

  $ 605     $ 466,382  

BankUnited Inc.

   

4.88%, 11/17/25 (Call 08/17/25)

    692       652,122  

5.13%, 06/11/30 (Call 03/11/30)

    495       426,853  

Banque Federative du Credit Mutuel SA

   

1.00%, 02/04/25(b)

    735       685,879  

1.60%, 10/04/26(b)

    1,405       1,243,695  

2.38%, 11/21/24(a)(b)

    763       732,338  

4.52%, 07/13/25(b)

    385       376,089  

4.75%, 07/13/27(b)

    380       368,793  

4.94%, 01/26/26(b)

     1,550        1,519,191  

5.79%, 07/13/28(b)

    855       858,780  

5.90%, 07/13/26(b)

    1,040       1,043,172  

Barclays PLC

   

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

    1,870       1,660,631  

2.65%, 06/24/31 (Call 06/24/30), (1-year CMT + 1.900%)(d)

    859       685,414  

2.67%, 03/10/32 (Call 03/10/31), (1-year CMT + 1.200%)(d)

    1,640       1,286,859  

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

    2,220       2,098,171  

2.89%, 11/24/32 (Call 11/24/31), (1-year CMT + 1.300%)(d)

    1,825       1,425,328  

3.33%, 11/24/42 (Call 11/24/41), (1-year CMT + 1.300%)(d)

    1,250       855,412  

3.56%, 09/23/35 (Call 09/23/30), (5-year CMT + 2.900%)(a)(d)

    1,428       1,134,824  

3.65%, 03/16/25

    1,655       1,596,303  

3.81%, 03/10/42 (Call 03/10/41), (1-year CMT + 1.700%)(a)(d)

    895       625,104  

4.34%, 01/10/28 (Call 01/10/27)

    1,345       1,268,234  

4.38%, 09/11/24

    875       855,623  

4.38%, 01/12/26

    2,982       2,874,516  

4.84%, 05/09/28 (Call 05/07/27)

    2,959       2,741,923  

4.95%, 01/10/47

    1,780       1,536,317  

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

    2,038       1,936,900  

5.09%, 06/20/30 (Call 06/20/29), (3-mo. LIBOR US + 3.054%)(d)

    1,735       1,589,625  

5.20%, 05/12/26

    2,507       2,432,651  

5.25%, 08/17/45(a)

    1,770       1,586,558  

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

    1,905       1,876,876  

5.50%, 08/09/28 (Call 08/09/27), (1-year CMT + 2.650%)(d)

    1,855       1,809,582  

5.75%, 08/09/33 (Call 08/09/32), (1-year CMT + 3.000%)(d)

    1,360       1,303,184  

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

    2,225       2,204,599  

6.22%, 05/09/34 (Call 05/09/33), (1-day SOFR + 2.980%)(d)

    1,935       1,911,005  

7.12%, 06/27/34 (Call 06/27/33), (1-day SOFR + 3.570%)(d)

    1,940       1,937,381  

7.33%, 11/02/26 (Call 11/02/25), (1-year CMT + 3.050%)(d)

    1,500       1,534,168  

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

    1,800       1,873,860  
Security   Par (000)     Value  
Banks (continued)            

7.44%, 11/02/33 (Call 11/02/32), (1-year CMT + 3.500%)(d)

  $ 2,542     $ 2,720,618  

BBVA Bancomer SA

   

1.88%, 09/18/25(b)

    750       689,763  

8.45%, 06/29/38 (Call 06/29/33), (5-year CMT + 4.661%)(b)(d)

    20       20,009  

BNP Paribas SA

   

1.32%, 01/13/27 (Call 01/13/26), (1-day SOFR + 1.004%)(b)(d)

     3,035        2,729,113  

1.68%, 06/30/27 (Call 06/30/26), (1-day SOFR + 0.912%)(b)(d)

    1,322       1,179,972  

1.90%, 09/30/28 (Call 09/30/27), (1-day SOFR + 1.609%)(b)(d)

    1,605       1,377,105  

2.16%, 09/15/29 (Call 09/15/28), (1-day SOFR + 1.218%)(b)(d)

    1,815       1,518,460  

2.22%, 06/09/26 (Call 06/09/25), (1-day SOFR + 2.074%)(b)(d)

    2,617       2,444,901  

2.59%, 01/20/28 (Call 01/20/27), (1-day SOFR + 1.228%)(b)(d)

    1,758       1,583,007  

2.59%, 08/12/35 (Call 08/12/30), (5-year CMT + 2.050%)(b)(d)

    2,404       1,856,613  

2.82%, 11/19/25 (Call 11/19/24), (3-mo. SOFR + 1.373%)(b)(d)

    2,288       2,195,454  

2.82%, 01/26/41(a)(b)

    620       404,232  

2.87%, 04/19/32 (Call 04/19/31), (1-day SOFR + 1.387%)(b)(d)

    3,157       2,565,094  

3.05%, 01/13/31 (Call 01/13/30), (1-day SOFR + 1.507%)(b)(d)

    235       198,779  

3.13%, 01/20/33 (Call 01/20/32), (1-day SOFR + 1.561%)(a)(b)(d)

    2,265       1,846,050  

3.38%, 01/09/25(a)(b)

    2,706       2,616,536  

3.50%, 11/16/27(b)

    1,115       1,031,178  

4.25%, 10/15/24

    818       800,254  

4.38%, 09/28/25(b)

    1,284       1,240,772  

4.38%, 05/12/26(b)

    1,200       1,155,769  

4.38%, 03/01/33 (Call 03/01/28), (5-year USD Swap + 1.483%)(a)(b)(d)

    1,275       1,154,445  

4.40%, 08/14/28(a)(b)

    2,617       2,473,710  

4.63%, 03/13/27(a)(b)

    2,023       1,939,533  

5.13%, 01/13/29 (Call 01/13/28), (1-year CMT + 1.450%)(b)(d)

    3,265       3,198,746  

5.20%, 01/10/30 (Call 01/10/29), (3-mo. SOFR + 2.829%)(b)(d)

    1,282       1,236,873  

5.34%, 06/12/29 (Call 06/12/28), (1-year CMT + 1.500%)(b)(d)

    1,120       1,103,585  

BPCE SA

   

1.00%, 01/20/26(b)

    1,595       1,429,814  

1.63%, 01/14/25(a)(b)

    925       873,086  

1.65%, 10/06/26 (Call 10/06/25), (1-day SOFR + 1.520%)(b)(d)

    1,655       1,504,315  

2.05%, 10/19/27 (Call 10/19/26), (1-day SOFR + 1.087%)(b)(d)

    1,323       1,171,564  

2.28%, 01/20/32 (Call 01/20/31), (1-day SOFR + 1.312%)(b)(d)

    1,370       1,058,730  

2.38%, 01/14/25(b)

    1,311       1,239,918  

2.70%, 10/01/29(a)(b)

    1,166       1,003,162  

3.12%, 10/19/32 (Call 10/19/31), (1-day SOFR + 1.730%)(b)(d)

    1,422       1,099,321  

3.25%, 01/11/28(b)

    1,070       969,768  

3.38%, 12/02/26

    501       466,405  
 

 

 

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

  29


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  
Banks (continued)            

3.50%, 10/23/27(b)

  $ 1,070     $ 977,021  

3.58%, 10/19/42 (Call 10/19/41), (1-day SOFR + 1.952%)(a)(b)(d)

    390       253,133  

3.65%, 01/14/37 (Call 01/14/32), (5-year CMT + 1.900%)(a)(b)(d)

    825       651,709  

4.50%, 03/15/25(b)

     1,865        1,806,038  

4.63%, 09/12/28(b)

    625       589,831  

4.75%, 07/19/27(b)

    1,085       1,048,687  

4.88%, 04/01/26(b)

    1,048       1,010,892  

5.13%, 01/18/28(a)(b)

    990       970,905  

5.75%, 07/19/33 (Call 07/19/32), (1-day SOFR + 2.865%)(b)(d)

    1,358       1,318,778  

5.98%, 01/18/27 (Call 01/18/26), (1-day SOFR + 2.10%)(b)(d)

    2,185       2,173,930  

Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24), (3-mo. LIBOR US + 2.470%)(d)

    330       304,135  

CaixaBank SA, 6.21%, 01/18/29 (Call 01/18/28), (1-day SOFR + 2.700%)(b)(d)

    1,310       1,301,029  

Canadian Imperial Bank of Commerce

   

0.95%, 10/23/25

    1,655       1,507,716  

1.00%, 10/18/24

    634       601,289  

1.25%, 06/22/26

    1,679       1,496,400  

2.25%, 01/28/25

    1,235       1,177,032  

3.30%, 04/07/25

    1,290       1,243,321  

3.45%, 04/07/27

    835       779,834  

3.60%, 04/07/32 (Call 03/07/32)(a)

    1,395       1,242,425  

3.95%, 08/04/25

    1,090       1,056,289  

5.00%, 04/28/28 (Call 03/28/28)

    1,185       1,160,435  

5.14%, 04/28/25

    720       713,863  

5.61%, 07/17/26

    375       376,003  

Capital One NA, 2.28%, 01/28/26 (Call 01/28/25), (1-day SOFR + 0.911%)(d)

    905       855,835  

CIMB Bank Bhd, 2.13%, 07/20/27(b)

    585       521,548  

Citigroup Inc.

   

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

    2,645       2,370,468  

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

    1,065       1,007,586  

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

    2,980       2,653,571  

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

    1,865       1,764,336  

2.52%, 11/03/32 (Call 11/03/31), (1-day SOFR + 1.177%)(d)

    1,844       1,463,313  

2.56%, 05/01/32 (Call 05/01/31), (1-day SOFR + 1.167%)(d)

    3,635       2,928,670  

2.57%, 06/03/31 (Call 06/03/30), (1-day SOFR + 2.107%)(d)

    3,960       3,270,329  

2.67%, 01/29/31 (Call 01/29/30), (1-day SOFR + 1.146%)(d)

    2,814       2,358,359  

2.90%, 11/03/42 (Call 11/03/41), (1-day SOFR + 1.379%)(a)(d)

    1,395       958,121  

2.98%, 11/05/30 (Call 11/05/29), (1-day SOFR + 1.422%)(d)

    2,887       2,482,719  

3.06%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.351%)(d)

    3,966       3,271,952  

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

    2,913       2,674,019  

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

    4,348       4,161,091  
Security   Par (000)     Value  
Banks (continued)            

3.20%, 10/21/26 (Call 07/21/26)

  $ 3,133     $ 2,921,831  

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

     1,855        1,781,886  

3.30%, 04/27/25

    1,471       1,420,957  

3.40%, 05/01/26

    2,682       2,537,655  

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

    2,848       2,628,344  

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

    3,267       3,038,232  

3.70%, 01/12/26

    2,508       2,404,604  

3.79%, 03/17/33 (Call 03/17/32), (1-day SOFR + 1.939%)(d)

    3,837       3,335,998  

3.88%, 03/26/25

    1,279       1,238,953  

3.88%, 01/24/39 (Call 01/24/38), (3-mo. SOFR + 1.430%)(d)

    1,090       895,161  

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

    3,331       3,146,730  

3.98%, 03/20/30 (Call 03/20/29), (3-mo. SOFR + 1.600%)(d)

    3,105       2,859,521  

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

    2,258       2,117,075  

4.13%, 07/25/28

    2,360       2,200,333  

4.28%, 04/24/48 (Call 04/24/47), (3-mo. SOFR + 2.101%)(d)

    1,172       975,558  

4.30%, 11/20/26

    1,884       1,810,046  

4.40%, 06/10/25

    3,136       3,057,918  

4.41%, 03/31/31 (Call 03/31/30), (1-day SOFR + 3.914%)(d)

    4,784       4,442,013  

4.45%, 09/29/27

    3,700       3,536,689  

4.60%, 03/09/26

    2,303       2,242,379  

4.65%, 07/30/45

    1,219       1,049,846  

4.65%, 07/23/48 (Call 06/23/48)

    3,068       2,662,907  

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

    1,630       1,587,321  

4.75%, 05/18/46(a)

    2,656       2,227,587  

4.91%, 05/24/33 (Call 05/24/32), (1-day SOFR + 2.086%)(d)

    2,762       2,625,483  

5.30%, 05/06/44

    1,318       1,199,509  

5.32%, 03/26/41 (Call 03/26/40), (1-day SOFR + 4.548%)(d)

    1,536       1,459,214  

5.50%, 09/13/25

    2,148       2,135,943  

5.61%, 09/29/26 (Call 09/29/25), (1-day SOFR + 1.546%)(d)

    3,612       3,595,511  

5.88%, 02/22/33

    743       742,046  

5.88%, 01/30/42

    1,239       1,257,128  

6.00%, 10/31/33(a)

    1,032       1,043,251  

6.13%, 08/25/36(a)

    722       738,468  

6.17%, 05/25/34 (Call 05/25/33), (1-day SOFR + 2.661%)(a)(d)

    925       921,771  

6.27%, 11/17/33 (Call 11/17/32), (1-day SOFR + 2.338%)(d)

    3,184       3,320,134  

6.63%, 01/15/28(a)

    411       433,320  

6.63%, 06/15/32

    1,762       1,839,437  

6.68%, 09/13/43

    1,507       1,581,982  

6.88%, 03/05/38

    660       709,744  

6.88%, 02/15/98(a)

    216       235,488  

8.13%, 07/15/39

    2,405       2,994,741  
 

 

 

30  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  
Banks (continued)            

Citizens Bank NA

   

2.25%, 04/28/25 (Call 03/28/25)(a)

  $ 910     $ 844,311  

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

    955       890,633  

Citizens Bank NA/Providence RI

   

3.75%, 02/18/26 (Call 11/18/25)(a)

    558       519,336  

6.06%, 10/24/25 (Call 10/24/24), (1-day SOFR + 1.450%)(a)(d)

    805       779,366  

Citizens Financial Group Inc.

   

2.50%, 02/06/30 (Call 11/06/29)(a)

    565       453,384  

2.64%, 09/30/32 (Call 07/02/32)(a)

    728       530,978  

2.85%, 07/27/26 (Call 04/27/26)

    765       694,349  

3.25%, 04/30/30 (Call 01/30/30)(a)

     1,115       933,272  

4.30%, 12/03/25 (Call 11/03/25)

    583       550,458  

5.64%, 05/21/37 (Call 05/21/32), (5-year CMT + 2.750%)(a)(d)

    590       520,006  

Comerica Bank

   

4.00%, 07/27/25

    345       323,144  

5.33%, 08/25/33 (Call 08/25/32), (1-day SOFR + 2.610%)(d)

    190       165,714  

Comerica Inc.

   

3.80%, 07/22/26

    412       377,298  

4.00%, 02/01/29 (Call 11/03/28)(a)

    984       847,811  

Commonwealth Bank of Australia

   

1.13%, 06/15/26(b)

    2,332        2,087,992  

1.88%, 09/15/31(a)(b)

    940       748,895  

2.30%, 03/14/25(a)(b)

    1,505       1,441,087  

2.55%, 03/14/27(a)(b)

    1,906       1,744,786  

2.63%, 09/06/26(b)

    1,075       999,878  

2.69%, 03/11/31(b)

    2,610       2,044,948  

2.85%, 05/18/26(a)(b)

    925       868,436  

3.15%, 09/19/27(a)(b)

    432       401,660  

3.31%, 03/11/41(a)(b)

    1,077       732,248  

3.61%, 09/12/34 (Call 09/12/29), (5-year CMT + 2.050%)(b)(d)

    2,716       2,303,228  

3.74%, 09/12/39(a)(b)

    2,016       1,496,609  

3.78%, 03/14/32(a)(b)

    820       683,058  

3.90%, 03/16/28(a)(b)

    1,082       1,034,712  

3.90%, 07/12/47(a)(b)

    1,623       1,346,835  

4.32%, 01/10/48(a)(b)

    1,176       873,862  

4.50%, 12/09/25(b)

    538       521,664  

Commonwealth Bank of Australia/New York NY

   

5.08%, 01/10/25

    1,100       1,096,480  

5.32%, 03/13/26

    1,015       1,018,703  

Cooperatieve Rabobank UA

   

1.00%, 09/24/26 (Call 09/24/25), (1-year CMT + 0.730%)(a)(b)(d)

    1,574       1,423,136  

1.11%, 02/24/27 (Call 02/24/26), (1-year CMT + 0.550%)(b)(d)

    2,315       2,061,587  

1.34%, 06/24/26 (Call 06/24/25), (1-year CMT + 1.000%)(b)(d)

    1,180       1,087,276  

1.98%, 12/15/27 (Call 12/15/26), (1-year CMT + 0.730%)(b)(d)

    2,070       1,826,958  

3.65%, 04/06/28 (Call 04/06/27), (1-year CMT + 1.220%)(b)(d)

    2,025       1,879,960  

3.75%, 07/21/26

    1,983       1,861,069  

3.76%, 04/06/33 (Call 04/06/32), (1-year CMT + 1.420%)(b)(d)

    1,640       1,412,748  

4.38%, 08/04/25

    1,170       1,134,055  
Security  

Par

(000)

    Value  
Banks (continued)            

4.66%, 08/22/28 (Call 08/22/27), (1-year CMT + 1.750%)(b)(d)

  $ 2,040     $ 1,964,355  

5.25%, 05/24/41

    1,492        1,518,998  

5.25%, 08/04/45

    1,122       1,024,331  

5.50%, 07/18/25

    750       749,890  

5.75%, 12/01/43

    1,720       1,686,300  

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

    1,982       1,913,224  

Cooperatieve Rabobank UA/NY, 1.38%, 01/10/25

    1,165       1,103,301  

Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)(b)

    665       625,703  

Credit Agricole SA

   

1.25%, 01/26/27 (Call 01/26/26), (1-day SOFR + 0.891%)(b)(d)

     2,332       2,090,249  

2.02%, 01/11/27(a)(b)

    975       875,263  

2.81%, 01/11/41(a)(b)

    992       645,440  

3.25%, 01/14/30(b)

    1,499       1,282,803  

4.00%, 01/10/33 (Call 01/10/28), (5-year USD Swap + 1.644%)(b)(d)

    2,110       1,892,349  

4.38%, 03/17/25(b)

    325       314,964  

5.30%, 07/12/28(b)

    2,100       2,096,105  

5.51%, 07/05/33(b)

    520       517,720  

5.59%, 07/05/26(b)

    790       789,746  

Credit Agricole SA/London

   

1.91%, 06/16/26 (Call 06/16/25), (1-day SOFR + 1.676%)(b)(d)

    2,417       2,249,930  

2.38%, 01/22/25(b)

    633       603,209  

3.25%, 10/04/24(a)(b)

    1,310       1,272,727  

4.13%, 01/10/27(b)

    1,491       1,420,974  

Credit Suisse AG, 7.95%, 01/09/25

    1,875       1,911,658  

Credit Suisse AG/New York

   

1.25%, 08/07/26

    2,085       1,826,566  

2.95%, 04/09/25

    1,319       1,252,263  

3.63%, 09/09/24

    1,818       1,768,370  

3.70%, 02/21/25

    1,780       1,715,871  

5.00%, 07/09/27

    1,930       1,880,418  

7.50%, 02/15/28

    2,375       2,540,071  

Credit Suisse Group AG

   

3.09%, 05/14/32 (Call 05/14/31), (1-day SOFR + 1.730%)(b)(d)

    4,053       3,340,018  

4.19%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.730%)(b)(d)

    3,546       3,192,915  

6.54%, 08/12/33 (Call 08/12/32), (1-day SOFR + 3.920%)(b)(d)

    3,840       3,988,097  

9.02%, 11/15/33 (Call 11/15/32), (1-day SOFR + 5.020%)(b)(d)

    2,260       2,736,608  

Danske Bank A/S

   

0.98%, 09/10/25 (Call 09/10/24), (1-year CMT + 0.550%)(b)(d)

    1,372       1,297,897  

1.55%, 09/10/27 (Call 09/10/26), (1-year CMT + 0.730%)(b)(d)

    760       667,414  

1.62%, 09/11/26 (Call 09/11/25), (1-year CMT + 1.350%)(b)(d)

    802       730,421  

3.24%, 12/20/25 (Call 12/20/24), (3-mo. LIBOR US + 1.591%)(b)(d)

    1,235       1,183,114  

4.30%, 04/01/28 (Call 04/01/27), (1-year CMT + 1.750%)(b)(d)

    1,745       1,641,515  

4.38%, 06/12/28(a)(b)

    785       731,493  

6.47%, 01/09/26 (Call 01/09/25), (1-year CMT + 2.100%)(b)(d)

    1,925       1,925,881  

DBS Group Holdings Ltd., 1.17%, 11/22/24(b)

    50       47,503  
 

 

 

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

  31


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

Deutsche Bank AG

   

4.10%, 01/13/26

  $ 704     $ 671,581  

4.50%, 04/01/25(a)

    1,525       1,469,309  

6.12%, 07/14/26 (Call 07/14/25), (1-day SOFR + 3.190%)(d)

    1,210       1,202,731  

Deutsche Bank AG/New York NY

   

1.69%, 03/19/26(a)

    1,010       917,535  

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

     2,340        2,123,008  

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

    800       701,412  

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

    2,945       2,603,429  

3.04%, 05/28/32 (Call 05/28/31), (1-day SOFR + 1.718%)(d)

    723       575,133  

3.55%, 09/18/31 (Call 09/18/30), (1-day SOFR + 3.043%)(d)

    2,405       2,018,394  

3.73%, 01/14/32 (Call 10/14/30), (1-day SOFR + 2.757%)(a)(d)

    1,170       905,599  

3.74%, 01/07/33 (Call 10/07/31), (1-day SOFR + 2.257%)(d)

    1,160       871,078  

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

    1,765       1,703,765  

4.10%, 01/13/26(a)

    760       724,941  

4.16%, 05/13/25

    95       92,493  

4.88%, 12/01/32 (Call 12/01/27), (5-year USD ICE Swap + 2.553%)(d)

    1,975       1,732,067  

5.37%, 09/09/27(a)

    325       322,276  

5.88%, 07/08/31 (Call 04/08/30), (1-day SOFR + 5.438%)(d)

    355       322,047  

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

    1,885       1,908,482  

7.08%, 02/10/34 (Call 11/10/32), (1-day SOFR + 3.650%)(a)(d)

    1,630       1,550,363  

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

    1,355       1,375,269  

Discover Bank

   

2.45%, 09/12/24 (Call 08/12/24)(a)

    430       412,291  

2.70%, 02/06/30 (Call 11/06/29)

    855       686,662  

3.45%, 07/27/26 (Call 04/27/26)

    1,605       1,469,600  

4.25%, 03/13/26

    1,017       966,914  

4.65%, 09/13/28 (Call 06/13/28)

    1,270       1,167,046  

DNB Bank ASA

   

0.86%, 09/30/25 (Call 09/30/24), (1-year CMT + 0.330%)(a)(b)(d)

    1,245       1,179,367  

1.13%, 09/16/26 (Call 09/16/25), (1-year CMT + 0.850%)(a)(b)(d)

    845       763,493  

1.54%, 05/25/27 (Call 05/25/26), (1-year CMT + 0.720%)(b)(d)

    1,495       1,326,519  

1.61%, 03/30/28 (Call 03/30/27), (1-year CMT + 0.680%)(b)(d)

    890       772,396  

5.90%, 10/09/26 (Call 10/09/25), (1-day SOFR + 1.950%)(b)(d)

    1,185       1,187,022  

Federation des Caisses Desjardins du Quebec

   

2.05%, 02/10/25(b)

    1,277       1,208,047  

4.40%, 08/23/25(a)(b)

    1,047       1,016,173  

4.55%, 08/23/27(b)

    1,526       1,485,898  

5.70%, 03/14/28(b)

    650       650,930  
Security  

Par

(000)

    Value  
Banks (continued)            

Fifth Third Bancorp.

   

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

  $ 805     $ 700,172  

2.38%, 01/28/25 (Call 12/28/24)

    860       818,343  

2.55%, 05/05/27 (Call 04/05/27)

    987       882,312  

3.95%, 03/14/28 (Call 02/14/28)(a)

    743       688,721  

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

    535       500,621  

4.34%, 04/25/33 (Call 04/25/32), (1-day SOFR + 1.660%)(a)(d)

    745       658,153  

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

     1,136        1,063,316  

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

    190       192,329  

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

    1,269       1,279,117  

8.25%, 03/01/38

    1,490       1,682,192  

Fifth Third Bank NA

   

2.25%, 02/01/27 (Call 01/01/27)(a)

    902       799,336  

3.85%, 03/15/26 (Call 02/15/26)(a)

    1,011       943,299  

3.95%, 07/28/25 (Call 06/28/25)(a)

    890       859,044  

First Citizens BancShares Inc./NC, 3.38%, 03/15/30 (Call 03/15/25), (3-mo. SOFR + 2.465%)(a)(d)

    767       709,743  

First Horizon Bank, 5.75%, 05/01/30
(Call 02/01/30)(a)

    740       686,920  

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

    430       406,518  

First-Citizens Bank & Trust Co.

   

2.97%, 09/27/25 (Call 09/27/24), (3-mo. SOFR + 1.715%)(d)

    869       831,745  

6.13%, 03/09/28(a)

    750       753,395  

FNB Corp., 5.15%, 08/25/25 (Call 07/25/25)

    783       758,166  

Goldman Sachs Capital I, 6.35%, 02/15/34(a)

    540       542,027  

Goldman Sachs Group Inc.,

   

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

    1,071       993,465  

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

    2,439       2,189,287  

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

    3,582       3,211,772  

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

    4,065       3,589,622  

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

    4,508       4,011,737  

1.99%, 01/27/32 (Call 01/27/31), (1-day SOFR + 1.090%)(d)

    3,051       2,376,162  

2.38%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.248%)(d)

    4,871       3,850,281  

2.60%, 02/07/30 (Call 11/07/29)

    2,538       2,141,763  

2.62%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.281%)(d)

    4,378       3,542,445  

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

    4,123       3,731,364  

2.65%, 10/21/32 (Call 10/21/31), (1-day SOFR + 1.264%)(d)

    3,492       2,802,207  

2.91%, 07/21/42 (Call 07/21/41), (1-day SOFR + 1.472%)(d)

    1,634       1,128,318  

3.10%, 02/24/33 (Call 02/24/32), (1-day SOFR + 1.410%)(a)(d)

    4,735       3,938,293  

3.21%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.513%)(d)

    2,827       2,037,687  
 

 

 

32  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

3.27%, 09/29/25 (Call 09/29/24), (3-mo. SOFR + 1.463%)(d)

  $ 2,979     $ 2,889,008  

3.44%, 02/24/43 (Call 02/24/42), (1-day SOFR + 1.632%)(d)

     2,386        1,756,552  

3.50%, 01/23/25 (Call 10/23/24)

    2,147       2,079,089  

3.50%, 04/01/25 (Call 03/01/25)

    3,678       3,548,366  

3.50%, 11/16/26 (Call 11/16/25)

    2,724       2,560,372  

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

    3,505       3,277,249  

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

    2,473       2,315,108  

3.75%, 05/22/25 (Call 02/22/25)

    1,994       1,927,383  

3.75%, 02/25/26 (Call 11/25/25)

    2,207       2,116,832  

3.80%, 03/15/30 (Call 12/15/29)

    3,135       2,851,701  

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

    2,960       2,738,902  

3.85%, 01/26/27 (Call 01/26/26)

    3,450       3,274,405  

4.02%, 10/31/38 (Call 10/31/37), (3-mo. SOFR + 1.645%)(d)

    2,909       2,418,949  

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

    4,151       3,910,885  

4.25%, 10/21/25(a)

    2,516       2,441,466  

4.39%, 06/15/27 (Call 06/15/26), (1-day SOFR + 1.510%)(d)

    900       873,463  

4.41%, 04/23/39 (Call 04/23/38), (3-mo. SOFR + 1.692%)(d)

    1,985       1,719,582  

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

    3,185       3,064,538  

4.75%, 10/21/45 (Call 04/21/45)

    2,132       1,915,391  

4.80%, 07/08/44 (Call 01/08/44)

    2,204       1,964,282  

5.15%, 05/22/45

    2,450       2,252,014  

5.70%, 11/01/24

    2,225       2,220,737  

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

    2,000       1,993,836  

5.95%, 01/15/27

    1,165       1,177,234  

6.13%, 02/15/33(a)

    1,495       1,589,581  

6.25%, 02/01/41

    3,007       3,176,652  

6.45%, 05/01/36

    1,198       1,247,462  

6.75%, 10/01/37

    6,830       7,240,883  

Hana Bank

   

1.25%, 12/16/26(a)(b)

    95       82,726  

3.50%, (Call 10/19/26), (5-year CMT +
2.409%)(a)(b)(d)(e)

    390       345,345  

HBOS PLC, 6.00%, 11/01/33(a)(b)

    351       332,066  

HSBC Bank USA NA/New York

   

5.63%, 08/15/35

    505       479,775  

5.88%, 11/01/34(a)

    255       247,959  

7.00%, 01/15/39

    840       907,512  

HSBC Capital Funding Dollar 1 LP, 10.18%, (Call 06/30/30), (3-mo. LIBOR US +
4.980%)(a)(b)(d)(e)

    857       1,051,967  

HSBC Holdings PLC

   

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

    2,095       1,861,420  

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

    2,397       2,232,707  

2.01%, 09/22/28 (Call 09/22/27), (1-day SOFR + 1.732%)(d)

    2,070       1,778,993  

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

    2,085       1,943,404  
Security   Par (000)     Value  
Banks (continued)            

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

  $ 2,040     $ 1,709,026  

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

     2,155        1,921,711  

2.36%, 08/18/31 (Call 08/18/30), (1-day SOFR + 1.947%)(d)

    1,200       950,332  

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

    2,832       2,715,814  

2.80%, 05/24/32 (Call 05/24/31), (1-day SOFR + 1.187%)(d)

    3,592       2,869,052  

2.85%, 06/04/31 (Call 06/04/30), (1-day SOFR + 2.387%)(d)

    1,347       1,110,907  

2.87%, 11/22/32 (Call 11/22/31), (1-day SOFR + 1.410%)(d)

    1,875       1,492,131  

3.00%, 03/10/26 (Call 03/10/25), (1-day SOFR + 1.430%)(d)

    2,650       2,529,313  

3.90%, 05/25/26(a)

    2,775       2,642,931  

3.97%, 05/22/30 (Call 05/22/29), (3-mo. SOFR + 1.872%)(d)

    3,097       2,787,942  

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

    2,768       2,599,658  

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

    1,435       1,398,244  

4.25%, 08/18/25

    660       636,666  

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

    2,481       2,393,078  

4.30%, 03/08/26

    3,132       3,027,308  

4.38%, 11/23/26

    1,779       1,695,248  

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

    3,606       3,404,356  

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

    4,160       3,990,317  

4.76%, 03/29/33 (Call 03/29/32), (1-day SOFR + 2.530%)(d)

    3,440       3,057,117  

4.95%, 03/31/30

    2,427       2,335,088  

5.21%, 08/11/28 (Call 08/11/27), (1-day SOFR + 2.610%)(d)

    2,200       2,146,764  

5.25%, 03/14/44(a)

    1,420       1,247,754  

5.40%, 08/11/33 (Call 08/11/32), (1-day SOFR + 2.870%)(d)

    3,095       2,954,460  

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

    2,265       2,257,897  

6.10%, 01/14/42

    665       696,001  

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

    2,270       2,285,368  

6.25%, 03/09/34 (Call 03/09/33), (1-day SOFR + 2.390%)(a)(d)

    2,515       2,542,356  

6.33%, 03/09/44 (Call 03/09/43), (1-day SOFR + 2.650%)(d)

    3,900       3,932,653  

6.50%, 05/02/36

    1,545       1,572,081  

6.50%, 05/02/36(a)

    2,095       2,050,804  

6.50%, 09/15/37

    2,695       2,653,384  

6.55%, 06/20/34 (Call 06/20/33), (1-day SOFR + 2.980%)(d)

    1,490       1,462,738  

6.80%, 06/01/38

    1,994       2,001,118  

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

    2,045       2,104,904  

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

    3,060       3,214,905  

7.63%, 05/17/32(a)

    75       80,205  
 

 

 

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

  33


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

8.11%, 11/03/33 (Call 11/03/32), (1-day SOFR + 4.250%)(d)

  $ 2,970     $ 3,229,161  

HSBC USA Inc.

   

5.63%, 03/17/25

     1,000       997,428  

7.20%, 07/15/97

    170       187,332  

Huntington Bancshares Inc.

   

2.49%, 08/15/36 (Call 08/15/31), (5-year CMT + 1.170%)(d)

    840       615,905  

2.55%, 02/04/30 (Call 11/04/29)

    750       612,397  

4.00%, 05/15/25 (Call 04/15/25)

    725       699,424  

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

    1,267        1,191,852  

5.02%, 05/17/33 (Call 05/17/32), (1-day SOFR + 2.050%)(a)(d)

    608       563,026  

Huntington National Bank (The)

   

4.55%, 05/17/28 (Call 05/17/27), (1-day SOFR + 1.650%)(a)(d)

    715       677,036  

5.65%, 01/10/30 (Call 11/10/29)

    510       496,256  

5.70%, 11/18/25 (Call 11/18/24), (1-day SOFR + 1.215%)(d)

    1,354       1,328,021  

ICICI Bank Ltd./Dubai

   

3.80%, 12/14/27(a)(b)

    420       392,958  

4.00%, 03/18/26(b)

    700       673,490  

Indonesia Government International Bond, 3.54%, 11/08/27

    1,433       1,353,715  

Industrial & Commercial Bank of China Ltd., 4.88%, 09/21/25(b)

    1,975       1,941,188  

ING Groep NV

   

1.40%, 07/01/26 (Call 07/01/25), (1-year CMT + 1.100%)(b)(d)

    1,010       928,721  

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

    1,144       1,028,750  

2.73%, 04/01/32 (Call 04/01/31), (1-day SOFR + 1.316%)(d)

    1,022       834,791  

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

    1,460       1,413,592  

3.95%, 03/29/27

    1,644       1,559,472  

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

    1,565       1,472,479  

4.05%, 04/09/29

    954       886,466  

4.25%, 03/28/33 (Call 03/28/32), (1-day SOFR + 2.070%)(a)(d)

    1,330       1,195,973  

4.55%, 10/02/28

    1,182       1,134,169  

4.63%, 01/06/26(b)

    1,976       1,928,472  

Intesa Sanpaolo SpA

   

3.88%, 07/14/27(b)

    525       476,029  

3.88%, 01/12/28(a)(b)

    615       553,193  

6.63%, 06/20/33(b)

    1,100       1,085,561  

7.00%, 11/21/25(b)

    630       640,107  

7.78%, 06/20/54 (Call 06/20/53), (1-year CMT + 3.900%)(b)(d)

    1,900       1,866,761  

8.25%, 11/21/33 (Call 11/21/32), (1-year CMT + 4.400%)(b)(d)

    2,175       2,274,075  

JPMorgan Chase & Co.

   

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

    2,407       2,154,420  

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

    2,827       2,548,887  

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

    3,099       2,737,369  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 2,879     $ 2,718,379  

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

     3,775        3,389,744  

1.76%, 11/19/31 (Call 11/19/30), (3-mo. SOFR + 1.105%)(d)

    1,736       1,357,992  

1.95%, 02/04/32 (Call 02/04/31), (1-day SOFR + 1.065%)(d)

    3,608       2,843,733  

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

    2,948       2,781,103  

2.07%, 06/01/29 (Call 06/01/28), (1-day SOFR + 1.015%)(d)

    2,445       2,097,130  

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

    4,811       4,525,151  

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

    1,895       1,684,220  

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

    2,243       2,151,709  

2.52%, 04/22/31 (Call 04/22/30), (1-day SOFR + 2.040%)(d)

    3,060       2,566,512  

2.53%, 11/19/41 (Call 11/19/40), (3-mo. SOFR + 1.510%)(d)

    2,000       1,348,640  

2.55%, 11/08/32 (Call 11/08/31), (1-day SOFR + 1.180%)(d)

    3,483       2,813,714  

2.58%, 04/22/32 (Call 04/22/31), (3-mo. SOFR + 1.250%)(d)

    4,423       3,620,713  

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

    2,530       2,416,252  

2.74%, 10/15/30 (Call 10/15/29), (3-mo. SOFR + 1.510%)(d)

    4,368       3,744,459  

2.95%, 10/01/26 (Call 07/01/26)

    1,992       1,861,247  

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

    2,315       2,125,039  

2.96%, 05/13/31 (Call 05/13/30), (3-mo. SOFR + 2.515%)(d)

    3,153       2,680,115  

2.96%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.260%)(d)

    4,132       3,432,973  

3.11%, 04/22/41 (Call 04/22/40), (3-mo. SOFR + 2.460%)(d)

    2,005       1,480,611  

3.11%, 04/22/51 (Call 04/22/50), (1-day SOFR + 2.440%)(a)(d)

    2,773       1,876,936  

3.13%, 01/23/25 (Call 10/23/24)

    2,032       1,965,796  

3.16%, 04/22/42 (Call 04/22/41), (1-day SOFR + 2.460%)(d)

    2,448       1,799,695  

3.20%, 06/15/26 (Call 03/15/26)(a)

    2,193       2,078,468  

3.30%, 04/01/26 (Call 01/01/26)

    3,175       3,017,851  

3.33%, 04/22/52 (Call 04/22/51), (1-day SOFR + 1.580%)(d)

    4,322       3,036,703  

3.51%, 01/23/29 (Call 01/23/28), (3-mo. SOFR + 1.207%)(d)

    2,904       2,677,140  

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

    3,093       2,886,457  

3.63%, 12/01/27 (Call 12/01/26)

    1,476       1,388,146  

3.70%, 05/06/30 (Call 05/06/29), (3-mo. SOFR + 1.422%)(d)

    3,186       2,908,619  

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

    3,651       3,447,838  

3.88%, 09/10/24

    1,300       1,274,553  

3.88%, 07/24/38 (Call 07/24/37), (3-mo. SOFR + 1.622%)(d)

    3,027       2,552,194  
 

 

 

34  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

3.90%, 07/15/25 (Call 04/15/25)(a)

  $ 2,404     $ 2,336,113  

3.90%, 01/23/49 (Call 01/23/48), (3-mo. SOFR + 1.482%)(d)

    2,268       1,784,020  

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

     2,415        2,322,769  

3.96%, 11/15/48 (Call 11/15/47), (3-mo. SOFR + 1.642%)(d)

    4,373       3,471,376  

4.01%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.382%)(d)

    3,064       2,874,434  

4.03%, 07/24/48 (Call 07/24/47), (3-mo. SOFR + 1.722%)(d)

    1,968       1,585,585  

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

    3,425       3,341,206  

4.13%, 12/15/26

    2,250       2,165,405  

4.20%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.522%)(d)

    2,929       2,766,513  

4.25%, 10/01/27

    2,112       2,042,386  

4.26%, 02/22/48 (Call 02/22/47), (3-mo. SOFR + 1.842%)(d)

    2,427       2,037,913  

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

    3,805       3,658,737  

4.45%, 12/05/29 (Call 12/05/28), (3-mo. SOFR + 1.592%)(d)

    2,856       2,722,518  

4.49%, 03/24/31 (Call 03/24/30), (3-mo. SOFR + 3.790%)(d)

    3,324       3,150,843  

4.57%, 06/14/30 (Call 06/14/29), (1-day SOFR + 1.750%)(d)

    2,125       2,031,118  

4.59%, 04/26/33 (Call 04/26/32), (1-day SOFR + 1.800%)(d)

    3,055       2,856,874  

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

    4,040       3,959,010  

4.85%, 02/01/44

    1,170       1,101,107  

4.91%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.080%)(d)

    5,335       5,130,893  

4.95%, 06/01/45

    1,804       1,658,126  

5.30%, 07/24/29 (Call 07/24/28), (1-day SOFR + 1.450%)(d)

    3,470       3,450,179  

5.35%, 06/01/34 (Call 06/01/33), (1-day SOFR + 1.845%)(a)(d)

    4,005       3,957,354  

5.40%, 01/06/42(a)

    1,920       1,918,407  

5.50%, 10/15/40

    1,560       1,569,423  

5.55%, 12/15/25 (Call 12/15/24), (1-day SOFR + 1.070%)(d)

    3,490       3,477,647  

5.60%, 07/15/41

    2,316       2,347,829  

5.63%, 08/16/43

    1,597       1,589,749  

5.72%, 09/14/33 (Call 09/14/32), (1-day SOFR + 2.580%)(d)

    4,380       4,377,498  

6.40%, 05/15/38

    3,362       3,702,652  

7.63%, 10/15/26

    1,497       1,591,540  

7.75%, 07/15/25

    165       171,058  

8.00%, 04/29/27(a)

    1,384       1,517,953  

8.75%, 09/01/30

    137       163,185  

KBC Group NV, 5.80%, 01/19/29 (Call 01/19/28), (1-year CMT + 2.100%)(b)(d)

    1,190       1,178,132  

KeyBank NA

   

4.70%, 01/26/26 (Call 12/26/25)

    350       332,863  

5.00%, 01/26/33 (Call 10/26/32)

    605       525,497  

KeyBank NA/Cleveland OH

   

3.30%, 06/01/25

    908       850,664  

3.40%, 05/20/26

    547       487,705  
Security  

Par

(000)

    Value  
Banks (continued)            

3.90%, 04/13/29(a)

  $ 905     $ 743,622  

4.15%, 08/08/25

     1,439        1,361,563  

4.90%, 08/08/32

    1,075       885,997  

5.85%, 11/15/27 (Call 10/16/27)

    1,659       1,600,231  

6.95%, 02/01/28(a)

    325       320,471  

KeyCorp

   

2.25%, 04/06/27

    888       763,933  

2.55%, 10/01/29

    580       459,715  

4.10%, 04/30/28

    442       397,370  

4.15%, 10/29/25(a)

    533       504,263  

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

    985       849,950  

KKR Group Finance Co. XII LLC, 4.85%, 05/17/32 (Call 02/17/32)(a)(b)

    1,048       982,066  

Kookmin Bank

   

1.75%, 05/04/25(b)

    760       713,829  

2.50%, 11/04/30(b)

    60       48,643  

Lloyds Bank PLC, 3.50%, 05/14/25

    350       335,941  

Lloyds Banking Group PLC

   

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

    1,330       1,186,348  

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

    1,695       1,605,465  

3.37%, 12/14/46 (Call 09/14/41), (5-year CMT + 1.500%)(a)(d)

    1,496       979,230  

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

    1,425       1,369,333  

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

    2,125       1,930,333  

3.75%, 01/11/27

    1,565       1,471,341  

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

    1,272       1,183,600  

4.34%, 01/09/48(a)

    1,577       1,178,122  

4.38%, 03/22/28

    1,717       1,627,185  

4.45%, 05/08/25

    1,602       1,562,018  

4.55%, 08/16/28

    1,555       1,474,293  

4.58%, 12/10/25

    1,308       1,259,287  

4.65%, 03/24/26

    1,875       1,810,112  

4.72%, 08/11/26 (Call 08/11/25), (1-year CMT + 1.750%)(d)

    1,945       1,901,998  

4.98%, 08/11/33 (Call 08/11/32), (1-year CMT + 2.300%)(a)(d)

    995       921,000  

5.30%, 12/01/45(a)

    665       588,007  

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

    1,260       1,250,301  

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

    1,500       1,498,464  

7.95%, 11/15/33 (Call 08/15/32), (1-year CMT + 3.750%)(d)

    1,800       1,928,036  

M&T Bank Corp.

   

4.55%, 08/16/28 (Call 08/16/27), (1-day SOFR + 1.780%)(d)

    928       868,016  

5.05%, 01/27/34 (Call 01/27/33), (1-day SOFR + 1.850%)(d)

    1,460       1,327,693  

Macquarie Bank Ltd.

   

2.30%, 01/22/25(b)

    1,572       1,500,752  

3.05%, 03/03/36 (Call 03/03/31), (5-year CMT + 1.700%)(b)(d)

    1,875       1,432,916  

3.23%, 03/21/25(a)(b)

    1,167       1,127,549  

3.62%, 06/03/30(a)(b)

    885       741,985  
 

 

 

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

  35


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

3.90%, 01/15/26(b)

  $ 615     $ 593,762  

4.00%, 07/29/25(b)

    520       504,119  

4.88%, 06/10/25(a)(b)

    750       731,110  

5.21%, 06/15/26(b)

    635       630,146  

6.79%, 01/18/33(b)

     1,265        1,279,698  

Macquarie Group Ltd.

   

1.20%, 10/14/25 (Call 10/14/24), (1-day SOFR + 0.694%)(b)(d)

    1,070       1,013,365  

1.34%, 01/12/27 (Call 01/12/26), (1-day SOFR + 1.069%)(b)(d)

    2,067       1,854,009  

1.63%, 09/23/27 (Call 09/23/26), (1-day SOFR + 0.910%)(b)(d)

    1,330       1,167,368  

1.94%, 04/14/28 (Call 04/14/27), (1-day SOFR + 0.995%)(b)(d)

    800       695,253  

2.69%, 06/23/32 (Call 06/23/31), (1-day SOFR + 1.440%)(b)(d)

    1,300       1,018,616  

2.87%, 01/14/33 (Call 01/14/32), (3-mo. SOFR + 1.532%)(b)(d)

    1,384       1,084,882  

3.76%, 11/28/28 (Call 11/28/27), (3-mo. LIBOR US + 1.372%)(b)(d)

    481       440,363  

4.10%, 06/21/28 (Call 06/21/27), (1-day SOFR + 2.125%)(b)(d)

    1,090       1,023,199  

4.44%, 06/21/33 (Call 06/21/32), (1-day SOFR + 2.405%)(b)(d)

    745       655,754  

4.65%, 03/27/29 (Call 03/27/28), (3-mo. LIBOR US + 1.727%)(a)(b)(d)

    885       837,944  

5.03%, 01/15/30 (Call 01/15/29), (3-mo. LIBOR US + 1.750%)(b)(d)

    1,043       1,016,377  

5.11%, 08/09/26 (Call 08/09/25), (1-day SOFR + 2.208%)(a)(b)(d)

    765       756,541  

5.49%, 11/09/33 (Call 11/09/32), (1-day SOFR + 2.865%)(a)(b)(d)

    1,060       1,020,238  

5.89%, 06/15/34 (Call 06/15/33), (1-day SOFR + 2.380%)(b)(d)

    800       777,120  

6.21%, 11/22/24(b)

    100       100,010  

Manufacturers & Traders Trust Co.

   

2.90%, 02/06/25 (Call 01/06/25)(a)

    811       770,546  

3.40%, 08/17/27

    576       512,778  

4.65%, 01/27/26 (Call 12/27/25)

    530       507,152  

4.70%, 01/27/28 (Call 12/27/27)

    1,010       944,182  

5.40%, 11/21/25 (Call 10/21/25)

    1,062       1,037,262  

Mitsubishi UFJ Financial Group Inc.

   

0.96%, 10/11/25 (Call 10/11/24), (1-year CMT + 0.450%)(d)

    1,190       1,122,404  

1.41%, 07/17/25

    2,165       1,999,552  

1.54%, 07/20/27 (Call 07/20/26), (1-year CMT + 0.750%)(d)

    2,155       1,921,158  

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

    1,370       1,214,741  

2.05%, 07/17/30

    1,620       1,303,430  

2.19%, 02/25/25

    2,191       2,078,258  

2.31%, 07/20/32 (Call 07/20/31), (1-year CMT + 0.950%)(d)

    2,340       1,853,066  

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

    1,950       1,749,602  

2.49%, 10/13/32 (Call 10/13/31), (1-year CMT + 0.970%)(d)

    949       760,505  

2.56%, 02/25/30

    1,314       1,105,295  

2.76%, 09/13/26

    1,370       1,263,005  
Security  

Par

(000)

    Value  
Banks (continued)            

2.85%, 01/19/33 (Call 01/19/32), (1-year CMT + 1.100%)(d)

  $ 1,304     $ 1,066,740  

3.20%, 07/18/29

     2,216        1,958,729  

3.29%, 07/25/27

    606       563,164  

3.68%, 02/22/27(a)

    1,109       1,055,334  

3.74%, 03/07/29

    1,986       1,838,097  

3.75%, 07/18/39

    1,498       1,238,572  

3.78%, 03/02/25

    537       521,474  

3.84%, 04/17/26 (Call 04/17/25), (1-year CMT + 1.125%)(a)(d)

    695       672,696  

3.85%, 03/01/26

    2,490       2,391,223  

3.96%, 03/02/28

    1,103       1,049,723  

4.05%, 09/11/28

    1,157       1,099,007  

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

    985       936,112  

4.15%, 03/07/39(a)

    683       590,490  

4.29%, 07/26/38(a)

    606       536,090  

4.32%, 04/19/33 (Call 04/19/32), (1-year CMT + 1.550%)(d)

    660       607,910  

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

    2,085       2,040,696  

5.06%, 09/12/25 (Call 09/12/24), (1-year CMT + 1.550%)(d)

    2,395       2,372,639  

5.13%, 07/20/33 (Call 07/20/32), (1-year CMT + 2.125%)(d)

    1,900       1,844,510  

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

    1,105       1,091,335  

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

    1,350       1,337,281  

5.41%, 04/19/34, (1-year CMT + 1.970%)(a)(d)

    1,240       1,222,110  

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

    1,795       1,787,399  

5.44%, 02/22/34 (Call 02/22/33), (1-year CMT + 1.630%)(d)

    1,450       1,435,009  

5.47%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.125%)(d)

    911       905,108  

5.48%, 02/22/31 (Call 02/22/30), (1-year CMT + 1.530%)(d)

    785       778,663  

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

    470       467,690  

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

    2,435       2,427,877  

Mizuho Bank Ltd., 3.60%, 09/25/24(a)(b)

    360       351,859  

Mizuho Financial Group Inc.

   

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

    1,764       1,561,235  

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

    1,573       1,396,553  

1.98%, 09/08/31 (Call 09/08/30), (3-mo. SOFR + 1.532%)(d)

    800       623,262  

2.17%, 05/22/32 (Call 05/22/31), (1-year CMT + 0.870%)(d)

    883       682,677  

2.20%, 07/10/31 (Call 07/10/30), (3-mo. SOFR + 1.772%)(d)

    1,312       1,042,706  

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

    795       743,308  

2.26%, 07/09/32 (Call 07/09/31), (1-year CMT + 0.900%)(a)(d)

    631       489,048  

2.56%, 09/13/25 (Call 09/13/24), (3-mo. SOFR + 1.362%)(d)

    1,630       1,570,611  

2.56%, 09/13/31

    1,365       1,061,150  
 

 

 

36  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

2.59%, 05/25/31 (Call 05/25/30), (3-mo. SOFR + 1.332%)(d)

  $ 680     $ 557,536  

2.65%, 05/22/26 (Call 05/22/25), (1-year CMT + 0.900%)(d)

    860       809,993  

2.84%, 09/13/26(a)

     1,119        1,030,723  

2.87%, 09/13/30 (Call 09/13/29), (3-mo. SOFR + 1.572%)(d)

    690       584,653  

3.15%, 07/16/30 (Call 07/16/29), (3-mo. SOFR + 1.392%)(d)

    984       850,888  

3.17%, 09/11/27

    1,060       970,895  

3.26%, 05/22/30 (Call 05/22/29), (1-year CMT + 1.250%)(d)

    850       746,786  

3.48%, 04/12/26(a)(b)

    1,840       1,745,262  

3.66%, 02/28/27

    946       891,028  

4.02%, 03/05/28

    1,115       1,050,859  

4.25%, 09/11/29 (Call 09/11/28), (3-mo. SOFR + 1.532%)(d)

    1,150       1,074,554  

4.35%, 10/20/25(b)

    685       657,366  

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

    1,225       1,214,635  

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

    1,200       1,196,786  

5.67%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.400%)(d)

    987       977,864  

5.74%, 05/27/31 (Call 05/27/30), (1-year CMT + 1.650%)(d)

    910       901,741  

5.75%, 05/27/34 (Call 05/27/33), (1-year CMT + 1.800%)(d)

    1,190       1,183,617  

5.75%, 07/06/34 (Call 07/06/33), (1-year CMT + 1.900%)(d)

    1,570       1,554,722  

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

    1,795       1,797,913  

Morgan Stanley

   

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

    3,195       2,866,362  

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

    3,070       2,895,262  

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

    3,305       2,934,285  

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

    4,145       3,718,642  

1.79%, 02/13/32 (Call 02/13/31), (1-day SOFR + 1.034%)(d)

    3,024       2,325,469  

1.93%, 04/28/32 (Call 04/28/31), (1-day SOFR + 1.020%)(d)

    2,459       1,896,075  

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

    2,944       2,774,568  

2.24%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.178%)(d)

    4,075       3,205,519  

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

    2,970       2,679,290  

2.48%, 09/16/36 (Call 09/16/31), (1-day SOFR + 1.360%)(d)

    3,810       2,873,369  

2.51%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.200%)(d)

    2,980       2,372,986  

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

    2,140       2,038,377  

2.70%, 01/22/31 (Call 01/22/30), (1-day SOFR + 1.143%)(d)

    4,171       3,510,630  
Security  

Par

(000)

    Value  
Banks (continued)            

2.80%, 01/25/52 (Call 01/25/51), (1-day SOFR + 1.430%)(d)

  $ 2,768     $ 1,755,462  

2.94%, 01/21/33 (Call 01/21/32), (1-day SOFR + 1.290%)(d)

    3,100       2,539,301  

3.13%, 07/27/26(a)

     3,829        3,583,132  

3.22%, 04/22/42 (Call 04/22/41), (1-day SOFR + 1.485%)(d)

    2,654       1,954,837  

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

    3,502       3,239,777  

3.62%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.120%)(d)

    3,295       2,928,028  

3.63%, 01/20/27

    3,526       3,331,552  

3.70%, 10/23/24

    2,514       2,460,417  

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

    3,677       3,410,535  

3.88%, 01/27/26

    2,927       2,817,202  

3.95%, 04/23/27

    2,525       2,381,774  

3.97%, 07/22/38 (Call 07/22/37), (3-mo. LIBOR US + 1.455%)(d)

    2,761       2,304,708  

4.00%, 07/23/25

    2,328       2,258,124  

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

    2,875       2,748,656  

4.30%, 01/27/45

    3,478       2,954,962  

4.35%, 09/08/26

    2,653       2,554,712  

4.38%, 01/22/47

    2,847       2,436,024  

4.43%, 01/23/30 (Call 01/23/29), (3-mo. SOFR + 1.890%)(d)

    3,710       3,523,211  

4.46%, 04/22/39 (Call 04/22/38), (3-mo. SOFR + 1.693%)(d)

    1,577       1,388,467  

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

    3,630       3,554,109  

4.89%, 07/20/33 (Call 07/20/32), (1-day SOFR + 2.076%)(d)

    2,325       2,202,469  

5.00%, 11/24/25

    2,070       2,038,652  

5.05%, 01/28/27 (Call 01/28/26), (1-day SOFR + 1.295%)(d)

    1,815       1,795,717  

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

    3,310       3,244,232  

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

    3,570       3,501,563  

5.25%, 04/21/34, (1-day SOFR + 1.870%)(d)

    4,005       3,890,130  

5.30%, 04/20/37 (Call 04/20/32), (1-day SOFR + 2.620%)(d)

    2,495       2,322,396  

5.42%, 07/21/34 (Call 07/21/33), (1-day SOFR + 1.880%)(d)

    750       737,416  

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

    825       820,158  

5.60%, 03/24/51 (Call 03/24/50), (1-day SOFR + 4.480%)(d)

    2,470       2,485,980  

5.95%, 01/19/38 (Call 01/19/33), (5-year CMT + 2.430%)(d)

    2,510       2,440,715  

6.14%, 10/16/26 (Call 10/16/25), (1-day SOFR + 1.770%)(d)

    1,660       1,671,995  

6.25%, 08/09/26

    1,560       1,594,638  

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

    2,630       2,697,808  

6.34%, 10/18/33 (Call 10/18/32), (1-day SOFR + 2.560%)(d)

    3,715       3,892,016  

6.38%, 07/24/42

    2,303       2,515,993  

7.25%, 04/01/32

    1,358       1,544,795  
 

 

 

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

  37


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 1,204     $ 1,132,958  

Morgan Stanley Bank NA

   

4.75%, 04/21/26

     1,905        1,880,331  

5.48%, 07/16/25 (Call 06/16/25)

    1,100       1,101,514  

MUFG Bank Ltd.

   

3.25%, 09/08/24(b)

    475       463,134  

4.70%, 03/10/44(a)(b)

    300       265,970  

National Australia Bank Ltd.

   

1.39%, 01/12/25(b)

    1,445       1,370,880  

1.89%, 01/12/27(b)

    1,620       1,460,445  

2.33%, 08/21/30(b)

    2,295       1,788,471  

2.65%, 01/14/41(a)(b)

    940       571,891  

2.99%, 05/21/31(b)

    1,022       815,640  

3.35%, 01/12/37 (Call 01/12/32), (5-year CMT + 1.700%)(b)(d)

    1,842       1,440,665  

3.50%, 01/10/27(b)

    1,025       971,835  

3.93%, 08/02/34 (Call 08/02/29), (5-year CMT + 1.880%)(b)(d)

    2,066       1,786,873  

6.43%, 01/12/33(a)(b)

    1,080       1,092,523  

National Australia Bank Ltd./New York

   

2.50%, 07/12/26

    1,253       1,164,603  

3.38%, 01/14/26

    1,442       1,382,592  

3.50%, 06/09/25(a)

    560       543,045  

3.91%, 06/09/27

    880       841,516  

4.90%, 06/13/28

    1,130       1,116,593  

4.94%, 01/12/28

    1,375       1,365,015  

4.97%, 01/12/26(a)

    1,253       1,245,700  

5.20%, 05/13/25

    640       638,423  

National Securities Clearing Corp.

   

0.75%, 12/07/25 (Call 11/07/25)(b)

    510       461,938  

1.50%, 04/23/25 (Call 03/23/25)(b)

    2,082       1,958,084  

5.00%, 05/30/28 (Call 04/30/28)(b)

    635       631,034  

5.05%, 11/21/24(b)

    600       596,888  

5.10%, 11/21/27 (Call 10/21/27)(a)(b)

    975       972,672  

NatWest Group PLC

   

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

    1,685       1,495,888  

3.03%, 11/28/35 (Call 08/28/30), (5-year CMT + 2.350%)(a)(d)

    1,435       1,106,976  

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

    827       745,660  

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

    1,000       954,248  

4.45%, 05/08/30 (Call 05/08/29), (3-mo. LIBOR US + 1.871%)(d)

    1,435       1,316,557  

4.80%, 04/05/26

    1,633       1,589,914  

4.89%, 05/18/29 (Call 05/18/28), (3-mo. LIBOR US + 1.754%)(d)

    1,988       1,894,561  

5.08%, 01/27/30 (Call 01/27/29), (3-mo. LIBOR US + 1.905%)(d)

    2,281       2,172,587  

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

    540       530,380  

5.81%, 09/13/29 (Call 09/13/28), (1-year CMT + 1.950%)(a)(d)

    1,440       1,428,074  

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

    1,320       1,312,163  

6.02%, 03/02/34 (Call 03/02/33), (1-year CMT + 2.100%)(a)(d)

    860       856,043  
Security  

Par

(000)

    Value  
Banks (continued)            

7.47%, 11/10/26 (Call 11/10/25), (1-year CMT + 2.850%)(d)

  $ 1,896     $ 1,952,083  

NatWest Markets PLC

   

1.60%, 09/29/26(b)

     1,745        1,541,144  

3.48%, 03/22/25(b)

    960       926,398  

NBK SPC Ltd., 1.63%, 09/15/27 (Call 09/15/26), (1-day SOFR + 1.050%)(b)(d)

    215       190,812  

NBK Tier 1 Financing 2 Ltd., 4.50%,
(Call 11/27/25)(b)(d)(e)

    429       394,680  

NBK Tier 1 Ltd., 3.63%, (Call 08/24/26)(b)(d)(e)

    185       160,927  

NongHyup Bank

   

0.88%, 07/28/24(b)

    100       95,737  

1.25%, 07/28/26(b)

    75       66,474  

4.25%, 07/06/27(b)

    50       48,229  

Nordea Bank Abp

   

0.75%, 08/28/25(a)(b)

    1,312       1,191,376  

1.50%, 09/30/26(a)(b)

    1,830       1,615,258  

3.60%, 06/06/25(b)

    888       857,114  

4.63%, 09/13/33 (Call 09/13/28), (5-year USD Swap + 1.690%)(a)(b)(d)

    1,117       1,020,731  

4.75%, 09/22/25(a)(b)

    690       680,682  

5.38%, 09/22/27(b)

    985       976,282  

Norinchukin Bank (The)

   

1.28%, 09/22/26(b)

    755       664,640  

2.08%, 09/22/31(a)(b)

    945       754,440  

4.87%, 09/14/27(a)(b)

    1,020       1,000,300  

5.07%, 09/14/32(a)(b)

    812       807,115  

Series 144A, 5.43%, 03/09/28(a)(b)

    995       999,355  

Northern Trust Corp.

   

1.95%, 05/01/30 (Call 02/01/30)(a)

    1,551       1,277,647  

3.15%, 05/03/29 (Call 02/03/29)

    669       607,876  

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

    468       418,066  

3.65%, 08/03/28 (Call 05/03/28)(a)

    439       413,085  

3.95%, 10/30/25

    1,095       1,060,104  

4.00%, 05/10/27 (Call 04/10/27)

    1,277       1,226,353  

6.13%, 11/02/32 (Call 08/02/32)(a)

    1,285       1,311,992  

Oversea-Chinese Banking Corp. Ltd., 1.83%, 09/10/30 (Call 09/10/25), (5-year CMT + 1.580%)(b)(d)

    1,030       948,342  

PNC Bank NA

   

2.70%, 10/22/29

    1,010       847,281  

2.95%, 02/23/25 (Call 01/24/25)

    787       754,989  

3.10%, 10/25/27 (Call 09/25/27)

    1,746       1,592,782  

3.25%, 06/01/25 (Call 05/02/25)

    1,285       1,227,664  

3.25%, 01/22/28 (Call 12/23/27)

    790       722,888  

3.30%, 10/30/24 (Call 09/30/24)

    497       483,440  

3.88%, 04/10/25 (Call 03/10/25)

    945       912,699  

4.05%, 07/26/28

    1,710       1,582,637  

4.20%, 11/01/25 (Call 10/02/25)

    825       794,876  

PNC Financial Services Group Inc. (The)

   

1.15%, 08/13/26 (Call 07/13/26)(a)

    917       813,091  

2.20%, 11/01/24 (Call 10/02/24)

    928       890,654  

2.31%, 04/23/32 (Call 04/23/31), (1-day SOFR + 0.979%)(a)(d)

    855       688,536  

2.55%, 01/22/30 (Call 10/24/29)

    2,579       2,163,178  

2.60%, 07/23/26 (Call 05/23/26)

    1,088       1,010,242  

3.15%, 05/19/27 (Call 04/19/27)

    749       694,524  

3.45%, 04/23/29 (Call 01/23/29)

    1,720       1,552,070  
 

 

 

38  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.63%, 06/06/33 (Call 06/06/32), (1-day SOFR + 1.850%)(a)(d)

  $ 384     $ 347,683  

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

    1,605       1,575,618  

5.07%, 01/24/34 (Call 01/24/33), (1-day SOFR + 1.933%)(a)(d)

     2,135        2,022,268  

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

    1,545       1,522,239  

5.58%, 06/12/29 (Call 06/12/28), (1-day SOFR + 1.841%)(d)

    1,301       1,290,338  

5.67%, 10/28/25 (Call 10/28/24), (1-day SOFR + 1.090%)(d)

    985       980,974  

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

    1,056       1,054,984  

5.94%, 08/18/34 (Call 08/18/33), (1-day SOFR + 1.946%)(a)(d)

    1,235       1,249,168  

6.04%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.140%)(d)

    2,225       2,260,294  

Regions Bank/Birmingham AL, 6.45%, 06/26/37(a)

    805       791,241  

Regions Financial Corp.

   

1.80%, 08/12/28 (Call 06/12/28)

    828       686,515  

2.25%, 05/18/25 (Call 04/18/25)

    805       752,193  

7.38%, 12/10/37

    349       369,397  

Rheinland-Pfalz Bank, 6.88%, 02/23/28(b)(c)

    50       53,524  

Royal Bank of Canada

   

0.75%, 10/07/24

    1,280       1,213,442  

0.88%, 01/20/26(a)

    1,561       1,404,656  

1.15%, 06/10/25

    2,172       2,011,404  

1.15%, 07/14/26

    1,732       1,540,863  

1.20%, 04/27/26

    2,042       1,829,875  

1.40%, 11/02/26

    1,600       1,417,527  

1.60%, 01/21/25

    1,387       1,314,848  

2.05%, 01/21/27(a)

    585       525,878  

2.25%, 11/01/24

    1,659       1,595,084  

2.30%, 11/03/31

    2,050       1,648,439  

3.38%, 04/14/25

    1,235       1,194,716  

3.63%, 05/04/27

    1,186       1,118,095  

3.88%, 05/04/32

    1,033       938,031  

4.24%, 08/03/27

    2,027       1,950,906  

4.65%, 01/27/26

    1,872       1,836,084  

4.88%, 01/12/26

    1,230       1,215,067  

4.90%, 01/12/28(a)

    1,195       1,177,572  

4.95%, 04/25/25

    910       900,145  

5.00%, 02/01/33

    1,865       1,807,862  

5.00%, 05/02/33

    1,075       1,040,112  

5.20%, 07/20/26

    1,300       1,294,850  

5.20%, 08/01/28

    1,015       1,008,015  

5.66%, 10/25/24

    340       340,062  

6.00%, 11/01/27

    1,450       1,484,300  

Santander Holdings USA Inc.

   

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

    1,355       1,188,044  

3.24%, 10/05/26 (Call 08/05/26)

    1,065       975,152  

3.45%, 06/02/25 (Call 05/02/25)

    1,068       1,019,031  

4.40%, 07/13/27 (Call 04/14/27)

    1,267       1,199,658  

4.50%, 07/17/25 (Call 04/17/25)(a)

    1,238       1,208,045  

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

    730       723,191  

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

    1,120       1,113,584  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 484     $ 481,877  

Santander UK Group Holdings PLC

   

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

     1,182        1,072,880  

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

    1,530       1,346,632  

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

    1,325       1,165,663  

2.90%, 03/15/32 (Call 03/15/31), (1-day SOFR + 1.475%)(a)(d)

    960       768,069  

3.82%, 11/03/28 (Call 11/03/27), (3-mo. LIBOR US + 1.400%)(d)

    1,230       1,112,678  

4.75%, 09/15/25(b)

    20       19,287  

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

    1,120       1,128,820  

6.83%, 11/21/26 (Call 11/21/25), (1-day SOFR + 2.749%)(d)

    1,345       1,361,891  

Shinhan Bank Co. Ltd.

   

1.38%, 10/21/26(b)

    50       43,983  

3.75%, 09/20/27(b)

    200       183,844  

4.00%, 04/23/29(b)

    497       449,779  

4.38%, 04/13/32(b)

    590       527,655  

Shinhan Financial Group Co. Ltd.

   

1.35%, 01/10/26(b)

    200       181,330  

2.88%, (Call 05/12/26), (5-year CMT +
2.064%)(b)(d)(e)

    366       321,311  

Skandinaviska Enskilda Banken AB

   

0.85%, 09/02/25(a)(b)

    910       825,320  

1.20%, 09/09/26(b)

    235       205,836  

1.40%, 11/19/25(a)(b)

    195       177,707  

3.70%, 06/09/25(a)(b)

    1,095       1,058,639  

Societe Generale SA

   

1.38%, 07/08/25(b)

    200       184,064  

1.49%, 12/14/26 (Call 12/14/25), (1-year CMT + 1.100%)(b)(d)

    2,435       2,181,965  

1.79%, 06/09/27 (Call 06/09/26), (1-year CMT + 1.000%)(a)(b)(d)

    1,849       1,640,172  

2.23%, 01/21/26 (Call 01/21/25), (1-year CMT + 1.050%)(b)(d)

    1,895       1,782,736  

2.63%, 10/16/24(b)

    990       952,462  

2.63%, 01/22/25(b)

    1,883       1,791,342  

2.80%, 01/19/28 (Call 01/19/27), (1-year CMT + 1.300%)(b)(d)

    1,620       1,451,149  

2.89%, 06/09/32 (Call 06/09/31), (1-year CMT + 1.300%)(b)(d)

    1,930       1,518,828  

3.00%, 01/22/30(a)(b)

    1,238       1,033,902  

3.34%, 01/21/33 (Call 01/21/32), (1-year CMT + 1.600%)(b)(d)

    760       613,037  

3.63%, 03/01/41(b)

    1,480       955,303  

3.65%, 07/08/35 (Call 07/08/30), (5-year CMT + 3.000%)(b)(d)

    671       542,124  

4.00%, 01/12/27(a)(b)

    1,110       1,038,781  

4.03%, 01/21/43 (Call 01/21/42), (1-year CMT + 1.900%)(a)(b)(d)

    1,160       773,126  

4.25%, 04/14/25(b)

    1,675       1,614,399  

4.25%, 08/19/26(b)

    1,142       1,075,761  

4.35%, 06/13/25(b)

    315       306,772  

4.68%, 06/15/27(a)(b)

    505       489,179  

4.75%, 11/24/25(a)(b)

    690       663,852  
 

 

 

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

  39


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  
Banks (continued)            

4.75%, 09/14/28(a)(b)

  $ 675     $ 641,173  

5.63%, 11/24/45(a)(b)

    370       306,450  

6.22%, 06/15/33 (Call 06/15/32), (1-year CMT + 3.200%)(b)(d)

     1,962        1,843,283  

6.45%, 01/12/27 (Call 01/12/26), (1-year CMT + 2.300%)(b)(d)

    1,380       1,386,456  

6.45%, 01/10/29 (Call 01/10/28), (1-year CMT + 2.550%)(b)(d)

    905       911,416  

6.69%, 01/10/34 (Call 01/10/33), (1-year CMT + 2.950%)(a)(b)(d)

    1,795       1,828,291  

7.37%, 01/10/53(b)

    1,370       1,329,493  

Standard Chartered Bank, 8.00%, 05/30/31(b)

    2,035       2,163,674  

Standard Chartered PLC

   

1.46%, 01/14/27 (Call 01/14/26), (1-year CMT + 1.000%)(b)(d)

    1,065       953,121  

1.82%, 11/23/25 (Call 11/23/24), (1-year CMT + 0.950%)(b)(d)

    1,377       1,300,960  

2.61%, 01/12/28 (Call 01/12/27), (1-year CMT + 1.180%)(b)(d)

    1,480       1,321,415  

2.68%, 06/29/32 (Call 06/29/31), (1-year CMT + 1.200%)(b)(d)

    1,005       789,334  

2.82%, 01/30/26 (Call 01/30/25), (3-mo. LIBOR US + 1.209%)(b)(d)

    2,196       2,090,575  

3.20%, 04/17/25(a)(b)

    945       906,322  

3.27%, 02/18/36 (Call 11/18/30), (5-year CMT + 2.300%)(b)(d)

    1,981       1,559,975  

3.60%, 01/12/33 (Call 01/12/32), (1-year CMT + 1.900%)(b)(d)

    1,315       1,043,925  

3.97%, 03/30/26 (Call 03/30/25), (1-year CMT + 1.650%)(b)(d)

    1,165       1,124,123  

4.05%, 04/12/26(a)(b)

    1,102       1,056,941  

4.30%, 02/19/27(a)(b)

    405       381,915  

4.31%, 05/21/30 (Call 05/21/29), (3-mo. LIBOR US + 1.910%)(a)(b)(d)

    760       692,691  

4.64%, 04/01/31 (Call 04/01/30), (1-year CMT + 3.850%)(b)(d)

    1,790       1,661,156  

4.87%, 03/15/33 (Call 03/15/28), (5-year USD ICE Swap + 1.970%)(b)(d)

    950       865,037  

5.30%, 01/09/43(a)(b)

    625       533,796  

5.70%, 03/26/44(a)(b)

    1,526       1,382,667  

6.17%, 01/09/27 (Call 01/09/26), (1-year CMT + 2.050%)(b)(d)

    1,120       1,123,140  

6.19%, 07/06/27 (Call 07/06/26), (1-year CMT + 1.850%)(b)(d)

    1,585       1,588,312  

6.30%, 01/09/29 (Call 01/09/28), (1-year CMT + 2.450%)(b)(d)

    1,730       1,746,621  

6.30%, 07/06/34 (Call 07/06/33), (1-year CMT + 2.580%)(b)(d)

    1,335       1,332,393  

7.77%, 11/16/28 (Call 11/16/27), (1-year CMT + 3.45%)(b)(d)

    1,110       1,175,566  

7.78%, 11/16/25 (Call 11/16/24), (1-year CMT + 3.100%)(a)(b)(d)

    1,774       1,814,003  

State Street Corp.

   

1.68%, 11/18/27 (Call 11/18/26), (1-day SOFR + 0.560%)(a)(d)

    678       608,505  

1.75%, 02/06/26 (Call 02/06/25), (1-day SOFR + 0.441%)(a)(d)

    422       398,766  

2.20%, 02/07/28 (Call 02/07/27), (1-day SOFR + 0.730%)(d)

    785       712,520  

2.20%, 03/03/31

    1,302       1,037,239  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 1,184     $ 1,136,875  

2.40%, 01/24/30

    792       676,055  

2.62%, 02/07/33 (Call 02/07/32), (1-day SOFR + 1.002%)(a)(d)

     1,188       974,503  

2.65%, 05/19/26(a)

    1,015       955,767  

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

    726       695,236  

3.03%, 11/01/34 (Call 11/01/29), (1-day SOFR + 1.490%)(d)

    880       756,436  

3.15%, 03/30/31 (Call 03/30/30), (1-day SOFR + 2.650%)(d)

    485       426,280  

3.30%, 12/16/24

    1,016       985,815  

3.55%, 08/18/25

    937       904,560  

4.14%, 12/03/29 (Call 12/03/28), (3-mo. SOFR + 1.292%)(a)(d)

    764       732,371  

4.16%, 08/04/33 (Call 08/04/32), (1-day SOFR + 1.726%)(a)(d)

    815       740,197  

4.42%, 05/13/33 (Call 05/13/32), (1-day SOFR + 1.605%)(d)

    530       493,016  

4.82%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.567%)(a)(d)

    1,120        1,062,691  

4.86%, 01/26/26 (Call 01/26/25), (1-day SOFR + 0.604%)(d)

    290       286,146  

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

    760       753,267  

5.16%, 05/18/34 (Call 05/18/33), (1-day SOFR + 1.890%)(d)

    670       650,304  

5.27%, 08/03/26 (Call 07/03/26)

    1,080       1,080,211  

5.75%, 11/04/26 (Call 11/04/25), (1-day SOFR + 1.353%)(d)

    605       606,252  

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

    590       599,065  

Sumitomo Mitsui Financial Group Inc.

   

0.95%, 01/12/26

    1,693       1,521,295  

1.40%, 09/17/26(a)

    2,600       2,300,635  

1.47%, 07/08/25

    2,150       1,990,493  

1.71%, 01/12/31

    1,100       847,031  

1.90%, 09/17/28

    2,480       2,085,153  

2.13%, 07/08/30

    1,710       1,377,298  

2.14%, 09/23/30

    1,004       793,880  

2.17%, 01/14/27

    765       686,153  

2.22%, 09/17/31

    955       754,169  

2.30%, 01/12/41

    435       285,458  

2.35%, 01/15/25

    1,385       1,322,013  

2.45%, 09/27/24

    1,361       1,313,953  

2.47%, 01/14/29(a)

    1,047       897,815  

2.63%, 07/14/26

    1,491       1,376,522  

2.72%, 09/27/29(a)

    675       574,709  

2.75%, 01/15/30

    1,445       1,228,781  

2.93%, 09/17/41(a)

    475       329,625  

3.01%, 10/19/26

    687       637,228  

3.04%, 07/16/29(a)

    2,955       2,580,439  

3.05%, 01/14/42(a)

    405       297,298  

3.20%, 09/17/29(a)

    671       587,694  

3.35%, 10/18/27

    675       620,871  

3.36%, 07/12/27

    798       741,066  

3.45%, 01/11/27

    1,739       1,626,756  

3.54%, 01/17/28

    1,306       1,204,526  

3.78%, 03/09/26

    2,580       2,473,050  
 

 

 

40  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

3.94%, 07/19/28

  $ 829     $ 774,315  

4.31%, 10/16/28

    854       814,060  

5.46%, 01/13/26

    1,215       1,211,120  

5.52%, 01/13/28

    1,985       1,984,246  

5.71%, 01/13/30

    1,580       1,588,643  

5.77%, 01/13/33

    2,450        2,485,072  

5.78%, 07/13/33(a)

    705       715,317  

5.80%, 07/13/28(a)

    645       652,638  

5.85%, 07/13/30(a)

    900       910,944  

5.88%, 07/13/26

    710       715,595  

6.18%, 07/13/43

    1,225       1,231,129  

Sumitomo Mitsui Trust Bank Ltd.

   

0.80%, 09/16/24(b)

    680       645,046  

1.05%, 09/12/25(b)

     1,274       1,159,161  

1.35%, 09/16/26(b)

    1,018       898,996  

1.55%, 03/25/26(b)

    1,430       1,292,540  

2.55%, 03/10/25(a)(b)

    425       404,776  

2.80%, 03/10/27(b)

    940       861,635  

4.80%, 09/15/25(b)

    400       392,580  

4.95%, 09/15/27(b)

    705       695,169  

5.50%, 03/09/28(a)(b)

    1,000       1,003,778  

5.65%, 03/09/26(b)

    1,745       1,747,037  

Svenska Handelsbanken AB

   

1.42%, 06/11/27 (Call 06/11/26), (1-year CMT + 0.630%)(a)(b)(d)

    1,155       1,020,164  

3.65%, 06/10/25(b)

    990       956,288  

3.95%, 06/10/27(b)

    1,230       1,167,769  

5.25%, 06/15/26(b)

    25       24,840  

5.50%, 06/15/28(b)

    280       275,861  

Swedbank AB

   

1.54%, 11/16/26(b)

    1,390       1,227,565  

3.36%, 04/04/25(b)

    945       909,533  

5.34%, 09/20/27(b)

    1,095       1,075,935  

5.47%, 06/15/26(b)

    730       726,269  

Synchrony Bank, 5.40%, 08/22/25 (Call 07/22/25)

    1,110       1,072,920  

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

    904       855,078  

Synovus Bank, 5.63%, 02/15/28 (Call 01/15/28)

    720       667,402  

Synovus Financial Corp., 5.20%, 08/11/25 (Call 07/11/25)(a)

    585       567,605  

Toronto-Dominion Bank (The)

   

0.70%, 09/10/24

    575       546,910  

0.75%, 09/11/25

    1,646       1,499,944  

0.75%, 01/06/26

    1,475       1,324,489  

1.15%, 06/12/25

    880       816,081  

1.20%, 06/03/26

    1,780       1,587,138  

1.25%, 12/13/24

    900       851,658  

1.25%, 09/10/26

    1,980       1,754,703  

1.45%, 01/10/25

    800       758,229  

1.95%, 01/12/27

    1,535       1,377,900  

2.00%, 09/10/31

    988       782,985  

2.45%, 01/12/32

    1,145       924,967  

2.80%, 03/10/27

    1,775       1,628,172  

3.20%, 03/10/32

    1,641       1,397,964  

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

    2,322       2,167,706  

3.77%, 06/06/25

    1,955       1,897,816  

4.11%, 06/08/27

    2,375       2,268,174  

4.29%, 09/13/24

    640       630,417  

4.46%, 06/08/32

    2,700       2,514,991  

4.69%, 09/15/27

    2,240       2,184,767  
Security  

Par

(000)

    Value  
Banks (continued)            

5.10%, 01/09/26(a)

  $ 555     $ 550,605  

5.16%, 01/10/28

     1,665       1,649,372  

5.52%, 07/17/28

    1,200       1,205,922  

5.53%, 07/17/26

    1,450       1,453,200  

8.13%, 10/31/82 (Call 10/31/27), (5-year CMT + 4.075%)(d)

    93       93,467  

Truist Bank

   

1.50%, 03/10/25 (Call 02/10/25)

    1,820       1,697,521  

2.15%, 12/06/24 (Call 11/05/24)

    932       888,827  

2.25%, 03/11/30 (Call 12/11/29)

    1,578       1,253,819  

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

    830       772,166  

3.30%, 05/15/26 (Call 04/15/26)

    1,267        1,177,208  

3.63%, 09/16/25 (Call 08/16/25)

    1,654       1,567,774  

3.80%, 10/30/26 (Call 09/30/26)

    1,225       1,131,777  

4.05%, 11/03/25 (Call 09/03/25)

    890       854,731  

Truist Financial Corp.

   

1.13%, 08/03/27 (Call 06/03/27)(a)

    940       794,750  

1.20%, 08/05/25 (Call 07/03/25)(a)

    647       593,626  

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

    1,728       1,543,203  

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

    1,226       1,022,513  

1.95%, 06/05/30 (Call 03/05/30)

    1,110       882,262  

2.85%, 10/26/24 (Call 09/26/24)

    849       819,185  

3.70%, 06/05/25 (Call 05/05/25)

    820       789,417  

3.88%, 03/19/29 (Call 02/16/29)(a)

    1,031       921,497  

4.00%, 05/01/25 (Call 03/01/25)

    1,172       1,135,093  

4.12%, 06/06/28 (Call 06/06/27), (1-day SOFR + 1.368%)(a)(d)

    1,080       1,017,983  

4.26%, 07/28/26 (Call 07/28/25), (1-day SOFR + 1.456%)(d)

    1,232       1,190,138  

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

    1,820       1,746,071  

4.92%, 07/28/33 (Call 07/28/32), (1-day SOFR + 2.240%)(d)

    1,320       1,176,623  

5.12%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.852%)(a)(d)

    1,510       1,416,371  

5.87%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.361%)(d)

    1,050       1,040,358  

5.90%, 10/28/26 (Call 10/28/25), (1-day SOFR + 1.626%)(a)(d)

    1,010       1,007,257  

6.05%, 06/08/27 (Call 06/08/26), (1-day SOFR + 2.050%)(d)

    1,020       1,019,287  

6.12%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.300%)(d)

    155       155,954  

U.S. Bancorp

   

1.38%, 07/22/30 (Call 04/22/30)

    1,774       1,345,067  

1.45%, 05/12/25 (Call 04/11/25)

    1,754       1,640,266  

2.22%, 01/27/28 (Call 01/27/27), (1-day SOFR + 0.730%)(d)

    1,535       1,369,859  

2.49%, 11/03/36 (Call 11/03/31), (5-year CMT + 0.950%)(d)

    1,700       1,252,826  

2.68%, 01/27/33 (Call 01/27/32), (1-day SOFR + 1.020%)(d)

    1,552       1,235,752  

3.00%, 07/30/29 (Call 04/30/29)

    1,422       1,218,422  

3.10%, 04/27/26 (Call 03/27/26)(a)

    1,351       1,267,838  

3.60%, 09/11/24 (Call 08/11/24)(a)

    677       662,427  

3.90%, 04/26/28 (Call 03/24/28)

    1,083       1,016,401  

3.95%, 11/17/25 (Call 10/17/25)

    1,227       1,188,642  
 

 

 

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

  41


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.55%, 07/22/28 (Call 07/22/27), (1-day SOFR + 1.660%)(d)

  $ 1,989     $ 1,900,625  

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

     1,835        1,752,115  

4.84%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.600%)(a)(d)

    2,435       2,258,338  

4.97%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.110%)(d)

    1,915       1,746,574  

5.73%, 10/21/26 (Call 10/21/25), (1-day SOFR + 1.430%)(d)

    1,072       1,071,681  

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

    925       922,980  

5.84%, 06/12/34 (Call 06/10/33), (1-day SOFR + 2.260%)(d)

    885       884,177  

5.85%, 10/21/33 (Call 10/21/32), (1-day SOFR + 2.090%)(d)

    1,860       1,852,514  

Series V, 2.38%, 07/22/26 (Call 06/22/26)(a)

    1,494       1,377,341  

Series X, 3.15%, 04/27/27 (Call 03/27/27)

    1,688       1,564,395  

U.S. Bank NA/Cincinnati OH

   

2.05%, 01/21/25 (Call 12/20/24)(a)

    1,339       1,273,236  

2.80%, 01/27/25 (Call 12/27/24)(a)

    961       922,384  

UBS AG/London

   

1.25%, 06/01/26(a)(b)

    1,805       1,620,616  

1.38%, 01/13/25 (Call 12/13/24)(b)

    1,132       1,066,199  

4.50%, 06/26/48(a)(b)

    1,160       1,031,922  

UBS AG/Stamford CT, 7.50%, 07/15/25(a)

    555       566,666  

UBS Group AG

   

1.31%, 02/02/27 (Call 02/02/26), (1-day SOFR + 0.980%)(b)(d)

    2,530       2,249,332  

1.36%, 01/30/27 (Call 01/30/26), (1-year CMT + 1.080%)(b)(d)

    1,950       1,742,551  

1.49%, 08/10/27 (Call 08/10/26), (1-year CMT + 0.850%)(b)(d)

    2,375       2,088,427  

2.10%, 02/11/32 (Call 02/11/31), (1-year CMT + 1.000%)(b)(d)

    2,157       1,662,893  

2.19%, 06/05/26 (Call 06/05/25), (1-day SOFR + 2.044%)(b)(d)

    2,267       2,111,591  

2.59%, 09/11/25 (Call 09/11/24), (1-day SOFR + 1.560%)(b)(d)

    2,320       2,236,975  

2.75%, 02/11/33 (Call 02/11/32), (1-year CMT + 1.100%)(a)(b)(d)

    2,135       1,681,901  

3.13%, 08/13/30 (Call 08/13/29), (3-mo. LIBOR US + 1.468%)(b)(d)

    2,045       1,753,009  

3.18%, 02/11/43 (Call 02/11/42), (1-year CMT + 1.100%)(b)(d)

    1,875       1,303,240  

3.75%, 03/26/25

    1,635       1,579,457  

3.87%, 01/12/29 (Call 01/12/28), (3-mo. LIBOR US + 1.410%)(b)(d)

    2,932       2,695,421  

4.13%, 09/24/25(b)

    2,409       2,324,060  

4.13%, 04/15/26(b)

    2,385       2,288,570  

4.25%, 03/23/28 (Call 03/23/27)(b)

    1,900       1,777,591  

4.28%, 01/09/28 (Call 01/09/27)(b)

    2,557       2,391,981  

4.49%, 05/12/26 (Call 05/12/25), (1-year CMT + 1.550%)(b)(d)

    1,300       1,262,642  

4.55%, 04/17/26

    2,365       2,288,787  

4.70%, 08/05/27 (Call 08/05/26), (1-year CMT + 2.050%)(a)(b)(d)

    1,750       1,696,500  

4.75%, 05/12/28 (Call 05/12/27), (1-year CMT + 1.750%)(a)(b)(d)

    1,620       1,555,390  

4.88%, 05/15/45

    2,148       1,913,702  
Security  

Par

(000)

    Value  
Banks (continued)            

4.99%, 08/05/33 (Call 08/05/32), (1-year CMT + 2.400%)(b)(d)

  $ 2,060     $ 1,919,757  

5.71%, 01/12/27 (Call 01/12/26), (1-year CMT + 1.550%)(b)(d)

     2,060        2,051,661  

5.96%, 01/12/34 (Call 01/12/33), (1-year CMT + 2.200%)(b)(d)

    2,980       2,994,093  

6.37%, 07/15/26 (Call 07/15/25), (1-day SOFR + 3.340%)(a)(b)(d)

    1,795       1,802,469  

6.44%, 08/11/28 (Call 08/11/27), (1-day SOFR + 3.700%)(b)(d)

    1,645       1,675,075  

UniCredit SpA

   

1.98%, 06/03/27 (Call 06/03/26), (1-year CMT + 1.200%)(b)(d)

    1,196       1,062,394  

2.57%, 09/22/26 (Call 09/22/25), (1-year CMT + 2.300%)(b)(d)

    1,124       1,030,839  

3.13%, 06/03/32 (Call 06/03/31), (1-year CMT + 1.550%)(b)(d)

    1,322       1,045,231  

United Overseas Bank Ltd.

   

1.25%, 04/14/26(b)

    70       63,211  

3.86%, 10/07/32 (Call 10/07/27), (5-year CMT + 1.450%)(b)(d)

    1,237       1,152,997  

Wachovia Corp.

   

5.50%, 08/01/35

    1,465       1,414,123  

6.61%, 10/01/25

    185       186,483  

7.50%, 04/15/35(a)

    896       1,000,001  

7.57%, 08/01/26(c)

    665       695,495  

Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)(a)

    290       253,110  

Wells Fargo & Co.

   

2.16%, 02/11/26 (Call 02/11/25), (3-mo. SOFR + 1.012%)(d)

    3,738       3,534,151  

2.19%, 04/30/26 (Call 04/30/25), (1-day SOFR + 2.000%)(d)

    3,483       3,275,471  

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

    3,645       3,243,298  

2.41%, 10/30/25 (Call 10/30/24), (3-mo. SOFR + 1.087%)(d)

    3,479       3,336,047  

2.57%, 02/11/31 (Call 02/11/30), (3-mo. SOFR + 1.262%)(d)

    3,846       3,210,083  

2.88%, 10/30/30 (Call 10/30/29), (3-mo. SOFR + 1.432%)(d)

    4,410       3,773,848  

3.00%, 02/19/25

    2,122       2,040,754  

3.00%, 04/22/26

    3,040       2,849,568  

3.00%, 10/23/26

    4,137       3,831,876  

3.07%, 04/30/41 (Call 04/30/40), (1-day SOFR + 2.530%)(d)

    4,564       3,266,890  

3.20%, 06/17/27 (Call 06/17/26), (3-mo. SOFR + 1.432%)(d)

    2,595       2,425,966  

3.30%, 09/09/24

    1,728       1,687,180  

3.35%, 03/02/33 (Call 03/02/32), (1-day SOFR + 1.500%)(d)

    4,860       4,092,674  

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

    4,620       4,298,553  

3.55%, 09/29/25

    3,034       2,910,811  

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

    3,615       3,356,111  

3.90%, 05/01/45

    2,430       1,902,145  

3.91%, 04/25/26 (Call 04/25/25), (1-day SOFR + 1.320%)(d)

    3,760       3,635,093  

4.10%, 06/03/26

    2,586       2,480,826  
 

 

 

42  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.15%, 01/24/29 (Call 10/24/28)

  $ 3,372     $ 3,180,222  

4.30%, 07/22/27(a)

     2,608        2,497,385  

4.40%, 06/14/46

    2,431       1,927,020  

4.48%, 04/04/31 (Call 04/04/30), (3-mo. SOFR + 4.032%)(d)

    2,580       2,413,729  

4.54%, 08/15/26 (Call 08/15/25), (1-day SOFR + 1.560%)(d)

    2,052       2,003,725  

4.61%, 04/25/53 (Call 04/25/52), (1-day SOFR + 2.130%)(d)

    4,020       3,401,138  

4.65%, 11/04/44

    2,168       1,793,535  

4.75%, 12/07/46

    2,460       2,045,189  

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

    3,820       3,705,307  

4.90%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.100%)(d)

    5,046       4,747,968  

4.90%, 11/17/45

    2,400       2,060,396  

5.01%, 04/04/51 (Call 04/04/50), (3-mo. SOFR + 4.502%)(d)

    6,589       5,949,706  

5.38%, 02/07/35(a)

    635       618,794  

5.38%, 11/02/43

    2,339       2,153,945  

5.39%, 04/24/34, (1-day SOFR + 2.020%)(d)

    3,750       3,652,528  

5.56%, 07/25/34 (Call 07/25/33), (1-day SOFR + 1.990%)(d)

    3,840       3,789,492  

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

    2,940       2,927,824  

5.61%, 01/15/44

    3,076       2,895,485  

5.95%, 12/01/86

    376       362,274  

Series B, 7.95%, 11/15/29

    300       327,508  

Wells Fargo Bank NA

   

5.45%, 08/07/26 (Call 07/07/26)

    2,650       2,658,400  

5.55%, 08/01/25 (Call 07/01/25)

    2,000       2,004,120  

5.85%, 02/01/37

    1,620       1,616,258  

5.95%, 08/26/36

    820       811,345  

6.60%, 01/15/38

    1,700       1,798,228  

Westpac Banking Corp.

   

1.02%, 11/18/24

    600       568,665  

1.15%, 06/03/26

    2,547       2,287,879  

1.95%, 11/20/28

    1,692       1,455,364  

2.15%, 06/03/31

    1,278       1,048,013  

2.35%, 02/19/25

    1,473       1,413,156  

2.65%, 01/16/30(a)

    1,305       1,137,571  

2.67%, 11/15/35 (Call 11/15/30), (5-year CMT + 1.750%)(d)

    1,629       1,252,028  

2.70%, 08/19/26(a)

    1,611       1,503,495  

2.85%, 05/13/26

    2,318       2,186,218  

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

    2,558       2,415,750  

2.96%, 11/16/40

    1,061       689,549  

3.02%, 11/18/36 (Call 11/18/31), (5-year CMT + 1.530%)(d)

    1,437       1,100,844  

3.13%, 11/18/41

    1,300       848,820  

3.35%, 03/08/27

    1,569       1,480,118  

3.40%, 01/25/28(a)

    1,244       1,169,618  

3.74%, 08/26/25

    152       147,601  

4.04%, 08/26/27(a)

    235       228,311  

4.11%, 07/24/34 (Call 07/24/29), (5-year CMT + 2.000%)(d)

    1,592       1,394,695  

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

    1,868       1,744,479  

4.42%, 07/24/39

    1,083       872,418  
Security  

Par

(000)

    Value  
Banks (continued)            

5.35%, 10/18/24

  $ 50     $ 49,906  

5.41%, 08/10/33 (Call 08/10/32), (1-year CMT + 2.680%)(d)

    1,519       1,428,643  

5.46%, 11/18/27

    2,230       2,263,317  

Westpac New Zealand Ltd., 4.90%, 02/15/28(b)

    740       722,757  

Wintrust Financial Corp., 4.85%, 06/06/29

    457       406,098  

Woori Bank, 5.13%, 08/06/28(b)

    355       343,257  

Zions Bancorp NA, 3.25%, 10/29/29 (Call 07/29/29)

    770       604,841  
   

 

 

 
       2,010,057,096  
Beverages — 1.8%            

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.

   

4.70%, 02/01/36 (Call 08/01/35)

    6,010       5,752,228  

4.90%, 02/01/46 (Call 08/01/45)(a)

     11,050       10,279,252  

Anheuser-Busch InBev Finance Inc.

   

4.00%, 01/17/43(a)

    115       96,127  

4.63%, 02/01/44(a)

    1,070       971,563  

4.70%, 02/01/36 (Call 08/01/35)(a)

    1,340       1,282,527  

4.90%, 02/01/46 (Call 08/01/45)

    2,053       1,909,801  

Anheuser-Busch InBev Worldwide Inc.

   

3.50%, 06/01/30 (Call 03/01/30)

    2,247       2,066,589  

3.65%, 02/01/26 (Call 11/01/25)

    3,595       3,473,074  

4.00%, 04/13/28 (Call 01/13/28)

    3,231       3,111,394  

4.35%, 06/01/40 (Call 12/01/39)

    1,204       1,077,105  

4.38%, 04/15/38 (Call 10/15/37)

    1,655       1,515,380  

4.44%, 10/06/48 (Call 04/06/48)

    2,238       1,960,750  

4.50%, 06/01/50 (Call 12/01/49)

    970       865,596  

4.60%, 04/15/48 (Call 10/15/47)

    2,600       2,341,579  

4.60%, 06/01/60 (Call 12/01/59)

    405       353,128  

4.75%, 01/23/29 (Call 10/23/28)

    4,006       3,969,144  

4.75%, 04/15/58 (Call 10/15/57)

    665       595,259  

4.90%, 01/23/31 (Call 10/23/30)

    369       370,532  

4.95%, 01/15/42

    2,038       1,944,476  

5.45%, 01/23/39 (Call 07/23/38)

    2,864       2,907,296  

5.55%, 01/23/49 (Call 07/23/48)

    5,035       5,157,385  

5.80%, 01/23/59 (Call 07/23/58)

    2,922       3,063,989  

5.88%, 06/15/35(a)

    245       260,364  

6.63%, 08/15/33

    887       979,689  

8.00%, 11/15/39

    1,386       1,715,570  

8.20%, 01/15/39

    1,454       1,858,330  

Bacardi Ltd.

   

2.75%, 07/15/26 (Call 04/15/26)(b)

    450       414,566  

4.45%, 05/15/25 (Call 03/15/25)(b)

    1,205       1,174,155  

4.70%, 05/15/28 (Call 02/15/28)(b)

    980       946,679  

5.15%, 05/15/38 (Call 11/15/37)(b)

    920       844,305  

5.30%, 05/15/48 (Call 11/15/47)(b)

    1,180       1,083,306  

Bacardi Ltd./Bacardi-Martini BV

   

5.25%, 01/15/29 (Call 12/15/28)(b)

    395       386,833  

5.40%, 06/15/33 (Call 03/15/33)(b)

    152       148,066  

5.90%, 06/15/43 (Call 12/15/42)(b)

    25       24,582  

Becle SAB de CV, 2.50%, 10/14/31 (Call 07/14/31)(a)(b)

    565       443,103  

Brown-Forman Corp.

   

3.50%, 04/15/25 (Call 02/15/25)

    621       602,637  

3.75%, 01/15/43 (Call 07/15/42)

    470       364,826  

4.00%, 04/15/38 (Call 10/15/37)

    335       290,498  

4.50%, 07/15/45 (Call 01/15/45)(a)

    704       629,448  

4.75%, 04/15/33 (Call 01/15/33)

    775       767,088  

Coca-Cola Co. (The)

   

1.00%, 03/15/28

    1,595       1,367,379  
 

 

 

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

  43


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Beverages (continued)            

1.38%, 03/15/31

  $ 2,416     $ 1,906,674  

1.45%, 06/01/27

    1,573        1,404,474  

1.50%, 03/05/28

    640       560,829  

1.65%, 06/01/30

    1,895       1,561,479  

1.75%, 09/06/24

    1,053       1,014,905  

2.00%, 03/05/31(a)

    799       664,714  

2.13%, 09/06/29

    1,334       1,165,462  

2.25%, 01/05/32

    1,040       872,821  

2.50%, 06/01/40

     1,586       1,146,245  

2.50%, 03/15/51(a)

    1,430       925,297  

2.60%, 06/01/50

    1,461       972,015  

2.75%, 06/01/60(a)

    1,297       843,073  

2.88%, 05/05/41

    1,392       1,052,572  

2.90%, 05/25/27

    927       871,458  

3.00%, 03/05/51(a)

    1,670       1,206,841  

3.38%, 03/25/27

    1,395       1,336,505  

3.45%, 03/25/30

    1,568       1,458,286  

4.20%, 03/25/50

    895       805,495  

Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25)

    430       415,660  

Coca-Cola European Partners PLC, 1.50%, 01/15/27 (Call 12/15/26)(b)

    872       770,527  

Coca-Cola Femsa SAB de CV

   

1.85%, 09/01/32 (Call 06/01/32)(a)

    975       740,684  

2.75%, 01/22/30 (Call 10/22/29)

    1,280       1,109,755  

5.25%, 11/26/43

    455       443,213  

Constellation Brands Inc.

   

2.25%, 08/01/31 (Call 05/01/31)(a)

    1,497       1,203,133  

2.88%, 05/01/30 (Call 02/01/30)

    1,038       895,712  

3.15%, 08/01/29 (Call 05/01/29)

    803       717,452  

3.50%, 05/09/27 (Call 02/09/27)

    658       619,188  

3.60%, 02/15/28 (Call 11/15/27)

    1,000       932,471  

3.70%, 12/06/26 (Call 09/06/26)

    820       781,327  

3.75%, 05/01/50 (Call 11/01/49)

    725       551,735  

4.10%, 02/15/48 (Call 08/15/47)

    731       580,350  

4.35%, 05/09/27 (Call 04/09/27)(a)

    520       503,497  

4.40%, 11/15/25 (Call 09/15/25)

    1,227       1,200,553  

4.50%, 05/09/47 (Call 11/09/46)

    657       547,940  

4.65%, 11/15/28 (Call 08/15/28)(a)

    717       697,027  

4.75%, 11/15/24

    646       640,105  

4.75%, 12/01/25

    750       739,535  

4.75%, 05/09/32 (Call 02/09/32)(a)

    580       555,956  

4.90%, 05/01/33

    940       906,309  

5.25%, 11/15/48 (Call 05/15/48)

    569       531,575  

Diageo Capital PLC

   

1.38%, 09/29/25 (Call 08/29/25)

    1,020       941,737  

2.00%, 04/29/30 (Call 01/29/30)

    610       508,949  

2.13%, 10/24/24 (Call 09/24/24)

    740       712,065  

2.13%, 04/29/32 (Call 01/29/32)

    745       598,649  

2.38%, 10/24/29 (Call 07/24/29)

    1,218       1,052,161  

3.88%, 05/18/28 (Call 02/18/28)(a)

    630       605,924  

3.88%, 04/29/43 (Call 10/29/42)

    480       394,389  

5.20%, 10/24/25

    783       783,286  

5.30%, 10/24/27 (Call 09/24/27)

    1,060       1,072,156  

5.50%, 01/24/33 (Call 10/24/32)

    1,240       1,287,401  

5.88%, 09/30/36

    508       536,354  

Diageo Investment Corp.

   

4.25%, 05/11/42(a)

    613       533,347  

7.45%, 04/15/35

    190       226,879  
Security  

Par

(000)

    Value  
Beverages (continued)            

Heineken NV

   

3.50%, 01/29/28 (Call 10/29/27)(a)(b)

  $  1,372     $  1,294,559  

4.00%, 10/01/42(a)(b)

    706       568,353  

4.35%, 03/29/47 (Call 09/29/46)(a)(b)

    510       422,919  

JDE Peet’s NV

   

0.80%, 09/24/24 (Call 10/02/23)(b)

    515       485,358  

1.38%, 01/15/27 (Call 12/15/26)(b)

    1,283       1,114,279  

2.25%, 09/24/31 (Call 06/24/31)(b)

    915       703,582  

Keurig Dr Pepper Inc.

   

2.25%, 03/15/31 (Call 12/15/30)

    984       801,200  

2.55%, 09/15/26 (Call 06/15/26)(a)

    477       440,330  

3.20%, 05/01/30 (Call 02/01/30)(a)

    856       758,917  

3.35%, 03/15/51 (Call 09/15/50)

    754       517,853  

3.40%, 11/15/25 (Call 08/15/25)

    856       818,710  

3.43%, 06/15/27 (Call 03/15/27)

    627       589,346  

3.80%, 05/01/50 (Call 11/01/49)

    980       744,354  

3.95%, 04/15/29 (Call 02/15/29)(a)

    835       786,342  

4.05%, 04/15/32 (Call 01/15/32)(a)

    975       893,710  

4.42%, 05/25/25 (Call 03/25/25)

    631       618,783  

4.42%, 12/15/46 (Call 06/15/46)

    578       478,367  

4.50%, 11/15/45 (Call 05/15/45)

    654       557,850  

4.50%, 04/15/52 (Call 10/15/51)(a)

    1,362       1,159,410  

4.60%, 05/25/28 (Call 02/25/28)

    1,165       1,137,973  

5.09%, 05/25/48 (Call 11/25/47)

    405       373,816  

Molson Coors Beverage Co.

   

3.00%, 07/15/26 (Call 04/15/26)

    2,614       2,449,309  

4.20%, 07/15/46 (Call 01/15/46)

    1,750       1,386,882  

5.00%, 05/01/42

    1,822       1,647,348  

PepsiCo Inc.

   

1.40%, 02/25/31 (Call 11/25/30)

    872       693,259  

1.63%, 05/01/30 (Call 02/01/30)

    1,429       1,175,636  

1.95%, 10/21/31 (Call 07/21/31)

    1,440       1,175,316  

2.25%, 03/19/25 (Call 02/19/25)

    1,721       1,646,744  

2.38%, 10/06/26 (Call 07/06/26)

    1,151       1,078,554  

2.63%, 03/19/27 (Call 01/19/27)

    895       834,192  

2.63%, 07/29/29 (Call 04/29/29)(a)

    1,359       1,217,625  

2.63%, 10/21/41 (Call 04/21/41)

    1,315       954,695  

2.75%, 04/30/25 (Call 01/30/25)

    1,291       1,240,836  

2.75%, 03/19/30 (Call 12/19/29)

    1,649       1,467,603  

2.75%, 10/21/51 (Call 04/21/51)

    1,582       1,069,522  

2.85%, 02/24/26 (Call 11/24/25)

    1,023       974,126  

2.88%, 10/15/49 (Call 04/15/49)

    1,585       1,120,595  

3.00%, 10/15/27 (Call 07/15/27)

    1,817       1,709,097  

3.38%, 07/29/49 (Call 01/29/49)

    506       389,377  

3.45%, 10/06/46 (Call 04/06/46)

    1,352       1,072,339  

3.50%, 07/17/25 (Call 04/17/25)

    970       942,571  

3.50%, 03/19/40 (Call 09/19/39)

    365       299,865  

3.60%, 02/18/28 (Call 01/18/28)

    920       881,310  

3.60%, 08/13/42(a)

    85       70,362  

3.63%, 03/19/50 (Call 09/19/49)

    1,402       1,127,731  

3.88%, 03/19/60 (Call 09/19/59)

    565       461,827  

3.90%, 07/18/32 (Call 04/18/32)(a)

    1,413       1,340,031  

4.00%, 03/05/42

    795       688,525  

4.20%, 07/18/52 (Call 01/18/52)

    887       787,130  

4.25%, 10/22/44 (Call 04/22/44)(a)

    145       125,682  

4.45%, 05/15/28 (Call 04/15/28)(a)

    865       861,838  

4.45%, 02/15/33 (Call 11/15/32)(a)

    830       825,814  

4.45%, 04/14/46 (Call 10/14/45)

    310       286,513  

4.55%, 02/13/26 (Call 01/13/26)

    790       785,665  

4.60%, 07/17/45 (Call 01/17/45)

    537       490,385  
 

 

 

44  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Beverages (continued)            

4.65%, 02/15/53 (Call 08/15/52)

  $ 870     $ 832,983  

4.88%, 11/01/40

    930       908,972  

7.00%, 03/01/29

    732       814,123  

Pernod Ricard International Finance LLC

   

1.25%, 04/01/28 (Call 02/01/28)(a)(b)

     1,095       925,591  

1.63%, 04/01/31 (Call 01/01/30)(a)(b)

    1,215       938,564  

2.75%, 10/01/50 (Call 04/01/50)(b)

    465       286,399  

Pernod Ricard SA

   

3.25%, 06/08/26 (Call 03/08/26)(a)(b)

    850       813,446  

5.50%, 01/15/42(a)(b)

    1,020       1,004,110  

Suntory Holdings Ltd., 2.25%, 10/16/24 (Call 09/16/24)(b)

    737       706,652  
   

 

 

 
       170,246,899  
Biotechnology — 1.2%            

Amgen Inc.

   

1.65%, 08/15/28 (Call 06/15/28)

    1,606       1,369,975  

1.90%, 02/21/25 (Call 01/21/25)

    535       508,746  

2.00%, 01/15/32 (Call 10/15/31)(a)

    1,430       1,121,976  

2.20%, 02/21/27 (Call 12/21/26)

    2,108       1,915,946  

2.30%, 02/25/31 (Call 11/25/30)

    1,464       1,209,023  

2.45%, 02/21/30 (Call 11/21/29)

    1,513       1,287,075  

2.60%, 08/19/26 (Call 05/19/26)

    1,502       1,396,480  

2.77%, 09/01/53 (Call 03/01/53)(a)

    1,136       679,262  

2.80%, 08/15/41 (Call 02/15/41)

    1,450       1,000,121  

3.00%, 02/22/29 (Call 12/22/28)

    785       709,806  

3.00%, 01/15/52 (Call 07/15/51)(a)

    1,425       928,400  

3.13%, 05/01/25 (Call 02/01/25)

    1,303       1,253,483  

3.15%, 02/21/40 (Call 08/21/39)

    2,040       1,522,015  

3.20%, 11/02/27 (Call 08/02/27)(a)

    1,175       1,092,139  

3.35%, 02/22/32 (Call 11/22/31)

    1,140       995,144  

3.38%, 02/21/50 (Call 08/21/49)(a)

    2,359       1,650,605  

4.05%, 08/18/29 (Call 06/18/29)

    1,405       1,327,710  

4.20%, 03/01/33 (Call 12/01/32)

    760       699,698  

4.20%, 02/22/52 (Call 08/22/51)

    1,053       839,353  

4.40%, 05/01/45 (Call 11/01/44)

    2,677       2,252,488  

4.40%, 02/22/62 (Call 08/22/61)

    1,410       1,116,724  

4.56%, 06/15/48 (Call 12/15/47)

    1,630       1,387,193  

4.66%, 06/15/51 (Call 12/15/50)

    4,224       3,642,885  

4.88%, 03/01/53 (Call 09/01/52)

    1,065       945,136  

4.95%, 10/01/41

    981       896,515  

5.15%, 03/02/28 (Call 02/02/28)

    4,510       4,505,290  

5.15%, 11/15/41 (Call 05/15/41)

    1,180       1,103,175  

5.25%, 03/02/25

    3,400       3,385,518  

5.25%, 03/02/30 (Call 01/02/30)

    3,235       3,239,479  

5.25%, 03/02/33 (Call 12/02/32)

    4,975       4,949,132  

5.51%, 03/02/26 (Call 03/02/24)

    440       440,037  

5.60%, 03/02/43 (Call 09/02/42)

    3,370       3,306,714  

5.65%, 06/15/42 (Call 12/15/41)

    415       406,842  

5.65%, 03/02/53 (Call 09/02/52)

    5,095       5,050,905  

5.75%, 03/15/40(a)

    465       459,551  

5.75%, 03/02/63 (Call 09/02/62)

    3,309       3,267,785  

6.38%, 06/01/37(a)

    1,104       1,173,842  

6.40%, 02/01/39

    555       589,231  

6.90%, 06/01/38(a)

    75       80,007  

Baxalta Inc.

   

4.00%, 06/23/25 (Call 03/23/25)

    1,200       1,166,479  

5.25%, 06/23/45 (Call 12/23/44)

    526       493,177  

Biogen Inc.

   

2.25%, 05/01/30 (Call 02/01/30)

    2,001       1,647,279  

3.15%, 05/01/50 (Call 11/01/49)

    2,361       1,541,469  
Security  

Par

(000)

    Value  
Biotechnology (continued)            

3.25%, 02/15/51 (Call 08/15/50)(a)

  $ 831     $ 553,030  

4.05%, 09/15/25 (Call 06/15/25)

     2,343       2,272,355  

5.20%, 09/15/45 (Call 03/15/45)

    956       897,742  

Bio-Rad Laboratories Inc.

   

3.30%, 03/15/27 (Call 02/15/27)

    468       438,780  

3.70%, 03/15/32 (Call 12/15/31)(a)

    1,235       1,081,796  

CSL Finance PLC

   

3.85%, 04/27/27 (Call 03/27/27)(b)

    477       457,862  

4.05%, 04/27/29 (Call 02/27/29)(a)(b)

    665       630,151  

4.25%, 04/27/32 (Call 01/27/32)(b)

    965       905,287  

4.63%, 04/27/42 (Call 10/27/41)(b)

    245       221,090  

4.75%, 04/27/52 (Call 10/27/51)(b)

    1,700       1,527,921  

4.95%, 04/27/62 (Call 10/27/61)(b)

    635       566,174  

Gilead Sciences Inc.

   

1.20%, 10/01/27 (Call 08/01/27)

    982       844,449  

1.65%, 10/01/30 (Call 07/01/30)(a)

    1,443       1,159,280  

2.60%, 10/01/40 (Call 04/01/40)(a)

    1,396       975,293  

2.80%, 10/01/50 (Call 04/01/50)(a)

    2,132       1,372,021  

2.95%, 03/01/27 (Call 12/01/26)

    1,800       1,677,894  

3.50%, 02/01/25 (Call 11/01/24)

    1,058       1,029,863  

3.65%, 03/01/26 (Call 12/01/25)

    3,323       3,197,211  

4.00%, 09/01/36 (Call 03/01/36)

    1,741       1,536,849  

4.15%, 03/01/47 (Call 09/01/46)

    2,286       1,912,919  

4.50%, 02/01/45 (Call 08/01/44)

    2,038       1,791,653  

4.60%, 09/01/35 (Call 03/01/35)

    949       900,599  

4.75%, 03/01/46 (Call 09/01/45)

    2,338       2,128,887  

4.80%, 04/01/44 (Call 10/01/43)

    1,959       1,802,046  

5.65%, 12/01/41 (Call 06/01/41)

    1,163       1,186,060  

Illumina Inc.

   

2.55%, 03/23/31 (Call 12/23/30)

    1,014       813,684  

5.75%, 12/13/27 (Call 11/13/27)

    595       593,478  

5.80%, 12/12/25 (Call 11/12/25)

    990       989,556  

Regeneron Pharmaceuticals Inc.

   

1.75%, 09/15/30 (Call 06/15/30)

    1,554       1,236,745  

2.80%, 09/15/50 (Call 03/15/50)

    887       551,358  

Royalty Pharma PLC

   

1.20%, 09/02/25 (Call 08/02/25)

    1,276       1,162,322  

1.75%, 09/02/27 (Call 07/02/27)

    1,484       1,280,333  

2.15%, 09/02/31 (Call 06/02/31)

    625       484,738  

2.20%, 09/02/30 (Call 06/02/30)

    1,248       994,664  

3.30%, 09/02/40 (Call 03/02/40)

    1,267       871,254  

3.35%, 09/02/51 (Call 03/02/51)

    770       477,681  

3.55%, 09/02/50 (Call 03/02/50)(a)

    1,341       876,725  
   

 

 

 
       109,953,560  
Building Materials — 0.5%            

Carrier Global Corp.

   

2.24%, 02/15/25 (Call 01/15/25)

    799       760,043  

2.49%, 02/15/27 (Call 12/15/26)

    274       248,912  

2.70%, 02/15/31 (Call 11/15/30)(a)

    795       667,114  

2.72%, 02/15/30 (Call 11/15/29)

    2,999       2,571,445  

3.38%, 04/05/40 (Call 10/05/39)

    1,913       1,437,835  

3.58%, 04/05/50 (Call 10/05/49)

    2,246       1,608,639  

CRH America Finance Inc.

   

3.40%, 05/09/27 (Call 02/09/27)(a)(b)

    548       512,558  

3.95%, 04/04/28 (Call 01/04/28)(b)

    1,397       1,321,475  

4.50%, 04/04/48 (Call 10/04/47)(b)

    800       657,202  

CRH America Inc.

   

3.88%, 05/18/25 (Call 02/15/25)(b)

    1,715       1,662,817  

5.13%, 05/18/45 (Call 11/18/44)(b)

    885       787,532  

Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)

    885       714,536  
 

 

 

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

  45


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Building Materials (continued)            

Fortune Brands Home & Security Inc.

   

3.25%, 09/15/29 (Call 06/15/29)

  $  1,211     $  1,068,005  

4.00%, 06/15/25 (Call 03/15/25)

    835       808,745  

4.00%, 03/25/32 (Call 12/25/31)

    600       528,582  

4.50%, 03/25/52 (Call 09/25/51)

    625       481,430  

Fortune Brands Innovations Inc., 5.88%, 06/01/33 (Call 03/01/33)

    863       859,570  

GCC SAB de CV, 3.61%, 04/20/32 (Call 01/20/32)(b)

    200       166,500  

Holcim Capital Corp. Ltd.

   

6.50%, 09/12/43(b)

    285       275,602  

6.88%, 09/29/39(b)

    320       322,089  

Holcim Finance U.S. LLC

   

3.50%, 09/22/26 (Call 06/22/26)(b)

    945       887,282  

4.75%, 09/22/46 (Call 03/22/46)(a)(b)

    435       355,710  

Johnson Controls International PLC

   

3.90%, 02/14/26 (Call 11/14/25)

    995       959,043  

4.50%, 02/15/47 (Call 08/15/46)

    1,088       917,628  

4.63%, 07/02/44 (Call 01/02/44)(a)

    559       481,221  

4.95%, 07/02/64 (Call 01/02/64)(c)

    441       375,097  

5.13%, 09/14/45 (Call 03/14/45)

    47       43,225  

6.00%, 01/15/36(a)

    509       524,262  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA

   

1.75%, 09/15/30 (Call 06/15/30)(a)

    696       557,516  

2.00%, 09/16/31 (Call 06/16/31)(a)

    770       606,924  

4.90%, 12/01/32 (Call 09/01/32)(a)

    135       132,705  

Lafarge SA, 7.13%, 07/15/36

    448       490,877  

Lennox International Inc.

   

1.35%, 08/01/25 (Call 07/01/25)

    661       609,296  

1.70%, 08/01/27 (Call 06/01/27)

    680       595,025  

Martin Marietta Materials Inc.

   

2.40%, 07/15/31 (Call 04/15/31)

    1,331       1,076,650  

3.20%, 07/15/51 (Call 01/15/51)

    1,405       942,548  

3.45%, 06/01/27 (Call 03/01/27)

    260       243,913  

3.50%, 12/15/27 (Call 09/15/27)

    486       454,479  

4.25%, 12/15/47 (Call 06/15/47)

    420       341,021  

Series CB, 2.50%, 03/15/30 (Call 12/15/29)

    783       657,918  

Masco Corp.

   

1.50%, 02/15/28 (Call 12/15/27)(a)

    929       790,618  

2.00%, 10/01/30 (Call 07/01/30)

    961       759,930  

2.00%, 02/15/31 (Call 11/15/30)(a)

    730       576,359  

3.13%, 02/15/51 (Call 08/15/50)

    357       219,236  

3.50%, 11/15/27 (Call 08/15/27)(a)

    622       577,700  

4.50%, 05/15/47 (Call 11/15/46)(a)

    649       507,433  

Owens Corning

   

3.40%, 08/15/26 (Call 05/15/26)

    875       827,366  

3.88%, 06/01/30 (Call 03/01/30)

    635       577,314  

3.95%, 08/15/29 (Call 05/15/29)(a)

    508       472,553  

4.20%, 12/01/24 (Call 09/01/24)

    534       523,818  

4.30%, 07/15/47 (Call 01/15/47)

    621       498,665  

4.40%, 01/30/48 (Call 07/30/47)

    706       572,877  

7.00%, 12/01/36

    289       314,132  

St Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)(b)

    220       218,146  

Trane Technologies Financing Ltd., 5.25%, 03/03/33 (Call 12/03/32)

    640       639,307  

Trane Technologies Global Holding Co. Ltd.

   

3.75%, 08/21/28 (Call 05/21/28)(a)

    754       707,375  

4.30%, 02/21/48 (Call 08/21/47)(a)

    210       172,301  

5.75%, 06/15/43

    499       499,895  
Security  

Par

(000)

    Value  
Building Materials (continued)            

Trane Technologies Luxembourg Finance SA

   

3.50%, 03/21/26 (Call 01/21/26)

  $ 689     $ 659,261  

3.55%, 11/01/24 (Call 08/01/24)

    460       449,812  

3.80%, 03/21/29 (Call 12/21/28)

    814       759,640  

4.50%, 03/21/49 (Call 09/21/48)

    344       295,005  

4.65%, 11/01/44 (Call 05/01/44)

    761       651,277  

UltraTech Cement Ltd., 2.80%, 02/16/31 (Call 08/16/30)(a)(b)

    550       444,022  

Votorantim Cimentos International SA, 7.25%, 04/05/41(b)

    280       296,069  

Vulcan Materials Co.

   

3.50%, 06/01/30 (Call 03/01/30)

     1,370       1,226,783  

3.90%, 04/01/27 (Call 01/01/27)

    968       927,448  

4.50%, 04/01/25 (Call 01/01/25)

    712       699,865  

4.50%, 06/15/47 (Call 12/15/46)(a)

    586       496,371  

4.70%, 03/01/48 (Call 09/01/47)

    677       587,960  

5.80%, 03/01/26 (Call 03/01/24)

    60       60,102  

West Fraser Timber Co. Ltd., 4.35%, 10/15/24 (Call 07/15/24)(b)

    365       360,625  
   

 

 

 
       46,082,236  
Chemicals — 1.5%            

Air Liquide Finance SA

   

2.25%, 09/10/29 (Call 06/10/29)(b)

    993       852,768  

2.50%, 09/27/26 (Call 06/27/26)(b)

    1,652       1,548,324  

3.50%, 09/27/46 (Call 03/27/46)(a)(b)

    822       623,415  

Air Products and Chemicals Inc.

   

1.50%, 10/15/25 (Call 09/15/25)

    757       702,181  

1.85%, 05/15/27 (Call 03/15/27)(a)

    1,243       1,118,915  

2.05%, 05/15/30 (Call 02/15/30)(a)

    1,196       1,009,466  

2.70%, 05/15/40 (Call 11/15/39)

    1,111       808,410  

2.80%, 05/15/50 (Call 11/15/49)(a)

    1,132       772,055  

4.80%, 03/03/33 (Call 12/03/32)

    925       919,194  

Albemarle Corp.

   

4.65%, 06/01/27 (Call 05/01/27)(a)

    455       439,782  

5.05%, 06/01/32 (Call 03/01/32)(a)

    1,065       1,002,512  

5.45%, 12/01/44 (Call 06/01/44)(a)

    130       118,274  

5.65%, 06/01/52 (Call 12/01/51)(a)

    665       602,706  

Alpek SAB de CV, 3.25%, 02/25/31 (Call 11/25/30)(b)

    507       413,628  

Bayport Polymers LLC

   

4.74%, 04/14/27 (Call 03/14/27)(b)

    20       18,707  

5.14%, 04/14/32 (Call 01/14/32)(b)

    655       584,017  

Braskem Netherlands Finance BV

   

4.50%, 01/10/28 (Call 10/10/27)(b)

    325       295,757  

4.50%, 01/31/30(a)(b)

    1,025       855,866  

5.88%, 01/31/50(a)(b)

    1,000       769,164  

7.25%, 02/13/33 (Call 11/13/32)(b)

    1,220       1,155,744  

Cabot Corp.

   

3.40%, 09/15/26 (Call 06/15/26)

    598       545,551  

4.00%, 07/01/29 (Call 04/01/29)(a)

    534       492,373  

5.00%, 06/30/32 (Call 03/30/32)

    700       659,128  

Celanese U.S. Holdings LLC

   

1.40%, 08/05/26 (Call 07/05/26)

    800       699,247  

6.05%, 03/15/25

    1,121       1,121,939  

6.17%, 07/15/27 (Call 06/15/27)

    2,551       2,552,366  

6.33%, 07/15/29 (Call 05/15/29)

    1,285       1,277,291  

6.35%, 11/15/28 (Call 10/15/28)

    1,055       1,057,719  

6.38%, 07/15/32 (Call 04/15/32)(a)

    1,271       1,257,803  

6.55%, 11/15/30 (Call 09/15/30)

    1,235       1,235,608  

6.70%, 11/15/33 (Call 08/15/33)(a)

    635       637,670  
 

 

 

46  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Chemicals (continued)            

CF Industries Inc.

   

4.50%, 12/01/26(b)

  $  1,073     $ 1,035,930  

4.95%, 06/01/43

    1,040       879,069  

5.15%, 03/15/34

    1,075        1,014,790  

5.38%, 03/15/44

    865       765,217  

Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP

   

3.40%, 12/01/26 (Call 09/01/26)(a)(b)

    1,014       958,839  

3.70%, 06/01/28 (Call 03/01/28)(b)

    1,120       1,046,543  

5.13%, 04/01/25 (Call 03/01/25)(a)(b)

    1,037       1,030,031  

Dow Chemical Co. (The)

   

2.10%, 11/15/30 (Call 08/15/30)(a)

    994       810,372  

3.60%, 11/15/50 (Call 05/15/50)

    1,460       1,043,369  

4.25%, 10/01/34 (Call 04/01/34)

    872       786,028  

4.38%, 11/15/42 (Call 05/15/42)

    1,459       1,203,536  

4.63%, 10/01/44 (Call 04/01/44)

    615       515,890  

4.80%, 11/30/28 (Call 08/30/28)(a)

    664       654,481  

4.80%, 05/15/49 (Call 11/15/48)

    750       639,230  

5.25%, 11/15/41 (Call 05/15/41)

    963       896,211  

5.55%, 11/30/48 (Call 05/30/48)

    1,161       1,107,261  

6.30%, 03/15/33 (Call 12/15/32)(a)

    535       565,963  

6.90%, 05/15/53 (Call 11/15/52)(a)

    1,130       1,257,907  

7.38%, 11/01/29

    1,186       1,301,820  

9.40%, 05/15/39

    678       896,151  

DuPont de Nemours Inc.

   

4.49%, 11/15/25 (Call 09/15/25)

    2,623       2,568,012  

4.73%, 11/15/28 (Call 08/15/28)

    2,966       2,926,397  

5.32%, 11/15/38 (Call 05/15/38)

    2,051       2,010,591  

5.42%, 11/15/48 (Call 05/15/48)

    2,656       2,571,284  

Eastman Chemical Co.

   

3.80%, 03/15/25 (Call 12/15/24)

    1,151       1,118,612  

4.50%, 12/01/28 (Call 09/01/28)

    765       731,480  

4.65%, 10/15/44 (Call 04/15/44)(a)

    1,055       858,252  

4.80%, 09/01/42 (Call 03/01/42)

    879       744,237  

5.75%, 03/08/33 (Call 12/08/32)(a)

    675       665,743  

Ecolab Inc.

   

1.30%, 01/30/31 (Call 10/30/30)(a)

    790       615,005  

1.65%, 02/01/27 (Call 01/01/27)

    550       493,248  

2.13%, 02/01/32 (Call 11/01/31)(a)

    820       667,633  

2.13%, 08/15/50 (Call 02/15/50)(a)

    682       388,138  

2.70%, 11/01/26 (Call 08/01/26)(a)

    939       879,379  

2.70%, 12/15/51 (Call 06/15/51)

    1,240       784,972  

2.75%, 08/18/55 (Call 02/18/55)

    693       423,423  

3.25%, 12/01/27 (Call 09/01/27)

    519       486,800  

3.95%, 12/01/47 (Call 06/01/47)(a)

    430       350,112  

4.80%, 03/24/30 (Call 12/24/29)(a)

    916       910,661  

5.25%, 01/15/28 (Call 12/15/27)

    1,139       1,155,042  

5.50%, 12/08/41

    600       595,912  

EIDP Inc.

   

1.70%, 07/15/25 (Call 06/15/25)

    970       904,576  

2.30%, 07/15/30 (Call 04/15/30)(a)

    848       703,586  

4.50%, 05/15/26 (Call 04/15/26)(a)

    250       245,187  

4.80%, 05/15/33 (Call 02/15/33)(a)

    175       168,271  

FMC Corp.

   

3.20%, 10/01/26 (Call 08/01/26)

    775       717,745  

3.45%, 10/01/29 (Call 07/01/29)

    831       722,813  

4.50%, 10/01/49 (Call 04/01/49)

    855       638,969  

5.15%, 05/18/26 (Call 04/18/26)

    580       574,686  

5.65%, 05/18/33 (Call 02/18/33)

    685       653,125  

6.38%, 05/18/53 (Call 11/18/52)

    575       549,421  
Security  

Par

(000)

    Value  
Chemicals (continued)            

GC Treasury Center Co. Ltd.

   

2.98%, 03/18/31 (Call 12/18/30)(b)

  $ 272     $ 215,943  

4.30%, 03/18/51 (Call 09/18/50)(b)

    260       175,413  

4.40%, 03/30/32 (Call 09/30/31)(b)

     1,090       940,687  

Huntsman International LLC

   

2.95%, 06/15/31 (Call 03/15/31)

    815       650,439  

4.50%, 05/01/29 (Call 02/01/29)

    1,225        1,134,417  

International Flavors & Fragrances Inc.

   

1.23%, 10/01/25 (Call 09/01/25)(b)

    100       89,537  

1.83%, 10/15/27 (Call 08/15/27)(b)

    60       50,466  

2.30%, 11/01/30 (Call 08/01/30)(b)

    275       213,373  

3.27%, 11/15/40 (Call 05/15/40)(a)(b)

    697       463,635  

3.47%, 12/01/50 (Call 06/01/50)(a)(b)

    1,460       907,648  

4.38%, 06/01/47 (Call 12/01/46)

    495       353,138  

4.45%, 09/26/28 (Call 06/26/28)

    570       533,024  

5.00%, 09/26/48 (Call 03/26/48)

    716       568,770  

LG Chem Ltd.

   

1.38%, 07/07/26(b)

    1,130       1,008,965  

2.38%, 07/07/31(b)

    575       462,244  

3.25%, 10/15/24(b)

    200       194,345  

Linde Inc./CT

   

1.10%, 08/10/30 (Call 05/10/30)(a)

    1,238       976,801  

2.00%, 08/10/50 (Call 02/10/50)

    288       157,255  

2.65%, 02/05/25 (Call 11/05/24)

    680       653,570  

3.20%, 01/30/26 (Call 10/30/25)

    976       939,521  

3.55%, 11/07/42 (Call 05/07/42)

    910       718,849  

4.70%, 12/05/25 (Call 11/05/25)

    1,040       1,031,589  

Lubrizol Corp. (The), 6.50%, 10/01/34(a)

    630       726,876  

LYB Finance Co. BV, 8.10%, 03/15/27(b)

    455       488,252  

LYB International Finance BV

   

4.88%, 03/15/44 (Call 09/15/43)

    1,152       975,739  

5.25%, 07/15/43

    863       765,707  

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

    475       447,917  

LYB International Finance III LLC

   

1.25%, 10/01/25 (Call 09/01/25)

    1,005       916,611  

2.25%, 10/01/30 (Call 07/01/30)(a)

    620       503,505  

3.38%, 10/01/40 (Call 04/01/40)

    1,102       792,011  

3.63%, 04/01/51 (Call 10/01/50)

    1,247       840,495  

3.80%, 10/01/60 (Call 04/01/60)

    604       393,302  

4.20%, 10/15/49 (Call 04/15/49)

    1,348       1,002,176  

4.20%, 05/01/50 (Call 11/01/49)

    1,256       931,830  

5.63%, 05/15/33 (Call 02/15/33)(a)

    615       609,097  

LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)

    825       647,576  

MEGlobal BV

   

2.63%, 04/28/28 (Call 01/28/28)(b)

    135       118,650  

4.25%, 11/03/26(a)(b)

    1,472       1,409,440  

MEGlobal Canada ULC

   

5.00%, 05/18/25(a)(b)

    1,100       1,079,100  

5.88%, 05/18/30(a)(b)

    750       756,367  

Mosaic Co. (The)

   

4.05%, 11/15/27 (Call 08/15/27)(a)

    209       199,475  

4.88%, 11/15/41 (Call 05/15/41)

    150       125,182  

5.45%, 11/15/33 (Call 05/15/33)(a)

    282       274,708  

5.63%, 11/15/43 (Call 05/15/43)(a)

    525       485,219  

NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30)

    825       670,240  

Nutrien Ltd.

   

2.95%, 05/13/30 (Call 02/13/30)(a)

    690       594,868  

3.00%, 04/01/25 (Call 01/01/25)

    514       492,323  
 

 

 

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

  47


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Chemicals (continued)            

3.95%, 05/13/50 (Call 11/13/49)

  $ 755     $ 564,383  

4.00%, 12/15/26 (Call 09/15/26)

    621       592,881  

4.13%, 03/15/35 (Call 09/15/34)

    664       576,504  

4.20%, 04/01/29 (Call 01/01/29)

    990       931,150  

4.90%, 03/27/28 (Call 02/27/28)

    500       488,605  

4.90%, 06/01/43 (Call 12/01/42)

    472       412,423  

5.00%, 04/01/49 (Call 10/01/48)(a)

    725       630,954  

5.25%, 01/15/45 (Call 07/15/44)(a)

    748       672,062  

5.63%, 12/01/40(a)

    681       646,261  

5.80%, 03/27/53 (Call 09/27/52)(a)

    870       848,890  

5.88%, 12/01/36

    627       616,261  

5.90%, 11/07/24

    175       174,942  

5.95%, 11/07/25(a)

    895       900,641  

6.13%, 01/15/41 (Call 07/15/40)

    390       390,864  

OCI NV

   

4.63%, 10/15/25 (Call 10/02/23)(b)

    205       195,407  

6.70%, 03/16/33 (Call 12/16/32)(b)

    685       672,261  

Orbia Advance Corp. SAB de CV

   

1.88%, 05/11/26 (Call 04/11/26)(b)

     1,095       976,192  

2.88%, 05/11/31 (Call 02/11/31)(b)

    610       484,658  

4.00%, 10/04/27 (Call 07/04/27)(a)(b)

    275       253,572  

5.50%, 01/15/48 (Call 07/15/47)(b)

    472       385,318  

5.88%, 09/17/44(b)

    805       705,456  

PPG Industries Inc.

   

1.20%, 03/15/26 (Call 02/15/26)

    1,097       989,819  

2.55%, 06/15/30 (Call 03/15/30)(a)

    630       533,148  

2.80%, 08/15/29 (Call 05/15/29)(a)

    567       499,880  

3.75%, 03/15/28 (Call 12/15/27)

    1,228        1,157,424  

Rohm & Haas Co., 7.85%, 07/15/29

    841       929,575  

RPM International Inc.

   

2.95%, 01/15/32 (Call 10/15/31)

    565       453,548  

3.75%, 03/15/27 (Call 12/15/26)

    950       891,335  

4.25%, 01/15/48 (Call 07/15/47)(a)

    425       319,645  

4.55%, 03/01/29 (Call 12/01/28)(a)

    660       618,920  

5.25%, 06/01/45 (Call 12/01/44)(a)

    412       354,957  

SABIC Capital II BV, 4.50%, 10/10/28(a)(b)

    905       871,931  

Sherwin-Williams Co. (The)

   

2.20%, 03/15/32 (Call 12/15/31)(a)

    945       749,220  

2.30%, 05/15/30 (Call 02/15/30)

    801       668,895  

2.90%, 03/15/52 (Call 09/15/51)

    850       534,573  

2.95%, 08/15/29 (Call 05/15/29)

    668       588,476  

3.30%, 05/15/50 (Call 11/15/49)(a)

    610       412,598  

3.45%, 08/01/25 (Call 05/01/25)

    729       701,941  

3.45%, 06/01/27 (Call 03/01/27)

    2,035       1,918,045  

3.80%, 08/15/49 (Call 02/15/49)

    690       517,525  

3.95%, 01/15/26 (Call 10/15/25)

    550       532,391  

4.00%, 12/15/42 (Call 06/15/42)

    190       148,765  

4.25%, 08/08/25

    412       402,745  

4.50%, 06/01/47 (Call 12/01/46)

    1,576       1,343,633  

4.55%, 08/01/45 (Call 02/01/45)

    537       447,551  

Sociedad Quimica y Minera de Chile SA

   

3.50%, 09/10/51 (Call 03/10/51)(a)(b)

    725       484,677  

4.25%, 05/07/29 (Call 02/07/29)(b)

    565       531,167  

4.25%, 01/22/50 (Call 07/22/49)(a)(b)

    340       262,860  

Solvay Finance America LLC, 4.45%, 12/03/25 (Call 09/03/25)(b)

    1,669       1,610,427  

Syngenta Finance NV, 4.89%, 04/24/25 (Call 02/24/25)(b)

    563       548,225  

Westlake Corp.

   

2.88%, 08/15/41 (Call 02/15/41)(a)

    335       219,549  
Security  

Par

(000)

    Value  
Chemicals (continued)            

3.13%, 08/15/51 (Call 02/15/51)(a)

  $ 945     $ 580,540  

3.38%, 06/15/30 (Call 03/15/30)

    755       652,852  

3.38%, 08/15/61 (Call 02/15/61)

    490       286,675  

3.60%, 08/15/26 (Call 05/15/26)

    900       853,565  

4.38%, 11/15/47 (Call 05/15/47)(a)

    589       454,428  

5.00%, 08/15/46 (Call 02/15/46)

    805       676,415  

Yara International ASA

   

3.15%, 06/04/30 (Call 03/04/30)(b)

     1,110       928,579  

3.80%, 06/06/26 (Call 03/06/26)(a)(b)

    990       937,576  

4.75%, 06/01/28 (Call 03/01/28)(a)(b)

    1,611       1,528,893  

7.38%, 11/14/32 (Call 08/14/32)(a)(b)

    940       1,006,085  
   

 

 

 
       141,334,563  
Coal — 0.0%            

Teck Resources Ltd.

   

3.90%, 07/15/30 (Call 04/15/30)(a)

    25       22,235  

5.20%, 03/01/42 (Call 09/01/41)(a)

    144       123,615  

5.40%, 02/01/43 (Call 08/01/42)(a)

    359       313,570  

6.00%, 08/15/40 (Call 02/15/40)

    427       404,089  

6.13%, 10/01/35(a)

    495       486,621  

6.25%, 07/15/41 (Call 01/15/41)

    647       629,594  
   

 

 

 
      1,979,724  
Commercial Services — 1.5%            

Adani International Container Terminal Pvt Ltd., 3.00%, 02/16/31 (Call 08/18/30)(b)

    27       20,804  

Adani Ports & Special Economic Zone Ltd.

   

4.20%, 08/04/27 (Call 02/04/27)(b)

    1,146       959,811  

4.38%, 07/03/29(b)

    810       645,006  

5.00%, 08/02/41 (Call 02/02/41)(b)

    150       98,465  

American University (The), Series 2019, 3.67%, 04/01/49(a)

    660       513,350  

Ashtead Capital Inc.

   

1.50%, 08/12/26 (Call 07/12/26)(b)

    1,035       918,998  

2.45%, 08/12/31 (Call 05/12/31)(b)

    1,033       808,048  

4.00%, 05/01/28 (Call 09/11/23)(b)

    672       620,960  

4.25%, 11/01/29 (Call 11/01/24)(b)

    1,130       1,013,978  

4.38%, 08/15/27 (Call 09/18/23)(b)

    690       649,253  

5.50%, 08/11/32 (Call 05/11/32)(a)(b)

    405       386,003  

5.55%, 05/30/33 (Call 02/28/33)(b)

    1,025       982,909  

5.95%, 10/15/33 (Call 07/15/33)(b)

    295       289,464  

Automatic Data Processing Inc.

   

1.25%, 09/01/30 (Call 06/01/30)

    1,519       1,209,329  

1.70%, 05/15/28 (Call 03/15/28)

    1,260       1,102,291  

3.38%, 09/15/25 (Call 06/15/25)

    1,162       1,124,114  

Block Financial LLC

   

2.50%, 07/15/28 (Call 05/15/28)(a)

    900       770,448  

3.88%, 08/15/30 (Call 05/15/30)

    861       760,302  

5.25%, 10/01/25 (Call 07/01/25)

    460       452,973  

Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)

    210       147,669  

California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50)(a)

    557       345,450  

California Institute of Technology

   

3.65%, 09/01/2119 (Call 03/01/2119)

    563       365,439  

4.32%, 08/01/45

    485       425,604  

4.70%, 11/01/2111

    310       254,262  

Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/2121)(a)

    30       28,353  
 

 

 

48  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Commercial Services (continued)            

Cintas Corp. No. 2

   

3.45%, 05/01/25 (Call 04/01/25)

  $ 445     $ 431,031  

3.70%, 04/01/27 (Call 01/01/27)

    1,381       1,325,623  

4.00%, 05/01/32 (Call 02/01/32)(a)

    740       692,003  

6.15%, 08/15/36(a)

    225       238,392  

Claremont Mckenna College, 3.78%, 01/01/2122 (Call 07/01/2121)

    200       132,361  

CoStar Group Inc., 2.80%, 07/15/30 (Call 04/15/30)(b)

     1,390        1,150,887  

DP World Crescent Ltd.

   

3.75%, 01/30/30 (Call 10/30/29)(b)

    590       543,186  

4.85%, 09/26/28(b)

    1,360       1,336,418  

DP World Ltd./United Arab Emirates

   

4.70%, 09/30/49 (Call 03/30/49)(b)

    545       449,488  

5.63%, 09/25/48(b)

    2,098       1,935,590  

6.85%, 07/02/37(a)(b)

    1,980       2,117,978  

Duke University

   

3.20%, 10/01/38(a)

    285       230,185  

3.30%, 10/01/46(a)

    730       546,349  

Series 2020, 2.68%, 10/01/44

    780       552,006  

Series 2020, 2.76%, 10/01/50

    113       75,762  

Series 2020, 2.83%, 10/01/55(a)

    483       318,558  

Element Fleet Management Corp.

   

3.85%, 06/15/25 (Call 05/15/25)(b)

    672       642,021  

6.27%, 06/26/26 (Call 05/26/26)(b)

    575       577,648  

Emory University

   

Series 2020, 2.14%, 09/01/30 (Call 06/01/30)

    215       178,926  

Series 2020, 2.97%, 09/01/50 (Call 03/01/50)(a)

    720       495,360  

Equifax Inc.

   

2.35%, 09/15/31 (Call 06/15/31)

    1,585       1,242,202  

2.60%, 12/01/24 (Call 11/01/24)

    967       929,440  

2.60%, 12/15/25 (Call 11/15/25)

    770       719,920  

3.10%, 05/15/30 (Call 02/15/30)(a)

    1,095       936,271  

3.25%, 06/01/26 (Call 03/01/26)

    562       526,664  

5.10%, 12/15/27 (Call 11/15/27)

    860       848,647  

5.10%, 06/01/28 (Call 05/01/28)

    790       772,586  

7.00%, 07/01/37(a)

    548       574,290  

ERAC USA Finance LLC

   

3.30%, 12/01/26 (Call 09/01/26)(b)

    758       707,199  

3.80%, 11/01/25 (Call 08/01/25)(a)(b)

    1,249       1,203,260  

3.85%, 11/15/24 (Call 08/15/24)(b)

    953       931,838  

4.20%, 11/01/46 (Call 05/01/46)(b)

    531       431,537  

4.50%, 02/15/45 (Call 08/15/44)(b)

    459       388,066  

4.60%, 05/01/28 (Call 04/01/28)(a)(b)

    755       734,814  

4.90%, 05/01/33 (Call 02/01/33)(a)(b)

    800       780,840  

5.40%, 05/01/53(b)

    980       960,023  

5.63%, 03/15/42(b)

    785       771,880  

6.70%, 06/01/34(b)

    1,033       1,121,695  

7.00%, 10/15/37(b)

    1,181       1,329,000  

Experian Finance PLC

   

2.75%, 03/08/30 (Call 12/08/29)(b)

    855       721,956  

4.25%, 02/01/29 (Call 11/01/28)(a)(b)

    1,066       1,011,679  

Ford Foundation (The)

   

Series 2017, 3.86%, 06/01/47 (Call 12/01/46)

    1,047       847,677  

Series 2020, 2.42%, 06/01/50 (Call 12/01/49)(a)

    130       81,700  

Series 2020, 2.82%, 06/01/70 (Call 12/01/69)(a)

    324       193,140  

George Washington University (The)

   

4.87%, 09/15/45(a)

    635       587,848  

Series 2014, 4.30%, 09/15/44

    410       351,062  

Series 2016, 3.55%, 09/15/46

    458       339,107  

Series 2018, 4.13%, 09/15/48 (Call 03/15/48)

    874       741,462  
Security  

Par

(000)

    Value  
Commercial Services (continued)            

Georgetown University (The)

   

5.12%, 04/01/53

  $ 20     $ 19,239  

Series 20A, 2.94%, 04/01/50

    430       283,825  

Series A, 5.22%, 10/01/2118 (Call 04/01/2118)

    130       114,836  

Series B, 4.32%, 04/01/49 (Call 10/01/48)

    666       573,259  

Global Payments Inc.

   

1.20%, 03/01/26 (Call 02/01/26)

     1,387        1,240,678  

1.50%, 11/15/24 (Call 10/15/24)

    170       161,218  

2.15%, 01/15/27 (Call 12/15/26)

    1,101       981,239  

2.65%, 02/15/25 (Call 01/15/25)

    743       709,272  

2.90%, 05/15/30 (Call 02/15/30)

    1,378       1,164,059  

2.90%, 11/15/31 (Call 08/15/31)(a)

    1,446       1,184,775  

3.20%, 08/15/29 (Call 05/15/29)

    1,649       1,435,503  

4.15%, 08/15/49 (Call 02/15/49)

    913       668,787  

4.45%, 06/01/28 (Call 03/01/28)

    760       716,284  

4.80%, 04/01/26 (Call 01/01/26)

    1,060       1,036,594  

4.95%, 08/15/27 (Call 07/15/27)

    600       584,715  

5.30%, 08/15/29 (Call 06/15/29)

    665       649,071  

5.40%, 08/15/32 (Call 05/15/32)(a)

    770       754,912  

5.95%, 08/15/52 (Call 02/15/52)

    998       952,227  

Howard University, 5.21%, 10/01/52 (Call 10/01/32)(a)

    200       171,871  

ITR Concession Co. LLC, 5.18%, 07/15/35 (Call 01/15/35)(b)

    625       565,358  

Johns Hopkins University

   

4.71%, 07/01/32 (Call 04/01/32)(a)

    390       385,758  

Series 2013, 4.08%, 07/01/53

    540       460,718  

Series A, 2.81%, 01/01/60 (Call 07/01/59)(a)

    525       328,446  

Leland Stanford Junior University (The)

   

1.29%, 06/01/27 (Call 04/01/27)

    160       141,487  

2.41%, 06/01/50 (Call 12/01/49)(a)

    950       595,178  

3.46%, 05/01/47

    1,055       822,053  

3.65%, 05/01/48 (Call 11/01/47)(a)

    555       455,188  

Massachusetts Institute of Technology

   

3.07%, 04/01/52 (Call 10/01/51)

    255       182,605  

3.89%, 07/01/2116

    590       441,043  

3.96%, 07/01/38

    360       323,577  

4.68%, 07/01/2114

    341       307,213  

5.60%, 07/01/2111

    830       890,541  

Series F, 2.99%, 07/01/50 (Call 01/01/50)(a)

    761       546,218  

Series G, 2.29%, 07/01/51 (Call 01/01/51)(a)

    720       443,446  

Metropolitan Museum of Art (The), Series 2015, 3.40%, 07/01/45

    290       218,026  

Moody’s Corp.

   

2.00%, 08/19/31 (Call 05/19/31)(a)

    475       382,036  

2.55%, 08/18/60 (Call 02/18/60)

    355       188,050  

2.75%, 08/19/41 (Call 02/19/41)(a)

    610       421,092  

3.10%, 11/29/61 (Call 05/29/61)

    800       506,184  

3.25%, 01/15/28 (Call 10/15/27)(a)

    710       662,096  

3.25%, 05/20/50 (Call 11/20/49)(a)

    296       203,928  

3.75%, 03/24/25 (Call 02/24/25)

    603       586,826  

3.75%, 02/25/52 (Call 08/25/51)

    825       630,671  

4.25%, 02/01/29 (Call 11/01/28)(a)

    906       872,425  

4.25%, 08/08/32 (Call 05/08/32)(a)

    950       892,967  

4.88%, 12/17/48 (Call 06/17/48)(a)

    530       481,838  

5.25%, 07/15/44

    634       608,638  

Northeastern University, Series 2020, 2.89%, 10/01/50(a)

    55       36,482  

Northwestern University

   

3.69%, 12/01/38(a)

    565       492,395  

3.87%, 12/01/48

    505       421,073  
 

 

 

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

  49


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Commercial Services (continued)            

4.64%, 12/01/44

  $ 555     $ 526,927  

Series 2017, 3.66%, 12/01/57 (Call 06/01/57)

    495       385,341  

Series 2020, 2.64%, 12/01/50 (Call 06/01/50)(a)

    600       397,725  

PayPal Holdings Inc.

   

1.65%, 06/01/25 (Call 05/01/25)

     1,285        1,203,820  

2.30%, 06/01/30 (Call 03/01/30)

    1,373       1,153,537  

2.40%, 10/01/24 (Call 09/01/24)

    1,109       1,072,087  

2.65%, 10/01/26 (Call 08/01/26)

    1,934       1,800,348  

2.85%, 10/01/29 (Call 07/01/29)

    2,193       1,938,730  

3.25%, 06/01/50 (Call 12/01/49)(a)

    1,286       912,594  

3.90%, 06/01/27 (Call 05/01/27)(a)

    625       604,067  

4.40%, 06/01/32 (Call 03/01/32)(a)

    1,120       1,070,223  

5.05%, 06/01/52 (Call 12/01/51)(a)

    1,090       1,055,418  

5.25%, 06/01/62 (Call 12/01/61)(a)

    750       713,551  

Pelabuhan Indonesia Persero PT

   

4.25%, 05/05/25(b)

    1,458       1,421,171  

4.88%, 10/01/24(b)

    603       594,064  

5.38%, 05/05/45(b)

    492       458,084  

Port of Newcastle Investments Financing Pty Ltd., 5.90%, 11/24/31 (Call 08/24/31)(a)(b)

    295       250,003  

President and Fellows of Harvard College

   

2.52%, 10/15/50 (Call 04/15/50)

    275       177,883  

3.15%, 07/15/46 (Call 01/15/46)

    1,021       756,622  

3.30%, 07/15/56 (Call 01/15/56)

    370       266,739  

3.62%, 10/01/37

    513       438,992  

3.75%, 11/15/52 (Call 05/15/52)

    350       286,997  

4.88%, 10/15/40(a)

    757       737,609  

6.50%, 01/15/39(b)

    596       679,278  

Quanta Services Inc.

   

0.95%, 10/01/24 (Call 10/02/23)

    1       948  

2.35%, 01/15/32 (Call 10/15/31)

    1,308       1,034,693  

2.90%, 10/01/30 (Call 07/01/30)

    1,158       976,533  

3.05%, 10/01/41 (Call 04/01/41)

    650       440,597  

RELX Capital Inc.

   

3.00%, 05/22/30 (Call 02/22/30)

    1,446       1,270,226  

4.00%, 03/18/29 (Call 12/18/28)

    885       840,597  

4.75%, 05/20/32 (Call 02/20/32)

    665       641,776  

Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50)

    1,025       640,142  

S&P Global Inc.

   

1.25%, 08/15/30 (Call 05/15/30)(a)

    1,063       836,206  

2.30%, 08/15/60 (Call 02/15/60)

    666       361,465  

2.45%, 03/01/27 (Call 02/01/27)

    775       714,577  

2.50%, 12/01/29 (Call 09/01/29)

    887       771,279  

2.70%, 03/01/29 (Call 01/01/29)

    1,277       1,141,417  

2.90%, 03/01/32 (Call 12/01/31)

    1,225       1,049,185  

2.95%, 01/22/27 (Call 10/22/26)(a)

    705       660,390  

3.25%, 12/01/49 (Call 06/01/49)

    779       558,509  

3.70%, 03/01/52 (Call 09/01/51)

    1,305       1,014,943  

3.90%, 03/01/62 (Call 09/01/61)

    610       478,267  

4.25%, 05/01/29 (Call 02/01/29)

    1,359       1,308,295  

4.50%, 05/15/48 (Call 11/15/47)(a)

    295       252,975  

4.75%, 08/01/28 (Call 05/01/28)(a)

    1,320       1,306,125  

6.55%, 11/15/37(a)

    75       80,067  

Sodexo Inc.

   

1.63%, 04/16/26 (Call 03/16/26)(a)(b)

    1,189       1,076,049  

2.72%, 04/16/31 (Call 01/16/31)(b)

    813       667,259  

Thomas Jefferson University, 3.85%, 11/01/57 (Call 05/01/57)

    160       112,972  
Security  

Par

(000)

    Value  
Commercial Services (continued)            

Transurban Finance Co. Pty Ltd.

   

2.45%, 03/16/31 (Call 12/16/30)(b)

  $  1,249     $  1,017,001  

3.38%, 03/22/27 (Call 12/22/26)(a)(b)

    511       475,663  

4.13%, 02/02/26 (Call 11/02/25)(a)(b)

    980       946,186  

Triton Container International Ltd.

   

2.05%, 04/15/26 (Call 03/15/26)(b)

    945       840,911  

3.15%, 06/15/31 (Call 03/15/31)(b)

    1,040       800,351  

Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31)

    755       586,645  

Trustees of Boston College

   

3.13%, 07/01/52(a)

    421       300,443  

3.99%, 07/01/47

    280       224,638  

Trustees of Boston University, Series CC, 4.06%, 10/01/48 (Call 04/01/48)

    735       624,967  

Trustees of Dartmouth College, 3.47%, 06/01/46

    1,100       857,569  

Trustees of Princeton University (The)

   

4.20%, 03/01/52(a)

    60       53,251  

5.70%, 03/01/39(a)

    1,114       1,198,340  

Series 2020, 2.52%, 07/01/50 (Call 01/01/50)(a)

    230       149,539  

Trustees of the University of Pennsylvania (The)

   

3.61%, 02/15/2119 (Call 08/15/2118)(a)

    312       217,176  

4.67%, 09/01/2112

    265       222,792  

Series 2020, 2.40%, 10/01/50 (Call 04/01/50)

    125       77,446  

Trustees of Tufts College, Series 2012, 5.02%, 04/15/2112

    130       102,448  

United Rentals North America Inc., 6.00%, 12/15/29 (Call 12/15/25)(b)

    510       506,812  

University of Chicago (The)

   

3.00%, 10/01/52 (Call 04/01/52)

    231       162,604  

4.00%, 10/01/53 (Call 04/01/53)(a)

    440       363,429  

Series 20B, 2.76%, 04/01/45 (Call 10/01/44)

    599       450,362  

Series C, 2.55%, 04/01/50 (Call 10/01/49)(a)

    330       221,076  

University of Miami, 4.06%, 04/01/52

    215       176,628  

University of Notre Dame du Lac

   

Series 2015, 3.44%, 02/15/45

    873       692,391  

Series 2017, 3.39%, 02/15/48 (Call 08/15/47)

    868       680,949  

University of Southern California

   

2.81%, 10/01/50 (Call 04/01/50)

    805       534,080  

3.03%, 10/01/39

    971       774,780  

4.98%, 10/01/53 (Call 04/01/53)

    15       14,725  

5.25%, 10/01/2111(a)

    230       218,250  

Series 2017, 3.84%, 10/01/47 (Call 04/01/47)

    720       593,542  

Series 21A, 2.95%, 10/01/51 (Call 04/01/51)(a)

    670       457,742  

Series A, 3.23%, 10/01/2120 (Call 04/01/2120)

    25       14,608  

Verisk Analytics Inc.

   

3.63%, 05/15/50 (Call 11/15/49)(a)

    834       593,017  

4.00%, 06/15/25 (Call 03/15/25)

    1,167       1,134,745  

4.13%, 03/15/29 (Call 12/15/28)

    1,303       1,240,538  

5.50%, 06/15/45 (Call 12/15/44)(a)

    219       202,060  

5.75%, 04/01/33 (Call 01/01/33)(a)

    590       602,657  

Washington University (The)

   

3.52%, 04/15/54 (Call 10/15/53)

    405       311,599  

4.35%, 04/15/2122 (Call 10/15/2121)

    260       210,963  

Wesleyan University, 4.78%, 07/01/2116(a)

    355       281,853  

William Marsh Rice University

   

3.57%, 05/15/45(a)

    185       148,967  

3.77%, 05/15/55(a)

    490       389,348  

WK Kellogg Foundation Trust, 2.44%, 10/01/50 (Call 04/01/50)(a)(b)

    205       125,321  
 

 

 

50  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Commercial Services (continued)            

Yale University

   

Series 2020, 0.87%, 04/15/25
(Call 03/15/25)

  $ 405     $ 378,351  

Series 2020, 1.48%, 04/15/30
(Call 01/15/30)

    775       637,361  

Series 2020, 2.40%, 04/15/50
(Call 10/15/49)(a)

    422       263,613  
   

 

 

 
       135,759,817  
Computers — 1.9%            

Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)

     1,500       1,234,252  

Apple Inc.

   

0.55%, 08/20/25 (Call 07/20/25)

    1,490       1,368,709  

0.70%, 02/08/26 (Call 01/08/26)

    3,225       2,919,481  

1.13%, 05/11/25 (Call 04/11/25)

    2,556       2,390,219  

1.20%, 02/08/28 (Call 12/08/27)

    2,910       2,515,191  

1.25%, 08/20/30 (Call 05/20/30)

    1,702       1,369,185  

1.40%, 08/05/28 (Call 06/05/28)

    2,880       2,476,512  

1.65%, 05/11/30 (Call 02/11/30)

    2,290       1,911,624  

1.65%, 02/08/31 (Call 11/08/30)

    3,255       2,667,210  

1.70%, 08/05/31 (Call 05/05/31)

    1,305       1,061,956  

1.80%, 09/11/24 (Call 08/11/24)

    497       479,969  

2.05%, 09/11/26 (Call 07/11/26)

    2,269       2,096,460  

2.20%, 09/11/29 (Call 06/11/29)

    2,251       1,972,734  

2.38%, 02/08/41 (Call 08/08/40)

    2,108       1,506,555  

2.40%, 08/20/50 (Call 02/20/50)(a)

    1,236       794,963  

2.45%, 08/04/26 (Call 05/04/26)

    2,935       2,746,260  

2.50%, 02/09/25(a)

    1,604       1,546,294  

2.55%, 08/20/60 (Call 02/20/60)(a)

    1,746       1,097,963  

2.65%, 05/11/50 (Call 11/11/49)

    3,103       2,066,735  

2.65%, 02/08/51 (Call 08/08/50)(a)

    3,676       2,443,914  

2.70%, 08/05/51 (Call 02/05/51)

    2,185       1,455,007  

2.75%, 01/13/25 (Call 11/13/24)

    1,581       1,531,939  

2.80%, 02/08/61 (Call 08/08/60)

    2,179       1,407,203  

2.85%, 08/05/61 (Call 02/05/61)

    1,795       1,168,548  

2.90%, 09/12/27 (Call 06/12/27)

    2,468       2,309,925  

2.95%, 09/11/49 (Call 03/11/49)

    1,622       1,157,173  

3.00%, 06/20/27 (Call 03/20/27)

    1,905       1,797,091  

3.00%, 11/13/27 (Call 08/13/27)

    1,800       1,690,028  

3.20%, 05/13/25

    2,292       2,223,216  

3.20%, 05/11/27 (Call 02/11/27)

    2,436       2,314,274  

3.25%, 02/23/26 (Call 11/23/25)

    3,646       3,505,703  

3.25%, 08/08/29 (Call 06/08/29)

    1,300       1,209,877  

3.35%, 02/09/27 (Call 11/09/26)

    2,756       2,634,444  

3.35%, 08/08/32 (Call 05/08/32)(a)

    1,325       1,215,614  

3.45%, 02/09/45

    2,523       2,047,047  

3.75%, 09/12/47 (Call 03/12/47)

    1,165       971,974  

3.75%, 11/13/47 (Call 05/13/47)

    1,617       1,345,637  

3.85%, 05/04/43

    3,339       2,895,739  

3.85%, 08/04/46 (Call 02/04/46)

    2,458       2,083,129  

3.95%, 08/08/52 (Call 02/08/52)

    2,320       1,965,580  

4.00%, 05/10/28 (Call 04/10/28)

    1,285       1,255,870  

4.10%, 08/08/62 (Call 02/08/62)

    1,720       1,439,232  

4.15%, 05/10/30 (Call 03/10/30)

    630       615,978  

4.25%, 02/09/47 (Call 08/09/46)(a)

    1,029       939,090  

4.30%, 05/10/33 (Call 02/10/33)(a)

    1,020       1,001,220  

4.38%, 05/13/45

    2,486       2,288,560  

4.45%, 05/06/44(a)

    924       878,659  

4.50%, 02/23/36 (Call 08/23/35)(a)

    2,100       2,099,263  

4.65%, 02/23/46 (Call 08/23/45)

    4,314       4,132,385  

4.85%, 05/10/53 (Call 11/10/52)(a)

    1,320       1,302,517  

Booz Allen Hamilton Inc.

   

3.88%, 09/01/28 (Call 10/02/23)(b)

    65       59,019  

4.00%, 07/01/29 (Call 07/01/24)(b)

    400       358,985  
Security  

Par

(000)

    Value  
Computers (continued)            

CGI Inc.

   

1.45%, 09/14/26 (Call 08/14/26)

  $  1,250     $  1,105,817  

2.30%, 09/14/31 (Call 06/14/31)

    765       594,572  

Dell Inc.

   

5.40%, 09/10/40(a)

    577       530,858  

6.50%, 04/15/38(a)

    734       745,666  

7.10%, 04/15/28(a)

    830       884,908  

Dell International LLC/EMC Corp.

   

3.38%, 12/15/41 (Call 06/15/41)(a)(b)

    1,241       873,933  

3.45%, 12/15/51 (Call 06/15/51)(a)(b)

    1,152       750,059  

4.90%, 10/01/26 (Call 08/01/26)

    1,636       1,606,724  

5.25%, 02/01/28 (Call 01/01/28)

    1,355       1,351,819  

5.30%, 10/01/29 (Call 07/01/29)

    2,403       2,372,538  

5.75%, 02/01/33 (Call 11/01/32)(a)

    1,085       1,083,698  

5.85%, 07/15/25 (Call 06/15/25)

    1,485       1,486,864  

6.02%, 06/15/26 (Call 03/15/26)

    1,904       1,924,062  

6.10%, 07/15/27 (Call 05/15/27)(a)

    796       813,814  

6.20%, 07/15/30 (Call 04/15/30)

    1,092       1,123,784  

8.10%, 07/15/36 (Call 01/15/36)(a)

    1,423       1,634,862  

8.35%, 07/15/46 (Call 01/15/46)

    881       1,080,510  

DXC Technology Co.

   

1.80%, 09/15/26 (Call 08/15/26)

    1,340       1,177,536  

2.38%, 09/15/28 (Call 07/15/28)(a)

    1,225       1,009,789  

Fortinet Inc.

   

1.00%, 03/15/26 (Call 02/15/26)

    749       669,960  

2.20%, 03/15/31 (Call 12/15/30)

    953       750,043  

Genpact Luxembourg Sarl

   

1.75%, 04/10/26 (Call 03/10/26)

    804       727,370  

3.38%, 12/01/24 (Call 11/01/24)

    413       397,994  

Hewlett Packard Enterprise Co.

   

1.75%, 04/01/26 (Call 03/01/26)

    1,316       1,199,990  

4.90%, 10/15/25 (Call 07/15/25)

    3,315       3,271,461  

5.25%, 07/01/28 (Call 06/01/28)

    755       748,603  

6.10%, 04/01/26 (Call 04/01/24)

    230       230,298  

6.20%, 10/15/35 (Call 04/15/35)(a)

    1,165       1,207,289  

6.35%, 10/15/45 (Call 04/15/45)

    1,849       1,896,617  

HP Inc.

   

1.45%, 06/17/26 (Call 05/17/26)(a)

    101       91,183  

2.20%, 06/17/25 (Call 05/17/25)

    1,581       1,489,498  

2.65%, 06/17/31 (Call 03/17/31)

    1,335       1,081,765  

3.00%, 06/17/27 (Call 04/17/27)

    1,202       1,105,607  

4.00%, 04/15/29 (Call 02/15/29)(a)

    1,200       1,119,925  

4.20%, 04/15/32 (Call 01/15/32)

    660       589,335  

4.75%, 01/15/28 (Call 12/15/27)

    1,085       1,056,783  

5.50%, 01/15/33 (Call 10/15/32)(a)

    1,395       1,354,263  

6.00%, 09/15/41(a)

    1,485       1,462,377  

International Business Machines Corp.

   

1.70%, 05/15/27 (Call 03/15/27)

    1,507       1,334,116  

1.95%, 05/15/30 (Call 02/15/30)

    1,830       1,509,148  

2.20%, 02/09/27 (Call 01/09/27)

    788       716,074  

2.72%, 02/09/32 (Call 11/09/31)

    490       416,111  

2.85%, 05/15/40 (Call 11/15/39)

    939       668,117  

2.95%, 05/15/50 (Call 11/15/49)(a)

    907       582,664  

3.30%, 05/15/26

    2,654       2,530,434  

3.30%, 01/27/27

    725       685,505  

3.43%, 02/09/52 (Call 08/09/51)

    1,073       754,195  

3.45%, 02/19/26

    1,649       1,581,714  

3.50%, 05/15/29

    2,986       2,754,718  

4.00%, 07/27/25

    735       718,296  

4.00%, 06/20/42

    1,703       1,402,270  
 

 

 

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

  51


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Computers (continued)            

4.15%, 07/27/27 (Call 06/27/27)(a)

  $ 805     $ 778,001  

4.15%, 05/15/39

     2,219       1,906,466  

4.25%, 05/15/49

    2,798       2,311,570  

4.40%, 07/27/32 (Call 04/27/32)(a)

    945       901,487  

4.50%, 02/06/26

    835       821,847  

4.50%, 02/06/28 (Call 01/06/28)

    905       886,572  

4.70%, 02/19/46(a)

    785       695,845  

4.75%, 02/06/33 (Call 11/06/32)

    975       951,014  

4.90%, 07/27/52 (Call 01/27/52)

    865       786,505  

5.10%, 02/06/53 (Call 08/06/52)

    785       735,374  

5.60%, 11/30/39

    1,085       1,092,756  

5.88%, 11/29/32(a)

    853       905,502  

6.22%, 08/01/27(a)

    1,027       1,079,288  

6.50%, 01/15/28(a)

    563       598,551  

7.00%, 10/30/25

    1,251       1,294,553  

7.13%, 12/01/96(a)

    350       423,744  

Kyndryl Holdings Inc.

   

2.05%, 10/15/26 (Call 09/15/26)

    1,100       968,208  

2.70%, 10/15/28 (Call 08/15/28)(a)

    852       712,209  

3.15%, 10/15/31 (Call 07/15/31)(a)

    960       745,688  

4.10%, 10/15/41 (Call 04/15/41)

    722       492,315  

Leidos Inc.

   

2.30%, 02/15/31 (Call 11/15/30)

    1,042       825,251  

3.63%, 05/15/25 (Call 04/15/25)

    652       628,211  

4.38%, 05/15/30 (Call 02/15/30)

    765       705,187  

5.75%, 03/15/33 (Call 12/15/32)(a)

    35       34,781  

Lenovo Group Ltd.

   

3.42%, 11/02/30 (Call 08/02/30)(a)(b)

    355       296,306  

5.83%, 01/27/28 (Call 12/27/27)(b)

    200       198,601  

NetApp Inc.

   

1.88%, 06/22/25 (Call 05/22/25)

    1,187       1,112,398  

2.38%, 06/22/27 (Call 04/22/27)(a)

    875       791,772  

2.70%, 06/22/30 (Call 03/22/30)(a)

    1,275       1,063,121  

3.30%, 09/29/24 (Call 07/29/24)

    473       459,485  

Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)

    953       786,381  

Western Digital Corp.

   

2.85%, 02/01/29 (Call 12/01/28)

    320       258,137  

3.10%, 02/01/32 (Call 11/01/31)(a)

    270       201,666  

Wipro IT Services LLC, 1.50%, 06/23/26 (Call 05/23/26)(a)(b)

    615       551,028  
   

 

 

 
       175,221,468  
Cosmetics & Personal Care — 0.6%        

Colgate-Palmolive Co.

   

3.10%, 08/15/25

    445       428,908  

3.10%, 08/15/27 (Call 07/15/27)(a)

    370       352,319  

3.25%, 08/15/32 (Call 05/15/32)

    1,157       1,046,530  

3.70%, 08/01/47 (Call 02/01/47)(a)

    397       331,693  

4.00%, 08/15/45(a)

    1,041       922,008  

4.60%, 03/01/28 (Call 02/01/28)

    246       246,820  

4.60%, 03/01/33 (Call 12/01/32)(a)

    321       321,125  

4.80%, 03/02/26

    421       421,473  

Conopco Inc.

   

Series E, 7.25%, 12/15/26

    580       620,151  

Series F, 6.63%, 04/15/28(a)

    140       149,881  

Estee Lauder Companies Inc. (The)

   

1.95%, 03/15/31 (Call 12/15/30)(a)

    680       548,758  

2.00%, 12/01/24 (Call 11/01/24)

    618       592,937  

2.38%, 12/01/29 (Call 09/01/29)

    1,022       876,011  

2.60%, 04/15/30 (Call 01/15/30)(a)

    835       720,574  

3.13%, 12/01/49 (Call 06/01/49)

    944       653,644  
Security  

Par

(000)

    Value  
Cosmetics & Personal Care (continued)            

3.15%, 03/15/27 (Call 12/15/26)

  $ 590     $ 558,032  

3.70%, 08/15/42

    497       383,137  

4.15%, 03/15/47 (Call 09/15/46)(a)

    772       649,274  

4.38%, 05/15/28 (Call 04/15/28)

    310       302,521  

4.38%, 06/15/45 (Call 12/15/44)

    364       310,200  

4.65%, 05/15/33 (Call 02/15/33)(a)

    95       92,013  

6.00%, 05/15/37

    441       470,202  

GSK Consumer Healthcare Capital U.S. LLC

   

3.38%, 03/24/27 (Call 02/24/27)

     2,620       2,463,359  

3.38%, 03/24/29 (Call 01/24/29)

    1,585       1,448,920  

3.63%, 03/24/32 (Call 12/24/31)

    2,420       2,149,770  

4.00%, 03/24/52 (Call 09/24/51)

    1,310       1,053,270  

GSK Consumer Healthcare Capital UK PLC, 3.13%, 03/24/25

    2,080       2,000,598  

Kenvue Inc.

   

4.90%, 03/22/33 (Call 12/22/32)(b)

    1,685       1,675,642  

5.00%, 03/22/30 (Call 01/22/30)(b)

    1,460       1,461,131  

5.05%, 03/22/28 (Call 02/22/28)(b)

    1,395       1,398,702  

5.05%, 03/22/53 (Call 09/22/52)(b)

    1,985       1,943,780  

5.10%, 03/22/43 (Call 09/22/42)(a)(b)

    890       872,959  

5.20%, 03/22/63 (Call 09/22/62)(b)

    974       952,964  

5.35%, 03/22/26 (Call 02/22/26)(b)

    520       522,698  

Procter & Gamble Co. (The)

   

0.55%, 10/29/25

    1,363       1,241,450  

1.00%, 04/23/26

    1,295       1,177,650  

1.20%, 10/29/30

    1,937       1,548,225  

1.90%, 02/01/27(a)

    315       288,097  

1.95%, 04/23/31

    1,150       964,615  

2.30%, 02/01/32(a)

    855       730,784  

2.45%, 11/03/26

    1,346       1,260,176  

2.70%, 02/02/26(a)

    891       848,887  

2.80%, 03/25/27

    1,064       997,892  

2.85%, 08/11/27

    722       676,535  

3.00%, 03/25/30

    2,065       1,886,872  

3.50%, 10/25/47

    490       392,924  

3.55%, 03/25/40(a)

    770       661,361  

3.60%, 03/25/50(a)

    675       554,267  

3.95%, 01/26/28(a)

    1,245       1,221,909  

4.05%, 01/26/33(a)

    795       772,384  

4.10%, 01/26/26(a)

    770       759,370  

5.50%, 02/01/34(a)

    265       281,730  

5.55%, 03/05/37

    412       445,307  

5.80%, 08/15/34

    375       414,113  

Unilever Capital Corp.

   

1.38%, 09/14/30 (Call 06/14/30)(a)

    785       624,862  

1.75%, 08/12/31 (Call 05/12/31)

    1,420       1,135,975  

2.00%, 07/28/26(a)

    715       662,024  

2.13%, 09/06/29 (Call 06/06/29)

    900       783,014  

2.90%, 05/05/27 (Call 02/05/27)

    1,075       1,003,373  

3.10%, 07/30/25

    815       785,523  

3.38%, 03/22/25 (Call 01/22/25)

    505       490,897  

3.50%, 03/22/28 (Call 12/22/27)

    1,775       1,687,102  

5.90%, 11/15/32

    764       829,880  

Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)(a)

    835       547,914  
   

 

 

 
       54,617,116  
Distribution & Wholesale — 0.1%            

Ferguson Finance PLC

   

3.25%, 06/02/30 (Call 03/02/30)(b)

    923       798,871  

4.25%, 04/20/27 (Call 03/20/27)(b)

    115       110,067  

4.50%, 10/24/28 (Call 07/24/28)(b)

    1,190       1,129,770  
 

 

 

52  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Distribution & Wholesale (continued)            

4.65%, 04/20/32 (Call 01/20/32)(b)

  $ 445     $ 415,270  

LKQ Corp.

   

5.75%, 06/15/28 (Call 05/15/28)(b)

    780       773,362  

6.25%, 06/15/33 (Call 03/15/33)(b)

    825       819,081  

Mitsubishi Corp.

   

1.13%, 07/15/26 (Call 06/15/26)(b)

    790       701,228  

5.00%, 07/05/28 (Call 06/05/28)(a)(b)

    605       602,925  

WW Grainger Inc.

   

1.85%, 02/15/25 (Call 01/15/25)

    843       801,038  

3.75%, 05/15/46 (Call 11/15/45)

    460       365,733  

4.20%, 05/15/47 (Call 11/15/46)

    396       342,635  

4.60%, 06/15/45 (Call 12/15/44)

    868       793,934  
   

 

 

 
       7,653,914  
Diversified Financial Services — 3.2%        

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.65%, 10/29/24 (Call 09/29/24)

     1,770       1,682,770  

1.75%, 01/30/26 (Call 12/30/25)

    1,175       1,063,167  

2.45%, 10/29/26 (Call 09/29/26)

    2,850       2,564,278  

3.00%, 10/29/28 (Call 08/29/28)

    4,365       3,782,544  

3.30%, 01/30/32 (Call 10/30/31)

    4,725       3,839,706  

3.40%, 10/29/33 (Call 07/29/33)

    1,705       1,351,697  

3.50%, 01/15/25 (Call 11/15/24)

    845       816,020  

3.65%, 07/21/27 (Call 04/21/27)

    1,162       1,068,804  

3.85%, 10/29/41 (Call 04/29/41)

    1,645       1,220,744  

3.88%, 01/23/28 (Call 10/23/27)

    683       627,983  

4.45%, 10/01/25 (Call 08/01/25)

    905       876,153  

4.45%, 04/03/26 (Call 02/03/26)

    1,085       1,045,234  

4.63%, 10/15/27 (Call 08/15/27)

    1,033       980,759  

5.75%, 06/06/28 (Call 05/06/28)(a)

    970       961,529  

6.50%, 07/15/25 (Call 06/15/25)(a)

    1,590       1,597,571  

Series 3NC1, 1.75%, 10/29/24 (Call 10/02/23)

    420       399,121  

Affiliated Managers Group Inc.

   

3.30%, 06/15/30 (Call 03/15/30)(a)

    695       586,821  

3.50%, 08/01/25

    345       329,557  

Air Lease Corp.

   

1.88%, 08/15/26 (Call 07/15/26)

    1,213       1,085,396  

2.10%, 09/01/28 (Call 07/01/28)(a)

    725       610,387  

2.20%, 01/15/27 (Call 12/15/26)

    937       837,301  

2.30%, 02/01/25 (Call 01/01/25)

    887       839,452  

2.88%, 01/15/26 (Call 12/15/25)(a)

    1,689       1,578,666  

2.88%, 01/15/32 (Call 10/15/31)(a)

    725       580,140  

3.00%, 02/01/30 (Call 11/01/29)

    910       764,490  

3.13%, 12/01/30 (Call 09/01/30)

    1,069       890,930  

3.25%, 03/01/25 (Call 01/01/25)

    763       730,222  

3.25%, 10/01/29 (Call 07/01/29)

    605       527,362  

3.38%, 07/01/25 (Call 06/01/25)

    1,261       1,201,396  

3.63%, 04/01/27 (Call 01/01/27)

    848       779,155  

3.63%, 12/01/27 (Call 09/01/27)

    695       638,576  

3.75%, 06/01/26 (Call 04/01/26)

    1,866       1,773,848  

4.25%, 09/15/24 (Call 06/15/24)

    625       613,397  

4.63%, 10/01/28 (Call 07/01/28)

    870       819,652  

5.30%, 02/01/28 (Call 01/01/28)

    555       545,201  

5.85%, 12/15/27 (Call 11/15/27)

    115       114,998  

Aircastle Ltd.

   

2.85%, 01/26/28 (Call 11/26/27)(b)

    442       380,391  

4.25%, 06/15/26 (Call 04/15/26)

    1,355       1,285,846  

5.25%, 08/11/25 (Call 07/11/25)(b)

    977       952,768  

6.50%, 07/18/28 (Call 06/18/28)(b)

    370       367,518  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

Ally Financial Inc.

   

2.20%, 11/02/28 (Call 09/02/28)(a)

  $  1,260     $  1,016,438  

4.63%, 03/30/25

    524       506,907  

4.75%, 06/09/27 (Call 05/09/27)(a)

    960       899,859  

5.13%, 09/30/24

    649       638,990  

5.80%, 05/01/25 (Call 04/01/25)(a)

    887       873,693  

6.99%, 06/13/29 (Call 06/13/28), (1-day SOFR + 3.260%)(d)

    524       523,118  

7.10%, 11/15/27 (Call 10/15/27)(a)

    979       991,838  

8.00%, 11/01/31

    3,005       3,113,134  

American Express Co.

   

1.65%, 11/04/26 (Call 10/04/26)

    1,375       1,226,632  

2.25%, 03/04/25 (Call 02/01/25)

    1,065       1,012,642  

2.55%, 03/04/27 (Call 02/01/27)

    2,108       1,916,798  

3.00%, 10/30/24 (Call 09/29/24)

    1,559       1,513,428  

3.13%, 05/20/26 (Call 04/20/26)

    1,228       1,161,145  

3.30%, 05/03/27 (Call 04/03/27)

    1,949       1,816,648  

3.63%, 12/05/24 (Call 11/04/24)

    509       495,563  

3.95%, 08/01/25 (Call 07/01/25)

    3,130       3,036,994  

4.05%, 05/03/29 (Call 03/03/29)(a)

    1,080       1,025,975  

4.05%, 12/03/42

    1,250       1,061,263  

4.20%, 11/06/25 (Call 10/06/25)

    968       942,527  

4.42%, 08/03/33 (Call 08/03/32), (1-day SOFR + 1.760%)(d)

    1,755       1,627,698  

4.90%, 02/13/26 (Call 01/13/26)

    1,477       1,457,526  

4.99%, 05/01/26, (1-day SOFR + 0.999%)(d)

    1,285       1,266,649  

4.99%, 05/26/33 (Call 02/26/32), (1-day SOFR + 2.255%)(d)

    1,016       963,478  

5.04%, 05/01/34, (1-day SOFR + 1.835%)(d)

    2,595       2,493,453  

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

    1,275       1,261,174  

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

    525       521,886  

5.63%, 07/28/34 (Call 07/28/33), (1-day SOFR + 1.930%)(d)

    95       93,601  

5.85%, 11/05/27 (Call 10/05/27)

    1,830       1,869,344  

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

    160       149,899  

Ameriprise Financial Inc.

   

2.88%, 09/15/26 (Call 06/15/26)(a)

    676       632,353  

3.00%, 04/02/25 (Call 03/02/25)

    579       556,779  

3.70%, 10/15/24

    555       543,089  

4.50%, 05/13/32 (Call 02/13/32)(a)

    640       605,453  

5.15%, 05/15/33 (Call 02/15/33)

    990       968,603  

Andrew W Mellon Foundation (The), Series 2020, 0.95%, 08/01/27 (Call 06/01/27)

    1,005       868,225  

Antares Holdings LP

   

2.75%, 01/15/27 (Call 12/15/26)(b)

    605       512,486  

3.75%, 07/15/27 (Call 06/15/27)(b)

    510       439,496  

3.95%, 07/15/26 (Call 06/15/26)(b)

    570       510,042  

Apollo Management Holdings LP, 4.95%, 01/14/50 (Call 12/17/24), (5-year CMT + 3.266%)(b)(d)

    130       119,631  

Ares Finance Co. II LLC, 3.25%, 06/15/30 (Call 03/15/30)(b)

    805       672,895  

Ares Finance Co. III LLC, 4.13%, 06/30/51 (Call 06/30/26), (5-year CMT + 3.237%)(b)(d)

    1,000       757,378  

Ares Finance Co. IV LLC, 3.65%, 02/01/52 (Call 08/01/51)(a)(b)

    85       53,924  

Ares Finance Co. LLC, 4.00%, 10/08/24 (Call 07/08/24)(a)(b)

    85       81,973  
 

 

 

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

  53


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

Aviation Capital Group LLC

   

1.95%, 01/30/26 (Call 12/30/25)(b)

  $ 840     $ 757,430  

1.95%, 09/20/26 (Call 08/20/26)(b)

    1,035       909,910  

3.50%, 11/01/27 (Call 07/01/27)(a)(b)

    1,030       921,432  

4.13%, 08/01/25 (Call 06/01/25)(b)

    830       790,571  

4.88%, 10/01/25 (Call 07/01/25)(b)

    494       475,895  

5.50%, 12/15/24 (Call 11/15/24)(b)

    520       512,067  

6.25%, 04/15/28 (Call 03/15/28)(b)

    775       770,567  

6.38%, 07/15/30 (Call 05/15/30)(b)

    644       638,479  

Avolon Holdings Funding Ltd.

   

2.13%, 02/21/26 (Call 01/21/26)(a)(b)

     1,162        1,044,075  

2.53%, 11/18/27 (Call 10/18/27)(b)

    2,133       1,820,893  

2.75%, 02/21/28 (Call 12/21/27)(b)

    925       795,927  

2.88%, 02/15/25 (Call 01/15/25)(b)

    790       745,403  

3.25%, 02/15/27 (Call 12/15/26)(b)

    1,360       1,223,168  

4.25%, 04/15/26 (Call 03/15/26)(b)

    1,370       1,291,991  

4.38%, 05/01/26 (Call 03/01/26)(b)

    1,140       1,074,673  

5.50%, 01/15/26 (Call 12/15/25)(b)

    954       928,769  

6.38%, 05/04/28 (Call 04/04/28)(b)

    370       367,024  

BGC Partners Inc.

   

3.75%, 10/01/24 (Call 09/01/24)(a)

    373       357,536  

4.38%, 12/15/25 (Call 09/15/25)

    1,080       1,004,810  

8.00%, 05/25/28 (Call 04/25/28)(a)(b)

    390       386,820  

Blackstone Holdings Finance Co. LLC

   

1.60%, 03/30/31 (Call 12/30/30)(a)(b)

    783       582,749  

1.63%, 08/05/28 (Call 06/05/28)(a)(b)

    470       394,640  

2.00%, 01/30/32 (Call 10/30/31)(b)

    873       654,140  

2.50%, 01/10/30 (Call 10/10/29)(a)(b)

    758       621,847  

2.55%, 03/30/32 (Call 12/30/31)(a)(b)

    545       422,928  

2.80%, 09/30/50 (Call 03/30/50)(b)

    416       239,921  

2.85%, 08/05/51 (Call 02/05/51)(a)(b)

    430       254,238  

3.15%, 10/02/27 (Call 07/02/27)(a)(b)

    377       344,295  

3.20%, 01/30/52 (Call 07/30/51)(b)

    610       387,914  

3.50%, 09/10/49 (Call 03/10/49)(a)(b)

    830       541,883  

4.00%, 10/02/47 (Call 04/02/47)(b)

    604       437,192  

4.45%, 07/15/45(a)(b)

    350       273,822  

5.00%, 06/15/44(a)(b)

    591       503,306  

5.90%, 11/03/27 (Call 10/03/27)(a)(b)

    740       749,397  

6.20%, 04/22/33 (Call 01/22/33)(b)

    1,245       1,281,010  

6.25%, 08/15/42(a)(b)

    496       473,745  

Blue Owl Finance LLC

   

3.13%, 06/10/31 (Call 03/10/31)(b)

    618       477,222  

4.13%, 10/07/51 (Call 04/07/51)(a)(b)

    495       296,600  

4.38%, 02/15/32 (Call 11/15/31)(a)(b)

    645       516,472  

BOC Aviation Ltd.

   

2.63%, 09/17/30 (Call 06/17/30)(a)(b)

    680       572,150  

3.00%, 09/11/29 (Call 06/11/29)(b)

    786       686,152  

3.25%, 04/29/25 (Call 03/29/25)(b)

    522       500,739  

3.50%, 10/10/24 (Call 09/10/24)(a)(b)

    751       730,368  

3.50%, 09/18/27 (Call 06/18/27)(a)(b)

    1,015       947,313  

3.88%, 04/27/26 (Call 01/27/26)(b)

    835       797,586  

BOC Aviation USA Corp., 4.88%, 05/03/33(b)

    650       619,237  

Brookfield Capital Finance LLC, 6.09%, 06/14/33 (Call 03/14/33)(a)

    85       85,209  

Brookfield Finance Inc.

   

2.34%, 01/30/32 (Call 10/30/31)

    925       715,821  

2.72%, 04/15/31 (Call 01/15/31)

    770       627,873  

3.50%, 03/30/51 (Call 09/30/50)(a)

    520       339,310  

3.63%, 02/15/52 (Call 08/15/51)

    410       271,982  

3.90%, 01/25/28 (Call 10/25/27)

    1,229       1,148,203  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

4.25%, 06/02/26 (Call 03/02/26)

  $ 907     $ 872,662  

4.35%, 04/15/30 (Call 01/15/30)

    959       884,695  

4.70%, 09/20/47 (Call 03/20/47)

     1,088       893,259  

4.85%, 03/29/29 (Call 12/29/28)

    1,371       1,311,481  

Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)(a)

    914       592,552  

Cantor Fitzgerald LP, 4.50%, 04/14/27 (Call 01/14/27)(a)(b)

    795       747,829  

Capital One Financial Corp.

   

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

    1,646        1,442,958  

2.36%, 07/29/32 (Call 07/29/31), (1-day SOFR + 1.337%)(d)

    1,189       848,175  

2.62%, 11/02/32 (Call 11/02/31), (1-day SOFR + 1.265%)(d)

    760       578,923  

2.64%, 03/03/26 (Call 03/03/25), (1-day SOFR + 1.290%)(d)

    1,675       1,583,059  

3.20%, 02/05/25 (Call 01/05/25)

    1,080       1,037,221  

3.27%, 03/01/30 (Call 03/01/29), (1-day SOFR + 1.790%)(d)

    1,420       1,218,647  

3.30%, 10/30/24 (Call 09/30/24)

    1,444       1,402,466  

3.65%, 05/11/27 (Call 04/11/27)(a)

    1,672       1,554,954  

3.75%, 07/28/26 (Call 06/28/26)

    1,890       1,767,206  

3.75%, 03/09/27 (Call 02/09/27)

    2,402       2,234,934  

3.80%, 01/31/28 (Call 12/31/27)

    1,149       1,053,581  

4.20%, 10/29/25 (Call 09/29/25)

    1,567       1,506,118  

4.25%, 04/30/25 (Call 03/31/25)(a)

    888       860,827  

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

    1,040       1,000,444  

4.99%, 07/24/26 (Call 07/24/25), (1-day SOFR + 2.160%)(d)

    1,665       1,627,423  

5.25%, 07/26/30 (Call 07/26/29), (1-day SOFR + 2.600%)(d)

    730       694,440  

5.27%, 05/10/33 (Call 05/10/32), (1-day SOFR + 2.370%)(a)(d)

    2,118       1,969,224  

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

    860       834,259  

5.82%, 02/01/34 (Call 02/01/33), (1-day SOFR + 2.600%)(a)(d)

    1,485       1,410,588  

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

    675       674,631  

6.38%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.860%)(d)

    680       671,688  

Cboe Global Markets Inc.

   

1.63%, 12/15/30 (Call 09/15/30)

    603       474,245  

3.00%, 03/16/32 (Call 12/16/31)

    675       570,053  

3.65%, 01/12/27 (Call 10/12/26)

    1,111       1,062,893  

Charles Schwab Corp. (The)

   

0.90%, 03/11/26 (Call 02/11/26)(a)

    1,777       1,587,023  

1.15%, 05/13/26 (Call 04/13/26)(a)

    1,415       1,259,644  

1.65%, 03/11/31 (Call 12/11/30)(a)

    749       573,312  

1.95%, 12/01/31 (Call 09/01/31)(a)

    1,492       1,144,170  

2.00%, 03/20/28 (Call 01/20/28)

    1,415       1,219,156  

2.30%, 05/13/31 (Call 02/13/31)(a)

    940       754,912  

2.45%, 03/03/27 (Call 02/03/27)

    1,055       949,437  

2.75%, 10/01/29 (Call 07/01/29)(a)

    487       418,847  

2.90%, 03/03/32 (Call 12/03/31)(a)

    1,420       1,173,010  

3.00%, 03/10/25 (Call 12/10/24)(a)

    742       710,824  

3.20%, 03/02/27 (Call 12/02/26)

    1,250       1,156,970  

3.20%, 01/25/28 (Call 10/25/27)(a)

    695       633,102  
 

 

 

54  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

3.25%, 05/22/29 (Call 02/22/29)(a)

  $  1,042     $ 927,333  

3.30%, 04/01/27 (Call 01/01/27)(a)

    1,159        1,079,826  

3.45%, 02/13/26 (Call 11/13/25)

    625       594,530  

3.63%, 04/01/25 (Call 01/01/25)

    576       558,071  

3.85%, 05/21/25 (Call 03/21/25)

    674       653,565  

4.00%, 02/01/29 (Call 11/01/28)

    904       850,011  

4.20%, 03/24/25 (Call 02/24/25)

    936       915,241  

4.63%, 03/22/30 (Call 12/22/29)(a)

    370       359,590  

5.64%, 05/19/29 (Call 05/19/28), (1-day SOFR + 2.210%)(d)

    255       254,485  

5.85%, 05/19/34 (Call 05/19/33), (1-day SOFR + 2.500%)(d)

    465       465,362  

5.88%, 08/24/26 (Call 07/24/26)(a)

    380       382,197  

6.14%, 08/24/34 (Call 08/24/33), (1-day SOFR + 2.010%)(d)

    195       198,334  

China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(b)

    1,695       1,632,285  

CI Financial Corp.

   

3.20%, 12/17/30 (Call 09/17/30)

    1,180       910,224  

4.10%, 06/15/51 (Call 12/15/50)(a)

    1,110       671,683  

Citadel Finance LLC, 3.38%, 03/09/26 (Call 02/09/26)(b)

    1,535       1,395,652  

Citadel LP, 4.88%, 01/15/27 (Call 11/15/26)(a)(b)

    738       708,954  

CME Group Inc.

   

2.65%, 03/15/32 (Call 12/15/31)

    1,075       901,472  

3.00%, 03/15/25 (Call 12/15/24)

    1,288       1,243,469  

3.75%, 06/15/28 (Call 03/15/28)(a)

    887       853,847  

4.15%, 06/15/48 (Call 12/15/47)(a)

    826       719,213  

5.30%, 09/15/43 (Call 03/15/43)

    961       972,835  

Credit Suisse USA Inc., 7.13%, 07/15/32

    1,789       1,996,239  

DAE Sukuk Difc Ltd., 3.75%, 02/15/26(b)

    530       498,248  

Discover Financial Services

   

3.75%, 03/04/25 (Call 12/04/24)

    577       553,173  

3.95%, 11/06/24 (Call 08/06/24)

    675       657,371  

4.10%, 02/09/27 (Call 11/09/26)

    1,403       1,301,564  

4.50%, 01/30/26 (Call 11/30/25)(a)

    951       913,541  

6.70%, 11/29/32 (Call 08/29/32)

    775       771,325  

Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Fin, 3.88%, 02/15/26 (Call 12/15/25)(b)

    803       717,940  

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

    686       644,132  

Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)(b)

    120       118,916  

FMR LLC

   

4.95%, 02/01/33(b)

    30       28,126  

5.15%, 02/01/43(b)

    75       65,771  

6.45%, 11/15/39(a)(b)

    830       845,680  

6.50%, 12/14/40(b)

    200       206,673  

7.57%, 06/15/29(b)

    900       977,259  

Franklin Resources Inc.

   

1.60%, 10/30/30 (Call 07/30/30)

    1,047       820,791  

2.85%, 03/30/25

    719       690,041  

2.95%, 08/12/51 (Call 02/12/51)

    500       306,971  

ICBCIL Finance Co. Ltd., 3.63%, 05/19/26(b)

    225       214,885  

Invesco Finance PLC

   

3.75%, 01/15/26

    953       917,092  

5.38%, 11/30/43

    385       360,798  

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

    765       750,349  

Jefferies Financial Group Inc.

   

2.63%, 10/15/31 (Call 07/15/31)

    1,352       1,053,860  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

4.15%, 01/23/30

  $ 976     $ 878,982  

4.85%, 01/15/27

     1,188        1,154,961  

5.88%, 07/21/28 (Call 06/21/28)

    925       914,655  

6.25%, 01/15/36

    675       683,816  

6.45%, 06/08/27(a)

    532       543,375  

6.50%, 01/20/43(a)

    494       489,721  

6.63%, 10/23/43 (Call 07/23/43)(a)

    350       341,676  

Jefferies Group LLC, 2.75%, 10/15/32 (Call 07/15/32)

    650       497,740  

KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)(a)(b)

    1,078       972,961  

Lazard Group LLC

   

3.63%, 03/01/27 (Call 12/01/26)

    685       634,909  

3.75%, 02/13/25

    698       674,263  

4.38%, 03/11/29 (Call 12/11/28)(a)

    897       841,682  

4.50%, 09/19/28 (Call 06/19/28)(a)

    696       660,747  

LeasePlan Corp. NV, 2.88%, 10/24/24(b)

    548       526,503  

Legg Mason Inc.

   

4.75%, 03/15/26

    940       923,538  

5.63%, 01/15/44

    641       620,270  

LPL Holdings Inc.

   

4.00%, 03/15/29 (Call 03/15/24)(b)

    100       88,893  

4.38%, 05/15/31 (Call 05/15/26)(b)

    320       281,120  

4.63%, 11/15/27 (Call 10/02/23)(a)(b)

    220       205,629  

LSEGA Financing PLC

   

1.38%, 04/06/26 (Call 03/06/26)(b)

    1,722       1,547,519  

2.00%, 04/06/28 (Call 02/06/28)(b)

    1,443       1,246,648  

2.50%, 04/06/31 (Call 01/06/31)(b)

    1,245       1,030,003  

3.20%, 04/06/41 (Call 10/06/40)(b)

    641       472,275  

Mastercard Inc.

   

1.90%, 03/15/31 (Call 12/15/30)

    805       660,482  

2.00%, 03/03/25 (Call 02/03/25)(a)

    986       942,027  

2.00%, 11/18/31 (Call 08/18/31)

    1,105       896,873  

2.95%, 11/21/26 (Call 08/21/26)

    625       589,037  

2.95%, 06/01/29 (Call 03/01/29)

    1,335       1,209,082  

2.95%, 03/15/51 (Call 09/15/50)(a)

    696       487,225  

3.30%, 03/26/27 (Call 01/26/27)

    1,778       1,692,473  

3.35%, 03/26/30 (Call 12/26/29)

    1,545       1,419,384  

3.50%, 02/26/28 (Call 11/26/27)

    871       828,581  

3.65%, 06/01/49 (Call 12/01/48)

    1,132       907,134  

3.80%, 11/21/46 (Call 05/21/46)(a)

    620       510,460  

3.85%, 03/26/50 (Call 09/26/49)

    1,974       1,639,604  

3.95%, 02/26/48 (Call 08/26/47)

    580       492,959  

4.85%, 03/09/33 (Call 12/09/32)

    750       753,313  

4.88%, 03/09/28 (Call 02/09/28)

    780       782,421  

Mitsubishi HC Capital Inc.

   

3.64%, 04/13/25 (Call 03/13/25)(a)(b)

    943       908,431  

5.08%, 09/15/27 (Call 08/15/27)(b)

    925       904,419  

Mitsubishi HC Finance America LLC, 5.66%, 02/28/33 (Call 11/28/32)(a)(b)

    690       680,272  

Nasdaq Inc.

   

1.65%, 01/15/31 (Call 10/15/30)(a)

    1,131       885,484  

2.50%, 12/21/40 (Call 06/21/40)

    735       482,695  

3.25%, 04/28/50 (Call 10/28/49)(a)

    635       421,854  

3.85%, 06/30/26 (Call 03/30/26)

    1,101       1,059,488  

3.95%, 03/07/52 (Call 09/07/51)

    775       580,109  

5.35%, 06/28/28 (Call 05/28/28)

    1,250       1,250,518  

5.55%, 02/15/34 (Call 11/15/33)

    1,475       1,472,430  

5.65%, 06/28/25

    250       250,220  

5.95%, 08/15/53 (Call 02/15/53)(a)

    750       746,897  

6.10%, 06/28/63 (Call 12/28/62)

    165       162,810  
 

 

 

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

  55


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

Neuberger Berman Group LLC/Neuberger Berman Finance Corp.

   

4.50%, 03/15/27 (Call 12/15/26)(b)

  $ 588     $ 556,593  

4.88%, 04/15/45 (Call 10/15/44)(b)

    395       312,197  

Nomura Holdings Inc.

   

1.65%, 07/14/26

     1,510        1,338,415  

1.85%, 07/16/25

    2,007       1,854,579  

2.17%, 07/14/28

    1,179       992,345  

2.33%, 01/22/27

    1,495       1,324,396  

2.61%, 07/14/31

    1,370       1,076,284  

2.65%, 01/16/25

    1,685       1,608,909  

2.68%, 07/16/30

    1,584       1,284,197  

2.71%, 01/22/29

    1,430       1,212,759  

3.00%, 01/22/32

    1,075       859,826  

3.10%, 01/16/30

    1,075       911,387  

5.10%, 07/03/25

    1,095       1,075,025  

5.39%, 07/06/27

    700       686,778  

5.61%, 07/06/29(a)

    595       584,016  

5.71%, 01/09/26

    1,075       1,068,369  

5.84%, 01/18/28(a)

    730       728,425  

6.07%, 07/12/28

    1,130       1,134,419  

6.09%, 07/12/33

    600       600,933  

6.18%, 01/18/33(a)

    680       689,849  

Nuveen Finance LLC, 4.13%, 11/01/24(b)

    1,045       1,020,513  

Nuveen LLC, 4.00%, 11/01/28 (Call 08/01/28)(a)(b)

    1,555       1,461,922  

ORIX Corp.

   

2.25%, 03/09/31(a)

    875       713,411  

3.25%, 12/04/24

    1,152       1,112,007  

3.70%, 07/18/27

    485       458,415  

4.00%, 04/13/32

    650       593,322  

5.00%, 09/13/27

    350       347,033  

5.20%, 09/13/32(a)

    660       658,930  

Power Finance Corp. Ltd.

   

3.95%, 04/23/30(a)(b)

    881       780,009  

6.15%, 12/06/28(b)

    465       469,461  

Radian Group Inc.

   

4.50%, 10/01/24 (Call 07/01/24)

    530       513,438  

4.88%, 03/15/27 (Call 09/15/26)

    935       884,772  

6.63%, 03/15/25 (Call 09/15/24)

    900       899,721  

Raymond James Financial Inc.

   

3.75%, 04/01/51 (Call 10/01/50)

    1,180       858,657  

4.65%, 04/01/30 (Call 01/01/30)(a)

    752       727,679  

4.95%, 07/15/46

    844       735,227  

Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)

    765       665,843  

SURA Asset Management SA, 4.38%, 04/11/27(b)

    70       65,585  

Synchrony Financial

   

2.88%, 10/28/31 (Call 07/28/31)

    1,160       862,336  

3.70%, 08/04/26 (Call 05/04/26)

    489       445,140  

3.95%, 12/01/27 (Call 09/01/27)(a)

    1,126       1,006,012  

4.50%, 07/23/25 (Call 04/23/25)

    1,267       1,208,936  

4.88%, 06/13/25 (Call 05/13/25)

    800       771,355  

5.15%, 03/19/29 (Call 12/19/28)

    1,073       984,122  

USAA Capital Corp.

   

2.13%, 05/01/30 (Call 02/01/30)(b)

    1,117       921,551  

3.38%, 05/01/25(a)(b)

    734       709,046  

Visa Inc.

   

0.75%, 08/15/27 (Call 06/15/27)(a)

    679       586,550  

1.10%, 02/15/31 (Call 11/15/30)(a)

    1,517       1,179,225  

1.90%, 04/15/27 (Call 02/15/27)(a)

    2,003       1,814,762  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

2.00%, 08/15/50 (Call 02/15/50)(a)

  $  2,182     $ 1,290,295  

2.05%, 04/15/30 (Call 01/15/30)

    2,018       1,712,393  

2.70%, 04/15/40 (Call 10/15/39)

    1,303       970,407  

2.75%, 09/15/27 (Call 06/15/27)(a)

    1,030       955,323  

3.15%, 12/14/25 (Call 09/14/25)

    1,779       1,706,069  

3.65%, 09/15/47 (Call 03/15/47)

    955       778,580  

4.15%, 12/14/35 (Call 06/14/35)

    2,519       2,376,678  

4.30%, 12/14/45 (Call 06/14/45)

    4,213       3,808,755  

Voya Financial Inc.

   

3.65%, 06/15/26(a)

    970       916,127  

4.70%, 01/23/48 (Call 01/23/28),
(3-mo. LIBOR US + 2.084%)(d)

    584       475,992  

4.80%, 06/15/46

    513       405,486  

5.70%, 07/15/43

    334       307,879  

Western Union Co. (The)

   

1.35%, 03/15/26 (Call 02/15/26)

    1,121       1,003,379  

2.75%, 03/15/31 (Call 12/15/30)(a)

    541       425,147  

2.85%, 01/10/25 (Call 12/10/24)

    713       683,196  

6.20%, 11/17/36(a)

    578       579,573  

6.20%, 06/21/40(a)

    400       394,535  
   

 

 

 
       299,438,710  
Electric — 8.1%            

Abu Dhabi National Energy Co. PJSC

   

2.00%, 04/29/28 (Call 01/29/28)(b)

    1,115       977,465  

3.40%, 04/29/51 (Call 10/29/50)(a)(b)

    660       475,802  

4.00%, 10/03/49(b)

    640       522,886  

4.38%, 04/23/25(b)

    1,458       1,432,441  

4.38%, 06/22/26(b)

    440       429,662  

4.70%, 04/24/33(b)

    2,015       1,972,181  

4.88%, 04/23/30(b)

    467       467,131  

6.50%, 10/27/36(a)(b)

    1,369       1,523,013  

Adani Electricity Mumbai Ltd.

   

3.87%, 07/22/31 (Call 01/22/31)(b)

    300       208,562  

3.95%, 02/12/30(b)

    415       304,837  

Adani Transmission Step-One Ltd.

   

4.00%, 08/03/26(b)

    550       478,968  

4.25%, 05/21/36(b)

    408       301,349  

AEP Texas Inc.

   

3.45%, 05/15/51 (Call 11/15/50)

    472       318,730  

3.80%, 10/01/47 (Call 04/01/47)

    575       415,633  

3.85%, 10/01/25 (Call 07/01/25)(b)

    416       398,765  

3.95%, 06/01/28 (Call 03/01/28)

    594       558,152  

4.70%, 05/15/32 (Call 02/15/32)

    790       748,317  

5.25%, 05/15/52 (Call 11/15/51)

    685       630,518  

5.40%, 06/01/33 (Call 03/01/33)

    260       257,066  

Series E, 6.65%, 02/15/33

    479       508,598  

Series G, 4.15%, 05/01/49 (Call 11/01/48)

    560       431,671  

Series H, 3.45%, 01/15/50 (Call 07/15/49)(a)

    609       420,600  

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

    1,037       840,785  

AEP Transmission Co. LLC

   

3.10%, 12/01/26 (Call 09/01/26)

    627       589,986  

3.15%, 09/15/49 (Call 03/15/49)(a)

    255       173,739  

3.75%, 12/01/47 (Call 06/01/47)

    384       297,834  

3.80%, 06/15/49 (Call 12/15/48)

    395       303,346  

4.00%, 12/01/46 (Call 06/01/46)

    470       385,089  

4.25%, 09/15/48 (Call 03/15/48)

    470       389,197  

4.50%, 06/15/52 (Call 12/01/51)

    620       534,715  

5.40%, 03/15/53 (Call 09/15/52)

    680       674,920  

Series M, 3.65%, 04/01/50 (Call 10/01/49)

    535       403,451  

Series N, 2.75%, 08/15/51 (Call 02/15/51)

    352       217,913  
 

 

 

56  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

AES Corp. (The)

   

1.38%, 01/15/26 (Call 12/15/25)

  $  1,805     $  1,623,478  

2.45%, 01/15/31 (Call 10/15/30)(a)

    1,160       921,076  

3.30%, 07/15/25 (Call 06/15/25)(b)

    875       832,011  

3.95%, 07/15/30 (Call 04/15/30)(b)

    679       603,531  

5.45%, 06/01/28 (Call 05/01/28)

    840       824,315  

AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)(b)

    694       599,928  

Alabama Power Co.

   

2.80%, 04/01/25 (Call 01/01/25)

    245       234,568  

3.00%, 03/15/52 (Call 09/15/51)(a)

    760       492,232  

3.05%, 03/15/32 (Call 12/15/31)

    305       261,719  

3.13%, 07/15/51 (Call 01/15/51)

    805       528,303  

3.45%, 10/01/49 (Call 04/01/49)

    644       456,952  

3.75%, 09/01/27 (Call 08/01/27)

    660       629,602  

3.75%, 03/01/45 (Call 09/01/44)

    756       576,752  

3.85%, 12/01/42

    500       397,703  

3.94%, 09/01/32 (Call 03/01/32)(a)

    572       520,374  

4.10%, 01/15/42(a)

    330       265,400  

4.15%, 08/15/44 (Call 02/15/44)(a)

    341       276,026  

4.30%, 01/02/46 (Call 07/02/45)

    545       447,400  

5.50%, 03/15/41(a)

    240       229,301  

5.70%, 02/15/33(a)

    299       300,695  

6.00%, 03/01/39(a)

    761       785,015  

6.13%, 05/15/38

    235       246,408  

Series 11-C, 5.20%, 06/01/41(a)

    346       313,812  

Series 20-A, 1.45%, 09/15/30 (Call 06/15/30)

    735       576,895  

Series A, 4.30%, 07/15/48 (Call 01/15/48)

    671       551,818  

Series B, 3.70%, 12/01/47 (Call 06/01/47)

    636       477,542  

Alexander Funding Trust II, 7.47%, 07/31/28 (Call 06/30/28)(b)

    605       612,706  

Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(b)

    791       571,610  

Alliant Energy Finance LLC

   

3.60%, 03/01/32 (Call 12/01/31)(a)(b)

    319       275,209  

4.25%, 06/15/28 (Call 03/15/28)(a)(b)

    420       400,427  

Ameren Corp.

   

1.75%, 03/15/28 (Call 01/15/28)

    1,000       858,615  

1.95%, 03/15/27 (Call 02/15/27)(a)

    845       759,600  

2.50%, 09/15/24 (Call 08/15/24)

    545       526,222  

3.50%, 01/15/31 (Call 10/15/30)

    1,024       903,871  

3.65%, 02/15/26 (Call 11/15/25)

    692       661,826  

Ameren Illinois Co.

   

1.55%, 11/15/30 (Call 08/15/30)

    520       405,643  

2.90%, 06/15/51 (Call 12/15/50)(a)

    315       202,093  

3.25%, 03/01/25 (Call 12/01/24)

    410       397,507  

3.25%, 03/15/50 (Call 09/15/49)(a)

    300       210,755  

3.70%, 12/01/47 (Call 06/01/47)

    772       595,695  

3.80%, 05/15/28 (Call 02/15/28)

    475       452,534  

3.85%, 09/01/32 (Call 06/01/32)

    650       587,375  

4.15%, 03/15/46 (Call 09/15/45)

    740       599,950  

4.30%, 07/01/44 (Call 01/01/44)

    163       131,684  

4.50%, 03/15/49 (Call 09/15/48)

    524       460,279  

4.80%, 12/15/43 (Call 06/15/43)(a)

    415       363,434  

4.95%, 06/01/33 (Call 03/01/33)

    535       523,991  

5.90%, 12/01/52 (Call 06/01/52)

    460       484,463  

American Electric Power Co. Inc.

   

2.30%, 03/01/30 (Call 12/01/29)

    520       428,383  

3.20%, 11/13/27 (Call 08/13/27)

    633       586,143  

3.25%, 03/01/50 (Call 09/01/49)(a)

    608       399,288  
Security  

Par

(000)

    Value  
Electric (continued)            

3.88%, 02/15/62 (Call 11/15/26),
(5-year CMT + 2.675%)(d)

  $ 385     $ 310,408  

5.63%, 03/01/33 (Call 12/01/32)

    539       539,825  

5.70%, 08/15/25(a)

    125       125,062  

5.75%, 11/01/27 (Call 10/01/27)

     1,188        1,209,229  

5.95%, 11/01/32 (Call 08/01/32)(a)

    680       699,114  

Series J, 4.30%, 12/01/28 (Call 09/01/28)

    752       716,494  

Series N, 1.00%, 11/01/25 (Call 10/01/25)

    820       745,021  

American Transmission Systems Inc.

   

2.65%, 01/15/32 (Call 10/15/31)(b)

    680       556,876  

5.00%, 09/01/44 (Call 03/01/44)(b)

    493       442,799  

Appalachian Power Co.

   

3.40%, 06/01/25 (Call 03/01/25)

    675       648,733  

4.40%, 05/15/44 (Call 11/15/43)

    602       483,752  

4.45%, 06/01/45 (Call 12/01/44)(a)

    588       477,633  

4.50%, 08/01/32 (Call 05/01/32)

    425       394,361  

7.00%, 04/01/38

    363       402,130  

Series AA, 2.70%, 04/01/31 (Call 01/01/31)

    590       489,474  

Series L, 5.80%, 10/01/35(a)

    85       82,914  

Series P, 6.70%, 08/15/37(a)

    410       427,644  

Series X, 3.30%, 06/01/27 (Call 03/01/27)

    440       409,222  

Series Y, 4.50%, 03/01/49 (Call 09/01/48)

    527       426,176  

Series Z, 3.70%, 05/01/50 (Call 11/01/49)(a)

    505       363,474  

Arizona Public Service Co.

   

2.20%, 12/15/31 (Call 09/15/31)

    675       524,066  

2.55%, 09/15/26 (Call 06/15/26)

    405       370,502  

2.60%, 08/15/29 (Call 05/15/29)(a)

    605       523,918  

2.65%, 09/15/50 (Call 03/15/50)

    235       137,039  

2.95%, 09/15/27 (Call 06/15/27)(a)

    590       542,184  

3.15%, 05/15/25 (Call 02/15/25)(a)

    447       429,579  

3.35%, 05/15/50 (Call 11/15/49)(a)

    655       436,294  

3.50%, 12/01/49 (Call 06/01/49)

    520       351,484  

3.75%, 05/15/46 (Call 11/15/45)

    670       485,059  

4.20%, 08/15/48 (Call 02/15/48)

    420       320,382  

4.25%, 03/01/49 (Call 09/01/48)

    471       359,347  

4.35%, 11/15/45 (Call 05/15/45)

    365       291,066  

4.50%, 04/01/42 (Call 10/01/41)

    560       465,170  

4.70%, 01/15/44 (Call 07/15/43)

    95       77,698  

5.05%, 09/01/41 (Call 03/01/41)(a)

    325       289,121  

5.50%, 09/01/35

    395       377,814  

5.55%, 08/01/33 (Call 05/01/33)

    450       450,403  

6.35%, 12/15/32 (Call 09/15/32)

    465       489,617  

Atlantic City Electric Co.

   

2.30%, 03/15/31 (Call 12/15/30)

    610       499,221  

4.00%, 10/15/28 (Call 07/15/28)

    497       471,487  

Ausgrid Finance Pty Ltd., 4.35%, 08/01/28 (Call 05/01/28)(a)(b)

    175       165,300  

Avangrid Inc.

   

3.15%, 12/01/24 (Call 10/01/24)

    934       900,773  

3.20%, 04/15/25 (Call 03/15/25)

    1,093       1,045,983  

3.80%, 06/01/29 (Call 03/01/29)

    1,044       947,532  

Avista Corp.

   

4.00%, 04/01/52 (Call 10/01/51)(a)

    570       435,111  

4.35%, 06/01/48 (Call 12/01/47)(a)

    530       434,024  

Baltimore Gas & Electric Co.

   

2.25%, 06/15/31 (Call 03/15/31)

    815       666,964  

2.40%, 08/15/26 (Call 05/15/26)(a)

    587       543,796  

2.90%, 06/15/50 (Call 12/15/49)

    345       221,143  

3.20%, 09/15/49 (Call 03/15/49)

    424       287,018  

3.50%, 08/15/46 (Call 02/15/46)

    696       509,491  
 

 

 

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

  57


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

3.75%, 08/15/47 (Call 02/15/47)

  $ 309     $ 233,461  

4.25%, 09/15/48 (Call 03/15/48)

    595       486,914  

4.55%, 06/01/52 (Call 12/01/51)

    525       453,210  

5.40%, 06/01/53 (Call 12/01/52)

    375       369,813  

6.35%, 10/01/36

    322       343,721  

Basin Electric Power Cooperative, 4.75%, 04/26/47 (Call 10/26/46)(a)(b)

    375       303,779  

Berkshire Hathaway Energy Co.

   

1.65%, 05/15/31 (Call 02/15/31)(a)

    50       38,695  

2.85%, 05/15/51 (Call 11/15/50)

     1,740        1,077,487  

3.25%, 04/15/28 (Call 01/15/28)(a)

    589       541,791  

3.50%, 02/01/25 (Call 11/01/24)

    814       791,079  

3.70%, 07/15/30 (Call 04/15/30)

    1,071       975,730  

3.80%, 07/15/48 (Call 01/15/48)

    1,003       740,562  

4.05%, 04/15/25 (Call 03/15/25)

    1,235       1,208,330  

4.25%, 10/15/50 (Call 04/15/50)

    973       759,857  

4.45%, 01/15/49 (Call 07/15/48)

    1,362       1,114,010  

4.50%, 02/01/45 (Call 08/01/44)

    794       666,512  

4.60%, 05/01/53 (Call 11/01/52)(a)

    1,040       856,882  

5.15%, 11/15/43 (Call 05/15/43)

    908       834,739  

5.95%, 05/15/37(a)

    474       482,077  

6.13%, 04/01/36

    1,781       1,863,971  

8.48%, 09/15/28

    205       236,226  

Black Hills Corp.

   

2.50%, 06/15/30 (Call 03/15/30)

    745       609,604  

3.05%, 10/15/29 (Call 07/15/29)

    472       406,567  

3.15%, 01/15/27 (Call 07/15/26)

    762       706,637  

3.88%, 10/15/49 (Call 04/15/49)(a)

    460       328,209  

3.95%, 01/15/26 (Call 07/15/25)

    740       708,965  

4.20%, 09/15/46 (Call 03/15/46)(a)

    385       293,401  

4.35%, 05/01/33 (Call 02/01/33)

    359       317,679  

5.95%, 03/15/28 (Call 02/15/28)

    575       583,060  

CenterPoint Energy Houston Electric LLC

   

3.55%, 08/01/42 (Call 02/01/42)(a)

    658       503,772  

3.60%, 03/01/52 (Call 09/01/51)

    240       177,712  

3.95%, 03/01/48 (Call 09/01/47)

    614       492,614  

4.50%, 04/01/44 (Call 10/01/43)

    962       834,797  

4.95%, 04/01/33 (Call 01/01/33)

    250       245,798  

5.30%, 04/01/53 (Call 10/01/52)(a)

    470       466,853  

Series AA, 3.00%, 02/01/27 (Call 11/01/26)

    325       303,518  

Series AC, 4.25%, 02/01/49 (Call 08/01/48)

    431       360,217  

Series AD, 2.90%, 07/01/50 (Call 01/01/50)

    786       511,642  

Series AE, 2.35%, 04/01/31 (Call 01/01/31)(a)

    425       352,297  

Series AF, 3.35%, 04/01/51 (Call 10/01/50)(a)

    370       265,167  

Series AG, 3.00%, 03/01/32 (Call 12/01/31)

    300       256,207  

Series ai., 4.45%, 10/01/32 (Call 07/01/32)

    570       540,401  

Series AJ, 4.85%, 10/01/52 (Call 04/01/52)

    100       92,230  

Series K2, 6.95%, 03/15/33(a)

    665       744,478  

Series Z, 2.40%, 09/01/26 (Call 06/01/26)(a)

    741       683,376  

CenterPoint Energy Inc.

   

1.45%, 06/01/26 (Call 05/01/26)

    912       819,617  

2.50%, 09/01/24 (Call 08/01/24)

    462       446,576  

2.65%, 06/01/31 (Call 03/01/31)

    560       459,206  

2.95%, 03/01/30 (Call 12/01/29)

    967       832,407  

3.70%, 09/01/49 (Call 03/01/49)

    850       606,062  

5.25%, 08/10/26

    350       348,696  

Cleco Corporate Holdings LLC

   

3.38%, 09/15/29 (Call 06/15/29)

    549       465,070  

3.74%, 05/01/26 (Call 02/01/26)

    842       790,727  

4.97%, 05/01/46 (Call 11/01/45)

    442       354,594  
Security  

Par

(000)

    Value  
Electric (continued)            

Cleco Power LLC

   

6.00%, 12/01/40(a)

  $ 370     $ 351,127  

6.50%, 12/01/35

    527       524,807  

Cleveland Electric Illuminating Co. (The)

   

3.50%, 04/01/28 (Call 01/01/28)(b)

    345       317,077  

4.55%, 11/15/30 (Call 08/15/30)(b)

    775       726,832  

5.95%, 12/15/36

    712       703,660  

CMS Energy Corp.

   

2.95%, 02/15/27 (Call 11/15/26)(a)

    422       386,359  

3.00%, 05/15/26 (Call 02/15/26)

    370       347,516  

3.45%, 08/15/27 (Call 05/15/27)

    630       587,184  

3.60%, 11/15/25 (Call 08/15/25)

    765       729,987  

3.75%, 12/01/50 (Call 09/01/30),
(5-year CMT + 2.900%)(d)

    526       396,154  

4.70%, 03/31/43 (Call 09/30/42)

    582       496,813  

4.75%, 06/01/50 (Call 03/01/30),
(5-year CMT + 4.116%)(d)

    369       322,292  

4.88%, 03/01/44 (Call 09/01/43)(a)

    563       500,313  

Colbun SA

   

3.15%, 03/06/30 (Call 12/06/29)(a)(b)

    280       239,858  

3.15%, 01/19/32 (Call 10/19/31)(b)

    210       174,430  

3.95%, 10/11/27 (Call 07/11/27)(b)

    572       533,780  

Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(b)

    394       375,982  

Comision Federal de Electricidad

   

3.35%, 02/09/31 (Call 11/09/30)(b)

     1,205       955,661  

3.88%, 07/26/33 (Call 04/26/33)(a)(b)

    846       656,692  

4.68%, 02/09/51 (Call 08/09/50)(b)

    482       323,140  

4.69%, 05/15/29 (Call 03/15/29)(b)

    1,067       966,989  

4.75%, 02/23/27(a)(b)

    1,060        1,024,739  

5.75%, 02/14/42(a)(b)

    462       394,734  

6.26%, 02/15/52 (Call 08/15/51)(b)

    970       818,664  

Commonwealth Edison Co.

   

2.20%, 03/01/30 (Call 12/01/29)

    742       621,133  

2.55%, 06/15/26 (Call 03/15/26)(a)

    1,126       1,052,370  

3.00%, 03/01/50 (Call 09/01/49)

    716       474,069  

3.10%, 11/01/24 (Call 08/01/24)

    100       97,102  

3.15%, 03/15/32 (Call 12/15/31)

    340       293,212  

3.65%, 06/15/46 (Call 12/15/45)

    819       616,000  

3.70%, 08/15/28 (Call 05/15/28)(a)

    754       711,939  

3.70%, 03/01/45 (Call 09/01/44)

    997       768,278  

3.80%, 10/01/42 (Call 04/01/42)

    389       308,565  

4.00%, 03/01/48 (Call 09/01/47)

    855       688,532  

4.00%, 03/01/49 (Call 09/01/48)(a)

    935       745,760  

4.35%, 11/15/45 (Call 05/15/45)

    445       374,498  

4.60%, 08/15/43 (Call 02/15/43)

    417       370,482  

4.70%, 01/15/44 (Call 07/15/43)

    410       362,639  

4.90%, 02/01/33 (Call 11/01/32)(a)

    235       230,665  

5.30%, 02/01/53 (Call 08/01/52)

    550       538,541  

6.45%, 01/15/38

    734       789,533  

Series 122, 2.95%, 08/15/27 (Call 05/15/27)

    730       679,529  

Series 123, 3.75%, 08/15/47 (Call 02/15/47)

    806       616,419  

Series 127, 3.20%, 11/15/49 (Call 05/15/49)

    411       281,263  

Series 130, 3.13%, 03/15/51 (Call 09/15/50)

    595       401,077  

Series 131, 2.75%, 09/01/51 (Call 03/01/51)

    335       205,477  

Series 133, 3.85%, 03/15/52 (Call 09/15/51)

    490       372,107  

Connecticut Light & Power Co. (The)

   

4.00%, 04/01/48 (Call 10/01/47)

    790       643,148  

4.30%, 04/15/44 (Call 10/15/43)

    490       412,662  

4.90%, 07/01/33 (Call 04/01/33)(a)

    350       344,880  
 

 

 

58  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

5.25%, 01/15/53 (Call 07/15/52)

  $ 760     $ 742,267  

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

    334       302,459  

Series A, 2.05%, 07/01/31 (Call 04/01/31)

    785       632,467  

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

    767       721,002  

Series A, 4.15%, 06/01/45 (Call 12/01/44)(a)

    315       260,726  

Consolidated Edison Co. of New York Inc.

   

2.40%, 06/15/31 (Call 03/15/31)(a)

     1,007       834,832  

3.20%, 12/01/51 (Call 06/01/51)

    525       351,719  

3.30%, 12/01/24 (Call 09/01/24)

    77       74,797  

3.60%, 06/15/61 (Call 12/15/60)

    660       455,092  

3.70%, 11/15/59 (Call 05/15/59)

    1,070       755,160  

3.80%, 05/15/28 (Call 02/15/28)

    495       468,334  

3.85%, 06/15/46 (Call 12/15/45)

    718       547,738  

3.95%, 03/01/43 (Call 09/01/42)

    855       679,777  

4.45%, 03/15/44 (Call 09/15/43)

    1,092       930,318  

4.50%, 12/01/45 (Call 06/01/45)

    715       603,382  

4.50%, 05/15/58 (Call 11/15/57)

    704       573,526  

4.63%, 12/01/54 (Call 06/01/54)

    805       683,270  

5.20%, 03/01/33 (Call 12/01/32)(a)

    645       644,077  

5.70%, 06/15/40

    355       349,165  

6.15%, 11/15/52 (Call 05/15/52)

    910       975,567  

Series 05-A, 5.30%, 03/01/35(a)

    599       584,370  

Series 06-A, 5.85%, 03/15/36

    475       477,839  

Series 06-B, 6.20%, 06/15/36

    445       462,718  

Series 06-E, 5.70%, 12/01/36

    610       605,926  

Series 07-A, 6.30%, 08/15/37

    683       717,468  

Series 08-B, 6.75%, 04/01/38

    869       952,973  

Series 09-C, 5.50%, 12/01/39

    583       562,291  

Series 12-A, 4.20%, 03/15/42

    829       683,389  

Series 2017, 3.88%, 06/15/47 (Call 12/15/46)

    699       535,054  

Series 20A, 3.35%, 04/01/30 (Call 01/01/30)

    1,076       970,246  

Series 20B, 3.95%, 04/01/50 (Call 10/01/49)

    1,160       918,255  

Series A, 4.13%, 05/15/49 (Call 11/15/48)

    690       546,060  

Series B, 2.90%, 12/01/26 (Call 09/01/26)(a)

    440       402,204  

Series B, 3.13%, 11/15/27 (Call 08/15/27)

    457       422,667  

Series C, 3.00%, 12/01/60 (Call 06/01/60)(a)

    515       314,914  

Series C, 4.00%, 11/15/57 (Call 05/15/57)(a)

    300       230,071  

Series C, 4.30%, 12/01/56 (Call 06/01/56)

    566       446,804  

Series D, 4.00%, 12/01/28 (Call 09/01/28)

    125       119,339  

Series E, 4.65%, 12/01/48 (Call 06/01/48)

    743       638,881  

Consorcio Transmantaro SA

   

4.70%, 04/16/34(b)

    930       856,070  

5.20%, 04/11/38 (Call 01/11/38)(b)

    345       318,492  

Constellation Energy Generation LLC

   

3.25%, 06/01/25 (Call 05/01/25)(a)

    1,371        1,312,274  

5.60%, 03/01/28 (Call 02/01/28)

    680       684,500  

5.60%, 06/15/42 (Call 12/15/41)

    740       697,607  

5.80%, 03/01/33 (Call 12/01/32)

    720       733,448  

6.25%, 10/01/39

    790       800,007  

Consumers Energy Co.

   

2.50%, 05/01/60 (Call 11/01/59)(a)

    395       218,281  

3.10%, 08/15/50 (Call 02/15/50)(a)

    680       467,680  

3.13%, 08/31/24 (Call 05/31/24)(a)

    245       238,467  

3.25%, 08/15/46 (Call 02/15/46)

    440       315,758  

3.50%, 08/01/51 (Call 02/01/51)

    775       571,429  

3.60%, 08/15/32 (Call 02/15/32)

    200       179,141  

3.75%, 02/15/50 (Call 08/15/49)

    408       315,514  

3.80%, 11/15/28 (Call 08/15/28)

    631       594,245  

3.95%, 05/15/43 (Call 11/15/42)

    530       428,619  

3.95%, 07/15/47 (Call 01/15/47)

    525       420,683  
Security  

Par

(000)

    Value  
Electric (continued)            

4.05%, 05/15/48 (Call 11/15/47)

  $ 603     $ 490,076  

4.10%, 11/15/45 (Call 05/15/45)

    45       35,224  

4.20%, 09/01/52 (Call 03/01/52)

    255       210,496  

4.35%, 04/15/49 (Call 10/15/48)

    631       540,068  

4.35%, 08/31/64 (Call 02/28/64)

    195       153,129  

4.63%, 05/15/33 (Call 11/15/32)

     1,085        1,051,995  

4.65%, 03/01/28 (Call 01/01/28)(a)

    665       658,395  

4.90%, 02/15/29 (Call 12/15/28)

    525       521,301  

Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48)

    575       435,238  

Delmarva Power & Light Co.

   

4.00%, 06/01/42 (Call 12/01/41)(a)

    175       135,358  

4.15%, 05/15/45 (Call 11/15/44)

    486       388,967  

Dominion Energy Inc.

   

3.90%, 10/01/25 (Call 07/01/25)

    349       337,361  

4.25%, 06/01/28 (Call 03/01/28)

    673       641,786  

4.35%, 08/15/32 (Call 05/15/32)(a)

    605       559,268  

4.70%, 12/01/44 (Call 06/01/44)

    645       541,121  

4.85%, 08/15/52 (Call 02/15/52)

    820       699,150  

5.38%, 11/15/32 (Call 08/15/32)(a)

    780       767,916  

5.75%, 10/01/54 (Call 10/01/24),
(3-mo. LIBOR US + 3.057%)(d)

    458       439,219  

7.00%, 06/15/38

    616       666,657  

Series A, 1.45%, 04/15/26 (Call 03/15/26)

    1,043       940,897  

Series A, 3.30%, 03/15/25 (Call 02/15/25)(a)

    783       756,028  

Series A, 4.60%, 03/15/49 (Call 09/15/48)

    359       298,211  

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

    635       456,257  

Series B, 3.60%, 03/15/27 (Call 01/15/27)

    415       391,384  

Series B, 5.95%, 06/15/35(a)

    870       888,022  

Series C, 2.25%, 08/15/31 (Call 05/15/31)

    840       669,070  

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

    1,466       1,292,699  

Series C, 4.05%, 09/15/42 (Call 03/15/42)

    669       516,448  

Series C, 4.90%, 08/01/41 (Call 02/01/41)

    886       777,403  

Series D, 2.85%, 08/15/26 (Call 05/15/26)

    819       761,450  

Series E, 6.30%, 03/15/33(a)

    390       407,658  

Series F, 5.25%, 08/01/33

    614       592,073  

Dominion Energy South Carolina Inc.

   

4.60%, 06/15/43 (Call 12/15/42)

    387       341,378  

5.10%, 06/01/65 (Call 12/01/64)(a)

    450       417,923  

5.30%, 05/15/33(a)

    630       633,344  

5.45%, 02/01/41 (Call 08/01/40)

    380       367,824  

6.05%, 01/15/38

    681       706,160  

6.63%, 02/01/32(a)

    542       590,523  

Series A, 2.30%, 12/01/31 (Call 09/01/31)

    360       289,127  

DTE Electric Co.

   

2.25%, 03/01/30 (Call 12/01/29)(a)

    489       415,022  

2.95%, 03/01/50 (Call 09/01/49)

    465       308,536  

3.38%, 03/01/25 (Call 12/01/24)

    372       361,082  

3.70%, 03/15/45 (Call 09/15/44)

    523       399,157  

3.70%, 06/01/46 (Call 12/01/45)(a)

    639       480,290  

3.75%, 08/15/47 (Call 02/15/47)

    772       588,287  

3.95%, 06/15/42 (Call 12/15/41)(a)

    359       290,246  

3.95%, 03/01/49 (Call 09/01/48)

    694       549,569  

4.30%, 07/01/44 (Call 01/01/44)

    430       360,860  

5.20%, 04/01/33 (Call 01/01/33)

    710       712,649  

5.40%, 04/01/53 (Call 10/01/52)

    750       745,849  

5.70%, 10/01/37(a)

    176       173,583  

Series A, 1.90%, 04/01/28 (Call 02/01/28)(a)

    610       535,057  

Series A, 3.00%, 03/01/32 (Call 12/01/31)

    660       563,554  

Series A, 4.00%, 04/01/43 (Call 10/01/42)

    378       305,277  
 

 

 

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

  59


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Series A, 4.05%, 05/15/48 (Call 11/15/47)

  $ 620     $ 502,319  

Series A, 6.63%, 06/01/36

    130       143,083  

Series B, 3.25%, 04/01/51 (Call 10/01/50)

    287       199,722  

Series B, 3.65%, 03/01/52 (Call 09/01/51)

    275       205,187  

Series C, 2.63%, 03/01/31 (Call 12/01/30)

    753       640,572  

DTE Energy Co.

   

2.85%, 10/01/26 (Call 07/01/26)

     1,105        1,022,969  

2.95%, 03/01/30 (Call 12/01/29)(a)

    459       394,600  

4.88%, 06/01/28 (Call 05/01/28)

    645       630,687  

Series C, 2.53%, 10/01/24(c)

    599       578,033  

Series C, 3.40%, 06/15/29 (Call 03/15/29)

    1,003       899,230  

Series F, 1.05%, 06/01/25 (Call 05/01/25)

    968       892,481  

Duke Energy Carolinas LLC

   

2.45%, 08/15/29 (Call 05/15/29)

    736       634,192  

2.45%, 02/01/30 (Call 11/01/29)

    523       448,991  

2.55%, 04/15/31 (Call 01/15/31)

    537       454,592  

2.85%, 03/15/32 (Call 12/15/31)

    460       388,165  

2.95%, 12/01/26 (Call 09/01/26)(a)

    991       932,658  

3.20%, 08/15/49 (Call 02/15/49)

    969       665,960  

3.45%, 04/15/51 (Call 10/15/50)

    390       274,816  

3.55%, 03/15/52 (Call 09/15/51)

    795       578,142  

3.70%, 12/01/47 (Call 06/01/47)

    702       530,510  

3.75%, 06/01/45 (Call 12/01/44)

    729       552,842  

3.88%, 03/15/46 (Call 09/15/45)

    643       494,957  

3.95%, 11/15/28 (Call 08/15/28)

    772       735,145  

3.95%, 03/15/48 (Call 09/15/47)

    564       442,948  

4.00%, 09/30/42 (Call 03/30/42)

    682       553,185  

4.25%, 12/15/41 (Call 06/15/41)

    870       736,426  

4.95%, 01/15/33 (Call 10/15/32)

    1,270       1,250,974  

5.30%, 02/15/40

    682       664,149  

5.35%, 01/15/53 (Call 07/15/52)

    870       845,617  

5.40%, 01/15/54 (Call 07/15/53)

    511       501,014  

6.00%, 01/15/38

    712       739,571  

6.05%, 04/15/38

    1,397       1,450,563  

6.10%, 06/01/37

    536       553,503  

6.45%, 10/15/32

    615       658,039  

Series A, 6.00%, 12/01/28(a)

    791       820,570  

Duke Energy Corp.

   

0.90%, 09/15/25 (Call 08/15/25)

    1,279       1,167,581  

2.45%, 06/01/30 (Call 03/01/30)

    948       788,572  

2.55%, 06/15/31 (Call 03/15/31)

    934       762,866  

2.65%, 09/01/26 (Call 06/01/26)

    1,482       1,371,184  

3.15%, 08/15/27 (Call 05/15/27)(a)

    982       907,952  

3.25%, 01/15/82 (Call 01/15/27),
(5-year CMT + 2.321%)(d)

    459       338,055  

3.30%, 06/15/41 (Call 12/15/40)

    1,019       730,420  

3.40%, 06/15/29 (Call 03/15/29)

    605       547,054  

3.50%, 06/15/51 (Call 12/15/50)

    944       649,077  

3.75%, 09/01/46 (Call 03/01/46)

    2,000       1,463,607  

3.95%, 08/15/47 (Call 02/15/47)

    706       528,486  

4.20%, 06/15/49 (Call 12/15/48)

    798       620,448  

4.30%, 03/15/28 (Call 02/15/28)

    1,210       1,164,965  

4.50%, 08/15/32 (Call 05/15/32)

    1,385       1,288,806  

4.80%, 12/15/45 (Call 06/15/45)

    647       559,414  

5.00%, 12/08/25

    466       461,438  

5.00%, 12/08/27 (Call 11/08/27)

    905       897,825  

5.00%, 08/15/52 (Call 02/15/52)(a)

    1,330       1,165,651  

Duke Energy Florida LLC

   

1.75%, 06/15/30 (Call 03/15/30)(a)

    430       346,379  

2.40%, 12/15/31 (Call 09/15/31)

    742       605,556  
Security  

Par

(000)

    Value  
Electric (continued)            

2.50%, 12/01/29 (Call 09/01/29)

  $ 696     $ 600,228  

3.00%, 12/15/51 (Call 06/15/51)

    520       340,478  

3.20%, 01/15/27 (Call 10/15/26)

    912       862,177  

3.40%, 10/01/46 (Call 04/01/46)

    714       513,247  

3.80%, 07/15/28 (Call 04/15/28)

    653       621,643  

3.85%, 11/15/42 (Call 05/15/42)

    582       459,061  

4.20%, 07/15/48 (Call 01/15/48)

    467       382,370  

5.65%, 04/01/40

    650       648,028  

5.95%, 11/15/52 (Call 05/15/52)

    659       687,903  

6.35%, 09/15/37

    839       892,218  

6.40%, 06/15/38

    848       912,678  

Duke Energy Indiana LLC

   

2.75%, 04/01/50 (Call 10/01/49)

    800       487,846  

3.75%, 05/15/46 (Call 11/15/45)

    529       395,236  

5.40%, 04/01/53 (Call 10/01/52)

    645       626,921  

6.12%, 10/15/35(a)

    499       512,392  

6.35%, 08/15/38

    592       632,235  

6.45%, 04/01/39

    444       467,711  

Series UUU, 4.20%, 03/15/42 (Call 09/15/41)

    155       127,818  

Series WWW, 4.90%, 07/15/43 (Call 01/15/43)

    405       365,399  

Series YYY, 3.25%, 10/01/49 (Call 04/01/49)

    562       382,799  

Duke Energy Ohio Inc.

   

2.13%, 06/01/30 (Call 03/01/30)

    369       303,716  

3.65%, 02/01/29 (Call 11/01/28)

    354       330,052  

3.70%, 06/15/46 (Call 12/15/45)

    350       257,650  

4.30%, 02/01/49 (Call 08/01/48)

    529       428,982  

5.25%, 04/01/33 (Call 01/01/33)

    440       441,060  

5.65%, 04/01/53 (Call 10/01/52)

    385       382,961  

Duke Energy Progress LLC

   

2.00%, 08/15/31 (Call 05/15/31)

    840       668,732  

2.50%, 08/15/50 (Call 02/15/50)

    467       275,293  

2.90%, 08/15/51 (Call 02/15/51)

    487       309,855  

3.25%, 08/15/25 (Call 05/15/25)

    684       658,708  

3.40%, 04/01/32 (Call 01/01/32)(a)

    650       571,470  

3.45%, 03/15/29 (Call 12/15/28)

    534       490,541  

3.60%, 09/15/47 (Call 03/15/47)

    566       420,495  

3.70%, 09/01/28 (Call 06/01/28)

    586       551,962  

3.70%, 10/15/46 (Call 04/15/46)

    641       478,630  

4.00%, 04/01/52 (Call 10/01/51)

    455       355,522  

4.10%, 05/15/42 (Call 11/15/41)

    744       613,077  

4.10%, 03/15/43 (Call 09/15/42)

    494       402,363  

4.15%, 12/01/44 (Call 06/01/44)

    697       568,751  

4.20%, 08/15/45 (Call 02/15/45)

    909       735,614  

4.38%, 03/30/44 (Call 09/30/43)

    468       396,056  

5.25%, 03/15/33 (Call 12/15/32)

    660       660,497  

5.35%, 03/15/53 (Call 09/15/52)

    545       528,553  

6.30%, 04/01/38

    550       580,334  

Duquesne Light Holdings Inc.

   

2.53%, 10/01/30 (Call 07/01/30)(b)

    507       404,062  

2.78%, 01/07/32 (Call 10/07/31)(b)

    755       582,551  

3.62%, 08/01/27 (Call 05/01/27)(b)

    564       511,220  

E.ON International Finance BV,
6.65%, 04/30/38(a)(b)

     1,390        1,458,497  

Edison International

   

3.55%, 11/15/24 (Call 10/15/24)

    622       604,108  

4.13%, 03/15/28 (Call 12/15/27)(a)

    855       799,624  

4.70%, 08/15/25

    560       547,575  

4.95%, 04/15/25 (Call 03/15/25)

    604       594,925  

5.25%, 11/15/28 (Call 10/15/28)

    1,825       1,781,716  

5.75%, 06/15/27 (Call 04/15/27)

    756       757,599  

6.95%, 11/15/29 (Call 09/15/29)(a)

    780       822,263  
 

 

 

60  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

EDP Finance BV

   

1.71%, 01/24/28(b)

  $  1,287     $  1,098,025  

6.30%, 10/11/27(b)

    1,045       1,071,232  

El Paso Electric Co.

   

5.00%, 12/01/44 (Call 06/01/44)(a)

    489       421,980  

6.00%, 05/15/35

    884       868,889  

Electricite de France SA

   

3.63%, 10/13/25 (Call 07/13/25)(b)

    1,242       1,201,168  

4.50%, 09/21/28 (Call 06/21/28)(a)(b)

    1,453       1,382,228  

4.75%, 10/13/35 (Call 04/13/35)(a)(b)

    392       348,964  

4.88%, 09/21/38 (Call 03/21/38)(a)(b)

    585       495,648  

4.88%, 01/22/44(b)

    811       670,904  

4.95%, 10/13/45 (Call 04/13/45)(b)

    969       788,802  

5.00%, 09/21/48 (Call 03/21/48)(a)(b)

    2,769       2,250,264  

5.25%, 10/13/55 (Call 04/13/55)(b)

    260       208,752  

5.60%, 01/27/40(a)(b)

    863       804,750  

5.70%, 05/23/28 (Call 04/23/28)(b)

    580       580,567  

6.00%, 01/22/2114(a)(b)

    662       581,535  

6.25%, 05/23/33(b)

    580       596,797  

6.90%, 05/23/53(b)

    1,580       1,648,753  

6.95%, 01/26/39(a)(b)

    1,644       1,742,350  

Elm Road Generating Station Supercritical LLC, 6.09%, 02/11/40(a)(b)

    200       197,794  

Emera U.S. Finance LP

   

2.64%, 06/15/31 (Call 03/15/31)(a)

    680       541,957  

3.55%, 06/15/26 (Call 03/15/26)

    1,380       1,305,603  

4.75%, 06/15/46 (Call 12/15/45)

    1,636       1,280,483  

Empresa de Transmision Electrica SA, 5.13%, 05/02/49(b)

    330       259,050  

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

    749       707,790  

Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)

    1,161       1,115,006  

Enel Finance America LLC

   

2.88%, 07/12/41 (Call 01/12/41)(b)

    850       533,435  

7.10%, 10/14/27 (Call 09/14/27)(b)

    1,460       1,524,552  

Enel Finance International NV

   

1.38%, 07/12/26 (Call 06/12/26)(b)

    2,175       1,928,950  

1.88%, 07/12/28 (Call 05/12/28)(a)(b)

    1,380       1,165,053  

2.25%, 07/12/31 (Call 04/12/31)(b)

    1,416       1,100,896  

2.65%, 09/10/24(b)

    958       926,707  

3.50%, 04/06/28(a)(b)

    1,655       1,506,117  

3.63%, 05/25/27(a)(b)

    740       696,275  

4.25%, 06/15/25(b)

    920       895,032  

4.63%, 06/15/27 (Call 05/15/27)(b)

    1,040       1,003,450  

4.75%, 05/25/47(a)(b)

    1,270       1,043,088  

4.88%, 06/14/29(b)

    815       779,222  

5.00%, 06/15/32 (Call 03/15/32)(b)

    1,435       1,341,870  

5.50%, 06/15/52 (Call 12/15/51)(b)

    1,343       1,177,347  

6.00%, 10/07/39(b)

    2,087       1,998,045  

6.80%, 10/14/25(b)

    1,220       1,244,039  

6.80%, 09/15/37(a)(b)

    1,015       1,050,793  

7.50%, 10/14/32 (Call 07/14/32)(b)

    1,120       1,231,900  

7.75%, 10/14/52 (Call 04/14/52)(a)(b)

    1,315       1,503,719  

Engie Energia Chile SA

   

3.40%, 01/28/30 (Call 10/28/29)(b)

    80       67,450  

4.50%, 01/29/25(b)

    320       309,361  

Entergy Arkansas LLC

   

2.65%, 06/15/51 (Call 12/15/50)

    680       405,938  

3.35%, 06/15/52 (Call 12/15/51)

    627       427,966  

3.50%, 04/01/26 (Call 01/01/26)

    773       741,385  

4.00%, 06/01/28 (Call 03/01/28)(a)

    415       395,941  
Security  

Par

(000)

    Value  
Electric (continued)            

4.20%, 04/01/49 (Call 10/01/48)

  $ 690     $ 550,445  

4.95%, 12/15/44 (Call 12/15/24)

    346       307,566  

5.15%, 01/15/33 (Call 10/15/32)(a)

    585       579,783  

5.30%, 09/15/33 (Call 06/15/33)

    100       99,790  

Entergy Corp.

   

0.90%, 09/15/25 (Call 08/15/25)(a)

     1,192        1,082,991  

1.90%, 06/15/28 (Call 04/15/28)(a)

    840       719,548  

2.40%, 06/15/31 (Call 03/05/31)

    979       781,480  

2.80%, 06/15/30 (Call 03/15/30)

    711       599,528  

2.95%, 09/01/26 (Call 06/01/26)

    971       902,105  

3.75%, 06/15/50 (Call 12/15/49)

    1,023       720,854  

Entergy Louisiana LLC

   

0.95%, 10/01/24 (Call 09/11/23)

    20       18,982  

1.60%, 12/15/30 (Call 09/15/30)

    521       403,416  

2.35%, 06/15/32 (Call 03/15/32)

    624       496,457  

2.40%, 10/01/26 (Call 07/01/26)

    554       507,920  

2.90%, 03/15/51 (Call 09/15/50)

    798       498,925  

3.05%, 06/01/31 (Call 03/01/31)

    393       337,236  

3.10%, 06/15/41 (Call 12/15/40)

    135       98,345  

3.12%, 09/01/27 (Call 06/01/27)

    761       704,387  

3.25%, 04/01/28 (Call 01/01/28)

    684       627,592  

4.00%, 03/15/33 (Call 12/15/32)

    589       528,460  

4.20%, 09/01/48 (Call 03/01/48)

    1,101       882,610  

4.20%, 04/01/50 (Call 10/01/49)

    790       632,520  

4.44%, 01/15/26 (Call 10/15/25)(a)

    5       4,931  

4.75%, 09/15/52 (Call 03/15/52)

    620       538,624  

4.95%, 01/15/45 (Call 01/15/25)

    479       423,037  

5.40%, 11/01/24

    462       461,005  

5.59%, 10/01/24

    191       191,287  

Entergy Mississippi LLC

   

2.85%, 06/01/28 (Call 03/01/28)(a)

    655       590,888  

3.50%, 06/01/51 (Call 03/01/51)(a)

    240       166,728  

3.85%, 06/01/49 (Call 12/01/48)

    452       337,500  

5.00%, 09/01/33 (Call 06/01/33)

    200       193,732  

Entergy Texas Inc.

   

1.75%, 03/15/31 (Call 12/15/30)

    723       566,188  

3.55%, 09/30/49 (Call 03/30/49)

    607       429,585  

4.00%, 03/30/29 (Call 12/30/28)

    275       257,525  

4.50%, 03/30/39 (Call 09/30/38)

    726       635,539  

5.00%, 09/15/52 (Call 03/15/52)

    280       250,389  

5.15%, 06/01/45 (Call 06/01/25)(a)

    178       161,720  

5.80%, 09/01/53 (Call 03/01/53)

    425       428,096  

Evergy Inc.

   

2.45%, 09/15/24 (Call 08/15/24)

    823       793,750  

2.90%, 09/15/29 (Call 06/15/29)

    1,479       1,286,776  

Evergy Kansas Central Inc.

   

2.55%, 07/01/26 (Call 04/01/26)

    70       65,266  

3.10%, 04/01/27 (Call 01/01/27)

    535       500,583  

3.25%, 12/01/25 (Call 09/01/25)

    884       842,629  

3.25%, 09/01/49 (Call 03/01/49)

    515       350,914  

3.45%, 04/15/50 (Call 10/15/49)

    360       253,857  

4.10%, 04/01/43 (Call 10/01/42)

    442       349,427  

4.13%, 03/01/42 (Call 09/01/41)

    565       459,953  

4.25%, 12/01/45 (Call 06/01/45)

    576       469,400  

4.63%, 09/01/43 (Call 03/01/43)(a)

    296       244,875  

5.70%, 03/15/53 (Call 09/15/52)(a)

    415       414,707  

Evergy Metro Inc.

   

3.65%, 08/15/25 (Call 05/15/25)(a)

    165       159,182  

4.20%, 06/15/47 (Call 12/15/46)(a)

    410       330,887  

4.20%, 03/15/48 (Call 09/15/47)

    497       403,483  
 

 

 

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

  61


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

4.95%, 04/15/33 (Call 01/15/33)

  $ 450     $ 437,766  

5.30%, 10/01/41 (Call 04/01/41)

    659       632,812  

Series 2019, 4.13%, 04/01/49 (Call 10/01/48)

    467       364,280  

Series 2020, 2.25%, 06/01/30 (Call 03/01/30)

    441        365,133  

Series B, 6.05%, 11/15/35(a)

    74       75,732  

Evergy Missouri West Inc.

   

3.75%, 03/15/32 (Call 12/15/31)(b)

    332       285,557  

5.15%, 12/15/27 (Call 11/15/27)(b)

    640       630,040  

Eversource Energy

   

2.55%, 03/15/31 (Call 12/15/30)

    620       509,422  

2.90%, 03/01/27 (Call 02/01/27)

    992       912,717  

3.35%, 03/15/26 (Call 12/15/25)(a)

    520       491,956  

3.38%, 03/01/32 (Call 12/01/31)

    700       599,290  

3.45%, 01/15/50 (Call 07/15/49)(a)

    820       576,750  

4.60%, 07/01/27 (Call 06/01/27)

    960       934,282  

4.75%, 05/15/26

    300       295,179  

5.13%, 05/15/33 (Call 02/15/33)

    570       551,527  

5.45%, 03/01/28 (Call 02/01/28)

     1,460       1,464,898  

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

    286       275,991  

Series L, 2.90%, 10/01/24 (Call 08/01/24)

    489       474,446  

Series M, 3.30%, 01/15/28 (Call 10/15/27)

    460       423,098  

Series O, 4.25%, 04/01/29 (Call 01/01/29)

    559       531,169  

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

    621       566,875  

Series R, 1.65%, 08/15/30 (Call 05/15/30)

    612       481,486  

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

    535       475,369  

Exelon Corp.

   

2.75%, 03/15/27 (Call 02/15/27)

    475       435,961  

3.35%, 03/15/32 (Call 12/15/31)

    585       502,631  

3.40%, 04/15/26 (Call 01/15/26)

    781       742,895  

3.95%, 06/15/25 (Call 03/15/25)

    883       856,642  

4.05%, 04/15/30 (Call 01/15/30)

    1,117       1,032,101  

4.10%, 03/15/52 (Call 09/15/51)(a)

    850       657,670  

4.45%, 04/15/46 (Call 10/15/45)

    819       677,010  

4.70%, 04/15/50 (Call 10/15/49)

    1,183       1,003,696  

4.95%, 06/15/35 (Call 12/15/34)

    262       244,578  

5.10%, 06/15/45 (Call 12/15/44)

    972       885,042  

5.15%, 03/15/28 (Call 02/15/28)

    740       734,652  

5.30%, 03/15/33 (Call 12/15/32)

    810       799,728  

5.60%, 03/15/53 (Call 09/15/52)

    890       858,681  

5.63%, 06/15/35

    800       796,604  

7.60%, 04/01/32

    685       767,628  

Exelon Generation Co. LLC, 5.75%, 10/01/41 (Call 04/01/41)(a)

    1,286       1,226,037  

FEL Energy VI Sarl, 5.75%, 12/01/40 (Call 12/01/37)(a)(b)

    649       551,362  

Fells Point Funding Trust, 3.05%, 01/31/27 (Call 12/31/26)(b)

    870       795,569  

FirstEnergy Transmission LLC

   

2.87%, 09/15/28 (Call 07/15/28)(b)

    904       793,419  

4.35%, 01/15/25 (Call 10/15/24)(b)

    904       880,089  

4.55%, 04/01/49 (Call 10/01/48)(b)

    685       553,591  

5.45%, 07/15/44 (Call 01/15/44)(b)

    470       426,072  

Florida Power & Light Co.

   

2.45%, 02/03/32 (Call 11/03/31)

    1,752       1,452,611  

2.85%, 04/01/25 (Call 03/01/25)

    1,852       1,781,430  

2.88%, 12/04/51 (Call 06/04/51)

    1,224       799,733  

3.13%, 12/01/25 (Call 06/01/25)

    1,277       1,222,974  

3.15%, 10/01/49 (Call 04/01/49)

    898       626,869  

3.70%, 12/01/47 (Call 06/01/47)

    939       732,030  

3.80%, 12/15/42 (Call 06/15/42)

    387       316,068  
Security  

Par

(000)

    Value  
Electric (continued)            

3.95%, 03/01/48 (Call 09/01/47)

  $  1,125     $ 913,473  

3.99%, 03/01/49 (Call 09/01/48)

    710       574,299  

4.05%, 06/01/42 (Call 12/01/41)

    635       533,705  

4.05%, 10/01/44 (Call 04/01/44)

    535       449,806  

4.13%, 02/01/42 (Call 08/01/41)

    740       627,108  

4.13%, 06/01/48 (Call 12/01/47)

    507       423,018  

4.40%, 05/15/28 (Call 03/15/28)

    510       498,889  

4.45%, 05/15/26 (Call 04/15/26)

    420       413,371  

4.63%, 05/15/30 (Call 03/15/30)

    475       465,716  

4.80%, 05/15/33 (Call 02/15/33)

    395       385,866  

4.95%, 06/01/35

    945       925,481  

5.05%, 04/01/28 (Call 03/01/28)

    515       517,418  

5.10%, 04/01/33 (Call 01/01/33)

    1,115        1,115,007  

5.13%, 06/01/41 (Call 12/01/40)(a)

    260       246,035  

5.25%, 02/01/41 (Call 08/01/40)

    650       633,630  

5.30%, 04/01/53 (Call 10/01/52)

    705       698,593  

5.63%, 04/01/34

    87       90,632  

5.65%, 02/01/37

    745       760,716  

5.69%, 03/01/40(a)

    1,115       1,141,657  

5.95%, 10/01/33(a)

    780       823,608  

5.95%, 02/01/38

    990       1,039,320  

5.96%, 04/01/39

    585       615,400  

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

    1,525       1,414,477  

Georgia Power Co.

   

3.25%, 04/01/26 (Call 01/01/26)(a)

    365       346,203  

3.25%, 03/30/27 (Call 12/30/26)

    530       493,424  

4.30%, 03/15/42(a)

    1,148       960,773  

4.30%, 03/15/43

    777       639,190  

4.65%, 05/16/28 (Call 03/16/28)

    535       521,718  

4.70%, 05/15/32 (Call 02/15/32)

    985       940,426  

4.95%, 05/17/33 (Call 11/17/32)

    835       807,941  

5.13%, 05/15/52 (Call 11/15/51)(a)

    885       820,933  

5.40%, 06/01/40(a)

    244       229,155  

Series 10-C, 4.75%, 09/01/40

    689       609,125  

Series A, 2.20%, 09/15/24 (Call 08/15/24)

    937       899,843  

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

    965       655,474  

Series B, 2.65%, 09/15/29 (Call 06/15/29)(a)

    983       847,038  

Series B, 3.70%, 01/30/50 (Call 07/30/49)

    702       519,459  

Great River Energy, 6.25%, 07/01/38(a)(b)

    256       264,828  

Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27)

    180       168,929  

Iberdrola International BV

   

5.81%, 03/15/25

    545       544,692  

6.75%, 07/15/36(a)

    1,020       1,110,883  

Idaho Power Co.

   

3.65%, 03/01/45 (Call 09/01/44)(a)

    65       44,501  

5.50%, 03/15/53 (Call 09/15/52)(a)

    485       476,425  

Series K, 4.20%, 03/01/48 (Call 09/01/47)

    635       519,108  

Indiana Michigan Power Co.

   

3.25%, 05/01/51 (Call 11/01/50)

    390       265,101  

3.85%, 05/15/28 (Call 02/15/28)(a)

    255       241,818  

4.25%, 08/15/48 (Call 02/15/48)

    570       457,462  

5.63%, 04/01/53 (Call 10/01/52)

    730       735,908  

6.05%, 03/15/37

    425       435,001  

Series K, 4.55%, 03/15/46 (Call 09/15/45)(a)

    505       438,860  

Series L, 3.75%, 07/01/47 (Call 01/01/47)

    407       306,521  

Indianapolis Power & Light Co.

   

4.05%, 05/01/46 (Call 11/01/45)(b)

    470       366,129  

4.70%, 09/01/45 (Call 03/01/45)(b)

    360       293,778  

5.65%, 12/01/32 (Call 09/01/32)(a)(b)

    790       794,131  
 

 

 

62  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Infraestructura Energetica Nova SAB de CV

   

3.75%, 01/14/28(b)

  $ 55     $ 50,597  

4.75%, 01/15/51(b)

    450        334,957  

4.88%, 01/14/48(a)(b)

    487       369,520  

Interchile SA, 4.50%, 06/30/56(b)

     1,225       959,448  

Interconexion Electrica SA ESP, 3.83%, 11/26/33 (Call 08/26/33)(b)

    119       98,177  

Interstate Power & Light Co.

   

2.30%, 06/01/30 (Call 03/01/30)

    429       351,876  

3.10%, 11/30/51 (Call 05/30/51)

    165       104,282  

3.25%, 12/01/24 (Call 09/01/24)

    595       577,869  

3.40%, 08/15/25 (Call 05/15/25)

    320       306,321  

3.50%, 09/30/49 (Call 03/30/49)(a)

    530       372,026  

3.60%, 04/01/29 (Call 01/01/29)

    264       242,727  

3.70%, 09/15/46 (Call 03/15/46)

    390       282,359  

4.10%, 09/26/28 (Call 06/26/28)(a)

    555       528,358  

4.70%, 10/15/43 (Call 04/15/43)(a)

    372       306,178  

6.25%, 07/15/39(a)

    486       497,721  

IPALCO Enterprises Inc.

   

3.70%, 09/01/24 (Call 07/01/24)

    355       345,434  

4.25%, 05/01/30 (Call 02/01/30)

    615       553,480  

Israel Electric Corp. Ltd.

   

4.25%, 08/14/28(b)

    1,470       1,366,544  

7.75%, 12/15/27(b)

    100       105,822  

Series 6, 5.00%, 11/12/24(b)

    1,000       986,000  

ITC Holdings Corp.

   

2.95%, 05/14/30 (Call 02/14/30)(b)

    892       762,380  

3.25%, 06/30/26 (Call 03/30/26)

    860       813,020  

3.35%, 11/15/27 (Call 08/15/27)

    847       786,365  

4.95%, 09/22/27 (Call 08/22/27)(b)

    1,055       1,037,882  

5.30%, 07/01/43 (Call 01/01/43)

    850       782,598  

5.40%, 06/01/33(b)

    410       402,827  

Jersey Central Power & Light Co.

   

2.75%, 03/01/32 (Call 12/01/31)(a)(b)

    345       280,900  

4.30%, 01/15/26 (Call 10/15/25)(b)

    960       930,777  

6.15%, 06/01/37(a)

    153       156,379  

Kallpa Generacion SA, 4.13%, 08/16/27 (Call 05/16/27)(b)

    660       613,237  

Kentucky Utilities Co.

   

3.30%, 10/01/25 (Call 07/01/25)

    690       657,809  

3.30%, 06/01/50 (Call 12/01/49)

    685       471,690  

4.38%, 10/01/45 (Call 04/01/45)

    517       423,509  

5.13%, 11/01/40 (Call 05/01/40)

    1,035       969,517  

5.45%, 04/15/33 (Call 01/15/33)

    280       282,817  

Series 1, 4.65%, 11/15/43 (Call 05/15/43)

    269       229,292  

Korea East-West Power Co. Ltd.

   

1.75%, 05/06/25(b)

    1,360       1,275,761  

3.60%, 05/06/25(a)(b)

    135       130,610  

Korea Southern Power Co. Ltd., 0.75%, 01/27/26(b)

    520       463,724  

Liberty Utilities Finance GP 1, 2.05%, 09/15/30 (Call 06/15/30)(a)(b)

    1,258       999,926  

LLPL Capital Pte Ltd., 6.88%, 02/04/39(a)(b)

    459       404,503  

Louisville Gas & Electric Co.

   

4.25%, 04/01/49 (Call 10/01/48)

    517       419,557  

4.38%, 10/01/45 (Call 04/01/45)

    1,268       1,034,100  

4.65%, 11/15/43 (Call 05/15/43)(a)

    435       362,738  

5.13%, 11/15/40 (Call 05/15/40)

    355       320,235  

5.45%, 04/15/33 (Call 01/15/33)

    240       242,684  

Series 25, 3.30%, 10/01/25 (Call 07/01/25)

    161       154,284  

Majapahit Holding BV, 7.88%, 06/29/37(b)

    145       164,674  
Security  

Par

(000)

    Value  
Electric (continued)            

Massachusetts Electric Co.

   

1.73%, 11/24/30 (Call 08/24/30)(a)(b)

  $ 534     $ 411,736  

4.00%, 08/15/46 (Call 02/15/46)(b)

    520       378,014  

5.90%, 11/15/39(b)

    705       693,715  

Metropolitan Edison Co.

   

4.00%, 04/15/25(a)(b)

    185       175,445  

4.30%, 01/15/29 (Call 10/15/28)(b)

    796       753,631  

5.20%, 04/01/28 (Call 03/01/28)(b)

    285       281,446  

Mexico Generadora de Energia S de rl, 5.50%, 12/06/32(b)

    193       185,555  

MidAmerican Energy Co.

   

2.70%, 08/01/52 (Call 02/01/52)

    785       476,362  

3.10%, 05/01/27 (Call 02/01/27)

    623       579,713  

3.15%, 04/15/50 (Call 10/15/49)

     1,290       872,109  

3.50%, 10/15/24 (Call 07/15/24)

    550       537,531  

3.65%, 04/15/29 (Call 01/15/29)

    1,302        1,213,275  

3.65%, 08/01/48 (Call 02/01/48)

    732       545,231  

3.95%, 08/01/47 (Call 02/01/47)

    735       575,337  

4.25%, 05/01/46 (Call 11/01/45)(a)

    536       438,977  

4.25%, 07/15/49 (Call 01/15/49)

    1,277       1,049,798  

4.40%, 10/15/44 (Call 04/15/44)(a)

    598       506,152  

4.80%, 09/15/43 (Call 03/15/43)(a)

    573       516,586  

5.75%, 11/01/35(a)

    305       312,797  

5.80%, 10/15/36

    700       716,451  

6.75%, 12/30/31

    1,105       1,214,077  

Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28 (Call 02/15/28)(b)

    968       916,942  

Minejesa Capital BV

   

4.63%, 08/10/30(b)

    889       802,288  

5.63%, 08/10/37(b)

    375       294,314  

Mississippi Power Co.

   

3.95%, 03/30/28 (Call 12/30/27)

    929       875,247  

Series 12-A, 4.25%, 03/15/42(a)

    603       493,194  

Series B, 3.10%, 07/30/51 (Call 01/30/51)(a)

    416       265,502  

Monongahela Power Co.

   

3.55%, 05/15/27 (Call 02/15/27)(b)

    555       519,860  

5.40%, 12/15/43 (Call 06/15/43)(a)(b)

    465       435,580  

Narragansett Electric Co. (The)

   

3.40%, 04/09/30 (Call 01/09/30)(a)(b)

    732       648,824  

3.92%, 08/01/28 (Call 05/01/28)(a)(b)

    215       203,463  

4.17%, 12/10/42(b)

    380       285,708  

5.64%, 03/15/40(b)

    261       249,145  

National Grid PLC

   

5.60%, 06/12/28 (Call 05/12/28)(a)

    360       360,768  

5.81%, 06/12/33 (Call 03/12/33)

    350       350,687  

National Grid USA

   

5.80%, 04/01/35

    420       414,005  

8.00%, 11/15/30

    125       136,846  

National Rural Utilities Cooperative Finance Corp.

   

1.00%, 06/15/26 (Call 05/15/26)

    967       864,105  

1.35%, 03/15/31 (Call 12/15/30)

    539       407,750  

1.65%, 06/15/31 (Call 03/15/31)

    523       401,067  

1.88%, 02/07/25

    680       645,949  

2.40%, 03/15/30 (Call 12/15/29)

    510       429,945  

2.75%, 04/15/32 (Call 01/15/32)

    280       229,467  

2.85%, 01/27/25 (Call 10/27/24)

    307       296,353  

3.05%, 04/25/27 (Call 01/25/27)

    610       568,919  

3.25%, 11/01/25 (Call 08/01/25)

    378       361,688  

3.40%, 02/07/28 (Call 11/07/27)

    446       415,498  

3.45%, 06/15/25(a)

    640       617,063  
 

 

 

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

  63


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

3.70%, 03/15/29 (Call 12/15/28)(a)

  $ 592     $ 548,791  

3.90%, 11/01/28 (Call 08/01/28)

    424       400,069  

4.02%, 11/01/32 (Call 05/01/32)

    326       295,042  

4.15%, 12/15/32 (Call 09/15/32)(a)

    597       545,427  

4.30%, 03/15/49 (Call 09/15/48)

    438       355,751  

4.40%, 11/01/48 (Call 05/01/48)

    595       485,819  

4.45%, 03/13/26 (Call 02/13/26)

    270       265,159  

4.80%, 03/15/28 (Call 02/15/28)(a)

    905       894,868  

5.05%, 09/15/28 (Call 08/15/28)

    450       449,047  

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

    318       302,895  

5.45%, 10/30/25

    375       376,078  

5.80%, 01/15/33 (Call 07/15/32)

    915       944,458  

Series C, 8.00%, 03/01/32

    785       908,849  

Series D, 1.00%, 10/18/24

    465       441,283  

Nevada Power Co.

   

5.38%, 09/15/40 (Call 03/15/40)(a)

    542       518,339  

5.45%, 05/15/41 (Call 11/15/40)(a)

    185       175,159  

5.90%, 05/01/53 (Call 11/01/52)(a)

    325       326,715  

Series CC, 3.70%, 05/01/29 (Call 02/01/29)(a)

    714       661,934  

Series DD, 2.40%, 05/01/30 (Call 02/01/30)

    521       435,679  

Series EE, 3.13%, 08/01/50 (Call 02/01/50)

    555       352,261  

Series N, 6.65%, 04/01/36

    730       773,560  

Series R, 6.75%, 07/01/37

    185       199,021  

New England Power Co.

   

2.81%, 10/06/50 (Call 04/06/50)(b)

    515       322,425  

3.80%, 12/05/47 (Call 06/05/47)(b)

    385       294,150  

5.94%, 11/25/52 (Call 05/25/52)(b)

    430       433,255  

New York State Electric & Gas Corp.

   

2.15%, 10/01/31 (Call 07/01/31)(a)(b)

    720       552,985  

3.25%, 12/01/26 (Call 09/01/26)(b)

    307       284,534  

3.30%, 09/15/49 (Call 03/15/49)(b)

    557       365,326  

5.65%, 08/15/28 (Call 07/15/28)(b)

    5       5,020  

5.85%, 08/15/33 (Call 05/15/33)(b)

    10       10,181  

NextEra Energy Capital Holdings Inc.

   

1.88%, 01/15/27 (Call 12/15/26)

     1,295        1,157,413  

1.90%, 06/15/28 (Call 04/15/28)

    757       650,275  

2.25%, 06/01/30 (Call 03/01/30)

    1,987       1,633,342  

2.44%, 01/15/32 (Call 10/15/31)

    1,644       1,315,605  

2.75%, 11/01/29 (Call 08/01/29)

    1,440       1,244,479  

3.00%, 01/15/52 (Call 07/15/51)(a)

    780       496,003  

3.50%, 04/01/29 (Call 01/01/29)

    940       857,251  

3.55%, 05/01/27 (Call 02/01/27)

    1,340       1,262,991  

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

    477       400,390  

4.26%, 09/01/24

    400       393,640  

4.45%, 06/20/25

    1,125       1,101,799  

4.63%, 07/15/27 (Call 06/15/27)

    1,450       1,414,064  

4.80%, 12/01/77 (Call 12/01/27),
(3-mo. LIBOR US + 2.409%)(d)

    471       416,428  

4.90%, 02/28/28 (Call 01/28/28)

    1,815       1,783,576  

5.00%, 02/28/30 (Call 12/28/29)

    1,010       990,366  

5.00%, 07/15/32 (Call 04/15/32)(a)

    985       951,740  

5.05%, 02/28/33 (Call 11/28/32)(a)

    1,460       1,413,055  

5.25%, 02/28/53 (Call 08/28/52)

    1,285       1,189,775  

5.65%, 05/01/79 (Call 05/01/29),
(3-mo. LIBOR US + 3.156%)(a)(d)

    791       733,115  

Niagara Mohawk Power Corp.

   

1.96%, 06/27/30 (Call 03/27/30)(b)

    761       604,459  

2.76%, 01/10/32 (Call 10/10/31)(b)

    610       493,224  
Security  

Par

(000)

    Value  
Electric (continued)            

3.03%, 06/27/50 (Call 12/27/49)(b)

  $  445     $  283,052  

3.51%, 10/01/24 (Call 07/01/24)(b)

    525       509,222  

4.12%, 11/28/42(b)

    305       237,408  

4.28%, 12/15/28 (Call 09/15/28)(b)

    433       406,370  

4.28%, 10/01/34 (Call 04/01/34)(b)

    121       105,020  

5.78%, 09/16/52 (Call 03/16/52)(a)(b)

    805       789,139  

Northern States Power Co./MN

   

2.25%, 04/01/31 (Call 10/01/30)

    410       339,249  

2.60%, 06/01/51 (Call 12/01/50)

    482       294,491  

2.90%, 03/01/50 (Call 09/01/49)(a)

    691       454,590  

3.20%, 04/01/52 (Call 10/01/51)

    337       228,630  

3.40%, 08/15/42 (Call 02/15/42)

    436       331,452  

3.60%, 05/15/46 (Call 11/15/45)(a)

    399       302,497  

3.60%, 09/15/47 (Call 03/15/47)

    601       454,097  

4.00%, 08/15/45 (Call 02/15/45)(a)

    511       404,853  

4.13%, 05/15/44 (Call 11/15/43)(a)

    332       273,781  

4.50%, 06/01/52 (Call 12/01/51)

    565       487,486  

4.85%, 08/15/40 (Call 02/15/40)(a)

    396       354,156  

5.10%, 05/15/53 (Call 11/15/52)

    550       519,933  

5.25%, 07/15/35(a)

    170       168,096  

5.35%, 11/01/39(a)

    408       399,441  

6.20%, 07/01/37

    729       774,939  

6.25%, 06/01/36(a)

    710       761,431  

NorthWestern Corp., 4.18%, 11/15/44
(Call 05/15/44)(a)

    395       314,128  

NRG Energy Inc.

   

2.00%, 12/02/25 (Call 11/02/25)(a)(b)

    841       764,073  

2.45%, 12/02/27 (Call 10/02/27)(b)

    993       842,948  

4.45%, 06/15/29 (Call 03/15/29)(b)

    953       846,457  

7.00%, 03/15/33 (Call 12/15/32)(b)

    995       989,208  

NSTAR Electric Co.

   

1.95%, 08/15/31 (Call 05/15/31)

    382       301,433  

2.70%, 06/01/26 (Call 03/01/26)(a)

    270       250,892  

3.10%, 06/01/51 (Call 12/01/50)

    840       562,716  

3.20%, 05/15/27 (Call 02/15/27)(a)

    879       823,264  

3.25%, 11/15/25 (Call 08/15/25)(a)

    327       311,315  

3.25%, 05/15/29 (Call 02/15/29)(a)

    695       636,732  

3.95%, 04/01/30 (Call 01/01/30)

    440       409,982  

4.40%, 03/01/44 (Call 09/01/43)

    210       180,064  

4.55%, 06/01/52 (Call 12/01/51)

    644       558,123  

5.50%, 03/15/40(a)

    465       457,400  

Oglethorpe Power Corp.

   

3.75%, 08/01/50 (Call 02/01/50)

    275       195,834  

4.20%, 12/01/42

    930       700,716  

4.25%, 04/01/46 (Call 10/01/45)

    408       300,609  

4.55%, 06/01/44(a)

    555       433,870  

5.05%, 10/01/48 (Call 04/01/48)(a)

    384       330,922  

5.25%, 09/01/50

    435       386,276  

5.38%, 11/01/40

    505       455,181  

5.95%, 11/01/39

    586       578,848  

6.19%, 01/01/31(b)

    155       158,159  

Ohio Edison Co.

   

6.88%, 07/15/36

    555       602,828  

8.25%, 10/15/38(a)

    300       359,088  

Ohio Power Co.

   

4.00%, 06/01/49 (Call 12/01/48)

    370       289,098  

4.15%, 04/01/48 (Call 10/01/47)

    360       288,291  

5.00%, 06/01/33 (Call 03/01/33)

    225       219,270  

Series D, 6.60%, 03/01/33

    735       788,941  

Series F, 5.85%, 10/01/35(a)

    390       394,090  
 

 

 

64  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  
Electric (continued)            

Series G, 6.60%, 02/15/33(a)

  $ 405     $ 429,637  

Series P, 2.60%, 04/01/30 (Call 01/01/30)

    345       292,125  

Series Q, 1.63%, 01/15/31 (Call 10/15/30)(a)

    317       248,377  

Series R, 2.90%, 10/01/51 (Call 04/01/51)(a)

    500       316,192  

Oklahoma Gas & Electric Co.

   

3.25%, 04/01/30 (Call 10/01/29)

    651       575,044  

3.30%, 03/15/30 (Call 09/15/29)

    464       412,346  

3.80%, 08/15/28 (Call 02/15/28)(a)

    436       411,209  

3.85%, 08/15/47 (Call 02/15/47)

    345       259,900  

3.90%, 05/01/43 (Call 11/01/42)(a)

    160       119,019  

4.00%, 12/15/44 (Call 06/15/44)

    260       191,293  

4.15%, 04/01/47 (Call 10/01/46)

    1,465       1,156,829  

4.55%, 03/15/44 (Call 09/15/43)

    250       201,705  

5.25%, 05/15/41 (Call 11/15/40)

    65       57,989  

5.40%, 01/15/33 (Call 07/15/32)

    225       225,016  

5.60%, 04/01/53 (Call 10/01/52)(a)

    225       223,703  

5.85%, 06/01/40

    170       164,789  

Oncor Electric Delivery Co. LLC

   

0.55%, 10/01/25 (Call 09/01/25)

    814       740,601  

2.70%, 11/15/51 (Call 05/15/51)

    1,030       632,036  

2.75%, 05/15/30 (Call 02/15/30)

    520       449,136  

2.95%, 04/01/25 (Call 01/01/25)

    618       593,567  

3.10%, 09/15/49 (Call 03/15/49)

     1,103        749,055  

3.70%, 11/15/28 (Call 08/15/28)

    315       296,961  

3.70%, 05/15/50 (Call 11/15/49)

    689       517,594  

3.75%, 04/01/45 (Call 10/01/44)

    575       453,083  

3.80%, 09/30/47 (Call 03/30/47)

    615       480,604  

3.80%, 06/01/49 (Call 12/01/48)

    525       405,478  

4.10%, 11/15/48 (Call 05/15/48)

    573       466,929  

4.15%, 06/01/32 (Call 03/01/32)(a)

    325       302,768  

4.55%, 09/15/32 (Call 06/15/32)

    490       466,743  

4.55%, 12/01/41 (Call 06/01/41)(a)

    290       258,605  

4.60%, 06/01/52 (Call 12/01/51)

    660       587,490  

4.95%, 09/15/52 (Call 03/15/52)

    255       236,540  

5.25%, 09/30/40

    285       279,649  

5.30%, 06/01/42 (Call 12/01/41)(a)

    615       606,119  

5.35%, 10/01/52 (Call 04/01/52)

    497       486,530  

7.00%, 05/01/32

    520       580,993  

7.25%, 01/15/33

    605       691,000  

7.50%, 09/01/38

    440       524,318  

Pacific Gas and Electric Co.

   

2.10%, 08/01/27 (Call 06/01/27)(a)

    810       699,378  

2.50%, 02/01/31 (Call 11/01/30)

    2,087       1,628,599  

2.95%, 03/01/26 (Call 12/01/25)

    1,037       956,775  

3.00%, 06/15/28 (Call 04/15/28)

    670       582,891  

3.15%, 01/01/26

    1,200       1,118,084  

3.25%, 06/01/31 (Call 03/01/31)

    965       782,322  

3.30%, 03/15/27 (Call 12/15/26)

    575       523,726  

3.30%, 12/01/27 (Call 09/01/27)

    1,815       1,616,034  

3.30%, 08/01/40 (Call 02/01/40)

    1,266       848,449  

3.45%, 07/01/25

    807       766,107  

3.50%, 06/15/25 (Call 03/15/25)

    884       842,032  

3.50%, 08/01/50 (Call 02/01/50)(a)

    2,137       1,344,708  

3.75%, 07/01/28

    1,293       1,162,799  

3.75%, 08/15/42 (Call 02/15/42)

    509       340,200  

3.95%, 12/01/47 (Call 06/01/47)

    1,081       720,501  

4.00%, 12/01/46 (Call 06/01/46)

    838       554,499  

4.20%, 03/01/29 (Call 01/01/29)

    660       593,493  

4.20%, 06/01/41 (Call 12/01/40)

    660       477,539  

4.25%, 03/15/46 (Call 09/15/45)

    650       443,671  
Security   Par (000)     Value  
Electric (continued)            

4.30%, 03/15/45 (Call 09/15/44)

  $ 710     $ 496,572  

4.40%, 03/01/32 (Call 12/01/31)

    815       701,388  

4.45%, 04/15/42 (Call 10/15/41)(a)

    656       485,685  

4.50%, 07/01/40 (Call 01/01/40)

     2,130       1,640,320  

4.50%, 12/15/41 (Call 06/15/41)

    425       306,323  

4.55%, 07/01/30 (Call 01/01/30)

    3,092        2,780,522  

4.60%, 06/15/43 (Call 12/15/42)

    660       495,267  

4.65%, 08/01/28 (Call 05/01/28)(a)

    495       461,954  

4.75%, 02/15/44 (Call 08/15/43)(a)

    892       682,036  

4.95%, 06/08/25

    740       723,789  

4.95%, 07/01/50 (Call 01/01/50)

    3,631       2,807,581  

5.25%, 03/01/52 (Call 09/01/51)

    810       641,569  

5.45%, 06/15/27 (Call 05/15/27)

    850       831,040  

5.90%, 06/15/32 (Call 03/15/32)

    880       842,333  

6.10%, 01/15/29 (Call 12/15/28)

    715       706,603  

6.15%, 01/15/33 (Call 10/15/32)

    1,000       973,843  

6.40%, 06/15/33 (Call 03/15/33)

    685       675,656  

6.70%, 04/01/53 (Call 10/01/52)(a)

    655       636,815  

6.75%, 01/15/53 (Call 07/15/52)

    1,470       1,428,761  

PacifiCorp

   

2.70%, 09/15/30 (Call 06/15/30)

    352       293,932  

2.90%, 06/15/52 (Call 12/15/51)

    1,285       757,758  

3.30%, 03/15/51 (Call 09/15/50)

    617       393,231  

3.35%, 07/01/25 (Call 04/01/25)(a)

    295       281,378  

3.50%, 06/15/29 (Call 03/15/29)(a)

    445       402,095  

4.10%, 02/01/42 (Call 08/01/41)

    910       695,489  

4.13%, 01/15/49 (Call 07/15/48)

    567       414,557  

4.15%, 02/15/50 (Call 08/15/49)

    587       430,593  

5.25%, 06/15/35

    210       194,396  

5.35%, 12/01/53 (Call 06/01/53)

    1,185       1,021,247  

5.50%, 05/15/54 (Call 11/15/53)

    990       876,806  

5.75%, 04/01/37

    857       842,011  

6.00%, 01/15/39

    801       795,545  

6.10%, 08/01/36(a)

    529       534,710  

6.25%, 10/15/37

    698       714,087  

6.35%, 07/15/38(a)

    389       397,427  

7.70%, 11/15/31(a)

    142       160,741  

Palomino Funding Trust I, 7.23%, 05/17/28 (Call 04/17/28)(b)

    595       602,509  

PECO Energy Co.

   

2.80%, 06/15/50 (Call 12/15/49)(a)

    533       337,450  

2.85%, 09/15/51 (Call 03/15/51)

    470       296,076  

3.00%, 09/15/49 (Call 03/15/49)

    629       419,411  

3.05%, 03/15/51 (Call 09/15/50)(a)

    375       248,891  

3.15%, 10/15/25 (Call 07/15/25)(a)

    332       318,294  

3.70%, 09/15/47 (Call 03/15/47)

    450       344,709  

3.90%, 03/01/48 (Call 09/01/47)

    600       477,223  

4.15%, 10/01/44 (Call 04/01/44)

    455       373,840  

4.38%, 08/15/52 (Call 02/15/52)

    230       195,900  

4.60%, 05/15/52 (Call 11/15/51)

    505       442,213  

4.80%, 10/15/43 (Call 04/15/43)(a)

    715       628,398  

4.90%, 06/15/33 (Call 03/15/33)

    715       702,836  

5.95%, 10/01/36(a)

    185       192,587  

Pennsylvania Electric Co.

   

3.25%, 03/15/28 (Call 12/15/27)(b)

    675       614,564  

3.60%, 06/01/29 (Call 03/01/29)(b)

    310       282,098  

6.15%, 10/01/38(a)

    610       601,264  

Perusahaan Listrik Negara PT

   

3.88%, 07/17/29(b)

    575       520,203  

4.00%, 06/30/50 (Call 12/30/49)(b)

    890       618,707  
 

 

 

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

  65


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

4.13%, 05/15/27(b)

  $  1,342     $  1,272,056  

5.45%, 05/21/28(b)

    1,095       1,083,900  

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

   

3.00%, 06/30/30 (Call 03/30/30)(b)

    897       758,298  

3.38%, 02/05/30(b)

    225       195,280  

4.38%, 02/05/50(b)

    660       483,395  

4.88%, 07/17/49(a)(b)

    881       698,604  

5.25%, 10/24/42(b)

    1,058       921,942  

5.25%, 05/15/47(a)(b)

    470       399,376  

5.38%, 01/25/29(b)

    1,000       985,090  

6.15%, 05/21/48(b)

    1,500       1,412,828  

6.25%, 01/25/49(b)

    824       785,523  

Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)(a)

    807       744,954  

Potomac Electric Power Co.

   

4.15%, 03/15/43 (Call 09/15/42)

    633       525,729  

6.50%, 11/15/37

    403       439,661  

7.90%, 12/15/38(a)

    35       42,174  

PPL Capital Funding Inc.

   

3.10%, 05/15/26 (Call 02/15/26)(a)

    918       866,368  

4.13%, 04/15/30 (Call 01/15/30)(a)

    239       219,641  

PPL Electric Utilities Corp.

   

3.00%, 10/01/49 (Call 04/01/49)

    399       270,243  

3.95%, 06/01/47 (Call 12/01/46)

    442       356,242  

4.13%, 06/15/44 (Call 12/15/43)

    380       313,003  

4.15%, 10/01/45 (Call 04/01/45)(a)

    386       319,308  

4.15%, 06/15/48 (Call 12/15/47)

    544       447,547  

4.75%, 07/15/43 (Call 01/15/43)(a)

    155       140,714  

5.00%, 05/15/33 (Call 02/15/33)

    635       628,341  

5.25%, 05/15/53 (Call 11/15/52)

    600       582,725  

6.25%, 05/15/39(a)

    355       378,707  

Progress Energy Inc.

   

6.00%, 12/01/39

    779       782,771  

7.00%, 10/30/31

    610       659,410  

7.75%, 03/01/31(a)

    969       1,086,869  

Public Service Co. of Colorado

   

1.88%, 06/15/31 (Call 12/15/30)

    755       595,774  

2.90%, 05/15/25 (Call 11/15/24)

    673       642,929  

3.55%, 06/15/46 (Call 12/15/45)

    480       332,821  

3.60%, 09/15/42 (Call 03/15/42)

    593       448,751  

3.70%, 06/15/28 (Call 12/15/27)

    203       190,361  

3.80%, 06/15/47 (Call 12/15/46)

    673       505,977  

3.95%, 03/15/43 (Call 09/15/42)

    350       264,591  

4.05%, 09/15/49 (Call 03/15/49)

    465       360,895  

4.10%, 06/01/32 (Call 03/01/32)(a)

    400       367,560  

4.10%, 06/15/48 (Call 12/15/47)

    495       386,923  

4.30%, 03/15/44 (Call 09/15/43)

    461       382,861  

4.50%, 06/01/52 (Call 12/01/51)

    530       439,075  

4.75%, 08/15/41 (Call 02/15/41)(a)

    185       159,917  

5.25%, 04/01/53 (Call 10/01/52)

    945       872,658  

6.50%, 08/01/38

    115       122,280  

Series 17, 6.25%, 09/01/37

    554       576,115  

Series 34, 3.20%, 03/01/50 (Call 09/01/49)

    747       503,943  

Series 35, 1.90%, 01/15/31 (Call 07/15/30)

    916       727,439  

Series 36, 2.70%, 01/15/51 (Call 07/15/50)

    650       391,798  

Public Service Co. of New Hampshire

   

3.60%, 07/01/49 (Call 01/01/49)

    390       294,250  

5.15%, 01/15/53 (Call 07/15/52)(a)

    580       562,730  

Series V, 2.20%, 06/15/31 (Call 03/15/31)(a)

    578       471,805  
Security  

Par

(000)

    Value  
Electric (continued)            

Public Service Co. of New Mexico, 3.85%, 08/01/25 (Call 05/01/25)

  $ 770     $  735,862  

Public Service Co. of Oklahoma

   

5.25%, 01/15/33 (Call 10/15/32)

    925       907,698  

Series G, 6.63%, 11/15/37

    345       362,727  

Series J, 2.20%, 08/15/31 (Call 05/15/31)(a)

    230       183,532  

Series K, 3.15%, 08/15/51 (Call 02/15/51)

    295       192,704  

Public Service Electric & Gas Co.

   

0.95%, 03/15/26 (Call 02/15/26)

     1,036       940,220  

1.90%, 08/15/31 (Call 05/15/31)

    575       459,406  

2.05%, 08/01/50 (Call 02/01/50)

    566       318,195  

2.25%, 09/15/26 (Call 06/15/26)

    390       359,933  

2.45%, 01/15/30 (Call 10/15/29)

    625       535,158  

2.70%, 05/01/50 (Call 11/01/49)(a)

    515       329,260  

3.00%, 05/15/25 (Call 02/15/25)(a)

    347       333,890  

3.00%, 05/15/27 (Call 02/15/27)

    665       623,151  

3.00%, 03/01/51 (Call 09/01/50)(a)

    409       274,816  

3.05%, 11/15/24 (Call 08/15/24)

    100       96,971  

3.10%, 03/15/32 (Call 12/15/31)

    715       620,411  

3.15%, 01/01/50 (Call 07/01/49)

    325       227,973  

3.20%, 05/15/29 (Call 02/15/29)(a)

    95       86,259  

3.20%, 08/01/49 (Call 02/01/49)(a)

    426       300,268  

3.60%, 12/01/47 (Call 06/01/47)

    534       406,018  

3.65%, 09/01/28 (Call 06/01/28)

    837       786,529  

3.65%, 09/01/42 (Call 03/01/42)(a)

    450       354,620  

3.70%, 05/01/28 (Call 02/01/28)

    165       156,513  

3.80%, 01/01/43 (Call 07/01/42)(a)

    585       470,448  

3.80%, 03/01/46 (Call 09/01/45)

    915       723,432  

3.85%, 05/01/49 (Call 11/01/48)

    314       247,939  

3.95%, 05/01/42 (Call 11/01/41)

    385       320,118  

4.05%, 05/01/48 (Call 11/01/47)(a)

    415       340,543  

4.15%, 11/01/45 (Call 05/01/45)

    300       240,266  

4.65%, 03/15/33 (Call 12/15/32)(a)

    480       465,197  

4.90%, 12/15/32 (Call 09/15/32)

    546       539,313  

5.13%, 03/15/53 (Call 09/15/52)(a)

    460       448,524  

5.38%, 11/01/39

    300       284,769  

5.50%, 03/01/40

    395       395,192  

5.80%, 05/01/37(a)

    345       352,154  

Series I, 4.00%, 06/01/44 (Call 12/01/43)

    425       333,341  

Series K, 4.05%, 05/01/45 (Call 11/01/44)

    255       201,109  

Public Service Electric and Gas Co.

   

5.20%, 08/01/33 (Call 05/01/33)(a)

    50       50,467  

5.45%, 08/01/53 (Call 02/01/53)

    50       50,721  

Public Service Enterprise Group Inc.

   

0.80%, 08/15/25 (Call 07/15/25)

    663       605,345  

1.60%, 08/15/30 (Call 05/15/30)

    672       529,183  

2.45%, 11/15/31 (Call 08/15/31)(a)

    800       643,501  

5.85%, 11/15/27 (Call 10/15/27)(a)

    945       963,165  

Puget Energy Inc.

   

2.38%, 06/15/28 (Call 04/15/28)

    790       681,714  

3.65%, 05/15/25 (Call 02/15/25)

    732       702,617  

4.10%, 06/15/30 (Call 03/15/30)(a)

    565       505,341  

4.22%, 03/15/32 (Call 12/15/31)

    530       467,011  

Puget Sound Energy Inc.

   

2.89%, 09/15/51 (Call 03/15/51)

    255       159,523  

3.25%, 09/15/49 (Call 03/15/49)

    505       345,252  

4.22%, 06/15/48 (Call 12/15/47)

    370       300,342  

4.30%, 05/20/45 (Call 11/20/44)

    417       339,261  

4.43%, 11/15/41 (Call 05/15/41)

    409       328,307  

5.45%, 06/01/53

    175       170,977  
 

 

 

66  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

5.48%, 06/01/35(a)

  $ 270     $ 259,478  

5.64%, 04/15/41 (Call 10/15/40)

    205       201,147  

5.76%, 10/01/39(a)

    580       564,859  

5.76%, 07/15/40(a)

    670       638,757  

5.80%, 03/15/40

    620       615,017  

6.27%, 03/15/37

    275       284,438  

6.72%, 06/15/36(a)

    230       241,397  

7.02%, 12/01/27

    380       398,755  

Rochester Gas and Electric Corp., 3.10%, 06/01/27 (Call 03/01/27)(b)

    944       868,184  

Ruwais Power Co. PJSC, 6.00%, 08/31/36(b)

    205       208,075  

San Diego Gas & Electric Co.

   

2.50%, 05/15/26 (Call 02/15/26)

     1,285        1,196,737  

3.70%, 03/15/52 (Call 09/15/51)

    230       171,088  

3.95%, 11/15/41

    297       225,362  

4.15%, 05/15/48 (Call 11/15/47)

    619       502,476  

4.30%, 04/01/42 (Call 10/01/41)

    546       445,003  

4.50%, 08/15/40

    819       725,813  

4.95%, 08/15/28 (Call 07/15/28)

    1,000       989,862  

5.35%, 05/15/35

    205       199,839  

5.35%, 05/15/40(a)

    250       240,666  

5.35%, 04/01/53 (Call 10/01/52)

    680       658,627  

6.00%, 06/01/26

    60       61,020  

6.00%, 06/01/39(a)

    370       379,500  

Series RRR, 3.75%, 06/01/47 (Call 12/01/46)(a)

    432       326,937  

Series TTT, 4.10%, 06/15/49 (Call 12/15/48)

    680       537,942  

Series UUU, 3.32%, 04/15/50 (Call 10/15/49)

    632       433,635  

Series VVV, 1.70%, 10/01/30 (Call 07/01/30)

    953       758,723  

Series WWW, 2.95%, 08/15/51 (Call 02/15/51)

    760       496,050  

Series XXX, 3.00%, 03/15/32 (Call 12/15/31)

    650       553,484  

Saudi Electricity Global Sukuk Co. 2, 5.06%, 04/08/43(a)(b)

    775       726,563  

Saudi Electricity Global Sukuk Co. 3, 5.50%, 04/08/44(a)(b)

    1,086       1,052,063  

Sempra Energy

   

3.25%, 06/15/27 (Call 03/15/27)

    1,019       941,778  

3.30%, 04/01/25 (Call 03/01/25)

    300       289,015  

3.40%, 02/01/28 (Call 11/01/27)

    1,312       1,214,067  

3.70%, 04/01/29 (Call 02/01/29)

    560       511,259  

3.80%, 02/01/38 (Call 08/01/37)(a)

    1,023       832,940  

4.00%, 02/01/48 (Call 08/01/47)

    825       631,354  

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

    1,060       857,107  

5.40%, 08/01/26 (Call 07/01/26)

    575       576,114  

5.50%, 08/01/33 (Call 05/01/33)(a)

    575       569,753  

6.00%, 10/15/39

    1,424       1,423,802  

Sierra Pacific Power Co.

   

2.60%, 05/01/26 (Call 02/01/26)

    962       896,810  

Series P, 6.75%, 07/01/37(a)

    185       194,834  

Solar Star Funding LLC, 5.38%, 06/30/35(b)

    93       89,548  

Southern California Edison Co.

   

2.25%, 06/01/30 (Call 03/01/30)

    878       729,332  

2.75%, 02/01/32 (Call 11/01/31)

    552       456,258  

2.85%, 08/01/29 (Call 05/01/29)

    646       568,333  

3.45%, 02/01/52 (Call 08/01/51)

    800       547,408  

3.65%, 02/01/50 (Call 08/01/49)

    1,272       922,377  

3.90%, 12/01/41 (Call 06/01/41)(a)

    293       222,397  

4.00%, 04/01/47 (Call 10/01/46)

    1,823       1,412,753  

4.05%, 03/15/42 (Call 09/15/41)

    485       383,188  

4.50%, 09/01/40 (Call 03/01/40)

    672       574,440  
Security  

Par

(000)

    Value  
Electric (continued)            

4.65%, 10/01/43 (Call 04/01/43)

  $ 611     $ 525,546  

4.90%, 06/01/26 (Call 05/01/26)

    445       442,232  

5.30%, 03/01/28 (Call 02/01/28)(a)

    820       823,063  

5.50%, 03/15/40

    489       472,260  

5.63%, 02/01/36

    303       297,886  

5.70%, 03/01/53 (Call 09/01/52)

    640       620,466  

5.85%, 11/01/27 (Call 10/01/27)

     1,010       1,033,830  

5.88%, 12/01/53 (Call 06/01/53)

    615       611,916  

5.95%, 11/01/32 (Call 08/01/32)

    1,005       1,041,681  

6.00%, 01/15/34

    672       694,841  

6.05%, 03/15/39

    675       680,148  

6.65%, 04/01/29(a)

    415       431,268  

Series 04-G, 5.75%, 04/01/35

    390       394,370  

Series 05-B, 5.55%, 01/15/36

    235       230,441  

Series 05-E, 5.35%, 07/15/35(a)

    472       468,510  

Series 06-E, 5.55%, 01/15/37

    925       899,333  

Series 08-A, 5.95%, 02/01/38

    750       761,737  

Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)

    550       422,441  

Series 2020-C, 1.20%, 02/01/26
(Call 01/01/26)(a)

    961       873,331  

Series 20A, 2.95%, 02/01/51 (Call 08/01/50)

    710       450,890  

Series A, 4.20%, 03/01/29 (Call 12/01/28)

    663       628,767  

Series B, 3.65%, 03/01/28 (Call 12/01/27)

    475       443,919  

Series B, 4.88%, 03/01/49 (Call 09/01/48)(a)

    787       683,203  

Series C, 3.60%, 02/01/45 (Call 08/01/44)

    585       424,350  

Series C, 4.13%, 03/01/48 (Call 09/01/47)

    1,560       1,229,471  

Series C, 4.20%, 06/01/25

    380       371,259  

Series D, 4.70%, 06/01/27 (Call 05/01/27)

    885       870,174  

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

    1,171        1,131,792  

Series E, 5.45%, 06/01/52 (Call 12/01/51)

    430       403,469  

Series G, 2.50%, 06/01/31 (Call 03/01/31)

    305       250,825  

Series H, 3.65%, 06/01/51 (Call 12/01/50)

    600       425,237  

Southern California Gas Co., 5.20%, 06/01/33 (Call 03/01/33)

    715       702,122  

Southern Co. (The)

   

3.25%, 07/01/26 (Call 04/01/26)

    2,052       1,941,304  

4.25%, 07/01/36 (Call 01/01/36)

    364       317,194  

4.40%, 07/01/46 (Call 01/01/46)

    2,210       1,819,985  

4.85%, 06/15/28 (Call 04/15/28)

    750       734,544  

5.11%, 08/01/27

    1,025       1,018,760  

5.15%, 10/06/25

    671       667,436  

5.20%, 06/15/33 (Call 12/15/32)

    810       787,875  

5.70%, 10/15/32 (Call 04/15/32)

    790       802,052  

Series 21-A, 3.75%, 09/15/51 (Call 06/15/26),
(5-year CMT + 2.915%)(d)

    910       785,969  

Series 21-B, 1.75%, 03/15/28 (Call 01/15/28)

    592       505,574  

Series A, 3.70%, 04/30/30 (Call 01/30/30)

    785       710,404  

Series B, 4.00%, 01/15/51 (Call 10/15/25),
(5-year CMT + 3.733%)(d)

    1,040       964,409  

Southern Power Co.

   

0.90%, 01/15/26 (Call 12/15/25)

    787       710,160  

4.15%, 12/01/25 (Call 09/01/25)

    1,174       1,142,555  

5.15%, 09/15/41

    553       502,899  

5.25%, 07/15/43

    571       509,258  

Series F, 4.95%, 12/15/46 (Call 06/15/46)

    523       444,166  

Southwestern Electric Power Co.

   

3.25%, 11/01/51 (Call 05/01/51)

    775       501,191  

5.30%, 04/01/33 (Call 01/01/33)

    460       450,297  

6.20%, 03/15/40

    490       496,976  

Series J, 3.90%, 04/01/45 (Call 10/01/44)

    519       381,834  

Series K, 2.75%, 10/01/26 (Call 07/01/26)

    696       643,617  
 

 

 

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

  67


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Series L, 3.85%, 02/01/48 (Call 08/01/47)

  $ 729     $ 529,115  

Series M, 4.10%, 09/15/28 (Call 06/15/28)

    883       836,516  

Series N, 1.65%, 03/15/26 (Call 02/15/26)

    735       668,541  

Southwestern Public Service Co.

   

3.40%, 08/15/46 (Call 02/15/46)

    510       350,725  

3.70%, 08/15/47 (Call 02/15/47)

    467       342,332  

3.75%, 06/15/49 (Call 12/15/48)

    537       395,930  

4.50%, 08/15/41 (Call 02/15/41)

    385       323,257  

6.00%, 10/01/36

    490       489,265  

Series 6, 4.40%, 11/15/48 (Call 05/15/48)

    388       315,332  

Series 8, 3.15%, 05/01/50 (Call 11/01/49)

    825       545,780  

SP Group Treasury Pte. Ltd., 3.38%, 02/27/29 (Call 11/27/28)(b)

    856       791,511  

SP PowerAssets Ltd.

   

3.00%, 09/26/27(a)(b)

    135       125,626  

3.25%, 11/24/25(b)

    751       718,813  

Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)(a)(b)

    670       586,498  

State Grid Overseas Investment 2014 Ltd., 4.85%, 05/07/44(b)

    655       626,070  

State Grid Overseas Investment BVI Ltd

   

3.50%, 05/04/27(a)(b)

     3,365        3,209,276  

4.00%, 05/04/47(a)(b)

    677       565,173  

4.25%, 05/02/28(a)(b)

    625       608,376  

State Grid Overseas Investment BVI Ltd., 2.88%, 05/18/26(b)

    60       56,274  

System Energy Resources Inc., 6.00%, 04/15/28 (Call 03/15/28)

    115       113,043  

Tampa Electric Co.

   

2.40%, 03/15/31 (Call 12/15/30)(a)

    671       547,307  

3.45%, 03/15/51 (Call 09/15/50)

    524       358,385  

3.63%, 06/15/50 (Call 12/15/49)

    430       310,200  

4.10%, 06/15/42 (Call 12/15/41)

    415       340,147  

4.20%, 05/15/45 (Call 11/15/44)

    335       261,385  

4.30%, 06/15/48 (Call 12/15/47)

    272       219,671  

4.35%, 05/15/44 (Call 11/15/43)

    432       354,360  

4.45%, 06/15/49 (Call 12/15/48)(a)

    558       459,147  

5.00%, 07/15/52 (Call 01/15/52)(a)

    421       379,164  

6.15%, 05/15/37

    145       144,266  

6.55%, 05/15/36

    580       593,759  

Three Gorges Finance I Cayman Islands Ltd.

   

1.30%, 09/22/25 (Call 08/22/25)(b)

    700       645,047  

3.15%, 06/02/26(b)

    600       567,289  

Toledo Edison Co. (The), 6.15%, 05/15/37(a)

    272       280,879  

Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25 (Call 03/01/25)(a)(b)

    359       346,644  

Transelec SA, 4.25%, 01/14/25
(Call 10/14/24)(a)(b)

    340       330,458  

Tri-State Generation & Transmission Association Inc.

   

4.70%, 11/01/44 (Call 05/01/44)

    400       295,290  

6.00%, 06/15/40(a)(b)

    735       675,924  

Tucson Electric Power Co.

   

1.50%, 08/01/30 (Call 05/01/30)

    742       579,124  

3.05%, 03/15/25 (Call 12/15/24)(a)

    597       574,894  

3.25%, 05/15/32 (Call 02/15/32)(a)

    375       321,937  

3.25%, 05/01/51 (Call 11/01/50)

    401       261,462  

4.00%, 06/15/50 (Call 12/15/49)(a)

    412       308,769  

4.85%, 12/01/48 (Call 06/01/48)

    431       368,762  

5.50%, 04/15/53 (Call 10/15/52)(a)

    525       505,115  
Security  

Par

(000)

    Value  
Electric (continued)            

Union Electric Co.

   

2.15%, 03/15/32 (Call 12/15/31)(a)

  $ 360     $ 284,806  

2.63%, 03/15/51 (Call 09/15/50)

    810       494,438  

2.95%, 06/15/27 (Call 03/15/27)

    396       367,957  

2.95%, 03/15/30 (Call 12/15/29)

    140       122,805  

3.25%, 10/01/49 (Call 04/01/49)

    690       465,313  

3.50%, 03/15/29 (Call 12/15/28)(a)

    456       419,220  

3.65%, 04/15/45 (Call 10/15/44)

    792       588,354  

3.90%, 09/15/42 (Call 03/15/42)

    415       325,800  

3.90%, 04/01/52 (Call 10/01/51)

    615       483,241  

4.00%, 04/01/48 (Call 10/01/47)

    392       304,759  

5.30%, 08/01/37

    385       380,556  

5.45%, 03/15/53 (Call 09/15/52)

    570       560,211  

8.45%, 03/15/39(a)

    70       89,154  

Virginia Electric & Power Co.

   

2.30%, 11/15/31 (Call 08/15/31)

    675       543,159  

2.40%, 03/30/32 (Call 12/30/31)

    550       443,200  

2.45%, 12/15/50 (Call 06/15/50)

    1,249       721,624  

2.95%, 11/15/51 (Call 05/15/51)

    505       323,083  

3.30%, 12/01/49 (Call 06/01/49)

    537       372,083  

4.00%, 01/15/43 (Call 07/15/42)

    620       503,516  

4.45%, 02/15/44 (Call 08/15/43)

    685       579,276  

4.60%, 12/01/48 (Call 06/01/48)

    855       733,743  

5.00%, 04/01/33 (Call 01/01/33)

    755       734,275  

5.45%, 04/01/53 (Call 10/01/52)

    920       890,426  

6.35%, 11/30/37

    627       656,046  

8.88%, 11/15/38

    798       1,034,838  

Series A, 2.88%, 07/15/29 (Call 04/15/29)

    725       642,989  

Series A, 3.10%, 05/15/25 (Call 02/15/25)

    344       329,962  

Series A, 3.15%, 01/15/26 (Call 10/15/25)

     1,272       1,210,044  

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

    1,000       944,697  

Series A, 3.80%, 04/01/28 (Call 01/01/28)(a)

    1,108        1,047,998  

Series A, 6.00%, 05/15/37

    915       939,455  

Series B, 2.95%, 11/15/26 (Call 08/15/26)

    587       547,656  

Series B, 3.75%, 05/15/27 (Call 04/15/27)

    418       398,901  

Series B, 3.80%, 09/15/47 (Call 03/15/47)

    587       440,473  

Series B, 4.20%, 05/15/45 (Call 11/15/44)

    485       389,623  

Series B, 6.00%, 01/15/36

    689       712,047  

Series C, 4.00%, 11/15/46 (Call 05/15/46)

    603       463,558  

Series C, 4.63%, 05/15/52 (Call 11/15/51)

    600       512,910  

Series D, 4.65%, 08/15/43 (Call 02/15/43)

    840       722,538  

Virginia Electric and Power Co.

   

5.30%, 08/15/33 (Call 05/15/33)

    600       594,603  

5.70%, 08/15/53 (Call 02/15/53)

    600       595,610  

Vistra Operations Co. LLC

   

3.70%, 01/30/27 (Call 11/30/26)(b)

    1,197       1,100,878  

4.30%, 07/15/29 (Call 04/15/29)(b)

    1,374       1,218,797  

5.13%, 05/13/25(b)

    1,155       1,125,057  

WEC Energy Group Inc.

   

1.38%, 10/15/27 (Call 08/15/27)

    739       635,938  

1.80%, 10/15/30 (Call 07/15/30)

    400       313,576  

2.20%, 12/15/28 (Call 10/15/28)

    545       471,121  

4.75%, 01/09/26 (Call 12/09/25)(a)

    1,175       1,158,775  

4.75%, 01/15/28 (Call 12/15/27)

    680       665,926  

5.00%, 09/27/25 (Call 08/27/25)

    710       703,369  

5.15%, 10/01/27 (Call 09/01/27)(a)

    680       677,741  

Wisconsin Electric Power Co.

   

1.70%, 06/15/28 (Call 04/15/28)(a)

    345       296,812  

2.05%, 12/15/24 (Call 11/15/24)(a)

    561       536,192  

3.10%, 06/01/25 (Call 03/01/25)(a)

    190       182,240  
 

 

 

68  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

3.65%, 12/15/42 (Call 06/15/42)(a)

  $  175     $ 127,497  

4.25%, 06/01/44 (Call 12/01/43)(a)

    400       314,895  

4.30%, 12/15/45 (Call 06/15/45)

    140       110,577  

4.30%, 10/15/48 (Call 04/15/48)

    415       346,886  

4.75%, 09/30/32 (Call 06/30/32)(a)

    780       762,027  

5.63%, 05/15/33(a)

    242       247,937  

5.70%, 12/01/36

    105       105,275  

Wisconsin Power & Light Co., 4.95%, 04/01/33 (Call 01/01/33)

    375       363,317  

Wisconsin Power and Light Co.

   

1.95%, 09/16/31 (Call 06/16/31)

    335       263,483  

3.00%, 07/01/29 (Call 04/01/29)(a)

    362       323,144  

3.05%, 10/15/27 (Call 07/15/27)(a)

    450       420,646  

3.65%, 04/01/50 (Call 10/01/49)

    370       265,876  

3.95%, 09/01/32 (Call 06/01/32)

    850       774,003  

4.10%, 10/15/44 (Call 04/15/44)(a)

    170       130,871  

6.38%, 08/15/37

    435       456,898  

7.60%, 10/01/38

    375       432,409  

Wisconsin Public Service Corp.

   

2.85%, 12/01/51 (Call 06/01/51)

    485       305,853  

3.30%, 09/01/49 (Call 03/01/49)(a)

    575       398,413  

3.67%, 12/01/42

    767       571,838  

4.75%, 11/01/44 (Call 05/01/44)

    274       238,943  

5.35%, 11/10/25 (Call 10/10/25)

    415       414,931  

Xcel Energy Inc.

   

1.75%, 03/15/27 (Call 02/15/27)

    945       838,075  

2.35%, 11/15/31 (Call 05/15/31)

    415       327,225  

2.60%, 12/01/29 (Call 06/01/29)

    512       438,406  

3.30%, 06/01/25 (Call 12/01/24)

    658       632,460  

3.35%, 12/01/26 (Call 06/01/26)

    937       877,497  

3.40%, 06/01/30 (Call 12/01/29)(a)

    495       438,780  

3.50%, 12/01/49 (Call 06/01/49)(a)

    485       337,398  

4.00%, 06/15/28 (Call 12/15/27)

    614       581,789  

4.60%, 06/01/32 (Call 12/01/31)(a)

    870       812,424  

4.80%, 09/15/41 (Call 03/15/41)

    478       409,883  

5.45%, 08/15/33 (Call 02/15/33)

    500       492,033  

6.50%, 07/01/36

    590       619,481  
   

 

 

 
       751,651,679  
Electrical Components & Equipment — 0.1%            

Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)(a)

    659       527,665  

Emerson Electric Co.

   

0.88%, 10/15/26 (Call 09/15/26)

    1,151       1,018,960  

1.80%, 10/15/27 (Call 08/15/27)

    784       694,809  

1.95%, 10/15/30 (Call 07/15/30)

    1,105       909,724  

2.00%, 12/21/28 (Call 10/21/28)

    970       842,532  

2.20%, 12/21/31 (Call 09/21/31)

    420       345,463  

2.75%, 10/15/50 (Call 04/15/50)

    1,056       674,973  

2.80%, 12/21/51 (Call 06/21/51)

    1,645       1,065,956  

3.15%, 06/01/25 (Call 03/01/25)

    295       285,193  

5.25%, 11/15/39

    30       29,693  

6.00%, 08/15/32(a)

    650       685,927  

6.13%, 04/15/39

    110       114,327  

Molex Electronic Technologies LLC, 3.90%, 04/15/25 (Call 01/15/25)(b)

    695       667,054  
   

 

 

 
      7,862,276  
Electronics — 0.6%            

Agilent Technologies Inc.

   

2.10%, 06/04/30 (Call 03/04/30)

    718       587,813  
Security  

Par

(000)

    Value  
Electronics (continued)            

2.30%, 03/12/31 (Call 12/12/30)(a)

  $  1,307     $  1,069,910  

2.75%, 09/15/29 (Call 06/15/29)

    704       614,654  

3.05%, 09/22/26 (Call 06/22/26)(a)

    492       459,824  

Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)(a)

    898       801,295  

Allegion U.S. Holding Co. Inc.

   

3.20%, 10/01/24 (Call 08/01/24)

    466       452,100  

3.55%, 10/01/27 (Call 07/01/27)

    615       568,845  

5.41%, 07/01/32 (Call 04/01/32)

    449       437,446  

Amphenol Corp.

   

2.05%, 03/01/25 (Call 02/01/25)(a)

    743       706,253  

2.20%, 09/15/31 (Call 06/15/31)

    800       646,807  

2.80%, 02/15/30 (Call 11/15/29)

    1,527       1,330,424  

4.35%, 06/01/29 (Call 03/01/29)

    665       640,211  

4.75%, 03/30/26

    210       207,614  

Arrow Electronics Inc.

   

2.95%, 02/15/32 (Call 11/15/31)

    821       658,949  

3.25%, 09/08/24 (Call 07/08/24)(a)

    406       394,691  

3.88%, 01/12/28 (Call 10/12/27)

    735       680,335  

4.00%, 04/01/25 (Call 01/01/25)

    515       500,036  

6.13%, 03/01/26 (Call 03/01/24)

    230       230,010  

Avnet Inc.

   

3.00%, 05/15/31 (Call 02/15/31)

    534       426,196  

4.63%, 04/15/26 (Call 01/15/26)

    1,062       1,028,700  

5.50%, 06/01/32 (Call 03/01/32)(a)

    425       402,711  

6.25%, 03/15/28 (Call 02/15/28)

    825       831,523  

Flex Ltd.

   

3.75%, 02/01/26 (Call 01/01/26)

    1,168       1,115,446  

4.75%, 06/15/25 (Call 03/15/25)

    930       910,932  

4.88%, 06/15/29 (Call 03/15/29)(a)

    938       896,658  

4.88%, 05/12/30 (Call 02/12/30)

    1,004       961,977  

6.00%, 01/15/28 (Call 12/15/27)

    585       591,001  

Fortive Corp.

   

3.15%, 06/15/26 (Call 03/15/26)

    1,432       1,345,676  

4.30%, 06/15/46 (Call 12/15/45)(a)

    541       426,254  

Honeywell International Inc.

   

1.10%, 03/01/27 (Call 02/01/27)

    1,275       1,128,903  

1.35%, 06/01/25 (Call 05/01/25)

    1,568       1,469,670  

1.75%, 09/01/31 (Call 06/01/31)(a)

    2,050       1,630,006  

1.95%, 06/01/30 (Call 03/01/30)

    1,355       1,128,864  

2.50%, 11/01/26 (Call 08/01/26)(a)

    1,906       1,779,024  

2.70%, 08/15/29 (Call 05/15/29)

    1,015       903,505  

2.80%, 06/01/50 (Call 12/01/49)(a)

    834       594,437  

3.81%, 11/21/47 (Call 05/21/47)

    535       434,719  

4.25%, 01/15/29 (Call 12/15/28)

    495       480,939  

4.50%, 01/15/34 (Call 10/15/33)

    375       361,899  

4.85%, 11/01/24

    150       149,227  

4.95%, 02/15/28 (Call 01/15/28)(a)

    665       671,683  

5.00%, 02/15/33 (Call 11/15/32)

    1,305       1,315,387  

5.38%, 03/01/41(a)

    467       469,504  

5.70%, 03/15/36

    1,205       1,263,700  

5.70%, 03/15/37

    925       964,233  

Hubbell Inc.

   

2.30%, 03/15/31 (Call 12/15/30)

    362       296,343  

3.15%, 08/15/27 (Call 05/15/27)(a)

    615       570,005  

3.35%, 03/01/26 (Call 12/01/25)

    315       300,200  

3.50%, 02/15/28 (Call 11/15/27)(a)

    563       527,525  

Jabil Inc.

   

1.70%, 04/15/26 (Call 03/15/26)

    725       654,202  

3.00%, 01/15/31 (Call 10/15/30)

    1,052       878,856  

3.60%, 01/15/30 (Call 10/15/29)

    815       728,868  
 

 

 

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

  69


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electronics (continued)            

3.95%, 01/12/28 (Call 10/12/27)

  $ 620     $ 580,175  

4.25%, 05/15/27 (Call 04/15/27)

    940       898,063  

5.45%, 02/01/29 (Call 01/01/29)(a)

    555       548,965  

Keysight Technologies Inc.

   

3.00%, 10/30/29 (Call 07/30/29)

     1,270       1,112,015  

4.55%, 10/30/24 (Call 07/30/24)

    592       582,281  

4.60%, 04/06/27 (Call 01/06/27)

    1,387       1,356,322  

Legrand France SA, 8.50%, 02/15/25

    1,330       1,385,938  

TD SYNNEX Corp.

   

1.75%, 08/09/26 (Call 07/09/26)

    1,240       1,093,035  

2.38%, 08/09/28 (Call 06/09/28)(a)

    1,228       1,019,207  

2.65%, 08/09/31 (Call 05/09/31)(a)

    1,079       829,896  

Trimble Inc.

   

4.75%, 12/01/24 (Call 09/01/24)

    398       391,510  

4.90%, 06/15/28 (Call 03/15/28)

    1,231       1,196,564  

6.10%, 03/15/33 (Call 12/15/32)

    265       267,579  

Tyco Electronics Group SA

   

2.50%, 02/04/32 (Call 12/04/31)

    815       679,228  

3.13%, 08/15/27 (Call 05/15/27)

    446       415,339  

3.70%, 02/15/26 (Call 11/15/25)

    1,020       984,622  

4.50%, 02/13/26(a)

    425       417,950  

7.13%, 10/01/37

    770       875,733  

Vontier Corp.

   

1.80%, 04/01/26 (Call 03/01/26)

    796       713,394  

2.40%, 04/01/28 (Call 02/01/28)

    651       540,844  

2.95%, 04/01/31 (Call 01/01/31)(a)

    942       746,527  
   

 

 

 
       55,261,177  
Energy - Alternate Sources — 0.0%            

Sweihan PV Power Co. PJSC, 3.63%, 01/31/49(b)

    48       38,015  
   

 

 

 
Engineering & Construction — 0.1%            

Aeropuerto Internacional de Tocumen SA

   

4.00%, 08/11/41 (Call 08/11/40)(b)

    375       298,654  

5.13%, 08/11/61 (Call 08/11/60)(b)

    1,292       968,675  

America Movil SAB de CV, 5.38%, 04/04/32 (Call 01/04/32)(a)(b)

    1,385       1,238,717  

Jacobs Engineering Group Inc.

   

5.90%, 03/01/33 (Call 12/01/32)

    965       954,758  

6.35%, 08/18/28 (Call 07/18/28)(a)

    900       915,155  

LBJ Infrastructure Group LLC, 3.80%, 12/31/57 (Call 06/30/57)(a)(b)

    565       358,395  

MasTec Inc., 4.50%, 08/15/28
(Call 10/02/23)(a)(b)

    690       629,550  

Mexico City Airport Trust

   

3.88%, 04/30/28 (Call 01/30/28)(b)

    624       575,585  

4.25%, 10/31/26 (Call 07/31/26)(b)

    1,045       997,830  

5.50%, 10/31/46 (Call 04/30/46)(a)(b)

    812       677,856  

5.50%, 07/31/47 (Call 01/31/47)(a)(b)

    2,851       2,366,233  

St Engineering Urban Solutions USA Inc., 3.75%, 05/05/32 (Call 11/05/31)(b)

    50       45,804  

Sydney Airport Finance Co. Pty Ltd.

   

3.38%, 04/30/25 (Call 01/30/25)(b)

    331       318,279  

3.63%, 04/28/26 (Call 01/28/26)(b)

    1,744       1,658,783  

Vinci SA, 3.75%, 04/10/29 (Call 01/10/29)(a)(b)

    1,425       1,342,557  
   

 

 

 
      13,346,831  
Entertainment — 0.3%            

Warnermedia Holdings Inc.

   

3.64%, 03/15/25

    2,010       1,944,716  

3.76%, 03/15/27 (Call 02/15/27)

    5,240       4,914,689  

3.79%, 03/15/25 (Call 09/11/23)

    570       551,577  

4.05%, 03/15/29 (Call 01/15/29)

    1,860       1,710,449  
Security  

Par

(000)

    Value  
Entertainment (continued)            

4.28%, 03/15/32 (Call 12/15/31)

  $  5,145     $ 4,540,151  

5.05%, 03/15/42 (Call 09/15/41)

    4,858       3,993,431  

5.14%, 03/15/52 (Call 09/15/51)

    8,090       6,448,616  

5.39%, 03/15/62 (Call 09/15/61)

    3,230       2,563,556  

6.41%, 03/15/26 (Call 03/15/24)

    675       675,994  
   

 

 

 
       27,343,179  
Environmental Control — 0.3%            

Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51)(a)

    55       44,892  

Republic Services Inc.

   

0.88%, 11/15/25 (Call 10/15/25)(a)

    581       526,494  

1.45%, 02/15/31 (Call 11/15/30)(a)

    1,120       866,788  

1.75%, 02/15/32 (Call 11/15/31)(a)

    559       432,532  

2.30%, 03/01/30 (Call 12/01/29)

    1,376       1,164,954  

2.38%, 03/15/33 (Call 12/15/32)(a)

    1,130       898,604  

2.90%, 07/01/26 (Call 04/01/26)(a)

    599       563,051  

3.05%, 03/01/50 (Call 09/01/49)

    748       509,195  

3.20%, 03/15/25 (Call 12/15/24)(a)

    750       725,269  

3.38%, 11/15/27 (Call 08/15/27)

    993       923,936  

3.95%, 05/15/28 (Call 02/15/28)

    1,058       1,004,639  

4.88%, 04/01/29 (Call 03/01/29)

    175       172,653  

5.00%, 04/01/34 (Call 01/01/34)

    495       486,127  

5.70%, 05/15/41 (Call 11/15/40)

    85       86,624  

6.20%, 03/01/40

    392       414,595  

Waste Connections Inc.

   

2.20%, 01/15/32 (Call 10/15/31)

    670       535,805  

2.60%, 02/01/30 (Call 11/01/29)

    937       806,173  

2.95%, 01/15/52 (Call 07/15/51)(a)

    1,035       678,654  

3.05%, 04/01/50 (Call 10/01/49)(a)

    765       519,216  

3.20%, 06/01/32 (Call 03/01/32)

    679       583,632  

3.50%, 05/01/29 (Call 02/01/29)(a)

    788       726,081  

4.20%, 01/15/33 (Call 10/15/32)

    1,057       976,249  

4.25%, 12/01/28 (Call 09/01/28)

    556       534,487  

Waste Management Inc.

   

0.75%, 11/15/25 (Call 10/15/25)(a)

    700       636,335  

1.15%, 03/15/28 (Call 01/15/28)(a)

    840       708,671  

1.50%, 03/15/31 (Call 12/15/30)

    837       652,406  

2.00%, 06/01/29 (Call 04/01/29)

    700       593,012  

2.50%, 11/15/50 (Call 05/15/50)

    570       349,302  

2.95%, 06/01/41 (Call 12/01/40)

    850       610,569  

3.13%, 03/01/25 (Call 12/01/24)(a)

    350       338,888  

3.15%, 11/15/27 (Call 08/15/27)(a)

    1,018       949,339  

3.90%, 03/01/35 (Call 09/01/34)

    753       662,521  

4.10%, 03/01/45 (Call 09/01/44)

    175       145,971  

4.15%, 04/15/32 (Call 01/15/32)(a)

    845       792,560  

4.15%, 07/15/49 (Call 01/15/49)

    731       614,653  

4.63%, 02/15/30 (Call 12/15/29)

    650       635,333  

4.63%, 02/15/33 (Call 11/15/32)(a)

    1,480       1,423,302  

4.88%, 02/15/29 (Call 01/15/29)

    900       892,959  

4.88%, 02/15/34 (Call 11/15/33)

    900       878,573  

7.00%, 07/15/28

    365       393,980  
   

 

 

 
      25,459,024  
Food — 1.8%            

Ahold Finance USA LLC, 6.88%, 05/01/29

    1,340       1,432,882  

Bimbo Bakeries USA Inc., 4.00%, 05/17/51 (Call 11/17/50)(b)

    817       625,154  

Campbell Soup Co.

   

2.38%, 04/24/30 (Call 01/24/30)(a)

    860       717,013  

3.13%, 04/24/50 (Call 10/24/49)

    453       295,682  
 

 

 

70  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Food (continued)            

3.30%, 03/19/25 (Call 12/19/24)

  $ 575     $ 554,356  

3.95%, 03/15/25 (Call 01/15/25)

    940       914,983  

4.15%, 03/15/28 (Call 12/15/27)(a)

    1,570       1,494,730  

4.80%, 03/15/48 (Call 09/15/47)

    1,235       1,071,570  

Cencosud SA

   

4.38%, 07/17/27 (Call 04/17/27)(b)

    1,025       964,035  

5.15%, 02/12/25 (Call 11/12/24)(b)

    250       246,102  

6.63%, 02/12/45 (Call 08/12/44)(a)(b)

    330       334,126  

CK Hutchison International 20 Ltd., 2.50%, 05/08/30 (Call 02/08/30)(b)

    730       615,044  

CK Hutchison International 21 Ltd., 2.50%, 04/15/31 (Call 01/15/31)(b)

    1,580       1,301,957  

Conagra Brands Inc.

   

1.38%, 11/01/27 (Call 09/01/27)

    1,340       1,138,498  

4.60%, 11/01/25 (Call 09/01/25)

    1,682       1,646,666  

4.85%, 11/01/28 (Call 08/01/28)

    1,373       1,336,580  

5.30%, 10/01/26

    600       597,675  

5.30%, 11/01/38 (Call 05/01/38)

    1,174       1,084,395  

5.40%, 11/01/48 (Call 05/01/48)

    1,285       1,169,625  

7.00%, 10/01/28(a)

    868       924,439  

7.13%, 10/01/26

    50       51,978  

8.25%, 09/15/30(a)

    737       836,113  

Danone SA, 2.95%, 11/02/26 (Call 08/02/26)(b)

    2,220       2,075,761  

Flowers Foods Inc.

   

2.40%, 03/15/31 (Call 12/15/30)

    763       617,920  

3.50%, 10/01/26 (Call 07/01/26)

    335       314,424  

General Mills Inc.

   

2.25%, 10/14/31 (Call 07/14/31)

    475       383,777  

2.88%, 04/15/30 (Call 01/15/30)

    1,198       1,046,721  

3.00%, 02/01/51 (Call 08/01/50)

    1,134       763,466  

3.20%, 02/10/27 (Call 11/10/26)(a)

    1,065       1,002,108  

4.00%, 04/17/25 (Call 02/17/25)

    1,299       1,266,136  

4.15%, 02/15/43 (Call 08/15/42)

    50       41,294  

4.20%, 04/17/28 (Call 01/17/28)

    1,840       1,764,477  

4.55%, 04/17/38 (Call 10/17/37)

    651       574,843  

4.70%, 04/17/48 (Call 10/17/47)(a)

    290       258,529  

4.95%, 03/29/33 (Call 12/29/32)(a)

    790       770,620  

5.24%, 11/18/25 (Call 11/18/23)

    80       79,660  

5.40%, 06/15/40(a)

    635       616,097  

Grupo Bimbo SAB de CV

   

4.00%, 09/06/49(a)(b)

    660       506,081  

4.70%, 11/10/47 (Call 05/10/47)(b)

    448       386,381  

4.88%, 06/27/44(b)

    330       292,093  

Hershey Co. (The)

   

0.90%, 06/01/25 (Call 05/01/25)

    669       620,799  

1.70%, 06/01/30 (Call 03/01/30)

    590       483,721  

2.05%, 11/15/24 (Call 10/15/24)

    264       254,035  

2.30%, 08/15/26 (Call 05/15/26)(a)

    942       882,161  

2.45%, 11/15/29 (Call 08/15/29)(a)

    500       437,252  

2.65%, 06/01/50 (Call 12/01/49)

    412       263,549  

3.13%, 11/15/49 (Call 05/15/49)(a)

    559       397,628  

3.20%, 08/21/25 (Call 05/21/25)(a)

    355       342,435  

3.38%, 08/15/46 (Call 02/15/46)

    475       349,976  

4.25%, 05/04/28 (Call 04/04/28)(a)

    190       187,495  

4.50%, 05/04/33 (Call 02/04/33)(a)

    260       254,190  

Hormel Foods Corp.

   

1.70%, 06/03/28 (Call 04/03/28)

     1,260        1,089,430  

1.80%, 06/11/30 (Call 03/11/30)(a)

    896       740,809  

3.05%, 06/03/51 (Call 12/03/50)

    730       502,335  
Security  

Par

(000)

    Value  
Food (continued)            

Ingredion Inc.

   

2.90%, 06/01/30 (Call 03/01/30)

  $ 735     $ 629,731  

3.20%, 10/01/26 (Call 07/01/26)

    773       729,782  

3.90%, 06/01/50 (Call 12/01/49)(a)

    494       352,768  

6.63%, 04/15/37

    384       389,267  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

   

2.50%, 01/15/27 (Call 12/15/26)

    1,250       1,123,619  

3.00%, 02/02/29 (Call 12/02/28)

    870       746,467  

3.00%, 05/15/32 (Call 02/15/32)(a)

    1,212       957,108  

3.63%, 01/15/32 (Call 01/15/27)

    205       168,240  

3.75%, 12/01/31 (Call 12/01/26)

    1,190       989,249  

4.38%, 02/02/52 (Call 08/02/51)(a)

    1,320       935,686  

5.13%, 02/01/28 (Call 01/01/28)

    1,230       1,195,418  

5.50%, 01/15/30 (Call 01/15/25)(a)

    1,859       1,799,966  

5.75%, 04/01/33 (Call 01/01/33)

    1,955       1,860,641  

6.50%, 12/01/52 (Call 06/01/52)(a)

    1,945       1,864,042  

JM Smucker Co. (The)

   

2.13%, 03/15/32 (Call 12/15/31)(a)

    430       340,609  

2.38%, 03/15/30 (Call 12/15/29)

    729       613,887  

2.75%, 09/15/41 (Call 03/15/41)(a)

    399       270,269  

3.38%, 12/15/27 (Call 09/15/27)

    892       833,316  

3.50%, 03/15/25

    1,470       1,423,920  

3.55%, 03/15/50 (Call 09/15/49)

    580       406,053  

4.25%, 03/15/35

    1,265       1,131,953  

4.38%, 03/15/45(a)

    323       266,486  

Kellogg Co.

   

2.10%, 06/01/30 (Call 03/01/30)

    567       464,540  

3.25%, 04/01/26

    1,245       1,184,477  

3.40%, 11/15/27 (Call 08/15/27)

    784       728,722  

4.30%, 05/15/28 (Call 02/15/28)

    1,065       1,024,646  

4.50%, 04/01/46(a)

    808       692,077  

5.25%, 03/01/33 (Call 12/01/32)(a)

    355       350,801  

Series B, 7.45%, 04/01/31

    1,110       1,251,860  

Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40

    430       423,952  

Kraft Heinz Foods Co.

   

3.00%, 06/01/26 (Call 03/01/26)

    1,565       1,475,309  

3.75%, 04/01/30 (Call 01/01/30)(a)

    1,070       980,201  

3.88%, 05/15/27 (Call 02/15/27)

    1,460       1,394,657  

4.25%, 03/01/31 (Call 12/01/30)

    395       369,999  

4.38%, 06/01/46 (Call 12/01/45)

    3,170       2,623,172  

4.63%, 01/30/29 (Call 10/30/28)(a)

    420       410,536  

4.63%, 10/01/39 (Call 04/01/39)

    180       158,535  

4.88%, 10/01/49 (Call 04/01/49)

    1,720       1,524,707  

5.00%, 07/15/35 (Call 01/15/35)

    1,155       1,121,512  

5.00%, 06/04/42

    1,670       1,525,683  

5.20%, 07/15/45 (Call 01/15/45)

    1,985       1,824,748  

5.50%, 06/01/50 (Call 12/01/49)

    890       859,152  

6.50%, 02/09/40

    690       729,782  

6.75%, 03/15/32

    545       593,340  

6.88%, 01/26/39

    1,175       1,285,969  

7.13%, 08/01/39(b)

     1,195        1,310,815  

Kroger Co. (The)

   

1.70%, 01/15/31 (Call 10/15/30)(a)

    555       431,167  

2.20%, 05/01/30 (Call 02/01/30)(a)

    560       460,339  

2.65%, 10/15/26 (Call 07/15/26)(a)

    982       908,307  

3.50%, 02/01/26 (Call 11/01/25)

    710       677,837  

3.70%, 08/01/27 (Call 05/01/27)

    917       870,476  

3.88%, 10/15/46 (Call 04/15/46)(a)

    715       533,007  

3.95%, 01/15/50 (Call 07/15/49)(a)

    702       544,060  
 

 

 

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

  71


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Food (continued)            

4.45%, 02/01/47 (Call 08/01/46)

  $ 1,375     $ 1,146,557  

4.50%, 01/15/29 (Call 10/15/28)(a)

    704       680,582  

4.65%, 01/15/48 (Call 07/15/47)

    570       487,069  

5.00%, 04/15/42 (Call 10/15/41)

    385       343,688  

5.15%, 08/01/43 (Call 02/01/43)

    171       153,757  

5.40%, 07/15/40 (Call 01/15/40)(a)

    583       547,116  

5.40%, 01/15/49 (Call 07/15/48)(a)

    751       716,233  

6.90%, 04/15/38

    772       844,777  

7.50%, 04/01/31(a)

    795       893,274  

8.00%, 09/15/29

    359       407,576  

Series B, 7.70%, 06/01/29

    540       600,628  

Mars Inc.

   

0.88%, 07/16/26 (Call 06/16/26)(b)

    882       784,044  

1.63%, 07/16/32 (Call 04/16/32)(b)

    605       457,874  

2.38%, 07/16/40 (Call 01/16/40)(b)

    1,241       833,963  

2.45%, 07/16/50 (Call 01/16/50)(a)(b)

    570       334,372  

2.70%, 04/01/25 (Call 03/01/25)(b)

    609       584,344  

3.20%, 04/01/30 (Call 01/01/30)(b)

    740       667,535  

3.60%, 04/01/34 (Call 01/01/34)(a)(b)

    1,076       948,139  

3.88%, 04/01/39 (Call 10/01/38)(b)

    745       626,266  

3.95%, 04/01/44 (Call 10/01/43)(b)

    595       480,513  

3.95%, 04/01/49 (Call 10/01/48)(a)(b)

    987       796,857  

4.13%, 04/01/54 (Call 10/01/53)(b)

    608       487,509  

4.20%, 04/01/59 (Call 10/01/58)(b)

    699       555,405  

4.55%, 04/20/28 (Call 03/20/28)(a)(b)

    1,510       1,484,825  

4.65%, 04/20/31 (Call 02/20/31)(a)(b)

    1,165       1,140,029  

4.75%, 04/20/33 (Call 01/20/33)(b)

    1,085       1,065,153  

McCormick & Co. Inc./MD

   

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

    762       685,864  

1.85%, 02/15/31 (Call 11/15/30)

    867       682,407  

2.50%, 04/15/30 (Call 01/15/30)

    977       824,468  

3.25%, 11/15/25 (Call 08/15/25)

    451       430,507  

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

    1,301       1,219,315  

4.20%, 08/15/47 (Call 02/15/47)

    470       376,739  

4.95%, 04/15/33(a)

    730       707,152  

Mondelez International Holdings Netherlands BV

   

0.75%, 09/24/24(b)

    582       552,166  

1.25%, 09/24/26 (Call 08/24/26)(b)

    885       781,891  

2.25%, 09/19/24 (Call 08/19/24)(b)

    596       574,743  

4.25%, 09/15/25(b)

    984       962,319  

Mondelez International Inc.

   

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

     1,185        1,108,109  

1.50%, 02/04/31 (Call 11/04/30)

    435       337,522  

1.88%, 10/15/32 (Call 07/15/32)(a)

    932       722,311  

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

    820       753,810  

2.63%, 09/04/50 (Call 03/04/50)

    1,567       981,555  

2.75%, 04/13/30 (Call 01/13/30)

    952       822,900  

3.00%, 03/17/32 (Call 12/17/31)(a)

    475       406,312  

4.13%, 05/07/28 (Call 02/07/28)

    30       28,998  

6.50%, 11/01/31

    35       37,578  

Nestle Holdings Inc.

   

0.61%, 09/14/24 (Call 10/02/23)(b)

    200       190,278  

0.63%, 01/15/26 (Call 12/15/25)(b)

    1,350       1,216,195  

1.00%, 09/15/27 (Call 07/15/27)(a)(b)

    1,535       1,322,779  

1.15%, 01/14/27 (Call 12/14/26)(b)

    903       799,913  

1.25%, 09/15/30 (Call 06/15/30)(b)

    1,885       1,491,204  

1.50%, 09/14/28 (Call 07/14/28)(a)(b)

    455       390,061  

1.88%, 09/14/31 (Call 06/14/31)(a)(b)

    1,008       816,903  

2.50%, 09/14/41 (Call 03/14/41)(a)(b)

    762       534,454  

2.63%, 09/14/51 (Call 03/14/51)(a)(b)

    615       404,204  
Security  

Par

(000)

    Value  
Food (continued)            

3.50%, 09/24/25 (Call 07/24/25)(b)

  $ 1,775     $ 1,722,857  

3.63%, 09/24/28 (Call 06/24/28)(a)(b)

    2,124       2,021,058  

3.90%, 09/24/38 (Call 03/24/38)(b)

    1,674       1,481,789  

4.00%, 09/12/25(b)

    565       553,861  

4.00%, 09/24/48 (Call 03/24/48)(b)

    2,644       2,260,338  

4.13%, 10/01/27 (Call 09/01/27)(a)(b)

    545       528,996  

4.25%, 10/01/29 (Call 08/01/29)(a)(b)

    350       340,901  

4.30%, 10/01/32 (Call 07/01/32)(a)(b)

    630       614,474  

4.70%, 01/15/53 (Call 07/15/52)(a)(b)

    1,265       1,211,342  

4.85%, 03/14/33 (Call 12/14/32)(b)

    1,515       1,517,511  

4.95%, 03/14/30 (Call 01/14/30)(a)(b)

    1,240       1,248,941  

5.25%, 03/13/26(b)

    550       552,439  

Series 144A, 5.00%, 03/14/28
(Call 02/14/28)(a)(b)

    1,010       1,016,425  

Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(b)

    1,286       1,225,134  

Sigma Finance Netherlands BV, 4.88%, 03/27/28 (Call 12/27/27)(b)

    85       81,344  

Smithfield Foods Inc.

   

2.63%, 09/13/31 (Call 06/13/31)(a)(b)

    797       587,407  

3.00%, 10/15/30 (Call 07/15/30)(b)

    790       620,740  

4.25%, 02/01/27 (Call 11/01/26)(b)

    1,087       1,011,513  

5.20%, 04/01/29 (Call 01/01/29)(b)

    596       553,168  

Sysco Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    865       730,824  

2.45%, 12/14/31 (Call 09/14/31)

    775       627,477  

3.15%, 12/14/51 (Call 06/14/51)(a)

    850       566,294  

3.25%, 07/15/27 (Call 04/15/27)(a)

    1,066       993,398  

3.30%, 07/15/26 (Call 04/15/26)

    1,033       980,315  

3.30%, 02/15/50 (Call 08/15/49)(a)

    625       428,402  

3.75%, 10/01/25 (Call 07/01/25)

    1,385       1,339,372  

4.45%, 03/15/48 (Call 09/15/47)(a)

    400       330,630  

4.50%, 04/01/46 (Call 10/01/45)

    552       453,826  

4.85%, 10/01/45 (Call 04/01/45)

    525       450,488  

5.38%, 09/21/35(a)

    520       505,719  

5.95%, 04/01/30 (Call 01/01/30)

    1,312       1,358,793  

6.60%, 04/01/40 (Call 10/01/39)(a)

    600       633,108  

6.60%, 04/01/50 (Call 10/01/49)

    1,576       1,737,648  

Tesco PLC, 6.15%, 11/15/37(a)(b)

    720       705,658  

Tyson Foods Inc.

   

3.55%, 06/02/27 (Call 03/02/27)

    1,567       1,471,874  

4.00%, 03/01/26 (Call 01/01/26)

    1,282       1,239,323  

4.35%, 03/01/29 (Call 12/01/28)

    1,446       1,368,334  

4.55%, 06/02/47 (Call 12/02/46)(a)

    926       740,590  

4.88%, 08/15/34 (Call 02/15/34)(a)

    726       690,644  

5.10%, 09/28/48 (Call 03/28/48)

    1,915       1,662,434  

5.15%, 08/15/44 (Call 02/15/44)

    624       555,322  

Walmart Inc., 3.90%, 09/09/25

     2,190       2,141,889  
   

 

 

 
       165,776,010  
Forest Products & Paper — 0.3%            

Celulosa Arauco y Constitucion SA

   

3.88%, 11/02/27 (Call 08/02/27)

    835       765,943  

4.20%, 01/29/30 (Call 10/29/29)(b)

    360       319,085  

4.25%, 04/30/29 (Call 01/30/29)(b)

    382       347,951  

5.15%, 01/29/50 (Call 07/29/49)(a)(b)

    320       257,313  

5.50%, 11/02/47 (Call 05/02/47)

    646       542,767  

5.50%, 04/30/49 (Call 10/30/48)(a)(b)

    520       433,099  

Fibria Overseas Finance Ltd.

   

4.00%, 01/14/25 (Call 11/14/24)

    415       403,402  

5.50%, 01/17/27(a)

    732       730,669  
 

 

 

72  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Forest Products & Paper (continued)            

Georgia-Pacific LLC

   

0.95%, 05/15/26 (Call 04/15/26)(b)

  $ 1,391     $ 1,235,416  

1.75%, 09/30/25 (Call 08/30/25)(b)

    957       886,260  

2.10%, 04/30/27 (Call 02/28/27)(a)(b)

    634       575,589  

2.30%, 04/30/30 (Call 01/30/30)(b)

    884       743,023  

3.60%, 03/01/25 (Call 12/01/24)(b)

    1,350       1,310,524  

7.25%, 06/01/28(a)

    973       1,042,450  

7.75%, 11/15/29(a)

    1,320       1,482,174  

8.88%, 05/15/31

    212       258,323  

International Paper Co.

   

4.35%, 08/15/48 (Call 02/15/48)(a)

    1,435       1,176,900  

4.40%, 08/15/47 (Call 02/15/47)(a)

    517       418,990  

4.80%, 06/15/44 (Call 12/15/43)

    680       585,610  

5.00%, 09/15/35 (Call 03/15/35)(a)

    615       591,320  

5.15%, 05/15/46 (Call 11/15/45)(a)

    210       187,011  

6.00%, 11/15/41 (Call 05/15/41)

     1,306       1,321,879  

7.30%, 11/15/39(a)

    165       184,828  

Inversiones CMPC SA

   

3.00%, 04/06/31 (Call 01/06/31)(a)(b)

    822       668,778  

3.85%, 01/13/30 (Call 10/13/29)(a)(b)

    525       467,173  

4.38%, 04/04/27(b)

    245       233,240  

4.75%, 09/15/24 (Call 06/15/24)(b)

    175       172,657  

6.13%, 06/23/33 (Call 03/23/33)(b)

    70       70,105  

Smurfit Kappa Treasury Funding DAC, 7.50%, 11/20/25(a)

    662       674,183  

Suzano Austria GmbH

   

2.50%, 09/15/28 (Call 07/15/28)

    755       644,565  

3.13%, 01/15/32 (Call 10/15/31)(a)

    1,365       1,078,423  

3.75%, 01/15/31 (Call 10/15/30)

    1,695       1,434,948  

5.00%, 01/15/30 (Call 10/15/29)

    1,224       1,138,586  

6.00%, 01/15/29 (Call 10/15/28)

    2,162       2,144,000  

7.00%, 03/16/47 (Call 09/16/46)(a)(b)

    1,632       1,633,363  

UPM-Kymmene OYJ, 7.45%, 11/26/27(b)

    5       5,232  
   

 

 

 
       26,165,779  
Gas — 0.7%            

APA Infrastructure Ltd.

   

4.20%, 03/23/25 (Call 12/23/24)(b)

    1,791       1,747,005  

4.25%, 07/15/27 (Call 04/15/27)(b)

    1,021       973,284  

5.00%, 03/23/35 (Call 12/23/34)(b)

    535       491,708  

Atmos Energy Corp.

   

1.50%, 01/15/31 (Call 10/15/30)

    982       766,059  

2.63%, 09/15/29 (Call 06/15/29)(a)

    565       497,404  

2.85%, 02/15/52 (Call 08/15/51)(a)

    610       394,468  

3.00%, 06/15/27 (Call 03/15/27)

    580       543,811  

3.38%, 09/15/49 (Call 03/15/49)

    547       390,513  

4.13%, 10/15/44 (Call 04/15/44)

    754       619,267  

4.13%, 03/15/49 (Call 09/15/48)

    818       666,896  

4.15%, 01/15/43 (Call 07/15/42)(a)

    635       531,699  

4.30%, 10/01/48 (Call 04/01/48)

    567       475,306  

5.45%, 10/15/32 (Call 07/15/32)(a)

    200       204,614  

5.50%, 06/15/41 (Call 12/15/40)(a)

    324       316,177  

5.75%, 10/15/52 (Call 04/15/52)(a)

    580       604,344  

Boston Gas Co.

   

3.00%, 08/01/29 (Call 05/01/29)(b)

    757       652,318  

3.15%, 08/01/27 (Call 05/01/27)(b)

    599       543,023  

3.76%, 03/16/32 (Call 12/16/31)(b)

    1,320       1,144,706  

4.49%, 02/15/42(b)

    755       607,679  

6.12%, 07/20/53 (Call 01/20/53)(b)

    505       501,684  

Brooklyn Union Gas Co. (The)

   

3.41%, 03/10/26 (Call 12/10/25)(b)

    910       861,539  
Security  

Par

(000)

    Value  
Gas (continued)            

3.87%, 03/04/29 (Call 12/04/28)(a)(b)

  $ 695     $ 637,306  

4.27%, 03/15/48 (Call 09/15/47)(a)(b)

    816       600,110  

4.49%, 03/04/49 (Call 09/04/48)(a)(b)

    372       275,700  

4.50%, 03/10/46 (Call 09/10/45)(b)

    475       359,070  

4.63%, 08/05/27 (Call 07/05/27)(b)

    650       622,957  

4.87%, 08/05/32 (Call 05/05/32)(b)

    495       454,934  

CenterPoint Energy Resources Corp.

   

1.75%, 10/01/30 (Call 07/01/30)

    993       787,835  

4.00%, 04/01/28 (Call 01/01/28)

    409       389,014  

4.10%, 09/01/47 (Call 03/01/47)

    355       279,729  

4.40%, 07/01/32 (Call 04/01/32)

    555       518,113  

5.25%, 03/01/28 (Call 02/01/28)

    885       882,944  

5.40%, 03/01/33 (Call 12/01/32)(a)

    520       520,189  

5.85%, 01/15/41 (Call 07/15/40)

    542       541,525  

6.63%, 11/01/37(a)

    226       233,078  

Centrica PLC, 5.38%, 10/16/43 (Call 04/16/43)(b)

    755       675,510  

East Ohio Gas Co. (The)

   

1.30%, 06/15/25 (Call 05/15/25)(b)

    808       747,142  

2.00%, 06/15/30 (Call 03/15/30)(b)

    1,152       921,027  

3.00%, 06/15/50 (Call 12/15/49)(b)

    807       501,034  

Eastern Energy Gas Holdings LLC

   

3.60%, 12/15/24 (Call 09/15/24)

    487       473,137  

Series A, 2.50%, 11/15/24 (Call 10/15/24)(a)

    788       758,067  

ENN Energy Holdings Ltd., 2.63%, 09/17/30(b)

    765       634,281  

Grupo Energia Bogota SA ESP, 4.88%, 05/15/30 (Call 02/15/30)(b)

    535       493,326  

KeySpan Gas East Corp.

   

2.74%, 08/15/26 (Call 05/15/26)(b)

    870       796,405  

3.59%, 01/18/52 (Call 07/18/51)(b)

    385       251,443  

5.82%, 04/01/41(b)

    1,010       956,696  

5.99%, 03/06/33 (Call 12/06/32)(b)

    160       158,830  

Korea Gas Corp.

   

2.88%, 07/16/29(a)(b)

    805       717,107  

6.25%, 01/20/42(a)(b)

    460       509,819  

Nakilat Inc., 6.07%, 12/31/33(a)(b)

    265       272,297  

National Fuel Gas Co.

   

2.95%, 03/01/31 (Call 12/01/30)

    820       659,601  

3.95%, 09/15/27 (Call 06/15/27)

    420       389,230  

4.75%, 09/01/28 (Call 06/01/28)

    530       506,096  

5.20%, 07/15/25 (Call 04/15/25)

    715       702,874  

5.50%, 01/15/26 (Call 12/15/25)

    1,016       1,006,298  

5.50%, 10/01/26

    340       337,070  

NiSource Inc.

   

0.95%, 08/15/25 (Call 07/15/25)

    1,221       1,119,231  

1.70%, 02/15/31 (Call 11/15/30)(a)

    902       696,675  

2.95%, 09/01/29 (Call 06/01/29)

    853       750,595  

3.49%, 05/15/27 (Call 02/15/27)

    750       703,495  

3.60%, 05/01/30 (Call 02/01/30)

    953       854,098  

3.95%, 03/30/48 (Call 09/30/47)

    754       576,759  

4.38%, 05/15/47 (Call 11/15/46)

     1,430        1,172,937  

4.80%, 02/15/44 (Call 08/15/43)

    776       677,832  

5.00%, 06/15/52 (Call 12/15/51)

    600       530,512  

5.25%, 03/30/28 (Call 02/29/28)

    705       702,045  

5.25%, 02/15/43 (Call 08/15/42)

    551       512,058  

5.40%, 06/30/33 (Call 03/30/33)(a)

    175       173,328  

5.65%, 02/01/45 (Call 08/01/44)

    805       772,068  

5.80%, 02/01/42 (Call 08/01/41)

    485       466,892  

5.95%, 06/15/41 (Call 12/15/40)

    324       325,952  

ONE Gas Inc.

   

2.00%, 05/15/30 (Call 02/15/30)(a)

    433       354,818  
 

 

 

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

  73


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Gas (continued)            

4.25%, 09/01/32 (Call 06/01/32)(a)

  $ 310     $ 289,102  

4.50%, 11/01/48 (Call 05/01/48)

    596       489,100  

4.66%, 02/01/44 (Call 08/01/43)(a)

    832       716,919  

Piedmont Natural Gas Co. Inc.

   

2.50%, 03/15/31 (Call 12/15/30)

    475       384,784  

3.35%, 06/01/50 (Call 12/01/49)(a)

    552       361,361  

3.50%, 06/01/29 (Call 03/01/29)

     1,144       1,037,228  

3.64%, 11/01/46 (Call 05/01/46)

    350       245,360  

4.10%, 09/18/34 (Call 03/18/34)(a)

    300       256,402  

4.65%, 08/01/43 (Call 02/01/43)(a)

    374       321,371  

5.05%, 05/15/52 (Call 11/15/51)

    405       357,151  

5.40%, 06/15/33 (Call 03/15/33)(a)

    425       419,471  

Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 (Call 07/16/29)(a)(b)

    285       240,942  

Sempra Global, 3.25%, 01/15/32
(Call 10/15/31)(b)

    757       610,074  

Southern California Gas Co.

   

2.95%, 04/15/27 (Call 03/15/27)

    765       710,591  

3.15%, 09/15/24 (Call 06/15/24)

    85       82,846  

3.20%, 06/15/25 (Call 03/15/25)(a)

    844       812,744  

3.75%, 09/15/42 (Call 03/15/42)

    774       579,287  

4.45%, 03/15/44 (Call 09/15/43)(a)

    347       286,476  

5.13%, 11/15/40

    521       489,298  

5.75%, 06/01/53 (Call 12/01/52)

    590       583,670  

6.35%, 11/15/52 (Call 05/15/52)(a)

    610       654,311  

Series KK, 5.75%, 11/15/35(a)

    125       126,103  

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

    752       701,459  

Series UU, 4.13%, 06/01/48 (Call 12/01/47)

    462       358,839  

Series VV, 4.30%, 01/15/49 (Call 07/15/48)

    355       288,628  

Series WW, 3.95%, 02/15/50 (Call 08/15/49)

    359       273,997  

Series XX, 2.55%, 02/01/30 (Call 11/01/29)

    910       773,765  

Southern Co. Gas Capital Corp.

   

3.25%, 06/15/26 (Call 03/15/26)

    466       439,507  

3.88%, 11/15/25 (Call 08/15/25)

    972       936,049  

3.95%, 10/01/46 (Call 04/01/46)

    512       381,030  

4.40%, 06/01/43 (Call 12/01/42)

    770       617,451  

4.40%, 05/30/47 (Call 11/30/46)

    760       608,725  

5.15%, 09/15/32 (Call 03/15/32)

    625       609,924  

5.88%, 03/15/41 (Call 09/15/40)

    535       528,030  

6.00%, 10/01/34

    160       157,951  

Series 2020-A, 1.75%, 01/15/31 (Call 10/15/30)

    621       482,629  

Series 21A, 3.15%, 09/30/51 (Call 03/30/51)

    645       416,814  

Southwest Gas Corp.

   

2.20%, 06/15/30 (Call 03/15/30)

    584       473,911  

3.18%, 08/15/51 (Call 02/15/51)

    440       270,644  

3.70%, 04/01/28 (Call 01/01/28)

    313       291,288  

3.80%, 09/29/46 (Call 03/29/46)(a)

    135       95,038  

4.05%, 03/15/32 (Call 12/15/31)(a)

    625       560,170  

4.15%, 06/01/49 (Call 12/01/48)(a)

    406       301,996  

5.45%, 03/23/28 (Call 02/23/28)

    205       204,405  

5.80%, 12/01/27 (Call 11/01/27)

    715       723,121  

Spire Inc., 4.70%, 08/15/44 (Call 02/15/44)

    225       170,682  

Spire Missouri Inc.

   

3.30%, 06/01/51 (Call 12/01/50)(a)

    490       328,424  

4.80%, 02/15/33 (Call 11/15/32)(a)

    315       306,214  

Washington Gas Light Co.

   

3.65%, 09/15/49 (Call 03/15/49)

    600       428,927  

Series K, 3.80%, 09/15/46 (Call 03/15/46)(a)

    751       551,768  
   

 

 

 
       65,828,570  
Security  

Par

(000)

    Value  
Hand & Machine Tools — 0.1%            

Kennametal Inc.

   

2.80%, 03/01/31 (Call 12/01/30)(a)

  $ 399     $ 320,062  

4.63%, 06/15/28 (Call 03/15/28)

    455       431,297  

Regal Rexnord Corp.

   

6.05%, 02/15/26(b)

    540       537,087  

6.05%, 04/15/28 (Call 03/15/28)(b)

    1,205       1,192,239  

6.30%, 02/15/30 (Call 12/15/29)(b)

    620       617,268  

6.40%, 04/15/33 (Call 01/15/33)(b)

    1,580       1,565,171  

Snap-on Inc.

   

3.10%, 05/01/50 (Call 11/01/49)(a)

    701       495,586  

3.25%, 03/01/27 (Call 12/01/26)

    355       335,384  

4.10%, 03/01/48 (Call 09/01/47)(a)

    563       473,378  

Stanley Black & Decker Inc., 3.00%, 05/15/32 (Call 02/15/32)(a)

    880       740,016  

Stanley Black & Decker Inc.

   

2.30%, 02/24/25 (Call 09/11/23)(a)

    204       194,212  

2.30%, 03/15/30 (Call 12/15/29)(a)

    1,226       1,015,118  

2.75%, 11/15/50 (Call 05/15/50)

    590       343,319  

3.40%, 03/01/26 (Call 01/01/26)

    990       940,965  

4.00%, 03/15/60 (Call 03/15/25),
(5-year CMT + 2.657%)(d)

    826       642,785  

4.25%, 11/15/28 (Call 08/15/28)(a)

    793       752,781  

4.85%, 11/15/48 (Call 05/15/48)(a)

    545       462,973  

5.20%, 09/01/40

    752       685,207  

6.00%, 03/06/28 (Call 02/06/28)(a)

    795       811,975  
   

 

 

 
       12,556,823  
Health Care - Products — 1.0%            

Abbott Laboratories

   

1.15%, 01/30/28 (Call 11/30/27)

     1,087       938,110  

1.40%, 06/30/30 (Call 03/30/30)(a)

    1,211       986,941  

2.95%, 03/15/25 (Call 12/15/24)

    1,284       1,243,663  

3.75%, 11/30/26 (Call 08/30/26)

    2,065       2,001,399  

3.88%, 09/15/25 (Call 06/15/25)

    877       855,985  

4.75%, 11/30/36 (Call 05/30/36)

    1,655       1,643,025  

4.75%, 04/15/43 (Call 10/15/42)

    398       380,886  

4.90%, 11/30/46 (Call 05/30/46)

    3,358       3,273,553  

5.30%, 05/27/40

    1,236       1,267,177  

6.00%, 04/01/39

    1,056       1,159,888  

6.15%, 11/30/37

    930       1,034,382  

Alcon Finance Corp.

   

2.60%, 05/27/30 (Call 02/27/30)(a)(b)

    1,245       1,049,987  

2.75%, 09/23/26 (Call 07/23/26)(a)(b)

    898       829,182  

3.00%, 09/23/29 (Call 06/23/29)(a)(b)

    908       796,321  

3.80%, 09/23/49 (Call 03/23/49)(b)

    425       317,973  

5.38%, 12/06/32 (Call 09/06/32)(b)

    863       860,137  

5.75%, 12/06/52 (Call 06/06/52)(b)

    865       879,296  

Baxter International Inc.

   

1.32%, 11/29/24

    1,060       1,004,179  

1.73%, 04/01/31 (Call 01/01/31)

    1,356       1,045,522  

1.92%, 02/01/27 (Call 01/01/27)

    2,171       1,931,606  

2.27%, 12/01/28 (Call 10/01/28)

    1,785       1,531,467  

2.54%, 02/01/32 (Call 11/01/31)(a)

    810       650,187  

2.60%, 08/15/26 (Call 05/15/26)

    734       677,742  

3.13%, 12/01/51 (Call 06/01/51)(a)

    980       623,266  

3.50%, 08/15/46 (Call 02/15/46)

    587       396,005  

3.95%, 04/01/30 (Call 01/01/30)

    711       651,714  

4.50%, 06/15/43 (Call 12/15/42)

    410       316,931  

6.25%, 12/01/37(a)

    231       229,325  

Boston Scientific Corp.

   

1.90%, 06/01/25 (Call 05/01/25)(a)

    912       856,665  
 

 

 

74  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Products (continued)            

2.65%, 06/01/30 (Call 03/01/30)

  $ 1,787     $ 1,534,262  

3.75%, 03/01/26 (Call 01/01/26)(a)

    345       330,780  

4.00%, 03/01/29 (Call 12/01/28)(a)

    115       108,530  

4.55%, 03/01/39 (Call 09/01/38)

    440       396,260  

4.70%, 03/01/49 (Call 09/01/48)(a)

    430       385,467  

6.50%, 11/15/35

    730       792,354  

7.38%, 01/15/40

    845       975,497  

Covidien International Finance SA, 6.55%, 10/15/37

    248       270,216  

Danaher Corp.

   

2.60%, 10/01/50 (Call 04/01/50)(a)

    700       446,694  

2.80%, 12/10/51 (Call 06/10/51)(a)

    1,440       947,956  

3.35%, 09/15/25 (Call 06/15/25)

    1,017       981,075  

4.38%, 09/15/45 (Call 03/15/45)

    652       573,985  

DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)

     1,199        1,030,022  

DH Europe Finance II Sarl

   

2.20%, 11/15/24 (Call 10/15/24)

    851       818,602  

2.60%, 11/15/29 (Call 08/15/29)

    1,155       1,018,186  

3.25%, 11/15/39 (Call 05/15/39)

    1,319       1,046,609  

3.40%, 11/15/49 (Call 05/15/49)(a)

    1,079       805,710  

Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)(a)

    1,049       1,008,744  

GE HealthCare Technologies Inc.

   

5.60%, 11/15/25 (Call 10/15/25)

    2,240       2,240,120  

5.65%, 11/15/27 (Call 10/15/27)

    2,229       2,255,789  

5.86%, 03/15/30 (Call 01/15/30)

    860       874,067  

5.91%, 11/22/32 (Call 08/22/32)

    380       389,701  

6.38%, 11/22/52 (Call 05/22/52)

    1,405       1,512,458  

HCA Inc.

   

3.13%, 03/15/27 (Call 02/15/27)

    1,331       1,223,231  

3.63%, 03/15/32 (Call 12/15/31)

    2,519       2,166,521  

4.38%, 03/15/42 (Call 09/15/41)

    870       697,745  

Koninklijke Philips NV

   

5.00%, 03/15/42(a)

    641       570,823  

6.88%, 03/11/38

    1,115       1,206,816  

Medtronic Global Holdings SCA

   

4.25%, 03/30/28 (Call 02/29/28)

    800       778,068  

4.50%, 03/30/33 (Call 12/30/32)

    1,055       1,020,851  

Medtronic Inc.

   

4.38%, 03/15/35

    2,890       2,734,761  

4.63%, 03/15/45

    2,654       2,491,897  

Olympus Corp., 2.14%, 12/08/26
(Call 11/08/26)(b)

    830       743,428  

Revvity Inc.

   

0.85%, 09/15/24 (Call 09/11/23)

    682       646,477  

1.90%, 09/15/28 (Call 07/15/28)

    705       597,588  

2.25%, 09/15/31 (Call 06/15/31)(a)

    420       330,679  

2.55%, 03/15/31 (Call 12/15/30)

    765       627,265  

3.30%, 09/15/29 (Call 06/15/29)

    1,060       942,474  

3.63%, 03/15/51 (Call 09/15/50)(a)

    510       352,202  

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

    1,697       1,342,713  

STERIS Irish FinCo UnLtd Co.

   

2.70%, 03/15/31 (Call 12/15/30)

    1,187       982,499  

3.75%, 03/15/51 (Call 09/15/50)

    654       477,014  

Stryker Corp.

   

1.15%, 06/15/25 (Call 05/15/25)(a)

    662       614,849  

1.95%, 06/15/30 (Call 03/15/30)

    1,593       1,317,130  

2.90%, 06/15/50 (Call 12/15/49)

    690       460,024  

3.38%, 11/01/25 (Call 08/01/25)

    863       827,824  

3.50%, 03/15/26 (Call 12/15/25)

    1,469       1,410,829  
Security  

Par

(000)

    Value  
Health Care - Products (continued)            

3.65%, 03/07/28 (Call 12/07/27)

  $ 784     $ 744,212  

4.10%, 04/01/43 (Call 10/01/42)

    926       763,525  

4.38%, 05/15/44 (Call 11/15/43)

    508       437,222  

4.63%, 03/15/46 (Call 09/15/45)

    998       897,616  

Thermo Fisher Scientific Inc.

   

1.22%, 10/18/24 (Call 09/11/23)

    1,395       1,329,832  

1.75%, 10/15/28 (Call 08/15/28)

    1,072       923,458  

2.00%, 10/15/31 (Call 07/15/31)(a)

    1,994       1,607,872  

2.60%, 10/01/29 (Call 07/01/29)

    1,203       1,055,439  

2.80%, 10/15/41 (Call 04/15/41)

    1,750       1,260,507  

4.10%, 08/15/47 (Call 02/15/47)

     1,093       938,866  

4.80%, 11/21/27 (Call 10/21/27)(a)

    780       780,958  

4.95%, 08/10/26 (Call 07/10/26)

    300       298,800  

4.95%, 11/21/32 (Call 08/21/32)

    630       629,914  

4.98%, 08/10/30 (Call 06/10/30)

    390       389,059  

5.09%, 08/10/33 (Call 05/10/33)

    455       457,329  

5.30%, 02/01/44 (Call 08/01/43)

    509       503,900  

5.40%, 08/10/43 (Call 04/10/43)(a)

    350       353,595  

Zimmer Biomet Holdings Inc.

   

1.45%, 11/22/24 (Call 09/11/23)

    942       894,292  

2.60%, 11/24/31 (Call 08/24/31)

    1,130       920,519  

3.05%, 01/15/26 (Call 12/15/25)

    1,038       983,681  

3.55%, 04/01/25 (Call 01/01/25)

    1,021       987,525  

3.55%, 03/20/30 (Call 12/20/29)(a)

    500       438,040  

4.25%, 08/15/35 (Call 02/15/35)(a)

    377       318,922  

4.45%, 08/15/45 (Call 02/15/45)

    545       451,544  

5.75%, 11/30/39

    485       467,100  
   

 

 

 
       93,573,033  
Health Care - Services — 2.9%            

AdventHealth Obligated Group, Series E, 2.80%, 11/15/51 (Call 05/15/51)

    50       32,218  

Adventist Health System, 5.43%, 03/01/32 (Call 12/01/31)(a)

    410       407,332  

Adventist Health System/West

   

2.95%, 03/01/29 (Call 12/01/28)

    715       622,259  

3.63%, 03/01/49 (Call 09/01/48)

    515       362,409  

Advocate Health & Hospitals Corp.

   

3.39%, 10/15/49 (Call 04/15/49)

    232       168,080  

3.83%, 08/15/28 (Call 05/15/28)

    170       161,748  

4.27%, 08/15/48 (Call 02/15/48)

    377       320,140  

Series 2020, 2.21%, 06/15/30 (Call 03/15/30)

    65       53,870  

Series 2020, 3.01%, 06/15/50 (Call 12/15/49)(a)

    625       419,881  

Aetna Inc.

   

3.50%, 11/15/24 (Call 08/15/24)

    750       730,233  

3.88%, 08/15/47 (Call 02/15/47)

    1,170       877,813  

4.13%, 11/15/42 (Call 05/15/42)

    251       199,214  

4.50%, 05/15/42 (Call 11/15/41)

    847       705,838  

4.75%, 03/15/44 (Call 09/15/43)

    620       533,948  

6.63%, 06/15/36

    1,075       1,153,434  

6.75%, 12/15/37

    1,150       1,254,980  

AHS Hospital Corp.

   

5.02%, 07/01/45

    625       590,662  

Series 2021, 2.78%, 07/01/51 (Call 01/01/51)

    735       461,196  

Allina Health System

   

2.90%, 11/15/51 (Call 05/15/51)(a)

    155       98,357  

4.81%, 11/15/45 (Call 05/15/45)(a)

    190       168,143  

Series 2019, 3.89%, 04/15/49(a)

    885       700,875  

Anthem Inc.

   

4.10%, 05/15/32 (Call 02/15/32)

    735       677,269  

4.55%, 05/15/52 (Call 11/15/51)

    942       811,069  
 

 

 

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

  75


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Ascension Health

   

3.95%, 11/15/46

  $ 470     $ 382,786  

4.85%, 11/15/53(a)

    422       393,207  

Series B, 2.53%, 11/15/29 (Call 08/15/29)

    745       644,199  

Series B, 3.11%, 11/15/39 (Call 05/15/39)

    1,535       1,164,618  

Banner Health

   

1.90%, 01/01/31 (Call 07/01/30)(a)

    470       376,953  

2.34%, 01/01/30 (Call 10/01/29)(a)

    600       511,571  

2.91%, 01/01/42 (Call 07/01/41)(a)

    155       110,010  

2.91%, 01/01/51 (Call 07/01/50)

    535       346,728  

Series 2020, 3.18%, 01/01/50 (Call 07/01/49)(a)

    354       245,527  

Baptist Health South Florida Inc., Series 2017, 4.34%, 11/15/41

    590       480,478  

Baptist Health South Florida Obligated Group, Series 2021, 3.12%, 11/15/71 (Call 05/15/71)

    105       60,966  

Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)

    489       349,333  

BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)(a)

    300       233,395  

Baylor Scott & White Holdings

   

3.97%, 11/15/46 (Call 05/15/46)

    450       362,726  

4.19%, 11/15/45 (Call 05/15/45)(a)

    1,017       861,013  

Series 2021, 1.78%, 11/15/30 (Call 05/15/30)(a)

    394       315,438  

Series 2021, 2.84%, 11/15/50 (Call 11/15/49)(a)

    565       371,472  

Beth Israel Lahey Health Inc., Series L, 3.08%, 07/01/51 (Call 01/01/51)

    525       319,694  

Blue Cross and Blue Shield of Minnesota, 3.79%, 05/01/25 (Call 02/01/25)(b)

     1,230        1,170,508  

Bon Secours Mercy Health Inc.

   

3.46%, 06/01/30 (Call 12/01/29)(a)

    650       580,028  

Series 20-2, 2.10%, 06/01/31 (Call 12/01/30)

    545       436,705  

Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)

    715       487,645  

Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50)(a)

    615       404,549  

Cedars-Sinai Health System, Series 2021, 2.29%, 08/15/31 (Call 02/15/31)(a)

    420       341,103  

Centene Corp.

   

2.45%, 07/15/28 (Call 05/15/28)

    2,660       2,277,407  

2.50%, 03/01/31 (Call 12/01/30)

    2,375       1,891,304  

2.63%, 08/01/31 (Call 05/01/31)

    1,860       1,479,655  

3.00%, 10/15/30 (Call 07/15/30)

    2,905       2,416,334  

3.38%, 02/15/30 (Call 02/15/25)

    2,285       1,955,495  

4.25%, 12/15/27 (Call 09/18/23)

    1,760       1,646,318  

4.63%, 12/15/29 (Call 12/15/24)

    3,680       3,383,760  

Children’s Health System of Texas, 2.51%, 08/15/50 (Call 02/15/50)(a)

    625       374,688  

Children’s Hospital Corp. (The)

   

Series 2017, 4.12%, 01/01/47 (Call 07/01/46)

    215       182,483  

Series 2020, 2.59%, 02/01/50 (Call 08/01/49)(a)

    85       52,846  

Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44(a)

    804       696,454  

Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)

    610       389,207  

Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)

    515       325,540  

CHRISTUS Health, Series C, 4.34%, 07/01/28 (Call 04/01/28)

    705       676,329  

City of Hope

   

Series 2013, 5.62%, 11/15/43

    305       290,426  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Series 2018, 4.38%, 08/15/48 (Call 02/15/48)(a)

  $ 615     $ 498,616  

Cleveland Clinic Foundation (The), 4.86%, 01/01/2114(a)

    365       319,660  

CommonSpirit Health

   

1.55%, 10/01/25 (Call 07/01/25)

    472       434,306  

2.76%, 10/01/24 (Call 07/01/24)

    588       569,743  

2.78%, 10/01/30 (Call 04/01/30)

    53       44,516  

3.35%, 10/01/29 (Call 04/01/29)

    788       702,289  

3.82%, 10/01/49 (Call 04/01/49)

    482       361,278  

3.91%, 10/01/50 (Call 04/01/50)

    620       466,005  

4.19%, 10/01/49 (Call 04/01/49)(a)

    858       680,944  

4.35%, 11/01/42(a)

    640       533,907  

6.46%, 11/01/52 (Call 05/01/52)(a)

    300       335,079  

Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49)

    467       303,767  

Corewell Health Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)

    454       325,965  

Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)

    734       521,379  

Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)(a)

    617       474,447  

Dignity Health

   

3.81%, 11/01/24(a)

    340       332,155  

4.50%, 11/01/42

    100       85,164  

5.27%, 11/01/64(a)

    340       303,638  

Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)

     1,097       898,965  

Elevance Health Inc.

   

1.50%, 03/15/26 (Call 02/15/26)

    986       895,701  

2.25%, 05/15/30 (Call 02/15/30)

    1,674       1,398,502  

2.38%, 01/15/25 (Call 12/15/24)

    1,178       1,126,352  

2.55%, 03/15/31 (Call 12/15/30)

    1,531       1,281,958  

2.88%, 09/15/29 (Call 06/15/29)

    1,287       1,136,969  

3.13%, 05/15/50 (Call 11/15/49)

    1,419       960,763  

3.35%, 12/01/24 (Call 10/01/24)

    1,279       1,244,129  

3.60%, 03/15/51 (Call 09/15/50)

    1,540       1,134,039  

3.65%, 12/01/27 (Call 09/01/27)

    1,790       1,687,205  

3.70%, 09/15/49 (Call 03/15/49)

    1,223       911,129  

4.10%, 03/01/28 (Call 12/01/27)

    1,835       1,757,263  

4.38%, 12/01/47 (Call 06/01/47)

    1,115       940,906  

4.55%, 03/01/48 (Call 09/01/47)

    1,145       985,586  

4.63%, 05/15/42

    942       836,844  

4.65%, 01/15/43

    1,425       1,266,192  

4.65%, 08/15/44 (Call 02/15/44)

    865       755,452  

4.75%, 02/15/33 (Call 11/15/32)(a)

    1,155       1,118,655  

4.85%, 08/15/54 (Call 02/15/54)

    310       261,096  

4.90%, 02/08/26 (Call 02/08/24)

    610       602,161  

5.10%, 01/15/44(a)

    789       723,394  

5.13%, 02/15/53 (Call 08/15/52)(a)

    1,360       1,278,658  

5.35%, 10/15/25 (Call 09/15/25)

    645       644,092  

5.50%, 10/15/32 (Call 07/15/32)

    820       836,252  

5.85%, 01/15/36

    345       347,475  

5.95%, 12/15/34

    865       883,198  

6.10%, 10/15/52 (Call 04/15/52)

    1,000        1,063,264  

6.38%, 06/15/37

    650       687,955  

Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49)(a)

    187       135,056  

Fred Hutchinson Cancer Center, 4.97%, 01/01/52 (Call 07/01/51)

    265       246,582  
 

 

 

76  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Fresenius Medical Care U.S. Finance II Inc., 4.75%, 10/15/24 (Call 07/17/24)(b)

  $ 460     $ 451,679  

Fresenius Medical Care U.S. Finance III Inc.

   

1.88%, 12/01/26 (Call 11/01/26)(b)

    1,275       1,114,501  

2.38%, 02/16/31 (Call 11/16/30)(b)

    1,351       1,019,876  

3.00%, 12/01/31 (Call 09/01/31)(a)(b)

    710       548,619  

3.75%, 06/15/29 (Call 03/15/29)(b)

    769       666,373  

Hackensack Meridian Health Inc.

   

4.21%, 07/01/48 (Call 01/01/48)

    395       333,964  

4.50%, 07/01/57 (Call 01/01/57)

    402       344,426  

Series 2020, 2.68%, 09/01/41 (Call 03/01/41)

    760       516,720  

Series 2020, 2.88%, 09/01/50 (Call 03/01/50)

    645       417,479  

Hartford HealthCare Corp., 3.45%, 07/01/54(a)

    205       136,439  

HCA Inc.

   

2.38%, 07/15/31 (Call 04/15/31)

    1,175       927,556  

3.38%, 03/15/29 (Call 01/15/29)

    555       494,818  

3.50%, 09/01/30 (Call 03/01/30)

    2,555       2,231,602  

3.50%, 07/15/51 (Call 01/15/51)(a)

    1,995       1,329,938  

4.13%, 06/15/29 (Call 03/15/29)

    2,171       2,005,367  

4.50%, 02/15/27 (Call 08/15/26)

    1,546       1,494,985  

4.63%, 03/15/52 (Call 09/15/51)

    2,265       1,817,415  

5.13%, 06/15/39 (Call 12/15/38)

    1,376       1,248,174  

5.20%, 06/01/28 (Call 05/01/28)

    475       468,061  

5.25%, 04/15/25

    1,698       1,681,878  

5.25%, 06/15/26 (Call 12/15/25)

    1,710       1,689,218  

5.25%, 06/15/49 (Call 12/15/48)

    2,568       2,241,307  

5.38%, 02/01/25

    2,302       2,287,074  

5.38%, 09/01/26 (Call 03/01/26)

    1,402       1,391,838  

5.50%, 06/01/33 (Call 03/01/33)

    1,090       1,070,817  

5.50%, 06/15/47 (Call 12/15/46)

    1,831       1,666,967  

5.63%, 09/01/28 (Call 03/01/28)

    2,178       2,175,147  

5.88%, 02/15/26 (Call 08/15/25)

    2,190       2,192,987  

5.88%, 02/01/29 (Call 08/01/28)

    1,520         1,529,373  

5.90%, 06/01/53 (Call 12/01/52)

    1,005       963,831  

7.50%, 11/06/33(a)

    710       767,223  

7.69%, 06/15/25

    600       617,062  

Health Care Service Corp. A Mutual Legal Reserve Co.

   

1.50%, 06/01/25 (Call 05/01/25)(b)

    1,010       934,359  

2.20%, 06/01/30 (Call 03/01/30)(b)

    1,859       1,524,084  

3.20%, 06/01/50 (Call 12/01/49)(a)(b)

    631       429,656  

Highmark Inc.

   

1.45%, 05/10/26 (Call 04/10/26)(a)(b)

    1,405       1,256,380  

2.55%, 05/10/31 (Call 02/10/31)(b)

    1,027       801,890  

Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52)(a)

    375       289,705  

Humana Inc.

   

1.35%, 02/03/27 (Call 01/03/27)

    1,084       953,452  

2.15%, 02/03/32 (Call 11/03/31)

    1,277       1,001,602  

3.13%, 08/15/29 (Call 05/15/29)

    785       697,806  

3.70%, 03/23/29 (Call 02/23/29)

    1,130       1,046,205  

3.85%, 10/01/24 (Call 07/01/24)

    535       524,009  

3.95%, 03/15/27 (Call 12/15/26)

    857       822,813  

3.95%, 08/15/49 (Call 02/15/49)

    423       327,093  

4.50%, 04/01/25 (Call 03/01/25)

    743       731,967  

4.63%, 12/01/42 (Call 06/01/42)

    1,021       873,090  

4.80%, 03/15/47 (Call 09/15/46)

    576       510,439  

4.88%, 04/01/30 (Call 01/01/30)

    675       654,597  

4.95%, 10/01/44 (Call 04/01/44)

    724       641,690  

5.50%, 03/15/53 (Call 09/15/52)

    575       557,253  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

5.75%, 03/01/28 (Call 02/01/28)

  $ 770     $ 783,935  

5.88%, 03/01/33 (Call 12/01/32)

    680       704,038  

8.15%, 06/15/38

    540       632,431  

Indiana University Health Inc. Obligated Group

   

3.97%, 11/01/48 (Call 05/01/48)

    826       676,586  

Series 2021, 2.85%, 11/01/51 (Call 05/01/51)(a)

    325       207,121  

Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51)

    380       316,077  

Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)

    600       438,705  

Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)

    520       380,647  

IQVIA Inc., 5.70%, 05/15/28 (Call 04/15/28)(b)

    950       946,473  

Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46(a)

    765       613,898  

Kaiser Foundation Hospitals

   

3.15%, 05/01/27 (Call 02/01/27)

    1,090       1,028,440  

4.15%, 05/01/47 (Call 11/01/46)

    2,252       1,921,871  

4.88%, 04/01/42(a)

    1,242       1,164,179  

Series 2019, 3.27%, 11/01/49 (Call 05/01/49)

    783       561,690  

Series 2021, 2.81%, 06/01/41 (Call 12/01/40)

    620       440,541  

Series 2021, 3.00%, 06/01/51 (Call 12/01/50)(a)

    1,865       1,255,790  

Laboratory Corp. of America Holdings

   

1.55%, 06/01/26 (Call 05/01/26)

    995       895,281  

2.30%, 12/01/24 (Call 11/01/24)

    535       511,930  

2.70%, 06/01/31 (Call 03/01/31)

    776       647,049  

2.95%, 12/01/29 (Call 09/01/29)

    835       733,985  

3.25%, 09/01/24 (Call 07/01/24)

    321       312,740  

3.60%, 02/01/25 (Call 11/01/24)

    1,235       1,197,933  

3.60%, 09/01/27 (Call 06/01/27)

    750       710,699  

4.70%, 02/01/45 (Call 08/01/44)

     1,322        1,132,666  

Mass General Brigham Inc.

   

Series 2017, 3.77%, 07/01/48 (Call 01/01/48)(a)

    15       11,871  

Series 2020, 3.19%, 07/01/49 (Call 01/01/49)(a)

    545       378,270  

Series 2020, 3.34%, 07/01/60 (Call 01/01/60)

    920       630,811  

Mayo Clinic

   

3.77%, 11/15/43

    355       292,990  

Series 2013, 4.00%, 11/15/47(a)

    30       25,367  

Series 2016, 4.13%, 11/15/52(a)

    290       245,984  

Series 2021, 3.20%, 11/15/61 (Call 05/15/61)

    583       387,987  

McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)

    498       418,904  

MedStar Health Inc., Series 20A, 3.63%, 08/15/49(a)

    285       205,547  

Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)

    700       508,040  

Memorial Sloan-Kettering Cancer Center

   

4.13%, 07/01/52(a)

    388       321,192  

5.00%, 07/01/42

    285       273,291  

Series 2015, 4.20%, 07/01/55(a)

    312       257,089  

Series 2020, 2.96%, 01/01/50 (Call 07/01/49)

    200       134,774  

Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28)

    235       224,685  

Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)

    794       503,234  

MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)

    560       385,150  

Montefiore Obligated Group

   

4.29%, 09/01/50

    329       203,696  

Series 18-C, 5.24%, 11/01/48(a)

    486       362,672  
 

 

 

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

  77


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52

  $ 345     $ 259,213  

Mount Sinai Hospitals Group Inc.

   

Series 2017, 3.98%, 07/01/48(a)

    425       331,361  

Series 2019, 3.74%, 07/01/49 (Call 01/01/49)

    760       568,258  

Series 2020, 3.39%, 07/01/50 (Call 07/01/49)

    565       372,504  

MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50)(a)

    585       351,493  

Nationwide Children’s Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52)

    539       492,141  

New York and Presbyterian Hospital (The)

   

2.26%, 08/01/40 (Call 02/01/40)(a)

    170       111,024  

2.61%, 08/01/60 (Call 02/01/60)(a)

    238       132,802  

3.56%, 08/01/36

    110       90,849  

4.02%, 08/01/45

    610       505,635  

4.06%, 08/01/56(a)

    149       120,699  

4.76%, 08/01/2116(a)

    255       214,019  

Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119)

    410       290,299  

Northwell Healthcare Inc.

   

3.81%, 11/01/49 (Call 11/01/48)

    227       167,082  

3.98%, 11/01/46 (Call 11/01/45)

    610       455,545  

4.26%, 11/01/47 (Call 11/01/46)

     1,181        934,977  

6.15%, 11/01/43

    510       511,052  

Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)(a)

    240       152,571  

Novant Health Inc.

   

2.64%, 11/01/36 (Call 08/01/36)

    1,010       749,392  

3.17%, 11/01/51 (Call 05/01/51)(a)

    910       624,857  

3.32%, 11/01/61 (Call 05/01/61)(a)

    508       341,403  

4.37%, 11/01/43

    235       202,054  

NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)(a)

    730       438,837  

Ochsner Clinic Foundation, 5.90%, 05/15/45 (Call 11/15/44)

    490       472,594  

Ochsner LSU Health System of North Louisiana, Series 2021, 2.51%, 05/15/31 (Call 11/15/30)

    590       424,203  

OhioHealth Corp.

   

2.30%, 11/15/31 (Call 05/15/31)

    775       632,642  

2.83%, 11/15/41 (Call 05/15/41)(a)

    760       540,282  

Series 2020, 3.04%, 11/15/50 (Call 05/15/50)

    148       104,132  

Orlando Health Obligated Group

   

3.33%, 10/01/50 (Call 04/01/50)(a)

    365       258,473  

4.09%, 10/01/48 (Call 04/01/48)

    412       325,172  

PeaceHealth Obligated Group

   

Series 2018, 4.79%, 11/15/48 (Call 05/15/48)

    525       449,802  

Series 2020, 1.38%, 11/15/25 (Call 08/15/25)

    776       707,113  

Series 2020, 3.22%, 11/15/50 (Call 05/15/50)

    690       447,452  

Piedmont Healthcare Inc.

   

2.04%, 01/01/32 (Call 07/01/31)(a)

    730       573,135  

2.86%, 01/01/52 (Call 07/01/51)

    595       377,360  

Series 2042, 2.72%, 01/01/42 (Call 07/01/41)(a)

    490       325,169  

Premier Health Partners, Series G, 2.91%, 11/15/26 (Call 05/15/26)

    627       562,480  

Presbyterian Healthcare Services, 4.88%, 08/01/52 (Call 02/01/52)(a)

    540       512,243  

Providence St Joseph Health Obligated Group

   

Series 19A, 2.53%, 10/01/29 (Call 07/01/29)(a)

    870       738,444  

Series 21A, 2.70%, 10/01/51 (Call 04/01/51)(a)

    858       501,665  

Series A, 3.93%, 10/01/48 (Call 04/01/48)(a)

    672       496,165  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Series H, 2.75%, 10/01/26 (Call 07/01/26)(a)

  $ 651     $ 598,550  

Series I, 3.74%, 10/01/47

    453       329,205  

Queen’s Health Systems (The), 4.81%, 07/01/52 (Call 01/01/52)(a)

    150       137,391  

Quest Diagnostics Inc.

   

2.80%, 06/30/31 (Call 03/30/31)

    587       497,494  

2.95%, 06/30/30 (Call 03/30/30)

    1,293       1,122,833  

3.45%, 06/01/26 (Call 03/01/26)

    850       811,194  

3.50%, 03/30/25 (Call 12/30/24)

    596       576,646  

4.20%, 06/30/29 (Call 03/30/29)

    575       550,343  

4.70%, 03/30/45 (Call 09/30/44)

    536       467,303  

Rady Children’s Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50)

    105       71,213  

Roche Holdings Inc.

   

0.99%, 03/05/26 (Call 02/05/26)(b)

    1,420       1,288,060  

1.93%, 12/13/28 (Call 10/13/28)(b)

    2,180       1,885,703  

2.08%, 12/13/31 (Call 09/13/31)(b)

    2,780       2,268,350  

2.13%, 03/10/25 (Call 02/10/25)(b)

    585       558,663  

2.31%, 03/10/27 (Call 02/10/27)(a)(b)

    935       857,785  

2.38%, 01/28/27 (Call 10/28/26)(b)

    660       608,166  

2.61%, 12/13/51 (Call 06/13/51)(a)(b)

    2,525       1,630,740  

2.63%, 05/15/26 (Call 02/15/26)(b)

    955       900,276  

3.00%, 11/10/25 (Call 08/10/25)(b)

    657       628,960  

3.35%, 09/30/24 (Call 06/30/24)(b)

    390       381,723  

3.63%, 09/17/28 (Call 06/17/28)(b)

    1,040       991,146  

4.00%, 11/28/44 (Call 05/28/44)(a)(b)

    425       361,184  

7.00%, 03/01/39(a)(b)

     1,085        1,311,565  

Rush Obligated Group, Series 2020, 3.92%, 11/15/29 (Call 08/15/29)

    520       482,327  

RWJ Barnabas Health Inc.

   

3.48%, 07/01/49 (Call 01/01/49)(a)

    600       447,358  

3.95%, 07/01/46 (Call 07/01/45)(a)

    435       352,760  

Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)(a)

    615       389,338  

Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51)

    130       84,667  

Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)

    60       37,079  

Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45)

    438       400,161  

SSM Health Care Corp.

   

4.89%, 06/01/28

    160       158,520  

Series A, 3.82%, 06/01/27 (Call 03/01/27)(a)

    1,028       975,839  

Stanford Health Care

   

3.03%, 08/15/51 (Call 02/15/51)

    375       252,563  

Series 2018, 3.80%, 11/15/48 (Call 05/15/48)

    911       716,653  

Series 2020, 3.31%, 08/15/30 (Call 05/15/30)(a)

    285       255,263  

Summa Health, 3.51%, 11/15/51 (Call 05/15/51)

    305       207,841  

Sutter Health

   

Series 2018, 3.70%, 08/15/28 (Call 05/15/28)(a)

    302       282,299  

Series 2018, 4.09%, 08/15/48 (Call 02/15/48)

    420       338,066  

Series 20A, 1.32%, 08/15/25 (Call 05/15/25)

    65       59,707  

Series 20A, 2.29%, 08/15/30 (Call 02/15/30)

    335       277,038  

Series 20A, 3.16%, 08/15/40 (Call 02/15/40)

    333       244,572  

Series 20A, 3.36%, 08/15/50 (Call 02/15/50)

    360       253,139  

Texas Health Resources

   

2.33%, 11/15/50 (Call 05/15/50)

    375       212,562  

4.33%, 11/15/55

    330       281,038  

Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28)

    394       386,051  
 

 

 

78  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Trinity Health Corp.

   

4.13%, 12/01/45(a)

  $ 660     $ 549,051  

Series 2019, 3.43%, 12/01/48

    315       235,358  

Series 2021, 2.63%, 12/01/40 (Call 06/01/40)(a)

    620       433,106  

UMass Memorial Health Care Obligated Group,

   

5.36%, 07/01/52 (Call 01/01/52)

    315       296,955  

UnitedHealth Group Inc.

   

3.70%, 05/15/27 (Call 04/15/27)(a)

    485       466,235  

1.15%, 05/15/26 (Call 04/15/26)(a)

    1,100       995,131  

1.25%, 01/15/26

    956       874,524  

2.00%, 05/15/30

    1,516       1,264,754  

2.30%, 05/15/31 (Call 02/15/31)

    1,250       1,044,872  

2.75%, 05/15/40 (Call 11/15/39)

    1,100       792,327  

2.88%, 08/15/29

    1,135       1,019,812  

2.90%, 05/15/50 (Call 11/15/49)

    1,455       966,275  

2.95%, 10/15/27

    1,316       1,220,413  

3.05%, 05/15/41 (Call 11/15/40)

    1,470       1,097,692  

3.10%, 03/15/26

    1,585       1,514,091  

3.13%, 05/15/60 (Call 11/15/59)

    1,060       698,005  

3.25%, 05/15/51 (Call 11/15/50)

    2,330       1,654,716  

3.38%, 04/15/27

    995       943,610  

3.45%, 01/15/27

    1,102       1,052,094  

3.50%, 08/15/39 (Call 02/15/39)

    1,492       1,217,506  

3.70%, 12/15/25

    687       665,172  

3.70%, 08/15/49 (Call 02/15/49)

    1,447       1,123,373  

3.75%, 07/15/25

    1,626       1,584,307  

3.75%, 10/15/47 (Call 04/15/47)

    1,134       895,937  

3.85%, 06/15/28

    1,610       1,543,275  

3.88%, 12/15/28

    1,306       1,249,949  

3.88%, 08/15/59 (Call 02/15/59)

    1,397       1,080,529  

3.95%, 10/15/42 (Call 04/15/42)

    693       575,528  

4.00%, 05/15/29 (Call 03/15/29)

    1,477       1,411,939  

4.20%, 05/15/32 (Call 02/15/32)

    1,985       1,875,239  

4.20%, 01/15/47 (Call 07/15/46)

    645       544,936  

4.25%, 01/15/29 (Call 12/15/28)

    1,875       1,818,690  

4.25%, 03/15/43 (Call 09/15/42)

    623       544,775  

4.25%, 04/15/47 (Call 10/15/46)

    781       663,909  

4.25%, 06/15/48 (Call 12/15/47)

    1,542       1,307,677  

4.38%, 03/15/42 (Call 09/15/41)

    1,171       1,035,953  

4.45%, 12/15/48 (Call 06/15/48)

    1,158       1,016,232  

4.50%, 04/15/33 (Call 01/15/33)

    1,705       1,642,297  

4.63%, 07/15/35(a)

    230       222,605  

4.63%, 11/15/41 (Call 05/15/41)

    1,176       1,077,599  

4.75%, 07/15/45

    2,065       1,919,327  

4.75%, 05/15/52 (Call 11/15/51)

    2,295       2,091,340  

4.95%, 05/15/62 (Call 11/15/61)

    1,425       1,316,517  

5.00%, 10/15/24

    520       518,402  

5.05%, 04/15/53 (Call 10/15/52)

    2,320       2,214,529  

5.15%, 10/15/25

    725       724,559  

5.20%, 04/15/63 (Call 10/15/62)

    1,930       1,849,919  

5.25%, 02/15/28 (Call 01/15/28)(a)

    1,165       1,187,487  

5.30%, 02/15/30 (Call 12/15/29)

    1,015       1,035,621  

5.35%, 02/15/33 (Call 11/15/32)

    2,290       2,350,185  

5.70%, 10/15/40 (Call 04/15/40)

    700       723,595  

5.80%, 03/15/36

    1,639       1,736,666  

5.88%, 02/15/53 (Call 08/15/52)

     2,375        2,540,068  

5.95%, 02/15/41 (Call 08/15/40)

    835       875,997  

6.05%, 02/15/63 (Call 08/15/62)

    1,815       1,977,146  

6.50%, 06/15/37

    1,348       1,514,516  

6.63%, 11/15/37

    864       976,338  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

6.88%, 02/15/38

  $ 1,063     $ 1,236,437  

Universal Health Services Inc.

   

1.65%, 09/01/26 (Call 08/01/26)

     1,176       1,044,569  

2.65%, 10/15/30 (Call 07/15/30)

    1,130       910,277  

2.65%, 01/15/32 (Call 10/15/31)

    652       507,123  

UPMC, Series D-1, 3.60%, 04/03/25

    700       675,542  

WakeMed, Series A, 3.29%, 10/01/52 (Call 04/01/52)

    135       92,789  

West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49)

    201       127,540  

Willis-Knighton Medical Center

   

Series 2018, 4.81%, 09/01/48 (Call 03/01/48)

    702       597,195  

Series 2021, 3.07%, 03/01/51
(Call 09/01/50)(a)

    288       174,842  

Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)

    165       95,607  
   

 

 

 
       266,272,088  
Holding Companies - Diversified — 0.5%            

Alfa SAB de CV, 6.88%, 03/25/44
(Call 09/25/43)(b)

    275       263,861  

Ares Capital Corp.

   

2.15%, 07/15/26 (Call 06/15/26)

    1,530       1,344,572  

2.88%, 06/15/27 (Call 05/15/27)(a)

    710       624,596  

2.88%, 06/15/28 (Call 04/15/28)

    1,458       1,229,603  

3.20%, 11/15/31 (Call 08/15/31)

    930       722,618  

3.25%, 07/15/25 (Call 06/15/25)

    1,447       1,356,820  

3.88%, 01/15/26 (Call 12/15/25)

    1,561       1,460,092  

4.25%, 03/01/25 (Call 01/01/25)

    809       778,223  

Bain Capital Specialty Finance Inc.

   

2.55%, 10/13/26 (Call 09/13/26)(a)

    569       491,912  

2.95%, 03/10/26 (Call 02/10/26)

    644       576,454  

Barings BDC Inc., 3.30%, 11/23/26 (Call 10/13/26)

    390       344,578  

Blackstone Private Credit Fund

   

1.75%, 09/15/24(a)

    455       431,630  

2.35%, 11/22/24(a)

    330       311,852  

2.63%, 12/15/26 (Call 11/15/26)(a)

    1,505       1,294,550  

2.70%, 01/15/25 (Call 11/15/24)

    920       870,508  

3.25%, 03/15/27 (Call 02/15/27)

    1,408       1,226,077  

4.00%, 01/15/29 (Call 11/15/28)

    917       787,579  

4.70%, 03/24/25(a)

    700       680,414  

7.05%, 09/29/25(a)

    1,095       1,102,577  

Blackstone Secured Lending Fund

   

2.13%, 02/15/27 (Call 01/15/27)

    678       574,942  

2.75%, 09/16/26 (Call 08/19/26)

    1,110       978,368  

2.85%, 09/30/28 (Call 07/30/28)

    960       792,934  

3.63%, 01/15/26 (Call 12/15/25)(a)

    1,290       1,194,984  

Blue Owl Capital Corp.

   

2.63%, 01/15/27 (Call 12/15/26)

    817       707,997  

2.88%, 06/11/28 (Call 04/11/28)

    1,165       962,557  

3.40%, 07/15/26 (Call 06/15/26)

    1,233       1,110,567  

3.75%, 07/22/25 (Call 06/22/25)

    791       741,679  

4.00%, 03/30/25 (Call 02/28/25)(a)

    481       457,579  

4.25%, 01/15/26 (Call 12/15/25)(a)

    892       835,369  

Blue Owl Credit Income Corp.

   

3.13%, 09/23/26 (Call 08/23/26)(a)

    645       568,202  

4.70%, 02/08/27 (Call 01/08/27)

    1,080       989,839  

5.50%, 03/21/25

    704       682,437  

7.75%, 09/16/27 (Call 08/16/27)

    300       298,017  

Blue Owl Technology Finance Corp.

   

2.50%, 01/15/27 (Call 12/15/26)

    752       632,540  

3.75%, 06/17/26 (Call 05/17/26)(a)(b)

    551       487,351  

4.75%, 12/15/25 (Call 11/15/25)(b)

    880       813,965  
 

 

 

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

  79


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Holding Companies - Diversified (continued)            

CK Hutchison International 17 II Ltd., 3.25%, 09/29/27(a)(b)

  $ 413     $ 382,214  

CK Hutchison International 17 Ltd., 3.50%, 04/05/27(b)

    200       189,071  

CK Hutchison International 19 II Ltd.

   

2.75%, 09/06/29 (Call 06/06/29)(a)(b)

    1,928       1,672,978  

3.38%, 09/06/49 (Call 03/06/49)(b)

    1,055       753,141  

CK Hutchison International 19 Ltd., 3.63%, 04/11/29 (Call 01/11/29)(a)(b)

    414       379,828  

CK Hutchison International 21 Ltd., 1.50%, 04/15/26 (Call 03/15/26)(b)

    749       677,725  

CK Hutchison International 23 Ltd.

   

4.75%, 04/21/28(b)

    1,215       1,186,494  

4.88%, 04/21/33(a)(b)

    435       420,158  

FS KKR Capital Corp.

   

1.65%, 10/12/24

    670       631,851  

2.63%, 01/15/27 (Call 12/15/26)

    430       371,059  

3.13%, 10/12/28 (Call 08/12/28)

    920       751,431  

3.25%, 07/15/27 (Call 06/15/27)(a)

    887       769,830  

3.40%, 01/15/26 (Call 12/15/25)

    1,304       1,195,719  

4.13%, 02/01/25 (Call 01/01/25)(a)

    906       871,024  

4.25%, 02/14/25 (Call 01/14/25)(b)

    310       296,453  

Goldman Sachs BDC Inc.

   

2.88%, 01/15/26 (Call 12/15/25)

    481       446,808  

3.75%, 02/10/25 (Call 01/10/25)(a)

    618       598,068  

Golub Capital BDC Inc.

   

2.05%, 02/15/27 (Call 01/15/27)

    850       718,520  

2.50%, 08/24/26 (Call 07/24/26)

    641       563,270  

Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/33(b)

    140       158,645  

Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24(b)

    1,650       1,609,526  

JAB Holdings BV

   

2.20%, 11/23/30 (Call 08/23/30)(b)

    842       660,284  

3.75%, 05/28/51 (Call 11/28/50)(b)

    795       521,195  

4.50%, 04/08/52 (Call 10/08/51)(b)

    610       458,550  

Main Street Capital Corp., 3.00%, 07/14/26 (Call 06/14/26)

    920       815,878  

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

    475       443,169  

Oaktree Specialty Lending Corp.

   

2.70%, 01/15/27 (Call 12/15/26)

    695       604,163  

3.50%, 02/25/25 (Call 01/25/25)(a)

    460       437,904  

Owl Rock Capital Corp. II, 4.63%, 11/26/24 (Call 10/25/24)(b)

    750       719,722  

Owl Rock Capital Corp. III, 3.13%, 04/13/27

    770       659,703  

Prospect Capital Corp.

   

3.36%, 11/15/26 (Call 10/15/26)

    680       588,910  

3.44%, 10/15/28 (Call 08/15/28)

    589       462,606  

3.71%, 01/22/26 (Call 12/22/25)

    778       705,151  

PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(a)(b)

    785       516,369  

Sixth Street Specialty Lending Inc.

   

2.50%, 08/01/26 (Call 07/01/26)(a)

    100       88,326  

3.88%, 11/01/24 (Call 10/01/24)

    320       310,255  
   

 

 

 
       51,363,841  
Home Builders — 0.2%            

DR Horton Inc.

   

1.30%, 10/15/26 (Call 09/15/26)

     1,067       940,714  

1.40%, 10/15/27 (Call 08/15/27)

    892       766,132  
Security  

Par

(000)

    Value  
Home Builders (continued)            

2.50%, 10/15/24 (Call 09/15/24)

  $ 509     $ 490,628  

2.60%, 10/15/25 (Call 09/15/25)

    868       815,256  

Lennar Corp.

   

4.75%, 05/30/25 (Call 02/28/25)

    664       651,834  

4.75%, 11/29/27 (Call 05/29/27)

     1,437       1,393,348  

5.00%, 06/15/27 (Call 12/15/26)

    659       648,967  

5.25%, 06/01/26 (Call 12/01/25)

    890       885,511  

MDC Holdings Inc.

   

2.50%, 01/15/31 (Call 07/15/30)

    670       519,658  

3.85%, 01/15/30 (Call 07/15/29)

    500       432,349  

3.97%, 08/06/61 (Call 02/06/61)

    282       165,192  

6.00%, 01/15/43 (Call 10/15/42)

    790       690,144  

NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)

    1,138       973,869  

PulteGroup Inc.

   

5.00%, 01/15/27 (Call 10/15/26)

    982       967,500  

5.50%, 03/01/26 (Call 12/01/25)

    514       512,980  

6.00%, 02/15/35(a)

    514       516,728  

6.38%, 05/15/33(a)

    735       765,188  

7.88%, 06/15/32

    423       483,467  

Toll Brothers Finance Corp.

   

3.80%, 11/01/29 (Call 08/01/29)

    655       583,569  

4.35%, 02/15/28 (Call 11/15/27)(a)

    590       553,664  

4.88%, 11/15/25 (Call 08/15/25)

    640       625,504  

4.88%, 03/15/27 (Call 12/15/26)

    745       723,172  
   

 

 

 
       15,105,374  
Home Furnishings — 0.1%            

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

    642       623,777  

Leggett & Platt Inc.

   

3.50%, 11/15/27 (Call 08/15/27)

    845       778,969  

3.50%, 11/15/51 (Call 05/15/51)

    765       525,330  

3.80%, 11/15/24 (Call 08/15/24)

    340       331,451  

4.40%, 03/15/29 (Call 12/15/28)(a)

    878       829,364  

Panasonic Holdings Corp., 3.11%, 07/19/29 (Call 04/19/29)(a)(b)

    605       541,453  

Whirlpool Corp.

   

2.40%, 05/15/31 (Call 02/15/31)(a)

    655       529,549  

3.70%, 05/01/25

    530       513,644  

4.50%, 06/01/46 (Call 12/01/45)(a)

    490       395,385  

4.60%, 05/15/50 (Call 11/15/49)(a)

    848       691,465  

4.70%, 05/14/32 (Call 02/14/32)(a)

    260       246,114  

4.75%, 02/26/29 (Call 11/26/28)(a)

    811       789,301  

5.15%, 03/01/43(a)

    376       331,751  

5.50%, 03/01/33 (Call 12/01/32)(a)

    420       416,450  
   

 

 

 
      7,544,003  
Household Products & Wares — 0.3%            

Avery Dennison Corp.

   

2.25%, 02/15/32 (Call 11/15/31)(a)

    635       491,274  

2.65%, 04/30/30 (Call 02/01/30)

    597       498,024  

4.88%, 12/06/28 (Call 09/06/28)

    794       776,174  

5.75%, 03/15/33 (Call 12/15/32)

    580       585,178  

Church & Dwight Co. Inc.

   

2.30%, 12/15/31 (Call 09/15/31)

    315       258,025  

3.15%, 08/01/27 (Call 05/01/27)

    742       697,535  

3.95%, 08/01/47 (Call 02/01/47)

    460       373,181  

5.00%, 06/15/52 (Call 12/15/51)(a)

    840       786,914  

5.60%, 11/15/32 (Call 08/15/32)

    925       956,932  

Clorox Co. (The)

   

1.80%, 05/15/30 (Call 02/15/30)

    826       671,455  
 

 

 

80  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Household Products & Wares (continued)            

3.10%, 10/01/27 (Call 07/01/27)

  $ 968     $ 894,867  

3.90%, 05/15/28 (Call 02/15/28)

    550       522,352  

4.40%, 05/01/29 (Call 03/01/29)(a)

    425       411,574  

4.60%, 05/01/32 (Call 02/01/32)(a)

    795       768,913  

Kimberly-Clark Corp.

   

1.05%, 09/15/27 (Call 07/15/27)

    998       861,752  

2.00%, 11/02/31 (Call 08/02/31)(a)

    870       713,096  

2.65%, 03/01/25

    483       464,963  

2.75%, 02/15/26

    540       514,440  

2.88%, 02/07/50 (Call 08/07/49)(a)

    511       353,391  

3.05%, 08/15/25

    493       474,183  

3.10%, 03/26/30 (Call 12/26/29)

    1,199       1,082,788  

3.20%, 04/25/29 (Call 01/25/29)

    823       762,265  

3.20%, 07/30/46 (Call 01/30/46)

    455       329,405  

3.70%, 06/01/43(a)

    360       276,467  

3.90%, 05/04/47 (Call 11/04/46)

    509       419,810  

3.95%, 11/01/28 (Call 08/01/28)

    639       618,979  

4.50%, 02/16/33 (Call 11/16/32)

    545       534,246  

5.30%, 03/01/41(a)

    495       501,406  

6.63%, 08/01/37

     1,056       1,212,303  

Kimberly-Clark de Mexico SAB de CV

   

2.43%, 07/01/31 (Call 04/01/31)(b)

    485       405,729  

3.25%, 03/12/25(b)

    390       374,279  

Reckitt Benckiser Treasury Services PLC, 3.00%, 06/26/27 (Call 03/26/27)(a)(b)

    3,342       3,111,847  

SC Johnson & Son Inc.

   

3.35%, 09/30/24 (Call 06/30/24)(b)

    275       267,705  

4.00%, 05/15/43 (Call 02/15/43)(b)

    430       345,008  

4.35%, 09/30/44 (Call 03/30/44)(a)(b)

    425       349,253  

4.75%, 10/15/46 (Call 04/16/46)(a)(b)

    1,020       911,455  

4.80%, 09/01/40(b)

    690       607,809  
   

 

 

 
       24,184,977  
Insurance — 4.4%            

Accident Fund Insurance Co. of America, 8.50%, 08/01/32 (Call 05/01/32)(b)

    5       5,018  

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

    607       570,337  

Aflac Inc.

   

1.13%, 03/15/26 (Call 02/15/26)

    530       477,716  

2.88%, 10/15/26 (Call 07/15/26)(a)

    697       650,022  

3.60%, 04/01/30 (Call 01/01/30)(a)

    1,578       1,438,447  

4.00%, 10/15/46 (Call 04/15/46)

    395       307,813  

4.75%, 01/15/49 (Call 07/15/48)

    617       548,829  

6.45%, 08/15/40

    430       453,101  

AIA Group Ltd.

   

3.20%, 03/11/25 (Call 12/11/24)(b)

    490       473,146  

3.20%, 09/16/40 (Call 03/16/40)(b)

    2,020       1,459,322  

3.38%, 04/07/30 (Call 01/07/30)(a)(b)

    1,355       1,219,325  

3.60%, 04/09/29 (Call 01/09/29)(b)

    1,130       1,044,142  

3.90%, 04/06/28 (Call 01/06/28)(a)(b)

    645       614,243  

4.50%, 03/16/46 (Call 09/16/45)(b)

    975       847,049  

4.88%, 03/11/44(b)

    60       55,417  

4.95%, 04/04/33 (Call 01/04/33)(a)(b)

    1,085       1,064,055  

5.63%, 10/25/27 (Call 09/25/27)(a)(b)

    1,090       1,113,514  

AIG Global Funding, 0.90%, 09/22/25(b)

    807       732,264  

AIG SunAmerica Global Financing X, 6.90%, 03/15/32(b)

    1,091       1,160,788  

Alleghany Corp.

   

3.25%, 08/15/51 (Call 02/15/51)

    460       321,447  

3.63%, 05/15/30 (Call 02/15/30)

    770       710,469  
Security  

Par

(000)

    Value  
Insurance (continued)            

4.90%, 09/15/44 (Call 03/15/44)(a)

  $ 332     $ 304,663  

Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25)

    829       795,366  

Allstate Corp. (The)

   

0.75%, 12/15/25 (Call 11/15/25)

    905       816,572  

1.45%, 12/15/30 (Call 09/15/30)(a)

    1,166       894,079  

3.28%, 12/15/26 (Call 09/15/26)

    827       781,369  

3.85%, 08/10/49 (Call 02/10/49)

    782       587,277  

4.20%, 12/15/46 (Call 06/15/46)

    882       696,647  

4.50%, 06/15/43

    474       399,018  

5.25%, 03/30/33 (Call 12/30/32)(a)

    360       352,675  

5.35%, 06/01/33(a)

    265       262,078  

5.55%, 05/09/35

    826       822,308  

5.95%, 04/01/36(a)

    295       303,765  

6.50%, 05/15/67 (Call 05/15/37),
(3-mo. LIBOR US + 2.120%)(d)

    660       631,475  

American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)

     1,077        1,032,694  

American Financial Group Inc./OH

   

4.50%, 06/15/47 (Call 12/15/46)

    690       544,086  

5.25%, 04/02/30 (Call 01/02/30)(a)

    487       476,193  

American International Group Inc.

   

2.50%, 06/30/25 (Call 05/30/25)

    901       852,865  

3.40%, 06/30/30 (Call 03/30/30)

    295       259,784  

3.88%, 01/15/35 (Call 07/15/34)

    375       323,563  

3.90%, 04/01/26 (Call 01/01/26)

    1,025       989,430  

4.20%, 04/01/28 (Call 01/01/28)

    585       558,440  

4.38%, 06/30/50 (Call 12/30/49)

    1,073       889,150  

4.50%, 07/16/44 (Call 01/16/44)

    975       822,957  

4.75%, 04/01/48 (Call 10/01/47)

    1,241       1,090,947  

4.80%, 07/10/45 (Call 01/10/45)

    981       866,217  

5.13%, 03/27/33 (Call 12/27/32)

    905       875,365  

6.25%, 05/01/36(a)

    640       652,382  

Series A-9, 5.75%, 04/01/48 (Call 04/01/28),
(3-mo. LIBOR US + 2.868%)(d)

    880       830,940  

American National Group Inc., 6.14%, 06/13/32 (Call 03/13/32)(b)

    65       60,291  

Americo Life Inc., 3.45%, 04/15/31(a)(b)

    658       488,289  

AmFam Holdings Inc.

   

2.81%, 03/11/31 (Call 12/11/30)(b)

    845       628,259  

3.83%, 03/11/51 (Call 09/11/50)(b)

    636       372,676  

Aon Corp.

   

2.80%, 05/15/30 (Call 02/15/30)

    1,638       1,406,487  

3.75%, 05/02/29 (Call 02/02/29)

    618       575,153  

4.50%, 12/15/28 (Call 09/15/28)(a)

    637       616,274  

6.25%, 09/30/40(a)

    830       860,050  

8.21%, 01/01/27

    234       245,695  

Aon Global Ltd.

   

2.05%, 08/23/31 (Call 05/23/31)

    530       419,061  

2.60%, 12/02/31 (Call 09/02/31)(a)

    530       434,895  

2.85%, 05/28/27 (Call 04/28/27)

    865       796,343  

2.90%, 08/23/51 (Call 02/23/51)(a)

    460       291,600  

3.88%, 12/15/25 (Call 09/15/25)

    1,032       997,794  

3.90%, 02/28/52 (Call 08/28/51)

    1,022       784,066  

4.25%, 12/12/42(a)

    265       203,449  

4.45%, 05/24/43 (Call 02/24/43)

    201       157,493  

4.60%, 06/14/44 (Call 03/14/44)

    695       595,777  

4.75%, 05/15/45 (Call 11/15/44)

    545       474,153  

5.00%, 09/12/32 (Call 06/12/32)

    540       527,170  

5.35%, 02/28/33 (Call 11/28/32)

    420       419,323  
 

 

 

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

  81


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Arch Capital Finance LLC

   

4.01%, 12/15/26 (Call 09/15/26)

  $ 1,062     $ 1,013,423  

5.03%, 12/15/46 (Call 06/15/46)

    789       688,832  

Arch Capital Group Ltd.

   

3.64%, 06/30/50 (Call 12/30/49)

    857       618,486  

7.35%, 05/01/34

    338       376,484  

Arch Capital Group U.S. Inc., 5.14%, 11/01/43

    487       433,051  

Arthur J Gallagher & Co.

   

2.40%, 11/09/31 (Call 08/09/31)

    768       609,678  

3.05%, 03/09/52 (Call 09/09/51)

    375       235,256  

3.50%, 05/20/51 (Call 11/20/50)

     1,245       860,383  

5.50%, 03/02/33 (Call 12/02/32)

    505       501,380  

5.75%, 03/02/53 (Call 09/02/52)

    524       513,376  

Ascot Group Ltd., 4.25%, 12/15/30 (Call 12/15/25)(b)

    145       103,483  

Assurant Inc.

   

2.65%, 01/15/32 (Call 10/15/31)

    570       429,606  

3.70%, 02/22/30 (Call 11/22/29)

    456       393,070  

4.90%, 03/27/28 (Call 12/27/27)

    710       685,439  

6.75%, 02/15/34

    325       336,065  

Assured Guaranty Municipal Holdings Inc., 6.40%, 12/15/66 (Call 12/15/36), (1-mo. LIBOR US + 2.215%)(b)(d)

    75       66,222  

Assured Guaranty U.S. Holdings Inc.

   

3.15%, 06/15/31 (Call 03/15/31)(a)

    1,020       867,556  

3.60%, 09/15/51 (Call 03/15/51)

    617       407,231  

Athene Global Funding

   

1.45%, 01/08/26(b)

    972       866,463  

1.61%, 06/29/26(b)

    910       790,167  

1.72%, 01/07/25(b)

    780       730,599  

1.73%, 10/02/26(a)(b)

    850       739,841  

1.99%, 08/19/28(b)

    1,185       980,643  

2.45%, 08/20/27(b)

    25       21,843  

2.50%, 01/14/25(b)

    803       759,912  

2.50%, 03/24/28(b)

    807       691,305  

2.55%, 06/29/25(b)

    646       595,323  

2.55%, 11/19/30(b)

    650       508,628  

2.65%, 10/04/31(a)(b)

    570       435,611  

2.67%, 06/07/31(a)(b)

    631       490,441  

2.72%, 01/07/29(b)

    685       571,247  

2.95%, 11/12/26(a)(b)

    375       339,023  

Athene Holding Ltd.

   

3.45%, 05/15/52 (Call 11/15/51)

    697       443,638  

3.50%, 01/15/31 (Call 10/15/30)(a)

    625       522,967  

3.95%, 05/25/51 (Call 11/25/50)

    450       314,615  

4.13%, 01/12/28 (Call 10/12/27)(a)

    1,280        1,195,574  

6.15%, 04/03/30 (Call 01/03/30)

    585       590,730  

6.65%, 02/01/33 (Call 11/01/32)(a)

    670       687,400  

AXA SA, 8.60%, 12/15/30(a)

    185       223,133  

AXIS Specialty Finance LLC

   

3.90%, 07/15/29 (Call 04/15/29)

    618       560,686  

4.90%, 01/15/40 (Call 01/15/30),
(5-year CMT + 3.186%)(a)(d)

    472       379,594  

AXIS Specialty Finance PLC

   

4.00%, 12/06/27 (Call 09/06/27)

    780       731,851  

5.15%, 04/01/45(a)

    375       311,979  

Belrose Funding Trust, 2.33%, 08/15/30 (Call 05/15/30)(a)(b)

    658       503,034  

Berkshire Hathaway Finance Corp.

   

1.45%, 10/15/30 (Call 07/15/30)(a)

    1,047       842,404  

1.85%, 03/12/30 (Call 12/12/29)(a)

    568       478,473  
Security  

Par

(000)

    Value  
Insurance (continued)            

2.30%, 03/15/27 (Call 02/15/27)(a)

  $ 1,065     $ 986,891  

2.50%, 01/15/51 (Call 07/15/50)

    1,035       644,709  

2.85%, 10/15/50 (Call 04/15/50)

    2,280       1,532,898  

2.88%, 03/15/32 (Call 12/15/31)(a)

    1,432        1,249,945  

3.85%, 03/15/52 (Call 09/15/51)

    3,415       2,720,454  

4.20%, 08/15/48 (Call 02/15/48)

    2,478       2,157,718  

4.25%, 01/15/49 (Call 07/15/48)

    1,939       1,706,774  

4.30%, 05/15/43

    840       752,923  

4.40%, 05/15/42

    781       722,829  

5.75%, 01/15/40(a)

     1,035       1,117,899  

Berkshire Hathaway Inc.

   

3.13%, 03/15/26 (Call 12/15/25)

    2,187       2,096,942  

4.50%, 02/11/43(a)

    1,320       1,236,888  

Brighthouse Financial Global Funding

   

1.55%, 05/24/26(a)(b)

    667       594,197  

1.75%, 01/13/25(b)

    880       829,245  

2.00%, 06/28/28(a)(b)

    638       536,869  

Brighthouse Financial Inc.

   

3.70%, 06/22/27 (Call 03/22/27)(a)

    785       725,720  

3.85%, 12/22/51 (Call 06/22/51)

    520       326,607  

4.70%, 06/22/47 (Call 12/22/46)

    769       572,525  

5.63%, 05/15/30 (Call 02/15/30)(a)

    1,014       980,306  

Brown & Brown Inc.

   

2.38%, 03/15/31 (Call 12/15/30)

    1,263       1,009,648  

4.20%, 09/15/24 (Call 06/15/24)(a)

    811       795,873  

4.20%, 03/17/32 (Call 12/17/31)

    430       384,831  

4.50%, 03/15/29 (Call 12/15/28)

    810       760,132  

4.95%, 03/17/52 (Call 09/17/51)

    740       624,286  

Chubb Corp. (The)

   

6.00%, 05/11/37

    575       611,100  

Series 1, 6.50%, 05/15/38

    860       957,623  

Chubb INA Holdings Inc.

   

1.38%, 09/15/30 (Call 06/15/30)

    1,315       1,034,964  

2.85%, 12/15/51 (Call 06/15/51)(a)

    685       454,927  

3.05%, 12/15/61 (Call 06/15/61)

    1,170       757,797  

3.15%, 03/15/25

    1,337       1,292,614  

3.35%, 05/03/26 (Call 02/03/26)

    1,500       1,437,868  

4.15%, 03/13/43

    880       749,880  

4.35%, 11/03/45 (Call 05/03/45)

    1,307       1,142,302  

6.70%, 05/15/36(a)

    280       313,431  

Cincinnati Financial Corp.

   

6.13%, 11/01/34

    1,070       1,102,310  

6.92%, 05/15/28

    670       714,993  

CNA Financial Corp.

   

2.05%, 08/15/30 (Call 05/15/30)

    910       728,650  

3.45%, 08/15/27 (Call 05/15/27)

    813       758,938  

3.90%, 05/01/29 (Call 02/01/29)

    654       608,670  

4.50%, 03/01/26 (Call 12/01/25)

    832       811,084  

5.50%, 06/15/33 (Call 03/15/33)

    45       44,066  

CNO Financial Group Inc.

   

5.25%, 05/30/25 (Call 02/28/25)

    666       652,018  

5.25%, 05/30/29 (Call 02/28/29)(a)

    711       677,220  

CNO Global Funding

   

1.65%, 01/06/25(a)(b)

    744       697,180  

1.75%, 10/07/26(b)

    710       630,274  

2.65%, 01/06/29(a)(b)

    965       817,990  

Corebridge Financial Inc.

   

3.50%, 04/04/25 (Call 03/04/25)

    1,320       1,268,471  

3.65%, 04/05/27 (Call 03/05/27)

    1,545       1,453,367  

3.85%, 04/05/29 (Call 02/05/29)

    1,265       1,157,666  
 

 

 

82  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

3.90%, 04/05/32 (Call 01/05/32)

  $ 1,705     $ 1,490,834  

4.35%, 04/05/42 (Call 10/05/41)

    885       700,152  

4.40%, 04/05/52 (Call 10/05/51)

     2,033       1,572,473  

6.88%, 12/15/52 (Call 09/15/27),
(5-year CMT + 3.846%)(d)

    470       456,966  

Corebridge Global Funding, 5.75%, 07/02/26(b)

    2,180        2,169,881  

Dai-Ichi Life Insurance Co. Ltd. (The)

   

4.00%, (Call 07/24/26), (3-mo. SOFR + 3.922%)(a)(b)(d)(e)

    440       414,203  

5.10%, 10/29/49 (Call 10/28/24),
(3-mo. LIBOR US + 3.680%)(a)(b)(d)(e)

    790       774,318  

Doctors Co. An Interinsurance Exchange (The),

   

4.50%, 01/18/32 (Call 10/18/31)(b)

    285       221,498  

Empower Finance 2020 LP

   

1.36%, 09/17/27 (Call 07/17/27)(b)

    718       619,565  

1.78%, 03/17/31 (Call 12/17/30)(b)

    832       650,897  

3.08%, 09/17/51 (Call 03/17/51)(a)(b)

    700       446,225  

Enstar Finance LLC

   

5.50%, 01/15/42 (Call 01/15/27),
(5-year CMT + 4.006%)(a)(d)

    25       19,754  

5.75%, 09/01/40 (Call 09/01/25),
(5-year CMT + 5.468%)(a)(d)

    25       21,988  

Enstar Group Ltd.

   

3.10%, 09/01/31 (Call 03/01/31)

    1,003       780,621  

4.95%, 06/01/29 (Call 03/01/29)

    720       674,572  

Equitable Financial Life Global Funding

   

1.00%, 01/09/26(a)(b)

    530       472,708  

1.10%, 11/12/24(b)

    687       648,381  

1.30%, 07/12/26(b)

    893       782,608  

1.40%, 07/07/25(b)

    1,113       1,023,510  

1.40%, 08/27/27(b)

    717       609,869  

1.70%, 11/12/26(a)(b)

    638       559,273  

1.75%, 11/15/30(a)(b)

    537       416,436  

1.80%, 03/08/28(a)(b)

    850       721,384  

5.45%, 03/03/28(b)

    465       460,061  

5.50%, 12/02/25(b)

    510       505,165  

Equitable Holdings Inc.

   

4.35%, 04/20/28 (Call 01/20/28)

    1,751       1,656,724  

5.00%, 04/20/48 (Call 10/20/47)

    1,491       1,254,177  

5.59%, 01/11/33 (Call 10/11/32)(a)

    745       732,373  

7.00%, 04/01/28(a)

    745       785,477  

Everest Reinsurance Holdings Inc.

   

3.13%, 10/15/52 (Call 04/15/52)(a)

    1,080       688,566  

3.50%, 10/15/50 (Call 04/15/50)

    1,410       966,173  

4.87%, 06/01/44

    325       282,241  

F&G Annuities & Life Inc., 7.40%, 01/13/28 (Call 12/13/27)(b)

    760       773,053  

F&G Global Funding

   

0.90%, 09/20/24(b)

    801       753,047  

1.75%, 06/30/26(b)

    887       788,765  

2.00%, 09/20/28(b)

    905       750,194  

2.30%, 04/11/27(a)(b)

    635       561,474  

5.15%, 07/07/25(a)(b)

    510       495,717  

Fairfax Financial Holdings Ltd.

   

3.38%, 03/03/31 (Call 12/03/30)(a)

    930       779,510  

4.63%, 04/29/30 (Call 01/29/30)

    837       770,009  

4.85%, 04/17/28 (Call 01/17/28)

    1,134       1,092,120  

5.63%, 08/16/32 (Call 05/16/32)

    270       260,589  

Farmers Exchange Capital, 7.05%, 07/15/28(a)(b)

    475       477,677  
Security  

Par

(000)

    Value  
Insurance (continued)            

Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33), (3-mo. LIBOR US + 3.744%)(b)(d)

  $ 550     $ 529,118  

Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34), (3-mo. LIBOR US + 3.454%)(b)(d)

    485       420,238  

Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37), (3-mo. LIBOR US + 1.374%)(b)(d)

    896       695,637  

Fidelity & Guaranty Life Holdings Inc., 5.50%, 05/01/25 (Call 02/01/25)(b)

    1,021       998,112  

Fidelity National Financial Inc.

   

2.45%, 03/15/31 (Call 12/15/30)

    812       645,724  

3.20%, 09/17/51 (Call 03/17/51)(a)

    790       459,651  

3.40%, 06/15/30 (Call 03/15/30)(a)

     1,015       882,101  

4.50%, 08/15/28 (Call 05/15/28)

    512       481,307  

First American Financial Corp.

   

2.40%, 08/15/31 (Call 05/15/31)

    905       693,918  

4.00%, 05/15/30 (Call 02/15/30)

    765       664,413  

4.60%, 11/15/24(a)

    620       609,185  

Five Corners Funding Trust II, 2.85%, 05/15/30 (Call 02/15/30)(b)

    2,045        1,750,756  

Five Corners Funding Trust III, 5.79%, 02/15/33 (Call 11/15/32)(b)

    100       101,037  

Five Corners Funding Trust IV, 6.00%, 02/15/53 (Call 08/15/52)(b)

    870       875,414  

GA Global Funding Trust

   

0.80%, 09/13/24(a)(b)

    368       346,003  

1.63%, 01/15/26(a)(b)

    1,051       939,687  

1.95%, 09/15/28(a)(b)

    737       622,040  

2.25%, 01/06/27(b)

    645       570,507  

2.90%, 01/06/32(a)(b)

    590       449,231  

3.85%, 04/11/25(a)(b)

    630       606,358  

Global Atlantic Fin Co.

   

3.13%, 06/15/31 (Call 03/15/31)(b)

    1,390       1,030,237  

4.40%, 10/15/29 (Call 07/15/29)(b)

    938       788,460  

7.95%, 06/15/33 (Call 03/15/33)(b)

    511       501,439  

Globe Life Inc.

   

2.15%, 08/15/30 (Call 05/15/30)

    757       605,529  

4.55%, 09/15/28 (Call 06/15/28)

    975       945,168  

4.80%, 06/15/32 (Call 03/15/32)(a)

    385       364,059  

Great-West Lifeco Finance 2018 LP

   

4.05%, 05/17/28 (Call 02/17/28)(a)(b)

    620       588,659  

4.58%, 05/17/48 (Call 11/17/47)(b)

    378       323,609  

Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)(b)

    1,110       889,813  

Great-West Lifeco U.S. Finance 2020 LP, 0.90%, 08/12/25 (Call 07/12/25)(b)

    700       632,589  

Guardian Life Global Funding

   

0.88%, 12/10/25(b)

    738       662,254  

1.10%, 06/23/25(b)

    626       575,864  

1.25%, 05/13/26(a)(b)

    441       392,978  

1.25%, 11/19/27(b)

    385       330,860  

1.40%, 07/06/27(a)(b)

    505       440,657  

1.63%, 09/16/28(b)

    440       372,437  

3.25%, 03/29/27(b)

    885       824,238  

5.55%, 10/28/27(b)

    730       735,512  

Guardian Life Insurance Co. of America (The)

   

3.70%, 01/22/70 (Call 07/22/69)(a)(b)

    381       245,161  

4.85%, 01/24/77(a)(b)

    601       483,470  

4.88%, 06/19/64(b)

    540       450,920  
 

 

 

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

  83


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Hanover Insurance Group Inc. (The)

   

2.50%, 09/01/30 (Call 06/01/30)(a)

  $ 828     $ 651,126  

4.50%, 04/15/26 (Call 01/15/26)(a)

    906       880,209  

Hartford Financial Services Group Inc. (The)

   

2.80%, 08/19/29 (Call 05/19/29)(a)

    1,014       887,402  

2.90%, 09/15/51 (Call 03/15/51)(a)

    875       554,388  

3.60%, 08/19/49 (Call 02/19/49)

    335       244,243  

4.30%, 04/15/43

    618       488,924  

4.40%, 03/15/48 (Call 09/15/47)(a)

    481       399,725  

5.95%, 10/15/36

    663       675,691  

6.10%, 10/01/41

    612       617,613  

6.63%, 03/30/40(a)

    452       474,327  

Hill City Funding Trust, 4.05%, 08/15/41 (Call 02/15/41)(b)

    300       200,940  

Horace Mann Educators Corp., 4.50%, 12/01/25 (Call 09/01/25)

    110       105,672  

Intact Financial Corp., 5.46%, 09/22/32 (Call 06/22/32)(a)(b)

    880       868,399  

Jackson Financial Inc.

   

3.13%, 11/23/31 (Call 08/23/31)(a)

    970       762,434  

4.00%, 11/23/51 (Call 05/23/51)(a)

    715       477,265  

5.17%, 06/08/27 (Call 05/08/27)(a)

    327       320,514  

5.67%, 06/08/32 (Call 03/08/32)

    200       190,495  

Jackson National Life Global Funding

   

1.75%, 01/12/25(a)(b)

    600       562,721  

3.05%, 04/29/26(b)

    621       572,119  

3.05%, 06/21/29(b)

    687       585,623  

3.88%, 06/11/25(b)

    647       617,599  

5.25%, 04/12/28(b)

    225       212,956  

5.50%, 01/09/26(a)(b)

    880       863,453  

Jackson National Life Insurance Co., 8.15%, 03/15/27(b)

    1,280       1,343,163  

Kemper Corp.

   

2.40%, 09/30/30 (Call 06/30/30)

    1,100       845,651  

3.80%, 02/23/32 (Call 11/23/31)

    360       292,072  

4.35%, 02/15/25 (Call 11/15/24)

    379       368,156  

Liberty Mutual Group Inc.

   

3.95%, 10/15/50 (Call 04/15/50)(b)

     1,496       1,065,023  

3.95%, 05/15/60 (Call 11/15/59)(a)(b)

    1,238       833,152  

4.57%, 02/01/29(b)

    1,461       1,410,150  

4.85%, 08/01/44(a)(b)

    30       24,456  

5.50%, 06/15/52 (Call 12/15/51)(b)

    1,300        1,175,986  

6.50%, 03/15/35(a)(b)

    1,462       1,463,809  

6.50%, 05/01/42(b)

    745       711,229  

Liberty Mutual Insurance Co., 7.70%, 10/15/97(b)

    5       5,134  

Lincoln National Corp.

   

3.05%, 01/15/30 (Call 10/15/29)(a)

    578       486,547  

3.35%, 03/09/25(a)

    520       498,776  

3.40%, 01/15/31 (Call 10/15/30)(a)

    630       531,794  

3.40%, 03/01/32 (Call 12/01/31)(a)

    280       227,672  

3.63%, 12/12/26 (Call 09/15/26)(a)

    750       702,607  

3.80%, 03/01/28 (Call 12/01/27)(a)

    511       467,645  

4.35%, 03/01/48 (Call 09/01/47)(a)

    362       262,900  

4.38%, 06/15/50 (Call 12/15/49)(a)

    475       339,690  

6.30%, 10/09/37

    609       600,464  

7.00%, 06/15/40

    584       614,044  

Loews Corp.

   

3.20%, 05/15/30 (Call 02/15/30)

    905       800,268  

3.75%, 04/01/26 (Call 01/01/26)

    991       954,142  

4.13%, 05/15/43 (Call 11/15/42)

    694       569,471  
Security  

Par

(000)

    Value  
Insurance (continued)            

6.00%, 02/01/35(a)

  $ 195     $ 201,438  

Manulife Financial Corp.

   

2.48%, 05/19/27 (Call 03/19/27)

    845       773,718  

3.70%, 03/16/32 (Call 12/16/31)(a)

    665       596,559  

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

    815       762,832  

4.15%, 03/04/26

    991       962,658  

5.38%, 03/04/46(a)

    770       739,639  

Maple Grove Funding Trust I, 4.16%, 08/15/51 (Call 02/15/51)(a)(b)

    745       499,044  

Markel Group Inc.

   

3.35%, 09/17/29 (Call 06/17/29)

    656       586,907  

3.45%, 05/07/52 (Call 11/07/51)(a)

     1,005       681,665  

3.50%, 11/01/27 (Call 08/01/27)

    532       496,455  

4.15%, 09/17/50 (Call 03/17/50)

    686       519,350  

4.30%, 11/01/47 (Call 05/01/47)

    316       243,213  

5.00%, 03/30/43

    370       312,825  

5.00%, 04/05/46

    416       360,894  

5.00%, 05/20/49 (Call 11/20/48)

    605       529,515  

Marsh & McLennan Companies Inc.

   

2.25%, 11/15/30 (Call 08/15/30)(a)

    800       661,277  

2.38%, 12/15/31 (Call 09/15/31)(a)

    1,005       817,047  

2.90%, 12/15/51 (Call 06/15/51)

    365       236,326  

3.50%, 03/10/25 (Call 12/10/24)(a)

    657       637,913  

3.75%, 03/14/26 (Call 12/14/25)

    881       851,309  

4.20%, 03/01/48 (Call 09/01/47)

    971       800,007  

4.35%, 01/30/47 (Call 07/30/46)

    829       701,809  

4.38%, 03/15/29 (Call 12/15/28)

    1,837        1,778,513  

4.75%, 03/15/39 (Call 09/15/38)

    829       767,017  

4.90%, 03/15/49 (Call 09/15/48)

    1,711       1,569,140  

5.45%, 03/15/53 (Call 09/15/52)

    225       222,092  

5.75%, 11/01/32 (Call 08/01/32)

    310       321,829  

5.88%, 08/01/33

    640       671,003  

6.25%, 11/01/52 (Call 05/01/52)

    395       432,409  

Massachusetts Mutual Life Insurance Co.

   

3.20%, 12/01/61(b)

    255       157,953  

3.38%, 04/15/50(a)(b)

    373       257,890  

3.73%, 10/15/70(b)

    960       628,832  

4.50%, 04/15/65(b)

    125       91,411  

4.90%, 04/01/77(b)

    718       585,045  

5.08%, 02/15/69 (Call 02/15/49),
(3-mo. LIBOR US + 3.191%)(b)(d)

    845       742,430  

5.38%, 12/01/41(a)(b)

    652       582,883  

5.67%, 12/01/52 (Call 06/01/52)(a)(b)

    790       782,140  

MassMutual Global Funding II

   

1.20%, 07/16/26(b)

    640       568,734  

1.55%, 10/09/30(b)

    1,168       909,200  

2.15%, 03/09/31(a)(b)

    783       630,188  

2.35%, 01/14/27(b)

    580       527,422  

2.95%, 01/11/25(b)

    923       890,744  

3.40%, 03/08/26(b)

    1,302       1,241,350  

4.15%, 08/26/25(a)(b)

    683       666,204  

4.50%, 04/10/26(b)

    375       368,273  

5.05%, 12/07/27(b)

    1,105       1,099,854  

5.05%, 06/14/28(b)

    430       426,551  

Meiji Yasuda Life Insurance Co.

   

5.10%, 04/26/48 (Call 04/26/28),
(5-year USD ICE Swap + 3.150%)(b)(d)

    540       519,829  

5.20%, 10/20/45 (Call 10/20/25),
(5-year USD Swap + 4.230%)(a)(b)(d)

    1,510       1,468,820  
 

 

 

84  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26)

  $ 873     $ 820,006  

Met Tower Global Funding

   

1.25%, 09/14/26(a)(b)

    837       738,210  

3.70%, 06/13/25(b)

    1,027       990,434  

5.40%, 06/20/26(b)

    535       533,953  

MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)(b)

    764       800,768  

MetLife Inc.

   

3.00%, 03/01/25

    453       437,044  

3.60%, 11/13/25 (Call 08/13/25)

    915       885,037  

4.05%, 03/01/45

    1,202       982,217  

4.13%, 08/13/42

    1,070       886,948  

4.55%, 03/23/30 (Call 12/23/29)(a)

    1,030       1,001,344  

4.60%, 05/13/46 (Call 11/13/45)

    800       701,821  

4.72%, 12/15/44

    575       500,882  

4.88%, 11/13/43

    699       637,700  

5.00%, 07/15/52 (Call 01/15/52)

    1,045       955,447  

5.25%, 01/15/54 (Call 07/15/53)(a)

    1,200        1,137,276  

5.38%, 07/15/33 (Call 04/15/33)

    700       696,824  

5.70%, 06/15/35

    1,660       1,698,859  

5.88%, 02/06/41

    1,446       1,485,015  

6.38%, 06/15/34

    948       1,017,942  

6.40%, 12/15/66 (Call 12/15/31)(a)

    1,669       1,651,176  

6.50%, 12/15/32(a)

    1,236       1,339,902  

9.25%, 04/08/68 (Call 04/08/33)(b)

    75       86,812  

10.75%, 08/01/69 (Call 08/01/34)

    541       692,480  

Metropolitan Life Global Funding I

   

0.70%, 09/27/24(a)(b)

    620       588,146  

0.95%, 07/02/25(b)

    1,315       1,208,819  

1.55%, 01/07/31(b)

    1,250       968,109  

1.88%, 01/11/27(b)

    407       363,624  

2.40%, 01/11/32(a)(b)

    715       579,782  

2.80%, 03/21/25(b)

    425       406,462  

2.95%, 04/09/30(b)

     1,325       1,147,717  

3.00%, 09/19/27(a)(b)

    1,924       1,758,231  

3.05%, 06/17/29(a)(b)

    962       849,815  

3.30%, 03/21/29(b)

    550       496,581  

3.45%, 12/18/26(a)(b)

    1,334       1,257,680  

4.05%, 08/25/25(a)(b)

    465       450,615  

4.30%, 08/25/29(b)

    415       395,076  

4.40%, 06/30/27(b)

    355       343,111  

5.00%, 01/06/26(a)(b)

    410       406,800  

5.05%, 01/06/28(b)

    865       858,884  

5.15%, 03/28/33(b)

    1,097       1,072,587  

Metropolitan Life Insurance Co., 7.80%, 11/01/25(b)

    480       495,184  

Mitsui Sumitomo Insurance Co. Ltd., 4.95%, (Call 03/06/29), (5-year USD Swap
+ 3.256%)(a)(b)(d)(e)

    200       190,901  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 5.88%, 05/23/42 (Call 11/23/31), (5-year CMT
+ 3.982%)(b)(d)

    675       662,703  

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

    50       53,332  

Mutual of Omaha Cos Global Funding, 5.80%, 07/27/26(a)(b)

    600       598,952  

Mutual of Omaha Insurance Co., 6.80%, 06/15/36(b)

    120       121,576  

National Life Insurance Co., 5.25%, 07/19/68
(Call 07/19/48), (3-mo. LIBOR US +
3.314%)(a)(b)(d)

    120       103,575  
Security  

Par

(000)

    Value  
Insurance (continued)            

Nationwide Financial Services Inc.

   

3.90%, 11/30/49 (Call 05/30/49)(a)(b)

  $ 1,835     $ 1,363,078  

5.30%, 11/18/44(a)(b)

    595       508,715  

6.75%, 05/15/87(a)

    170       162,118  

Nationwide Mutual Insurance Co.

   

4.35%, 04/30/50 (Call 10/30/49)(b)

     1,504        1,147,066  

4.95%, 04/22/44(b)

    640       523,958  

7.88%, 04/01/33(b)

    568       619,110  

8.25%, 12/01/31(a)(b)

    609       678,317  

9.38%, 08/15/39(b)

    350       439,355  

New York Life Global Funding

   

0.85%, 01/15/26(b)

    765       689,306  

0.90%, 10/29/24(b)

    340       322,404  

0.95%, 06/24/25(b)

    460       424,451  

1.15%, 06/09/26(a)(b)

    1,005       891,668  

1.20%, 08/07/30(b)

    775       593,799  

1.45%, 01/14/25(a)(b)

    537       507,425  

1.85%, 08/01/31(b)

    720       563,009  

2.00%, 01/22/25(a)(b)

    926       882,710  

2.35%, 07/14/26(a)(b)

    105       96,718  

3.00%, 01/10/28(b)

    930       851,069  

3.25%, 04/07/27(b)

    885       830,129  

3.60%, 08/05/25(b)

    1,182       1,143,633  

4.55%, 01/28/33(b)

    1,310       1,241,441  

4.70%, 04/02/26(a)(b)

    1,000       985,939  

4.85%, 01/09/28(a)(b)

    1,060       1,048,581  

4.90%, 06/13/28(b)

    899       888,857  

New York Life Insurance Co.

   

3.75%, 05/15/50 (Call 11/15/49)(a)(b)

    1,826       1,362,043  

4.45%, 05/15/69 (Call 11/15/68)(b)

    930       741,927  

5.88%, 05/15/33(b)

    1,313       1,342,417  

6.75%, 11/15/39(a)(b)

    796       874,411  

Nippon Life Insurance Co.

   

2.75%, 01/21/51 (Call 01/21/31),
(5-year CMT + 2.653%)(b)(d)

    1,740       1,408,917  

2.90%, 09/16/51 (Call 09/16/31),
(5-year CMT + 2.600%)(b)(d)

    670       539,823  

3.40%, 01/23/50 (Call 01/23/30),
(5-year CMT + 2.612%)(b)(d)

    1,157       997,258  

4.00%, 09/19/47 (Call 09/19/27),
(5-year USD ICE Swap + 2.880%)(a)(b)(d)

    500       462,265  

4.70%, 01/20/46 (Call 01/20/26),
(5-year USD ICE Swap + 3.750%)(b)(d)

    490       471,595  

5.10%, 10/16/44 (Call 10/16/24),
(5-year USD Swap + 3.650%)(b)(d)

    1,600       1,568,222  

Northwestern Mutual Global Funding

   

0.80%, 01/14/26(a)(b)

    983       883,541  

1.70%, 06/01/28(a)(b)

    760       650,288  

1.75%, 01/11/27(a)(b)

    1,262       1,127,430  

4.00%, 07/01/25(b)

    1,230       1,198,039  

4.35%, 09/15/27(b)

    250       242,789  

4.70%, 04/06/26(b)

    75       74,042  

4.90%, 06/12/28(b)

    755       746,624  

Northwestern Mutual Life Insurance Co. (The)

   

3.45%, 03/30/51 (Call 09/30/50)(b)

    985       670,600  

3.63%, 09/30/59 (Call 03/30/59)(b)

    1,159       782,638  

3.85%, 09/30/47 (Call 03/30/47)(b)

    1,722       1,297,642  

6.06%, 03/30/40(a)(b)

    630       641,519  

Ohio National Life Insurance Co. (The), 6.88%, 06/15/42(b)

    345       299,659  
 

 

 

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

  85


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Old Republic International Corp.

   

3.85%, 06/11/51 (Call 12/11/50)

  $ 947     $ 660,185  

3.88%, 08/26/26 (Call 07/26/26)(a)

    753       715,629  

4.88%, 10/01/24 (Call 09/01/24)

    715       705,068  

OneAmerica Financial Partners Inc., 4.25%, 10/15/50 (Call 04/15/50)(a)(b)

    440       298,165  

Pacific Life Global Funding II

   

1.20%, 06/24/25(a)(b)

    769       711,889  

1.38%, 04/14/26(a)(b)

    2,025       1,823,045  

1.45%, 01/20/28(a)(b)

    567       480,852  

1.60%, 09/21/28(b)

    912       756,874  

2.45%, 01/11/32(b)

    720       570,665  

4.90%, 04/04/28(b)

    310       304,261  

5.50%, 08/28/26(a)(b)

    900       903,061  

5.50%, 07/18/28(b)

    600       601,857  

Pacific Life Insurance Co.

   

4.30%, 10/24/67 (Call 10/24/47),
(3-mo. LIBOR US + 2.796%)(b)(d)

    875       654,745  

9.25%, 06/15/39(a)(b)

    35       44,031  

Pacific LifeCorp.

   

3.35%, 09/15/50 (Call 03/15/50)(a)(b)

    855       583,778  

5.13%, 01/30/43(b)

    505       460,679  

5.40%, 09/15/52 (Call 03/15/52)(a)(b)

     1,105        1,048,731  

6.60%, 09/15/33(b)

    350       373,112  

PartnerRe Finance B LLC

   

3.70%, 07/02/29 (Call 04/02/29)

    700       634,572  

4.50%, 10/01/50 (Call 04/01/30),
(5-year CMT + 3.815%)(d)

    680       570,201  

Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/61(b)

    481       312,511  

Pine Street Trust I, 4.57%, 02/15/29 (Call 11/15/28)(b)

    821       752,468  

Pine Street Trust II, 5.57%, 02/15/49 (Call 08/15/48)(a)(b)

    760       665,360  

Pricoa Global Funding I

   

0.80%, 09/01/25(b)

    567       516,269  

1.15%, 12/06/24(b)

    897       847,574  

1.20%, 09/01/26(b)

    1,052       931,885  

2.40%, 09/23/24(b)

    687       661,745  

4.20%, 08/28/25(a)(b)

    615       599,488  

5.10%, 05/30/28(a)(b)

    450       451,236  

Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)(a)

    524       430,362  

Principal Financial Group Inc.

   

2.13%, 06/15/30 (Call 03/15/30)

    558       455,005  

3.10%, 11/15/26 (Call 08/15/26)

    550       511,617  

3.40%, 05/15/25 (Call 02/15/25)

    184       177,219  

3.70%, 05/15/29 (Call 02/15/29)(a)

    648       593,125  

4.30%, 11/15/46 (Call 05/15/46)(a)

    325       253,950  

4.35%, 05/15/43

    380       303,927  

4.63%, 09/15/42

    350       291,928  

5.38%, 03/15/33 (Call 12/15/32)(a)

    275       272,585  

5.50%, 03/15/53 (Call 09/15/52)

    215       200,617  

6.05%, 10/15/36(a)

    800       820,670  

Principal Life Global Funding, 1.38%, 01/10/25(b)

    847       798,817  

Principal Life Global Funding II

   

0.88%, 01/12/26(b)

    1,086       973,186  

1.25%, 06/23/25(b)

    811       747,133  

1.25%, 08/16/26(b)

    603       530,755  

1.50%, 11/17/26(b)

    319       280,407  

1.50%, 08/27/30(b)

    672       512,288  

1.63%, 11/19/30(b)

    260       199,509  
Security  

Par

(000)

    Value  
Insurance (continued)            

2.25%, 11/21/24(b)

  $ 408     $ 389,756  

2.50%, 09/16/29(a)(b)

    647       545,970  

3.00%, 04/18/26(b)

    1,400        1,305,875  

5.50%, 06/28/28(a)(b)

    965       959,825  

Progressive Corp. (The)

   

2.45%, 01/15/27

    940       866,020  

2.50%, 03/15/27 (Call 02/15/27)

    710       653,056  

3.00%, 03/15/32 (Call 12/15/31)(a)

    357       310,230  

3.20%, 03/26/30 (Call 12/26/29)

    1,230       1,098,766  

3.70%, 01/26/45

    387       295,650  

3.70%, 03/15/52 (Call 09/15/51)

    530       404,501  

3.95%, 03/26/50 (Call 09/26/49)

    1,062       849,556  

4.00%, 03/01/29 (Call 12/01/28)

    616       592,530  

4.13%, 04/15/47 (Call 10/15/46)

    697       579,074  

4.20%, 03/15/48 (Call 09/15/47)

    660       553,505  

4.35%, 04/25/44

    320       269,269  

4.95%, 06/15/33 (Call 03/15/33)(a)

    400       393,234  

6.25%, 12/01/32

    705       756,607  

6.63%, 03/01/29(a)

    350       381,377  

Protective Life Corp.

   

3.40%, 01/15/30 (Call 10/15/29)(b)

    836       723,010  

4.30%, 09/30/28 (Call 06/30/28)(a)(b)

    722       675,116  

Protective Life Global Funding

   

1.17%, 07/15/25(b)

    515       472,239  

1.30%, 09/20/26(b)

    670       588,805  

1.62%, 04/15/26(b)

    760       685,727  

1.65%, 01/13/25(b)

    765       723,488  

1.74%, 09/21/30(b)

    890       685,494  

1.90%, 07/06/28(a)(b)

    460       395,586  

3.22%, 03/28/25(a)(b)

    660       634,083  

4.71%, 07/06/27(a)(b)

    485       472,308  

5.21%, 04/14/26(a)(b)

    965       951,588  

5.37%, 01/06/26(b)

    820       816,324  

Prudential Financial Inc.

   

1.50%, 03/10/26 (Call 02/10/26)

     1,023       936,817  

2.10%, 03/10/30 (Call 12/10/29)(a)

    490       410,667  

3.00%, 03/10/40 (Call 09/10/39)

    380       280,205  

3.70%, 10/01/50 (Call 07/01/30),
(5-year CMT + 3.035%)(d)

    770       655,267  

3.70%, 03/13/51 (Call 09/13/50)

    1,848       1,379,342  

3.88%, 03/27/28 (Call 12/27/27)(a)

    450       428,524  

3.91%, 12/07/47 (Call 06/07/47)

    1,142       885,526  

3.94%, 12/07/49 (Call 06/07/49)

    1,237       951,898  

4.35%, 02/25/50 (Call 08/25/49)

    1,244       1,034,141  

4.42%, 03/27/48 (Call 09/27/47)

    569       479,398  

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

    727       652,279  

4.60%, 05/15/44

    890       784,956  

5.13%, 03/01/52 (Call 11/28/31),
(5-year CMT + 3.162%)(d)

    65       58,070  

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

    433       423,358  

5.70%, 12/14/36

    1,408       1,436,634  

5.70%, 09/15/48 (Call 09/15/28),
(3-mo. LIBOR US + 2.665%)(d)

    1,267       1,199,647  

5.75%, 07/15/33(a)

    461       485,483  

6.00%, 09/01/52 (Call 06/01/32),
(5-year CMT + 3.234%)(a)(d)

    850       811,886  

6.63%, 12/01/37

    480       529,094  

6.63%, 06/21/40(a)

    615       661,494  
 

 

 

86  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Prudential Funding Asia PLC

   

3.13%, 04/14/30

  $ 1,454     $ 1,281,288  

3.63%, 03/24/32

    520       458,277  

Prudential Insurance Co. of America (The), 8.30%, 07/01/25(b)

    280       288,960  

Reinsurance Group of America Inc.

   

3.15%, 06/15/30 (Call 03/15/30)

    961       820,095  

3.90%, 05/15/29 (Call 02/15/29)(a)

    745       680,739  

3.95%, 09/15/26 (Call 06/15/26)

    865       823,457  

6.00%, 09/15/33 (Call 06/15/33)(a)

    340       341,934  

Reliance Standard Life Global Funding II

   

1.51%, 09/28/26(b)

     1,186       1,033,430  

2.50%, 10/30/24(a)(b)

    710       678,275  

2.75%, 05/07/25(b)

    832       782,615  

2.75%, 01/21/27(b)

    627       562,525  

RenaissanceRe Finance Inc.

   

3.45%, 07/01/27 (Call 04/01/27)

    684       634,789  

3.70%, 04/01/25 (Call 01/01/25)

    326       316,760  

RenaissanceRe Holdings Ltd.

   

3.60%, 04/15/29 (Call 01/15/29)

    565       506,756  

5.75%, 06/05/33

    905       879,146  

RGA Global Funding

   

2.00%, 11/30/26(a)(b)

    670       596,145  

2.70%, 01/18/29(b)

    810       699,319  

Sammons Financial Group Inc.

   

3.35%, 04/16/31 (Call 01/16/31)(a)(b)

    990       768,069  

4.45%, 05/12/27 (Call 02/12/27)(b)

    865       801,274  

4.75%, 04/08/32 (Call 01/08/32)(b)

    725       602,528  

SBL Holdings Inc.

   

5.00%, 02/18/31 (Call 11/18/30)(b)

    925       717,528  

5.13%, 11/13/26 (Call 09/13/26)(a)(b)

    635       569,435  

Securian Financial Group Inc., 4.80%, 04/15/48(b)

    560       431,636  

Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)(a)

    245       218,737  

Sirius International Group Ltd., 4.60%, 11/01/26 (Call 08/01/26)(b)

    215       188,125  

Sompo International Holdings Ltd., 7.00%, 07/15/34(a).

    320       342,137  

Stewart Information Services Corp., 3.60%, 11/15/31 (Call 08/15/31)

    886       671,149  

Sumitomo Life Insurance Co.

   

3.38%, 04/15/81 (Call 04/15/31),
(5-year CMT + 2.747%)(b)(d)

    878       738,199  

4.00%, 09/14/77 (Call 09/14/27),
(3-mo. LIBOR US + 2.993%)(a)(b)(d)

    645       597,573  

Swiss Re America Holding Corp., 7.00%, 02/15/26

    15       15,397  

Swiss Re Finance Luxembourg SA, 5.00%, 04/02/49 (Call 04/02/29),
(5-year CMT + 3.582%)(b)(d)

    994       939,330  

Teachers Insurance & Annuity Association of America

   

3.30%, 05/15/50 (Call 11/15/49)(b)

    1,852        1,253,100  

4.27%, 05/15/47 (Call 11/15/46)(b)

    2,306       1,865,899  

4.38%, 09/15/54 (Call 09/15/24),
(3-mo. LIBOR US + 2.661%)(b)(d)

    1,326       1,289,926  

4.90%, 09/15/44(b)

    1,429       1,283,078  

6.85%, 12/16/39(b)

    1,519       1,663,807  

Transatlantic Holdings Inc., 8.00%, 11/30/39(a)

    515       629,148  

Travelers Companies Inc. (The)

   

2.55%, 04/27/50 (Call 10/27/49)(a)

    250       155,709  

3.05%, 06/08/51 (Call 12/08/50)(a)

    900       622,399  

3.75%, 05/15/46 (Call 11/15/45)

    697       539,749  

4.00%, 05/30/47 (Call 11/30/46)

    1,001       822,283  
Security  

Par

(000)

    Value  
Insurance (continued)            

4.05%, 03/07/48 (Call 09/07/47)

  $ 913     $ 751,682  

4.10%, 03/04/49 (Call 09/04/48)

    782       647,799  

4.30%, 08/25/45 (Call 02/25/45)

    823       697,516  

4.60%, 08/01/43

    480       429,501  

5.35%, 11/01/40

    749       744,608  

6.25%, 06/15/37

    760       828,422  

6.75%, 06/20/36(a)

    760       862,881  

Travelers Cos. Inc. (The), 5.45%, 05/25/53 (Call 11/25/52)

    520       527,227  

Travelers Property Casualty Corp., 6.38%, 03/15/33(a)

    719       790,035  

Trinity Acquisition PLC

   

4.40%, 03/15/26 (Call 12/15/25)

    637       615,273  

6.13%, 08/15/43

    622       578,308  

Trustage Financial Group Inc., 4.63%, 04/15/32 (Call 01/15/32)(b)

    205       175,649  

Unum Group

   

3.88%, 11/05/25(a)

    20       19,095  

4.00%, 06/15/29 (Call 03/15/29)(a)

    61       55,913  

4.13%, 06/15/51 (Call 12/15/50)

    625       441,714  

4.50%, 12/15/49 (Call 06/15/49)

    390       294,029  

5.75%, 08/15/42

    451       410,581  

W R Berkley Corp.

   

3.15%, 09/30/61 (Call 03/30/61)(a)

    410       243,928  

3.55%, 03/30/52 (Call 09/30/51)

    397       270,689  

4.00%, 05/12/50 (Call 11/12/49)(a)

    585       442,067  

4.75%, 08/01/44

    580       495,014  

Western & Southern Financial Group Inc., 5.75%, 07/15/33(a)(b)

    500       493,984  

Western & Southern Life Insurance Co. (The)

   

3.75%, 04/28/61 (Call 10/28/60)(b)

    610       393,492  

5.15%, 01/15/49 (Call 07/15/48)(b)

    380       333,516  

Willis North America Inc.

   

2.95%, 09/15/29 (Call 06/15/29)

     1,055       914,603  

3.88%, 09/15/49 (Call 03/15/49)

    421       296,450  

4.50%, 09/15/28 (Call 06/15/28)

    857       816,832  

4.65%, 06/15/27 (Call 05/15/27)

    420       406,730  

5.05%, 09/15/48 (Call 03/15/48)

    350       291,303  

5.35%, 05/15/33 (Call 02/15/33)

    450       434,388  

WR Berkley Corp., 6.25%, 02/15/37

    200       202,817  

XLIT Ltd., 5.25%, 12/15/43

    385       364,346  
   

 

 

 
       410,745,609  
Internet — 1.7%            

Alibaba Group Holding Ltd.

   

2.13%, 02/09/31 (Call 11/09/30)

    850       682,072  

2.70%, 02/09/41 (Call 08/09/40)(a)

    425       271,244  

3.15%, 02/09/51 (Call 08/09/50)(a)

    1,305       789,831  

3.25%, 02/09/61 (Call 08/09/60)

    660       381,069  

3.40%, 12/06/27 (Call 09/06/27)

    2,477       2,299,700  

3.60%, 11/28/24 (Call 08/28/24)

    2,113       2,057,233  

4.00%, 12/06/37 (Call 06/06/37)

    1,728       1,401,388  

4.20%, 12/06/47 (Call 06/06/47)

    1,590       1,186,559  

4.40%, 12/06/57 (Call 06/06/57)

    1,255       930,757  

4.50%, 11/28/34 (Call 05/28/34)(a)

    1,090       978,472  

Alphabet Inc.

   

0.45%, 08/15/25 (Call 07/15/25)

    1,448       1,328,949  

0.80%, 08/15/27 (Call 06/15/27)(a)

    1,545       1,340,169  

1.10%, 08/15/30 (Call 05/15/30)

    2,956       2,368,941  

1.90%, 08/15/40 (Call 02/15/40)

    2,090       1,402,575  

2.00%, 08/15/26 (Call 05/15/26)

    2,501       2,314,671  

2.05%, 08/15/50 (Call 02/15/50)

    2,370       1,418,659  
 

 

 

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

  87


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Internet (continued)            

2.25%, 08/15/60 (Call 02/15/60)(a)

  $ 2,572     $ 1,504,688  

Amazon.com Inc.

   

0.80%, 06/03/25 (Call 05/03/25)

    1,352       1,255,444  

1.00%, 05/12/26 (Call 04/12/26)

    3,585       3,239,772  

1.20%, 06/03/27 (Call 04/03/27)

    1,460       1,285,412  

1.50%, 06/03/30 (Call 03/03/30)

    2,844       2,312,036  

1.65%, 05/12/28 (Call 03/12/28)

    3,190       2,787,202  

2.10%, 05/12/31 (Call 02/12/31)

    3,430       2,844,290  

2.50%, 06/03/50 (Call 12/03/49)(a)

    2,830       1,803,213  

2.70%, 06/03/60 (Call 12/03/59)

    2,261       1,396,001  

2.88%, 05/12/41 (Call 11/12/40)

    2,367       1,775,622  

3.00%, 04/13/25

    695       672,625  

3.10%, 05/12/51 (Call 11/12/50)

    3,925       2,803,376  

3.15%, 08/22/27 (Call 05/22/27)

    3,426       3,221,613  

3.25%, 05/12/61 (Call 11/12/60)

    1,946       1,351,220  

3.30%, 04/13/27 (Call 03/13/27)

    2,832       2,695,682  

3.45%, 04/13/29 (Call 02/13/29)

    1,560       1,468,003  

3.60%, 04/13/32 (Call 01/13/32)(a)

    2,255       2,074,985  

3.80%, 12/05/24 (Call 09/05/24)

    1,568       1,539,862  

3.88%, 08/22/37 (Call 02/22/37)

    3,490       3,140,745  

3.95%, 04/13/52 (Call 10/13/51)

    2,865       2,389,857  

4.05%, 08/22/47 (Call 02/22/47)

    4,403       3,799,675  

4.10%, 04/13/62 (Call 10/13/61)

    1,555       1,289,183  

4.25%, 08/22/57 (Call 02/22/57)(a)

    2,563       2,219,423  

4.55%, 12/01/27 (Call 11/01/27)

    2,790       2,778,998  

4.60%, 12/01/25

    1,815       1,801,395  

4.65%, 12/01/29 (Call 10/01/29)

    1,685       1,678,646  

4.70%, 11/29/24

    1,040       1,033,437  

4.70%, 12/01/32 (Call 09/01/32)

    2,635       2,618,593  

4.80%, 12/05/34 (Call 06/05/34)

    1,635       1,645,460  

4.95%, 12/05/44 (Call 06/05/44)

    1,828       1,807,469  

5.20%, 12/03/25 (Call 09/03/25)

    1,260       1,263,848  

Baidu Inc.

   

1.63%, 02/23/27 (Call 01/23/27)(a)

    235       207,213  

2.38%, 08/23/31 (Call 05/23/31)

    465       367,855  

3.08%, 04/07/25 (Call 03/07/25)(a)

    395       378,750  

3.43%, 04/07/30 (Call 01/07/30)

    390       342,787  

3.63%, 07/06/27(a)

    560       525,762  

4.38%, 03/29/28 (Call 12/29/27)(a)

    594       569,376  

4.88%, 11/14/28 (Call 08/14/28)

    455       442,030  

Booking Holdings Inc.

   

3.55%, 03/15/28 (Call 12/15/27)

    976       921,391  

3.60%, 06/01/26 (Call 03/01/26)

    1,546       1,487,347  

3.65%, 03/15/25 (Call 12/15/24)

    950       925,847  

4.63%, 04/13/30 (Call 01/13/30)

     2,216        2,166,780  

eBay Inc.

   

1.40%, 05/10/26 (Call 04/10/26)(a)

    747       673,373  

1.90%, 03/11/25 (Call 02/11/25)

    989       936,799  

2.60%, 05/10/31 (Call 02/10/31)(a)

    876       724,496  

2.70%, 03/11/30 (Call 12/11/29)

    1,122       957,903  

3.60%, 06/05/27 (Call 03/05/27)

    1,172       1,106,510  

3.65%, 05/10/51 (Call 11/10/50)

    925       661,152  

4.00%, 07/15/42 (Call 01/15/42)

    1,516       1,183,592  

5.90%, 11/22/25 (Call 10/22/25)

    460       463,767  

5.95%, 11/22/27 (Call 10/22/27)(a)

    760       779,118  

6.30%, 11/22/32 (Call 08/22/32)(a)

    450       474,141  

Expedia Group Inc.

   

2.95%, 03/15/31 (Call 12/15/30)(a)

    764       638,746  

3.25%, 02/15/30 (Call 11/15/29)

    1,816       1,583,020  

3.80%, 02/15/28 (Call 11/15/27)

    1,392       1,297,429  
Security  

Par

(000)

    Value  
Internet (continued)            

4.63%, 08/01/27 (Call 05/01/27)

  $ 1,194     $ 1,158,172  

5.00%, 02/15/26 (Call 11/15/25)(a)

    1,219       1,204,775  

6.25%, 05/01/25 (Call 02/01/25)(b)

    1,271       1,276,508  

JD.com Inc.

   

3.38%, 01/14/30 (Call 10/14/29)

    214       188,459  

3.88%, 04/29/26(a)

    225       215,219  

Meituan

   

2.13%, 10/28/25 (Call 09/28/25)(a)(b)

    265       243,744  

3.05%, 10/28/30 (Call 07/28/30)(b)

    800       630,770  

Meta Platforms Inc.

   

3.50%, 08/15/27 (Call 07/15/27)

    3,542       3,375,677  

3.85%, 08/15/32 (Call 05/15/32)

    3,020       2,772,655  

4.45%, 08/15/52 (Call 02/15/52)

    3,280       2,783,666  

4.60%, 05/15/28 (Call 04/15/28)

    1,310       1,298,560  

4.65%, 08/15/62 (Call 02/15/62)

    1,792       1,524,372  

4.80%, 05/15/30 (Call 03/15/30)

    900       896,400  

4.95%, 05/15/33 (Call 02/15/33)

    1,200       1,194,138  

5.60%, 05/15/53 (Call 11/15/52)

    2,400       2,409,867  

5.75%, 05/15/63 (Call 11/15/62)

    1,780       1,797,561  

Netflix Inc.

   

3.63%, 06/15/25 (Call 03/15/25)(b)

    765       739,134  

4.38%, 11/15/26(a)

    1,405       1,365,288  

4.88%, 04/15/28

    2,240       2,205,391  

4.88%, 06/15/30 (Call 03/15/30)(a)(b)

    1,419       1,380,183  

5.38%, 11/15/29(a)(b)

    1,449       1,440,985  

5.88%, 02/15/25

    843       847,038  

5.88%, 11/15/28

    1,908       1,961,388  

6.38%, 05/15/29(a)

    1,135       1,193,823  

Prosus NV

   

3.06%, 07/13/31 (Call 04/13/31)(a)(b)

     1,377       1,045,856  

3.26%, 01/19/27 (Call 12/19/26)(b)

    500       449,069  

3.68%, 01/21/30 (Call 10/21/29)(a)(b)

    1,271       1,045,565  

3.83%, 02/08/51 (Call 08/08/50)(b)

    1,587       903,091  

4.03%, 08/03/50 (Call 02/03/50)(b)

    1,845       1,094,783  

4.19%, 01/19/32 (Call 10/19/31)(b)

    345       281,408  

4.85%, 07/06/27 (Call 04/06/27)(b)

    100       93,973  

4.99%, 01/19/52 (Call 07/19/51)(a)(b)

    1,435       968,219  

Tencent Holdings Ltd.

   

1.81%, 01/26/26 (Call 12/26/25)(b)

    400       367,303  

2.39%, 06/03/30 (Call 03/03/30)(a)(b)

    1,616       1,328,125  

2.88%, 04/22/31 (Call 01/22/31)(a)(b)

    1,035       862,396  

3.24%, 06/03/50 (Call 12/03/49)(b)

    1,945       1,183,774  

3.29%, 06/03/60 (Call 12/03/59)(a)(b)

    400       230,102  

3.58%, 04/11/26 (Call 02/11/26)(b)

    593       565,754  

3.60%, 01/19/28 (Call 10/19/27)(a)(b)

    1,660       1,538,814  

3.68%, 04/22/41 (Call 10/22/40)(b)

    775       566,449  

3.80%, 02/11/25(b)

    55       53,542  

3.84%, 04/22/51 (Call 10/22/50)(a)(b)

    1,805       1,237,652  

3.93%, 01/19/38 (Call 07/19/37)(b)

    639       506,002  

3.94%, 04/22/61 (Call 10/22/60)(a)(b)

    1,175       782,824  

3.98%, 04/11/29 (Call 01/11/29)(a)(b)

    2,511        2,313,597  

4.53%, 04/11/49 (Call 10/11/48)(b)

    560       437,195  

Tencent Music Entertainment Group

   

1.38%, 09/03/25 (Call 08/03/25)(a)

    100       91,616  

2.00%, 09/03/30 (Call 06/03/30)

    755       587,849  

VeriSign Inc.

   

2.70%, 06/15/31 (Call 03/15/31)

    1,300       1,064,322  

4.75%, 07/15/27 (Call 10/02/23)(a)

    1,075       1,048,310  

5.25%, 04/01/25 (Call 01/01/25)

    705       699,716  
 

 

 

88  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Internet (continued)            

Weibo Corp., 3.38%, 07/08/30
(Call 04/08/30)(a)

  $ 770     $ 602,172  
   

 

 

 
       160,518,499  
Iron & Steel — 0.3%            

ArcelorMittal SA

   

4.25%, 07/16/29(a)

    1,032       978,514  

4.55%, 03/11/26

    525       514,380  

6.55%, 11/29/27 (Call 10/29/27)

    1,330       1,363,999  

6.75%, 03/01/41

    631       628,322  

6.80%, 11/29/32 (Call 08/29/32)(a)

     1,170       1,202,009  

7.00%, 10/15/39(a)

    799       822,906  

Gerdau Trade Inc., 4.88%, 10/24/27(b)

    100       96,434  

GUSAP III LP, 4.25%, 01/21/30
(Call 07/21/29)(b)

    585       536,718  

Nucor Corp.

   

2.00%, 06/01/25 (Call 05/01/25)

    790       743,199  

2.70%, 06/01/30 (Call 03/01/30)(a)

    579       495,988  

2.98%, 12/15/55 (Call 06/15/55)

    912       556,147  

3.13%, 04/01/32 (Call 01/01/32)(a)

    825       703,989  

3.85%, 04/01/52 (Call 09/01/51)(a)

    1,310       993,303  

3.95%, 05/23/25

    580       564,077  

3.95%, 05/01/28 (Call 02/01/28)

    980       932,466  

4.30%, 05/23/27 (Call 04/23/27)

    740       717,754  

4.40%, 05/01/48 (Call 11/01/47)(a)

    330       273,079  

5.20%, 08/01/43 (Call 02/01/43)(a)

    75       71,168  

6.40%, 12/01/37

    285       308,609  

POSCO, 2.50%, 01/17/25(b)

    300       287,179  

Reliance Steel & Aluminum Co.

   

1.30%, 08/15/25 (Call 07/15/25)

    780       716,724  

2.15%, 08/15/30 (Call 05/15/30)

    944       762,986  

6.85%, 11/15/36(a)

    420       441,588  

Steel Dynamics Inc.

   

1.65%, 10/15/27 (Call 08/15/27)

    252       216,125  

2.40%, 06/15/25 (Call 05/15/25)

    867       815,950  

2.80%, 12/15/24 (Call 11/15/24)

    456       439,356  

3.25%, 01/15/31 (Call 10/15/30)

    785       683,978  

3.25%, 10/15/50 (Call 04/15/50)(a)

    801       516,498  

3.45%, 04/15/30 (Call 01/15/30)

    750       664,984  

5.00%, 12/15/26 (Call 10/02/23)

    1,321       1,296,093  

Vale Overseas Ltd.

   

3.75%, 07/08/30 (Call 04/08/30)(a)

    1,830       1,600,303  

6.13%, 06/12/33 (Call 03/12/33)(a)

    380       377,918  

6.25%, 08/10/26(a)

    299       304,252  

6.88%, 11/21/36

    1,726       1,799,555  

6.88%, 11/10/39

    940       981,176  

8.25%, 01/17/34(a)

    230       262,678  

Vale SA, 5.63%, 09/11/42(a)

    562       530,359  
   

 

 

 
      25,200,763  
Leisure Time — 0.0%            

Brunswick Corp.

   

2.40%, 08/18/31 (Call 05/18/31)(a)

    745       571,094  

4.40%, 09/15/32 (Call 06/15/32)(a)

    627       537,350  

5.10%, 04/01/52 (Call 10/01/51)(a)

    524       385,291  

Harley-Davidson Financial Services Inc.

   

3.05%, 02/14/27 (Call 01/14/27)(a)(b)

    900       809,266  

3.35%, 06/08/25 (Call 05/08/25)(a)(b)

    1,222       1,161,795  

Series 144A, 6.50%, 03/10/28 (Call 02/10/28)(b)

    565       566,612  

Harley-Davidson Inc.

   

3.50%, 07/28/25 (Call 04/28/25)(a)

    299       286,866  

4.63%, 07/28/45 (Call 01/28/45)(a)

    503       384,115  
   

 

 

 
      4,702,389  
Security  

Par

(000)

    Value  
Lodging — 0.2%            

Choice Hotels International Inc.

   

3.70%, 12/01/29 (Call 09/01/29)(a)

  $ 623     $ 550,128  

3.70%, 01/15/31 (Call 10/15/30)

    892       765,222  

Hyatt Hotels Corp.

   

1.80%, 10/01/24 (Call 09/18/23)

    340       325,451  

4.38%, 09/15/28 (Call 06/15/28)

    531       500,785  

4.85%, 03/15/26 (Call 12/15/25)

    817       801,008  

5.38%, 04/23/25 (Call 03/23/25)

    877       869,458  

5.75%, 01/30/27 (Call 12/30/26)

    400       400,390  

5.75%, 04/23/30 (Call 01/23/30)

    810       811,108  

Marriott International Inc./MD

   

3.75%, 03/15/25 (Call 12/15/24)

    510       494,636  

3.75%, 10/01/25 (Call 07/01/25)

    884       852,255  

4.50%, 10/01/34 (Call 04/01/34)

    413       362,742  

4.90%, 04/15/29 (Call 03/15/29)

    282       274,596  

5.00%, 10/15/27 (Call 09/15/27)(a)

    965       955,813  

Series AA, 4.65%, 12/01/28 (Call 09/01/28)

    680       654,104  

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

    914       915,378  

Series FF, 4.63%, 06/15/30 (Call 03/15/30)

    1,327       1,257,478  

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

    1,315       1,117,255  

Series HH, 2.85%, 04/15/31 (Call 01/15/31)

    1,527       1,267,834  

Series II, 2.75%, 10/15/33 (Call 07/15/33)

    1,300       1,016,813  

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

     1,231       1,156,665  

Series X, 4.00%, 04/15/28 (Call 01/15/28)

    652       613,068  

Sands China Ltd.

   

2.80%, 03/08/27 (Call 02/08/27)

    15       13,063  

3.35%, 03/08/29 (Call 01/08/29)(a)

    442       368,129  

3.50%, 08/08/31 (Call 05/08/31)

    270       217,068  

4.30%, 01/08/26 (Call 12/08/25)

    503       471,105  

4.88%, 06/18/30 (Call 03/18/30)

    395       344,938  

5.38%, 08/08/25 (Call 06/08/25)

    350       338,401  

5.65%, 08/08/28 (Call 05/08/28)

    1,945       1,835,965  
   

 

 

 
       19,550,856  
Machinery — 0.8%            

ABB Finance USA Inc.

   

3.80%, 04/03/28 (Call 01/03/28)(a)

    466       448,925  

4.38%, 05/08/42(a)

    575       491,740  

Caterpillar Financial Services Corp.

   

0.60%, 09/13/24

    75       71,381  

0.80%, 11/13/25

    695       633,087  

0.90%, 03/02/26

    1,038       939,198  

1.10%, 09/14/27

    1,047       905,602  

1.15%, 09/14/26(a)

    405       361,998  

1.45%, 05/15/25(a)

    672       630,065  

1.70%, 01/08/27

    971       879,663  

2.15%, 11/08/24

    1,290       1,242,162  

2.40%, 08/09/26

    1,065       991,915  

3.25%, 12/01/24

    851       829,690  

3.40%, 05/13/25

    620       600,645  

3.60%, 08/12/27

    549       525,018  

3.65%, 08/12/25

    966       938,137  

4.35%, 05/15/26

    835       821,840  

4.80%, 01/06/26

    461       458,737  

4.90%, 01/17/25

    720       717,185  

5.15%, 08/11/25

    500       499,668  

5.40%, 03/10/25

    150       150,424  

Caterpillar Inc.

   

1.90%, 03/12/31 (Call 12/12/30)(a)

    627       526,305  

2.60%, 09/19/29 (Call 06/19/29)(a)

    580       518,476  

2.60%, 04/09/30 (Call 01/09/30)(a)

    1,257       1,104,587  
 

 

 

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

  89


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Machinery (continued)            

3.25%, 09/19/49 (Call 03/19/49)(a)

  $ 1,364     $ 1,028,138  

3.25%, 04/09/50 (Call 10/09/49)

    1,419       1,074,633  

3.80%, 08/15/42

    1,932       1,637,582  

4.30%, 05/15/44 (Call 11/15/43)

    354       317,162  

4.75%, 05/15/64 (Call 11/15/63)

    395       363,966  

5.20%, 05/27/41

    1,026       1,038,177  

5.30%, 09/15/35

    455       468,817  

6.05%, 08/15/36

    310       340,075  

CNH Industrial Capital LLC

   

1.45%, 07/15/26 (Call 06/15/26)

    490       438,345  

1.88%, 01/15/26 (Call 12/15/25)

    847       777,909  

3.95%, 05/23/25

    870       844,701  

4.55%, 04/10/28 (Call 03/10/28)

    890       860,879  

5.45%, 10/14/25

    430       428,810  

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

    842       794,507  

Deere & Co.

   

2.75%, 04/15/25 (Call 03/15/25)(a)

     1,119        1,076,974  

2.88%, 09/07/49 (Call 03/07/49)(a)

    1,179       853,807  

3.10%, 04/15/30 (Call 01/15/30)

    820       743,152  

3.75%, 04/15/50 (Call 10/15/49)(a)

    1,039       887,419  

3.90%, 06/09/42 (Call 12/09/41)

    945       830,360  

5.38%, 10/16/29(a)

    753       777,508  

7.13%, 03/03/31(a)

    207       235,926  

8.10%, 05/15/30

    120       141,350  

Dover Corp.

   

2.95%, 11/04/29 (Call 08/04/29)(a)

    473       415,583  

3.15%, 11/15/25 (Call 08/15/25)

    675       642,327  

5.38%, 10/15/35(a)

    538       541,773  

5.38%, 03/01/41 (Call 12/01/40)(a)

    407       388,077  

6.60%, 03/15/38

    335       360,556  

Flowserve Corp.

   

2.80%, 01/15/32 (Call 10/15/31)

    830       659,122  

3.50%, 10/01/30 (Call 07/01/30)

    665       569,778  

IDEX Corp.

   

2.63%, 06/15/31 (Call 03/15/31)

    890       733,915  

3.00%, 05/01/30 (Call 02/01/30)

    792       687,893  

John Deere Capital Corp.

   

0.70%, 01/15/26

    1,012       916,007  

1.05%, 06/17/26

    973       874,853  

1.25%, 01/10/25

    1,185       1,122,917  

1.30%, 10/13/26(a)

    557       498,968  

1.45%, 01/15/31

    465       368,372  

1.50%, 03/06/28

    802       693,728  

1.70%, 01/11/27(a)

    617       555,648  

1.75%, 03/09/27(a)

    808       725,824  

2.00%, 06/17/31

    1,065       869,652  

2.05%, 01/09/25

    577       553,503  

2.13%, 03/07/25

    260       248,157  

2.25%, 09/14/26(a)

    478       442,334  

2.35%, 03/08/27

    690       633,077  

2.45%, 01/09/30

    901       784,650  

2.65%, 06/10/26

    1,045       981,329  

2.80%, 09/08/27

    478       442,188  

2.80%, 07/18/29

    702       632,250  

3.05%, 01/06/28

    490       457,019  

3.35%, 04/18/29

    595       552,272  

3.40%, 06/06/25

    750       726,943  

3.40%, 09/11/25

    350       338,063  

3.45%, 03/13/25

    1,410       1,373,026  

3.45%, 03/07/29(a)

    713       663,453  
Security  

Par

(000)

    Value  
Machinery (continued)            

3.90%, 06/07/32(a)

  $ 840     $ 783,223  

4.05%, 09/08/25

    707       692,804  

4.15%, 09/15/27

    780       761,360  

4.35%, 09/15/32(a)

    755       732,674  

4.55%, 10/11/24(a)

    250       247,966  

4.70%, 06/10/30

    705       696,240  

4.75%, 06/08/26

    825       820,899  

4.75%, 01/20/28(a)

     1,225       1,219,534  

4.80%, 01/09/26

    600       596,524  

4.85%, 10/11/29(a)

    535       535,555  

4.95%, 06/06/25

    370       368,375  

4.95%, 07/14/28

    475       476,570  

5.05%, 03/03/26

    460       460,480  

Series MTN, 4.90%, 03/03/28

    865       867,832  

Komatsu Finance America Inc., 5.50%, 10/06/27 (Call 09/06/27)(a)(b)

    325       328,964  

nVent Finance Sarl

   

2.75%, 11/15/31 (Call 08/15/31)(a)

    471       370,920  

4.55%, 04/15/28 (Call 01/15/28)(a)

    678       641,354  

5.65%, 05/15/33 (Call 02/15/33)

    530       512,953  

Oshkosh Corp.

   

3.10%, 03/01/30 (Call 12/01/29)

    465       409,160  

4.60%, 05/15/28 (Call 02/15/28)(a)

    565       552,251  

Otis Worldwide Corp.

   

2.06%, 04/05/25 (Call 03/05/25)

    1,415       1,340,809  

2.29%, 04/05/27 (Call 02/05/27)(a)

    475       431,342  

2.57%, 02/15/30 (Call 11/15/29)

    1,894       1,619,696  

3.11%, 02/15/40 (Call 08/15/39)

    861       647,102  

3.36%, 02/15/50 (Call 08/15/49)(a)

    1,002       720,678  

5.25%, 08/16/28 (Call 07/16/28)

    360       362,330  

Rockwell Automation Inc.

   

1.75%, 08/15/31 (Call 05/15/31)

    740       588,377  

2.80%, 08/15/61 (Call 02/15/61)

    715       439,701  

2.88%, 03/01/25 (Call 12/01/24)(a)

    655       632,211  

3.50%, 03/01/29 (Call 12/01/28)(a)

    260       243,319  

4.20%, 03/01/49 (Call 09/01/48)(a)

    487       420,763  

6.25%, 12/01/37

    262       278,484  

6.70%, 01/15/28

    394       416,116  

Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)(b)

    400       361,343  

Westinghouse Air Brake Technologies Corp.

   

3.20%, 06/15/25 (Call 05/15/25)

    742       707,818  

3.45%, 11/15/26 (Call 08/15/26)

    1,313       1,234,434  

4.95%, 09/15/28 (Call 06/15/28)

    1,814       1,749,683  

Xylem Inc./NY

   

1.95%, 01/30/28 (Call 11/30/27)(a)

    943       827,305  

2.25%, 01/30/31 (Call 10/30/30)

    968       794,967  

3.25%, 11/01/26 (Call 08/01/26)(a)

    646       607,871  

4.38%, 11/01/46 (Call 05/01/46)(a)

    530       429,296  
   

 

 

 
       78,629,185  
Machinery - Diversified — 0.0%            

Ingersoll Rand Inc.

   

5.40%, 08/14/28 (Call 07/14/28)(a)

    515       516,162  

5.70%, 08/14/33 (Call 05/14/33)(a)

    90       91,260  
   

 

 

 
      607,422  
Manufacturing — 0.7%            

3M Co.

   

2.00%, 02/14/25 (Call 01/14/25)

    761       722,858  

2.25%, 09/19/26 (Call 06/19/26)(a)

    1,108       1,019,910  
 

 

 

90  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Manufacturing (continued)            

2.38%, 08/26/29 (Call 05/26/29)(a)

  $  1,491     $  1,284,946  

2.65%, 04/15/25 (Call 03/15/25)(a)

    856       816,654  

2.88%, 10/15/27 (Call 07/15/27)(a)

    995       915,865  

3.00%, 08/07/25(a)

    737       706,887  

3.05%, 04/15/30 (Call 01/15/30)(a)

    988       882,826  

3.13%, 09/19/46 (Call 03/19/46)(a)

    823       556,980  

3.25%, 08/26/49 (Call 02/26/49)(a)

    1,275       883,078  

3.38%, 03/01/29 (Call 12/01/28)(a)

    887       812,300  

3.63%, 09/14/28 (Call 06/14/28)

    684       639,946  

3.63%, 10/15/47 (Call 04/15/47)(a)

    778       579,642  

3.70%, 04/15/50 (Call 10/15/49)(a)

    757       580,723  

3.88%, 06/15/44(a)

    180       141,753  

4.00%, 09/14/48 (Call 03/14/48)(a)

    1,335       1,085,208  

5.70%, 03/15/37(a)

    640       680,032  

Carlisle Companies Inc.

   

2.20%, 03/01/32 (Call 12/01/31)

    770       606,003  

2.75%, 03/01/30 (Call 12/01/29)

    1,395       1,180,407  

3.50%, 12/01/24 (Call 10/01/24)

    336       325,479  

3.75%, 12/01/27 (Call 09/01/27)

    865       815,732  

Eaton Corp.

   

3.10%, 09/15/27 (Call 06/15/27)

    942       883,151  

3.92%, 09/15/47 (Call 03/15/47)(a)

    262       215,067  

4.00%, 11/02/32(a)

    1,030       963,630  

4.15%, 03/15/33 (Call 12/15/32)(a)

    980       923,990  

4.15%, 11/02/42

    1,328       1,152,799  

4.35%, 05/18/28 (Call 04/18/28)

    320       314,200  

4.70%, 08/23/52 (Call 02/23/52)

    880       817,923  

GE Capital Funding LLC

   

3.45%, 05/15/25 (Call 04/15/25)(a)

    435       416,601  

4.55%, 05/15/32 (Call 02/15/32)(a)

    755       719,628  

GE Capital International Funding Co. Unlimited Co.

   

3.37%, 11/15/25

    435       413,511  

4.42%, 11/15/35(a)

    1,110       1,027,961  

General Electric Co.

   

4.35%, 05/01/50 (Call 11/01/49)

    300       248,794  

4.50%, 03/11/44

    350       306,914  

5.88%, 01/14/38(a)

    485       509,557  

6.15%, 08/07/37(a)

    610       631,135  

6.75%, 03/15/32(a)

    195       217,460  

6.88%, 01/10/39(a)

    1,165       1,356,003  

Illinois Tool Works Inc.

   

2.65%, 11/15/26 (Call 08/15/26)

    1,696       1,588,176  

3.90%, 09/01/42 (Call 03/01/42)

    1,150       989,564  

4.88%, 09/15/41 (Call 03/15/41)(a)

    475       460,128  

Parker-Hannifin Corp.

   

3.25%, 03/01/27 (Call 12/01/26)(a)

    616       579,570  

3.25%, 06/14/29 (Call 03/14/29)

    1,451       1,311,939  

3.30%, 11/21/24 (Call 08/21/24)

    534       518,480  

4.00%, 06/14/49 (Call 12/14/48)

    732       593,607  

4.10%, 03/01/47 (Call 09/01/46)(a)

    535       440,982  

4.20%, 11/21/34 (Call 05/21/34)

    664       601,602  

4.25%, 09/15/27 (Call 08/15/27)

    1,355       1,314,447  

4.45%, 11/21/44 (Call 05/21/44)

    892       766,488  

4.50%, 09/15/29 (Call 07/15/29)

    1,139       1,101,051  

6.25%, 05/15/38(a)

    210       222,108  

Pentair Finance Sarl

   

4.50%, 07/01/29 (Call 04/01/29)(a)

    515       481,478  

5.90%, 07/15/32 (Call 04/15/32)(a)

    479       485,026  

Siemens Financieringsmaatschappij NV

   

1.20%, 03/11/26(b)

    2,080       1,887,546  
Security  

Par

(000)

    Value  
Manufacturing (continued)            

1.70%, 03/11/28(b)

  $  1,863     $ 1,615,062  

2.15%, 03/11/31(a)(b)

    2,126       1,752,253  

2.35%, 10/15/26(b)

    1,845       1,701,088  

2.88%, 03/11/41(a)(b)

    2,360       1,734,938  

3.25%, 05/27/25(a)(b)

    1,400       1,353,437  

3.30%, 09/15/46(a)(b)

    1,146       853,132  

3.40%, 03/16/27(b)

    1,800       1,704,968  

4.20%, 03/16/47(a)(b)

    1,699       1,482,187  

4.40%, 05/27/45(b)

    1,817       1,622,585  

6.13%, 08/17/26(b)

    1,865       1,918,068  

Teledyne Technologies Inc.

   

1.60%, 04/01/26 (Call 03/01/26)(a)

    942       858,334  

2.25%, 04/01/28 (Call 02/01/28)

    790       688,758  

2.75%, 04/01/31 (Call 01/01/31)

    1,434       1,196,681  

Textron Inc.

   

2.45%, 03/15/31 (Call 12/15/30)(a)

    727       597,562  

3.00%, 06/01/30 (Call 03/01/30)

    835       722,334  

3.38%, 03/01/28 (Call 12/01/27)

    467       427,414  

3.65%, 03/15/27 (Call 12/15/26)

    770       723,180  

3.88%, 03/01/25 (Call 12/01/24)

    475       462,667  

3.90%, 09/17/29 (Call 06/17/29)

    480       441,183  

4.00%, 03/15/26 (Call 12/15/25)

    572       552,270  
   

 

 

 
       62,105,846  
Media — 2.5%            

Charter Communications Operating LLC/Charter Communications Operating Capital

   

2.25%, 01/15/29 (Call 11/15/28)

    1,410       1,171,305  

2.30%, 02/01/32 (Call 11/01/31)

    1,190       898,076  

2.80%, 04/01/31 (Call 01/01/31)

    1,905       1,535,056  

3.50%, 06/01/41 (Call 12/01/40)

    1,700       1,126,701  

3.50%, 03/01/42 (Call 09/01/41)

    1,734       1,133,611  

3.70%, 04/01/51 (Call 10/01/50)

    2,359       1,465,947  

3.75%, 02/15/28 (Call 11/15/27)

    1,392       1,273,774  

3.85%, 04/01/61 (Call 10/01/60)(a)

    2,072       1,237,863  

3.90%, 06/01/52 (Call 12/01/51)(a)

    2,600       1,663,657  

3.95%, 06/30/62 (Call 12/30/61)

    1,850       1,115,670  

4.20%, 03/15/28 (Call 12/15/27)(a)

    1,338       1,246,230  

4.40%, 04/01/33 (Call 01/01/33)(a)

    1,440       1,267,923  

4.40%, 12/01/61 (Call 06/01/61)

    1,684       1,106,805  

4.80%, 03/01/50 (Call 09/01/49)

    3,289       2,436,778  

4.91%, 07/23/25 (Call 04/23/25)

    3,836       3,767,189  

5.05%, 03/30/29 (Call 12/30/28)

    1,519       1,446,603  

5.13%, 07/01/49 (Call 01/01/49)

    1,855       1,427,373  

5.25%, 04/01/53 (Call 10/01/52)

    1,915       1,515,841  

5.38%, 04/01/38 (Call 10/01/37)

    960       812,973  

5.38%, 05/01/47 (Call 11/01/46)

    2,981       2,382,040  

5.50%, 04/01/63 (Call 10/01/62)

    1,215       954,497  

5.75%, 04/01/48 (Call 10/01/47)

    2,875       2,422,140  

6.38%, 10/23/35 (Call 04/23/35)

    2,371       2,300,054  

6.48%, 10/23/45 (Call 04/23/45)

    4,127       3,796,634  

6.83%, 10/23/55 (Call 04/23/55)

    600       555,666  

Comcast Corp.

   

1.50%, 02/15/31 (Call 11/15/30)

    2,008       1,571,135  

1.95%, 01/15/31 (Call 10/15/30)(a)

    1,777       1,436,815  

2.35%, 01/15/27 (Call 10/15/26)

    1,631       1,496,340  

2.45%, 08/15/52 (Call 02/15/52)

    1,448       847,423  

2.65%, 02/01/30 (Call 11/01/29)

    1,965       1,708,753  

2.65%, 08/15/62 (Call 02/15/62)

    1,368       785,083  

2.80%, 01/15/51 (Call 07/15/50)(a)

    2,038       1,292,717  

2.89%, 11/01/51 (Call 05/01/51)

    5,685       3,645,514  
 

 

 

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

  91


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Media (continued)            

2.94%, 11/01/56 (Call 05/01/56)

  $  6,617     $  4,117,605  

2.99%, 11/01/63 (Call 05/01/63)

    4,606       2,784,598  

3.15%, 03/01/26 (Call 12/01/25)

    2,781       2,656,035  

3.15%, 02/15/28 (Call 11/15/27)(a)

    1,773       1,645,263  

3.20%, 07/15/36 (Call 01/15/36)

    820       663,439  

3.25%, 11/01/39 (Call 05/01/39)

    1,343       1,034,236  

3.30%, 02/01/27 (Call 11/01/26)

    1,427       1,349,858  

3.30%, 04/01/27 (Call 02/01/27)

    889       839,163  

3.38%, 08/15/25 (Call 05/15/25)

    2,184       2,109,462  

3.40%, 04/01/30 (Call 01/01/30)

    2,032       1,853,023  

3.40%, 07/15/46 (Call 01/15/46)

    1,591       1,163,811  

3.45%, 02/01/50 (Call 08/01/49)

    2,108       1,538,488  

3.55%, 05/01/28 (Call 02/01/28)

    1,286       1,214,344  

3.75%, 04/01/40 (Call 10/01/39)

    1,822       1,498,543  

3.90%, 03/01/38 (Call 09/01/37)

    1,402       1,196,114  

3.95%, 10/15/25 (Call 08/15/25)

    3,223       3,139,211  

3.97%, 11/01/47 (Call 05/01/47)

    2,291       1,836,839  

4.00%, 08/15/47 (Call 02/15/47)

    1,048       840,871  

4.00%, 03/01/48 (Call 09/01/47)

    1,144       920,588  

4.00%, 11/01/49 (Call 05/01/49)

    2,226       1,776,233  

4.05%, 11/01/52 (Call 05/01/52)

    1,156       924,660  

4.15%, 10/15/28 (Call 07/15/28)

    4,559       4,396,145  

4.20%, 08/15/34 (Call 02/15/34)

    971       887,069  

4.25%, 10/15/30 (Call 07/15/30)

    1,816       1,727,754  

4.25%, 01/15/33

    2,124       1,994,475  

4.40%, 08/15/35 (Call 02/15/35)

    981       909,260  

4.55%, 01/15/29 (Call 12/15/28)

    1,225       1,200,783  

4.60%, 10/15/38 (Call 04/15/38)

    1,190       1,092,322  

4.60%, 08/15/45 (Call 02/15/45)

    862       754,690  

4.65%, 02/15/33 (Call 11/15/32)(a)

    1,755       1,711,855  

4.65%, 07/15/42

    1,345       1,200,971  

4.70%, 10/15/48 (Call 04/15/48)

    1,952       1,769,692  

4.75%, 03/01/44

    489       438,223  

4.80%, 05/15/33 (Call 02/15/33)

    1,155       1,129,165  

4.95%, 10/15/58 (Call 04/15/58)(a)

    1,170       1,077,386  

5.25%, 11/07/25

    495       495,641  

5.35%, 11/15/27 (Call 10/15/27)

    960       973,468  

5.35%, 05/15/53 (Call 11/15/52)

    1,835       1,795,678  

5.50%, 11/15/32 (Call 08/15/32)

    1,185       1,215,797  

5.50%, 05/15/64 (Call 11/15/63)

    1,310       1,279,902  

5.65%, 06/15/35

    1,217       1,261,690  

6.40%, 03/01/40

    485       510,350  

6.45%, 03/15/37

    602       657,825  

6.50%, 11/15/35

    1,174       1,297,695  

6.55%, 07/01/39

    995       1,093,915  

6.95%, 08/15/37

    885       998,485  

7.05%, 03/15/33

    929       1,059,018  

Cox Communications Inc.

   

1.80%, 10/01/30 (Call 07/01/30)(a)(b)

    890       693,912  

2.60%, 06/15/31 (Call 03/15/31)(b)

    890       719,097  

2.95%, 10/01/50 (Call 04/01/50)(a)(b)

    480       285,080  

3.35%, 09/15/26 (Call 06/15/26)(b)

    1,263       1,188,193  

3.50%, 08/15/27 (Call 05/15/27)(b)

    1,091       1,011,619  

3.60%, 06/15/51 (Call 12/15/50)(b)

    595       397,927  

3.85%, 02/01/25 (Call 11/01/24)(b)

    896       870,285  

4.50%, 06/30/43 (Call 12/30/42)(a)(b)

    840       661,316  

4.60%, 08/15/47 (Call 02/15/47)(a)(b)

    375       297,043  

4.70%, 12/15/42(b)

    645       529,104  

4.80%, 02/01/35 (Call 08/01/34)(a)(b)

    1,086       974,450  

5.45%, 09/15/28 (Call 08/15/28)(b)

    458       455,847  
Security  

Par

(000)

    Value  
Media (continued)            

5.70%, 06/15/33 (Call 03/15/33)(b)

  $ 258     $ 257,263  

8.38%, 03/01/39(b)

    575       677,820  

Discovery Communications LLC

   

3.45%, 03/15/25 (Call 12/15/24)(a)

    219       210,744  

3.63%, 05/15/30 (Call 02/15/30)

     1,358        1,192,704  

3.90%, 11/15/24 (Call 08/15/24)

    420       407,640  

3.95%, 06/15/25 (Call 03/15/25)

    588       568,243  

3.95%, 03/20/28 (Call 12/20/27)

    1,945       1,808,941  

4.00%, 09/15/55 (Call 03/15/55)

    1,862       1,214,366  

4.13%, 05/15/29 (Call 02/15/29)

    1,066       978,576  

4.65%, 05/15/50 (Call 11/15/49)

    1,374       1,024,147  

4.88%, 04/01/43

    628       497,765  

4.90%, 03/11/26 (Call 12/11/25)(a)

    1,073       1,054,644  

4.95%, 05/15/42

    830       656,796  

5.00%, 09/20/37 (Call 03/20/37)

    905       771,384  

5.20%, 09/20/47 (Call 03/20/47)(a)

    1,545       1,250,729  

5.30%, 05/15/49 (Call 11/15/48)

    1,148       936,276  

6.35%, 06/01/40

    860       823,739  

FactSet Research Systems Inc.

   

2.90%, 03/01/27 (Call 02/01/27)(a)

    729       671,975  

3.45%, 03/01/32 (Call 12/01/31)

    870       737,238  

Fox Corp.

   

3.05%, 04/07/25 (Call 03/07/25)

    917       881,605  

3.50%, 04/08/30 (Call 01/08/30)(a)

    748       669,071  

4.71%, 01/25/29 (Call 10/25/28)

    2,506       2,417,490  

5.48%, 01/25/39 (Call 07/25/38)

    1,923       1,745,214  

5.58%, 01/25/49 (Call 07/25/48)

    2,204       1,968,627  

Grupo Televisa SAB

   

5.25%, 05/24/49 (Call 11/24/48)

    0       390  

6.13%, 01/31/46 (Call 07/31/45)(a)

    1,110       1,086,569  

6.63%, 01/15/40(a)

    1,282       1,307,600  

8.50%, 03/11/32(a)

    370       429,731  

NBCUniversal Media LLC

   

4.45%, 01/15/43(a)

    1,235       1,077,944  

5.95%, 04/01/41(a)

    1,010       1,048,417  

6.40%, 04/30/40

    550       594,932  

Paramount Global

   

2.90%, 01/15/27 (Call 10/15/26)(a)

    1,118       1,007,645  

3.38%, 02/15/28 (Call 11/15/27)

    613       544,160  

3.70%, 06/01/28 (Call 03/01/28)(a)

    684       612,835  

4.00%, 01/15/26 (Call 10/15/25)(a)

    1,369       1,314,360  

4.20%, 06/01/29 (Call 03/01/29)(a)

    437       391,124  

4.20%, 05/19/32 (Call 02/19/32)(a)

    1,506       1,254,586  

4.38%, 03/15/43

    1,895       1,308,272  

4.60%, 01/15/45 (Call 07/15/44)

    747       515,493  

4.75%, 05/15/25 (Call 04/15/25)

    667       653,528  

4.85%, 07/01/42 (Call 01/01/42)

    949       689,231  

4.90%, 08/15/44 (Call 02/15/44)

    765       543,152  

4.95%, 01/15/31 (Call 10/15/30)(a)

    1,327       1,183,659  

4.95%, 05/19/50 (Call 11/19/49)(a)

    1,223       896,237  

5.25%, 04/01/44 (Call 10/01/43)

    401       301,235  

5.50%, 05/15/33

    483       437,697  

5.85%, 09/01/43 (Call 03/01/43)

    1,545       1,278,861  

5.90%, 10/15/40 (Call 04/15/40)

    478       398,863  

6.88%, 04/30/36

    1,264       1,217,371  

7.88%, 07/30/30

    800       847,705  

Sky Group Finance Ltd., 6.50%, 10/15/35(b)

    981       1,055,753  

TCI Communications Inc.

   

7.13%, 02/15/28

    1,129       1,213,492  

7.88%, 02/15/26

    1,445       1,529,849  
 

 

 

92  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Media (continued)            

Thomson Reuters Corp.

   

3.35%, 05/15/26 (Call 02/15/26)

  $ 962     $ 913,567  

5.50%, 08/15/35(a)

    595       582,774  

5.65%, 11/23/43 (Call 05/23/43)

    384       352,063  

5.85%, 04/15/40(a)

    825       805,115  

Time Warner Cable Enterprises LLC, 8.38%, 07/15/33

     1,163       1,295,867  

Time Warner Cable LLC

   

4.50%, 09/15/42 (Call 03/15/42)

    1,348       984,957  

5.50%, 09/01/41 (Call 03/01/41)

    2,196       1,804,136  

5.88%, 11/15/40 (Call 05/15/40)

    1,342       1,167,657  

6.55%, 05/01/37

    2,120       2,014,388  

6.75%, 06/15/39

    1,947       1,883,399  

7.30%, 07/01/38

    1,585       1,605,682  

TWDC Enterprises 18 Corp.

   

1.85%, 07/30/26

    1,184       1,084,445  

2.95%, 06/15/27(a)

    1,357       1,273,418  

3.00%, 02/13/26

    1,445       1,375,755  

3.00%, 07/30/46(a)

    630       432,038  

3.15%, 09/17/25

    1,108       1,063,779  

3.70%, 12/01/42(a)

    1,010       806,770  

4.13%, 06/01/44

    1,200       1,011,456  

4.38%, 08/16/41

    754       659,158  

Series B, 7.00%, 03/01/32

    1,113       1,251,264  

Series E, 4.13%, 12/01/41(a)

    1,223       1,036,376  

Walt Disney Co. (The)

   

1.75%, 01/13/26

    2,009       1,859,599  

2.00%, 09/01/29 (Call 06/01/29)

    2,639       2,237,466  

2.20%, 01/13/28(a)

    1,304       1,175,411  

2.65%, 01/13/31(a)

    2,630       2,253,099  

2.75%, 09/01/49 (Call 03/01/49)

    2,540       1,633,904  

3.35%, 03/24/25

    1,327       1,287,631  

3.38%, 11/15/26 (Call 08/15/26)

    572       543,637  

3.50%, 05/13/40 (Call 11/13/39)

    2,125       1,703,950  

3.60%, 01/13/51 (Call 07/13/50)

    3,300       2,483,262  

3.70%, 09/15/24 (Call 06/15/24)

    601       589,396  

3.70%, 10/15/25 (Call 07/15/25)

    941       913,621  

3.70%, 03/23/27

    798       768,965  

3.80%, 03/22/30(a)

    1,185       1,109,638  

3.80%, 05/13/60 (Call 11/13/59)(a)

    1,214       918,417  

4.63%, 03/23/40 (Call 09/23/39)

    793       736,634  

4.70%, 03/23/50 (Call 09/23/49)(a)

    2,020       1,843,984  

4.75%, 09/15/44 (Call 03/15/44)

    601       550,543  

4.75%, 11/15/46 (Call 05/15/46)

    552       502,365  

4.95%, 10/15/45 (Call 04/15/45)

    493       452,823  

5.40%, 10/01/43

    499       497,006  

6.15%, 03/01/37(a)

    415       438,160  

6.15%, 02/15/41

    742       796,007  

6.20%, 12/15/34

    1,020       1,105,954  

6.40%, 12/15/35

    1,349       1,476,256  

6.55%, 03/15/33(a)

    415       458,400  

6.65%, 11/15/37(a)

    1,645       1,853,750  

7.75%, 12/01/45

    114       145,011  
   

 

 

 
       230,862,338  
Metal Fabricate & Hardware — 0.0%            

Precision Castparts Corp.

   

3.25%, 06/15/25 (Call 03/15/25)

    1,133       1,096,358  

3.90%, 01/15/43 (Call 07/15/42)

    220       180,892  

4.20%, 06/15/35 (Call 12/15/34)(a)

    385       345,744  

4.38%, 06/15/45 (Call 12/15/44)(a)

    566       487,947  
Security  

Par

(000)

    Value  
Metal Fabricate & Hardware (continued)            

Timken Co. (The)

   

4.13%, 04/01/32 (Call 01/01/32)

  $ 565     $ 503,707  

4.50%, 12/15/28 (Call 09/15/28)

    705       668,169  

Valmont Industries Inc.

   

5.00%, 10/01/44 (Call 04/01/44)

    429       366,003  

5.25%, 10/01/54 (Call 04/01/54)(a)

    445       381,347  
   

 

 

 
      4,030,167  
Mining — 1.1%            

Alcoa Nederland Holding BV

   

4.13%, 03/31/29 (Call 03/31/24)(a)(b)

    870       782,981  

5.50%, 12/15/27 (Call 10/02/23)(a)(b)

     1,250        1,207,421  

6.13%, 05/15/28 (Call 10/02/23)(a)(b)

    405       400,286  

Anglo American Capital PLC

   

2.25%, 03/17/28 (Call 01/17/28)(b)

    625       538,129  

2.63%, 09/10/30 (Call 06/10/30)(a)(b)

    755       618,406  

2.88%, 03/17/31 (Call 12/17/30)(b)

    978       798,990  

3.63%, 09/11/24(b)

    441       430,754  

3.88%, 03/16/29 (Call 01/16/29)(a)(b)

    965       880,113  

3.95%, 09/10/50 (Call 03/10/50)(b)

    650       468,688  

4.00%, 09/11/27(b)

    699       659,981  

4.50%, 03/15/28 (Call 12/15/27)(b)

    1,180       1,123,877  

4.75%, 04/10/27(b)

    875       848,540  

4.75%, 03/16/52 (Call 09/16/51)(a)(b)

    705       566,089  

4.88%, 05/14/25(a)(b)

    663       652,235  

5.50%, 05/02/33(a)(b)

    1,125       1,086,002  

5.63%, 04/01/30 (Call 01/01/30)(b)

    720       710,513  

AngloGold Ashanti Holdings PLC

   

3.38%, 11/01/28 (Call 09/01/28)

    740       640,227  

3.75%, 10/01/30 (Call 07/01/30)

    462       383,056  

Antofagasta PLC, 5.63%, 05/13/32
(Call 02/13/32)(b)

    60       58,537  

Barrick Gold Corp.

   

5.25%, 04/01/42(a)

    135       127,192  

6.45%, 10/15/35

    665       694,063  

Barrick International Barbados Corp., 6.35%, 10/15/36(b)

    760       789,246  

Barrick North America Finance LLC

   

5.70%, 05/30/41

    1,501       1,491,267  

5.75%, 05/01/43

    1,028       1,028,007  

7.50%, 09/15/38

    292       330,578  

Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39

    840       852,350  

BHP Billiton Finance USA Ltd.

   

4.13%, 02/24/42

    1,549       1,352,001  

4.75%, 02/28/28 (Call 01/28/28)

    860       852,510  

4.88%, 02/27/26

    880       873,839  

4.90%, 02/28/33 (Call 11/28/32)

    1,130       1,115,006  

5.00%, 09/30/43

    2,853       2,757,200  

6.42%, 03/01/26(a)

    384       394,303  

Corp. Nacional del Cobre de Chile

   

3.00%, 09/30/29 (Call 06/30/29)(b)

    884       764,724  

3.15%, 01/14/30 (Call 10/14/29)(a)(b)

    1,156       1,002,629  

3.15%, 01/15/51 (Call 07/15/50)(b)

    665       427,094  

3.63%, 08/01/27 (Call 05/01/27)(b)

    1,740       1,614,542  

3.70%, 01/30/50 (Call 07/30/49)(a)(b)

    4,266       2,990,494  

3.75%, 01/15/31 (Call 10/15/30)(b)

    705       625,710  

4.25%, 07/17/42(a)(b)

    710       566,345  

4.38%, 02/05/49 (Call 08/05/48)(b)

    1,483       1,170,459  

4.50%, 09/16/25(b)

    862       842,486  

4.50%, 08/01/47 (Call 02/01/47)(b)

    1,470       1,180,183  

4.88%, 11/04/44(b)

    1,047       889,805  
 

 

 

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

  93


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mining (continued)            

5.13%, 02/02/33 (Call 11/02/32)(a)(b)

  $  1,145     $  1,097,339  

5.63%, 09/21/35(a)(b)

    279       277,515  

5.63%, 10/18/43(b)

    681       643,702  

Freeport Indonesia PT

   

4.76%, 04/14/27 (Call 03/14/27)(b)

    195       187,277  

5.32%, 04/14/32 (Call 01/01/32)(a)(b)

    1,305       1,215,031  

6.20%, 04/14/52 (Call 10/14/51)(b)

    935       841,500  

Freeport-McMoRan Inc.

   

4.13%, 03/01/28 (Call 10/02/23)

    785       728,121  

4.25%, 03/01/30 (Call 03/01/25)

    645       585,424  

4.38%, 08/01/28 (Call 10/02/23)(a)

    745       691,181  

4.55%, 11/14/24 (Call 08/14/24)

    622       611,463  

4.63%, 08/01/30 (Call 08/01/25)

    801       740,799  

5.00%, 09/01/27 (Call 10/02/23)(a)

    505       485,115  

5.25%, 09/01/29 (Call 09/01/24)

    705       683,330  

5.40%, 11/14/34 (Call 05/14/34)(a)

    985       933,421  

5.45%, 03/15/43 (Call 09/15/42)

    2,400       2,154,106  

Fresnillo PLC, 4.25%, 10/02/50 (Call 04/02/50)(b)

    684       502,440  

Glencore Canada Corp., 6.20%, 06/15/35(a)

    625       626,940  

Glencore Finance Canada Ltd.

   

5.55%, 10/25/42(b)

    311       283,969  

6.00%, 11/15/41(a)(b)

    865       832,953  

6.90%, 11/15/37(b)

    1,152       1,219,710  

Glencore Funding LLC

   

1.63%, 09/01/25 (Call 08/01/25)(b)

    1,410       1,304,607  

1.63%, 04/27/26 (Call 03/27/26)(b)

    1,170       1,060,583  

2.50%, 09/01/30 (Call 06/01/30)(a)(b)

    1,167       949,180  

2.63%, 09/23/31 (Call 06/23/31)(a)(b)

    980       779,969  

2.85%, 04/27/31 (Call 01/27/31)(a)(b)

    795       647,961  

3.38%, 09/23/51 (Call 03/23/51)(b)

    555       358,002  

3.88%, 10/27/27 (Call 07/27/27)(a)(b)

    610       571,080  

3.88%, 04/27/51 (Call 10/27/50)(a)(b)

    392       278,752  

4.00%, 04/16/25(b)

    910       887,474  

4.00%, 03/27/27 (Call 12/27/26)(a)(b)

    1,217       1,156,929  

4.88%, 03/12/29 (Call 12/12/28)(a)(b)

    909       881,469  

5.40%, 05/08/28 (Call 04/08/28)(b)

    1,290       1,277,538  

5.70%, 05/08/33 (Call 02/08/33)(b)

    670       656,470  

Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT

   

4.75%, 05/15/25 (Call 04/15/25)(b)

    1,763       1,727,814  

5.45%, 05/15/30 (Call 02/15/30)(a)(b)

    1,000       958,098  

5.80%, 05/15/50 (Call 11/15/49)(a)(b)

    445       380,574  

6.53%, 11/15/28(b)

    250       254,009  

6.76%, 11/15/48(a)(b)

    550       527,004  

Industrias Penoles SAB de CV

   

4.15%, 09/12/29 (Call 06/12/29)(b)

    510       463,391  

4.75%, 08/06/50 (Call 02/06/50)(b)

    451       348,797  

5.65%, 09/12/49 (Call 03/12/49)(b)

    390       343,122  

Kinross Gold Corp.

   

4.50%, 07/15/27 (Call 04/15/27)

    1,020       983,985  

6.25%, 07/15/33 (Call 04/15/33)(a)(b)

    810       798,411  

6.88%, 09/01/41 (Call 03/01/41)

    470       477,517  

Minera Mexico SA de CV, 4.50%, 01/26/50 (Call 07/26/49)(a)(b)

    795       606,936  

Newcastle Coal Infrastructure Group Pty Ltd.

   

4.40%, 09/29/27 (Call 06/29/27)(a)(b)

    435       395,043  

4.70%, 05/12/31 (Call 02/12/31)(b)

    828       669,157  

Newcrest Finance Pty Ltd.

   

3.25%, 05/13/30 (Call 02/13/30)(b)

    1,266       1,102,961  

4.20%, 05/13/50 (Call 11/13/49)(b)

    590       457,917  
Security  

Par

(000)

    Value  
Mining (continued)            

5.75%, 11/15/41(b)

  $ 695     $ 667,608  

Newmont Corp.

   

2.25%, 10/01/30 (Call 07/01/30)(a)

     1,372       1,114,875  

2.60%, 07/15/32 (Call 04/15/32)

    1,410       1,135,178  

2.80%, 10/01/29 (Call 07/01/29)

    1,126       972,045  

4.88%, 03/15/42 (Call 09/15/41)

    1,290       1,157,660  

5.45%, 06/09/44 (Call 12/09/43)(a)

    489       464,410  

5.88%, 04/01/35

    737       742,590  

6.25%, 10/01/39

    1,095       1,141,358  

Northern Star Resources Ltd., 6.13%, 04/11/33 (Call 01/11/33)(b)

    860       831,646  

Rio Tinto Alcan Inc.

   

5.75%, 06/01/35

    510       516,290  

6.13%, 12/15/33

    1,174       1,240,188  

7.25%, 03/15/31(a)

    195       219,033  

Rio Tinto Finance USA Ltd.

   

2.75%, 11/02/51 (Call 05/02/51)(a)

    925       599,162  

5.20%, 11/02/40

    1,716       1,685,304  

7.13%, 07/15/28

    1,365       1,491,061  

Rio Tinto Finance USA PLC

   

4.13%, 08/21/42 (Call 02/21/42)

    1,076       920,598  

4.75%, 03/22/42 (Call 09/22/41)(a)

    934       864,861  

5.00%, 03/09/33 (Call 12/09/32)

    1,065       1,058,231  

5.13%, 03/09/53 (Call 09/09/52)

    1,025       991,523  

South32 Treasury Ltd., 4.35%, 04/14/32 (Call 01/14/32)(b)

    1,115       963,026  

Southern Copper Corp.

   

3.88%, 04/23/25

    586       568,823  

5.25%, 11/08/42

    1,902       1,759,145  

5.88%, 04/23/45(a)

    1,328       1,306,989  

6.75%, 04/16/40(a)

    1,485       1,611,403  

7.50%, 07/27/35

    1,094       1,242,759  

Vale Canada Ltd., 7.20%, 09/15/32(a)

    50       51,916  

Yamana Gold Inc.

   

2.63%, 08/15/31 (Call 05/15/31)(a)

    995       784,602  

4.63%, 12/15/27 (Call 09/15/27)

    396       375,101  
   

 

 

 
       100,710,329  
Office & Business Equipment — 0.1%            

CDW LLC/CDW Finance Corp.

   

2.67%, 12/01/26 (Call 11/01/26)

    1,350       1,223,728  

3.25%, 02/15/29 (Call 10/02/23)

    985       855,729  

3.28%, 12/01/28 (Call 10/01/28)

    815       714,690  

3.57%, 12/01/31 (Call 09/01/31)

    1,000       845,572  

4.13%, 05/01/25 (Call 10/02/23)

    1,070       1,034,305  

4.25%, 04/01/28 (Call 10/02/23)(a)

    840       776,420  

5.50%, 12/01/24 (Call 06/01/24)

    525       521,661  
   

 

 

 
      5,972,105  
Oil & Gas — 4.2%            

Aker BP ASA

   

3.75%, 01/15/30 (Call 10/15/29)(b)

    1,249       1,105,275  

4.00%, 01/15/31 (Call 10/15/30)(b)

    1,025       903,151  

6.00%, 06/13/33 (Call 03/13/33)(a)(b)

    675       674,802  

AKER BP ASA, 5.60%, 06/13/28 (Call 05/13/28)(b)

    460       456,012  

Apache Corp.

   

4.25%, 01/15/30 (Call 10/15/29)(a)

    310       282,536  

4.38%, 10/15/28 (Call 07/15/28)

    30       27,650  

4.75%, 04/15/43 (Call 10/15/42)

    815       622,739  

5.10%, 09/01/40 (Call 03/01/40)(a)

    1,340       1,114,030  

5.25%, 02/01/42 (Call 08/01/41)

    105       86,159  
 

 

 

94  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

5.35%, 07/01/49 (Call 01/01/49)

  $ 660     $ 528,653  

6.00%, 01/15/37

    650       605,827  

BG Energy Capital PLC, 5.13%, 10/15/41(b)

    1,490       1,359,329  

BP Capital Markets America Inc.

   

1.75%, 08/10/30 (Call 05/10/30)

     1,292        1,047,041  

2.72%, 01/12/32 (Call 10/12/31)

    2,445       2,046,415  

2.77%, 11/10/50 (Call 05/10/50)

    1,900       1,198,129  

2.94%, 06/04/51 (Call 12/04/50)(a)

    2,675       1,746,510  

3.00%, 02/24/50 (Call 08/24/49)

    2,486       1,656,106  

3.00%, 03/17/52 (Call 09/17/51)(a)

    1,553       1,019,089  

3.02%, 01/16/27 (Call 10/16/26)

    1,045       980,199  

3.06%, 06/17/41 (Call 12/17/40)

    1,813       1,329,903  

3.07%, 03/30/50 (Call 09/30/49)

    100       90,194  

3.12%, 05/04/26 (Call 02/04/26)

    1,526       1,450,915  

3.38%, 02/08/61 (Call 08/08/60)

    2,373       1,597,756  

3.41%, 02/11/26 (Call 12/11/25)

    1,232       1,184,253  

3.54%, 04/06/27 (Call 02/06/27)

    707       674,710  

3.59%, 04/14/27 (Call 01/14/27)

    909       867,057  

3.63%, 04/06/30 (Call 01/06/30)

    1,582       1,460,606  

3.80%, 09/21/25 (Call 07/21/25)(a)

    1,410       1,373,354  

3.94%, 09/21/28 (Call 06/21/28)(a)

    1,541       1,471,198  

4.23%, 11/06/28 (Call 08/06/28)

    2,670       2,577,270  

4.81%, 02/13/33 (Call 11/13/32)

    2,785       2,695,703  

4.89%, 09/11/33 (Call 06/11/33)(a)

    1,840       1,790,069  

BP Capital Markets PLC

   

3.28%, 09/19/27 (Call 06/19/27)

    1,953       1,839,193  

3.72%, 11/28/28 (Call 08/28/28)

    1,036       974,488  

4.38%, (Call 06/22/25),
(5-year CMT + 4.036%)(a)(d)(e)

    455       435,321  

4.88%, (Call 03/22/30),
(5-year CMT + 4.398%)(a)(d)(e)

    1,585       1,435,399  

Burlington Resources LLC

   

5.95%, 10/15/36(a)

    205       215,669  

7.20%, 08/15/31

    60       68,056  

7.40%, 12/01/31

    600       690,894  

Canadian Natural Resources Ltd.

   

2.05%, 07/15/25 (Call 06/15/25)

    847       793,485  

2.95%, 07/15/30 (Call 04/15/30)

    964       822,433  

3.85%, 06/01/27 (Call 03/01/27)

    1,423       1,346,197  

3.90%, 02/01/25 (Call 11/01/24)

    605       587,964  

4.95%, 06/01/47 (Call 12/01/46)

    602       522,658  

5.85%, 02/01/35

    722       701,693  

6.25%, 03/15/38

    1,207       1,216,438  

6.45%, 06/30/33(a)

    765       787,569  

6.50%, 02/15/37

    625       635,918  

6.75%, 02/01/39

    738       756,223  

7.20%, 01/15/32(a)

    405       440,489  

Cenovus Energy Inc.

   

2.65%, 01/15/32 (Call 10/15/31)

    828       666,497  

3.75%, 02/15/52 (Call 08/15/51)(a)

    1,097       769,880  

4.25%, 04/15/27 (Call 01/15/27)(a)

    106       101,818  

5.25%, 06/15/37 (Call 12/15/36)

    480       437,657  

5.40%, 06/15/47 (Call 12/15/46)

    955       858,450  

6.75%, 11/15/39(a)

    1,168       1,211,035  

6.80%, 09/15/37

    675       695,618  

Chevron Corp.

   

1.55%, 05/11/25 (Call 04/11/25)

    2,705       2,544,503  

2.00%, 05/11/27 (Call 03/11/27)

    1,406       1,274,688  

2.24%, 05/11/30 (Call 02/11/30)

    1,938       1,659,649  

2.95%, 05/16/26 (Call 02/16/26)

    2,685       2,558,931  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

2.98%, 05/11/40 (Call 11/11/39)(a)

  $ 335     $ 248,236  

3.08%, 05/11/50 (Call 11/11/49)

    1,556        1,104,872  

3.33%, 11/17/25 (Call 08/17/25)

     1,205       1,165,144  

Chevron USA Inc.

   

0.69%, 08/12/25 (Call 07/12/25)

    1,390       1,279,118  

1.02%, 08/12/27 (Call 06/12/27)

    1,148       996,369  

2.34%, 08/12/50 (Call 02/12/50)(a)

    1,354       821,883  

3.25%, 10/15/29 (Call 07/15/29)

    559       512,417  

3.85%, 01/15/28 (Call 10/15/27)(a)

    549       530,628  

3.90%, 11/15/24 (Call 08/15/24)

    879       864,614  

5.25%, 11/15/43 (Call 05/15/43)

    340       335,865  

6.00%, 03/01/41 (Call 09/01/40)

    80       85,890  

CNOOC Finance 2003 Ltd., 5.50%, 05/21/33(b)

    325       329,661  

CNOOC Finance 2011 Ltd., 5.75%, 01/26/41(b)

    1,000       1,019,496  

CNOOC Finance 2012 Ltd., 5.00%, 05/02/42(a)(b)

    1,800       1,690,537  

CNOOC Finance 2013 Ltd.

   

2.88%, 09/30/29 (Call 06/30/29)(a)

    485       432,504  

3.30%, 09/30/49 (Call 03/30/49)

    500       347,199  

4.25%, 05/09/43

    200       168,543  

CNOOC Finance 2014 ULC, 4.88%, 04/30/44

    385       354,335  

CNOOC Finance 2015 Australia Pty. Ltd., 4.20%, 05/05/45

    330       273,279  

CNOOC Finance 2015 USA LLC

   

3.50%, 05/05/25

    350       338,834  

4.38%, 05/02/28(a)

    655       641,853  

CNOOC Petroleum North America ULC

   

5.88%, 03/10/35(a)

    649       667,825  

6.40%, 05/15/37(a)

    1,124       1,206,180  

7.50%, 07/30/39(a)

    675       794,981  

7.88%, 03/15/32

    489       574,233  

Conoco Funding Co., 7.25%, 10/15/31(a)

    680       771,739  

ConocoPhillips Co.

   

2.40%, 03/07/25 (Call 09/11/23)(a)

    111       106,388  

3.76%, 03/15/42 (Call 09/15/41)

    1,589       1,288,682  

3.80%, 03/15/52 (Call 09/15/51)

    1,550       1,193,493  

4.03%, 03/15/62 (Call 09/15/61)

    2,505       1,916,519  

4.30%, 11/15/44 (Call 05/15/44)

    1,152       988,900  

4.88%, 10/01/47 (Call 04/01/47)(a)

    275       249,047  

5.05%, 09/15/33 (Call 06/15/33)

    820       814,921  

5.30%, 05/15/53 (Call 11/15/52)

    820       800,676  

5.55%, 03/15/54 (Call 09/15/53)

    635       636,569  

5.70%, 09/15/63 (Call 03/15/63)

    600       604,046  

5.90%, 10/15/32(a)

    739       790,758  

5.90%, 05/15/38

    310       324,378  

5.95%, 03/15/46 (Call 09/15/45)(a)

    155       161,340  

6.50%, 02/01/39

    1,415       1,578,103  

6.95%, 04/15/29

    790       869,350  

Continental Resources Inc./OK

   

2.27%, 11/15/26 (Call 11/15/23)(b)

    1,293       1,154,108  

2.88%, 04/01/32 (Call 01/01/32)(b)

    1,230       943,034  

4.38%, 01/15/28 (Call 10/15/27)(a)

    1,328       1,250,051  

4.90%, 06/01/44 (Call 12/01/43)(a)

    1,061       813,339  

5.75%, 01/15/31 (Call 07/15/30)(b)

    1,335       1,275,996  

Coterra Energy Inc.

   

3.90%, 05/15/27 (Call 02/15/27)

    1,135       1,079,106  

4.38%, 03/15/29 (Call 12/15/28)

    887       834,243  

Devon Energy Corp.

   

4.50%, 01/15/30 (Call 01/15/25)

    909       850,567  

4.75%, 05/15/42 (Call 11/15/41)

    1,752       1,459,809  

5.00%, 06/15/45 (Call 12/15/44)

    325       278,061  
 

 

 

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

  95


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

5.25%, 09/15/24 (Call 06/15/24)(a)

  $ 570     $ 566,410  

5.25%, 10/15/27 (Call 09/11/23)(a)

    338       334,948  

5.60%, 07/15/41 (Call 01/15/41)

    1,880       1,746,082  

5.85%, 12/15/25 (Call 09/15/25)

    794       798,106  

5.88%, 06/15/28 (Call 09/11/23)

    800       801,123  

7.88%, 09/30/31

    249       280,360  

7.95%, 04/15/32

    810       919,340  

Diamondback Energy Inc.

   

3.13%, 03/24/31 (Call 12/24/30)

    901       774,687  

3.25%, 12/01/26 (Call 10/01/26)

     1,162        1,092,944  

3.50%, 12/01/29 (Call 09/01/29)

    1,427       1,290,685  

4.25%, 03/15/52 (Call 09/15/51)

    963       723,046  

4.40%, 03/24/51 (Call 09/24/50)(a)

    880       683,122  

6.25%, 03/15/33 (Call 12/15/32)

    1,485       1,534,540  

6.25%, 03/15/53 (Call 09/15/52)

    825       821,673  

Empresa Nacional del Petroleo

   

3.45%, 09/16/31 (Call 06/16/31)(b)

    65       53,533  

3.75%, 08/05/26 (Call 05/05/26)(b)

    1,520       1,428,180  

4.50%, 09/14/47 (Call 03/14/47)(b)

    836       621,749  

5.25%, 11/06/29 (Call 08/06/29)(b)

    385       365,928  

6.15%, 05/10/33(b)

    595       586,745  

Eni SpA

   

4.25%, 05/09/29 (Call 02/09/29)(a)(b)

    1,320       1,252,520  

5.70%, 10/01/40(b)

    605       545,385  

Series X-R, 4.75%, 09/12/28(b)

    1,415       1,377,480  

Eni USA Inc., 7.30%, 11/15/27

    460       493,710  

EOG Resources Inc.

   

3.15%, 04/01/25 (Call 01/01/25)

    805       778,515  

3.90%, 04/01/35 (Call 10/01/34)

    1,131       999,716  

4.15%, 01/15/26 (Call 10/15/25)

    1,551       1,518,441  

4.38%, 04/15/30 (Call 01/15/30)(a)

    1,198       1,164,057  

4.95%, 04/15/50 (Call 10/15/49)

    945       893,536  

5.10%, 01/15/36 (Call 07/15/35)(a)

    105       98,308  

EQT Corp.

   

3.13%, 05/15/26 (Call 10/02/23)(b)

    950       883,294  

3.63%, 05/15/31 (Call 05/15/30)(a)(b)

    680       587,629  

3.90%, 10/01/27 (Call 07/01/27)

    1,230       1,148,522  

5.00%, 01/15/29 (Call 07/15/28)

    523       496,126  

5.70%, 04/01/28 (Call 03/01/28)

    440       438,048  

6.13%, 02/01/25 (Call 01/01/25)

    704       702,455  

7.00%, 02/01/30 (Call 11/01/29)

    890       931,199  

Equinor ASA

   

1.75%, 01/22/26 (Call 12/22/25)

    1,061       983,492  

2.38%, 05/22/30 (Call 02/22/30)

    1,057       907,864  

2.88%, 04/06/25 (Call 03/06/25)

    1,841       1,775,949  

3.00%, 04/06/27 (Call 02/06/27)

    1,012       947,485  

3.13%, 04/06/30 (Call 01/06/30)(a)

    1,588       1,442,175  

3.25%, 11/10/24

    686       667,879  

3.25%, 11/18/49 (Call 05/18/49)

    1,162       822,027  

3.63%, 09/10/28 (Call 06/10/28)

    1,250       1,186,472  

3.63%, 04/06/40 (Call 10/06/39)

    814       656,640  

3.70%, 04/06/50 (Call 10/06/49)

    1,102       850,962  

3.95%, 05/15/43

    1,242       1,040,338  

4.25%, 11/23/41

    684       592,382  

4.80%, 11/08/43

    1,098       1,012,273  

5.10%, 08/17/40

    1,008       980,512  

6.50%, 12/01/28(b)

    605       647,421  

6.80%, 01/15/28

    625       660,251  

7.15%, 11/15/25

    628       645,707  

7.15%, 01/15/29

    115       125,953  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

7.25%, 09/23/27

  $ 734     $ 796,183  

Exxon Mobil Corp.

   

2.28%, 08/16/26 (Call 06/16/26)

     1,532        1,426,714  

2.44%, 08/16/29 (Call 05/16/29)

    1,765       1,556,964  

2.61%, 10/15/30 (Call 07/15/30)

    2,458       2,129,317  

2.71%, 03/06/25 (Call 12/06/24)

    1,960       1,889,816  

2.99%, 03/19/25 (Call 02/19/25)

    2,309       2,235,502  

3.00%, 08/16/39 (Call 02/16/39)

    1,327       1,021,049  

3.04%, 03/01/26 (Call 12/01/25)

    3,336       3,187,299  

3.10%, 08/16/49 (Call 02/16/49)

    1,824       1,283,059  

3.29%, 03/19/27 (Call 01/19/27)(a)

    1,397       1,332,474  

3.45%, 04/15/51 (Call 10/15/50)

    2,931       2,180,827  

3.48%, 03/19/30 (Call 12/19/29)

    2,498       2,310,018  

3.57%, 03/06/45 (Call 09/06/44)

    1,340       1,045,662  

4.11%, 03/01/46 (Call 09/01/45)

    3,097       2,632,850  

4.23%, 03/19/40 (Call 09/19/39)

    2,516       2,248,649  

4.33%, 03/19/50 (Call 09/19/49)

    2,846       2,466,159  

Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31)

    957       777,712  

Hess Corp.

   

4.30%, 04/01/27 (Call 01/01/27)

    1,615       1,553,635  

5.60%, 02/15/41

    1,526       1,434,739  

5.80%, 04/01/47 (Call 10/01/46)(a)

    505       481,950  

6.00%, 01/15/40

    1,159       1,137,534  

7.13%, 03/15/33(a)

    1,019       1,110,476  

7.30%, 08/15/31

    752       820,980  

7.88%, 10/01/29

    636       702,854  

HF Sinclair Corp.

   

4.50%, 10/01/30 (Call 07/01/30)

    600       538,139  

5.88%, 04/01/26 (Call 01/01/26)

    1,196       1,201,840  

KazMunayGas National Co. JSC

   

3.50%, 04/14/33 (Call 10/14/32)(b)

    400       300,100  

4.75%, 04/19/27(a)(b)

    195       183,300  

5.38%, 04/24/30(b)

    1,145       1,040,200  

5.75%, 04/19/47(b)

    2,090       1,678,446  

6.38%, 10/24/48(b)

    1,880       1,567,995  

Lundin Energy Finance BV

   

2.00%, 07/15/26 (Call 06/15/26)(b)

    1,310       1,175,916  

3.10%, 07/15/31 (Call 04/15/31)(b)

    1,415       1,167,324  

Marathon Oil Corp.

   

4.40%, 07/15/27 (Call 04/15/27)

    1,609       1,533,294  

5.20%, 06/01/45 (Call 12/01/44)

    769       636,730  

6.60%, 10/01/37(a)

    1,145       1,154,422  

6.80%, 03/15/32

    768       801,885  

Marathon Petroleum Corp.

   

3.63%, 09/15/24 (Call 06/15/24)

    675       660,240  

3.80%, 04/01/28 (Call 01/01/28)

    784       732,287  

4.50%, 04/01/48 (Call 10/01/47)(a)

    614       476,585  

4.70%, 05/01/25 (Call 04/01/25)

    1,767       1,736,123  

4.75%, 09/15/44 (Call 03/15/44)

    1,313       1,088,893  

5.00%, 09/15/54 (Call 03/15/54)(a)

    323       263,932  

5.13%, 12/15/26 (Call 09/15/26)

    1,141       1,135,895  

5.85%, 12/15/45 (Call 06/15/45)

    320       294,669  

6.50%, 03/01/41 (Call 09/01/40)

    1,335       1,360,579  

Motiva Enterprises LLC, 6.85%, 01/15/40(b)

    1,190       1,276,147  

Occidental Petroleum Corp.

   

0.00%, 10/10/36(f)

    632       328,861  

3.40%, 04/15/26 (Call 01/15/26)(a)

    50       46,871  

3.50%, 08/15/29 (Call 05/15/29)(a)

    310       267,741  

4.10%, 02/15/47 (Call 08/15/46)

    149       102,542  
 

 

 

96  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

4.20%, 03/15/48 (Call 09/15/47)(a)

  $ 535     $ 393,026  

4.40%, 04/15/46 (Call 10/15/45)

    225       172,647  

4.40%, 08/15/49 (Call 02/15/49)

    607       432,543  

4.63%, 06/15/45 (Call 12/15/44)

    350       266,312  

5.50%, 12/01/25 (Call 09/01/25)(a)

    95       94,015  

5.55%, 03/15/26 (Call 12/15/25)

    45       44,621  

5.88%, 09/01/25 (Call 06/01/25)

    85       84,806  

6.13%, 01/01/31 (Call 07/01/30)

     1,005        1,012,638  

6.20%, 03/15/40(a)

    1,010       997,597  

6.38%, 09/01/28 (Call 03/01/28)

    60       61,017  

6.45%, 09/15/36

    2,110       2,157,549  

6.60%, 03/15/46 (Call 09/15/45)

    1,155       1,188,691  

6.63%, 09/01/30 (Call 03/01/30)

    1,575       1,625,894  

7.50%, 05/01/31

    1,540       1,668,592  

7.88%, 09/15/31

    500       553,781  

7.95%, 06/15/39(a)

    560       628,158  

8.50%, 07/15/27 (Call 01/15/27)(a)

    70       75,660  

8.88%, 07/15/30 (Call 01/15/30)

    1,035       1,186,576  

Ovintiv Inc.

   

5.38%, 01/01/26 (Call 10/01/25)

    914       907,101  

5.65%, 05/15/25(a)

    540       538,475  

5.65%, 05/15/28 (Call 04/15/28)

    770       764,108  

6.25%, 07/15/33 (Call 04/15/33)(a)

    580       578,980  

6.50%, 08/15/34(a)

    1,040       1,054,559  

6.50%, 02/01/38

    350       343,808  

6.63%, 08/15/37

    709       706,330  

7.10%, 07/15/53 (Call 01/15/53)(a)

    560       579,469  

7.20%, 11/01/31(a)

    425       448,305  

7.38%, 11/01/31

    635       681,021  

8.13%, 09/15/30

    518       574,949  

Pertamina Persero PT

   

1.40%, 02/09/26 (Call 01/09/26)(b)

    987       891,289  

2.30%, 02/09/31 (Call 11/09/30)(b)

    1,280       1,032,344  

3.10%, 01/21/30 (Call 10/21/29)(b)

    290       250,513  

3.10%, 08/27/30 (Call 05/25/30)(b)

    675       580,455  

3.65%, 07/30/29(a)(b)

    2,165       1,970,575  

4.15%, 02/25/60 (Call 08/25/59)(b)

    735       529,491  

4.18%, 01/21/50 (Call 07/21/49)(b)

    1,020       774,131  

4.70%, 07/30/49(b)

    867       709,103  

5.63%, 05/20/43(b)

    1,665       1,536,750  

6.00%, 05/03/42(a)(b)

    1,080       1,040,965  

6.45%, 05/30/44(b)

    1,667       1,683,623  

6.50%, 05/27/41(b)

    275       277,806  

6.50%, 11/07/48(b)

    1,485       1,521,419  

Petroliam Nasional Bhd, 7.63%, 10/15/26(a)(b)

    590       629,356  

Petronas Capital Ltd.

   

2.48%, 01/28/32 (Call 10/28/31)(b)

    1,145       936,082  

3.40%, 04/28/61 (Call 10/28/60)(a)(b)

    2,615       1,755,683  

3.50%, 03/18/25(b)

    532       515,340  

3.50%, 04/21/30 (Call 01/21/30)(a)(b)

    3,723       3,378,607  

4.50%, 03/18/45(b)

    1,450       1,271,093  

4.55%, 04/21/50 (Call 10/21/49)(a)(b)

    3,588       3,107,335  

4.80%, 04/21/60 (Call 10/21/59)(b)

    1,115       989,867  

Petronas Energy Canada Ltd., 2.11%, 03/23/28 (Call 01/23/28)(b)

    690       609,544  

Phillips 66

   

1.30%, 02/15/26 (Call 01/15/26)

    951       863,268  

2.15%, 12/15/30 (Call 09/15/30)(a)

    1,041       842,947  

3.30%, 03/15/52 (Call 09/15/51)(a)

    1,510       1,008,014  

3.85%, 04/09/25 (Call 03/09/25)

    810       788,144  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

3.90%, 03/15/28 (Call 12/15/27)(a)

  $  1,138     $  1,077,567  

4.65%, 11/15/34 (Call 05/15/34)

    1,456       1,366,153  

4.88%, 11/15/44 (Call 05/15/44)

    1,881       1,699,701  

5.30%, 06/30/33 (Call 03/30/33)

    690       683,031  

5.88%, 05/01/42

    1,415       1,443,096  

Phillips 66 Co.

   

2.45%, 12/15/24 (Call 11/15/24)

    857       823,030  

3.15%, 12/15/29 (Call 09/15/29)

    1,028       905,876  

3.55%, 10/01/26 (Call 07/01/26)

    794       751,531  

3.61%, 02/15/25 (Call 11/15/24)

    190       184,696  

3.75%, 03/01/28 (Call 12/01/27)

    213       200,479  

4.68%, 02/15/45 (Call 08/15/44)

    590       498,225  

4.90%, 10/01/46 (Call 04/01/46)

    774       675,976  

4.95%, 12/01/27 (Call 11/01/27)

    995       984,921  

Pioneer Natural Resources Co.

   

1.13%, 01/15/26 (Call 12/15/25)

    389       352,632  

1.90%, 08/15/30 (Call 05/15/30)

    1,191       960,903  

2.15%, 01/15/31 (Call 10/15/30)(a)

    648       525,137  

5.10%, 03/29/26

    945       937,653  

PTTEP Treasury Center Co. Ltd.

   

2.59%, 06/10/27 (Call 04/10/27)(a)(b)

    535       485,529  

2.99%, 01/15/30 (Call 07/15/29)(a)(b)

    50       44,066  

3.90%, 12/06/59(a)(b)

    435       299,642  

Qatar Energy

   

1.38%, 09/12/26 (Call 08/12/26)(b)

    1,607       1,440,515  

2.25%, 07/12/31 (Call 04/12/31)(b)

    3,441       2,828,323  

3.13%, 07/12/41 (Call 01/12/41)(b)

    5,260       3,864,459  

3.30%, 07/12/51 (Call 01/12/51)(a)(b)

    4,740       3,319,119  

Raizen Fuels Finance SA, 5.30%, 01/20/27(b)

    395       385,800  

Ras Laffan Liquefied Natural Gas Co. Ltd. 3

   

5.84%, 09/30/27(b)

    835       834,742  

6.33%, 09/30/27(b)

    1,079       1,081,378  

Reliance Industries Ltd.

   

2.88%, 01/12/32(a)(b)

    1,570       1,286,950  

3.63%, 01/12/52(a)(b)

    1,770       1,202,444  

3.67%, 11/30/27(b)

    100       93,784  

3.75%, 01/12/62(b)

    900       599,370  

4.13%, 01/28/25(a)(b)

    577       564,258  

4.88%, 02/10/45(b)

    150       130,589  

SA Global Sukuk Ltd.

   

1.60%, 06/17/26 (Call 05/17/26)(b)

    315       285,336  

2.69%, 06/17/31 (Call 03/17/31)(b)

    2,937       2,495,710  

Santos Finance Ltd., 3.65%, 04/29/31 (Call 01/29/31)(b)

    1,266       1,042,075  

Saudi Arabian Oil Co.

   

1.63%, 11/24/25 (Call 10/24/25)(b)

    1,842       1,690,035  

2.25%, 11/24/30 (Call 08/24/30)(b)

    2,082       1,711,612  

3.25%, 11/24/50 (Call 05/24/50)(b)

    1,756       1,163,455  

3.50%, 04/16/29(a)(b)

    2,661       2,435,874  

3.50%, 11/24/70 (Call 05/24/70)(a)(b)

    2,853       1,796,523  

4.25%, 04/16/39(b)

    4,122       3,512,010  

4.38%, 04/16/49(b)

    4,531       3,691,895  

Shell International Finance BV

   

2.00%, 11/07/24 (Call 10/07/24)

    1,313       1,262,464  

2.38%, 11/07/29 (Call 08/07/29)

    2,018       1,752,985  

2.50%, 09/12/26

    1,686       1,568,273  

2.75%, 04/06/30 (Call 01/06/30)

    2,161       1,904,877  

2.88%, 05/10/26

    2,476       2,348,058  

2.88%, 11/26/41 (Call 05/26/41)

    770       552,038  

3.00%, 11/26/51 (Call 05/26/51)

    1,400       937,195  
 

 

 

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

  97


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

3.13%, 11/07/49 (Call 05/07/49)

  $ 1,237     $ 862,418  

3.25%, 05/11/25

     2,158        2,089,064  

3.25%, 04/06/50 (Call 10/06/49)

    2,192       1,555,471  

3.63%, 08/21/42

    1,561       1,254,240  

3.75%, 09/12/46

    1,419       1,116,185  

3.88%, 11/13/28 (Call 08/13/28)

    1,800       1,726,238  

4.00%, 05/10/46

    2,745       2,256,730  

4.13%, 05/11/35

    1,999       1,823,482  

4.38%, 05/11/45

    2,596       2,252,331  

4.55%, 08/12/43

    1,416       1,279,845  

5.50%, 03/25/40

    1,800       1,831,133  

6.38%, 12/15/38

    3,178       3,498,661  

Sinopec Capital 2013 Ltd., 4.25%, 04/24/43(b)

    240       205,335  

Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42(b)

    720       673,940  

Sinopec Group Overseas Development 2015 Ltd.

   

3.25%, 04/28/25(b)

    1,420       1,369,306  

4.10%, 04/28/45(b)

    1,225       1,014,055  

Sinopec Group Overseas Development 2016 Ltd.

   

2.75%, 09/29/26(b)

    1,253       1,161,302  

3.50%, 05/03/26(a)(b)

    435       415,555  

Sinopec Group Overseas Development 2017 Ltd.

   

3.25%, 09/13/27(b)

    1,115       1,043,091  

3.63%, 04/12/27(a)(b)

    1,200       1,150,310  

4.00%, 09/13/47(b)

    710       577,424  

4.25%, 04/12/47(a)(b)

    300       253,798  

Sinopec Group Overseas Development 2018 Ltd.

   

1.45%, 01/08/26 (Call 12/08/25)(a)(b)

    250       228,696  

2.15%, 05/13/25 (Call 04/13/25)(b)

    1,360       1,283,878  

2.30%, 01/08/31 (Call 10/08/30)(a)(b)

    969       821,537  

2.50%, 11/12/24 (Call 10/12/24)(b)

    730       703,016  

2.70%, 05/13/30 (Call 02/13/30)(a)(b)

    980       864,955  

2.95%, 08/08/29 (Call 05/08/29)(a)(b)

    879       793,363  

2.95%, 11/12/29 (Call 08/12/29)(b)

    619       554,949  

3.10%, 01/08/51 (Call 07/08/50)(b)

    675       452,763  

3.35%, 05/13/50 (Call 11/13/49)(b)

    1,084       772,144  

3.44%, 11/12/49 (Call 05/12/49)(b)

    435       316,390  

3.68%, 08/08/49 (Call 02/08/49)(b)

    917       691,350  

4.13%, 09/12/25(a)(b)

    510       497,046  

4.25%, 09/12/28(a)(b)

    720       699,934  

4.60%, 09/12/48(b)

    738       650,471  

Sinopec Group Overseas Development Ltd., 4.25%, 05/03/46(b)

    600       508,190  

Suncor Energy Inc.

   

3.75%, 03/04/51 (Call 09/04/50)

    775       548,577  

4.00%, 11/15/47 (Call 05/15/47)

    795       595,961  

5.95%, 12/01/34

    459       454,227  

6.50%, 06/15/38

    1,576       1,613,061  

6.80%, 05/15/38

    1,230       1,284,688  

6.85%, 06/01/39

    1,156       1,206,474  

7.00%, 11/15/28

    130       138,178  

7.15%, 02/01/32(a)

    1,055       1,133,781  

7.88%, 06/15/26

    445       469,854  

Tengizchevroil Finance Co. International Ltd.

   

2.63%, 08/15/25 (Call 05/15/25)(b)

    582       526,137  

3.25%, 08/15/30 (Call 02/15/30)(b)

    460       351,900  

4.00%, 08/15/26(b)

    685       619,363  

Thaioil Treasury Center Co. Ltd.

   

2.50%, 06/18/30(a)(b)

    615       491,956  

3.50%, 10/17/49(a)(b)

    860       525,848  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

3.75%, 06/18/50(b)

  $ 765     $ 488,339  

4.63%, 11/20/28(b)

    265       251,792  

5.38%, 11/20/48(b)

    245       206,691  

Tosco Corp., 8.13%, 02/15/30

    510       587,697  

TotalEnergies Capital International SA

   

2.43%, 01/10/25 (Call 10/10/24)

     1,419       1,364,524  

2.83%, 01/10/30 (Call 10/10/29)(a)

    1,556       1,381,852  

2.99%, 06/29/41 (Call 12/29/40)

    998       730,657  

3.13%, 05/29/50 (Call 11/29/49)

    2,925       2,021,794  

3.39%, 06/29/60 (Call 12/29/59)

    636       438,660  

3.45%, 02/19/29 (Call 11/19/28)

    1,654       1,539,440  

3.46%, 07/12/49 (Call 01/12/49)

    1,320       982,545  

TotalEnergies Capital SA, 3.88%, 10/11/28

    1,309       1,247,802  

Valero Energy Corp.

   

2.15%, 09/15/27 (Call 07/15/27)(a)

    962       856,620  

2.80%, 12/01/31 (Call 09/01/31)(a)

    1,030       844,661  

2.85%, 04/15/25 (Call 03/15/25)

    82       78,318  

3.40%, 09/15/26 (Call 06/15/26)

    55       52,058  

3.65%, 12/01/51 (Call 06/01/51)

    1,275       869,641  

4.00%, 06/01/52 (Call 12/01/51)(a)

    853       625,234  

4.35%, 06/01/28 (Call 03/01/28)(a)

    883       844,920  

4.90%, 03/15/45(a)

    503       434,202  

6.63%, 06/15/37

    1,876       1,996,708  

7.50%, 04/15/32

    685       766,772  

Var Energi ASA

   

7.50%, 01/15/28 (Call 12/15/27)(b)

    620       643,802  

8.00%, 11/15/32 (Call 08/15/32)(b)

    995       1,049,606  

Woodside Finance Ltd.

   

3.65%, 03/05/25 (Call 12/05/24)(b)

    1,350       1,302,389  

3.70%, 09/15/26 (Call 06/15/26)(b)

    1,250       1,179,541  

3.70%, 03/15/28 (Call 12/15/27)(a)(b)

    835       768,291  

4.50%, 03/04/29 (Call 12/04/28)(b)

    1,211       1,140,522  

XTO Energy Inc., 6.75%, 08/01/37(a)

    627       697,357  
   

 

 

 
       395,678,472  
Oil & Gas Services — 0.3%            

Baker Hughes Holdings LLC, 5.13%, 09/15/40(a)

    1,255       1,185,968  

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

   

2.06%, 12/15/26 (Call 11/15/26)

    1,052       951,554  

3.14%, 11/07/29 (Call 08/07/29)

    775       689,598  

3.34%, 12/15/27 (Call 09/15/27)

    1,793       1,662,735  

4.08%, 12/15/47 (Call 06/15/47)

    1,643       1,307,377  

4.49%, 05/01/30 (Call 02/01/30)

    742       714,350  

Halliburton Co.

   

2.92%, 03/01/30 (Call 12/01/29)(a)

    1,366       1,191,146  

3.80%, 11/15/25 (Call 08/15/25)

    772       752,808  

4.50%, 11/15/41 (Call 05/15/41)

    700       590,090  

4.75%, 08/01/43 (Call 02/01/43)

    1,133       978,552  

4.85%, 11/15/35 (Call 05/15/35)

    1,545       1,448,569  

5.00%, 11/15/45 (Call 05/15/45)(a)

    1,728       1,555,310  

6.70%, 09/15/38

    1,242       1,366,657  

7.45%, 09/15/39

    1,358       1,580,114  

NOV Inc.

   

3.60%, 12/01/29 (Call 09/01/29)(a)

    1,003       899,111  

3.95%, 12/01/42 (Call 06/01/42)(a)

    1,629       1,206,800  

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

    942       871,174  

Schlumberger Holdings Corp.

   

3.90%, 05/17/28 (Call 02/17/28)(b)

    1,522       1,443,285  

4.00%, 12/21/25 (Call 09/21/25)(a)(b)

    963       937,420  
 

 

 

98  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas Services (continued)            

4.30%, 05/01/29 (Call 02/01/29)(b)

  $  1,039     $ 992,798  

Schlumberger Investment SA

   

2.65%, 06/26/30 (Call 03/26/30)(a)

    1,654       1,430,376  

4.50%, 05/15/28 (Call 04/15/28)

    450       441,743  

4.85%, 05/15/33 (Call 02/15/33)

    450       439,838  
   

 

 

 
       24,637,373  
Packaging & Containers — 0.3%            

Amcor Finance USA Inc.

   

3.63%, 04/28/26 (Call 01/28/26)

    750       710,936  

4.50%, 05/15/28 (Call 02/15/28)(a)

    850       811,395  

5.63%, 05/26/33 (Call 02/26/33)

    785       778,955  

Amcor Flexibles North America Inc.

   

2.63%, 06/19/30 (Call 03/19/30)

    988       813,010  

2.69%, 05/25/31 (Call 02/25/31)

    863       702,155  

3.10%, 09/15/26 (Call 06/15/26)

    815       747,290  

4.00%, 05/17/25 (Call 04/17/25)

    824       798,897  

AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)

    140       118,947  

Berry Global Inc.

   

1.57%, 01/15/26 (Call 12/15/25)

    1,585       1,441,501  

1.65%, 01/15/27 (Call 12/15/26)(a)

    755       654,646  

4.88%, 07/15/26 (Call 10/02/23)(b)

    1,645       1,587,735  

5.50%, 04/15/28 (Call 03/15/28)(a)(b)

    515       506,304  

Brambles USA Inc., 4.13%, 10/23/25 (Call 07/25/25)(a)(b)

    1,057       1,021,484  

CCL Industries Inc.

   

3.05%, 06/01/30 (Call 03/01/30)(a)(b)

    1,035       877,727  

3.25%, 10/01/26 (Call 07/01/26)(b)

    590       541,084  

Graphic Packaging International LLC, 1.51%, 04/15/26 (Call 03/15/26)(a)(b)

    712       638,558  

Packaging Corp. of America

   

3.00%, 12/15/29 (Call 09/15/29)

    885       772,642  

3.05%, 10/01/51 (Call 04/01/51)

    885       564,082  

3.40%, 12/15/27 (Call 09/15/27)

    1,016       947,191  

3.65%, 09/15/24 (Call 06/15/24)

    453       443,289  

4.05%, 12/15/49 (Call 06/15/49)

    589       456,743  

Sealed Air Corp., 1.57%, 10/15/26 (Call 09/15/26)(a)(b)

    498       437,735  

Silgan Holdings Inc., 1.40%, 04/01/26 (Call 03/01/26)(b)

    950       847,018  

Sonoco Products Co.

   

1.80%, 02/01/25 (Call 09/11/23)

    765       721,057  

2.25%, 02/01/27 (Call 01/01/27)

    820       732,958  

2.85%, 02/01/32 (Call 11/01/31)

    665       545,474  

3.13%, 05/01/30 (Call 02/01/30)

    1,130       976,098  

5.75%, 11/01/40 (Call 05/01/40)(a)

    25       24,234  

Stora Enso OYJ, 7.25%, 04/15/36(a)(b)

    350       365,086  

WestRock MWV LLC

   

7.95%, 02/15/31(a)

    515       578,117  

8.20%, 01/15/30(a)

    330       372,175  

WRKCo Inc.

   

3.00%, 09/15/24 (Call 07/15/24)

    515       498,587  

3.00%, 06/15/33 (Call 03/15/33)(a)

    837       678,383  

3.38%, 09/15/27 (Call 06/15/27)

    639       589,368  

3.75%, 03/15/25 (Call 01/15/25)

    884       857,416  

3.90%, 06/01/28 (Call 03/01/28)

    895       830,449  

4.00%, 03/15/28 (Call 12/15/27)

    818       764,735  

4.20%, 06/01/32 (Call 03/01/32)(a)

    581       529,020  

4.65%, 03/15/26 (Call 01/15/26)

    1,094       1,064,861  

4.90%, 03/15/29 (Call 12/15/28)(a)

    979       942,305  
   

 

 

 
      28,289,647  
Security  

Par

(000)

    Value  
Pharmaceuticals — 4.5%            

AbbVie Inc.

   

2.60%, 11/21/24 (Call 10/21/24)

  $  1,933     $  1,865,048  

2.95%, 11/21/26 (Call 09/21/26)

    4,240       3,968,949  

3.20%, 05/14/26 (Call 02/14/26)

    2,636       2,505,957  

3.20%, 11/21/29 (Call 08/21/29)

    5,883       5,302,657  

3.60%, 05/14/25 (Call 02/14/25)

    2,450       2,376,002  

3.80%, 03/15/25 (Call 12/15/24)

    2,281       2,221,082  

4.05%, 11/21/39 (Call 05/21/39)

    4,575       3,921,293  

4.25%, 11/14/28 (Call 08/14/28)

    1,792       1,734,943  

4.25%, 11/21/49 (Call 05/21/49)

    6,924       5,831,106  

4.30%, 05/14/36 (Call 11/14/35)

    1,498       1,372,370  

4.40%, 11/06/42

    3,089       2,698,752  

4.45%, 05/14/46 (Call 11/14/45)

    2,591       2,241,362  

4.50%, 05/14/35 (Call 11/14/34)

    3,080       2,897,647  

4.55%, 03/15/35 (Call 09/15/34)(a)

    2,158       2,041,233  

4.63%, 10/01/42 (Call 04/01/42)

    415       368,281  

4.70%, 05/14/45 (Call 11/14/44)

    3,182       2,861,645  

4.75%, 03/15/45 (Call 09/15/44)

    978       878,508  

4.85%, 06/15/44 (Call 12/15/43)

    1,277       1,167,429  

4.88%, 11/14/48 (Call 05/14/48)

    2,170       2,003,353  

Astrazeneca Finance LLC

   

1.20%, 05/28/26 (Call 04/28/26)

    1,655       1,494,082  

1.75%, 05/28/28 (Call 03/28/28)

    1,635       1,418,875  

2.25%, 05/28/31 (Call 02/28/31)

    820       682,216  

4.88%, 03/03/28 (Call 02/03/28)

    1,450       1,445,221  

4.88%, 03/03/33 (Call 12/03/32)(a)

    945       945,281  

4.90%, 03/03/30 (Call 01/03/30)

    935       930,064  

AstraZeneca PLC

   

0.70%, 04/08/26 (Call 03/08/26)

    1,632       1,461,995  

1.38%, 08/06/30 (Call 05/06/30)

    1,567       1,246,353  

2.13%, 08/06/50 (Call 02/06/50)(a)

    805       478,045  

3.00%, 05/28/51 (Call 11/28/50)

    1,195       842,260  

3.13%, 06/12/27 (Call 03/12/27)

    975       913,302  

3.38%, 11/16/25(a)

    2,560       2,460,518  

4.00%, 01/17/29 (Call 10/17/28)

    1,362       1,306,438  

4.00%, 09/18/42

    1,130       972,736  

4.38%, 11/16/45

    829       737,763  

4.38%, 08/17/48 (Call 02/17/48)(a)

    801       717,106  

6.45%, 09/15/37

    2,830       3,183,274  

Bayer Corp., 6.65%, 02/15/28(a)(b)

    244       252,976  

Bayer U.S. Finance II LLC

   

3.95%, 04/15/45 (Call 10/15/44)(b)

    373       266,990  

4.20%, 07/15/34 (Call 01/15/34)(b)

    529       463,742  

4.25%, 12/15/25 (Call 10/15/25)(b)

    2,807       2,718,528  

4.38%, 12/15/28 (Call 09/15/28)(b)

    4,662       4,428,865  

4.40%, 07/15/44 (Call 01/15/44)(a)(b)

    1,237       975,563  

4.63%, 06/25/38 (Call 12/25/37)(a)(b)

    1,652       1,424,624  

4.65%, 11/15/43 (Call 05/15/43)(a)(b)

    160       125,392  

4.70%, 07/15/64 (Call 01/15/64)(b)

    905       690,479  

4.88%, 06/25/48 (Call 12/25/47)(b)

    2,180       1,858,135  

5.50%, 08/15/25(b)

    398       390,113  

5.50%, 07/30/35(a)(b)

    680       664,733  

Bayer U.S. Finance LLC, 3.38%, 10/08/24(b)

    1,663       1,618,029  

Becton Dickinson and Co.

   

1.96%, 02/11/31 (Call 11/11/30)

    1,267       1,018,850  

2.82%, 05/20/30 (Call 02/20/30)

    801       692,695  

3.70%, 06/06/27 (Call 03/06/27)

    2,243       2,126,693  

3.73%, 12/15/24 (Call 09/15/24)

    1,288       1,256,823  

3.79%, 05/20/50 (Call 11/20/49)

    605       468,085  

4.30%, 08/22/32 (Call 05/22/32)

    855       799,352  
 

 

 

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

  99


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

4.67%, 06/06/47 (Call 12/06/46)

  $  1,854     $  1,645,137  

4.69%, 02/13/28 (Call 01/13/28)

    975       957,583  

4.69%, 12/15/44 (Call 06/15/44)

    1,181       1,045,278  

Bristol-Myers Squibb Co.

   

0.75%, 11/13/25 (Call 10/13/25)

    1,344       1,224,530  

1.13%, 11/13/27 (Call 09/13/27)(a)

    1,548       1,343,837  

1.45%, 11/13/30 (Call 08/13/30)

    2,046       1,622,431  

2.35%, 11/13/40 (Call 05/13/40)(a)

    1,078       728,357  

2.55%, 11/13/50 (Call 05/13/50)

    1,895       1,162,194  

2.95%, 03/15/32 (Call 12/15/31)

    1,865       1,616,508  

3.20%, 06/15/26 (Call 04/15/26)

    2,436       2,323,814  

3.25%, 02/27/27

    295       282,127  

3.25%, 08/01/42

    800       597,754  

3.40%, 07/26/29 (Call 04/26/29)

    2,891       2,677,877  

3.45%, 11/15/27 (Call 08/15/27)

    495       470,840  

3.55%, 03/15/42 (Call 09/15/41)

    1,425       1,133,963  

3.70%, 03/15/52 (Call 09/15/51)

    2,640       2,030,319  

3.90%, 02/20/28 (Call 11/20/27)

    1,953       1,874,928  

3.90%, 03/15/62 (Call 09/15/61)

    1,309       991,989  

4.13%, 06/15/39 (Call 12/15/38)

    2,545       2,247,702  

4.25%, 10/26/49 (Call 04/26/49)

    4,442       3,754,283  

4.35%, 11/15/47 (Call 05/15/47)

    1,689       1,461,108  

4.50%, 03/01/44 (Call 09/01/43)(a)

    200       176,865  

4.55%, 02/20/48 (Call 08/20/47)

    1,202       1,065,259  

4.63%, 05/15/44 (Call 11/15/43)

    1,080       978,984  

5.00%, 08/15/45 (Call 02/15/45)(a)

    575       554,263  

5.88%, 11/15/36(a)

    434       446,866  

6.80%, 11/15/26

    560       590,081  

Cardinal Health Inc.

   

3.41%, 06/15/27 (Call 03/15/27)

    1,456       1,363,623  

3.50%, 11/15/24 (Call 08/15/24)

    459       445,911  

3.75%, 09/15/25 (Call 06/15/25)

    707       682,546  

4.37%, 06/15/47 (Call 12/15/46)

    782       626,221  

4.50%, 11/15/44 (Call 05/15/44)

    602       483,121  

4.60%, 03/15/43

    390       316,142  

4.90%, 09/15/45 (Call 03/15/45)

    499       417,784  

Cencora Inc.

   

2.70%, 03/15/31 (Call 12/15/30)

    1,210       1,017,818  

2.80%, 05/15/30 (Call 02/15/30)

    940       811,545  

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

    814       787,408  

3.45%, 12/15/27 (Call 09/15/27)

    858       806,186  

4.25%, 03/01/45 (Call 09/01/44)

    485       391,844  

4.30%, 12/15/47 (Call 06/15/47)

    797       664,826  

Cigna Group (The)

   

1.25%, 03/15/26 (Call 02/15/26)

    815       736,406  

2.38%, 03/15/31 (Call 12/15/30)

    1,540       1,267,295  

2.40%, 03/15/30 (Call 12/15/29)

    1,845       1,553,050  

3.05%, 10/15/27 (Call 07/15/27)

    1,023       942,911  

3.20%, 03/15/40 (Call 09/15/39)

    1,054       784,164  

3.25%, 04/15/25 (Call 01/15/25)

    905       871,346  

3.40%, 03/01/27 (Call 12/01/26)

    1,630       1,532,522  

3.40%, 03/15/50 (Call 09/15/49)

    1,595       1,114,750  

3.40%, 03/15/51 (Call 09/15/50)

    1,925       1,346,949  

3.88%, 10/15/47 (Call 04/15/47)

    1,407       1,073,955  

4.13%, 11/15/25 (Call 09/15/25)

    2,548       2,482,797  

4.38%, 10/15/28 (Call 07/15/28)

    4,557       4,388,575  

4.50%, 02/25/26 (Call 11/27/25)

    1,406       1,377,485  

4.80%, 08/15/38 (Call 02/15/38)

    2,723       2,510,111  

4.80%, 07/15/46 (Call 01/16/46)

    1,669       1,481,853  

4.90%, 12/15/48 (Call 06/15/48)

    3,393       3,025,633  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

5.38%, 02/15/42 (Call 08/15/41)(a)

  $ 70     $ 64,549  

5.40%, 03/15/33 (Call 12/15/32)

     1,120        1,123,802  

5.69%, 03/15/26 (Call 03/15/24)

    215       215,258  

6.13%, 11/15/41

    439       452,814  

CVS Health Corp.

   

1.30%, 08/21/27 (Call 06/21/27)

    2,659       2,289,206  

1.75%, 08/21/30 (Call 05/21/30)

    1,410       1,117,930  

1.88%, 02/28/31 (Call 11/28/30)

    1,710       1,342,311  

2.13%, 09/15/31 (Call 06/15/31)(a)

    1,440       1,137,329  

2.70%, 08/21/40 (Call 02/21/40)

    1,303       875,099  

2.88%, 06/01/26 (Call 03/01/26)

    2,034       1,905,550  

3.00%, 08/15/26 (Call 06/15/26)

    1,054       987,373  

3.25%, 08/15/29 (Call 05/15/29)

    2,212       1,977,118  

3.63%, 04/01/27 (Call 02/01/27)

    1,446       1,368,666  

3.75%, 04/01/30 (Call 01/01/30)

    1,909       1,736,598  

3.88%, 07/20/25 (Call 04/20/25)

    2,671       2,591,052  

4.10%, 03/25/25 (Call 01/25/25)

    1,104       1,080,182  

4.13%, 04/01/40 (Call 10/01/39)

    1,041       848,193  

4.25%, 04/01/50 (Call 10/01/49)

    1,040       821,599  

4.30%, 03/25/28 (Call 12/25/27)

    5,416       5,201,854  

4.78%, 03/25/38 (Call 09/25/37)

    6,186       5,539,921  

4.88%, 07/20/35 (Call 01/20/35)(a)

    983       914,599  

5.00%, 12/01/24 (Call 09/01/24)

    433       429,498  

5.00%, 02/20/26 (Call 01/20/26)

    1,290       1,280,077  

5.00%, 01/30/29 (Call 12/30/28)

    1,245       1,226,573  

5.05%, 03/25/48 (Call 09/25/47)

    9,344       8,195,725  

5.13%, 02/21/30 (Call 12/21/29)

    1,890       1,861,589  

5.13%, 07/20/45 (Call 01/20/45)

    3,968       3,534,755  

5.25%, 01/30/31 (Call 11/30/30)

    870       859,696  

5.25%, 02/21/33 (Call 11/21/32)

    2,315       2,263,919  

5.30%, 06/01/33 (Call 03/01/33)

    1,295       1,268,325  

5.30%, 12/05/43 (Call 06/05/43)

    1,105       1,012,574  

5.63%, 02/21/53 (Call 08/21/52)

    1,595       1,509,474  

5.88%, 06/01/53 (Call 12/01/52)

    1,395       1,362,734  

6.00%, 06/01/63 (Call 12/01/62)

    765       749,302  

6.13%, 09/15/39

    968       980,804  

6.25%, 06/01/27

    805       828,442  

Eli Lilly & Co.

   

2.25%, 05/15/50 (Call 11/15/49)(a)

    1,903       1,174,585  

2.50%, 09/15/60 (Call 03/15/60)

    1,262       751,531  

2.75%, 06/01/25 (Call 03/01/25)

    952       914,543  

3.10%, 05/15/27 (Call 02/15/27)

    495       469,322  

3.38%, 03/15/29 (Call 12/15/28)

    1,453       1,358,826  

3.70%, 03/01/45 (Call 09/01/44)(a)

    755       616,507  

3.95%, 05/15/47 (Call 11/15/46)(a)

    76       64,832  

3.95%, 03/15/49 (Call 09/15/48)

    370       318,450  

4.15%, 03/15/59 (Call 09/15/58)

    640       541,684  

4.70%, 02/27/33 (Call 11/27/32)

    725       723,673  

4.88%, 02/27/53 (Call 08/27/52)

    1,635       1,608,029  

4.95%, 02/27/63 (Call 08/27/62)

    1,155       1,128,249  

5.50%, 03/15/27(a)

    220       227,421  

5.55%, 03/15/37(a)

    205       216,193  

5.95%, 11/15/37(a)

    185       198,451  

EMD Finance LLC, 3.25%, 03/19/25 (Call 12/19/24)(b)

    1,399       1,348,183  

Evernorth Health Inc., 4.50%, 02/25/26 (Call 11/27/25)

    1,069       1,043,272  

GlaxoSmithKline Capital Inc.

   

3.63%, 05/15/25

    1,038       1,012,027  

3.88%, 05/15/28(a)

    2,424       2,337,165  

4.20%, 03/18/43(a)

    840       737,546  
 

 

 

100  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

5.38%, 04/15/34(a)

  $ 945     $ 1,000,808  

6.38%, 05/15/38

    3,403       3,871,564  

GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)(a)

    851       792,470  

Johnson & Johnson

   

0.55%, 09/01/25 (Call 08/01/25)(a)

    1,372       1,256,016  

0.95%, 09/01/27 (Call 07/01/27)

    1,811       1,579,493  

1.30%, 09/01/30 (Call 06/01/30)

    1,861       1,508,677  

2.10%, 09/01/40 (Call 03/01/40)

    1,120       766,966  

2.25%, 09/01/50 (Call 03/01/50)(a)

    850       535,660  

2.45%, 03/01/26 (Call 12/01/25)

    2,593       2,446,768  

2.45%, 09/01/60 (Call 03/01/60)(a)

    1,128       692,474  

2.63%, 01/15/25 (Call 11/15/24)

    768       744,013  

2.90%, 01/15/28 (Call 10/15/27)(a)

    1,200       1,124,497  

2.95%, 03/03/27 (Call 12/03/26)

    1,478       1,399,762  

3.40%, 01/15/38 (Call 07/15/37)

    1,346       1,142,971  

3.50%, 01/15/48 (Call 07/15/47)

    1,199       977,015  

3.55%, 03/01/36 (Call 09/01/35)

    1,396       1,231,967  

3.63%, 03/03/37 (Call 09/03/36)

    867       766,980  

3.70%, 03/01/46 (Call 09/01/45)

     2,086       1,736,307  

3.75%, 03/03/47 (Call 09/03/46)

    1,478       1,248,867  

4.38%, 12/05/33 (Call 06/05/33)

    1,252       1,236,634  

4.50%, 09/01/40

    545       520,855  

4.50%, 12/05/43 (Call 06/05/43)

    815       783,097  

4.85%, 05/15/41(a)

    414       408,245  

4.95%, 05/15/33(a)

    586       608,614  

5.85%, 07/15/38

    1,631       1,784,439  

5.95%, 08/15/37

    1,037       1,148,724  

6.95%, 09/01/29

    345       394,339  

McKesson Corp.

   

0.90%, 12/03/25 (Call 11/03/25)(a)

    901       816,009  

1.30%, 08/15/26 (Call 07/15/26)

    1,005       901,423  

3.95%, 02/16/28 (Call 11/16/27)(a)

    462       440,730  

4.88%, 03/15/44 (Call 09/15/43)

    667       582,810  

4.90%, 07/15/28 (Call 06/15/28)

    300       296,644  

5.10%, 07/15/33 (Call 04/15/33)

    310       307,613  

5.25%, 02/15/26 (Call 02/15/24)

    370       368,629  

Mead Johnson Nutrition Co.

   

4.13%, 11/15/25 (Call 08/15/25)

    1,283        1,248,961  

4.60%, 06/01/44 (Call 12/01/43)(a)

    530       469,096  

5.90%, 11/01/39(a)

    285       290,649  

Merck & Co. Inc.

   

0.75%, 02/24/26 (Call 01/24/26)(a)

    1,653       1,496,750  

1.45%, 06/24/30 (Call 03/24/30)

    1,570       1,266,012  

1.70%, 06/10/27 (Call 05/10/27)

    1,647       1,475,873  

1.90%, 12/10/28 (Call 10/10/28)

    1,152       1,001,095  

2.15%, 12/10/31 (Call 09/10/31)

    2,310       1,888,081  

2.35%, 06/24/40 (Call 12/24/39)

    1,628       1,139,612  

2.45%, 06/24/50 (Call 12/24/49)

    1,731       1,075,835  

2.75%, 02/10/25 (Call 11/10/24)

    1,825       1,764,391  

2.75%, 12/10/51 (Call 06/10/51)(a)

    2,638       1,731,148  

2.90%, 12/10/61 (Call 06/10/61)

    1,725       1,083,418  

3.40%, 03/07/29 (Call 12/07/28)

    2,018       1,879,339  

3.60%, 09/15/42 (Call 03/15/42)(a)

    997       816,138  

3.70%, 02/10/45 (Call 08/10/44)

    2,181       1,779,718  

3.90%, 03/07/39 (Call 09/07/38)

    1,421       1,243,348  

4.00%, 03/07/49 (Call 09/07/48)

    1,659       1,403,174  

4.05%, 05/17/28 (Call 04/17/28)(a)

    325       317,194  

4.15%, 05/18/43

    1,334       1,182,969  

4.30%, 05/17/30 (Call 03/17/30)

    845       819,582  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

4.50%, 05/17/33 (Call 02/17/33)(a)

  $ 905     $ 882,031  

4.90%, 05/17/44 (Call 11/17/43)(a)

    680       659,813  

5.00%, 05/17/53 (Call 11/17/52)

    1,555       1,518,798  

5.15%, 05/17/63 (Call 11/17/62)

    725       707,691  

6.50%, 12/01/33

    985       1,104,298  

6.55%, 09/15/37

    470       527,057  

Merck Sharp & Dohme Corp.

   

5.75%, 11/15/36

    183       192,063  

5.85%, 06/30/39

    195       201,240  

5.95%, 12/01/28

    725       763,490  

6.40%, 03/01/28

    205       216,404  

Mylan Inc.

   

4.55%, 04/15/28 (Call 01/15/28)

    1,304       1,227,695  

5.20%, 04/15/48 (Call 10/15/47)

    1,023       796,123  

5.40%, 11/29/43 (Call 05/29/43)

    631       523,954  

Novartis Capital Corp.

   

1.75%, 02/14/25 (Call 01/14/25)

     1,459       1,388,618  

2.00%, 02/14/27 (Call 12/14/26)

    1,512       1,380,601  

2.20%, 08/14/30 (Call 05/14/30)

    2,184       1,860,877  

2.75%, 08/14/50 (Call 02/14/50)(a)

    1,611       1,104,937  

3.00%, 11/20/25 (Call 08/20/25)

    1,991       1,904,455  

3.10%, 05/17/27 (Call 02/17/27)

    1,425       1,347,935  

3.70%, 09/21/42

    1,128       930,422  

4.00%, 11/20/45 (Call 05/20/45)

    868       747,811  

4.40%, 05/06/44

    2,212        2,045,833  

Pfizer Inc.

   

0.80%, 05/28/25 (Call 04/28/25)

    974       903,442  

1.70%, 05/28/30 (Call 02/28/30)

    1,435       1,182,513  

1.75%, 08/18/31 (Call 05/18/31)

    1,308       1,052,489  

2.55%, 05/28/40 (Call 11/28/39)

    1,591       1,140,189  

2.63%, 04/01/30 (Call 01/01/30)

    1,523       1,338,870  

2.70%, 05/28/50 (Call 11/28/49)

    1,710       1,159,796  

2.75%, 06/03/26

    1,207       1,139,211  

3.00%, 12/15/26

    1,777       1,681,516  

3.45%, 03/15/29 (Call 12/15/28)

    3,198       2,999,084  

3.60%, 09/15/28 (Call 06/15/28)(a)

    1,243       1,184,440  

3.90%, 03/15/39 (Call 09/15/38)

    1,303       1,129,889  

4.00%, 12/15/36

    864       784,041  

4.00%, 03/15/49 (Call 09/15/48)(a)

    1,609       1,382,396  

4.10%, 09/15/38 (Call 03/15/38)

    1,293       1,158,926  

4.13%, 12/15/46

    1,389       1,201,773  

4.20%, 09/15/48 (Call 03/15/48)

    1,288       1,139,203  

4.30%, 06/15/43

    1,126       1,015,065  

4.40%, 05/15/44(a)

    1,073       976,935  

5.60%, 09/15/40

    927       958,050  

7.20%, 03/15/39

    4,137       5,000,746  

Pfizer Investment Enterprises Pte Ltd.

   

4.45%, 05/19/26 (Call 04/19/26)

    4,330       4,260,057  

4.45%, 05/19/28 (Call 04/19/28)

    5,300       5,199,500  

4.65%, 05/19/30 (Call 03/19/30)

    2,100       2,067,178  

4.75%, 05/19/33 (Call 02/19/33)

    6,190       6,091,289  

5.11%, 05/19/43 (Call 11/19/42)

    1,725       1,678,970  

5.30%, 05/19/53 (Call 11/19/52)

    7,920       7,922,882  

5.34%, 05/19/63 (Call 11/19/62)

    1,550       1,527,253  

Pfizer Investment Enterprises Pte. Ltd., 4.65%, 05/19/25

    4,135       4,090,582  

Sanofi, 3.63%, 06/19/28 (Call 03/19/28)

    1,516       1,463,697  

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

    3,376       3,171,109  
 

 

 

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

  101


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

Takeda Pharmaceutical Co. Ltd.

   

2.05%, 03/31/30 (Call 12/31/29)

  $ 3,040     $ 2,501,176  

3.03%, 07/09/40 (Call 01/09/40)(a)

    1,835       1,333,739  

3.18%, 07/09/50 (Call 01/09/50)

    2,685       1,803,037  

3.38%, 07/09/60 (Call 01/09/60)(a)

    1,131       738,316  

5.00%, 11/26/28 (Call 08/26/28)

    1,858       1,843,065  

Utah Acquisition Sub Inc.

   

3.95%, 06/15/26 (Call 03/15/26)

    1,776       1,678,693  

5.25%, 06/15/46 (Call 12/15/45)

    1,151       909,447  

Viatris Inc.

   

1.65%, 06/22/25 (Call 05/22/25)

    1,245       1,151,993  

2.30%, 06/22/27 (Call 04/22/27)

    1,378       1,204,976  

2.70%, 06/22/30 (Call 03/22/30)

    1,453       1,180,028  

3.85%, 06/22/40 (Call 12/22/39)

    1,641       1,148,545  

4.00%, 06/22/50 (Call 12/22/49)(a)

    2,608       1,727,546  

Wyeth LLC

   

5.95%, 04/01/37

     2,201       2,359,445  

6.00%, 02/15/36

    865       927,686  

6.50%, 02/01/34

    893       997,162  

Zoetis Inc.

   

2.00%, 05/15/30 (Call 02/15/30)

    539       443,701  

3.00%, 09/12/27 (Call 06/12/27)

    896       833,819  

3.00%, 05/15/50 (Call 11/15/49)

    586       398,441  

3.90%, 08/20/28 (Call 05/20/28)(a)

    979       935,707  

3.95%, 09/12/47 (Call 03/12/47)

    387       308,051  

4.45%, 08/20/48 (Call 02/20/48)

    334       287,629  

4.50%, 11/13/25 (Call 08/13/25)

    1,147       1,130,080  

4.70%, 02/01/43 (Call 08/01/42)

    1,981       1,796,001  

5.40%, 11/14/25 (Call 10/14/25)

    605       605,109  

5.60%, 11/16/32 (Call 08/16/32)

    435       448,763  
   

 

 

 
       417,308,301  
Pipelines — 3.4%            

Abu Dhabi Crude Oil Pipeline LLC

   

3.65%, 11/02/29(a)(b)

    550       510,895  

4.60%, 11/02/47(a)(b)

    2,100       1,866,375  

Boardwalk Pipelines LP

   

3.40%, 02/15/31 (Call 11/15/30)

    490       417,762  

3.60%, 09/01/32 (Call 06/01/32)

    655       550,729  

4.45%, 07/15/27 (Call 04/15/27)

    863       822,778  

4.80%, 05/03/29 (Call 02/03/29)

    955       909,044  

4.95%, 12/15/24 (Call 09/15/24)

    970       955,985  

5.95%, 06/01/26 (Call 03/01/26)

    1,116       1,117,897  

Cameron LNG LLC

   

2.90%, 07/15/31 (Call 04/15/31)(b)

    1,350       1,154,540  

3.30%, 01/15/35 (Call 09/15/34)(a)(b)

    1,205       997,442  

3.40%, 01/15/38 (Call 07/15/37)(b)

    1,010       826,257  

3.70%, 01/15/39 (Call 07/15/38)(b)

    1,205       969,119  

Cheniere Corpus Christi Holdings LLC

   

2.74%, 12/31/39 (Call 07/04/39)(a)

    890       688,855  

3.70%, 11/15/29 (Call 05/18/29)

    1,676       1,523,634  

5.13%, 06/30/27 (Call 01/01/27)

    1,759       1,740,301  

5.88%, 03/31/25 (Call 10/02/24)

    2,061       2,053,991  

Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)

    605       569,491  

Cheniere Energy Partners LP

   

3.25%, 01/31/32 (Call 01/31/27)(a)

    1,335       1,103,150  

4.00%, 03/01/31 (Call 03/01/26)

    1,250       1,103,568  

4.50%, 10/01/29 (Call 10/01/24)

    830       765,838  

5.95%, 06/30/33 (Call 12/30/32)(b)

    1,221       1,218,516  
Security  

Par

(000)

    Value  
Pipelines (continued)            

Colonial Enterprises Inc., 3.25%, 05/15/30 (Call 02/15/30)(b)

  $ 1,032     $ 909,810  

Colonial Pipeline Co.

   

3.75%, 10/01/25 (Call 07/01/25)(b)

    360       344,526  

4.20%, 04/15/43 (Call 10/15/42)(a)(b)

    50       39,713  

4.25%, 04/15/48 (Call 10/15/47)(a)(b)

    730       589,839  

7.63%, 04/15/32(a)(b)

    155       172,461  

Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, 08/15/26 (Call 05/15/26)(a)(b)

    391       373,046  

Columbia Pipeline Group Inc.

   

4.50%, 06/01/25 (Call 03/01/25)

    1,508       1,471,296  

5.80%, 06/01/45 (Call 12/01/44)

    525       486,190  

Columbia Pipelines Holding Co. LLC

   

6.04%, 08/15/28 (Call 07/15/28)(b)

    2,000       2,018,688  

6.05%, 08/15/26 (Call 07/15/26)(a)(b)

    415       419,180  

Columbia Pipelines Operating Co. LLC

   

5.93%, 08/15/30 (Call 06/15/30)(b)

    900       907,863  

6.04%, 11/15/33 (Call 08/15/33)(b)

     2,350        2,374,088  

6.50%, 08/15/43 (Call 02/15/43)(b)

    1,470       1,489,983  

6.54%, 11/15/53 (Call 05/15/53)(b)

    1,535       1,569,085  

6.71%, 08/15/63 (Call 02/15/63)(b)

    1,000       1,022,204  

DCP Midstream Operating LP

   

3.25%, 02/15/32 (Call 08/15/31)

    450       375,368  

5.13%, 05/15/29 (Call 02/15/29)

    385       375,413  

5.38%, 07/15/25 (Call 04/15/25)

    320       316,805  

5.60%, 04/01/44 (Call 10/01/43)

    565       527,078  

5.63%, 07/15/27 (Call 04/15/27)

    690       690,736  

6.45%, 11/03/36(b)

    830       845,611  

6.75%, 09/15/37(a)(b)

    580       612,159  

8.13%, 08/16/30

    85       96,453  

DT Midstream Inc., 4.30%, 04/15/32 (Call 01/15/32)(a)(b)

    920       804,953  

Eastern Gas Transmission & Storage Inc.

   

3.00%, 11/15/29 (Call 08/15/29)

    779       677,501  

3.90%, 11/15/49 (Call 05/15/49)

    616       430,157  

4.60%, 12/15/44 (Call 06/15/44)

    564       461,400  

4.80%, 11/01/43 (Call 05/01/43)(a)

    357       302,171  

EIG Pearl Holdings Sarl

   

3.55%, 08/31/36(a)(b)

    225       186,750  

4.39%, 11/30/46(b)

    100       75,432  

El Paso Natural Gas Co. LLC

   

3.50%, 02/15/32 (Call 11/15/31)(b)

    535       448,246  

8.38%, 06/15/32

    510       579,701  

Enbridge Energy Partners LP

   

5.50%, 09/15/40 (Call 03/15/40)(a)

    569       530,468  

5.88%, 10/15/25 (Call 07/15/25)

    524       526,464  

7.38%, 10/15/45 (Call 04/15/45)

    642       724,142  

Series B, 7.50%, 04/15/38

    710       782,731  

Enbridge Inc.

   

1.60%, 10/04/26 (Call 09/04/26)

    492       441,072  

2.50%, 01/15/25 (Call 12/15/24)

    629       602,510  

2.50%, 02/14/25

    438       418,458  

2.50%, 08/01/33 (Call 05/01/33)(a)

    1,520       1,179,988  

3.13%, 11/15/29 (Call 08/15/29)

    1,520       1,341,846  

3.40%, 08/01/51 (Call 02/01/51)(a)

    1,120       750,785  

3.70%, 07/15/27 (Call 04/15/27)(a)

    1,790       1,686,280  

4.00%, 11/15/49 (Call 05/15/49)(a)

    625       468,747  

4.25%, 12/01/26 (Call 09/01/26)

    744       718,204  

4.50%, 06/10/44 (Call 12/10/43)

    1,029       841,052  

5.50%, 12/01/46 (Call 06/01/46)

    612       565,775  
 

 

 

102  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

5.50%, 07/15/77 (Call 07/15/27),
(3-mo. SOFR + 3.680%)(d)

  $ 975     $ 875,411  

5.70%, 03/08/33 (Call 12/08/32)

    1,835       1,835,846  

5.97%, 03/08/26 (Call 03/08/24)

    460       460,347  

6.25%, 03/01/78 (Call 03/01/28),
(3-mo. SOFR + 3.903%)(d)

    1,141       1,062,802  

7.38%, 01/15/83 (Call 01/15/28),
(5-year CMT + 3.708%)(d)

    390       383,362  

7.63%, 01/15/83 (Call 10/15/32),
(5-year CMT + 4.418%)(d)

    65       65,517  

Series 16-A, 6.00%, 01/15/77 (Call 01/15/27),
(3-mo. SOFR + 4.152%)(d)

    782       737,055  

Series 20-A, 5.75%, 07/15/80 (Call 04/15/30),
(5-year CMT + 5.314%)(a)(d)

    883       803,932  

Energy Transfer LP

   

2.90%, 05/15/25 (Call 04/15/25)

    1,409       1,339,118  

3.75%, 05/15/30 (Call 02/15/30)

    1,281       1,144,095  

3.90%, 07/15/26 (Call 04/15/26)

    1,094       1,045,910  

4.00%, 10/01/27 (Call 07/01/27)

    1,294       1,215,870  

4.05%, 03/15/25 (Call 12/15/24)

    863       839,964  

4.15%, 09/15/29 (Call 06/15/29)(a)

    693       637,284  

4.20%, 04/15/27 (Call 01/15/27)

    582       554,356  

4.40%, 03/15/27 (Call 12/15/26)

    972       932,215  

4.75%, 01/15/26 (Call 10/15/25)

    1,319       1,291,429  

4.90%, 03/15/35 (Call 09/15/34)

    618       564,937  

4.95%, 05/15/28 (Call 02/15/28)

    892       866,544  

4.95%, 06/15/28 (Call 03/15/28)

    1,395       1,351,046  

4.95%, 01/15/43 (Call 07/15/42)(a)

    597       485,848  

5.00%, 05/15/44 (Call 11/15/43)

    435       354,193  

5.00%, 05/15/50 (Call 11/15/49)

    2,470       2,033,142  

5.15%, 02/01/43 (Call 08/01/42)

    821       690,521  

5.15%, 03/15/45 (Call 09/15/44)

    1,252       1,055,546  

5.25%, 04/15/29 (Call 01/15/29)

    1,709       1,669,743  

5.30%, 04/01/44 (Call 10/01/43)

    743       632,980  

5.30%, 04/15/47 (Call 10/15/46)

    1,130       958,289  

5.35%, 05/15/45 (Call 11/15/44)

    1,011       864,071  

5.40%, 10/01/47 (Call 04/01/47)

    1,711       1,473,767  

5.50%, 06/01/27 (Call 03/01/27)

    1,173       1,166,173  

5.55%, 02/15/28 (Call 01/15/28)

    980       976,432  

5.75%, 02/15/33 (Call 11/15/32)

    1,200       1,193,080  

5.95%, 12/01/25 (Call 09/01/25)

    651       651,744  

5.95%, 10/01/43 (Call 04/01/43)

    487       444,704  

6.00%, 06/15/48 (Call 12/15/47)

    1,240       1,146,239  

6.05%, 06/01/41 (Call 12/01/40)

    617       582,532  

6.10%, 02/15/42(a)

    597       560,775  

6.13%, 12/15/45 (Call 06/15/45)

     1,280        1,202,079  

6.25%, 04/15/49 (Call 10/15/48)(a)

    2,122       2,031,402  

6.50%, 02/01/42 (Call 08/01/41)

    1,060       1,055,742  

6.63%, 10/15/36

    490       501,091  

6.85%, 02/15/40(a)

    170       169,332  

7.50%, 07/01/38

    425       460,757  

8.25%, 11/15/29 (Call 08/15/29)

    684       758,562  

Series 20Y, 5.80%, 06/15/38 (Call 12/15/37)

    520       492,910  

Enterprise Products Operating LLC

   

2.80%, 01/31/30 (Call 10/31/29)

    1,333       1,155,206  

3.13%, 07/31/29 (Call 04/30/29)

    1,494       1,338,370  

3.20%, 02/15/52 (Call 08/15/51)

    1,269       857,193  

3.30%, 02/15/53 (Call 08/15/52)(a)

    1,112       760,410  

3.70%, 02/15/26 (Call 11/15/25)

    980       945,103  

3.70%, 01/31/51 (Call 07/31/50)

    1,496       1,095,069  
Security  

Par

(000)

    Value  
Pipelines (continued)            

3.75%, 02/15/25 (Call 11/15/24)

  $ 1,339     $ 1,302,692  

3.95%, 02/15/27 (Call 11/15/26)

    975       937,476  

3.95%, 01/31/60 (Call 07/31/59)

    1,306       963,002  

4.15%, 10/16/28 (Call 07/16/28)

    1,292        1,234,033  

4.20%, 01/31/50 (Call 07/31/49)

    1,709       1,365,497  

4.25%, 02/15/48 (Call 08/15/47)

    1,497       1,220,053  

4.45%, 02/15/43 (Call 08/15/42)

    1,314       1,117,666  

4.80%, 02/01/49 (Call 08/01/48)

    1,315       1,155,406  

4.85%, 08/15/42 (Call 02/15/42)

    855       767,546  

4.85%, 03/15/44 (Call 09/15/43)

    1,321       1,179,279  

4.90%, 05/15/46 (Call 11/15/45)

    1,445       1,283,783  

4.95%, 10/15/54 (Call 04/15/54)

    472       418,927  

5.05%, 01/10/26

    1,100       1,094,477  

5.10%, 02/15/45 (Call 08/15/44)

    1,561       1,432,468  

5.35%, 01/31/33 (Call 10/31/32)(a)

    1,125       1,131,265  

5.38%, 02/15/78 (Call 02/15/28),
(3-mo. SOFR + 2.832%)(d)

    953       790,891  

5.70%, 02/15/42

    877       864,426  

5.95%, 02/01/41

    645       660,089  

6.13%, 10/15/39

    757       785,787  

6.45%, 09/01/40

    530       564,823  

7.55%, 04/15/38

    770       881,730  

Series D, 6.88%, 03/01/33

    802       890,734  

Series E, 5.25%, 08/16/77 (Call 08/16/27),
(3-mo. SOFR + 3.295%)(d)

     1,036       911,514  

Series H, 6.65%, 10/15/34

    655       709,480  

Series J, 5.75%, 03/01/35

    286       278,447  

Fermaca Enterprises S de RL de CV, 6.38%, 03/30/38 (Call 09/30/37)(b)

    281       271,156  

Flex Intermediate Holdco LLC

   

3.36%, 06/30/31 (Call 12/30/30)(b)

    1,150       910,378  

4.32%, 12/30/39 (Call 06/30/39)(b)

    705       504,359  

FLNG Liquefaction 2 LLC, 4.13%, 03/31/38(b)

    644       566,012  

Florida Gas Transmission Co. LLC

   

2.30%, 10/01/31 (Call 07/01/31)(b)

    745       585,705  

2.55%, 07/01/30 (Call 04/01/30)(b)

    934       771,997  

4.35%, 07/15/25 (Call 04/15/25)(b)

    885       861,180  

Galaxy Pipeline Assets Bidco Ltd.

   

1.75%, 09/30/27(b)

    182       168,213  

2.16%, 03/31/34(a)(b)

    1,659       1,392,448  

2.94%, 09/30/40(b)

    133       104,630  

3.25%, 09/30/40(a)(b)

    1,310       979,975  

GNL Quintero SA, 4.63%, 07/31/29(b)

    441       424,941  

Gray Oak Pipeline LLC

   

2.60%, 10/15/25 (Call 09/15/25)(b)

    802       741,634  

3.45%, 10/15/27 (Call 08/15/27)(b)

    660       590,347  

Greensaif Pipelines Bidco Sarl

   

6.13%, 02/23/38(a)(b)

    1,055       1,058,478  

6.51%, 02/23/42(b)

    1,000       1,011,771  

Gulfstream Natural Gas System LLC

   

4.60%, 09/15/25 (Call 06/15/25)(b)

    580       560,728  

5.95%, 10/15/45 (Call 04/15/45)(b)

    459       397,940  

6.19%, 11/01/25(a)(b)

    1,255       1,250,419  

KazTransGas JSC, 4.38%, 09/26/27(b)

    220       201,912  

Kinder Morgan Energy Partners LP

   

4.25%, 09/01/24 (Call 06/01/24)

    589       579,373  

4.70%, 11/01/42 (Call 05/01/42)

    672       547,880  

5.00%, 08/15/42 (Call 02/15/42)

    833       699,150  

5.00%, 03/01/43 (Call 09/01/42)

    995       842,931  

5.40%, 09/01/44 (Call 03/01/44)

    690       599,734  
 

 

 

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

  103


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

5.50%, 03/01/44 (Call 09/01/43)

  $ 768     $ 685,136  

5.63%, 09/01/41

    524       475,947  

5.80%, 03/15/35(a)

    760       742,441  

6.38%, 03/01/41

    705       696,142  

6.50%, 02/01/37

    808       811,487  

6.50%, 09/01/39(a)

    710       715,160  

6.55%, 09/15/40(a)

    712       707,401  

6.95%, 01/15/38

    1,120       1,199,143  

7.30%, 08/15/33(a)

    820       892,820  

7.40%, 03/15/31(a)

    334       363,857  

7.50%, 11/15/40

    546       593,326  

7.75%, 03/15/32(a)

    402       445,668  

Kinder Morgan Inc.

   

1.75%, 11/15/26 (Call 10/15/26)(a)

    880       786,877  

2.00%, 02/15/31 (Call 11/15/30)

    772       606,745  

3.25%, 08/01/50 (Call 02/01/50)

    595       374,560  

3.60%, 02/15/51 (Call 08/15/50)

    901       605,497  

4.30%, 06/01/25 (Call 03/01/25)

    1,780       1,740,349  

4.30%, 03/01/28 (Call 12/01/27)

    1,232       1,174,391  

4.80%, 02/01/33 (Call 11/01/32)(a)

    570       531,311  

5.05%, 02/15/46 (Call 08/15/45)

    1,076       906,582  

5.20%, 06/01/33 (Call 03/01/33)

    955       914,809  

5.20%, 03/01/48 (Call 09/01/47)

    891       767,309  

5.30%, 12/01/34 (Call 06/01/34)

    977       929,237  

5.45%, 08/01/52 (Call 02/01/52)(a)

    975       870,796  

5.55%, 06/01/45 (Call 12/01/44)

     2,023        1,828,293  

7.75%, 01/15/32

    1,386       1,548,926  

7.80%, 08/01/31

    688       769,134  

Magellan Midstream Partners LP

   

3.20%, 03/15/25 (Call 12/15/24)

    640       614,044  

3.25%, 06/01/30 (Call 03/01/30)(a)

    750       653,837  

3.95%, 03/01/50 (Call 09/01/49)

    970       679,516  

4.20%, 12/01/42 (Call 06/01/42)

    136       99,304  

4.20%, 03/15/45 (Call 09/15/44)(a)

    355       251,020  

4.20%, 10/03/47 (Call 04/03/47)

    707       520,226  

4.25%, 09/15/46 (Call 03/15/46)

    825       608,240  

4.85%, 02/01/49 (Call 08/01/48)

    740       599,379  

5.00%, 03/01/26 (Call 12/01/25)

    938       926,963  

5.15%, 10/15/43 (Call 04/15/43)

    531       448,486  

6.40%, 05/01/37(a)

    395       388,707  

Midwest Connector Capital Co. LLC, 4.63%, 04/01/29 (Call 01/01/29)(b)

    710       657,786  

MPLX LP

   

1.75%, 03/01/26 (Call 02/01/26)

    2,033       1,851,614  

2.65%, 08/15/30 (Call 05/15/30)

    1,895       1,572,726  

4.00%, 02/15/25 (Call 11/15/24)(a)

    625       608,706  

4.00%, 03/15/28 (Call 12/15/27)

    1,812       1,701,080  

4.13%, 03/01/27 (Call 12/01/26)(a)

    1,572       1,505,103  

4.25%, 12/01/27 (Call 09/01/27)

    1,237       1,177,077  

4.50%, 04/15/38 (Call 10/15/37)

    2,232       1,890,981  

4.70%, 04/15/48 (Call 10/15/47)

    1,830       1,468,555  

4.80%, 02/15/29 (Call 11/15/28)

    1,116       1,075,323  

4.88%, 12/01/24 (Call 09/01/24)

    1,021       1,007,707  

4.88%, 06/01/25 (Call 03/01/25)

    1,180       1,160,849  

4.90%, 04/15/58 (Call 10/15/57)

    488       388,050  

4.95%, 09/01/32 (Call 06/01/32)

    1,110       1,048,637  

4.95%, 03/14/52 (Call 09/14/51)

    1,943       1,601,178  

5.00%, 03/01/33 (Call 12/01/32)

    970       915,611  

5.20%, 03/01/47 (Call 09/01/46)

    1,286       1,107,081  

5.20%, 12/01/47 (Call 06/01/47)

    711       609,186  
Security  

Par

(000)

    Value  
Pipelines (continued)            

5.50%, 02/15/49 (Call 08/15/48)

  $ 1,835     $ 1,635,017  

5.65%, 03/01/53 (Call 09/01/52)

    370       335,247  

NGPL PipeCo LLC

   

3.25%, 07/15/31 (Call 04/15/31)(b)

    420       344,542  

4.88%, 08/15/27 (Call 02/15/27)(b)

    1,136       1,088,212  

7.77%, 12/15/37(b)

    575       606,033  

Northern Natural Gas Co.

   

3.40%, 10/16/51 (Call 04/16/51)(a)(b)

    530       348,446  

4.10%, 09/15/42 (Call 03/15/42)(b)

    595       439,650  

4.30%, 01/15/49 (Call 07/15/48)(b)

    650       510,287  

Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)(a)

    595       565,954  

ONEOK Inc.

   

2.20%, 09/15/25 (Call 08/15/25)(a)

    515       479,217  

2.75%, 09/01/24 (Call 08/01/24)

    603       584,628  

3.10%, 03/15/30 (Call 12/15/29)

    900       772,687  

3.40%, 09/01/29 (Call 06/01/29)

    661       583,878  

4.00%, 07/13/27 (Call 04/13/27)

    530       501,505  

4.35%, 03/15/29 (Call 12/15/28)

    914       854,496  

4.45%, 09/01/49 (Call 03/01/49)

    605       454,617  

4.50%, 03/15/50 (Call 09/15/49)

    585       439,090  

4.55%, 07/15/28 (Call 04/15/28)

    1,159       1,105,139  

4.90%, 03/15/25 (Call 12/15/24)

    802       789,209  

4.95%, 07/13/47 (Call 01/06/47)

    1,049       862,385  

5.20%, 07/15/48 (Call 01/15/48)

    1,084       926,994  

5.55%, 11/01/26 (Call 10/01/26)

     1,260        1,260,431  

5.65%, 11/01/28 (Call 10/01/28)

    1,225       1,226,789  

5.80%, 11/01/30 (Call 09/01/30)

    800       801,729  

5.85%, 01/15/26 (Call 12/15/25)

    910       914,853  

6.00%, 06/15/35(a)

    605       594,912  

6.05%, 09/01/33 (Call 06/01/33)

    1,200       1,209,255  

6.10%, 11/15/32 (Call 08/15/32)

    740       751,683  

6.35%, 01/15/31 (Call 10/15/30)

    691       710,249  

6.63%, 09/01/53 (Call 03/01/53)(a)

    525       529,471  

7.15%, 01/15/51 (Call 07/15/50)

    609       645,661  

ONEOK Partners LP

   

6.13%, 02/01/41 (Call 08/01/40)

    664       644,479  

6.20%, 09/15/43 (Call 03/15/43)

    320       309,957  

6.65%, 10/01/36

    504       520,198  

6.85%, 10/15/37

    650       680,407  

Pipeline Funding Co. LLC, 7.50%, 01/15/30(a)(b)

    341       355,247  

Plains All American Pipeline LP/PAA Finance Corp.

   

3.55%, 12/15/29 (Call 09/15/29)

    1,367       1,201,786  

3.60%, 11/01/24 (Call 08/01/24)

    925       900,521  

3.80%, 09/15/30 (Call 06/15/30)

    995       880,488  

4.30%, 01/31/43 (Call 07/31/42)

    469       348,852  

4.50%, 12/15/26 (Call 09/15/26)

    845       817,278  

4.65%, 10/15/25 (Call 07/15/25)(a)

    1,869       1,822,729  

4.70%, 06/15/44 (Call 12/15/43)

    630       492,419  

4.90%, 02/15/45 (Call 08/15/44)

    734       587,817  

5.15%, 06/01/42 (Call 12/01/41)

    1,012       835,149  

6.65%, 01/15/37

    765       775,476  

Sabal Trail Transmission LLC

   

4.25%, 05/01/28 (Call 02/01/28)(b)

    1,030       978,494  

4.68%, 05/01/38 (Call 11/01/37)(b)

    572       511,377  

4.83%, 05/01/48 (Call 11/01/47)(b)

    605       505,871  

Sabine Pass Liquefaction LLC

   

4.20%, 03/15/28 (Call 09/15/27)

    1,861       1,762,394  

4.50%, 05/15/30 (Call 11/15/29)

    2,551       2,400,626  

5.00%, 03/15/27 (Call 09/15/26)

    1,593       1,566,047  
 

 

 

104  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

5.63%, 03/01/25 (Call 12/01/24)

  $ 2,559     $ 2,550,664  

5.88%, 06/30/26 (Call 12/31/25)

    1,993       2,002,238  

5.90%, 09/15/37 (Call 03/15/37)

    725       727,627  

Southern Natural Gas Co. LLC

   

4.80%, 03/15/47 (Call 09/15/46)(b)

    873       709,401  

8.00%, 03/01/32(a)

    402       453,978  

Spectra Energy Partners LP

   

3.38%, 10/15/26 (Call 07/15/26)

    920       866,173  

3.50%, 03/15/25 (Call 12/15/24)

    835       805,543  

4.50%, 03/15/45 (Call 09/15/44)

    1,039       835,902  

5.95%, 09/25/43 (Call 03/25/43)

    563       538,710  

Targa Resources Corp.

   

4.00%, 01/15/32 (Call 07/15/26)

     1,302       1,123,259  

4.20%, 02/01/33 (Call 11/01/32)

    1,000       881,755  

4.88%, 02/01/31 (Call 02/01/26)

    1,511       1,387,822  

4.95%, 04/15/52 (Call 10/15/51)

    1,155       937,394  

5.00%, 01/15/28 (Call 10/02/23)

    573       551,383  

5.20%, 07/01/27 (Call 06/01/27)

    1,295       1,282,120  

5.50%, 03/01/30 (Call 03/01/25)

    1,084       1,039,139  

6.13%, 03/15/33 (Call 12/15/32)

    685       697,476  

6.25%, 07/01/52 (Call 01/01/52)

    823       790,310  

6.50%, 07/15/27 (Call 10/02/23)

    933       937,805  

6.50%, 02/15/53 (Call 08/15/52)

    785       785,397  

6.88%, 01/15/29 (Call 01/15/24)(a)

    665       674,130  

TC PipeLines LP

   

3.90%, 05/25/27 (Call 02/25/27)(a)

    1,086        1,024,617  

4.38%, 03/13/25 (Call 12/13/24)

    728       708,693  

Tennessee Gas Pipeline Co. LLC

   

2.90%, 03/01/30 (Call 12/01/29)(b)

    871       745,601  

7.00%, 03/15/27

    285       296,618  

7.00%, 10/15/28

    828       877,031  

7.63%, 04/01/37

    285       327,654  

Texas Eastern Transmission LP

   

3.50%, 01/15/28 (Call 10/15/27)(b)

    740       683,320  

4.15%, 01/15/48 (Call 07/15/47)(b)

    575       440,048  

7.00%, 07/15/32

    689       761,270  

TMS Issuer Sarl, 5.78%, 08/23/32(b)

    1,060       1,074,541  

TransCanada PipeLines Ltd.

   

1.00%, 10/12/24 (Call 09/12/24)

    380       360,377  

2.50%, 10/12/31 (Call 07/12/31)(a)

    1,435       1,143,391  

4.10%, 04/15/30 (Call 01/15/30)(a)

    1,276       1,168,858  

4.25%, 05/15/28 (Call 02/15/28)

    1,685       1,604,175  

4.63%, 03/01/34 (Call 12/01/33)

    925       836,718  

4.75%, 05/15/38 (Call 11/15/37)

    240       209,945  

4.88%, 01/15/26 (Call 10/15/25)

    2,217       2,189,429  

4.88%, 05/15/48 (Call 11/15/47)

    1,172       995,499  

5.00%, 10/16/43 (Call 04/16/43)

    1,033       894,590  

5.10%, 03/15/49 (Call 09/15/48)(a)

    1,189       1,043,979  

5.60%, 03/31/34

    530       514,299  

5.85%, 03/15/36

    1,044       1,035,102  

6.10%, 06/01/40(a)

    985       992,266  

6.20%, 03/09/26 (Call 03/09/24)

    470       470,473  

6.20%, 10/15/37(a)

    1,785       1,813,319  

7.25%, 08/15/38

    1,000       1,113,408  

7.63%, 01/15/39(a)

    1,260       1,427,400  

Transcanada Trust

   

5.30%, 03/15/77 (Call 03/15/27), (3 mo. LIBOR US + 3.208%)(a)(d)

    1,412       1,228,440  

5.50%, 09/15/79 (Call 09/15/29), (1-day SOFR + 4.416%)(d)

    1,059       889,581  
Security  

Par

(000)

    Value  
Pipelines (continued)            

5.60%, 03/07/82 (Call 12/07/31),
(5-year CMT + 3.986%)(d)

  $ 970     $ 808,330  

5.63%, 05/20/75 (Call 05/20/25),
(3-mo. LIBOR US + 3.528%)(a)(d)

    484       454,215  

Series 16-A, 5.88%, 08/15/76 (Call 08/15/26), (3 mo. LIBOR US + 4.640%)(d)

    866       798,584  

Transcontinental Gas Pipe Line Co. LLC

   

3.25%, 05/15/30 (Call 02/15/30)

    901       794,135  

3.95%, 05/15/50 (Call 11/15/49)

    455       339,890  

4.00%, 03/15/28 (Call 12/15/27)

    823       776,414  

4.45%, 08/01/42 (Call 02/01/42)

    476       395,961  

4.60%, 03/15/48 (Call 09/15/47)(a)

    861       718,501  

5.40%, 08/15/41 (Call 02/15/41)

    600       560,834  

7.85%, 02/01/26 (Call 11/01/25)

    1,570       1,640,883  

Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)(a)(b)

    190       180,709  

Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)

    959       923,100  

Western Midstream Operating LP

   

3.95%, 06/01/25 (Call 03/01/25)

    225       217,119  

4.05%, 02/01/30 (Call 11/01/29)

    800       713,604  

4.50%, 03/01/28 (Call 12/01/27)

    150       141,154  

4.65%, 07/01/26 (Call 04/01/26)

    195       188,595  

4.75%, 08/15/28 (Call 05/15/28)

    865       818,856  

5.25%, 02/01/50 (Call 08/01/49)

    1,240       1,003,557  

5.30%, 03/01/48 (Call 09/01/47)

    895       733,719  

5.45%, 04/01/44 (Call 10/01/43)

    795       667,853  

5.50%, 08/15/48 (Call 02/15/48)

    490       407,605  

6.15%, 04/01/33 (Call 01/01/33)

    330       328,352  

Williams Companies Inc. (The)

   

2.60%, 03/15/31 (Call 12/15/30)

     1,595       1,308,977  

3.50%, 11/15/30 (Call 08/15/30)

    1,007       891,933  

3.50%, 10/15/51 (Call 04/15/51)(a)

    855       573,808  

3.75%, 06/15/27 (Call 03/15/27)

    1,707       1,606,836  

3.90%, 01/15/25 (Call 10/15/24)

    1,136       1,107,879  

4.00%, 09/15/25 (Call 06/15/25)

    1,127       1,091,431  

4.65%, 08/15/32 (Call 05/15/32)

    1,260       1,183,182  

4.85%, 03/01/48 (Call 09/01/47)

    941       800,990  

4.90%, 01/15/45 (Call 07/15/44)

    497       424,004  

5.10%, 09/15/45 (Call 03/15/45)

    1,239       1,091,533  

5.30%, 08/15/28 (Call 07/15/28)

    1,015       1,009,837  

5.30%, 08/15/52 (Call 02/15/52)

    680       612,264  

5.40%, 03/02/26

    385       384,387  

5.40%, 03/04/44 (Call 09/04/43)

    721       649,908  

5.65%, 03/15/33 (Call 12/15/32)

    700       703,898  

5.75%, 06/24/44 (Call 12/24/43)

    815       771,233  

5.80%, 11/15/43 (Call 05/15/43)

    535       513,024  

6.30%, 04/15/40

    1,462       1,498,359  

7.75%, 06/15/31(a)

    467       511,823  

8.75%, 03/15/32

    613       717,138  

Series A, 7.50%, 01/15/31

    447       489,499  
   

 

 

 
       314,366,397  
Private Equity — 0.1%            

Apollo Management Holdings LP

   

2.65%, 06/05/30 (Call 03/05/30)(b)

    859       704,278  

4.40%, 05/27/26 (Call 02/27/26)(b)

    805       770,817  

4.87%, 02/15/29 (Call 11/15/28)(a)(b)

    930       895,054  

5.00%, 03/15/48 (Call 09/15/47)(a)(b)

    590       495,711  

Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(b)

    535       460,410  
 

 

 

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

  105


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Private Equity (continued)            

Carlyle Finance Subsidiary LLC, 3.50%, 09/19/29 (Call 06/19/29)(a)(b)

  $ 923     $ 831,957  

Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(b)

    753       655,690  

KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)(b)

    858       741,628  

KKR Group Finance Co. VI LLC, 3.75%, 07/01/29 (Call 04/01/29)(b)

    1,248       1,129,513  

KKR Group Finance Co. VII LLC, 3.63%, 02/25/50 (Call 08/25/49)(a)(b)

    823       550,216  

KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50 (Call 02/25/50)(a)(b)

    1,230       812,411  

KKR Group Finance Co. X LLC, 3.25%, 12/15/51 (Call 06/15/51)(b)

    155       97,716  
   

 

 

 
      8,145,401  
Real Estate — 0.1%            

Brookfield Asset Management Inc.

   

4.00%, 01/15/25 (Call 10/15/24)

    914       888,562  

7.38%, 03/01/33(a)

    200       216,304  

CBRE Services Inc.

   

2.50%, 04/01/31 (Call 01/01/31)

    762       612,001  

4.88%, 03/01/26 (Call 12/01/25)

    1,126       1,101,511  

5.95%, 08/15/34 (Call 05/15/34)

    480       474,782  

Corp. Inmobiliaria Vesta SAB de CV, 3.63%, 05/13/31 (Call 02/13/31)(b)

    280       230,452  

Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)

    552       413,683  

GAIF Bond Issuer Pty Ltd., 3.40%, 09/30/26 (Call 06/30/26)(b)

    1,139       1,057,072  

Mitsui Fudosan Co. Ltd.

   

2.57%, 01/21/32 (Call 10/21/31)(b)

    375       306,949  

3.95%, 01/24/29 (Call 10/24/28)(b)

    190       179,476  

Ontario Teachers’ Cadillac Fairview Properties Trust

   

2.50%, 10/15/31 (Call 07/15/31)(b)

    1,255       987,391  

3.88%, 03/20/27 (Call 12/20/26)(b)

    1,560       1,443,919  

4.13%, 02/01/29 (Call 11/01/28)(b)

    1,595       1,444,991  
   

 

 

 
       9,357,093  
Real Estate Investment Trusts — 3.3%            

Agree LP

   

2.00%, 06/15/28 (Call 04/15/28)

    735       616,878  

2.60%, 06/15/33 (Call 03/15/33)(a)

    540       410,366  

2.90%, 10/01/30 (Call 07/01/30)

    185       153,478  

4.80%, 10/01/32 (Call 07/01/32)

    580       533,893  

Alexandria Real Estate Equities Inc.

   

1.88%, 02/01/33 (Call 11/01/32)

     1,136       838,245  

2.00%, 05/18/32 (Call 02/18/32)

    1,030       780,907  

2.75%, 12/15/29 (Call 09/15/29)

    400       339,247  

2.95%, 03/15/34 (Call 12/15/33)

    750       593,585  

3.00%, 05/18/51 (Call 11/18/50)

    992       599,080  

3.38%, 08/15/31 (Call 05/15/31)

    1,032       891,043  

3.45%, 04/30/25 (Call 02/28/25)

    566       546,233  

3.55%, 03/15/52 (Call 09/15/51)

    1,245       849,605  

3.80%, 04/15/26 (Call 02/15/26)(a)

    486       466,197  

3.95%, 01/15/27 (Call 10/15/26)

    370       350,117  

3.95%, 01/15/28 (Call 10/15/27)

    300       281,336  

4.00%, 02/01/50 (Call 08/01/49)

    873       654,245  

4.30%, 01/15/26 (Call 10/15/25)

    485       469,831  

4.50%, 07/30/29 (Call 04/30/29)(a)

    297       281,385  

4.70%, 07/01/30 (Call 04/01/30)

    551       521,756  

4.75%, 04/15/35 (Call 01/15/35)(a)

    440       406,957  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

4.85%, 04/15/49 (Call 10/15/48)

  $ 324     $ 264,349  

4.90%, 12/15/30 (Call 09/15/30)

    852       824,674  

5.15%, 04/15/53 (Call 10/15/52)

    555       494,212  

American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30)

    864       670,761  

American Homes 4 Rent LP

   

2.38%, 07/15/31 (Call 04/15/31)

    391       309,604  

3.38%, 07/15/51 (Call 01/15/51)

    575       367,320  

3.63%, 04/15/32 (Call 01/15/32)

    500       428,363  

4.25%, 02/15/28 (Call 11/15/27)

    965       912,969  

4.30%, 04/15/52 (Call 10/15/51)

    155       119,747  

4.90%, 02/15/29 (Call 11/15/28)

    732       704,272  

American Tower Corp.

   

1.30%, 09/15/25 (Call 08/15/25)

    789       723,658  

1.45%, 09/15/26 (Call 08/15/26)

    884       783,291  

1.50%, 01/31/28 (Call 11/30/27)

    796       668,458  

1.60%, 04/15/26 (Call 03/15/26)

     1,081       976,201  

1.88%, 10/15/30 (Call 07/15/30)

    1,249       971,829  

2.10%, 06/15/30 (Call 03/15/30)

    948       756,360  

2.30%, 09/15/31 (Call 06/15/31)

    1,246       974,177  

2.40%, 03/15/25 (Call 02/15/25)

    836       793,402  

2.70%, 04/15/31 (Call 01/15/31)

    1,242       1,015,432  

2.75%, 01/15/27 (Call 11/15/26)

    1,092       998,126  

2.90%, 01/15/30 (Call 10/15/29)

    987       840,799  

2.95%, 01/15/25 (Call 12/15/24)

    691       664,224  

2.95%, 01/15/51 (Call 07/15/50)(a)

    1,236       748,111  

3.10%, 06/15/50 (Call 12/15/49)

    1,395       870,430  

3.13%, 01/15/27 (Call 10/15/26)

    663       610,595  

3.38%, 10/15/26 (Call 07/15/26)

    1,128       1,056,650  

3.55%, 07/15/27 (Call 04/15/27)

    992       919,827  

3.60%, 01/15/28 (Call 10/15/27)

    1,009       931,256  

3.65%, 03/15/27 (Call 02/15/27)

    955       896,520  

3.70%, 10/15/49 (Call 04/15/49)(a)

    878       611,509  

3.80%, 08/15/29 (Call 05/15/29)

    1,786       1,624,282  

3.95%, 03/15/29 (Call 12/15/28)

    853       784,819  

4.00%, 06/01/25 (Call 03/01/25)

    1,075       1,042,628  

4.05%, 03/15/32 (Call 12/15/31)(a)

    480       428,101  

4.40%, 02/15/26 (Call 11/15/25)

    752       731,753  

5.25%, 07/15/28 (Call 06/15/28)

    610       600,730  

5.50%, 03/15/28 (Call 02/15/28)

    915       910,155  

5.55%, 07/15/33 (Call 04/15/33)

    505       499,889  

5.65%, 03/15/33 (Call 12/15/32)

    1,030        1,025,957  

AvalonBay Communities Inc.

   

1.90%, 12/01/28 (Call 10/01/28)(a)

    345       294,882  

2.05%, 01/15/32 (Call 10/15/31)(a)

    920       737,331  

2.30%, 03/01/30 (Call 12/01/29)

    880       734,829  

2.45%, 01/15/31 (Call 10/17/30)

    545       452,872  

2.90%, 10/15/26 (Call 07/15/26)(a)

    640       593,935  

2.95%, 05/11/26 (Call 02/11/26)(a)

    1,053       992,254  

3.20%, 01/15/28 (Call 10/15/27)

    821       757,106  

3.30%, 06/01/29 (Call 03/01/29)

    568       513,231  

3.35%, 05/15/27 (Call 02/15/27)

    327       305,720  

3.45%, 06/01/25 (Call 03/03/25)(a)

    602       582,294  

3.50%, 11/15/24 (Call 08/15/24)

    429       419,125  

3.50%, 11/15/25 (Call 08/15/25)

    600       574,255  

3.90%, 10/15/46 (Call 04/15/46)

    372       281,136  

4.15%, 07/01/47 (Call 01/01/47)(a)

    309       246,156  

4.35%, 04/15/48 (Call 10/18/47)(a)

    267       215,746  

5.00%, 02/15/33 (Call 11/15/32)(a)

    235       232,812  
 

 

 

106  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Boston Properties LP

   

2.45%, 10/01/33 (Call 07/01/33)(a)

  $ 967     $ 684,561  

2.55%, 04/01/32 (Call 01/01/32)(a)

    1,396       1,046,202  

2.75%, 10/01/26 (Call 07/01/26)

    1,131       1,019,831  

2.90%, 03/15/30 (Call 12/15/29)

    960       781,301  

3.20%, 01/15/25 (Call 10/15/24)(a)

    390       373,984  

3.25%, 01/30/31 (Call 10/30/30)

    1,157       941,880  

3.40%, 06/21/29 (Call 03/21/29)

    880       752,758  

3.65%, 02/01/26 (Call 11/03/25)

    1,941       1,828,255  

4.50%, 12/01/28 (Call 09/01/28)

    979       903,380  

6.50%, 01/15/34 (Call 10/15/33)(a)

    255       254,120  

6.75%, 12/01/27 (Call 11/01/27)

    640       653,656  

Brandywine Operating Partnership LP

   

3.95%, 11/15/27 (Call 08/15/27)

    600       493,887  

4.10%, 10/01/24 (Call 07/01/24)

    578       551,860  

4.55%, 10/01/29 (Call 07/01/29)(a)

    329       257,081  

7.55%, 03/15/28 (Call 02/15/28)

    370       346,934  

Brixmor Operating Partnership LP

   

2.25%, 04/01/28 (Call 02/01/28)

    285       242,180  

2.50%, 08/16/31 (Call 05/16/31)

    390       306,745  

3.85%, 02/01/25 (Call 11/01/24)

    494       476,520  

3.90%, 03/15/27 (Call 12/15/26)

    817       760,815  

4.05%, 07/01/30 (Call 04/01/30)(a)

    1,293       1,168,110  

4.13%, 06/15/26 (Call 03/15/26)

    505       479,248  

4.13%, 05/15/29 (Call 02/15/29)

    595       541,231  

Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31)

    705       509,203  

Camden Property Trust

   

2.80%, 05/15/30 (Call 02/15/30)(a)

    1,357       1,177,941  

3.15%, 07/01/29 (Call 04/01/29)

    544       488,916  

3.35%, 11/01/49 (Call 05/01/49)(a)

    417       295,536  

3.50%, 09/15/24 (Call 06/15/24)

    350       341,416  

4.10%, 10/15/28 (Call 07/15/28)

    450       427,969  

Corporate Office Properties LP

   

2.00%, 01/15/29 (Call 11/15/28)(a)

    440       346,477  

2.25%, 03/15/26 (Call 02/15/26)(a)

    475       429,000  

2.75%, 04/15/31 (Call 01/15/31)

    480       369,952  

2.90%, 12/01/33 (Call 09/01/33)(a)

    705       509,222  

Crown Castle Inc.

   

2.90%, 04/01/41 (Call 10/01/40)

     1,820        1,226,518  

3.25%, 01/15/51 (Call 07/15/50)(a)

    837       543,299  

4.75%, 05/15/47 (Call 11/15/46)

    326       268,899  

4.80%, 09/01/28

    750       728,095  

5.00%, 01/11/28 (Call 12/11/27)(a)

    650       638,099  

5.10%, 05/01/33

    600       577,373  

Crown Castle International Corp.

   

1.05%, 07/15/26 (Call 06/15/26)

    1,362       1,203,948  

1.35%, 07/15/25 (Call 06/15/25)

    639       589,829  

2.10%, 04/01/31 (Call 01/01/31)

    1,662       1,310,294  

2.25%, 01/15/31 (Call 10/15/30)

    1,191       956,223  

2.50%, 07/15/31 (Call 04/15/31)

    666       536,700  

2.90%, 03/15/27 (Call 02/15/27)

    1,105       1,014,351  

3.10%, 11/15/29 (Call 08/15/29)

    833       724,967  

3.20%, 09/01/24 (Call 07/01/24)

    697       678,999  

3.30%, 07/01/30 (Call 04/01/30)

    1,060       919,728  

3.65%, 09/01/27 (Call 06/01/27)

    1,515       1,411,362  

3.70%, 06/15/26 (Call 03/15/26)

    1,158       1,102,490  

3.80%, 02/15/28 (Call 11/15/27)

    1,475       1,371,860  

4.00%, 03/01/27 (Call 12/01/26)

    942       894,218  

4.00%, 11/15/49 (Call 05/15/49)

    502       370,530  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

4.15%, 07/01/50 (Call 01/01/50)

  $ 833     $ 628,669  

4.30%, 02/15/29 (Call 11/15/28)

    772       724,984  

4.45%, 02/15/26 (Call 11/15/25)

    1,280       1,246,622  

5.20%, 02/15/49 (Call 08/15/48)

    448       398,149  

CubeSmart LP

   

2.00%, 02/15/31 (Call 11/15/30)

    420       326,326  

2.25%, 12/15/28 (Call 10/15/28)

    657       556,369  

2.50%, 02/15/32 (Call 11/15/31)

    620       488,823  

3.00%, 02/15/30 (Call 11/15/29)(a)

    531       452,869  

3.13%, 09/01/26 (Call 06/01/26)

    707       651,581  

4.00%, 11/15/25 (Call 08/15/25)

    611       584,313  

4.38%, 02/15/29 (Call 11/15/28)(a)

    495       463,292  

Digital Realty Trust LP

   

3.60%, 07/01/29 (Call 04/01/29)(a)

    1,021       920,712  

3.70%, 08/15/27 (Call 05/15/27)

    1,377       1,282,948  

4.45%, 07/15/28 (Call 04/15/28)(a)

    965       912,665  

5.55%, 01/15/28 (Call 12/15/27)(a)

    1,070       1,067,075  

EPR Properties

   

3.60%, 11/15/31 (Call 08/15/31)

    135       103,349  

3.75%, 08/15/29 (Call 05/15/29)

    400       326,185  

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

    200       191,664  

4.50%, 06/01/27 (Call 03/01/27)

    300       270,212  

4.75%, 12/15/26 (Call 09/15/26)

    300       275,611  

4.95%, 04/15/28 (Call 01/15/28)

    300       268,775  

Equinix Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    1,209       1,102,479  

1.25%, 07/15/25 (Call 06/15/25)

    672       619,763  

1.45%, 05/15/26 (Call 04/15/26)

    580       521,277  

1.55%, 03/15/28 (Call 01/15/28)

    861       727,738  

1.80%, 07/15/27 (Call 05/15/27)

    930       812,192  

2.00%, 05/15/28 (Call 03/15/28)

    770       657,781  

2.15%, 07/15/30 (Call 04/15/30)(a)

    1,130       911,762  

2.50%, 05/15/31 (Call 02/15/31)

     1,611        1,305,035  

2.63%, 11/18/24 (Call 10/18/24)

    889       856,634  

2.90%, 11/18/26 (Call 09/18/26)

    1,182       1,092,347  

2.95%, 09/15/51 (Call 03/15/51)

    749       466,117  

3.00%, 07/15/50 (Call 01/15/50)(a)

    731       460,143  

3.20%, 11/18/29 (Call 08/18/29)

    1,774       1,554,108  

3.40%, 02/15/52 (Call 08/15/51)

    502       340,037  

3.90%, 04/15/32 (Call 01/15/32)

    880       783,237  

ERP Operating LP

   

1.85%, 08/01/31 (Call 05/01/31)

    735       575,069  

2.50%, 02/15/30 (Call 11/15/29)

    640       542,285  

2.85%, 11/01/26 (Call 08/01/26)

    590       550,267  

3.00%, 07/01/29 (Call 04/01/29)

    715       636,406  

3.25%, 08/01/27 (Call 05/01/27)

    260       240,006  

3.38%, 06/01/25 (Call 03/01/25)

    420       405,139  

3.50%, 03/01/28 (Call 12/01/27)(a)

    607       565,601  

4.00%, 08/01/47 (Call 02/01/47)

    120       91,246  

4.15%, 12/01/28 (Call 09/01/28)

    678       644,691  

4.50%, 07/01/44 (Call 01/01/44)

    839       713,112  

4.50%, 06/01/45 (Call 12/01/44)

    680       552,848  

Essex Portfolio LP

   

1.65%, 01/15/31 (Call 10/15/30)

    845       637,977  

1.70%, 03/01/28 (Call 01/01/28)

    220       186,417  

2.55%, 06/15/31 (Call 03/15/31)

    155       124,112  

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

    563       448,468  

2.65%, 09/01/50 (Call 03/01/50)

    420       234,632  

3.00%, 01/15/30 (Call 10/15/29)

    577       491,421  

3.38%, 04/15/26 (Call 01/15/26)(a)

    723       686,540  
 

 

 

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

  107


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

3.50%, 04/01/25 (Call 01/01/25)

  $ 715     $ 690,870  

3.63%, 05/01/27 (Call 02/01/27)(a)

    471       438,819  

4.00%, 03/01/29 (Call 12/01/28)

    851       786,398  

4.50%, 03/15/48 (Call 09/15/47)

    350       273,521  

Estee Lauder Cos. Inc. (The), 5.15%, 05/15/53 (Call 11/15/52)(a)

    200       193,870  

Extra Space Storage LP

   

2.20%, 10/15/30 (Call 07/15/30)

    549       438,018  

2.35%, 03/15/32 (Call 12/15/31)

    720       560,088  

2.40%, 10/15/31 (Call 07/15/31)

    810       635,893  

2.55%, 06/01/31 (Call 03/01/31)

    345       276,762  

3.50%, 07/01/26 (Call 04/01/26)

    974       913,083  

3.88%, 12/15/27 (Call 09/15/27)

    653       608,470  

3.90%, 04/01/29 (Call 02/01/29)

    145       132,789  

4.00%, 06/15/29 (Call 03/15/29)

    662       605,904  

5.50%, 07/01/30 (Call 05/01/30)(a)

    325       322,273  

5.70%, 04/01/28 (Call 03/01/28)(a)

    190       190,835  

Federal Realty Investment Trust

   

1.25%, 02/15/26 (Call 01/15/26)(a)

    607       546,352  

3.20%, 06/15/29 (Call 03/15/29)(a)

    310       266,809  

3.25%, 07/15/27 (Call 04/15/27)

    470       432,562  

3.50%, 06/01/30 (Call 03/01/30)(a)

    594       519,155  

3.63%, 08/01/46 (Call 02/01/46)

    384       250,265  

4.50%, 12/01/44 (Call 06/01/44)

    588       456,276  

Federal Realty OP LP, 5.38%, 05/01/28

    400       393,701  

GLP Capital LP/GLP Financing II Inc.

   

3.25%, 01/15/32 (Call 10/15/31)

    1,210       975,603  

3.35%, 09/01/24 (Call 08/01/24)

    340       329,721  

4.00%, 01/15/30 (Call 10/15/29)

    1,117       974,530  

4.00%, 01/15/31 (Call 10/15/30)

    833       714,522  

5.25%, 06/01/25 (Call 03/01/25)

    1,011       992,375  

5.30%, 01/15/29 (Call 10/15/28)

    760       716,606  

5.38%, 04/15/26 (Call 01/15/26)

     1,489        1,457,970  

5.75%, 06/01/28 (Call 03/03/28)

    829       805,593  

Goodman U.S. Finance Four LLC, 4.50%, 10/15/37 (Call 04/15/37)(b)

    415       339,351  

Goodman U.S. Finance Three LLC, 3.70%, 03/15/28 (Call 12/15/27)(a)(b)

    875       794,151  

Healthcare Realty Holdings LP

   

2.00%, 03/15/31 (Call 12/15/30)(a)

    647       498,256  

2.05%, 03/15/31 (Call 12/15/30)

    508       378,918  

2.40%, 03/15/30 (Call 12/15/29)

    375       296,508  

3.50%, 08/01/26 (Call 05/01/26)

    767       716,015  

3.63%, 01/15/28 (Call 10/15/27)(a)

    516       465,476  

3.75%, 07/01/27 (Call 04/01/27)(a)

    771       715,124  

Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29)

    709       603,953  

Healthpeak Properties Inc.

   

1.35%, 02/01/27 (Call 01/01/27)

    613       537,423  

2.13%, 12/01/28 (Call 10/01/28)(a)

    747       638,256  

2.88%, 01/15/31 (Call 10/15/30)

    493       412,267  

3.00%, 01/15/30 (Call 10/15/29)

    651       563,312  

3.25%, 07/15/26 (Call 05/15/26)

    1,115       1,054,579  

3.40%, 02/01/25 (Call 11/01/24)(a)

    303       292,902  

3.50%, 07/15/29 (Call 04/15/29)

    545       489,435  

4.00%, 06/01/25 (Call 03/01/25)

    582       566,295  

6.75%, 02/01/41 (Call 08/01/40)(a)

    592       614,106  

Healthpeak Properties Interim Inc., 5.25%, 12/15/32 (Call 09/15/32)

    935       903,794  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Highwoods Realty LP

   

2.60%, 02/01/31 (Call 11/01/30)

  $ 635     $ 466,866  

3.05%, 02/15/30 (Call 11/15/29)

    323       252,759  

3.88%, 03/01/27 (Call 12/01/26)

    145       133,013  

4.13%, 03/15/28 (Call 12/15/27)

    447       401,715  

4.20%, 04/15/29 (Call 01/15/29)

    729       620,107  

Host Hotels & Resorts LP

   

Series E, 4.00%, 06/15/25 (Call 03/15/25)

    705       680,504  

Series F, 4.50%, 02/01/26 (Call 11/01/25)(a)

    609       587,350  

Series H, 3.38%, 12/15/29 (Call 09/15/29)

    551       468,642  

Series I, 3.50%, 09/15/30 (Call 06/15/30)(a)

    636       542,575  

Series J, 2.90%, 12/15/31 (Call 09/15/31)

    765       603,198  

Hudson Pacific Properties LP

   

3.25%, 01/15/30 (Call 10/15/29)

    569       385,431  

3.95%, 11/01/27 (Call 08/01/27)

    465       365,512  

4.65%, 04/01/29 (Call 01/01/29)(a)

    649       494,529  

5.95%, 02/15/28 (Call 01/15/28)(a)

    200       169,123  

Invitation Homes Operating Partnership LP

   

2.00%, 08/15/31 (Call 05/15/31)

    741       567,005  

2.30%, 11/15/28 (Call 09/15/28)

    645       548,057  

2.70%, 01/15/34 (Call 10/15/33)

    530       402,517  

4.15%, 04/15/32 (Call 01/15/32)

    650       578,499  

5.45%, 08/15/30

    310       303,414  

5.50%, 08/15/33

    630       609,683  

Kilroy Realty LP

   

2.50%, 11/15/32 (Call 08/15/32)

    443       311,933  

2.65%, 11/15/33 (Call 08/15/33)(a)

    595       413,117  

3.05%, 02/15/30 (Call 11/15/29)

    687       548,328  

3.45%, 12/15/24 (Call 09/15/24)

    455       438,959  

4.25%, 08/15/29 (Call 05/15/29)

    580       502,186  

4.38%, 10/01/25 (Call 07/01/25)

    490       465,831  

4.75%, 12/15/28 (Call 09/15/28)(a)

    450       405,339  

Kimco Realty Corp.

   

1.90%, 03/01/28 (Call 01/01/28)

    428       362,442  

2.25%, 12/01/31 (Call 09/01/31)

    410       317,437  

2.70%, 10/01/30 (Call 07/01/30)

     1,023       844,013  

2.80%, 10/01/26 (Call 07/01/26)

    594       546,293  

3.20%, 04/01/32 (Call 01/01/32)(a)

    290       240,575  

3.25%, 08/15/26 (Call 05/15/26)

    725       672,717  

3.30%, 02/01/25 (Call 12/01/24)

    739       711,784  

3.70%, 10/01/49 (Call 04/01/49)(a)

    456       318,164  

3.80%, 04/01/27 (Call 01/01/27)

    555       519,052  

4.13%, 12/01/46 (Call 06/01/46)

    463       339,735  

4.25%, 04/01/45 (Call 10/01/44)(a)

    344       264,334  

4.45%, 09/01/47 (Call 03/01/47)(a)

    500       393,836  

4.60%, 02/01/33 (Call 11/01/32)

    875       804,184  

Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)(a)

    642        586,379  

Kite Realty Group Trust

   

4.00%, 03/15/25 (Call 12/15/24)

    490       470,744  

4.75%, 09/15/30 (Call 06/15/30)

    510       466,842  

LXP Industrial Trust

   

2.38%, 10/01/31 (Call 07/01/31)(a)

    448       338,808  

2.70%, 09/15/30 (Call 06/15/30)

    760       602,235  

Mid-America Apartments LP

   

1.10%, 09/15/26 (Call 08/15/26)

    893       789,240  

1.70%, 02/15/31 (Call 11/15/30)

    572       450,959  

2.75%, 03/15/30 (Call 12/15/29)

    580       500,969  

2.88%, 09/15/51 (Call 03/15/51)(a)

    379       237,789  

3.60%, 06/01/27 (Call 03/01/27)

    360       340,692  
 

 

 

108  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

3.95%, 03/15/29 (Call 12/15/28)

  $ 506     $ 475,010  

4.00%, 11/15/25 (Call 08/15/25)

    250       242,899  

4.20%, 06/15/28 (Call 03/15/28)

    640       608,397  

National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30)

    644       487,861  

NNN REIT Inc.

   

2.50%, 04/15/30 (Call 01/15/30)(a)

    674       557,288  

3.00%, 04/15/52 (Call 10/15/51)

    175       106,018  

3.10%, 04/15/50 (Call 10/15/49)(a)

    278       170,436  

3.50%, 10/15/27 (Call 07/15/27)(a)

    365       335,334  

3.50%, 04/15/51 (Call 10/15/50)

    450       303,213  

3.60%, 12/15/26 (Call 09/15/26)(a)

    516       481,383  

4.00%, 11/15/25 (Call 08/15/25)

    442       425,671  

4.30%, 10/15/28 (Call 07/15/28)(a)

    197       184,833  

4.80%, 10/15/48 (Call 04/15/48)(a)

    742       608,110  

5.60%, 10/15/33 (Call 07/15/33)

    475       465,464  

Oaktree Specialty Lending Corp., 7.10%, 02/15/29 (Call 01/15/29)

    505       495,040  

Omega Healthcare Investors Inc.

   

3.25%, 04/15/33 (Call 01/15/33)

    705       526,190  

3.38%, 02/01/31 (Call 11/01/30)(a)

    1,028       830,325  

3.63%, 10/01/29 (Call 07/01/29)

    873       739,724  

4.50%, 01/15/25 (Call 10/15/24)

    592       577,262  

4.50%, 04/01/27 (Call 01/01/27)

    320       302,678  

4.75%, 01/15/28 (Call 10/15/27)(a)

    855       802,916  

5.25%, 01/15/26 (Call 10/15/25)(a)

    1,000       983,219  

Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31)(a)

    665       498,107  

Physicians Realty LP

   

2.63%, 11/01/31 (Call 08/01/31)

    716       556,202  

3.95%, 01/15/28 (Call 10/15/27)

    392       359,026  

4.30%, 03/15/27 (Call 12/15/26)

    748       714,272  

Piedmont Operating Partnership LP

   

2.75%, 04/01/32 (Call 01/01/32)

    427       288,404  

3.15%, 08/15/30 (Call 05/15/30)(a)

    346       249,571  

9.25%, 07/20/28 (Call 06/20/28)

    115       117,625  

Prologis LP

   

1.25%, 10/15/30 (Call 07/15/30)

    523       402,662  

1.63%, 03/15/31 (Call 12/15/30)

    407       316,377  

1.75%, 07/01/30 (Call 04/01/30)

    510       407,206  

1.75%, 02/01/31 (Call 11/01/30)(a)

    330       260,328  

2.13%, 04/15/27 (Call 02/15/27)

    571       514,216  

2.13%, 10/15/50 (Call 04/15/50)

    496       267,615  

2.25%, 04/15/30 (Call 01/15/30)

     1,261        1,058,155  

2.25%, 01/15/32 (Call 10/15/31)(a)

    780       625,794  

2.88%, 11/15/29 (Call 08/15/29)

    448       392,391  

3.00%, 04/15/50 (Call 10/15/49)

    536       352,340  

3.05%, 03/01/50 (Call 09/01/49)

    537       355,751  

3.25%, 06/30/26 (Call 03/30/26)(a)

    750       711,031  

3.25%, 10/01/26 (Call 07/01/26)(a)

    563       531,814  

3.38%, 12/15/27 (Call 09/15/27)

    674       628,094  

3.88%, 09/15/28 (Call 06/15/28)

    521       491,986  

4.00%, 09/15/28 (Call 06/15/28)

    584       555,444  

4.38%, 02/01/29 (Call 11/01/28)(a)

    424       406,682  

4.38%, 09/15/48 (Call 03/15/48)

    395       326,832  

4.63%, 01/15/33 (Call 10/15/32)

    450       431,715  

4.75%, 06/15/33 (Call 03/15/33)

    1,150       1,102,113  

4.88%, 06/15/28 (Call 05/15/28)

    575       569,042  

5.13%, 01/15/34 (Call 10/15/33)

    775       762,916  

5.25%, 06/15/53 (Call 12/15/52)

    1,065       1,015,628  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Public Storage Operating Co.

   

0.88%, 02/15/26 (Call 01/15/26)

  $ 1,111     $ 1,001,376  

1.50%, 11/09/26 (Call 10/09/26)(a)

    1,047       942,316  

1.85%, 05/01/28 (Call 03/01/28)

    857       743,617  

1.95%, 11/09/28 (Call 09/09/28)

    695       597,555  

2.25%, 11/09/31 (Call 08/09/31)(a)

    595       481,321  

2.30%, 05/01/31 (Call 02/01/31)

    735       604,670  

3.09%, 09/15/27 (Call 06/15/27)

    731       682,131  

3.39%, 05/01/29 (Call 02/01/29)

    720       661,343  

5.10%, 08/01/33 (Call 05/01/33)

    145       143,768  

5.13%, 01/15/29 (Call 12/15/28)

    625       624,140  

5.35%, 08/01/53 (Call 02/01/53)

    450       439,879  

Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)

    757       605,000  

Realty Income Corp.

   

0.75%, 03/15/26 (Call 02/15/26)

    625       555,827  

1.80%, 03/15/33 (Call 12/15/32)(a)

    495       362,091  

2.20%, 06/15/28 (Call 04/15/28)

    807       700,374  

2.85%, 12/15/32 (Call 09/15/32)

    767       621,634  

3.00%, 01/15/27 (Call 10/15/26)

    1,072       996,658  

3.10%, 12/15/29 (Call 09/15/29)

    790       697,578  

3.25%, 06/15/29 (Call 03/15/29)(a)

    516       465,822  

3.25%, 01/15/31 (Call 10/15/30)

    1,085       938,230  

3.40%, 01/15/28 (Call 11/15/27)

    723       670,559  

3.65%, 01/15/28 (Call 10/15/27)

    667       623,756  

3.88%, 04/15/25 (Call 02/15/25)

    648       630,875  

3.95%, 08/15/27 (Call 05/15/27)

    653       622,663  

4.13%, 10/15/26 (Call 07/15/26)(a)

    634       612,703  

4.63%, 11/01/25 (Call 09/01/25)

     1,068        1,050,652  

4.65%, 03/15/47 (Call 09/15/46)

    541       469,751  

4.70%, 12/15/28 (Call 11/15/28)

    575       558,013  

4.85%, 03/15/30 (Call 01/15/30)

    870       842,341  

4.88%, 06/01/26 (Call 03/01/26)

    810       800,309  

4.90%, 07/15/33 (Call 04/15/33)(a)

    840       797,632  

5.05%, 01/13/26 (Call 01/13/24)

    90       89,540  

5.63%, 10/13/32 (Call 07/13/32)(a)

    545       544,792  

5.88%, 03/15/35(a)

    200       196,791  

Regency Centers LP

   

2.95%, 09/15/29 (Call 06/15/29)(a)

    731       631,668  

3.60%, 02/01/27 (Call 11/01/26)

    513       483,544  

3.70%, 06/15/30 (Call 03/15/30)(a)

    463       415,019  

3.90%, 11/01/25 (Call 08/01/25)

    620       589,308  

4.13%, 03/15/28 (Call 12/15/27)

    607       569,802  

4.40%, 02/01/47 (Call 08/01/46)

    508       396,127  

4.65%, 03/15/49 (Call 09/15/48)

    190       153,963  

Retail Opportunity Investments Partnership LP, 4.00%, 12/15/24 (Call 09/15/24)(a)

    155       150,463  

Rexford Industrial Realty LP

   

2.13%, 12/01/30 (Call 09/01/30)

    609       474,975  

2.15%, 09/01/31 (Call 06/01/31)

    640       494,071  

5.00%, 06/15/28 (Call 05/15/28)

    430       417,366  

Sabra Health Care LP

   

3.20%, 12/01/31 (Call 09/01/31)

    720       549,934  

3.90%, 10/15/29 (Call 07/15/29)(a)

    647       546,690  

5.13%, 08/15/26 (Call 05/15/26)

    891       862,026  

Safehold GL Holdings LLC

   

2.80%, 06/15/31 (Call 03/15/31)

    510       392,797  

2.85%, 01/15/32 (Call 08/15/31)(a)

    385       293,068  

Scentre Group Trust 1/Scentre Group Trust 2

   

3.25%, 10/28/25 (Call 07/30/25)(b)

    991       937,688  

3.50%, 02/12/25 (Call 11/14/24)(b)

    909       877,738  
 

 

 

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

  109


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

3.63%, 01/28/26 (Call 12/28/25)(a)(b)

  $ 1,251     $ 1,194,639  

3.75%, 03/23/27 (Call 12/23/26)(a)(b)

    895       841,776  

4.38%, 05/28/30 (Call 02/28/30)(a)(b)

    995       927,768  

Scentre Group Trust 2

   

4.75%, 09/24/80 (Call 06/24/26),
(5-year CMT + 4.379%)(b)(d)

    1,366       1,227,693  

5.13%, 09/24/80 (Call 06/24/30),
(5-year CMT + 4.685%)(b)(d)

    464       388,364  

Simon Property Group LP

   

1.38%, 01/15/27 (Call 10/15/26)

    780       687,787  

1.75%, 02/01/28 (Call 11/01/27)

    850       729,439  

2.20%, 02/01/31 (Call 11/01/30)(a)

    795       633,347  

2.25%, 01/15/32 (Call 10/15/31)

    1,040       805,670  

2.45%, 09/13/29 (Call 06/13/29)

    1,439       1,217,951  

2.65%, 07/15/30 (Call 04/15/30)(a)

    1,189       1,002,767  

2.65%, 02/01/32 (Call 12/01/31)(a)

    796       639,331  

3.25%, 11/30/26 (Call 08/30/26)(a)

    769       721,015  

3.25%, 09/13/49 (Call 03/13/49)(a)

    1,332       870,284  

3.30%, 01/15/26 (Call 10/15/25)

    1,215       1,158,090  

3.38%, 10/01/24 (Call 07/01/24)(a)

    934       910,697  

3.38%, 06/15/27 (Call 03/15/27)

    944       880,470  

3.38%, 12/01/27 (Call 09/01/27)(a)

    1,297       1,199,962  

3.50%, 09/01/25 (Call 06/01/25)

    1,442       1,389,121  

3.80%, 07/15/50 (Call 01/15/50)

    1,132       817,535  

4.25%, 10/01/44 (Call 04/01/44)

    386       302,159  

4.25%, 11/30/46 (Call 05/30/46)

    400       307,743  

4.75%, 03/15/42 (Call 09/15/41)

    423       359,199  

5.50%, 03/08/33 (Call 12/08/32)(a)

    880       865,793  

5.85%, 03/08/53 (Call 09/03/52)

    735       720,491  

6.75%, 02/01/40 (Call 11/01/39)(a)

     1,029        1,104,511  

SITE Centers Corp.

   

3.63%, 02/01/25 (Call 11/01/24)

    738       702,152  

4.25%, 02/01/26 (Call 11/01/25)

    318       297,732  

4.70%, 06/01/27 (Call 03/01/27)

    817       767,190  

Spirit Realty LP

   

2.10%, 03/15/28 (Call 01/15/28)

    385       328,295  

2.70%, 02/15/32 (Call 11/15/31)(a)

    421       330,002  

3.20%, 01/15/27 (Call 11/15/26)

    635       578,381  

3.20%, 02/15/31 (Call 11/15/30)

    625       515,234  

3.40%, 01/15/30 (Call 10/15/29)

    506       434,555  

4.00%, 07/15/29 (Call 04/15/29)

    746       670,591  

4.45%, 09/15/26 (Call 06/15/26)(a)

    572       545,026  

STORE Capital Corp.

   

2.70%, 12/01/31 (Call 09/01/31)

    450       318,375  

2.75%, 11/18/30 (Call 08/18/30)(a)

    700       513,528  

4.50%, 03/15/28 (Call 12/15/27)(a)

    575       513,984  

4.63%, 03/15/29 (Call 12/15/28)

    571       491,461  

Sun Communities Operating LP

   

2.30%, 11/01/28 (Call 09/01/28)

    560       470,799  

2.70%, 07/15/31 (Call 04/15/31)

    958       760,637  

4.20%, 04/15/32 (Call 01/15/32)

    655       575,990  

5.70%, 01/15/33 (Call 10/15/32)(a)

    690       672,269  

Tanger Properties LP

   

2.75%, 09/01/31 (Call 06/01/31)

    615       457,504  

3.13%, 09/01/26 (Call 06/01/26)

    626       568,078  

3.88%, 07/15/27 (Call 04/15/27)

    425       379,402  

Trust Fibra Uno

   

4.87%, 01/15/30 (Call 10/30/29)(a)(b)

    430       375,544  

5.25%, 12/15/24 (Call 09/15/24)(b)

    100       98,416  

6.39%, 01/15/50 (Call 07/15/49)(b)

    650       523,654  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

6.95%, 01/30/44 (Call 07/30/43)(b)

  $ 605     $ 526,585  

UDR Inc.

   

1.90%, 03/15/33 (Call 12/15/32)

    558       407,105  

2.10%, 08/01/32 (Call 05/01/32)(a)

    425       318,788  

2.10%, 06/15/33 (Call 03/15/33)(a)

    370       271,734  

2.95%, 09/01/26 (Call 06/01/26)

    452       416,526  

3.00%, 08/15/31 (Call 05/15/31)(a)

    843       707,458  

3.10%, 11/01/34 (Call 08/01/34)(a)

    423       333,447  

3.20%, 01/15/30 (Call 10/15/29)

    642       565,355  

3.50%, 07/01/27 (Call 04/01/27)

    275       256,344  

3.50%, 01/15/28 (Call 10/15/27)

    643       588,396  

4.40%, 01/26/29 (Call 10/26/28)

    363       339,229  

Ventas Realty LP

   

2.50%, 09/01/31 (Call 06/01/31)

    500       394,249  

2.65%, 01/15/25 (Call 12/15/24)

    655       623,984  

3.00%, 01/15/30 (Call 10/15/29)

    599       510,343  

3.25%, 10/15/26 (Call 07/15/26)

    526       486,426  

3.50%, 02/01/25 (Call 11/01/24)

    733       705,025  

3.85%, 04/01/27 (Call 01/01/27)

    620       580,842  

4.00%, 03/01/28 (Call 12/01/27)

    575       534,151  

4.13%, 01/15/26 (Call 10/15/25)

    1,028       988,629  

4.38%, 02/01/45 (Call 08/01/44)(a)

    295       225,840  

4.40%, 01/15/29 (Call 10/15/28)(a)

    920       863,775  

4.75%, 11/15/30 (Call 08/15/30)(a)

    616       577,689  

4.88%, 04/15/49 (Call 10/15/48)

    351       287,087  

5.70%, 09/30/43 (Call 03/30/43)

    406       370,794  

VICI Properties LP

   

4.38%, 05/15/25

    160       155,554  

4.75%, 02/15/28 (Call 01/15/28)(a)

    1,525       1,450,179  

4.95%, 02/15/30 (Call 12/15/29)(a)

    1,245       1,171,047  

5.13%, 05/15/32 (Call 02/15/32)(a)

    2,000       1,853,638  

5.63%, 05/15/52 (Call 11/15/51)

    1,005       884,225  

VICI Properties LP/VICI Note Co. Inc.

   

3.50%, 02/15/25 (Call 10/02/23)(a)(b)

    640       613,086  

3.75%, 02/15/27 (Call 10/02/23)(a)(b)

    1,120       1,028,186  

3.88%, 02/15/29 (Call 11/15/28)(b)

    1,057       933,236  

4.13%, 08/15/30 (Call 02/15/25)(b)

    1,280       1,120,750  

4.25%, 12/01/26 (Call 10/02/23)(a)(b)

     1,575        1,483,766  

4.50%, 09/01/26 (Call 06/01/26)(b)

    750       709,890  

4.50%, 01/15/28 (Call 10/15/27)(b)

    475       440,791  

4.63%, 06/15/25 (Call 03/15/25)(b)

    575       556,503  

4.63%, 12/01/29 (Call 12/01/24)(b)

    1,170       1,056,920  

5.75%, 02/01/27 (Call 11/01/26)(b)

    690       676,239  

Vornado Realty LP

   

2.15%, 06/01/26 (Call 05/01/26)

    358       309,449  

3.40%, 06/01/31 (Call 03/01/31)

    380       280,423  

3.50%, 01/15/25 (Call 11/15/24)

    765       725,854  

WEA Finance LLC

   

2.88%, 01/15/27 (Call 11/15/26)(a)(b)

    1,090       944,321  

3.50%, 06/15/29 (Call 03/15/29)(a)(b)

    595       485,874  

4.13%, 09/20/28 (Call 06/20/28)(b)

    611       525,364  

4.63%, 09/20/48 (Call 03/20/48)(b)

    682       447,460  

WEA Finance LLC/Westfield UK & Europe Finance PLC

   

3.75%, 09/17/24 (Call 06/17/24)(b)

    1,054       1,004,727  

4.75%, 09/17/44 (Call 03/17/44)(b)

    540       367,320  

Welltower Inc.

   

2.75%, 01/15/32 (Call 10/15/31)(a)

    615       497,226  

3.85%, 06/15/32 (Call 03/15/32)

    525       461,355  

4.00%, 06/01/25 (Call 03/01/25)

    1,058       1,025,267  
 

 

 

110  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

5.13%, 03/15/43 (Call 09/15/42)(a)

  $ 500     $ 422,235  

6.50%, 03/15/41 (Call 09/15/40)

    515       526,999  

Welltower OP LLC

   

2.05%, 01/15/29 (Call 11/15/28)

    660       553,056  

2.70%, 02/15/27 (Call 12/15/26)

    808       741,145  

2.75%, 01/15/31 (Call 10/15/30)

    818       674,884  

2.80%, 06/01/31 (Call 03/01/31)

    825       680,514  

3.10%, 01/15/30 (Call 10/15/29)

    419       364,085  

4.13%, 03/15/29 (Call 12/15/28)

    909       843,819  

4.25%, 04/01/26 (Call 01/01/26)

    1,005       973,001  

4.25%, 04/15/28 (Call 01/15/28)

    707       669,380  

4.95%, 09/01/48 (Call 03/01/48)(a)

    400       348,203  

Weyerhaeuser Co.

   

3.38%, 03/09/33 (Call 12/09/32)(a)

    370       314,859  

4.00%, 11/15/29 (Call 08/15/29)

    957       883,137  

4.00%, 04/15/30 (Call 01/15/30)(a)

    1,082       988,729  

4.00%, 03/09/52 (Call 09/09/51)

    720       558,768  

4.75%, 05/15/26

    975       959,843  

6.88%, 12/15/33(a)

    660       716,679  

6.95%, 10/01/27(a)

    315       334,003  

7.38%, 03/15/32

    909       1,023,001  

WP Carey Inc.

   

2.25%, 04/01/33 (Call 01/01/33)(a)

    779       578,661  

2.40%, 02/01/31 (Call 11/01/30)(a)

    379       302,922  

2.45%, 02/01/32 (Call 11/01/31)(a)

    305       237,506  

3.85%, 07/15/29 (Call 04/15/29)(a)

    730       657,213  

4.00%, 02/01/25 (Call 11/01/24)

    630       613,340  

4.25%, 10/01/26 (Call 07/01/26)

    606       582,387  
   

 

 

 
       307,764,495  
Retail — 2.5%            

7-Eleven Inc.

   

0.95%, 02/10/26 (Call 01/10/26)(b)

    2,009       1,803,970  

1.30%, 02/10/28 (Call 12/10/27)(b)

    1,830       1,548,686  

1.80%, 02/10/31 (Call 11/10/30)(a)(b)

     2,270       1,780,364  

2.50%, 02/10/41 (Call 08/10/40)(b)

    1,137       735,406  

2.80%, 02/10/51 (Call 08/02/50)(b)

    1,641       1,000,022  

Advance Auto Parts Inc.

   

1.75%, 10/01/27 (Call 08/01/27)(a)

    630       531,490  

3.50%, 03/15/32 (Call 12/15/31)(a)

    674       544,496  

3.90%, 04/15/30 (Call 01/15/30)(a)

    878       760,413  

5.90%, 03/09/26(a)

    145       143,690  

5.95%, 03/09/28 (Call 02/09/28)(a)

    445       440,057  

Alimentation Couche-Tard Inc.

   

2.95%, 01/25/30 (Call 10/25/29)(b)

    1,124       956,050  

3.44%, 05/13/41 (Call 11/13/40)(a)(b)

    1,095       764,294  

3.55%, 07/26/27 (Call 04/26/27)(b)

    1,153       1,077,116  

3.63%, 05/13/51 (Call 11/13/50)(b)

    335       220,633  

3.80%, 01/25/50 (Call 07/25/49)(a)(b)

    393       271,940  

4.50%, 07/26/47 (Call 01/26/47)(b)

    900       696,189  

AutoNation Inc.

   

1.95%, 08/01/28 (Call 06/01/28)

    410       339,650  

2.40%, 08/01/31 (Call 05/01/31)

    589       454,047  

3.50%, 11/15/24 (Call 09/15/24)

    540       523,036  

3.80%, 11/15/27 (Call 08/15/27)

    720       661,794  

3.85%, 03/01/32 (Call 12/01/31)(a)

    965       816,974  

4.50%, 10/01/25 (Call 07/01/25)

    980       948,705  

4.75%, 06/01/30 (Call 03/01/30)(a)

    705       656,615  

AutoZone Inc.

   

1.65%, 01/15/31 (Call 10/15/30)

    711       552,180  

3.13%, 04/21/26 (Call 01/21/26)

    875       830,409  
Security  

Par

(000)

    Value  
Retail (continued)            

3.25%, 04/15/25 (Call 01/15/25)

  $ 651     $ 627,803  

3.63%, 04/15/25 (Call 03/15/25)

    763       740,107  

3.75%, 06/01/27 (Call 03/01/27)

    978       930,050  

3.75%, 04/18/29 (Call 01/18/29)(a)

    779       717,883  

4.00%, 04/15/30 (Call 01/15/30)(a)

    725       670,842  

4.50%, 02/01/28 (Call 01/01/28)

    965       938,953  

4.75%, 08/01/32 (Call 05/01/32)(a)

    740       707,822  

4.75%, 02/01/33 (Call 11/01/32)(a)

    725       687,252  

5.05%, 07/15/26

    430       426,866  

5.20%, 08/01/33 (Call 05/01/33)

    725       708,062  

Best Buy Co. Inc.

   

1.95%, 10/01/30 (Call 07/01/30)

    1,147       919,123  

4.45%, 10/01/28 (Call 07/01/28)(a)

    1,062       1,026,483  

CK Hutchison International 20 Ltd., 3.38%, 05/08/50 (Call 11/08/49)(a)(b)

    550       392,989  

CK Hutchison International 21 Ltd., 3.13%, 04/15/41 (Call 10/15/40)(a)(b)

    265       196,842  

Costco Wholesale Corp.

   

1.38%, 06/20/27 (Call 04/20/27)

    1,690       1,494,068  

1.60%, 04/20/30 (Call 01/20/30)

    2,344       1,933,751  

1.75%, 04/20/32 (Call 01/20/32)

    1,174       933,739  

3.00%, 05/18/27 (Call 02/18/27)

    1,511       1,426,872  

Darden Restaurants Inc.

   

3.85%, 05/01/27 (Call 02/01/27)

    1,200       1,137,900  

4.55%, 02/15/48 (Call 08/15/47)(a)

    256       208,301  

Dick’s Sporting Goods Inc.

   

3.15%, 01/15/32 (Call 10/15/31)(a)

    1,175       936,634  

4.10%, 01/15/52 (Call 07/15/51)(a)

    1,105       717,686  

Dollar General Corp.

   

3.50%, 04/03/30 (Call 01/03/30)(a)

     1,661        1,476,230  

3.88%, 04/15/27 (Call 01/15/27)

    957       913,746  

4.13%, 05/01/28 (Call 02/01/28)

    931       887,305  

4.13%, 04/03/50 (Call 10/03/49)

    755       559,334  

4.15%, 11/01/25 (Call 08/01/25)

    1,094       1,062,702  

4.63%, 11/01/27 (Call 10/01/27)(a)

    565       550,301  

5.00%, 11/01/32 (Call 08/01/32)(a)

    460       438,006  

5.20%, 07/05/28 (Call 06/05/28)

    626       619,522  

5.45%, 07/05/33 (Call 04/05/33)(a)

    652       632,628  

5.50%, 11/01/52 (Call 05/01/52)

    465       421,342  

Dollar Tree Inc.

   

2.65%, 12/01/31 (Call 09/01/31)

    1,295       1,045,825  

3.38%, 12/01/51 (Call 06/01/51)

    620       399,686  

4.00%, 05/15/25 (Call 03/15/25)

    1,484       1,439,707  

4.20%, 05/15/28 (Call 02/15/28)

    1,956       1,856,137  

Falabella SA, 3.38%, 01/15/32 (Call 10/15/31)(a)(b)

    400       309,320  

Genuine Parts Co.

   

1.75%, 02/01/25 (Call 09/11/23)

    827       781,783  

1.88%, 11/01/30 (Call 08/01/30)

    788       617,774  

2.75%, 02/01/32 (Call 11/01/31)

    725       590,946  

Home Depot Inc. (The)

   

0.90%, 03/15/28 (Call 01/15/28)(a)

    650       548,570  

1.38%, 03/15/31 (Call 12/15/30)

    1,850       1,448,327  

1.50%, 09/15/28 (Call 07/15/28)(a)

    1,087       928,404  

1.88%, 09/15/31 (Call 06/15/31)

    1,320       1,061,694  

2.13%, 09/15/26 (Call 06/15/26)

    1,373       1,266,582  

2.38%, 03/15/51 (Call 09/15/50)

    1,540       917,031  

2.50%, 04/15/27 (Call 02/15/27)

    940       868,746  

2.70%, 04/15/25 (Call 03/15/25)

    485       465,836  

2.70%, 04/15/30 (Call 01/15/30)

    1,868       1,640,152  

2.75%, 09/15/51 (Call 03/15/51)

    1,125       725,315  
 

 

 

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

  111


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Retail (continued)            

2.80%, 09/14/27 (Call 06/14/27)

  $ 1,335     $ 1,240,639  

2.88%, 04/15/27 (Call 03/15/27)

    1,057       991,853  

2.95%, 06/15/29 (Call 03/15/29)(a)

    2,387       2,167,881  

3.00%, 04/01/26 (Call 01/01/26)

    1,704       1,628,753  

3.13%, 12/15/49 (Call 06/15/49)

    1,498       1,049,192  

3.25%, 04/15/32 (Call 01/15/32)(a)

    1,715       1,523,902  

3.30%, 04/15/40 (Call 10/15/39)

    1,141       899,245  

3.35%, 09/15/25 (Call 06/15/25)

    1,553       1,499,570  

3.35%, 04/15/50 (Call 10/15/49)

    1,690       1,237,164  

3.50%, 09/15/56 (Call 03/15/56)

    940       689,598  

3.63%, 04/15/52 (Call 10/15/51)(a)

    1,760       1,340,172  

3.90%, 12/06/28 (Call 09/06/28)

    1,367       1,313,958  

3.90%, 06/15/47 (Call 12/15/46)

    1,184       963,623  

4.00%, 09/15/25 (Call 08/15/25)

    635       621,754  

4.20%, 04/01/43 (Call 10/01/42)

    1,233       1,074,981  

4.25%, 04/01/46 (Call 10/01/45)

    1,854       1,589,638  

4.40%, 03/15/45 (Call 09/15/44)

    1,180       1,032,434  

4.50%, 09/15/32 (Call 06/15/32)(a)

    830       810,604  

4.50%, 12/06/48 (Call 06/06/48)

    1,555       1,389,621  

4.88%, 02/15/44 (Call 08/15/43)

    929       876,933  

4.95%, 09/15/52 (Call 03/15/52)(a)

    780       743,538  

5.40%, 09/15/40 (Call 03/15/40)

    1,365       1,370,258  

5.88%, 12/16/36

    3,638       3,903,052  

5.95%, 04/01/41 (Call 10/01/40)

     1,946        2,081,174  

Lowe’s Companies Inc.

   

1.30%, 04/15/28 (Call 02/15/28)(a)

    1,625       1,374,303  

1.70%, 09/15/28 (Call 07/15/28)

    1,280       1,089,516  

1.70%, 10/15/30 (Call 07/15/30)

    1,120       889,270  

2.50%, 04/15/26 (Call 01/15/26)

    1,094       1,022,501  

2.63%, 04/01/31 (Call 01/01/31)

    1,865       1,563,162  

2.80%, 09/15/41 (Call 03/15/41)

    1,166       800,847  

3.00%, 10/15/50 (Call 04/15/50)

    2,297       1,457,396  

3.10%, 05/03/27 (Call 02/03/27)

    1,740       1,620,522  

3.13%, 09/15/24 (Call 06/15/24)

    424       414,161  

3.35%, 04/01/27 (Call 03/01/27)(a)

    1,120       1,054,013  

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

    1,305       1,252,335  

3.50%, 04/01/51 (Call 10/01/50)

    750       514,202  

3.65%, 04/05/29 (Call 01/05/29)(a)

    1,807       1,678,330  

3.70%, 04/15/46 (Call 10/15/45)

    1,807       1,354,622  

3.75%, 04/01/32 (Call 01/01/32)(a)

    1,985       1,778,503  

4.00%, 04/15/25 (Call 03/15/25)

    1,151       1,124,825  

4.05%, 05/03/47 (Call 11/03/46)

    1,526       1,193,206  

4.25%, 04/01/52 (Call 10/01/51)

    1,970       1,558,444  

4.38%, 09/15/45 (Call 03/15/45)

    677       551,579  

4.40%, 09/08/25

    587       576,350  

4.45%, 04/01/62 (Call 10/01/61)

    1,165       908,565  

4.50%, 04/15/30 (Call 01/15/30)

    1,507       1,452,101  

4.55%, 04/05/49 (Call 10/05/48)

    725       604,759  

4.65%, 04/15/42 (Call 10/15/41)

    484       421,945  

4.80%, 04/01/26 (Call 03/01/26)

    755       746,252  

5.00%, 04/15/33 (Call 01/15/33)(a)

    910       889,097  

5.00%, 04/15/40 (Call 10/15/39)

    505       467,649  

5.00%, 09/15/43 (Call 03/15/43)(a)

    271       245,612  

5.13%, 04/15/50 (Call 10/15/49)(a)

    560       508,864  

5.15%, 07/01/33 (Call 04/01/33)(a)

    865       854,546  

5.50%, 10/15/35(a)

    690       694,841  

5.63%, 04/15/53 (Call 10/15/52)

    1,870       1,816,108  

5.75%, 07/01/53 (Call 01/01/53)

    360       355,836  

5.80%, 10/15/36

    190       192,961  

5.80%, 09/15/62 (Call 03/15/62)

    984       951,186  
Security  

Par

(000)

    Value  
Retail (continued)            

5.85%, 04/01/63 (Call 10/01/62)

  $ 1,060     $ 1,036,615  

6.50%, 03/15/29

    550       589,505  

6.88%, 02/15/28(a)

    280       299,873  

McDonald’s Corp.

   

1.45%, 09/01/25 (Call 08/01/25)

    827       768,422  

2.13%, 03/01/30 (Call 12/01/29)

    552       465,420  

2.63%, 09/01/29 (Call 06/01/29)

    981       867,989  

3.30%, 07/01/25 (Call 06/01/25)

    1,203       1,161,842  

3.38%, 05/26/25 (Call 02/26/25)

    858       830,143  

3.50%, 03/01/27 (Call 12/01/26)

    1,089       1,036,335  

3.50%, 07/01/27 (Call 05/01/27)

    1,562       1,482,595  

3.60%, 07/01/30 (Call 04/01/30)

    824       758,088  

3.63%, 05/01/43

    565       441,182  

3.63%, 09/01/49 (Call 03/01/49)

    2,126       1,603,131  

3.70%, 01/30/26 (Call 10/30/25)

    2,230       2,156,572  

3.70%, 02/15/42

    1,145       907,772  

3.80%, 04/01/28 (Call 01/01/28)

    1,493       1,427,027  

4.20%, 04/01/50 (Call 10/01/49)

    864       717,369  

4.45%, 03/01/47 (Call 09/01/46)

    1,355       1,169,930  

4.45%, 09/01/48 (Call 03/01/48)

    643       559,797  

4.60%, 09/09/32 (Call 06/09/32)(a)

    1,040       1,017,571  

4.60%, 05/26/45 (Call 11/26/44)

    320       283,852  

4.70%, 12/09/35 (Call 06/09/35)

    1,342       1,282,247  

4.80%, 08/14/28 (Call 07/14/28)

    600       597,193  

4.88%, 07/15/40(a)

    665       612,630  

4.88%, 12/09/45 (Call 06/09/45)

    1,580       1,459,289  

4.95%, 08/14/33 (Call 05/14/33)

    900       891,270  

5.15%, 09/09/52 (Call 03/09/52)(a)

    865       828,656  

5.45%, 08/14/53 (Call 02/14/53)

    900       900,598  

5.70%, 02/01/39(a)

    986       1,001,349  

6.30%, 10/15/37

    1,172       1,274,127  

6.30%, 03/01/38

    660       719,086  

O’Reilly Automotive Inc.

   

1.75%, 03/15/31 (Call 12/15/30)

    525       413,449  

3.55%, 03/15/26 (Call 12/15/25)

    709       679,307  

3.60%, 09/01/27 (Call 06/01/27)

    985       933,003  

3.90%, 06/01/29 (Call 03/01/29)(a)

    701       657,717  

4.20%, 04/01/30 (Call 01/01/30)

    932       873,888  

4.35%, 06/01/28 (Call 03/01/28)(a)

    942       914,089  

4.70%, 06/15/32 (Call 03/15/32)(a)

     1,090        1,042,191  

Ross Stores Inc.

   

0.88%, 04/15/26 (Call 03/15/26)

    1,172       1,046,707  

1.88%, 04/15/31 (Call 01/15/31)

    678       530,853  

3.38%, 09/15/24 (Call 06/15/24)

    272       265,073  

4.60%, 04/15/25 (Call 03/15/25)

    1,163       1,142,684  

Starbucks Corp.

   

2.00%, 03/12/27 (Call 01/12/27)

    663       597,986  

2.25%, 03/12/30 (Call 12/12/29)

    1,395       1,175,258  

2.45%, 06/15/26 (Call 03/15/26)(a)

    926       864,188  

2.55%, 11/15/30 (Call 08/15/30)

    1,284       1,089,087  

3.00%, 02/14/32 (Call 11/14/31)(a)

    1,090       935,053  

3.35%, 03/12/50 (Call 09/12/49)

    732       513,648  

3.50%, 03/01/28 (Call 12/01/27)

    724       679,561  

3.50%, 11/15/50 (Call 05/15/50)

    1,602       1,161,964  

3.55%, 08/15/29 (Call 05/15/29)

    1,053       975,125  

3.75%, 12/01/47 (Call 06/01/47)

    765       583,992  

3.80%, 08/15/25 (Call 06/15/25)

    1,287       1,251,550  

4.00%, 11/15/28 (Call 08/15/28)

    1,095       1,047,824  

4.30%, 06/15/45 (Call 12/15/44)

    590       493,636  

4.45%, 08/15/49 (Call 02/15/49)

    1,027       872,349  
 

 

 

112  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Retail (continued)            

4.50%, 11/15/48 (Call 05/15/48)

  $ 1,294     $ 1,108,885  

4.75%, 02/15/26

    1,325       1,312,921  

4.80%, 02/15/33 (Call 11/15/32)(a)

    925       903,544  

Target Corp.

   

1.95%, 01/15/27 (Call 12/15/26)(a)

    1,560       1,422,303  

2.25%, 04/15/25 (Call 03/15/25)

    2,150       2,052,447  

2.35%, 02/15/30 (Call 11/15/29)(a)

    1,070       921,396  

2.50%, 04/15/26(a)

    1,573       1,489,765  

2.65%, 09/15/30 (Call 06/15/30)(a)

    1,095       950,844  

2.95%, 01/15/52 (Call 07/15/51)

    1,185       791,740  

3.38%, 04/15/29 (Call 01/15/29)

    1,064       994,936  

3.63%, 04/15/46(a)

    705       546,307  

3.90%, 11/15/47 (Call 05/15/47)

    582       474,905  

4.00%, 07/01/42(a)

    1,647       1,430,360  

4.40%, 01/15/33 (Call 10/15/32)(a)

    750       717,160  

4.50%, 09/15/32 (Call 06/15/32)(a)

    870       839,366  

4.80%, 01/15/53 (Call 07/15/52)(a)

    1,405       1,294,699  

6.35%, 11/01/32

    249       271,742  

6.50%, 10/15/37

    795       880,052  

7.00%, 01/15/38(a)

    585       680,756  

Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)(a)

    450       409,643  

TJX Companies Inc. (The)

   

1.15%, 05/15/28 (Call 03/15/28)

    695       590,178  

1.60%, 05/15/31 (Call 02/15/31)

    735       590,538  

2.25%, 09/15/26 (Call 06/15/26)

    1,605        1,479,690  

3.88%, 04/15/30 (Call 01/15/30)

    727       685,791  

4.50%, 04/15/50 (Call 10/15/49)

    501       449,676  

Tractor Supply Co.

   

1.75%, 11/01/30 (Call 08/01/30)

     1,020       797,324  

5.25%, 05/15/33 (Call 02/15/33)

    365       357,491  

Walgreen Co., 4.40%, 09/15/42

    150       112,888  

Walgreens Boots Alliance Inc.

   

3.20%, 04/15/30 (Call 01/15/30)(a)

    620       526,034  

3.45%, 06/01/26 (Call 03/01/26)

    405       382,576  

4.10%, 04/15/50 (Call 10/15/49)

    741       506,015  

4.50%, 11/18/34 (Call 05/18/34)(a)

    150       130,889  

4.65%, 06/01/46 (Call 12/01/45)(a)

    300       233,873  

4.80%, 11/18/44 (Call 05/18/44)(a)

    350       273,856  

Walmart Inc.

   

2.38%, 09/24/29 (Call 06/24/29)(a)

    379       338,123  

2.50%, 09/22/41 (Call 03/22/41)

    2,265       1,616,588  

2.65%, 12/15/24 (Call 10/15/24)

    305       295,401  

2.65%, 09/22/51 (Call 03/22/51)(a)

    2,948       1,985,037  

2.95%, 09/24/49 (Call 03/24/49)

    813       576,320  

3.05%, 07/08/26 (Call 05/08/26)

    785       750,265  

3.25%, 07/08/29 (Call 04/08/29)(a)

    812       756,009  

3.55%, 06/26/25 (Call 04/26/25)(a)

    1,520       1,479,667  

3.63%, 12/15/47 (Call 06/15/47)

    925       746,716  

3.70%, 06/26/28 (Call 03/26/28)

    1,612       1,553,486  

3.90%, 04/15/28 (Call 03/15/28)

    660       639,809  

3.95%, 06/28/38 (Call 12/28/37)

    1,755       1,576,331  

4.00%, 04/15/26 (Call 03/15/26)

    535       525,169  

4.00%, 04/15/30 (Call 02/15/30)

    520       502,329  

4.00%, 04/11/43 (Call 10/11/42)(a)

    320       280,369  

4.05%, 06/29/48 (Call 12/29/47)(a)

    1,985       1,745,995  

4.10%, 04/15/33

    1,005       957,731  

4.15%, 09/09/32 (Call 06/09/32)

    735       712,232  

4.30%, 04/22/44 (Call 10/22/43)(a)

    70       63,068  

4.50%, 09/09/52 (Call 03/09/52)

    966       898,056  

4.50%, 04/15/53

    1,695       1,577,277  
Security  

Par

(000)

    Value  
Retail (continued)            

4.88%, 07/08/40(a)

  $ 75     $ 71,788  

5.00%, 10/25/40(a)

    655       662,301  

5.25%, 09/01/35

    1,690       1,767,209  

5.63%, 04/01/40(a)

    475       512,237  

5.63%, 04/15/41(a)

    160       171,185  

6.20%, 04/15/38

    990       1,124,532  

6.50%, 08/15/37

    815       939,593  

7.55%, 02/15/30

    1,420       1,644,523  
   

 

 

 
       230,996,744  
Savings & Loans — 0.1%            

Nationwide Building Society

   

1.50%, 10/13/26(b)

    2,036       1,784,290  

2.97%, 02/16/28 (Call 02/16/27),
(1-day SOFR + 1.29%)(b)(d)

    585       528,621  

3.90%, 07/21/25(a)(b)

    1,157       1,116,733  

3.96%, 07/18/30 (Call 07/18/29),
(3-mo. LIBOR US + 1.855%)(b)(d)

    1,265       1,129,147  

4.00%, 09/14/26(b)

    955       888,791  

4.13%, 10/18/32 (Call 10/18/27),
(5-year USD ICE Swap + 1.849%)(a)(b)(d)

    728       638,194  

4.30%, 03/08/29 (Call 03/08/28),
(3-mo. LIBOR US + 1.452%)(a)(b)(d)

    1,535       1,423,252  

4.85%, 07/27/27(b)

    670       653,954  
   

 

 

 
      8,162,982  
Semiconductors — 2.2%            

Advanced Micro Devices Inc.

   

3.92%, 06/01/32 (Call 03/01/32)(a)

    915       854,238  

4.39%, 06/01/52 (Call 12/01/51)

    685       600,639  

Analog Devices Inc.

   

1.70%, 10/01/28 (Call 08/01/28)

     1,000       857,624  

2.10%, 10/01/31 (Call 07/01/31)

    1,560       1,276,576  

2.80%, 10/01/41 (Call 04/01/41)

    957       679,613  

2.95%, 04/01/25 (Call 03/01/25)

    638       615,902  

2.95%, 10/01/51 (Call 04/01/51)

    1,408       946,245  

3.45%, 06/15/27 (Call 03/15/27)(b)

    619       586,094  

3.50%, 12/05/26 (Call 09/05/26)

    909       870,348  

4.25%, 10/01/32 (Call 07/01/32)

    85       80,572  

5.30%, 12/15/45 (Call 06/15/45)(a)

    285       273,526  

Applied Materials Inc.

   

1.75%, 06/01/30 (Call 03/01/30)

    830       683,894  

2.75%, 06/01/50 (Call 12/01/49)(a)

    412       280,546  

3.30%, 04/01/27 (Call 01/01/27)

    1,874       1,779,030  

3.90%, 10/01/25 (Call 07/01/25)

    915       892,168  

4.35%, 04/01/47 (Call 10/01/46)

    924       834,404  

5.10%, 10/01/35 (Call 04/01/35)(a)

    828       839,617  

5.85%, 06/15/41(a)

    1,170       1,248,001  

Broadcom Corp./Broadcom Cayman Finance Ltd.

   

3.13%, 01/15/25 (Call 11/15/24)

    605       583,764  

3.50%, 01/15/28 (Call 10/15/27)

    1,073       989,480  

3.88%, 01/15/27 (Call 10/15/26)

    3,562       3,384,467  

Broadcom Inc.

   

1.95%, 02/15/28
(Call 12/15/27)(a)(b)

    1,042       903,636  

2.45%, 02/15/31 (Call 11/15/30)(b)

    3,110       2,507,262  

2.60%, 02/15/33 (Call 11/15/32)(b)

    1,550       1,198,355  

3.14%, 11/15/35 (Call 08/15/35)(b)

    3,703       2,826,298  

3.15%, 11/15/25 (Call 10/15/25)

    1,481       1,409,507  

3.19%, 11/15/36
(Call 08/15/36)(a)(b)

    2,850       2,141,879  

3.42%, 04/15/33 (Call 01/15/33)(b)

    2,815       2,332,583  

3.46%, 09/15/26 (Call 07/15/26)

    1,035       980,493  
 

 

 

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

  113


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Semiconductors (continued)            

3.47%, 04/15/34 (Call 01/15/34)(b)

  $ 4,045     $ 3,305,203  

3.50%, 02/15/41 (Call 08/15/40)(b)

    3,819       2,797,707  

3.63%, 10/15/24 (Call 09/15/24)

    667       651,999  

3.75%, 02/15/51 (Call 08/15/50)(b)

    2,017       1,446,494  

4.00%, 04/15/29 (Call 02/15/29)(b)

    1,455       1,341,890  

4.11%, 09/15/28 (Call 06/15/28)

    1,110       1,044,373  

4.15%, 11/15/30 (Call 08/15/30)

    2,642       2,415,678  

4.15%, 04/15/32 (Call 01/15/32)(b)

    1,520       1,361,484  

4.30%, 11/15/32 (Call 08/15/32)

    2,244       2,028,618  

4.75%, 04/15/29 (Call 01/15/29)

    1,060       1,022,259  

4.93%, 05/15/37 (Call 02/15/37)(b)

    3,015       2,715,998  

5.00%, 04/15/30 (Call 01/15/30)(a)

    410       403,997  

Foundry JV Holdco LLC, 5.88%, 01/25/34(a)(b)

    450       443,785  

Intel Corp.

   

1.60%, 08/12/28 (Call 06/12/28)

    915       786,065  

2.00%, 08/12/31 (Call 05/12/31)

    865       698,980  

2.45%, 11/15/29 (Call 08/15/29)

    2,442       2,120,622  

2.60%, 05/19/26 (Call 02/19/26)

    1,623       1,528,714  

2.80%, 08/12/41 (Call 02/12/41)

    1,111       771,019  

3.05%, 08/12/51 (Call 02/12/51)

    1,385       896,845  

3.10%, 02/15/60 (Call 08/15/59)

    1,163       724,073  

3.15%, 05/11/27 (Call 02/11/27)(a)

    1,279       1,197,644  

3.20%, 08/12/61 (Call 02/12/61)

    1,020       638,811  

3.25%, 11/15/49 (Call 05/15/49)

    2,479       1,691,063  

3.40%, 03/25/25 (Call 02/25/25)

    2,060       2,000,367  

3.70%, 07/29/25 (Call 04/29/25)

    2,471       2,401,247  

3.73%, 12/08/47 (Call 06/08/47)(a)

    2,599       1,972,345  

3.75%, 03/25/27 (Call 01/25/27)

    1,142       1,095,482  

3.75%, 08/05/27 (Call 07/05/27)

    962       919,590  

3.90%, 03/25/30 (Call 12/25/29)

    1,526       1,426,631  

4.00%, 08/05/29 (Call 06/05/29)

    865       823,530  

4.00%, 12/15/32

    863       799,374  

4.10%, 05/19/46 (Call 11/19/45)

    1,516       1,239,722  

4.10%, 05/11/47 (Call 11/11/46)

    987       800,706  

4.15%, 08/05/32 (Call 05/05/32)(a)

    1,560       1,468,049  

4.25%, 12/15/42(a)

    1,148       963,648  

4.60%, 03/25/40 (Call 09/25/39)(a)

    688       625,816  

4.75%, 03/25/50 (Call 09/25/49)

    2,700       2,372,100  

4.80%, 10/01/41

    845       768,139  

4.88%, 02/10/26

    1,455       1,446,901  

4.88%, 02/10/28 (Call 01/10/28)

    2,090       2,077,537  

4.90%, 07/29/45 (Call 01/29/45)(a)

    356       344,640  

4.90%, 08/05/52 (Call 02/05/52)

    2,095       1,888,123  

4.95%, 03/25/60 (Call 09/25/59)(a)

    1,051       937,704  

5.05%, 08/05/62 (Call 02/05/62)

    1,180       1,048,170  

5.13%, 02/10/30 (Call 12/10/29)

    1,565       1,567,768  

5.20%, 02/10/33 (Call 11/10/32)

    2,405       2,403,043  

5.63%, 02/10/43 (Call 08/10/42)

    1,225       1,219,263  

5.70%, 02/10/53 (Call 08/10/52)(a)

     2,420       2,396,511  

5.90%, 02/10/63 (Call 08/10/62)

    1,610        1,618,316  

KLA Corp.

   

3.30%, 03/01/50 (Call 08/28/49)

    469       337,077  

4.10%, 03/15/29 (Call 12/15/28)

    1,493       1,434,941  

4.65%, 11/01/24 (Call 08/01/24)

    435       431,169  

4.65%, 07/15/32 (Call 04/15/32)(a)

    1,230       1,208,626  

4.95%, 07/15/52 (Call 01/15/52)

    1,340       1,266,167  

5.00%, 03/15/49 (Call 09/15/48)(a)

    477       450,504  

5.25%, 07/15/62 (Call 01/15/62)

    1,085       1,053,104  

5.65%, 11/01/34 (Call 07/01/34)(a)

    433       438,792  
Security  

Par

(000)

    Value  
Semiconductors (continued)            

Lam Research Corp.

   

1.90%, 06/15/30 (Call 03/15/30)

  $ 1,213     $ 1,002,559  

2.88%, 06/15/50 (Call 12/15/49)(a)

    1,138       760,255  

3.13%, 06/15/60 (Call 12/15/59)

    906       594,773  

3.75%, 03/15/26 (Call 01/15/26)

    1,291       1,252,366  

3.80%, 03/15/25 (Call 12/15/24)

    493       481,177  

4.00%, 03/15/29 (Call 12/15/28)

    1,380       1,322,972  

4.88%, 03/15/49 (Call 09/15/48)

    775       727,237  

Marvell Technology Inc.

   

1.65%, 04/15/26 (Call 03/15/26)

    765       694,248  

2.45%, 04/15/28 (Call 02/15/28)

    1,170       1,026,106  

2.95%, 04/15/31 (Call 01/15/31)

    1,120       934,535  

4.88%, 06/22/28 (Call 03/22/28)(a)

    773       750,736  

Microchip Technology Inc.

   

0.98%, 09/01/24

    551       524,742  

4.25%, 09/01/25 (Call 10/02/23)

    1,925       1,873,350  

Micron Technology Inc.

   

2.70%, 04/15/32 (Call 01/15/32)

    1,553       1,225,586  

3.37%, 11/01/41 (Call 05/01/41)

    659       456,773  

3.48%, 11/01/51 (Call 05/01/51)

    665       429,444  

4.19%, 02/15/27 (Call 12/15/26)

    1,397       1,331,519  

4.66%, 02/15/30 (Call 11/15/29)

    828       776,129  

4.98%, 02/06/26 (Call 12/06/25)

    911       897,351  

5.33%, 02/06/29 (Call 11/06/28)

    972       952,947  

5.38%, 04/15/28 (Call 03/15/28)

    922       906,400  

5.88%, 02/09/33 (Call 11/09/32)

    841       831,612  

5.88%, 09/15/33

    1,205       1,181,503  

6.75%, 11/01/29 (Call 09/01/29)

     1,215        1,264,395  

NVIDIA Corp.

   

1.55%, 06/15/28 (Call 04/15/28)

    1,707       1,482,311  

2.00%, 06/15/31 (Call 03/15/31)

    1,680       1,391,797  

2.85%, 04/01/30 (Call 01/01/30)

    2,455       2,203,347  

3.20%, 09/16/26 (Call 06/16/26)

    1,356       1,294,581  

3.50%, 04/01/40 (Call 10/01/39)

    1,092       908,983  

3.50%, 04/01/50 (Call 10/01/49)

    2,124       1,672,633  

3.70%, 04/01/60 (Call 10/01/59)

    789       626,257  

NXP BV/NXP Funding LLC

   

5.35%, 03/01/26 (Call 01/01/26)

    916       910,396  

5.55%, 12/01/28 (Call 09/01/28)(a)

    936       937,729  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

2.50%, 05/11/31 (Call 02/11/31)(a)

    1,248       1,008,836  

2.65%, 02/15/32 (Call 11/15/31)

    1,343       1,075,992  

2.70%, 05/01/25 (Call 04/01/25)

    432       410,906  

3.13%, 02/15/42 (Call 08/15/41)

    680       465,483  

3.15%, 05/01/27 (Call 03/01/27)(a)

    617       571,001  

3.25%, 05/11/41 (Call 11/11/40)

    1,135       808,362  

3.25%, 11/30/51 (Call 05/30/51)

    675       435,863  

3.40%, 05/01/30 (Call 02/01/30)

    1,013       889,952  

3.88%, 06/18/26 (Call 04/18/26)

    1,006       963,698  

4.30%, 06/18/29 (Call 03/18/29)

    1,564       1,464,637  

4.40%, 06/01/27 (Call 05/01/27)

    385       370,241  

5.00%, 01/15/33 (Call 10/15/32)

    1,314       1,248,124  

Qorvo Inc.

   

1.75%, 12/15/24 (Call 09/11/23)(b)

    700       656,487  

3.38%, 04/01/31 (Call 04/01/26)(b)

    1,157       941,931  

4.38%, 10/15/29 (Call 10/15/24)

    1,275       1,155,168  

QUALCOMM Inc.

   

1.30%, 05/20/28 (Call 02/20/28)

    1,497       1,274,887  

1.65%, 05/20/32 (Call 02/20/32)

    1,521       1,181,268  

2.15%, 05/20/30 (Call 02/20/30)

    825       701,311  
 

 

 

114  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Semiconductors (continued)            

3.25%, 05/20/27 (Call 02/20/27)

  $ 1,549     $ 1,462,956  

3.25%, 05/20/50 (Call 11/20/49)(a)

    999       731,193  

3.45%, 05/20/25 (Call 02/20/25)

    1,208       1,173,499  

4.25%, 05/20/32 (Call 02/20/32)

    590       567,395  

4.30%, 05/20/47 (Call 11/20/46)

    1,913       1,655,028  

4.50%, 05/20/52 (Call 11/20/51)

    1,316       1,148,487  

4.65%, 05/20/35 (Call 11/20/34)(a)

    1,584       1,555,670  

4.80%, 05/20/45 (Call 11/20/44)

    1,540       1,453,349  

5.40%, 05/20/33 (Call 02/20/33)

    1,045       1,082,151  

6.00%, 05/20/53 (Call 11/20/52)

    1,470       1,583,611  

Renesas Electronics Corp.

   

1.54%, 11/26/24 (Call 10/26/24)(b)

    710       668,453  

2.17%, 11/25/26 (Call 10/25/26)(b)

    1,575       1,398,511  

SK Hynix Inc.

   

1.50%, 01/19/26(b)

    460       413,910  

2.38%, 01/19/31(b)

    235       182,576  

6.38%, 01/17/28(b)

    205       207,751  

6.50%, 01/17/33(a)(b)

    500       505,285  

Skyworks Solutions Inc.

   

1.80%, 06/01/26 (Call 05/01/26)

    947       846,482  

3.00%, 06/01/31 (Call 03/01/31)

    987       803,075  

Texas Instruments Inc.

   

1.13%, 09/15/26 (Call 08/15/26)

    662       594,610  

1.38%, 03/12/25 (Call 02/12/25)(a)

    987       931,392  

1.75%, 05/04/30 (Call 02/04/30)

    1,170       975,088  

1.90%, 09/15/31 (Call 06/15/31)

    745       607,575  

2.25%, 09/04/29 (Call 06/04/29)

    1,175       1,022,697  

2.70%, 09/15/51 (Call 03/15/51)

    545       359,175  

2.90%, 11/03/27 (Call 08/03/27)(a)

    799       743,391  

3.65%, 08/16/32 (Call 05/16/32)

    510       465,310  

3.88%, 03/15/39 (Call 09/15/38)

    1,052       911,477  

4.10%, 08/16/52 (Call 02/16/52)

    325       273,748  

4.15%, 05/15/48 (Call 11/15/47)

    1,634       1,415,835  

4.60%, 02/15/28 (Call 01/15/28)

    765       761,219  

4.70%, 11/18/24

    300       298,183  

4.90%, 03/14/33 (Call 12/14/32)

    866       870,134  

5.00%, 03/14/53 (Call 09/14/52)

    945       918,713  

5.05%, 05/18/63 (Call 11/18/62)

    962       921,677  

TSMC Arizona Corp.

   

1.75%, 10/25/26 (Call 09/25/26)

    1,823       1,642,383  

2.50%, 10/25/31 (Call 07/25/31)

    2,345       1,951,188  

3.13%, 10/25/41 (Call 04/25/41)

    925       712,629  

3.25%, 10/25/51 (Call 04/25/51)

    970       702,464  

3.88%, 04/22/27 (Call 03/22/27)(a)

    1,740       1,673,762  

4.13%, 04/22/29 (Call 02/22/29)(a)

    480       457,521  

4.25%, 04/22/32 (Call 01/22/32)(a)

    910       867,998  

4.50%, 04/22/52 (Call 10/22/51)

    990       912,122  

TSMC Global Ltd.

   

0.75%, 09/28/25 (Call 08/28/25)(b)

    1,000       907,394  

1.00%, 09/28/27 (Call 07/28/27)(b)

    350       298,027  

1.25%, 04/23/26 (Call 03/23/26)(b)

    770       692,790  

1.38%, 09/28/30 (Call 06/28/30)(b)

    242       189,804  

1.75%, 04/23/28 (Call 02/23/28)(b)

    1,360       1,174,368  

2.25%, 04/23/31 (Call 01/23/31)(b)

    1,150       946,657  

4.63%, 07/22/32 (Call 04/22/32)(b)

    250       245,001  

Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)

     1,033       883,419  
   

 

 

 
       201,753,213  
Shipbuilding — 0.0%            

Huntington Ingalls Industries Inc.

   

2.04%, 08/16/28 (Call 06/16/28)

    715       606,393  
Security  

Par

(000)

    Value  
Shipbuilding (continued)            

3.48%, 12/01/27 (Call 09/01/27)

  $ 1,011     $ 931,120  

3.84%, 05/01/25 (Call 04/01/25)

    840       812,732  

4.20%, 05/01/30 (Call 02/01/30)

    657       606,802  
   

 

 

 
      2,957,047  
Software — 2.2%            

Activision Blizzard Inc.

   

1.35%, 09/15/30 (Call 06/15/30)

    724       578,414  

2.50%, 09/15/50 (Call 03/15/50)

    1,943       1,235,554  

3.40%, 09/15/26 (Call 06/15/26)(a)

    1,353       1,292,877  

3.40%, 06/15/27 (Call 03/15/27)

    483       456,127  

4.50%, 06/15/47 (Call 12/15/46)

    762       701,993  

Adobe Inc.

   

1.90%, 02/01/25 (Call 01/01/25)

    636       607,391  

2.15%, 02/01/27 (Call 12/01/26)

    1,477       1,356,461  

2.30%, 02/01/30 (Call 11/01/29)

    2,073       1,799,422  

3.25%, 02/01/25 (Call 11/01/24)

    1,409       1,371,845  

Autodesk Inc.

   

2.40%, 12/15/31 (Call 09/15/31)(a)

    1,175       953,830  

2.85%, 01/15/30 (Call 10/15/29)

    948       826,907  

3.50%, 06/15/27 (Call 03/15/27)

    1,104       1,042,523  

4.38%, 06/15/25 (Call 03/15/25)

    695       681,117  

Broadridge Financial Solutions Inc.

   

2.60%, 05/01/31 (Call 02/01/31)

    1,596       1,302,462  

2.90%, 12/01/29 (Call 09/01/29)

    1,476       1,272,373  

3.40%, 06/27/26 (Call 03/27/26)

    1,026       970,303  

Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)(a)

    435       429,371  

Concentrix Corp.

   

6.60%, 08/02/28 (Call 07/02/28)(a)

    715       700,198  

6.65%, 08/02/26 (Call 07/02/26)

    655       655,086  

6.85%, 08/02/33 (Call 05/02/33)

    625       598,320  

Electronic Arts Inc.

   

1.85%, 02/15/31 (Call 11/15/30)

    921       737,052  

2.95%, 02/15/51 (Call 08/15/50)

    1,182       765,210  

4.80%, 03/01/26 (Call 12/01/25)(a)

    745       737,641  

Fidelity National Information Services Inc.

   

1.15%, 03/01/26 (Call 02/01/26)

     1,632        1,468,650  

1.65%, 03/01/28 (Call 01/01/28)(a)

    892       764,374  

2.25%, 03/01/31 (Call 12/01/30)(a)

    1,420       1,146,274  

3.10%, 03/01/41 (Call 09/01/40)

    895       621,630  

3.75%, 05/21/29 (Call 02/21/29)(a)

    350       324,713  

4.50%, 07/15/25

    683       669,395  

4.50%, 08/15/46 (Call 02/15/46)

    440       347,020  

4.70%, 07/15/27 (Call 06/15/27)

    645       632,922  

5.10%, 07/15/32 (Call 04/15/32)(a)

    715       700,337  

5.63%, 07/15/52 (Call 01/15/52)

    600       569,395  

Series 30Y, 4.75%, 05/15/48 (Call 11/15/47)

    402       323,224  

Fiserv Inc.

   

2.25%, 06/01/27 (Call 04/01/27)

    1,493       1,338,545  

2.65%, 06/01/30 (Call 03/01/30)

    1,248       1,049,177  

3.20%, 07/01/26 (Call 05/01/26)

    2,829       2,666,669  

3.50%, 07/01/29 (Call 04/01/29)

    3,600       3,285,627  

3.85%, 06/01/25 (Call 03/01/25)

    1,304       1,265,615  

4.20%, 10/01/28 (Call 07/01/28)

    1,359       1,296,685  

4.40%, 07/01/49 (Call 01/01/49)

    2,530       2,067,933  

5.38%, 08/21/28 (Call 07/21/28)

    725       726,945  

5.45%, 03/02/28 (Call 02/02/28)

    860       865,053  

5.60%, 03/02/33 (Call 12/02/32)

    630       633,797  

5.63%, 08/21/33 (Call 05/21/33)

    775       780,831  

Infor Inc., 1.75%, 07/15/25
(Call 06/15/25)(b)

    1,124       1,036,464  
 

 

 

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

  115


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Software (continued)            

Intuit Inc.

   

0.95%, 07/15/25 (Call 06/15/25)(a)

  $ 851     $ 786,438  

1.35%, 07/15/27 (Call 05/15/27)

    1,071       940,022  

1.65%, 07/15/30 (Call 04/15/30)

    1,035       835,483  

Microsoft Corp.

   

2.40%, 08/08/26 (Call 05/08/26)

    4,713       4,420,442  

2.53%, 06/01/50 (Call 12/01/49)

    7,355       4,862,013  

2.68%, 06/01/60 (Call 12/01/59)

    4,592       2,953,798  

2.70%, 02/12/25 (Call 11/12/24)

    2,579       2,494,272  

2.92%, 03/17/52 (Call 09/17/51)

    7,294       5,172,441  

3.04%, 03/17/62 (Call 09/17/61)(a)

    2,301       1,593,065  

3.13%, 11/03/25 (Call 08/03/25)

    4,159       4,013,475  

3.30%, 02/06/27 (Call 11/06/26)

    5,140       4,939,989  

3.45%, 08/08/36 (Call 02/08/36)

    2,421       2,153,333  

3.50%, 02/12/35 (Call 08/12/34)(a)

    2,057       1,873,212  

3.50%, 11/15/42

    1,315       1,101,325  

3.70%, 08/08/46 (Call 02/08/46)

    1,925       1,632,671  

3.75%, 02/12/45 (Call 08/12/44)(a)

    500       426,593  

3.95%, 08/08/56 (Call 02/08/56)

    615       522,575  

4.00%, 02/12/55 (Call 08/12/54)(a)

    380       332,212  

4.10%, 02/06/37 (Call 08/06/36)

    1,118       1,062,230  

4.20%, 11/03/35 (Call 05/03/35)

    873       842,925  

4.25%, 02/06/47 (Call 08/06/46)(a)

    1,090       1,011,736  

4.45%, 11/03/45 (Call 05/03/45)(a)

    1,106       1,050,828  

4.50%, 10/01/40(a)

    841       818,242  

4.50%, 02/06/57 (Call 08/06/56)

    420       395,351  

4.75%, 11/03/55 (Call 05/03/55)(a)

    100       96,343  

5.20%, 06/01/39

    225       234,687  

5.30%, 02/08/41(a)

     1,082        1,145,723  

MSCI Inc.

   

3.25%, 08/15/33 (Call 08/15/27)(b)

    625       502,836  

3.63%, 09/01/30 (Call 03/01/25)(a)(b)

    875       756,673  

3.63%, 11/01/31 (Call 11/01/26)(b)

    300       254,394  

3.88%, 02/15/31 (Call 06/01/25)(b)

    640       558,391  

4.00%, 11/15/29 (Call 11/15/24)(b)

    485       436,323  

Open Text Corp., 6.90%, 12/01/27
(Call 11/01/27)(a)(b)

    781       791,180  

Oracle Corp.

   

1.65%, 03/25/26 (Call 02/25/26)

    2,605       2,373,848  

2.30%, 03/25/28 (Call 01/25/28)

    2,450       2,155,946  

2.50%, 04/01/25 (Call 03/01/25)

    2,727       2,596,484  

2.65%, 07/15/26 (Call 04/15/26)

    3,222       2,992,482  

2.80%, 04/01/27 (Call 02/01/27)

    2,875       2,640,760  

2.88%, 03/25/31 (Call 12/25/30)

    3,647       3,081,256  

2.95%, 11/15/24 (Call 09/15/24)

    1,697       1,643,375  

2.95%, 05/15/25 (Call 02/15/25)

    2,910       2,786,901  

2.95%, 04/01/30 (Call 01/01/30)

    3,249       2,816,268  

3.25%, 11/15/27 (Call 08/15/27)

    2,775       2,571,861  

3.25%, 05/15/30 (Call 02/15/30)

    910       799,549  

3.60%, 04/01/40 (Call 10/01/39)

    3,595       2,720,671  

3.60%, 04/01/50 (Call 10/01/49)(a)

    5,326       3,681,140  

3.65%, 03/25/41 (Call 09/25/40)

    2,784       2,101,900  

3.80%, 11/15/37 (Call 05/15/37)

    2,491       2,008,836  

3.85%, 07/15/36 (Call 01/15/36)

    2,018       1,669,286  

3.85%, 04/01/60 (Call 10/01/59)

    4,191       2,848,305  

3.90%, 05/15/35 (Call 11/15/34)

    1,624       1,386,692  

3.95%, 03/25/51 (Call 09/25/50)

    3,886       2,840,202  

4.00%, 07/15/46 (Call 01/15/46)

    3,517       2,646,263  

4.00%, 11/15/47 (Call 05/15/47)

    2,792       2,082,712  

4.10%, 03/25/61 (Call 09/25/60)

    1,868       1,327,046  

4.13%, 05/15/45 (Call 11/15/44)

    2,466       1,906,135  
Security  

Par

(000)

    Value  
Software (continued)            

4.30%, 07/08/34 (Call 01/08/34)

  $ 1,624     $ 1,456,174  

4.38%, 05/15/55 (Call 11/15/54)

    1,629       1,251,559  

4.50%, 05/06/28 (Call 04/06/28)(a)

    800       776,110  

4.50%, 07/08/44 (Call 01/08/44)

    1,206       987,794  

4.65%, 05/06/30 (Call 03/06/30)

    570       547,512  

4.90%, 02/06/33 (Call 11/06/32)

    1,425       1,361,220  

5.38%, 07/15/40

    2,737       2,551,166  

5.55%, 02/06/53 (Call 08/06/52)

    2,620       2,435,515  

5.80%, 11/10/25

    675       681,563  

6.13%, 07/08/39

    1,499       1,521,766  

6.15%, 11/09/29 (Call 09/09/29)

    1,845       1,920,539  

6.25%, 11/09/32 (Call 08/09/32)

    2,380       2,491,066  

6.50%, 04/15/38

    1,955       2,062,212  

6.90%, 11/09/52 (Call 05/09/52)

    2,895       3,152,920  

Roper Technologies Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    1,065       975,460  

1.40%, 09/15/27 (Call 07/15/27)

    997       863,167  

1.75%, 02/15/31 (Call 11/15/30)(a)

    1,202       943,491  

2.00%, 06/30/30 (Call 03/30/30)(a)

    1,037       845,310  

2.35%, 09/15/24 (Call 08/15/24)

    509       491,796  

2.95%, 09/15/29 (Call 06/15/29)

    780       689,829  

3.80%, 12/15/26 (Call 09/15/26)

    1,050       1,002,193  

3.85%, 12/15/25 (Call 09/15/25)

    488       470,972  

4.20%, 09/15/28 (Call 06/15/28)

    1,170       1,114,906  

salesforce.com Inc.

   

1.50%, 07/15/28 (Call 05/15/28)

    1,531       1,317,077  

1.95%, 07/15/31 (Call 04/15/31)

    1,600       1,303,742  

2.70%, 07/15/41 (Call 01/15/41)

    1,448       1,033,999  

2.90%, 07/15/51 (Call 01/15/51)

    2,458       1,646,013  

3.05%, 07/15/61 (Call 01/15/61)

    1,915       1,241,242  

3.70%, 04/11/28 (Call 01/11/28)

    2,087       1,999,743  

ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)

     2,088       1,642,245  

Take-Two Interactive Software Inc.

   

3.55%, 04/14/25

    870       841,143  

3.70%, 04/14/27 (Call 03/14/27)

    815       772,310  

4.00%, 04/14/32 (Call 01/14/32)(a)

    815       733,699  

4.95%, 03/28/28 (Call 02/28/28)

    1,060       1,044,037  

5.00%, 03/28/26

    1,150       1,137,647  

VMware Inc.

   

1.40%, 08/15/26 (Call 07/15/26)

    1,475       1,307,902  

1.80%, 08/15/28 (Call 06/15/28)

    773       647,881  

2.20%, 08/15/31 (Call 05/15/31)

    1,890       1,473,314  

3.90%, 08/21/27 (Call 05/21/27)

    1,641       1,546,360  

4.50%, 05/15/25 (Call 04/15/25)

    1,039       1,017,362  

4.65%, 05/15/27 (Call 03/15/27)

    1,008       979,872  

4.70%, 05/15/30 (Call 02/15/30)

    1,135       1,069,737  

Workday Inc.

   

3.50%, 04/01/27 (Call 03/01/27)

    1,692       1,599,089  

3.70%, 04/01/29 (Call 02/01/29)

    860       794,660  

3.80%, 04/01/32 (Call 01/01/32)(a)

    1,770       1,571,180  
   

 

 

 
       207,657,385  
Telecommunications — 3.9%            

America Movil SAB de CV

   

2.88%, 05/07/30 (Call 02/07/30)

    1,015       876,837  

3.63%, 04/22/29 (Call 01/22/29)

    1,180       1,084,081  

4.38%, 07/16/42(a)

    1,480       1,265,450  

4.38%, 04/22/49 (Call 10/22/48)(a)

    1,237       1,047,777  

4.70%, 07/21/32 (Call 04/21/32)

    985       934,829  

6.13%, 11/15/37

    785       818,695  

6.13%, 03/30/40

    2,160       2,254,639  
 

 

 

116  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Telecommunications (continued)            

6.38%, 03/01/35

  $ 1,320     $ 1,422,655  

AT&T Inc.

   

1.65%, 02/01/28 (Call 12/01/27)

    2,283       1,951,995  

1.70%, 03/25/26 (Call 09/11/23)

    3,797       3,460,932  

2.25%, 02/01/32 (Call 11/01/31)

    3,015       2,352,314  

2.30%, 06/01/27 (Call 04/01/27)

    2,722       2,437,291  

2.55%, 12/01/33 (Call 09/01/33)

    4,744       3,619,796  

2.75%, 06/01/31 (Call 03/01/31)

    3,387        2,798,148  

2.95%, 07/15/26 (Call 04/15/26)(a)

    559       521,487  

3.10%, 02/01/43 (Call 08/01/42)(a)

    953       663,676  

3.30%, 02/01/52 (Call 08/01/51)(a)

    1,150       749,844  

3.50%, 06/01/41 (Call 12/01/40)

    3,244       2,379,257  

3.50%, 09/15/53 (Call 03/15/53)

    8,724       5,742,178  

3.50%, 02/01/61 (Call 08/01/60)

    615       393,971  

3.55%, 09/15/55 (Call 03/15/55)

    8,938       5,833,556  

3.65%, 06/01/51 (Call 12/01/50)

    3,669       2,516,499  

3.65%, 09/15/59 (Call 03/15/59)(a)

    7,629       4,937,267  

3.80%, 02/15/27 (Call 11/15/26)

    1,394       1,326,112  

3.80%, 12/01/57 (Call 06/01/57)(a)

    6,975       4,703,941  

3.85%, 06/01/60 (Call 12/01/59)

    1,875       1,278,553  

3.88%, 01/15/26 (Call 10/15/25)

    597       575,324  

4.10%, 02/15/28 (Call 11/15/27)

    1,735       1,646,618  

4.25%, 03/01/27 (Call 12/01/26)

    1,872       1,804,223  

4.30%, 02/15/30 (Call 11/15/29)

    3,850       3,589,605  

4.30%, 12/15/42 (Call 06/15/42)

    1,748       1,416,018  

4.35%, 03/01/29 (Call 12/01/28)

    3,825       3,618,901  

4.35%, 06/15/45 (Call 12/15/44)

    1,455       1,149,702  

4.50%, 05/15/35 (Call 11/15/34)

    3,280       2,914,961  

4.50%, 03/09/48 (Call 09/09/47)

     2,270       1,811,848  

4.55%, 03/09/49 (Call 09/09/48)

    1,290       1,029,240  

4.65%, 06/01/44 (Call 12/01/43)

    695       576,655  

4.75%, 05/15/46 (Call 11/15/45)

    2,415       2,016,128  

4.80%, 06/15/44 (Call 12/15/43)

    362       304,492  

4.85%, 03/01/39 (Call 09/01/38)

    1,326       1,178,078  

4.85%, 07/15/45 (Call 01/15/45)(a)

    395       333,495  

4.90%, 08/15/37 (Call 02/14/37)

    946       856,816  

5.15%, 03/15/42(a)

    406       361,525  

5.15%, 11/15/46 (Call 05/15/46)(a)

    1,025       900,601  

5.15%, 02/15/50 (Call 08/14/49)(a)

    888       780,448  

5.25%, 03/01/37 (Call 09/01/36)(a)

    1,375       1,303,359  

5.35%, 09/01/40(a)

    758       705,833  

5.40%, 02/15/34 (Call 11/15/33)

    2,465       2,393,760  

5.45%, 03/01/47 (Call 09/01/46)(a)

    583       535,299  

5.54%, 02/20/26 (Call 02/20/24)

    330       329,441  

5.55%, 08/15/41

    458       431,774  

5.65%, 02/15/47 (Call 08/15/46)(a)

    760       730,452  

5.70%, 03/01/57 (Call 09/01/56)(a)

    380       356,129  

6.00%, 08/15/40 (Call 05/15/40)(a)

    703       700,008  

6.15%, 09/15/34

    35       35,059  

6.25%, 03/29/41(a)

    75       75,677  

6.30%, 01/15/38

    690       703,360  

6.38%, 03/01/41(a)

    413       423,351  

6.55%, 02/15/39

    537       559,056  

Bell Telephone Co. of Canada or Bell Canada (The)

   

3.65%, 08/15/52 (Call 02/15/52)

    1,100       786,564  

4.30%, 07/29/49 (Call 01/29/49)(a)

    772       615,989  

4.46%, 04/01/48 (Call 10/01/47)

    1,418       1,166,986  

5.10%, 05/11/33 (Call 02/11/33)

    1,100       1,061,156  

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

    631       452,508  

Series US-5, 2.15%, 02/15/32 (Call 11/15/31)(a)

    930       732,670  
Security  

Par

(000)

    Value  
Telecommunications (continued)            

Series US-6, 3.20%, 02/15/52 (Call 08/15/51)(a)

  $ 725     $ 474,915  

Bharti Airtel Ltd.

   

3.25%, 06/03/31 (Call 03/05/31)(a)(b)

    120       101,524  

4.38%, 06/10/25(a)(b)

    775       757,448  

British Telecommunications PLC

   

3.25%, 11/08/29 (Call 08/08/29)(a)(b)

    1,502       1,324,521  

4.25%, 11/08/49 (Call 05/08/49)(b)

    815       604,456  

5.13%, 12/04/28 (Call 09/04/28)

    1,140       1,115,804  

9.13%, 12/15/30

    3,343       4,070,992  

Cisco Systems Inc.

   

2.50%, 09/20/26 (Call 06/20/26)(a)

    1,772       1,659,577  

2.95%, 02/28/26

    1,353       1,297,950  

3.50%, 06/15/25(a)

    537       522,330  

5.50%, 01/15/40

    1,960       2,034,043  

5.90%, 02/15/39

    3,006       3,259,638  

Corning Inc.

   

3.90%, 11/15/49 (Call 05/15/49)

    446       334,892  

4.38%, 11/15/57 (Call 05/15/57)(a)

    750       606,759  

4.70%, 03/15/37(a)

    585       534,392  

4.75%, 03/15/42(a)

    530       473,250  

5.35%, 11/15/48 (Call 05/15/48)

    486       456,840  

5.45%, 11/15/79 (Call 05/19/79)

    1,186       1,063,380  

5.75%, 08/15/40(a)

    446       439,693  

5.85%, 11/15/68 (Call 05/15/68)(a)

    418       398,696  

7.25%, 08/15/36 (Call 08/15/26)(a)

    757       788,960  

Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)(a)(b)

    1,122       817,662  

Deutsche Telekom International Finance BV

   

3.60%, 01/19/27 (Call 10/19/26)(a)(b)

    433       415,685  

4.38%, 06/21/28 (Call 03/21/28)(b)

    105       101,151  

4.75%, 06/21/38 (Call 12/21/37)(b)

    841       758,792  

4.88%, 03/06/42(b)

    1,068       956,592  

8.75%, 06/15/30

    4,367       5,141,743  

9.25%, 06/01/32

     1,291        1,624,070  

Empresa Nacional de Telecomunicaciones SA

   

3.05%, 09/14/32 (Call 06/14/32)(b)

    335       259,625  

4.75%, 08/01/26 (Call 05/01/26)(b)

    843       820,875  

Juniper Networks Inc.

   

1.20%, 12/10/25 (Call 11/10/25)(a)

    806       729,762  

2.00%, 12/10/30 (Call 09/10/30)

    853       660,481  

3.75%, 08/15/29 (Call 05/15/29)(a)

    959       872,099  

5.95%, 03/15/41(a)

    431       409,758  

Koninklijke KPN NV, 8.38%, 10/01/30

    1,293       1,468,999  

KT Corp., 2.50%, 07/18/26(b)

    200       184,504  

Motorola Solutions Inc.

   

2.30%, 11/15/30 (Call 08/15/30)

    1,369       1,090,944  

2.75%, 05/24/31 (Call 02/24/31)

    1,140       924,728  

4.60%, 02/23/28 (Call 11/23/27)

    1,412       1,368,927  

4.60%, 05/23/29 (Call 02/23/29)(a)

    1,174       1,131,246  

5.50%, 09/01/44(a)

    529       485,520  

5.60%, 06/01/32 (Call 03/01/32)

    650       641,587  

7.50%, 05/15/25

    98       99,541  

NBN Co. Ltd.

   

0.88%, 10/08/24 (Call 09/08/24)(b)

    560       529,719  

1.45%, 05/05/26 (Call 04/05/26)(b)

    2,153       1,939,977  

1.63%, 01/08/27 (Call 12/08/26)(a)(b)

    1,624       1,438,161  

2.50%, 01/08/32 (Call 10/08/31)(a)(b)

    1,040       833,679  

2.63%, 05/05/31 (Call 02/05/31)(b)

    1,754       1,450,080  
 

 

 

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

  117


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Telecommunications (continued)            

Nokia OYJ

   

4.38%, 06/12/27

  $ 420     $ 396,059  

6.63%, 05/15/39

    490       466,638  

NTT Finance Corp.

   

1.16%, 04/03/26 (Call 03/03/26)(b)

    2,899       2,614,072  

1.59%, 04/03/28 (Call 02/03/28)(b)

    1,870       1,603,743  

2.07%, 04/03/31 (Call 01/03/31)(a)(b)

    1,822       1,485,598  

4.24%, 07/25/25(b)

    550       536,789  

4.37%, 07/27/27 (Call 06/27/27)(b)

    575       560,279  

Ooredoo International Finance Ltd.

   

2.63%, 04/08/31(b)

    760       644,214  

3.75%, 06/22/26(b)

    1,713       1,647,906  

3.88%, 01/31/28(a)(b)

    463       441,529  

4.50%, 01/31/43(a)(b)

    550       509,053  

Orange SA

   

5.38%, 01/13/42

    1,966       1,882,446  

5.50%, 02/06/44 (Call 08/06/43)

    250       244,053  

9.00%, 03/01/31

    3,373       4,092,516  

Rogers Communications Inc.

   

2.90%, 11/15/26 (Call 08/15/26)

    972       896,313  

2.95%, 03/15/25

    1,120       1,069,098  

3.20%, 03/15/27 (Call 02/15/27)

    1,786       1,651,015  

3.63%, 12/15/25 (Call 09/15/25)

    1,359       1,294,098  

3.70%, 11/15/49 (Call 05/15/49)(a)

    1,043       708,696  

3.80%, 03/15/32 (Call 12/15/31)

    2,516       2,151,869  

4.30%, 02/15/48 (Call 08/15/47)

    922       691,114  

4.35%, 05/01/49 (Call 11/01/48)(a)

    1,433       1,084,228  

4.50%, 03/15/42 (Call 09/15/41)

    1,018       823,089  

4.50%, 03/15/43 (Call 09/15/42)

    783       625,901  

4.55%, 03/15/52 (Call 09/15/51)

    2,325       1,801,531  

5.00%, 03/15/44 (Call 09/15/43)

    1,308       1,114,408  

5.45%, 10/01/43 (Call 04/01/43)

    906       809,497  

7.50%, 08/15/38(a)

    730       788,549  

Saudi Telecom Co., 3.89%, 05/13/29(a)(b)

    1,027       971,770  

SES Global Americas Holdings Inc., 5.30%, 03/25/44(a)(b)

    704       501,532  

SES SA, 5.30%, 04/04/43(a)(b)

    525       367,423  

Sprint Capital Corp.

   

6.88%, 11/15/28

    785       829,276  

8.75%, 03/15/32

     1,650        1,966,569  

Sprint LLC

   

7.63%, 02/15/25 (Call 11/15/24)(a)

    30       30,590  

7.63%, 03/01/26 (Call 11/01/25)

    335       347,237  

Telefonica Emisiones SA

   

4.10%, 03/08/27

    2,002       1,905,557  

4.67%, 03/06/38(a)

    1,220       1,008,881  

4.90%, 03/06/48

    1,581       1,262,419  

5.21%, 03/08/47

    2,912       2,440,560  

5.52%, 03/01/49 (Call 09/01/48)

    1,643       1,434,193  

7.05%, 06/20/36

    2,230       2,376,064  

Telefonica Europe BV, 8.25%, 09/15/30

    1,945       2,220,247  

Telefonica Moviles Chile SA, 3.54%, 11/18/31 (Call 08/18/31)(b)

    270       208,111  

Telstra Corp. Ltd., 3.13%, 04/07/25 (Call 01/07/25)(b)

    1,384       1,332,356  

TELUS Corp.

   

2.80%, 02/16/27 (Call 11/16/26)

    1,032       954,190  

3.40%, 05/13/32 (Call 02/13/32)

    1,401       1,179,677  

3.70%, 09/15/27 (Call 06/15/27)

    757       711,623  

4.30%, 06/15/49 (Call 12/15/48)(a)

    755       587,804  

4.60%, 11/16/48 (Call 05/16/48)

    1,089       893,666  
Security  

Par

(000)

    Value  
Telecommunications (continued)            

T-Mobile USA Inc.

   

1.50%, 02/15/26 (Call 01/15/26)

  $ 1,317     $ 1,199,980  

2.05%, 02/15/28 (Call 12/15/27)

    2,209       1,928,586  

2.25%, 02/15/26 (Call 09/11/23)

    2,080       1,923,348  

2.25%, 11/15/31 (Call 08/15/31)

    1,197       951,279  

2.40%, 03/15/29 (Call 01/15/29)

    610       524,366  

2.55%, 02/15/31 (Call 11/15/30)

    3,482       2,869,240  

2.63%, 04/15/26 (Call 09/11/23)

    1,815       1,684,106  

2.63%, 02/15/29 (Call 02/15/24)

    1,723       1,491,983  

2.70%, 03/15/32 (Call 12/15/31)

    1,365       1,111,502  

2.88%, 02/15/31 (Call 02/15/26)

    1,590       1,336,835  

3.00%, 02/15/41 (Call 08/15/40)

    3,186       2,250,398  

3.30%, 02/15/51 (Call 08/15/50)

    3,667       2,461,979  

3.38%, 04/15/29 (Call 04/15/24)

    2,810       2,518,777  

3.40%, 10/15/52 (Call 04/15/52)

    3,260       2,209,513  

3.50%, 04/15/25 (Call 03/15/25)

    2,864       2,768,637  

3.50%, 04/15/31 (Call 04/15/26)

    3,370       2,942,372  

3.60%, 11/15/60 (Call 05/15/60)

    2,198       1,471,981  

3.75%, 04/15/27 (Call 02/15/27)

    4,444       4,211,998  

3.88%, 04/15/30 (Call 01/15/30)

    7,637       6,970,482  

4.38%, 04/15/40 (Call 10/15/39)

    2,636       2,265,352  

4.50%, 04/15/50 (Call 10/15/49)(a)

    3,746       3,094,262  

4.75%, 02/01/28 (Call 09/11/23)

    1,805       1,752,876  

4.80%, 07/15/28 (Call 06/15/28)

    1,090       1,065,621  

4.95%, 03/15/28 (Call 02/15/28)

    1,150       1,133,988  

5.05%, 07/15/33 (Call 04/15/33)

    1,990       1,920,225  

5.20%, 01/15/33 (Call 10/15/32)

    750       734,953  

5.38%, 04/15/27 (Call 09/11/23)(a)

    954       952,336  

5.65%, 01/15/53 (Call 07/15/52)

    1,793       1,748,980  

5.75%, 01/15/54 (Call 07/15/53)

    1,777       1,757,320  

5.80%, 09/15/62 (Call 03/15/62)

     1,055        1,025,507  

Verizon Communications Inc.

   

0.85%, 11/20/25 (Call 10/20/25)

    1,597       1,448,301  

1.45%, 03/20/26 (Call 02/20/26)

    2,547       2,310,427  

1.50%, 09/18/30 (Call 06/18/30)

    1,960       1,531,373  

1.68%, 10/30/30 (Call 07/30/30)

    1,673       1,307,829  

1.75%, 01/20/31 (Call 10/20/30)

    2,957       2,301,592  

2.10%, 03/22/28 (Call 01/22/28)

    2,955       2,582,349  

2.36%, 03/15/32 (Call 12/15/31)

    4,780       3,780,685  

2.55%, 03/21/31 (Call 12/21/30)

    3,628       2,986,523  

2.63%, 08/15/26

    1,717       1,598,849  

2.65%, 11/20/40 (Call 05/20/40)

    3,612       2,411,835  

2.85%, 09/03/41 (Call 03/03/41)

    1,340       914,971  

2.88%, 11/20/50 (Call 05/20/50)

    3,358       2,059,356  

2.99%, 10/30/56 (Call 04/30/56)

    4,521       2,701,602  

3.00%, 03/22/27 (Call 01/22/27)

    1,526       1,418,433  

3.00%, 11/20/60 (Call 05/20/60)

    2,125       1,247,799  

3.15%, 03/22/30 (Call 12/22/29)

    2,193       1,923,468  

3.38%, 02/15/25

    1,344       1,303,794  

3.40%, 03/22/41 (Call 09/22/40)

    4,233       3,143,288  

3.50%, 11/01/24 (Call 08/01/24)

    1,038       1,013,974  

3.55%, 03/22/51 (Call 09/22/50)

    5,060       3,546,557  

3.70%, 03/22/61 (Call 09/22/60)(a)

    3,727       2,539,138  

3.85%, 11/01/42 (Call 05/01/42)

    1,419       1,101,133  

3.88%, 02/08/29 (Call 11/08/28)

    2,253       2,105,188  

3.88%, 03/01/52 (Call 09/01/51)(a)

    1,435       1,075,519  

4.00%, 03/22/50 (Call 09/22/49)

    1,519       1,163,550  

4.02%, 12/03/29 (Call 09/03/29)

    4,495       4,178,996  

4.13%, 03/16/27

    2,980       2,870,635  

4.13%, 08/15/46

    1,222       971,436  
 

 

 

118  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Telecommunications (continued)            

4.33%, 09/21/28

  $ 5,098     $ 4,882,528  

4.40%, 11/01/34 (Call 05/01/34)

    2,490       2,256,015  

4.50%, 08/10/33

    2,362       2,182,310  

4.52%, 09/15/48

    1,275       1,073,309  

4.67%, 03/15/55(a)

    620       522,703  

4.75%, 11/01/41(a)

    1,175       1,055,725  

4.81%, 03/15/39

    1,445       1,312,448  

4.86%, 08/21/46(a)

    2,965       2,609,294  

5.01%, 04/15/49(a)

    620       556,052  

5.01%, 08/21/54

    285       252,308  

5.05%, 05/09/33 (Call 02/09/33)

    795       771,403  

5.25%, 03/16/37

    1,488       1,449,528  

5.50%, 03/16/47(a)

    520       501,478  

5.85%, 09/15/35(a)

    465       463,721  

6.40%, 09/15/33(a)

    200       210,156  

6.55%, 09/15/43

    950       1,055,343  

7.75%, 12/01/30

    1,155       1,323,320  

Vodafone Group PLC

   

4.13%, 05/30/25

    1,879       1,836,233  

4.25%, 09/17/50

    2,177       1,677,798  

4.38%, 05/30/28(a)

    1,070       1,050,470  

4.38%, 02/19/43

    1,990       1,620,855  

4.88%, 06/19/49

    2,482       2,104,527  

5.00%, 05/30/38(a)

    362       336,668  

5.13%, 06/19/59

    459       390,864  

5.25%, 05/30/48

    171       154,491  

5.63%, 02/10/53 (Call 08/10/52)(a)

    1,300       1,226,696  

5.75%, 02/10/63 (Call 08/10/62)

    405       376,467  

6.15%, 02/27/37

    2,459       2,519,142  

6.25%, 11/30/32(a)

    876       917,697  

7.88%, 02/15/30

     1,228       1,384,034  

Xiaomi Best Time International Ltd.

   

2.88%, 07/14/31 (Call 04/14/31)(b)

    525       399,072  

3.38%, 04/29/30 (Call 01/29/30)(b)

    115       93,718  

4.10%, 07/14/51 (Call 01/14/51)(b)

    275       163,991  
   

 

 

 
       360,522,648  
Toys, Games & Hobbies — 0.1%            

Hasbro Inc.

   

3.00%, 11/19/24 (Call 10/19/24)

    560       540,958  

3.50%, 09/15/27 (Call 06/15/27)(a)

    667       623,209  

3.55%, 11/19/26 (Call 09/19/26)

    998       937,346  

3.90%, 11/19/29 (Call 08/19/29)

    1,305       1,183,349  

5.10%, 05/15/44 (Call 11/15/43)(a)

    477       414,859  

6.35%, 03/15/40(a)

    589       594,185  

Mattel Inc.

   

3.38%, 04/01/26 (Call 09/11/23)(b)

    165       153,599  

3.75%, 04/01/29 (Call 04/01/24)(a)(b)

    402       357,343  

5.45%, 11/01/41 (Call 05/01/41)

    170       146,335  

5.88%, 12/15/27 (Call 10/02/23)(a)(b)

    870       853,298  

6.20%, 10/01/40(a)

    125       116,887  
   

 

 

 
      5,921,368  
Transportation — 1.9%            

AP Moller - Maersk A/S

   

3.88%, 09/28/25 (Call 06/28/25)(b)

    690       666,563  

4.50%, 06/20/29 (Call 03/20/29)(a)(b)

    1,150       1,104,868  

Burlington Northern Santa Fe LLC

   

2.88%, 06/15/52 (Call 12/15/51)

    595       392,728  

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

    884       853,644  

3.05%, 02/15/51 (Call 08/15/50)

    711       486,160  
Security  

Par

(000)

    Value  
Transportation (continued)            

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

  $ 663     $ 629,283  

3.30%, 09/15/51 (Call 03/15/51)

    1,052       755,755  

3.40%, 09/01/24 (Call 06/01/24)

    544       532,722  

3.55%, 02/15/50 (Call 08/15/49)

    839       641,998  

3.65%, 09/01/25 (Call 06/01/25)

    758       736,792  

3.90%, 08/01/46 (Call 02/01/46)

    849       679,554  

4.05%, 06/15/48 (Call 12/15/47)

    896       736,322  

4.13%, 06/15/47 (Call 12/15/46)

    755       626,845  

4.15%, 04/01/45 (Call 10/01/44)

    1,147       969,446  

4.15%, 12/15/48 (Call 06/15/48)

    819       685,213  

4.38%, 09/01/42 (Call 03/01/42)

    887       779,009  

4.40%, 03/15/42 (Call 09/15/41)

    945       832,522  

4.45%, 03/15/43 (Call 09/15/42)

    1,072       948,104  

4.45%, 01/15/53 (Call 07/15/52)

    1,080       962,354  

4.55%, 09/01/44 (Call 03/01/44)(a)

    895       801,627  

4.70%, 09/01/45 (Call 03/01/45)

    782       704,796  

4.90%, 04/01/44 (Call 10/01/43)

    937       881,293  

4.95%, 09/15/41 (Call 03/15/41)(a)

    690       657,577  

5.05%, 03/01/41 (Call 09/01/40)

    580       559,321  

5.15%, 09/01/43 (Call 03/01/43)

    845       820,281  

5.20%, 04/15/54 (Call 10/15/53)

    1,550       1,525,068  

5.40%, 06/01/41 (Call 12/01/40)

    894       892,549  

5.75%, 05/01/40 (Call 11/01/39)

     1,080        1,127,456  

6.15%, 05/01/37

    822       894,666  

6.20%, 08/15/36

    494       540,856  

7.00%, 12/15/25(a)

    509       528,575  

7.95%, 08/15/30

    160       185,698  

Canadian National Railway Co.

   

2.45%, 05/01/50 (Call 11/01/49)

    1,342       821,405  

2.75%, 03/01/26 (Call 12/01/25)

    970       916,358  

2.95%, 11/21/24 (Call 08/21/24)

    551       534,030  

3.20%, 08/02/46 (Call 02/02/46)(a)

    1,250       898,301  

3.50%, 11/15/42 (Call 05/15/42)(a)

    115       85,379  

3.65%, 02/03/48 (Call 08/03/47)

    449       352,150  

3.85%, 08/05/32 (Call 05/05/32)

    967       892,855  

4.40%, 08/05/52 (Call 02/05/52)

    665       587,817  

4.45%, 01/20/49 (Call 07/20/48)

    566       497,182  

4.50%, 11/07/43 (Call 05/07/43)

    310       262,986  

6.20%, 06/01/36

    330       358,486  

6.25%, 08/01/34

    906       981,857  

6.38%, 11/15/37(a)

    880       961,002  

6.71%, 07/15/36

    10       10,919  

6.90%, 07/15/28

    665       719,205  

Canadian Pacific Railway Co.

   

1.35%, 12/02/24 (Call 10/03/23)

    80       75,830  

1.75%, 12/02/26 (Call 11/02/26)(a)

    1,235       1,109,834  

2.05%, 03/05/30 (Call 12/05/29)(a)

    952       789,018  

2.45%, 12/02/31 (Call 09/02/31)

    880       780,571  

2.88%, 11/15/29

    882       776,082  

2.90%, 02/01/25 (Call 11/01/24)

    1,454       1,400,125  

3.00%, 12/02/41 (Call 06/02/41)(a)

    1,115       924,596  

3.10%, 12/02/51 (Call 06/02/51)(a)

    2,520       1,710,652  

3.50%, 05/01/50(a)

    789       580,276  

3.70%, 02/01/26 (Call 11/01/25)

    961       921,012  

4.00%, 06/01/28 (Call 03/01/28)(a)

    655       626,658  

4.20%, 11/15/69

    681       529,109  

4.30%, 05/15/43

    634       533,571  

4.70%, 05/01/48

    501       439,800  

4.80%, 09/15/35 (Call 03/15/35)

    475       455,577  

4.80%, 08/01/45 (Call 02/01/45)

    213       190,745  
 

 

 

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

  119


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Transportation (continued)            

4.95%, 08/15/45

  $ 634     $ 578,942  

5.75%, 03/15/33(a)

    660       668,396  

5.75%, 01/15/42

    690       675,604  

5.95%, 05/15/37

    817       847,576  

6.13%, 09/15/2115 (Call 03/15/2115)

    561       582,019  

7.13%, 10/15/31

    570       634,211  

Central Japan Railway Co., 4.25%, 11/24/45 (Call 05/24/45)(b)

    60       50,403  

CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)(a)

    1,173       1,115,826  

CSX Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    1,071       916,398  

2.50%, 05/15/51 (Call 11/15/50)(a)

    359       217,900  

2.60%, 11/01/26 (Call 08/01/26)

    1,625       1,504,294  

3.25%, 06/01/27 (Call 03/01/27)

    1,127       1,060,694  

3.35%, 11/01/25 (Call 08/01/25)

    870       835,968  

3.35%, 09/15/49 (Call 03/15/49)

    765       542,598  

3.80%, 03/01/28 (Call 12/01/27)

    555       528,287  

3.80%, 11/01/46 (Call 05/01/46)

    1,041       814,123  

3.80%, 04/15/50 (Call 10/15/49)

    791       612,185  

3.95%, 05/01/50 (Call 11/01/49)

    433       343,746  

4.10%, 11/15/32 (Call 08/15/32)(a)

    1,085       1,018,521  

4.10%, 03/15/44 (Call 09/15/43)

    803       667,727  

4.25%, 03/15/29 (Call 12/15/28)

    1,172       1,131,478  

4.25%, 11/01/66 (Call 05/01/66)

    375       300,681  

4.30%, 03/01/48 (Call 09/01/47)

    1,144       963,164  

4.40%, 03/01/43 (Call 09/01/42)

    770       660,247  

4.50%, 03/15/49 (Call 09/15/48)

    583       504,028  

4.50%, 11/15/52 (Call 05/15/52)

     1,172        1,019,050  

4.50%, 08/01/54 (Call 02/01/54)

    470       403,920  

4.65%, 03/01/68 (Call 09/01/67)(a)

    605       518,705  

4.75%, 05/30/42 (Call 11/30/41)

    980       885,668  

4.75%, 11/15/48 (Call 05/15/48)

    458       408,495  

5.50%, 04/15/41 (Call 10/15/40)

    775       769,146  

6.00%, 10/01/36

    1,200       1,247,418  

6.15%, 05/01/37

    711       757,709  

6.22%, 04/30/40

    783       838,926  

Empresa de los Ferrocarriles del Estado

   

3.07%, 08/18/50 (Call 02/18/50)(b)

    365       217,594  

3.83%, 09/14/61 (Call 03/14/61)(b)

    775       501,011  

Empresa de Transporte de Pasajeros Metro SA

   

3.65%, 05/07/30 (Call 02/07/30)(a)(b)

    743       668,591  

3.69%, 09/13/61 (Call 03/13/61)(b)

    605       386,198  

4.70%, 05/07/50 (Call 11/07/49)(a)(b)

    1,384       1,124,139  

5.00%, 01/25/47 (Call 07/25/46)(a)(b)

    435       370,523  

ENA Master Trust, 4.00%, 05/19/48 (Call 02/19/48)(b)

    115       84,237  

FedEx Corp.

   

2.40%, 05/15/31 (Call 02/15/31)(a)

    860       709,693  

3.10%, 08/05/29 (Call 05/05/29)

    1,145       1,025,720  

3.25%, 04/01/26 (Call 01/01/26)(a)

    1,150       1,098,396  

3.25%, 05/15/41 (Call 11/15/40)

    1,200       872,359  

3.40%, 02/15/28 (Call 11/15/27)

    674       628,022  

3.88%, 08/01/42(a)

    508       403,643  

3.90%, 02/01/35

    963       838,259  

4.05%, 02/15/48 (Call 08/15/47)

    1,228       956,331  

4.10%, 04/15/43

    534       422,593  

4.10%, 02/01/45

    873       689,493  

4.20%, 10/17/28 (Call 07/17/28)(a)

    505       486,875  

4.25%, 05/15/30 (Call 02/15/30)

    910       863,684  

4.40%, 01/15/47 (Call 07/15/46)

    1,179       969,609  
Security  

Par

(000)

    Value  
Transportation (continued)            

4.50%, 02/01/65

  $ 88     $ 65,707  

4.55%, 04/01/46 (Call 10/01/45)

    1,622       1,359,638  

4.75%, 11/15/45 (Call 05/15/45)

    1,387       1,195,853  

4.90%, 01/15/34

    1,030       994,854  

4.95%, 10/17/48 (Call 04/17/48)

    818       731,700  

5.10%, 01/15/44

    934       850,815  

5.25%, 05/15/50 (Call 11/15/49)

    1,352       1,257,488  

GXO Logistics Inc.

   

1.65%, 07/15/26 (Call 06/15/26)

    970       858,890  

2.65%, 07/15/31 (Call 04/15/31)(a)

    890       696,856  

JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)

    808       782,709  

Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)

    959       900,159  

Misc Capital Two Labuan Ltd.

   

3.63%, 04/06/25(b)

    145       139,842  

3.75%, 04/06/27 (Call 03/06/27)(b)

    995       930,106  

Norfolk Southern Corp.

   

2.30%, 05/15/31 (Call 02/15/31)(a)

    512       422,192  

2.55%, 11/01/29 (Call 08/01/29)

    651       561,447  

2.90%, 06/15/26 (Call 03/15/26)

    417       392,966  

2.90%, 08/25/51 (Call 02/25/51)

    765       486,702  

3.00%, 03/15/32 (Call 12/15/31)

    719       612,881  

3.05%, 05/15/50 (Call 11/15/49)

    1,067       711,288  

3.15%, 06/01/27 (Call 03/01/27)

    388       361,879  

3.16%, 05/15/55 (Call 11/15/54)

    889       586,086  

3.40%, 11/01/49 (Call 05/01/49)

    574       405,819  

3.65%, 08/01/25 (Call 06/01/25)

    535       516,914  

3.70%, 03/15/53 (Call 09/15/52)

    531       394,596  

3.80%, 08/01/28 (Call 05/01/28)(a)

    550       519,422  

3.94%, 11/01/47 (Call 05/01/47)

    848       672,080  

3.95%, 10/01/42 (Call 04/01/42)

    756       606,450  

4.05%, 08/15/52 (Call 02/15/52)

    1,005       797,918  

4.10%, 05/15/49 (Call 11/15/48)(a)

    544       441,506  

4.10%, 05/15/2121 (Call 11/15/2120)

    640       450,014  

4.15%, 02/28/48 (Call 08/28/47)

    792       650,868  

4.45%, 03/01/33 (Call 12/01/32)

    385       364,993  

4.45%, 06/15/45 (Call 12/15/44)

    562       475,142  

4.55%, 06/01/53 (Call 12/01/52)

    895       773,740  

4.65%, 01/15/46 (Call 07/15/45)(a)

    665       578,991  

4.84%, 10/01/41

    1,049       953,833  

5.05%, 08/01/30 (Call 06/01/30)

    885       876,249  

5.10%, 08/01/2118 (Call 02/01/2118)

    75       62,884  

5.35%, 08/01/54(a)

    800       777,715  

5.59%, 05/17/25(a)

    465       464,771  

7.25%, 02/15/31(a)

    880       957,775  

7.80%, 05/15/27(a)

    285       311,424  

Polar Tankers Inc., 5.95%, 05/10/37(b)

     1,493        1,497,248  

Ryder System Inc.

   

1.75%, 09/01/26 (Call 08/01/26)(a)

    475       427,385  

2.50%, 09/01/24 (Call 08/01/24)

    619       598,211  

2.85%, 03/01/27 (Call 02/01/27)(a)

    424       390,326  

2.90%, 12/01/26 (Call 10/01/26)

    689       634,439  

3.35%, 09/01/25 (Call 08/01/25)

    814       778,924  

4.30%, 06/15/27 (Call 05/15/27)

    465       447,573  

4.63%, 06/01/25 (Call 05/01/25)

    845       828,082  

5.25%, 06/01/28 (Call 05/01/28)(a)

    590       582,592  

5.65%, 03/01/28 (Call 02/01/28)(a)

    855       856,976  

TTX Co.

   

3.60%, 01/15/25(a)(b)

    771       748,674  

3.90%, 02/01/45 (Call 08/01/44)(b)

    50       39,038  
 

 

 

120  

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® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  
Transportation (continued)            

4.20%, 07/01/46 (Call 01/01/46)(a)(b)

  $ 745     $ 605,418  

4.60%, 02/01/49 (Call 08/01/48)(b)

    439       382,488  

4.65%, 06/15/44(b)

    110       92,111  

5.65%, 12/01/52 (Call 06/01/52)(a)(b)

    660       674,861  

Union Pacific Corp.

   

2.15%, 02/05/27 (Call 12/05/26)

    565       516,342  

2.38%, 05/20/31 (Call 02/20/31)

    985       826,698  

2.40%, 02/05/30 (Call 11/05/29)

     1,604        1,380,632  

2.75%, 03/01/26 (Call 12/01/25)

    1,089       1,029,915  

2.80%, 02/14/32 (Call 12/15/31)

    1,255       1,072,642  

2.89%, 04/06/36 (Call 01/06/36)

    1,065       841,107  

2.95%, 03/10/52 (Call 09/10/51)

    915       611,452  

2.97%, 09/16/62 (Call 03/16/62)

    1,279       786,472  

3.00%, 04/15/27 (Call 01/15/27)

    998       932,475  

3.20%, 05/20/41 (Call 11/20/40)

    1,371       1,044,580  

3.25%, 01/15/25 (Call 10/15/24)

    390       379,193  

3.25%, 08/15/25 (Call 05/15/25)

    760       731,755  

3.25%, 02/05/50 (Call 08/05/49)(a)

    2,157       1,558,772  

3.35%, 08/15/46 (Call 02/15/46)

    130       92,775  

3.38%, 02/01/35 (Call 08/01/34)

    865       730,391  

3.38%, 02/14/42 (Call 08/14/41)

    590       460,605  

3.50%, 02/14/53 (Call 08/14/52)

    1,445       1,074,182  

3.55%, 08/15/39 (Call 02/15/39)

    642       520,880  

3.55%, 05/20/61 (Call 11/20/60)(a)

    818       577,407  

3.60%, 09/15/37 (Call 03/15/37)(a)

    787       658,264  

3.70%, 03/01/29 (Call 12/01/28)

    1,316       1,247,362  

3.75%, 07/15/25 (Call 05/15/25)

    757       735,419  

3.75%, 02/05/70 (Call 08/05/69)(a)

    665       483,745  

3.80%, 10/01/51 (Call 04/01/51)

    1,350       1,066,231  

3.80%, 04/06/71 (Call 10/06/70)

    695       510,408  

3.84%, 03/20/60 (Call 09/20/59)

    2,152       1,648,340  

3.85%, 02/14/72 (Call 08/14/71)

    585       433,111  

3.88%, 02/01/55 (Call 08/01/54)

    550       426,996  

3.95%, 09/10/28 (Call 06/10/28)(a)

    1,432       1,377,638  

3.95%, 08/15/59 (Call 02/15/59)

    590       457,342  

4.00%, 04/15/47 (Call 10/15/46)

    705       569,408  

4.05%, 11/15/45 (Call 05/15/45)

    635       515,183  

4.05%, 03/01/46 (Call 09/01/45)

    613       499,228  

4.10%, 09/15/67 (Call 03/15/67)

    672       533,218  

4.30%, 03/01/49 (Call 09/01/48)

    758       648,461  

4.50%, 01/20/33 (Call 10/20/32)(a)

    760       737,497  

4.50%, 09/10/48 (Call 03/10/48)

    565       495,329  

4.75%, 02/21/26 (Call 01/21/26)

    820       815,621  

4.95%, 09/09/52 (Call 03/09/52)(a)

    660       637,888  

4.96%, 05/15/53 (Call 11/15/52)

    630       605,010  

5.15%, 01/20/63 (Call 07/20/62)

    570       545,943  

6.63%, 02/01/29(a)

    27       29,256  

United Parcel Service Inc.

   

2.20%, 09/01/24 (Call 08/01/24)(a)

    367       355,516  

2.40%, 11/15/26 (Call 08/15/26)

    653       607,881  

2.50%, 09/01/29 (Call 06/01/29)

    657       582,416  

2.80%, 11/15/24 (Call 09/15/24)

    532       516,061  

3.05%, 11/15/27 (Call 08/15/27)

    1,351       1,264,889  

3.40%, 03/15/29 (Call 12/15/28)

    1,132       1,059,460  

3.40%, 11/15/46 (Call 05/15/46)

    810       606,318  

3.40%, 09/01/49 (Call 03/01/49)(a)

    668       509,925  

3.63%, 10/01/42(a)

    396       321,701  

3.75%, 11/15/47 (Call 05/15/47)

    1,325       1,071,637  

3.90%, 04/01/25 (Call 03/01/25)

    1,424       1,394,598  

4.25%, 03/15/49 (Call 09/15/48)

    899       775,208  
Security  

Par

(000)

    Value  
Transportation (continued)            

4.45%, 04/01/30 (Call 01/01/30)

  $ 1,167     $ 1,148,868  

4.88%, 03/03/33 (Call 12/03/32)

    780       779,191  

4.88%, 11/15/40 (Call 05/15/40)(a)

    899       864,968  

5.05%, 03/03/53 (Call 09/03/52)

    1,140       1,113,536  

5.20%, 04/01/40 (Call 10/01/39)

    657       656,768  

5.30%, 04/01/50 (Call 10/01/49)(a)

    1,370       1,390,320  

6.20%, 01/15/38

    1,914       2,139,473  

United Parcel Service of America Inc., 7.62%, 04/01/30(c)

    240       278,649  

Walmart Inc.

   

1.05%, 09/17/26 (Call 08/17/26)

    1,640       1,469,760  

1.50%, 09/22/28 (Call 07/22/28)

    1,395       1,204,834  

1.80%, 09/22/31 (Call 06/22/31)(a)

    2,020       1,653,281  

3.95%, 09/09/27 (Call 08/09/27)(a)

    565       551,492  

XPO Inc., 6.25%, 06/01/28 (Call 06/01/26)(b)

     1,160       1,136,656  
   

 

 

 
      173,640,143  
Trucking & Leasing — 0.2%            

DAE Funding LLC

   

2.63%, 03/20/25 (Call 02/20/25)(b)

    1,530       1,440,113  

3.38%, 03/20/28 (Call 01/20/28)(b)

    630       560,340  

GATX Corp.

   

1.90%, 06/01/31 (Call 03/01/31)(a)

    575       437,113  

3.10%, 06/01/51 (Call 12/01/50)

    440       272,838  

3.25%, 03/30/25 (Call 12/30/24)

    290       278,053  

3.25%, 09/15/26 (Call 06/15/26)

    828       768,678  

3.50%, 03/15/28 (Call 12/15/27)(a)

    413       377,103  

3.50%, 06/01/32 (Call 03/01/32)

    181       152,236  

3.85%, 03/30/27 (Call 12/30/26)

    221       207,059  

4.00%, 06/30/30 (Call 03/30/30)

    630       571,624  

4.50%, 03/30/45 (Call 09/30/44)(a)

    160       123,892  

4.55%, 11/07/28 (Call 08/07/28)

    400       379,917  

4.70%, 04/01/29 (Call 01/01/29)(a)

    625       594,077  

4.90%, 03/15/33 (Call 12/15/32)(a)

    535       500,817  

5.20%, 03/15/44 (Call 09/15/43)(a)

    290       252,614  

5.45%, 09/15/33 (Call 06/15/33)(a)

    325       318,052  

Penske Truck Leasing Co. LP/PTL Finance Corp

   

1.20%, 11/15/25 (Call 10/15/25)(b)

    937       843,564  

1.70%, 06/15/26 (Call 05/15/26)(b)

    1,652       1,471,712  

2.70%, 11/01/24 (Call 10/01/24)(b)

    698       669,848  

3.35%, 11/01/29 (Call 08/01/29)(b)

    563       482,025  

3.40%, 11/15/26 (Call 08/15/26)(b)

    903       837,840  

3.95%, 03/10/25 (Call 01/10/25)(a)(b)

    956       924,354  

4.00%, 07/15/25 (Call 06/15/25)(b)

    694       668,377  

4.20%, 04/01/27 (Call 01/01/27)(b)

    772       726,858  

4.40%, 07/01/27 (Call 06/01/27)(b)

    597       563,829  

4.45%, 01/29/26 (Call 11/29/25)(b)

    737       710,092  

5.70%, 02/01/28 (Call 01/01/28)(a)(b)

    790       780,884  

5.75%, 05/24/26 (Call 04/24/26)(b)

    475       471,710  

5.88%, 11/15/27 (Call 10/15/27)(a)(b)

    485       482,117  

6.05%, 08/01/28 (Call 07/01/28)(b)

    1,100       1,100,955  

6.20%, 06/15/30 (Call 04/15/30)(b)

    630       632,822  

Series 144A, 5.55%, 05/01/28 (Call 04/01/28)(b)

    755       740,675  

SMBC Aviation Capital Finance DAC

   

1.90%, 10/15/26 (Call 09/15/26)(a)(b)

    1,075       952,294  

2.30%, 06/15/28 (Call 04/15/28)(a)(b)

    565       482,613  

5.45%, 05/03/28(b)

    625       616,130  

5.70%, 07/25/33 (Call 04/25/33)(b)

    720       697,722  
   

 

 

 
      22,090,947  
 

 

 

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

  121


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® Broad USD Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
Venture Capital — 0.0%            

Hercules Capital Inc.

   

2.63%, 09/16/26 (Call 08/16/26)(a)

  $   590     $ 516,223  

3.38%, 01/20/27 (Call 12/20/26)(a)

    672       594,335  
   

 

 

 
      1,110,558  
Water — 0.1%            

American Water Capital Corp.

   

2.30%, 06/01/31 (Call 03/01/31)

    640       524,868  

2.80%, 05/01/30 (Call 02/01/30)

    865       748,904  

2.95%, 09/01/27 (Call 06/01/27)

    977       899,662  

3.00%, 12/01/26 (Call 09/01/26)

    475       443,154  

3.25%, 06/01/51 (Call 12/01/50)(a)

    550       385,068  

3.40%, 03/01/25 (Call 12/01/24)

    936       907,088  

3.45%, 06/01/29 (Call 03/01/29)

    906       830,918  

3.45%, 05/01/50 (Call 11/01/49)

    704       510,168  

3.75%, 09/01/28 (Call 06/01/28)(a)

    642       609,795  

3.75%, 09/01/47 (Call 03/01/47)

    826       640,914  

4.00%, 12/01/46 (Call 06/01/46)

    541       427,952  

4.15%, 06/01/49 (Call 12/01/48)

    629       520,217  

4.20%, 09/01/48 (Call 03/01/48)

    577       477,664  

4.30%, 12/01/42 (Call 06/01/42)

    456       389,650  

4.30%, 09/01/45 (Call 03/01/45)

    329       272,684  

4.45%, 06/01/32 (Call 03/01/32)(a)

    695       659,531  

6.59%, 10/15/37

    779       865,121  

Aquarion Co., 4.00%, 08/15/24
(Call 05/15/24)(b)

    124       121,192  

Essential Utilities Inc.

   

2.40%, 05/01/31 (Call 02/01/31)

    830       663,914  

2.70%, 04/15/30 (Call 01/15/30)

    819       689,337  

3.35%, 04/15/50 (Call 10/15/49)

    477       316,437  

3.57%, 05/01/29 (Call 02/01/29)(a)

    905       828,486  

4.28%, 05/01/49 (Call 11/01/48)

    791       615,659  

5.30%, 05/01/52 (Call 11/01/51)

    495       448,977  

United Utilities PLC, 6.88%, 08/15/28

    330       342,983  
   

 

 

 
      14,140,343  
   

 

 

 

Total Corporate Bonds & Notes — 98.0%
(Cost: $10,241,170,013)

       9,114,841,398  
   

 

 

 

Foreign Government Obligations

   
Japan — 0.0%            

Development Bank of Japan Inc., 4.38%, 09/22/25(b)

    120       117,889  
   

 

 

 
Panama — 0.0%            

Banco Latinoamericano de Comercio Exterior SA, 2.38%, 09/14/25 (Call 08/15/25)(b)

    905       841,650  
   

 

 

 
South Korea — 0.1%            

Korea Electric Power Corp.

   

1.13%, 06/15/25(b)

    632       585,517  

3.63%, 06/14/25(b)

    200       193,695  

4.00%, 06/14/27(b)

    135       129,905  

5.13%, 04/23/34(a)(b)

    435       429,865  

5.50%, 04/06/28(b)

    10       10,165  

7.00%, 02/01/27(a)

    200       211,249  

Korea Gas Corp.

   

1.13%, 07/13/26(b)

    650       577,104  

2.00%, 07/13/31(b)

    495       399,393  
Security  

Par/

Shares

(000)

    Value  

 

 
South Korea (continued)            

2.25%, 07/18/26(b)

  $ 125     $ 114,609  

3.13%, 07/20/27(a)(b)

    1,776       1,654,581  

3.50%, 07/02/26(b)

    495       470,317  

3.88%, 07/13/27(b)

    2,000       1,920,289  

Korea Housing Finance Corp.

   

4.63%, 02/24/28(b)

    500       489,291  

4.63%, 02/24/33(a)(b)

    540       515,357  

Korea Hydro & Nuclear Power Co. Ltd.

   

1.25%, 04/27/26(b)

    480       430,177  

3.13%, 07/25/27(b)

    1,170       1,087,741  

5.00%, 07/18/28(b)

    30       29,780  

Korea National Oil Corp.

   

0.88%, 10/05/25(a)(b)

    647       588,021  

1.25%, 04/07/26(b)

    1,000       899,736  

2.38%, 04/07/31(b)

    970       801,682  

2.50%, 10/24/26(b)

    143       130,943  

2.63%, 04/18/32(a)(b)

    500       410,013  

3.25%, 10/01/25(b)

    450       429,520  

3.38%, 03/27/27(b)

    500       471,513  
   

 

 

 
      12,980,463  
   

 

 

 

Total Foreign Government Obligations — 0.1%
(Cost: $14,912,193)

 

    13,940,002  
   

 

 

 

Total Long-Term Investments — 98.1%
(Cost: $10,256,082,206)

      9,128,781,400  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 10.0%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(g)(h)(i)

     870,255       870,516,022  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(g)(h)

    55,859       55,859,000  
   

 

 

 

Total Short-Term Securities — 10.0%
(Cost: $926,111,020)

      926,375,022  
   

 

 

 

Total Investments — 108.1%
(Cost: $11,182,193,226)

      10,055,156,422  
Liabilities in Excess of Other Assets — (8.1)%     (753,981,981)  
   

 

 

 
Net Assets — 100.0%         $ 9,301,174,441  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(d) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(e) 

Perpetual security with no stated maturity date.

(f) 

Zero-coupon bond.

(g) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

(i) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

 

 

122  

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® Broad USD Investment Grade Corporate Bond ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
      Affiliated Issuer  

Value at

02/28/23

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

08/31/23

   

Shares

Held at

08/31/23

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

   

  

 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 756,319,806     $ 114,422,119 (a)    $     $ (39,124   $ (186,779   $ 870,516,022       870,255     $ 1,901,655 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    65,729,000             (9,870,000 )(a)                  55,859,000       55,859       1,588,164          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (39,124   $ (186,779   $ 926,375,022       $ 3,489,819     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
    Level 1        Level 2        Level 3        Total  

 

 

Assets

                

Investments

                

Long-Term Investments

                

Corporate Bonds & Notes

  $        $ 9,114,841,398        $        $ 9,114,841,398  

Foreign Government Obligations

             13,940,002                   13,940,002  

Short-Term Securities

                

Money Market Funds

    926,375,022                            926,375,022  
 

 

 

      

 

 

      

 

 

      

 

 

 
  $  926,375,022        $  9,128,781,400        $     —        $ 10,055,156,422  
 

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

    123  


Schedule of Investments (unaudited) 

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.1%            

Omnicom Group Inc.

   

3.60%, 04/15/26 (Call 01/15/26)

  $  13,473     $ 12,893,692  

3.65%, 11/01/24 (Call 08/01/24)

    9,224       9,005,530  

WPP Finance 2010, 3.75%, 09/19/24

    6,249       6,077,218  
   

 

 

 
       27,976,440  
Aerospace & Defense — 1.3%  

Airbus SE, 3.15%, 04/10/27
(Call 01/10/27)(a)(b)

    6,040       5,683,145  

BAE Systems Finance Inc.,
7.50%, 07/01/27(a)(b)

    630       670,167  

BAE Systems Holdings Inc.

   

3.80%, 10/07/24(a)

    5,267       5,150,112  

3.85%, 12/15/25 (Call 09/15/25)(a)

    6,804       6,559,113  

Boeing Co. (The)

   

2.20%, 02/04/26 (Call 09/11/23)

    39,813       36,727,710  

2.25%, 06/15/26 (Call 03/15/26)(b)

    3,780       3,465,017  

2.50%, 03/01/25 (Call 12/01/24)

    1,893       1,799,370  

2.60%, 10/30/25 (Call 07/30/25)(b)

    3,085       2,891,531  

2.70%, 02/01/27 (Call 12/01/26)(b)

    7,705       7,045,730  

2.75%, 02/01/26 (Call 01/01/26)(b)

    11,155       10,468,578  

2.80%, 03/01/27 (Call 12/01/26)

    2,759       2,520,041  

2.85%, 10/30/24 (Call 07/30/24)(b)

    2,421       2,334,032  

3.10%, 05/01/26 (Call 03/01/26)

    5,529       5,207,847  

3.25%, 02/01/28 (Call 12/01/27)

    6,248       5,721,870  

3.25%, 03/01/28 (Call 12/01/27)

    2,410       2,198,287  

4.88%, 05/01/25 (Call 04/01/25)

    25,664       25,309,197  

5.04%, 05/01/27 (Call 03/01/27)

    14,732       14,569,839  

General Dynamics Corp.

   

1.15%, 06/01/26 (Call 05/01/26)

    4,260       3,847,947  

2.13%, 08/15/26 (Call 05/15/26)(b)

    4,022       3,716,258  

2.38%, 11/15/24 (Call 09/15/24)(b)

    4,029       3,881,936  

2.63%, 11/15/27 (Call 08/15/27)

    1,190       1,085,949  

3.25%, 04/01/25 (Call 03/01/25)

    5,880       5,697,231  

3.50%, 05/15/25 (Call 03/15/25)

    5,684       5,517,244  

3.50%, 04/01/27 (Call 02/01/27)

    6,048       5,759,285  

3.75%, 05/15/28 (Call 02/15/28)

    5,767       5,505,935  

HEICO Corp., 5.25%, 08/01/28 (Call 07/01/28)

    5,520       5,475,849  

Hexcel Corp.

   

4.20%, 02/15/27 (Call 11/15/26)

    2,280       2,130,245  

4.95%, 08/15/25 (Call 05/15/25)

    2,550       2,486,945  

Howmet Aerospace Inc.

   

5.90%, 02/01/27

    2,370       2,353,304  

6.75%, 01/15/28

    2,100       2,150,232  

6.88%, 05/01/25 (Call 04/01/25)

    275       276,917  

L3Harris Technologies Inc.

   

3.83%, 04/27/25 (Call 01/27/25)

    5,000       4,864,933  

3.85%, 12/15/26 (Call 09/15/26)

    3,689       3,525,477  

4.40%, 06/15/28 (Call 03/15/28)

    11,741       11,288,709  

5.40%, 01/15/27(b)

    7,100       7,117,247  

Lockheed Martin Corp.

   

3.55%, 01/15/26 (Call 10/15/25)

    7,458       7,217,531  

4.45%, 05/15/28 (Call 04/15/28)(b)

    2,450       2,412,192  

4.95%, 10/15/25 (Call 09/15/25)

    4,265       4,252,134  

5.10%, 11/15/27 (Call 10/15/27)

    6,862       6,937,129  

Northrop Grumman Corp.

   

2.93%, 01/15/25 (Call 11/15/24)

    11,450       11,065,385  

3.20%, 02/01/27 (Call 11/01/26)(b)

    5,422       5,119,032  

3.25%, 01/15/28 (Call 10/15/27)

    14,415       13,428,310  

RTX Corp.

   

2.65%, 11/01/26 (Call 08/01/26)(b)

    5,611       5,208,797  
Security  

Par

(000)

    Value  
Aerospace & Defense (continued)            

3.13%, 05/04/27 (Call 02/04/27)

  $ 8,637     $ 8,046,382  

3.50%, 03/15/27 (Call 12/15/26)

    8,993       8,489,988  

3.95%, 08/16/25 (Call 06/16/25)

    11,264       10,950,976  

5.00%, 02/27/26 (Call 01/27/26)(b)

    4,965       4,943,540  

7.20%, 08/15/27

    2,495       2,633,728  
   

 

 

 
       305,708,353  
Agriculture — 1.0%  

Altria Group Inc.

   

2.35%, 05/06/25 (Call 04/06/25)

    6,200       5,869,608  

2.63%, 09/16/26 (Call 06/16/26)(b)

    4,201       3,895,275  

4.40%, 02/14/26 (Call 12/14/25)(b)

    8,841       8,644,455  

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

    6,878       6,456,511  

BAT Capital Corp.

   

2.26%, 03/25/28 (Call 01/25/28)

    10,974       9,435,516  

3.22%, 09/06/26 (Call 07/06/26)

    7,589       7,086,349  

3.56%, 08/15/27 (Call 05/15/27)

    7,286       6,759,071  

4.70%, 04/02/27 (Call 02/02/27)(b)

    6,765       6,561,018  

BAT International Finance PLC

   

1.67%, 03/25/26 (Call 02/25/26)(b)

    11,514       10,426,925  

4.45%, 03/16/28 (Call 02/16/28)

    11,386       10,794,266  

Bunge Ltd. Finance Corp.

   

1.63%, 08/17/25 (Call 07/17/25)

    4,896       4,532,625  

3.25%, 08/15/26 (Call 05/15/26)

    6,224       5,862,609  

3.75%, 09/25/27 (Call 06/25/27)

    4,025       3,786,374  

Cargill Inc.

   

0.75%, 02/02/26 (Call 01/02/26)(a)(b)

    3,133       2,825,827  

3.50%, 04/22/25 (Call 10/02/23)(a)(b)

    3,695       3,589,273  

3.63%, 04/22/27 (Call 03/22/27)(a)(b)

    4,410       4,214,639  

4.50%, 06/24/26(a)(b)

    3,900       3,849,262  

4.88%, 10/10/25 (Call 09/10/25)(a)(b)

    5,465       5,428,157  

Imperial Brands Finance PLC

   

3.50%, 07/26/26 (Call 05/26/26)(a)

    5,934       5,574,676  

4.25%, 07/21/25 (Call 04/21/25)(a)

    11,467       11,089,178  

6.13%, 07/27/27 (Call 06/27/27)(a)

    7,085       7,162,562  

Philip Morris International Inc.

   

0.88%, 05/01/26 (Call 04/01/26)

    5,798       5,191,257  

1.50%, 05/01/25 (Call 04/01/25)

    6,019       5,648,586  

2.75%, 02/25/26 (Call 11/25/25)(b)

    5,566       5,251,603  

3.13%, 08/17/27 (Call 05/17/27)(b)

    2,660       2,477,152  

3.13%, 03/02/28 (Call 12/02/27)

    1,465       1,345,103  

3.25%, 11/10/24

    5,208       5,071,591  

3.38%, 08/11/25 (Call 05/11/25)(b)

    5,313       5,121,719  

4.88%, 02/13/26

    12,610       12,487,058  

4.88%, 02/15/28 (Call 01/15/28)

     17,783       17,553,419  

5.00%, 11/17/25

    5,675       5,641,774  

5.13%, 11/15/24

    7,625       7,587,193  

5.13%, 11/17/27 (Call 10/17/27)

    12,533       12,509,460  

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

    12,106       11,843,600  

Viterra Finance BV

   

2.00%, 04/21/26 (Call 03/21/26)(a)(b)

    4,567       4,123,706  

4.90%, 04/21/27 (Call 03/21/27)(a)

    3,615       3,497,615  
   

 

 

 
      239,195,012  
Airlines — 0.3%  

Delta Air Lines Inc.

   

4.50%, 10/20/25(a)

    9,111       8,905,244  

7.00%, 05/01/25(a)

    6,397       6,482,152  
 

 

 

124  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Airlines (continued)            

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/27 (Call 10/02/23)(a)

  $  20,453     $ 20,381,435  

Southwest Airlines Co.

   

3.00%, 11/15/26 (Call 08/15/26)(b)

    1,477       1,376,518  

3.45%, 11/16/27 (Call 08/16/27)

    275       253,559  

5.13%, 06/15/27 (Call 04/15/27)

    12,486       12,337,864  

5.25%, 05/04/25 (Call 04/04/25)

    10,305       10,238,370  
   

 

 

 
      59,975,142  
Apparel — 0.2%  

Michael Kors USA Inc., 4.25%, 11/01/24 (Call 09/01/24)(a)

    3,867       3,798,863  

NIKE Inc.

   

2.38%, 11/01/26 (Call 08/01/26)(b)

    7,562       7,004,027  

2.40%, 03/27/25 (Call 02/27/25)

    7,951       7,606,982  

2.75%, 03/27/27 (Call 01/27/27)(b)

    7,168       6,697,976  

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

    4,007       3,878,844  

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

    3,726       3,607,901  

Tapestry Inc.

   

4.13%, 07/15/27 (Call 04/15/27)(b)

    2,910       2,715,498  

4.25%, 04/01/25 (Call 01/01/25)

    838       814,008  

VF Corp.

   

2.40%, 04/23/25 (Call 03/23/25)(b)

    5,610       5,287,618  

2.80%, 04/23/27 (Call 02/23/27)(b)

    4,306       3,911,667  
   

 

 

 
       45,323,384  
Auto Manufacturers — 3.8%  

American Honda Finance Corp.

   

1.00%, 09/10/25(b)

    6,335       5,806,029  

1.20%, 07/08/25

    6,641       6,157,010  

1.30%, 09/09/26

    4,658       4,157,964  

1.50%, 01/13/25(b)

    9,607       9,111,233  

2.00%, 03/24/28

    5,250       4,595,220  

2.30%, 09/09/26

    2,474       2,273,533  

2.35%, 01/08/27

    1,809       1,655,457  

3.50%, 02/15/28

    205       192,343  

4.70%, 01/12/28(b)

    6,230       6,149,774  

4.75%, 01/12/26

    3,700       3,661,967  

5.00%, 05/23/25

    5,260       5,211,612  

5.13%, 07/07/28

    6,309       6,313,238  

5.25%, 07/07/26

    4,560       4,567,410  

Series A, 4.60%, 04/17/25

    6,455       6,369,967  

BMW U.S. Capital LLC

   

1.25%, 08/12/26 (Call 07/12/26)(a)

    4,291       3,841,406  

2.80%, 04/11/26 (Call 01/11/26)(a)(b)

    8,593       8,114,763  

3.25%, 04/01/25(a)(b)

    3,240       3,143,492  

3.30%, 04/06/27 (Call 01/06/27)(a)(b)

    1,175       1,106,145  

3.45%, 04/01/27 (Call 03/01/27)(a)(b)

    5,025       4,761,020  

3.75%, 04/12/28 (Call 01/12/28)(a)

    5,595       5,295,031  

3.90%, 04/09/25 (Call 03/09/25)(a)(b)

    14,159       13,861,496  

5.05%, 08/11/28 (Call 07/11/28)(a)

    6,390       6,346,308  

5.30%, 08/11/25(a)(b)

    4,145       4,130,649  

Cummins Inc.

   

0.75%, 09/01/25 (Call 08/01/25)

    4,334       3,967,919  

7.13%, 03/01/28

    22       23,701  

Daimler Finance North America LLC

   

1.45%, 03/02/26(a)

    8,464       7,714,693  

2.13%, 03/10/25(a)(b)

    4,314       4,102,493  

3.30%, 05/19/25(a)

    5,187       5,008,893  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

Daimler Trucks Finance North America LLC

   

1.63%, 12/13/24(a)

  $ 7,543     $ 7,159,998  

2.00%, 12/14/26(a)(b)

    9,208       8,277,589  

3.50%, 04/07/25(a)

    5,142       4,968,438  

3.65%, 04/07/27(a)(b)

    4,673       4,427,998  

5.13%, 01/19/28(a)(b)

    3,570       3,524,375  

5.15%, 01/16/26(a)

    4,730       4,694,189  

5.20%, 01/17/25(a)

    5,145       5,109,269  

5.40%, 09/20/28(a)

    5,000       4,987,847  

5.60%, 08/08/25(a)

    3,745       3,738,796  

General Motors Co.

   

4.00%, 04/01/25(b)

    5,191       5,047,268  

4.20%, 10/01/27 (Call 07/01/27)(b)

    5,721       5,390,094  

6.13%, 10/01/25 (Call 09/01/25)

     15,454        15,514,413  

6.80%, 10/01/27 (Call 08/01/27)(b)

    7,602       7,836,101  

General Motors Financial Co. Inc.

   

1.20%, 10/15/24(b)

    8,370       7,935,387  

1.25%, 01/08/26 (Call 12/08/25)

    12,189       10,965,089  

1.50%, 06/10/26 (Call 05/10/26)

    9,521       8,451,257  

2.35%, 02/26/27 (Call 01/26/27)

    7,708       6,852,483  

2.40%, 04/10/28 (Call 02/10/28)(b)

    6,060       5,238,483  

2.70%, 08/20/27 (Call 06/20/27)

    7,017       6,240,316  

2.75%, 06/20/25 (Call 05/20/25)

    9,824       9,276,625  

2.90%, 02/26/25 (Call 01/26/25)

    10,305       9,839,464  

3.50%, 11/07/24 (Call 09/07/24)

    7,386       7,173,719  

3.80%, 04/07/25(b)

    6,817       6,584,985  

3.85%, 01/05/28 (Call 10/05/27)(b)

    2,080       1,916,628  

4.00%, 01/15/25 (Call 10/15/24)

    8,492       8,254,988  

4.00%, 10/06/26 (Call 07/06/26)

    6,740       6,370,461  

4.30%, 07/13/25 (Call 04/13/25)

    6,972       6,769,587  

4.35%, 04/09/25 (Call 02/09/25)

    8,927       8,706,535  

4.35%, 01/17/27 (Call 10/17/26)

    9,568       9,103,416  

5.00%, 04/09/27 (Call 03/09/27)

    9,054       8,823,701  

5.25%, 03/01/26 (Call 12/01/25)(b)

    9,782       9,633,204  

5.40%, 04/06/26(b)

    7,880       7,781,967  

5.80%, 06/23/28 (Call 05/23/28)

    6,359       6,304,201  

6.00%, 01/09/28 (Call 12/09/27)

    11,060       11,087,368  

6.05%, 10/10/25

    9,905       9,914,255  

Honda Motor Co. Ltd.

   

2.27%, 03/10/25 (Call 02/10/25)

    7,786       7,436,174  

2.53%, 03/10/27 (Call 02/10/27)(b)

    10,715       9,851,395  

Hyundai Capital America

   

1.00%, 09/17/24(a)(b)

    7,828       7,440,805  

1.30%, 01/08/26 (Call 12/08/25)(a)(b)

    7,072       6,400,440  

1.50%, 06/15/26 (Call 05/15/26)(a)

    6,479       5,795,162  

1.65%, 09/17/26 (Call 08/17/26)(a)(b)

    7,370       6,545,019  

1.80%, 10/15/25 (Call 09/15/25)(a)

    6,507       6,001,824  

1.80%, 01/10/28 (Call 11/08/27)(a)

    4,655       3,941,119  

2.00%, 06/15/28 (Call 04/15/28)(a)(b)

    5,500       4,638,997  

2.38%, 10/15/27 (Call 08/15/27)(a)(b)

    3,785       3,316,364  

2.65%, 02/10/25 (Call 01/10/25)(a)(b)

    4,547       4,346,697  

2.75%, 09/27/26(a)(b)

    3,399       3,120,115  

3.00%, 02/10/27 (Call 12/10/26)(a)(b)

    3,354       3,066,477  

3.50%, 11/02/26 (Call 09/02/26)(a)(b)

    5,661       5,303,173  

5.50%, 03/30/26(a)

    5,495       5,471,884  

5.60%, 03/30/28 (Call 02/29/28)(a)(b)

    6,845       6,808,810  

5.65%, 06/26/26(a)(b)

    6,315       6,301,797  

5.68%, 06/26/28 (Call 05/26/28)(a)

    7,805       7,761,096  

5.80%, 06/26/25(a)(b)

    3,055       3,058,670  

5.88%, 04/07/25 (Call 03/07/25)(a)(b)

    7,502       7,507,472  
 

 

 

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

  125


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

Hyundai Capital Services Inc.

   

1.25%, 02/08/26(a)

  $ 2,821     $ 2,533,408  

2.13%, 04/24/25(a)

    220       207,354  

2.50%, 01/24/27(a)

    3,580       3,238,907  

3.63%, 08/29/27(a)(b)

    1,665       1,546,634  

Kia Corp.

   

1.75%, 10/16/26(a)(b)

    2,695       2,394,883  

2.38%, 02/14/25(a)

    1,535       1,462,399  

2.75%, 02/14/27(a)

    4,025       3,673,300  

3.25%, 04/21/26(a)(b)

    905       851,907  

3.50%, 10/25/27(a)

    350       323,951  

Mercedes-Benz Finance North America LLC

   

3.45%, 01/06/27(a)(b)

     5,668       5,360,386  

3.50%, 08/03/25(a)(b)

    4,633       4,478,742  

3.75%, 02/22/28(a)(b)

    5,615        5,308,954  

4.80%, 03/30/28(a)

    8,347       8,212,539  

5.10%, 08/03/28(a)(b)

    4,780       4,763,686  

5.20%, 08/03/26(a)(b)

    2,565       2,559,944  

5.25%, 11/29/27(a)(b)

    4,773       4,785,939  

5.38%, 08/01/25(a)(b)

    2,565       2,562,356  

5.38%, 11/26/25(a)

    4,425       4,426,928  

5.50%, 11/27/24(a)(b)

    6,485       6,475,288  

Series 144A, 4.80%, 03/30/26(a)(b)

    7,680       7,605,896  

Series 144A, 4.95%, 03/30/25(a)

    6,147       6,115,503  

Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/26 (Call 08/16/26)(a)

    2,690       2,330,110  

Nissan Motor Acceptance Corp.

   

2.00%, 03/09/26 (Call 02/09/26)(a)

    9,735       8,675,278  

2.75%, 03/09/28 (Call 01/09/28)(a)

    7,388       6,237,664  

Nissan Motor Co. Ltd.

   

3.52%, 09/17/25 (Call 08/17/25)(a)

    2,195       2,077,702  

4.35%, 09/17/27 (Call 07/17/27)(a)(b)

    21,465       19,661,425  

PACCAR Financial Corp.

   

0.90%, 11/08/24(b)

    3,688       3,503,909  

1.10%, 05/11/26(b)

    912       824,532  

1.80%, 02/06/25

    4,194       3,990,728  

2.00%, 02/04/27(b)

    1,062       961,967  

2.85%, 04/07/25

    835       803,048  

3.55%, 08/11/25

    4,255       4,135,073  

4.45%, 03/30/26(b)

    3,778       3,745,111  

4.60%, 01/10/28(b)

    2,150       2,132,587  

4.95%, 10/03/25(b)

    2,720       2,711,832  

Stellantis Finance U.S. Inc.

   

1.71%, 01/29/27 (Call 12/29/26)(a)

    7,589       6,637,002  

5.63%, 01/12/28 (Call 12/12/27)(a)(b)

    3,840       3,842,075  

Toyota Motor Corp.

   

1.34%, 03/25/26 (Call 02/25/26)

    8,034       7,317,305  

5.12%, 07/13/28 (Call 06/13/28)(b)

    4,430       4,471,774  

5.28%, 07/13/26 (Call 06/13/26)(b)

    2,770       2,784,240  

Toyota Motor Credit Corp.

   

0.80%, 10/16/25(b)

    8,374       7,638,166  

0.80%, 01/09/26

    5,611       5,084,636  

1.13%, 06/18/26

    7,650       6,881,339  

1.15%, 08/13/27(b)

    1,480       1,280,848  

1.45%, 01/13/25

    9,343       8,870,435  

1.80%, 02/13/25

    11,108       10,570,371  

1.90%, 01/13/27(b)

    8,520       7,708,270  

1.90%, 04/06/28(b)

    100       88,144  

2.00%, 10/07/24(b)

    5,051       4,863,891  

3.00%, 04/01/25

    9,875       9,531,113  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

3.05%, 03/22/27

  $  12,485     $ 11,716,973  

3.05%, 01/11/28(b)

    865       801,860  

3.20%, 01/11/27(b)

    1,550       1,463,249  

3.40%, 04/14/25(b)

    4,416       4,285,242  

3.65%, 08/18/25

    5,700       5,533,414  

3.95%, 06/30/25

    9,928       9,699,128  

4.40%, 09/20/24

    9,250       9,148,384  

4.45%, 05/18/26

    6,465       6,374,987  

4.55%, 09/20/27

    10,695       10,530,993  

4.63%, 01/12/28(b)

    10,785       10,671,401  

4.80%, 01/10/25

    9,187       9,122,025  

5.00%, 08/14/26(b)

    6,200       6,194,812  

5.40%, 11/10/25

    4,875       4,899,342  

5.45%, 11/10/27(b)

    7,750       7,896,539  

Volkswagen Group of America Finance LLC

   

1.25%, 11/24/25 (Call 10/24/25)(a)(b)

    9,256       8,437,704  

1.63%, 11/24/27 (Call 09/24/27)(a)

    3,570       3,076,305  

2.85%, 09/26/24(a)(b)

    2,455       2,378,604  

3.20%, 09/26/26(a)(b)

    3,568       3,336,666  

3.35%, 05/13/25(a)

    8,307       7,993,014  

3.95%, 06/06/25(a)

    6,480       6,289,505  

4.35%, 06/08/27 (Call 05/08/27)(a)(b)

    8,211       7,907,660  

4.63%, 11/13/25(a)(b)

    5,741       5,658,131  
   

 

 

 
       877,320,167  
Auto Parts & Equipment — 0.2%  

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

    5,359       5,101,595  

BorgWarner Inc.

   

2.65%, 07/01/27 (Call 05/01/27)(b)

    8,398       7,608,259  

3.38%, 03/15/25 (Call 12/15/24)(b)

    4,842       4,675,840  

5.00%, 10/01/25(a)(b)

    6,344       6,234,651  

Denso Corp., 1.24%, 09/16/26
(Call 08/16/26)(a)(b)

    4,382       3,885,070  

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

    3,093       2,899,778  

Magna International Inc.

   

4.15%, 10/01/25 (Call 07/01/25)(b)

    3,230       3,136,906  

5.98%, 03/21/26 (Call 03/21/24)(b)

    550       551,023  
   

 

 

 
      34,093,122  
Banks — 33.4%  

ABN AMRO Bank NV

   

1.54%, 06/16/27 (Call 06/16/26), (1-year CMT + 0.800%)(a)(c)

    3,750       3,307,889  

4.75%, 07/28/25(a)

    8,803       8,547,396  

4.80%, 04/18/26(a)

    5,906       5,684,336  

AIB Group PLC, 7.58%, 10/14/26 (Call 10/14/25),
(1-day SOFR + 3.456%)(a)(b)(c)

    2,680       2,745,231  

ANZ Bank New Zealand Ltd., 5.55%, 08/11/32 (Call 08/11/27), (5-year CMT +
2.700%)(a)(b)(c)

    2,855       2,804,415  

ANZ New Zealand International Ltd., 5.36%, 08/14/28(a)

    9,400       9,366,334  

ANZ New Zealand Int’l Ltd./London

   

1.25%, 06/22/26(a)

    4,858       4,337,250  

2.17%, 02/18/25(a)

    787       748,198  

3.45%, 07/17/27(a)(b)

    3,414       3,184,870  

3.45%, 01/21/28(a)(b)

    2,630       2,429,192  

ASB Bank Ltd.

   

1.63%, 10/22/26(a)(b)

    3,923       3,484,652  

5.35%, 06/15/26(a)(b)

    2,555       2,537,305  

5.40%, 11/29/27(a)

    4,350       4,327,089  
 

 

 

126  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

Australia & New Zealand Banking Group Ltd.

   

2.95%, 07/22/30 (Call 07/22/25), (5-year CMT + 1.288%)(a)(c)

  $ 8,828     $ 8,202,952  

3.70%, 11/16/25

    8,908       8,618,765  

4.40%, 05/19/26(a)(b)

     11,478        11,033,347  

4.83%, 02/03/25(a)

    960       952,700  

5.09%, 12/08/25

    2,885       2,872,201  

5.38%, 07/03/25

    7,725       7,729,519  

Banco Bilbao Vizcaya Argentaria SA

   

1.13%, 09/18/25(b)

    4,433       4,044,100  

5.86%, 09/14/26 (Call 09/14/25), (1-year CMT + 2.300%)(b)(c)

    6,298       6,245,973  

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

    5,530       5,553,635  

Banco de Bogota SA, 4.38%, 08/03/27 (Call 05/03/27)(a)(b)

    260       239,145  

Banco de Credito del Peru SA

   

2.70%, 01/11/25 (Call 12/11/24)(a)(b)

    654       625,606  

3.13%, 07/01/30 (Call 07/01/25), (5-year CMT + 3.000%)(a)(c)

    5,438       5,051,289  

3.25%, 09/30/31 (Call 09/30/26), (5-year CMT + 2.450%)(a)(c)

    3,525       3,145,809  

Banco de Credito e Inversiones SA, 3.50%, 10/12/27(a)(b)

    620       568,787  

Banco General SA, 4.13%, 08/07/27 (Call 05/07/27)(a)

    330       311,037  

Banco Inbursa SA Institucion De Banca Multiple Grupo Financiero Inbursa, 4.38%, 04/11/27 (Call 01/11/27)(a)(b)

    2,130       2,010,293  

Banco Internacional del Peru SAA Interbank, 3.25%, 10/04/26 (Call 08/04/26)(a)

    245       227,375  

Banco Santander Chile, 2.70%, 01/10/25 (Call 12/10/24)(a)

    639       611,399  

Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.38%, 04/17/25(a)

    8,014       7,922,513  

Banco Santander SA

   

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

    10,881       9,564,005  

1.85%, 03/25/26

    11,348       10,248,694  

2.75%, 05/28/25

    12,193       11,535,812  

3.50%, 03/24/25

    8,527       8,217,559  

3.80%, 02/23/28

    11,100       10,163,566  

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

    10,725       10,056,716  

4.25%, 04/11/27

    7,640       7,225,433  

4.38%, 04/12/28

    9,950       9,346,536  

5.15%, 08/18/25

    7,085       6,969,383  

5.18%, 11/19/25

    12,392       12,112,604  

5.29%, 08/18/27

    12,798       12,546,209  

5.59%, 08/08/28

    9,600       9,514,007  

Bancolombia SA, 3.00%, 01/29/25 (Call 12/29/24)(b)

    2,077       1,981,294  

Bangkok Bank PCL/Hong Kong, 4.30%, 06/15/27 (Call 05/15/27)(a)

    590       570,495  

Bank of America Corp.

   

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

    13,006       12,308,302  

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

    20,139       18,250,273  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $  23,298     $  21,440,215  

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

    12,325       11,654,659  

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

    46,341       41,465,428  

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

    12,162       11,467,738  

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

    7,970       6,800,038  

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

    19,346       18,595,488  

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

    21,965       19,865,320  

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

    15,289       14,809,459  

3.25%, 10/21/27 (Call 10/21/26)(b)

    8,501       7,919,588  

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

    16,383       15,799,593  

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

    23,313       22,404,639  

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

    41,737       38,273,088  

3.50%, 04/19/26(b)

    18,171       17,280,671  

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

    23,007       21,797,242  

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

    18,410       17,135,613  

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

    19,540       18,290,905  

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

    23,370       22,032,135  

3.88%, 08/01/25(b)

    14,308       13,926,421  

3.97%, 03/05/29 (Call 03/05/28),
(3-mo. SOFR + 1.332%)(c)

    12,148       11,352,472  

4.00%, 01/22/25

    19,601       19,093,591  

4.25%, 10/22/26

    16,643       15,983,244  

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

    6,188       5,839,677  

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

    21,782       20,908,618  

4.45%, 03/03/26

    15,657       15,224,368  

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

    16,061       15,761,351  

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

    26,340       25,789,553  

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

    22,895       22,594,044  

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

    27,115       26,705,051  

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

    17,295       17,692,579  

6.22%, 09/15/26

    1,884       1,922,657  

Series L, 3.95%, 04/21/25

    20,000       19,358,922  

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

    15,754       14,953,264  

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

    21,941       19,825,836  

Bank of America NA

   

5.53%, 08/18/26 (Call 07/18/26)

    12,170       12,229,195  

5.65%, 08/18/25 (Call 07/18/25)(b)

    11,800       11,840,076  
 

 

 

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

  127


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

Bank of China Ltd., 5.00%, 11/13/24(a)

  $  25,860     $  25,530,153  

Bank of Ireland Group PLC

   

2.03%, 09/30/27 (Call 09/30/26),
(1-year CMT + 1.100%)(a)(b)(c)

    6,459       5,682,757  

6.25%, 09/16/26 (Call 09/16/25),
(1-year CMT + 2.650%)(a)(c)

    9,160       9,138,184  

Bank of Montreal

   

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

    7,775       6,979,022  

1.25%, 09/15/26(b)

    8,679       7,692,315  

1.50%, 01/10/25

    10,120       9,573,429  

1.85%, 05/01/25

    11,091       10,418,752  

2.65%, 03/08/27

    8,382       7,645,119  

3.70%, 06/07/25(b)

    9,145       8,833,689  

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

    9,505       8,415,445  

5.20%, 12/12/24

    7,125       7,084,891  

5.20%, 02/01/28 (Call 01/01/28)

    11,009       10,916,523  

5.30%, 06/05/26

    7,045       7,020,626  

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

    9,468       9,233,130  

Bank of New York Mellon Corp. (The)

   

0.75%, 01/28/26 (Call 12/28/25)(b)

    3,223       2,910,067  

1.05%, 10/15/26 (Call 09/15/26)

    3,801       3,341,698  

1.60%, 04/24/25 (Call 03/24/25)

    9,762       9,172,168  

1.65%, 07/14/28 (Call 05/14/28)

    188       160,360  

2.05%, 01/26/27 (Call 12/26/26)(b)

    6,372       5,758,425  

2.10%, 10/24/24

    8,625       8,314,379  

2.45%, 08/17/26 (Call 05/17/26)

    5,797       5,366,443  

2.80%, 05/04/26 (Call 02/04/26)

    5,667       5,321,736  

3.25%, 05/16/27 (Call 02/16/27)

    4,943       4,634,935  

3.35%, 04/25/25 (Call 03/25/25)(b)

    7,490       7,220,500  

3.40%, 01/29/28 (Call 10/29/27)(b)

    2,955       2,752,816  

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

    6,185       5,822,825  

3.85%, 04/28/28(b)

    4,815       4,577,997  

3.95%, 11/18/25 (Call 10/18/25)

    2,892       2,796,145  

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

    3,883       3,704,535  

4.41%, 07/24/26 (Call 07/24/25),
(1-day SOFR + 1.345%)(c)

    9,205       8,998,829  

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

    8,915       8,654,180  

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

    10,785       10,616,124  

5.15%, 05/22/26 (Call 05/22/25),
(1-day SOFR + 1.067%)(b)(c)

    3,160       3,140,958  

5.22%, 11/21/25 (Call 11/21/24), (1-day SOFR + 0.800%)(c)

    6,470       6,432,763  

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

    9,459       9,567,524  

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

    6,270       6,040,276  

Series J, 0.85%, 10/25/24 (Call 09/25/24)(b)

    6,225       5,895,630  

Bank of New Zealand

   

1.00%, 03/03/26(a)(b)

    3,224       2,889,692  

2.00%, 02/21/25(a)

    523       494,996  

2.29%, 01/27/27(a)

    3,721       3,364,071  

4.85%, 02/07/28(a)(b)

    6,983       6,809,167  

Bank of Nova Scotia (The)

   

1.05%, 03/02/26

    7,056       6,329,467  

1.30%, 06/11/25(b)

    8,284       7,672,339  
Security  

Par

(000)

    Value  
Banks (continued)            

1.30%, 09/15/26

  $ 6,255     $ 5,542,530  

1.35%, 06/24/26

    5,469       4,884,552  

1.45%, 01/10/25

    11,071       10,472,062  

1.95%, 02/02/27

    4,790       4,290,372  

2.20%, 02/03/25

    10,318       9,826,341  

2.70%, 08/03/26(b)

    8,960       8,319,325  

2.95%, 03/11/27

    4,966       4,585,944  

3.45%, 04/11/25

    13,862       13,390,116  

4.50%, 12/16/25(b)

    9,527       9,236,567  

4.75%, 02/02/26

    9,108       8,945,605  

4.90%, (Call 06/04/25), (5-year CMT + 4.551%)(c)(d)

    8,713       8,036,958  

5.25%, 12/06/24

    8,751       8,702,990  

5.25%, 06/12/28

    8,540       8,464,896  

5.45%, 06/12/25(b)

    5,620       5,587,185  

8.63%, 10/27/82 (Call 10/27/27), (5-year CMT + 4.389%)(c)

    4,850       4,943,969  

Series 2, 3.63%, 10/27/81 (Call 10/27/26),
(5-year CMT + 2.613%)(c)

    4,296       3,059,898  

Bank One Michigan, 8.25%, 11/01/24

    220       225,911  

Bank OZK, 2.75%, 10/01/31 (Call 10/01/26),
(3-mo. SOFR + 2.090%)(b)(c)

    1,290       994,433  

BankUnited Inc., 4.88%, 11/17/25 (Call 08/17/25)

    675       636,102  

Banque Federative du Credit Mutuel SA

   

1.00%, 02/04/25(a)(b)

    2,128       1,985,784  

1.60%, 10/04/26(a)

    6,780       6,001,603  

2.38%, 11/21/24(a)(b)

    1,459       1,400,369  

4.52%, 07/13/25(a)(b)

    3,748       3,661,256  

4.75%, 07/13/27(a)(b)

    5,150       4,998,115  

4.94%, 01/26/26(a)

    8,910       8,732,897  

5.79%, 07/13/28(a)(b)

    7,870       7,904,792  

5.90%, 07/13/26(a)

    6,110       6,128,638  

Barclays PLC

   

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

     12,362       10,977,924  

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

    12,346       11,668,476  

3.65%, 03/16/25

    14,150       13,648,148  

4.34%, 01/10/28 (Call 01/10/27)(b)

    13,405       12,639,909  

4.38%, 01/12/26(b)

    18,166       17,511,217  

4.84%, 05/09/28 (Call 05/07/27)

    3,610       3,345,165  

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

    16,740       15,909,573  

5.20%, 05/12/26

    15,085       14,637,632  

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

    9,667       9,524,286  

5.50%, 08/09/28 (Call 08/09/27),
(1-year CMT + 2.650%)(c)

    12,008       11,713,995  

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

    16,070       15,922,656  

7.33%, 11/02/26 (Call 11/02/25),
(1-year CMT + 3.050%)(b)(c)

    10,715       10,959,076  

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

    15,391       16,022,544  

BBVA Bancomer SA, 1.88%, 09/18/25(a)

    2,400       2,207,242  

BNP Paribas SA

   

1.32%, 01/13/27 (Call 01/13/26),
(1-day SOFR + 1.004%)(a)(c)

    15,623       14,048,413  

1.68%, 06/30/27 (Call 06/30/26),
(1-day SOFR + 0.912%)(a)(c)

    14,098        12,583,392  
 

 

 

128  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

1.90%, 09/30/28 (Call 09/30/27),
(1-day SOFR + 1.609%)(a)(c)

  $  13,340     $ 11,445,844  

2.22%, 06/09/26 (Call 06/09/25),
(1-day SOFR + 2.074%)(a)(c)

    14,469       13,517,493  

2.59%, 01/20/28 (Call 01/20/27),
(1-day SOFR + 1.228%)(a)(b)(c)

    12,530       11,282,750  

2.82%, 11/19/25 (Call 11/19/24),
(3-mo. SOFR + 1.373%)(a)(c)

    14,848       14,247,425  

3.38%, 01/09/25(a)(b)

    14,969       14,474,104  

3.50%, 11/16/27(a)(b)

    4,695       4,342,044  

4.25%, 10/15/24

    7,208       7,051,630  

4.38%, 09/28/25(a)

    6,672       6,447,378  

4.38%, 05/12/26(a)

    8,420       8,109,648  

4.38%, 03/01/33 (Call 03/01/28),
(5-year USD Swap + 1.483%)(a)(b)(c)

    9,175       8,307,479  

4.40%, 08/14/28(a)

    1,165       1,101,212  

4.63%, 03/13/27(a)(b)

    12,088       11,589,258  

5.13%, 01/13/29 (Call 01/13/28),
(1-year CMT + 1.450%)(a)(c)

    3,120       3,056,688  

BPCE SA

   

1.00%, 01/20/26(a)

    12,558       11,257,436  

1.63%, 01/14/25(a)(b)

    5,775       5,450,890  

1.65%, 10/06/26 (Call 10/06/25),
(1-day SOFR + 1.520%)(a)(c)

    9,427       8,568,687  

2.05%, 10/19/27 (Call 10/19/26),
(1-day SOFR + 1.087%)(a)(c)

    7,575       6,707,934  

2.38%, 01/14/25(a)

    8,351       7,898,211  

3.25%, 01/11/28(a)

    6,980       6,326,150  

3.38%, 12/02/26(b)

    4,955       4,612,851  

3.50%, 10/23/27(a)(b)

    7,990       7,295,697  

4.50%, 03/15/25(a)

    8,266       8,004,671  

4.75%, 07/19/27(a)

    5,630       5,441,575  

4.88%, 04/01/26(a)

    5,498       5,303,326  

5.13%, 01/18/28(a)(b)

    5,813       5,700,881  

5.98%, 01/18/27 (Call 01/18/26),
(1-day SOFR + 2.10%)(a)(c)

    9,085       9,038,971  

Cadence Bank, 4.13%, 11/20/29 (Call 11/20/24), (3-mo. LIBOR US +
2.470%)(b)(c)

    1,369       1,261,698  

CaixaBank SA, 6.21%, 01/18/29 (Call 01/18/28), (1-day SOFR + 2.700%)(a)(c)

    8,880       8,819,191  

Canadian Imperial Bank of Commerce

   

0.95%, 10/23/25

    9,153       8,338,442  

1.00%, 10/18/24

    4,937       4,682,280  

1.25%, 06/22/26

    3,346       2,982,105  

2.25%, 01/28/25

    7,846       7,477,728  

3.30%, 04/07/25

    8,640       8,327,362  

3.45%, 04/07/27

    6,870       6,416,120  

3.95%, 08/04/25

    4,500       4,360,825  

5.00%, 04/28/28 (Call 03/28/28)

    8,165       7,995,740  

5.14%, 04/28/25

    7,480       7,416,241  

5.61%, 07/17/26(b)

    2,300       2,306,153  

Capital One NA, 2.28%, 01/28/26 (Call 01/28/25), (1-day SOFR + 0.911%)(b)(c)

    2,631       2,488,067  

CIMB Bank Bhd, 2.13%, 07/20/27(a)

    4,195       3,739,989  

Citigroup Inc.

   

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

    19,290        17,287,840  

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

    7,524       7,118,382  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $  20,896     $ 18,607,051  

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

    17,390       16,451,368  

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

    20,130       18,478,543  

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

    27,768       26,574,330  

3.20%, 10/21/26 (Call 07/21/26)

    25,092       23,400,763  

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

    15,405       14,797,822  

3.30%, 04/27/25

    13,753       13,285,123  

3.40%, 05/01/26

    16,260       15,384,890  

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

    17,879       16,500,055  

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

    23,230       21,603,342  

3.70%, 01/12/26(b)

    16,913       16,215,738  

3.88%, 03/26/25

    10,809       10,470,553  

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

    22,052       20,832,093  

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

    3,345       3,136,234  

4.13%, 07/25/28

    2,824       2,632,941  

4.30%, 11/20/26

    8,601       8,263,378  

4.40%, 06/10/25(b)

    21,091       20,565,864  

4.45%, 09/29/27

    33,046       31,587,413  

4.60%, 03/09/26(b)

    12,592       12,260,544  

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

    16,355       15,926,767  

5.50%, 09/13/25

    13,271       13,196,508  

5.61%, 09/29/26 (Call 09/29/25),
(1-day SOFR + 1.546%)(c)

    15,391       15,320,741  

6.63%, 01/15/28(b)

    390       411,180  

Citizens Bank NA

   

2.25%, 04/28/25 (Call 03/28/25)

    2,269       2,105,211  

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

    5,003       4,665,800  

Citizens Bank NA/Providence RI

   

3.75%, 02/18/26 (Call 11/18/25)(b)

    4,036       3,756,345  

6.06%, 10/24/25 (Call 10/24/24),
(1-day SOFR + 1.450%)(c)

    5,290       5,121,550  

Citizens Financial Group Inc.

   

2.85%, 07/27/26 (Call 04/27/26)(b)

    3,975       3,607,892  

4.30%, 12/03/25 (Call 11/03/25)(b)

    2,599       2,453,929  

Comerica Bank, 4.00%, 07/27/25(b)

    743       695,931  

Comerica Inc., 3.80%, 07/22/26(b)

    845       773,828  

Commonwealth Bank of Australia

   

1.13%, 06/15/26(a)

    10,215       9,146,158  

2.30%, 03/14/25(a)(b)

    5,930       5,678,169  

2.55%, 03/14/27(a)(b)

    7,757       7,100,894  

2.63%, 09/06/26(a)(b)

    5,832       5,424,455  

2.85%, 05/18/26(a)(b)

    3,185       2,990,237  

3.15%, 09/19/27(a)(b)

    5,780       5,374,065  

3.90%, 03/16/28(a)(b)

    200       191,259  

4.50%, 12/09/25(a)(b)

    2,987       2,896,305  

Commonwealth Bank of Australia/New York NY

   

5.08%, 01/10/25

    4,688       4,673,000  

5.32%, 03/13/26

    10,397        10,434,931  
 

 

 

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

    129  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

Cooperatieve Rabobank UA

   

1.00%, 09/24/26 (Call 09/24/25), (1-year CMT + 0.730%)(a)(b)(c)

  $  12,874     $ 11,640,057  

1.11%, 02/24/27 (Call 02/24/26), (1-year CMT + 0.550%)(a)(c)

    11,432       10,180,591  

1.34%, 06/24/26 (Call 06/24/25), (1-year CMT + 1.000%)(a)(b)(c)

    6,134       5,651,994  

1.98%, 12/15/27 (Call 12/15/26), (1-year CMT + 0.730%)(a)(b)(c)

    8,335       7,356,375  

3.65%, 04/06/28 (Call 04/06/27), (1-year CMT + 1.220%)(a)(b)(c)

    8,529       7,918,112  

3.75%, 07/21/26

    8,651       8,119,065  

4.38%, 08/04/25

    10,013       9,705,381  

4.66%, 08/22/28 (Call 08/22/27), (1-year CMT + 1.750%)(a)(c)

    8,079       7,779,425  

5.50%, 07/18/25

    5,095       5,094,251  

5.56%, 02/28/29 (Call 02/28/28), (1-year CMT + 1.400%)(a)(b)(c)

    7,485       7,395,785  

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

    6,612       6,382,562  

Cooperatieve Rabobank UA/NY

   

1.38%, 01/10/25(b)

    7,570       7,169,089  

5.00%, 01/13/25

    1,280       1,270,041  

Credicorp Ltd., 2.75%, 06/17/25 (Call 05/17/25)(a)

    866       814,825  

Credit Agricole SA

   

1.25%, 01/26/27 (Call 01/26/26), (1-day SOFR + 0.891%)(a)(c)

    9,368       8,396,849  

2.02%, 01/11/27(a)(b)

    6,482       5,818,928  

4.00%, 01/10/33 (Call 01/10/28), (5-year USD Swap + 1.644%)(a)(c)

    8,908       7,989,123  

4.38%, 03/17/25(a)

    9,846       9,541,969  

5.30%, 07/12/28(a)(b)

    8,300       8,284,606  

5.57%, 02/28/25(a)

    250       248,677  

5.59%, 07/05/26(a)

    9,045       9,042,093  

Credit Agricole SA/London

   

1.91%, 06/16/26 (Call 06/16/25), (1-day SOFR + 1.676%)(a)(c)

    10,407       9,687,637  

2.38%, 01/22/25(a)(b)

    1,939       1,847,744  

3.25%, 10/04/24(a)(b)

    10,025       9,739,763  

4.13%, 01/10/27(a)(b)

    6,768       6,450,136  

Credit Suisse AG, 7.95%, 01/09/25(b)

    9,610       9,797,882  

Credit Suisse AG/New York

   

1.25%, 08/07/26

    9,322       8,166,545  

2.95%, 04/09/25

    8,821       8,374,684  

3.70%, 02/21/25

    14,410       13,890,840  

5.00%, 07/09/27

    8,340       8,125,743  

7.50%, 02/15/28

    17,845        19,085,292  

Danske Bank A/S

   

0.98%, 09/10/25 (Call 09/10/24), (1-year CMT + 0.550%)(a)(c)

    6,040       5,713,773  

1.55%, 09/10/27 (Call 09/10/26), (1-year CMT + 0.730%)(a)(c)

    6,796       5,968,083  

1.62%, 09/11/26 (Call 09/11/25), (1-year CMT + 1.350%)(a)(b)(c)

    4,252       3,872,504  

3.24%, 12/20/25 (Call 12/20/24), (3-mo. LIBOR US + 1.591%)(a)(c)

    2,653       2,541,539  

4.30%, 04/01/28 (Call 04/01/27), (1-year CMT + 1.750%)(a)(c)

    8,526       8,020,379  

4.38%, 06/12/28(a)

    1,410       1,313,892  
Security  

Par

(000)

    Value  
Banks (continued)            

6.47%, 01/09/26 (Call 01/09/25), (1-year CMT + 2.100%)(a)(c)

  $ 7,617     $ 7,620,487  

DBS Group Holdings Ltd.

   

1.17%, 11/22/24(a)(b)

    805       764,796  

1.19%, 03/15/27(a)

    2,860       2,519,560  

Deutsche Bank AG

   

4.10%, 01/13/26(b)

    1,033       985,431  

4.50%, 04/01/25(b)

    6,815       6,566,126  

6.12%, 07/14/26 (Call 07/14/25), (1-day SOFR + 3.190%)(c)

    7,055       7,012,616  

Deutsche Bank AG/New York NY

   

1.69%, 03/19/26(b)

    9,552       8,677,523  

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

    12,419       11,267,364  

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

    14,484       12,699,066  

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

    9,338       8,254,947  

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

    14,444       13,942,881  

4.10%, 01/13/26(b)

    475       453,088  

4.16%, 05/13/25(b)

    1,630       1,586,993  

4.88%, 12/01/32 (Call 12/01/27), (5-year USD ICE Swap + 2.553%)(c)

    7,055       6,187,205  

5.37%, 09/09/27(b)

    4,805       4,764,727  

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

     11,990       12,139,360  

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

    8,630       8,759,092  

Discover Bank

   

3.45%, 07/27/26 (Call 04/27/26)

    6,519       5,969,049  

4.25%, 03/13/26

    2,097       1,993,726  

DNB Bank ASA

   

0.86%, 09/30/25 (Call 09/30/24), (1-year CMT + 0.330%)(a)(b)(c)

    7,065       6,692,550  

1.13%, 09/16/26 (Call 09/16/25), (1-year CMT + 0.850%)(a)(b)(c)

    6,793       6,137,761  

1.54%, 05/25/27 (Call 05/25/26), (1-year CMT + 0.720%)(a)(c)

    7,008       6,218,223  

1.61%, 03/30/28 (Call 03/30/27), (1-year CMT + 0.680%)(a)(c)

    4,845       4,204,785  

5.90%, 10/09/26 (Call 10/09/25), (1-day SOFR + 1.950%)(a)(c)

    5,070        5,078,649  

Federation des Caisses Desjardins du Quebec

   

2.05%, 02/10/25(a)(b)

    4,849       4,587,172  

4.40%, 08/23/25(a)(b)

    4,205       4,081,192  

4.55%, 08/23/27(a)

    2,913       2,836,448  

5.28%, 01/23/26 (Call 01/23/25), (1-day SOFR + 1.094%)(a)(c)

    2,430       2,399,368  

5.70%, 03/14/28(a)(b)

    5,847       5,855,367  

Fifth Third Bancorp.

   

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

    10,650       9,263,149  

2.38%, 01/28/25 (Call 12/28/24)(b)

    2,490       2,369,388  

2.55%, 05/05/27 (Call 04/05/27)

    4,300       3,843,913  

3.95%, 03/14/28 (Call 02/14/28)(b)

    1,665       1,543,365  

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

    4,570       4,276,330  

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

    7,295       7,384,411  
 

 

 

130  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 8,333     $ 8,399,435  

Fifth Third Bank NA

   

2.25%, 02/01/27 (Call 01/01/27)(b)

    2,415       2,140,128  

3.85%, 03/15/26 (Call 02/15/26)(b)

    2,945       2,747,791  

3.95%, 07/28/25 (Call 06/28/25)

    2,677       2,583,888  

First Citizens BancShares Inc./NC, 3.38%, 03/15/30 (Call 03/15/25), (3-mo. SOFR + 2.465%)(b)(c)

    1,900       1,758,163  

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

    709       670,283  

First-Citizens Bank & Trust Co.

   

2.97%, 09/27/25 (Call 09/27/24), (3-mo. SOFR + 1.715%)(c)

    937       896,830  

6.13%, 03/09/28

    2,568        2,579,624  

FNB Corp., 5.15%, 08/25/25 (Call 07/25/25)(b)

    875       847,248  

Goldman Sachs Group Inc.,

   

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

    8,120       7,532,153  

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

    16,777       15,059,313  

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

     22,574       20,240,797  

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

    22,680       20,027,704  

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

    33,043       29,405,460  

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

    25,945       23,480,531  

3.27%, 09/29/25 (Call 09/29/24), (3-mo. SOFR + 1.463%)(c)

    19,974       19,370,612  

3.50%, 01/23/25 (Call 10/23/24)

    20,431       19,784,758  

3.50%, 04/01/25 (Call 03/01/25)

    27,102       26,146,765  

3.50%, 11/16/26 (Call 11/16/25)

    23,407       22,000,965  

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

    27,584       25,791,626  

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

    20,704       19,382,127  

3.75%, 05/22/25 (Call 02/22/25)(b)

    17,557       16,970,443  

3.75%, 02/25/26 (Call 11/25/25)(b)

    14,772       14,168,483  

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

    13,175       12,190,890  

3.85%, 01/26/27 (Call 01/26/26)

    25,398       24,105,316  

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

    19,360       18,240,119  

4.25%, 10/21/25

    16,032       15,557,065  

4.39%, 06/15/27 (Call 06/15/26), (1-day SOFR + 1.510%)(c)

    6,588       6,393,748  

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

    24,545       23,616,669  

5.70%, 11/01/24

    17,242       17,208,966  

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

    13,430       13,388,610  

5.95%, 01/15/27(b)

    9,078       9,173,331  

Hana Bank

   

1.25%, 12/16/26(a)(b)

    280       243,825  

3.25%, 03/30/27(a)

    3,510       3,287,372  

3.50%, (Call 10/19/26), (5-year CMT + 2.409%)(a)(c)(d)

    2,060       1,824,130  

4.38%, 09/30/24(a)

    225       220,412  
Security  

Par

(000)

    Value  
Banks (continued)            

HSBC Holdings PLC

   

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

  $ 15,422     $ 13,702,539  

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

    15,613       14,542,866  

2.01%, 09/22/28 (Call 09/22/27), (1-day SOFR + 1.732%)(c)

    15,210       13,071,733  

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

    17,043       15,885,579  

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

    700       586,431  

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

    19,090       17,023,421  

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

    17,547       16,827,115  

3.00%, 03/10/26 (Call 03/10/25), (1-day SOFR + 1.430%)(c)

    14,016       13,377,681  

3.90%, 05/25/26

    19,203       18,289,080  

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

    19,205       18,037,007  

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

    11,198       10,911,173  

4.25%, 08/18/25

    5,040       4,861,811  

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

    20,299       19,579,645  

4.30%, 03/08/26

    23,567        22,779,239  

4.38%, 11/23/26(b)

    11,289       10,757,536  

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

    19,430       18,343,494  

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

     17,411       16,700,821  

5.21%, 08/11/28 (Call 08/11/27), (1-day SOFR + 2.610%)(c)

    17,184       16,768,175  

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

    17,420       17,365,375  

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

    16,880       16,994,275  

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

    14,137       14,551,115  

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

    19,049       20,013,310  

HSBC USA Inc., 5.63%, 03/17/25

    10,680       10,652,532  

Huntington Bancshares Inc.

   

4.00%, 05/15/25 (Call 04/15/25)(b)

    1,209       1,166,350  

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

    4,950       4,656,408  

6.21%, 08/21/29 (Call 08/21/28), (1-day SOFR + 2.020%)(c)

    5,225       5,259,300  

Huntington National Bank (The)

   

4.55%, 05/17/28 (Call 05/17/27), (1-day SOFR + 1.650%)(b)(c)

    5,280       4,999,652  

5.70%, 11/18/25 (Call 11/18/24), (1-day SOFR + 1.215%)(c)

    6,503       6,378,230  

ICICI Bank Ltd./Dubai, 4.00%, 03/18/26(a)

    4,202       4,042,862  

Indonesia Government International Bond, 3.54%, 11/08/27(b)

    3,849       3,636,042  

Industrial & Commercial Bank of China Ltd., 4.88%, 09/21/25(a)

    16,668       16,382,643  
 

 

 

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

    131  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

ING Groep NV

   

1.40%, 07/01/26 (Call 07/01/25), (1-year CMT + 1.100%)(a)(b)(c)

  $ 13,347     $ 12,272,906  

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

    732       658,256  

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

    952       921,740  

3.95%, 03/29/27

    10,092       9,573,110  

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

    8,615       8,105,694  

4.63%, 01/06/26(a)

    18,856       18,402,468  

Intesa Sanpaolo SpA

   

3.88%, 07/14/27(a)

    2,298       2,083,649  

3.88%, 01/12/28(a)(b)

    2,980       2,680,512  

7.00%, 11/21/25(a)(b)

    2,865       2,910,963  

JPMorgan Chase & Co.

   

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

     16,358        14,641,463  

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

    21,878       19,725,701  

1.05%, 06/23/27 (Call 12/23/25)

    10       8,484  

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

    23,128       20,429,130  

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

    19,815       18,709,509  

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

    26,562       23,851,223  

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

    18,585       17,532,834  

2.07%, 06/01/29 (Call 06/01/28), (1-day SOFR + 1.015%)(c)

    8,145       6,986,144  

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

    27,298       25,676,072  

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

    13,506       12,003,734  

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

    18,066       17,330,709  

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

    10,975       10,481,570  

2.95%, 10/01/26 (Call 07/01/26)(b)

    21,820       20,387,760  

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

    15,954       14,644,870  

3.13%, 01/23/25 (Call 10/23/24)

    21,728       21,020,083  

3.20%, 06/15/26 (Call 03/15/26)(b)

    14,443       13,688,699  

3.30%, 04/01/26 (Call 01/01/26)

    20,606       19,586,093  

3.51%, 01/23/29 (Call 01/23/28), (3-mo. SOFR + 1.207%)(c)

    11,930       10,998,031  

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

    21,465       20,031,622  

3.63%, 12/01/27 (Call 12/01/26)

    10,065       9,465,918  

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

    22,812       21,542,611  

3.90%, 07/15/25 (Call 04/15/25)(b)

    18,760       18,230,721  

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

    16,307       15,684,223  

4.01%, 04/23/29 (Call 04/23/28), (3-mo. SOFR + 1.382%)(c)

    12,115       11,365,461  

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

    21,903       21,367,132  

4.13%, 12/15/26(b)

    16,599       15,974,916  
Security  

Par

(000)

    Value  
Banks (continued)            

4.20%, 07/23/29 (Call 07/23/28), (3-mo. SOFR + 1.522%)(c)

  $ 6,725     $ 6,351,929  

4.25%, 10/01/27

    13,980       13,519,203  

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

    24,670       23,721,691  

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

     29,140       28,555,830  

5.30%, 07/24/29 (Call 07/24/28), (1-day SOFR + 1.450%)(c)

    22,470       22,341,647  

5.55%, 12/15/25 (Call 12/15/24), (1-day SOFR + 1.070%)(c)

    22,789       22,708,339  

7.63%, 10/15/26(b)

    6,157       6,545,832  

7.75%, 07/15/25

    1,017       1,054,341  

8.00%, 04/29/27(b)

    7,249       7,950,608  

KBC Group NV, 5.80%, 01/19/29 (Call 01/19/28), (1-year CMT + 2.100%)(a)(c)

    7,345       7,271,750  

KeyBank NA, 4.70%, 01/26/26 (Call 12/26/25)

    2,520       2,396,612  

KeyBank NA/Cleveland OH

   

3.30%, 06/01/25(b)

    4,068       3,811,126  

3.40%, 05/20/26(b)

    3,543       3,158,939  

4.15%, 08/08/25(b)

    5,014       4,744,183  

5.85%, 11/15/27 (Call 10/16/27)(b)

    8,203       7,912,413  

KeyCorp

   

2.25%, 04/06/27

    4,999       4,300,566  

4.10%, 04/30/28

    6,570       5,906,614  

4.15%, 10/29/25(b)

    2,754       2,605,046  

Kookmin Bank

   

1.75%, 05/04/25(a)

    790       742,006  

4.63%, 04/21/28(a)

    3,973       3,886,349  

Lloyds Bank PLC, 3.50%, 05/14/25(b)

    1,717       1,648,030  

Lloyds Banking Group PLC

   

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

    7,084       6,318,864  

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

    7,650       7,245,904  

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

    7,755       7,452,053  

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

    14,375       13,058,132  

3.75%, 01/11/27

    8,857       8,326,942  

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

    6,815       6,341,381  

4.38%, 03/22/28

    7,460       7,069,775  

4.45%, 05/08/25

    11,773       11,479,178  

4.50%, 11/04/24

    2,350       2,298,386  

4.55%, 08/16/28

    6,300       5,973,019  

4.58%, 12/10/25

    12,175       11,721,572  

4.65%, 03/24/26

    10,980       10,600,018  

4.72%, 08/11/26 (Call 08/11/25), (1-year CMT + 1.750%)(c)

    7,892       7,717,517  

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

    11,005        10,920,290  

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

    6,670       6,663,172  

M&T Bank Corp., 4.55%, 08/16/28 (Call 08/16/27), (1-day SOFR + 1.780%)(b)(c)

    3,840       3,591,792  

Macquarie Bank Ltd.

   

2.30%, 01/22/25(a)(b)

    9,218       8,800,212  

3.23%, 03/21/25(a)(b)

    6,995       6,758,532  

3.90%, 01/15/26(a)(b)

    7,299       7,046,939  
 

 

 

132  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.00%, 07/29/25(a)(b)

  $ 3,376     $ 3,272,896  

4.88%, 06/10/25(a)(b)

    4,262       4,154,657  

5.21%, 06/15/26(a)(b)

    3,205       3,180,499  

Macquarie Group Ltd.

   

1.20%, 10/14/25 (Call 10/14/24), (1-day SOFR + 0.694%)(a)(c)

    9,346       8,851,319  

1.34%, 01/12/27 (Call 01/12/26), (1-day SOFR + 1.069%)(a)(b)(c)

     10,848       9,730,182  

1.63%, 09/23/27 (Call 09/23/26), (1-day SOFR + 0.910%)(a)(b)(c)

    9,675       8,491,942  

1.94%, 04/14/28 (Call 04/14/27), (1-day SOFR + 0.995%)(a)(b)(c)

    4,248       3,691,792  

3.76%, 11/28/28 (Call 11/28/27), (3-mo. LIBOR US + 1.372%)(a)(c)

    5,965       5,461,045  

4.10%, 06/21/28 (Call 06/21/27), (1-day SOFR + 2.125%)(a)(b)(c)

    4,405       4,135,038  

4.65%, 03/27/29 (Call 03/27/28), (3-mo. LIBOR US + 1.727%)(a)(b)(c)

    620       587,034  

5.11%, 08/09/26 (Call 08/09/25), (1-day SOFR + 2.208%)(a)(b)(c)

    3,857       3,814,351  

6.21%, 11/22/24(a)(b)

    3,645       3,645,354  

Manufacturers & Traders Trust Co.

   

2.90%, 02/06/25 (Call 01/06/25)

    272       258,432  

3.40%, 08/17/27

    2,575       2,292,368  

4.65%, 01/27/26 (Call 12/27/25)(b)

    6,005       5,746,133  

4.70%, 01/27/28 (Call 12/27/27)

    9,433        8,818,289  

5.40%, 11/21/25 (Call 10/21/25)

    4,295       4,194,954  

Mitsubishi UFJ Financial Group Inc.

   

0.96%, 10/11/25 (Call 10/11/24), (1-year CMT + 0.450%)(c)

    6,885       6,493,912  

1.41%, 07/17/25

    13,468       12,438,785  

1.54%, 07/20/27 (Call 07/20/26), (1-year CMT + 0.750%)(c)

    14,951       13,328,650  

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

    10,045       8,906,623  

2.19%, 02/25/25

    19,841       18,820,046  

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

    10,175       9,129,334  

2.76%, 09/13/26(b)

    8,176       7,537,467  

3.29%, 07/25/27(b)

    6,275       5,831,443  

3.68%, 02/22/27(b)

    2,062       1,962,217  

3.78%, 03/02/25

    4,016       3,899,889  

3.84%, 04/17/26 (Call 04/17/25), (1-year CMT + 1.125%)(c)

    4,690       4,539,490  

3.85%, 03/01/26

    16,214       15,570,796  

3.96%, 03/02/28(b)

    1,540       1,465,614  

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

    6,300       5,987,317  

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

    9,535       9,332,391  

5.06%, 09/12/25 (Call 09/12/24), (1-year CMT + 1.550%)(c)

    16,815       16,658,006  

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

    6,175       6,098,636  

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

    11,130       11,025,139  

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

    11,973       11,922,302  

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

    3,795       3,776,350  
Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 12,765     $  12,727,660  

Mizuho Bank Ltd.

   

3.20%, 03/26/25(a)(b)

    315       301,613  

3.60%, 09/25/24(a)(b)

    283       276,600  

Mizuho Financial Group Inc.

   

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

    9,784       8,659,366  

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

    7,600       6,747,490  

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

    5,549       5,188,199  

2.56%, 09/13/25 (Call 09/13/24), (3-mo. SOFR + 1.362%)(c)

    5,016       4,833,241  

2.65%, 05/22/26 (Call 05/22/25), (1-year CMT + 0.900%)(c)

    4,359       4,105,532  

2.84%, 09/13/26

    6,519       6,004,723  

3.17%, 09/11/27(b)

    6,315       5,784,150  

3.48%, 04/12/26(a)(b)

     12,375       11,737,835  

3.66%, 02/28/27(b)

    3,850       3,626,278  

4.02%, 03/05/28(b)

    7,420       6,993,162  

4.35%, 10/20/25(a)(b)

    4,717       4,526,710  

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

    7,010       6,950,687  

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

    7,030       7,011,172  

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

    16,240        16,266,353  

Morgan Stanley

   

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

    19,128       17,160,494  

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

    19,085       17,998,719  

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

    22,730       20,180,425  

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

    28,142       25,247,293  

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

    23,231       21,894,015  

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

    18,851       17,005,823  

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

    14,899       14,191,484  

3.13%, 07/27/26(b)

    22,990       21,513,764  

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

    23,037       21,312,032  

3.63%, 01/20/27(b)

    22,890       21,627,687  

3.70%, 10/23/24(b)

    24,474       23,952,364  

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

    17,435       16,171,520  

3.88%, 01/27/26

    23,442       22,562,641  

3.95%, 04/23/27

    15,664       14,775,487  

4.00%, 07/23/25

    23,475       22,770,389  

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

    20,298       19,405,991  

4.35%, 09/08/26

    18,081       17,411,141  

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

    16,682       16,333,235  

5.00%, 11/24/25

    16,332       16,084,669  
 

 

 

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

    133  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

5.05%, 01/28/27 (Call 01/28/26), (1-day SOFR + 1.295%)(c)

  $ 12,726     $ 12,590,798  

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

    20,855       20,440,624  

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

    19,979       19,596,002  

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

    4,990       4,960,712  

6.14%, 10/16/26 (Call 10/16/25), (1-day SOFR + 1.770%)(c)

    6,537       6,584,236  

6.25%, 08/09/26

    6,806       6,957,121  

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

     18,818       19,303,177  

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

    9,056       8,521,651  

Morgan Stanley Bank NA

   

4.75%, 04/21/26

    13,256       13,084,338  

5.48%, 07/16/25 (Call 06/16/25)

    9,935       9,948,676  

National Australia Bank Ltd.

   

1.39%, 01/12/25(a)

    9,815       9,311,548  

1.89%, 01/12/27(a)(b)

    8,690       7,834,113  

3.50%, 01/10/27(a)(b)

    5,140       4,873,396  

National Australia Bank Ltd./New York

   

2.50%, 07/12/26(b)

    8,859       8,234,015  

3.38%, 01/14/26

    6,274       6,015,520  

3.50%, 06/09/25(b)

    1,719       1,666,955  

3.91%, 06/09/27(b)

    8,696       8,315,712  

4.90%, 06/13/28

    5,855       5,785,531  

4.94%, 01/12/28(b)

    10,073       9,999,854  

4.97%, 01/12/26(b)

    5,261       5,230,351  

5.13%, 11/22/24(b)

    3,980       3,964,104  

5.20%, 05/13/25(b)

    5,320       5,306,893  

National Bank of Canada, 5.25%, 01/17/25(b)

    2,140       2,131,127  

National Securities Clearing Corp.

   

0.75%, 12/07/25 (Call 11/07/25)(a)

    4,909       4,446,379  

1.50%, 04/23/25 (Call 03/23/25)(a)

    7,896       7,426,050  

5.00%, 05/30/28 (Call 04/30/28)(a)

    4,020       3,994,895  

5.05%, 11/21/24(a)(b)

    2,630       2,616,359  

5.10%, 11/21/27 (Call 10/21/27)(a)(b)

    4,012       4,002,420  

5.15%, 05/30/25(a)(b)

    2,185        2,179,541  

NatWest Group PLC

   

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

    10,567       9,381,035  

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

    7,068       6,372,826  

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

    2,644       2,523,032  

4.80%, 04/05/26

    9,797       9,538,508  

4.89%, 05/18/29 (Call 05/18/28), (3-mo. LIBOR US + 1.754%)(c)

    12,245       11,669,465  

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

    7,335       7,204,326  

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

    6,375       6,337,153  

7.47%, 11/10/26 (Call 11/10/25), (1-year CMT + 2.850%)(c)

    9,985       10,280,352  

NatWest Markets PLC

   

1.60%, 09/29/26(a)

    6,695       5,912,872  

3.48%, 03/22/25(a)

    4,729       4,563,474  
Security  

Par

(000)

    Value  
Banks (continued)            

NBK SPC Ltd., 1.63%, 09/15/27 (Call 09/15/26), (1-day SOFR + 1.050%)(a)(c)

  $ 585     $ 519,188  

NBK Tier 1 Financing 2 Ltd., 4.50%, (Call 11/27/25)(a)(c)(d)

    2,511       2,310,120  

NBK Tier 1 Ltd., 3.63%, (Call 08/24/26)(a)(c)(d)

    2,025       1,761,503  

NongHyup Bank

   

1.25%, 07/20/25(a)(b)

    6,150       5,672,571  

1.25%, 07/28/26(a)

    925       819,845  

4.25%, 07/06/27(a)(b)

    3,000       2,893,753  

4.88%, 07/03/28(a)

    4,200       4,134,573  

Nordea Bank Abp

   

0.75%, 08/28/25(a)(b)

    5,618       5,101,485  

1.50%, 09/30/26(a)

    9,912       8,748,873  

3.60%, 06/06/25(a)

    3,522       3,399,500  

4.75%, 09/22/25(a)(b)

    4,510       4,449,095  

5.38%, 09/22/27(a)

    7,093       7,030,223  

Norinchukin Bank (The)

   

1.28%, 09/22/26(a)(b)

    8,160       7,183,389  

4.87%, 09/14/27(a)(b)

    4,885       4,790,650  

Series 144A, 5.43%, 03/09/28(a)(b)

    3,255       3,269,248  

Northern Trust Corp.

   

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

    2,140       1,911,670  

3.65%, 08/03/28 (Call 05/03/28)

    1,050       988,017  

3.95%, 10/30/25(b)

    2,360       2,284,790  

4.00%, 05/10/27 (Call 04/10/27)

    6,770       6,501,495  

Oversea-Chinese Banking Corp. Ltd., 1.83%,

   

09/10/30 (Call 09/10/25), (5-year CMT + 1.580%)(a)(c)

    6,387       5,880,639  

PNC Bank NA

   

2.95%, 02/23/25 (Call 01/24/25)

     4,085       3,918,842  

3.10%, 10/25/27 (Call 09/25/27)

    6,765       6,171,346  

3.25%, 06/01/25 (Call 05/02/25)

    5,695       5,440,892  

3.25%, 01/22/28 (Call 12/23/27)(b)

    7,485       6,849,132  

3.30%, 10/30/24 (Call 09/30/24)(b)

    1,969       1,915,279  

3.88%, 04/10/25 (Call 03/10/25)

    3,292       3,179,477  

4.05%, 07/26/28

    6,440       5,960,339  

4.20%, 11/01/25 (Call 10/02/25)

    2,251       2,168,808  

PNC Financial Services Group Inc. (The)

   

1.15%, 08/13/26 (Call 07/13/26)(b)

    2,682       2,378,091  

2.20%, 11/01/24 (Call 10/02/24)

    10,528        10,104,316  

2.60%, 07/23/26 (Call 05/23/26)

    5,337       4,955,569  

3.15%, 05/19/27 (Call 04/19/27)(b)

    2,568       2,381,225  

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

    16,930       16,620,068  

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

    8,775       8,645,725  

5.58%, 06/12/29 (Call 06/12/28), (1-day SOFR + 1.841%)(c)

    19,437       19,277,703  

5.67%, 10/28/25 (Call 10/28/24), (1-day SOFR + 1.090%)(c)

    4,713       4,693,735  

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

    6,232       6,226,006  

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

    1,453       1,357,685  

Rheinland-Pfalz Bank, 6.88%, 02/23/28(a)(e)

    15       16,057  

Royal Bank of Canada

   

0.75%, 10/07/24

    8,312       7,879,791  

0.88%, 01/20/26

    9,150       8,233,573  

1.15%, 06/10/25

    10,871       10,067,207  
 

 

 

134  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

1.15%, 07/14/26

  $ 14,815     $ 13,180,076  

1.20%, 04/27/26

    12,455       11,161,165  

1.40%, 11/02/26

    6,286       5,569,109  

1.60%, 01/21/25

    4,220       4,000,474  

2.05%, 01/21/27(b)

    2,220       1,995,639  

2.25%, 11/01/24

    11,885       11,427,106  

3.38%, 04/14/25

    7,430       7,187,645  

3.63%, 05/04/27

    8,420       7,937,909  

4.24%, 08/03/27

    9,363       9,011,509  

4.65%, 01/27/26

     11,162       10,947,845  

4.88%, 01/12/26(b)

    7,551       7,459,324  

4.90%, 01/12/28(b)

    5,925       5,838,590  

4.95%, 04/25/25

    9,085       8,986,615  

5.20%, 07/20/26

    9,145       9,108,769  

5.20%, 08/01/28

    8,160       8,103,842  

5.66%, 10/25/24

    9,054       9,055,658  

6.00%, 11/01/27

    10,001        10,237,579  

Santander Holdings USA Inc.

   

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

    7,190       6,304,088  

3.24%, 10/05/26 (Call 08/05/26)

    6,154       5,634,824  

3.45%, 06/02/25 (Call 05/02/25)

    6,107       5,826,987  

4.40%, 07/13/27 (Call 04/14/27)

    7,124       6,745,353  

4.50%, 07/17/25 (Call 04/17/25)(b)

    6,508       6,350,529  

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

    675       668,704  

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

    7,210       7,168,696  

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

    3,764       3,747,487  

Santander UK Group Holdings PLC

   

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

    5,724       5,195,571  

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

    6,932       6,101,209  

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

    6,495       5,713,947  

3.82%, 11/03/28 (Call 11/03/27), (3-mo. LIBOR US + 1.400%)(c)

    7,150       6,468,007  

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

    9,408       9,482,091  

6.83%, 11/21/26 (Call 11/21/25), (1-day SOFR + 2.749%)(c)

    8,758       8,867,984  

Shinhan Bank Co. Ltd.

   

1.38%, 10/21/26(a)(b)

    3,520       3,096,423  

3.75%, 09/20/27(a)(b)

    205       188,440  

4.50%, 04/12/28(a)

    5,000       4,855,773  

Shinhan Financial Group Co. Ltd.

   

1.35%, 01/10/26(a)

    248       224,849  

2.88%, (Call 05/12/26), (5-year CMT + 2.064%)(a)(c)(d)

    3,185       2,796,112  

3.34%, 02/05/30 (Call 02/05/25), (5-year CMT + 1.500%)(a)(c)

    290       277,677  

5.00%, 07/24/28(a)

    2,250       2,214,383  

Skandinaviska Enskilda Banken AB

   

0.85%, 09/02/25(a)(b)

    5,563       5,045,334  

1.20%, 09/09/26(a)(b)

    4,788       4,193,806  

1.40%, 11/19/25(a)(b)

    800       729,056  

3.70%, 06/09/25(a)(b)

    4,170       4,031,529  
Security  

Par

(000)

    Value  
Banks (continued)            

Societe Generale SA

   

1.38%, 07/08/25(a)(b)

  $ 3,781     $ 3,479,726  

1.49%, 12/14/26 (Call 12/14/25), (1-year CMT + 1.100%)(a)(c)

    15,051       13,486,964  

1.79%, 06/09/27 (Call 06/09/26), (1-year CMT + 1.000%)(a)(c)

    9,099       8,071,351  

2.23%, 01/21/26 (Call 01/21/25), (1-year CMT + 1.050%)(a)(c)

    8,742       8,224,105  

2.63%, 10/16/24(a)

    7,545       7,258,912  

2.63%, 01/22/25(a)

    12,086       11,497,694  

2.80%, 01/19/28 (Call 01/19/27), (1-year CMT + 1.300%)(a)(c)

    8,815       7,896,222  

4.00%, 01/12/27(a)(b)

    4,184       3,915,551  

4.25%, 04/14/25(a)(b)

    10,600       10,216,498  

4.25%, 08/19/26(a)(b)

    7,501       7,065,922  

4.68%, 06/15/27(a)(b)

    4,520       4,378,395  

4.75%, 11/24/25(a)(b)

    7,149       6,878,079  

6.45%, 01/12/27 (Call 01/12/26), (1-year CMT + 2.300%)(a)(c)

    6,400       6,429,943  

6.45%, 01/10/29 (Call 01/10/28), (1-year CMT + 2.550%)(a)(c)

    9,053       9,117,184  

Standard Chartered PLC

   

1.46%, 01/14/27 (Call 01/14/26), (1-year CMT + 1.000%)(a)(c)

     12,498        11,185,082  

1.82%, 11/23/25 (Call 11/23/24), (1-year CMT + 0.950%)(a)(c)

    9,185       8,677,789  

2.61%, 01/12/28 (Call 01/12/27), (1-year CMT + 1.180%)(a)(c)

    10,254       9,155,263  

2.82%, 01/30/26 (Call 01/30/25), (3-mo. LIBOR US + 1.209%)(a)(c)

    14,318       13,630,628  

3.20%, 04/17/25(a)(b)

    2,295       2,201,067  

3.97%, 03/30/26 (Call 03/30/25), (1-year CMT + 1.650%)(a)(c)

    7,105       6,855,702  

4.05%, 04/12/26(a)(b)

    8,715       8,358,661  

4.30%, 02/19/27(a)(b)

    5,385       5,078,055  

4.87%, 03/15/33 (Call 03/15/28), (5-year USD ICE Swap + 1.970%)(a)(c)

    420       382,437  

6.17%, 01/09/27 (Call 01/09/26), (1-year CMT + 2.050%)(a)(c)

    6,015       6,031,864  

6.19%, 07/06/27 (Call 07/06/26), (1-year CMT + 1.850%)(a)(c)

    11,015       11,038,015  

6.30%, 01/09/29 (Call 01/09/28), (1-year CMT + 2.450%)(a)(c)

    13,050       13,175,381  

7.77%, 11/16/28 (Call 11/16/27), (1-year CMT + 3.45%)(a)(c)

    9,148       9,688,360  

7.78%, 11/16/25 (Call 11/16/24), (1-year CMT + 3.100%)(a)(b)(c)

    5,307       5,426,672  

State Street Corp.

   

1.68%, 11/18/27 (Call 11/18/26), (1-day SOFR + 0.560%)(b)(c)

    2,935       2,634,165  

1.75%, 02/06/26 (Call 02/06/25), (1-day SOFR + 0.441%)(b)(c)

    1,917       1,811,454  

2.20%, 02/07/28 (Call 02/07/27), (1-day SOFR + 0.730%)(c)

    4,815       4,370,428  

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

    6,752       6,483,262  

2.65%, 05/19/26(b)

    4,367       4,112,154  

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

    3,498       3,349,773  

3.30%, 12/16/24

    6,895       6,690,149  
 

 

 

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

    135  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

3.55%, 08/18/25

  $ 9,112     $ 8,796,532  

4.86%, 01/26/26 (Call 01/26/25), (1-day SOFR + 0.604%)(b)(c)

    3,600       3,552,153  

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

    5,145       5,099,419  

5.27%, 08/03/26 (Call 07/03/26)

    3,480       3,480,681  

5.75%, 11/04/26 (Call 11/04/25), (1-day SOFR + 1.353%)(c)

    3,830       3,837,926  

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

    4,883       4,958,022  

Sumitomo Mitsui Financial Group Inc.

   

0.95%, 01/12/26(b)

    7,360       6,613,545  

1.40%, 09/17/26

    15,589       13,794,079  

1.47%, 07/08/25

    16,692       15,453,633  

2.17%, 01/14/27

    4,510       4,045,163  

2.35%, 01/15/25

    8,892       8,487,613  

2.45%, 09/27/24

    7,031       6,787,952  

2.63%, 07/14/26

    13,922       12,853,079  

3.01%, 10/19/26

    8,352       7,746,914  

3.35%, 10/18/27

    5,905       5,431,474  

3.36%, 07/12/27(b)

     11,536       10,712,956  

3.45%, 01/11/27(b)

    9,677       9,052,395  

3.54%, 01/17/28

    4,643       4,282,245  

3.78%, 03/09/26(b)

    10,777       10,330,256  

3.94%, 07/19/28

    4,084       3,814,599  

5.46%, 01/13/26

    13,195       13,152,863  

5.52%, 01/13/28

    15,564       15,558,086  

5.80%, 07/13/28(b)

    6,745       6,824,872  

5.88%, 07/13/26

    5,285       5,326,649  

Sumitomo Mitsui Trust Bank Ltd.

   

1.05%, 09/12/25(a)

    1,017       925,327  

1.35%, 09/16/26(a)(b)

    858       757,700  

1.55%, 03/25/26(a)

    7,487       6,767,304  

2.55%, 03/10/25(a)

    1,840       1,752,442  

2.80%, 03/10/27(a)(b)

    7,975       7,310,147  

4.80%, 09/15/25(a)

    1,668       1,637,060  

4.95%, 09/15/27(a)

    3,725       3,673,056  

5.50%, 03/09/28(a)(b)

    3,000       3,011,335  

5.65%, 03/09/26(a)

    4,465       4,470,213  

Svenska Handelsbanken AB

   

1.42%, 06/11/27 (Call 06/11/26), (1-year CMT + 0.630%)(a)(b)(c)

    7,454       6,583,809  

3.65%, 06/10/25(a)

    2,225       2,149,232  

3.95%, 06/10/27(a)(b)

    4,790       4,547,652  

5.25%, 06/15/26(a)

    2,905       2,886,393  

5.50%, 06/15/28(a)

    12,850        12,660,058  

Swedbank AB

   

1.54%, 11/16/26(a)(b)

    11,443       10,105,771  

3.36%, 04/04/25(a)(b)

    1,300       1,251,210  

5.34%, 09/20/27(a)(b)

    7,140       7,015,684  

5.47%, 06/15/26(a)

    4,145       4,123,814  

Synchrony Bank, 5.40%, 08/22/25 (Call 07/22/25)

    5,175       5,002,126  

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

    7,093       6,709,147  

Synovus Bank, 5.63%, 02/15/28 (Call 01/15/28)

    2,664       2,469,386  

Synovus Financial Corp., 5.20%, 08/11/25 (Call 07/11/25)(b)

    850       824,725  

Toronto-Dominion Bank (The)

   

0.75%, 09/11/25

    9,115       8,306,190  

0.75%, 01/06/26(b)

    10,782       9,681,790  
Security  

Par

(000)

    Value  
Banks (continued)            

1.15%, 06/12/25

  $ 7,586     $ 7,034,985  

1.20%, 06/03/26

    11,167       9,957,063  

1.25%, 12/13/24

    7,071       6,691,195  

1.25%, 09/10/26

    14,019       12,423,828  

1.45%, 01/10/25(b)

    5,650       5,354,995  

1.95%, 01/12/27

    9,127       8,192,895  

2.80%, 03/10/27

    11,757       10,784,459  

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

    13,316       12,431,170  

3.77%, 06/06/25

    11,636       11,295,645  

4.11%, 06/08/27

    14,195       13,556,516  

4.69%, 09/15/27

    14,773       14,408,734  

5.10%, 01/09/26(b)

    1,920       1,904,797  

5.16%, 01/10/28

     14,790       14,651,181  

5.52%, 07/17/28

    9,800       9,848,359  

5.53%, 07/17/26

    8,400       8,418,539  

8.13%, 10/31/82 (Call 10/31/27), (5-year CMT + 4.075%)(c)

    8,155       8,195,954  

Truist Bank

   

1.50%, 03/10/25 (Call 02/10/25)(b)

    8,645       8,063,227  

2.15%, 12/06/24 (Call 11/05/24)(b)

    8,000       7,629,414  

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

    5,481       5,099,088  

3.30%, 05/15/26 (Call 04/15/26)(b)

    5,596       5,199,415  

3.63%, 09/16/25 (Call 08/16/25)

    9,698       9,192,424  

3.80%, 10/30/26 (Call 09/30/26)

    6,123       5,657,036  

4.05%, 11/03/25 (Call 09/03/25)

    4,553       4,372,574  

Truist Financial Corp.

   

1.13%, 08/03/27 (Call 06/03/27)(b)

    5,380       4,548,673  

1.20%, 08/05/25 (Call 07/03/25)(b)

    5,139       4,715,064  

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

    9,138       8,160,756  

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

    6,311       5,263,521  

2.85%, 10/26/24 (Call 09/26/24)

    6,710       6,474,358  

3.70%, 06/05/25 (Call 05/05/25)

    7,037       6,774,542  

4.00%, 05/01/25 (Call 03/01/25)

    5,804       5,621,226  

4.12%, 06/06/28 (Call 06/06/27), (1-day SOFR + 1.368%)(b)(c)

    5,460       5,146,469  

4.26%, 07/28/26 (Call 07/28/25), (1-day SOFR + 1.456%)(b)(c)

    10,268       9,919,106  

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

    12,240       11,742,807  

5.90%, 10/28/26 (Call 10/28/25), (1-day SOFR + 1.626%)(b)(c)

    6,165       6,148,255  

6.05%, 06/08/27 (Call 06/08/26), (1-day SOFR + 2.050%)(b)(c)

    7,545       7,539,726  

U.S. Bancorp

   

1.45%, 05/12/25 (Call 04/11/25)(b)

    10,937       10,227,814  

2.22%, 01/27/28 (Call 01/27/27), (1-day SOFR + 0.730%)(c)

    8,970       8,004,974  

3.10%, 04/27/26 (Call 03/27/26)(b)

    6,420       6,024,809  

3.90%, 04/26/28 (Call 03/24/28)

    3,405       3,195,609  

3.95%, 11/17/25 (Call 10/17/25)(b)

    4,850       4,698,379  

4.55%, 07/22/28 (Call 07/22/27), (1-day SOFR + 1.660%)(b)(c)

    12,265       11,720,041  

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

    15,900       15,181,815  

5.73%, 10/21/26 (Call 10/21/25), (1-day SOFR + 1.430%)(b)(c)

    10,545        10,541,865  
 

 

 

136  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

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

  $ 11,045     $ 11,020,875  

Series V, 2.38%, 07/22/26 (Call 06/22/26)(b)

    9,246       8,524,024  

Series X, 3.15%, 04/27/27 (Call 03/27/27)

    9,077       8,412,330  

U.S. Bank NA/Cincinnati OH

   

2.05%, 01/21/25 (Call 12/20/24)(b)

    7,014       6,669,515  

2.80%, 01/27/25 (Call 12/27/24)(b)

    7,236       6,945,238  

UBS AG/London

   

1.25%, 06/01/26(a)(b)

    8,084       7,258,206  

1.38%, 01/13/25 (Call 12/13/24)(a)(b)

    7,034       6,625,125  

UBS AG/Stamford CT, 7.50%, 07/15/25(b)

    805       821,920  

UBS Group AG

   

1.31%, 02/02/27 (Call 02/02/26), (1-day SOFR + 0.980%)(a)(c)

     14,647       13,022,122  

1.36%, 01/30/27 (Call 01/30/26), (1-year CMT + 1.080%)(a)(c)

    9,899       8,845,904  

1.49%, 08/10/27 (Call 08/10/26), (1-year CMT + 0.850%)(a)(c)

    14,870       13,075,748  

2.19%, 06/05/26 (Call 06/05/25), (1-day SOFR + 2.044%)(a)(c)

    10,147       9,451,394  

2.59%, 09/11/25 (Call 09/11/24), (1-day SOFR + 1.560%)(a)(c)

    14,234       13,724,615  

3.75%, 03/26/25

    17,239       16,653,367  

3.87%, 01/12/29 (Call 01/12/28), (3-mo. LIBOR US + 1.410%)(a)(c)

    15,465       14,217,149  

4.13%, 09/24/25(a)(b)

    19,125       18,450,665  

4.13%, 04/15/26(a)(b)

    14,731       14,135,396  

4.25%, 03/23/28 (Call 03/23/27)(a)

    13,525       12,653,640  

4.28%, 01/09/28 (Call 01/09/27)(a)

    18,660       17,455,756  

4.49%, 05/12/26 (Call 05/12/25), (1-year CMT + 1.550%)(a)(c)

    8,195       7,959,498  

4.55%, 04/17/26

    15,236       14,745,011  

4.70%, 08/05/27 (Call 08/05/26), (1-year CMT + 2.050%)(a)(c)

    13,255       12,849,773  

4.75%, 05/12/28 (Call 05/12/27), (1-year CMT + 1.750%)(a)(b)(c)

    8,690       8,343,417  

5.71%, 01/12/27 (Call 01/12/26), (1-year CMT + 1.550%)(a)(b)(c)

    13,405       13,350,736  

6.37%, 07/15/26 (Call 07/15/25), (1-day SOFR + 3.340%)(a)(c)

    11,505       11,552,872  

6.44%, 08/11/28 (Call 08/11/27), (1-day SOFR + 3.700%)(a)(c)

    12,418       12,645,033  

UniCredit SpA

   

1.98%, 06/03/27 (Call 06/03/26), (1-year CMT + 1.200%)(a)(b)(c)

    9,709       8,624,402  

2.57%, 09/22/26 (Call 09/22/25), (1-year CMT + 2.300%)(a)(c)

    5,640       5,172,537  

United Overseas Bank Ltd.

   

1.25%, 04/14/26(a)(b)

    505       456,021  

2.00%, 10/14/31 (Call 10/14/26), (5-year CMT + 1.230%)(a)(c)

    2,800       2,476,629  

3.86%, 10/07/32 (Call 10/07/27), (5-year CMT + 1.450%)(a)(b)(c)

    8,463       7,888,292  

Wachovia Corp.

   

6.61%, 10/01/25(b)

    685       690,490  

7.57%, 08/01/26(e)

    3,033       3,172,086  

Wells Fargo & Co.

   

2.16%, 02/11/26 (Call 02/11/25), (3-mo. SOFR + 1.012%)(c)

    25,756        24,351,415  
Security  

Par

(000)

    Value  
Banks (continued)            

2.19%, 04/30/26 (Call 04/30/25), (1-day SOFR + 2.000%)(c)

  $ 24,113     $ 22,676,267  

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

    26,012       23,145,316  

2.41%, 10/30/25 (Call 10/30/24), (3-mo. SOFR + 1.087%)(b)(c)

    25,237       24,200,008  

3.00%, 02/19/25

    22,118       21,271,154  

3.00%, 04/22/26

    26,702       25,029,328  

3.00%, 10/23/26

     27,276       25,264,264  

3.20%, 06/17/27 (Call 06/17/26), (3-mo. SOFR + 1.432%)(c)

    18,862       17,633,358  

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

    30,651       28,518,388  

3.55%, 09/29/25

    20,554       19,719,447  

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

    23,900       22,188,396  

3.91%, 04/25/26 (Call 04/25/25), (1-day SOFR + 1.320%)(c)

    21,815       21,090,309  

4.10%, 06/03/26

    18,579       17,823,379  

4.30%, 07/22/27

    18,254       17,479,778  

4.54%, 08/15/26 (Call 08/15/25), (1-day SOFR + 1.560%)(c)

    16,500       16,111,821  

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

    24,008       23,287,175  

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

    21,315       21,226,726  

Wells Fargo Bank NA

   

5.45%, 08/07/26 (Call 07/07/26)

    24,215       24,291,758  

5.55%, 08/01/25 (Call 07/01/25)(b)

    24,215       24,264,882  

Westpac Banking Corp.

   

1.02%, 11/18/24

    9,325       8,838,003  

1.15%, 06/03/26

    9,822       8,822,751  

2.35%, 02/19/25(b)

    9,855       9,454,618  

2.70%, 08/19/26(b)

    6,579       6,139,972  

2.85%, 05/13/26(b)

    9,709       9,157,028  

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

    10,092       9,530,785  

3.35%, 03/08/27

    7,065       6,664,775  

3.40%, 01/25/28(b)

    2,250       2,115,466  

3.74%, 08/26/25(b)

    5,019       4,873,752  

4.04%, 08/26/27

    6,795       6,601,583  

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

    10,749       10,038,223  

5.35%, 10/18/24

    3,270       3,263,867  

5.46%, 11/18/27

    12,225       12,407,647  

Westpac New Zealand Ltd., 4.90%, 02/15/28(a)(b)

    5,373       5,247,804  

Woori Bank

   

0.75%, 02/01/26(a)

    2,395       2,134,220  

4.88%, 01/26/28(a)

    2,175       2,146,747  
   

 

 

 
       7,652,817,932  
Beverages — 1.1%            

Anheuser-Busch InBev Worldwide Inc.

   

3.65%, 02/01/26 (Call 11/01/25)

    24,935       24,089,317  

4.00%, 04/13/28 (Call 01/13/28)

    14,612       14,071,089  

Bacardi Ltd.

   

2.75%, 07/15/26 (Call 04/15/26)(a)

    705       649,487  

4.45%, 05/15/25 (Call 03/15/25)(a)

    6,433       6,268,331  

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

    1,788       1,735,130  
 

 

 

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

    137  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Beverages (continued)            

Coca-Cola Co. (The)

   

1.00%, 03/15/28(b)

  $ 6,195     $ 5,310,916  

1.45%, 06/01/27(b)

    10,558       9,426,851  

1.50%, 03/05/28

    5,300       4,644,366  

2.90%, 05/25/27(b)

    3,950       3,713,331  

3.38%, 03/25/27

    7,316       7,009,226  

Coca-Cola Consolidated Inc., 3.80%, 11/25/25 (Call 08/25/25)(b)

    2,607       2,520,060  

Coca-Cola European Partners PLC, 1.50%, 01/15/27 (Call 12/15/26)(a)

    1,828       1,615,279  

Constellation Brands Inc.

   

3.50%, 05/09/27 (Call 02/09/27)

    3,384       3,184,395  

3.60%, 02/15/28 (Call 11/15/27)

    5,376       5,012,962  

3.70%, 12/06/26 (Call 09/06/26)(b)

    4,674       4,453,563  

4.35%, 05/09/27 (Call 04/09/27)(b)

    4,629       4,482,095  

4.40%, 11/15/25 (Call 09/15/25)

    3,944       3,858,991  

4.75%, 11/15/24

    4,175       4,136,899  

4.75%, 12/01/25(b)

    3,809       3,755,852  

5.00%, 02/02/26 (Call 02/02/24)(b)

    4,190       4,136,796  

Diageo Capital PLC

   

1.38%, 09/29/25 (Call 08/29/25)

    6,423       5,930,173  

2.13%, 10/24/24 (Call 09/24/24)

    6,209       5,974,609  

3.88%, 05/18/28 (Call 02/18/28)(b)

    1,090       1,048,344  

5.20%, 10/24/25

    4,585       4,586,672  

5.30%, 10/24/27 (Call 09/24/27)

    5,150       5,209,058  

Heineken NV, 3.50%, 01/29/28
(Call 10/29/27)(a)(b)

    6,405       6,043,477  

JDE Peet’s NV

   

0.80%, 09/24/24 (Call 10/02/23)(a)(b)

    3,769       3,552,070  

1.38%, 01/15/27 (Call 12/15/26)(a)

    5,765       5,006,872  

Keurig Dr Pepper Inc.

   

2.55%, 09/15/26 (Call 06/15/26)(b)

    2,578       2,379,814  

3.40%, 11/15/25 (Call 08/15/25)(b)

    5,338       5,105,463  

3.43%, 06/15/27 (Call 03/15/27)

    3,353       3,151,640  

4.42%, 05/25/25 (Call 03/25/25)

    5,167       5,066,958  

4.60%, 05/25/28 (Call 02/25/28)

    7,570       7,394,385  

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

    15,419       14,447,553  

PepsiCo Inc.

   

2.25%, 03/19/25 (Call 02/19/25)

     11,089       10,610,543  

2.38%, 10/06/26 (Call 07/06/26)(b)

    8,160       7,646,395  

2.63%, 03/19/27 (Call 01/19/27)

    3,655       3,406,672  

2.75%, 04/30/25 (Call 01/30/25)(b)

    8,201       7,882,335  

2.85%, 02/24/26 (Call 11/24/25)(b)

    5,998       5,711,443  

3.00%, 10/15/27 (Call 07/15/27)(b)

    5,720       5,380,317  

3.50%, 07/17/25 (Call 04/17/25)(b)

    5,224       5,076,281  

3.60%, 02/18/28 (Call 01/18/28)(b)

    8,697       8,331,250  

4.45%, 05/15/28 (Call 04/15/28)(b)

    5,265       5,245,751  

4.55%, 02/13/26 (Call 01/13/26)(b)

    4,297       4,273,422  

Pernod Ricard International Finance LLC, 1.25%, 04/01/28 (Call 02/01/28)(a)

    235       198,643  

Pernod Ricard SA, 3.25%, 06/08/26 (Call 03/08/26)(a)(b)

    3,194       3,056,643  

Suntory Holdings Ltd., 2.25%, 10/16/24 (Call 09/16/24)(a)

    4,992       4,786,438  
   

 

 

 
       260,578,157  
Biotechnology — 0.8%            

Amgen Inc.

   

1.65%, 08/15/28 (Call 06/15/28)

    6,000       5,118,212  

1.90%, 02/21/25 (Call 01/21/25)

    4,239       4,030,982  

2.20%, 02/21/27 (Call 12/21/26)

    12,820       11,652,004  
Security  

Par

(000)

    Value  
Biotechnology (continued)            

2.60%, 08/19/26 (Call 05/19/26)

  $ 9,014     $ 8,380,737  

3.13%, 05/01/25 (Call 02/01/25)

    7,707       7,414,114  

3.20%, 11/02/27 (Call 08/02/27)(b)

    1,315       1,222,267  

5.15%, 03/02/28 (Call 02/02/28)

    33,620       33,584,888  

5.25%, 03/02/25

    14,202       14,141,508  

5.51%, 03/02/26 (Call 03/02/24)

    5,295       5,295,446  

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

    7,063       6,865,701  

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

    14,159       13,732,086  

Bio-Rad Laboratories Inc., 3.30%, 03/15/27 (Call 02/15/27)(b)

    3,381       3,169,906  

CSL Finance PLC, 3.85%, 04/27/27 (Call 03/27/27)(a)

    3,590       3,445,962  

Gilead Sciences Inc.

   

1.20%, 10/01/27 (Call 08/01/27)

    5,694       4,896,430  

2.95%, 03/01/27 (Call 12/01/26)(b)

    9,077       8,461,246  

3.50%, 02/01/25 (Call 11/01/24)

     13,659       13,295,750  

3.65%, 03/01/26 (Call 12/01/25)

    21,102       20,303,204  

Illumina Inc.

   

5.75%, 12/13/27 (Call 11/13/27)

    4,230       4,219,179  

5.80%, 12/12/25 (Call 11/12/25)

    4,805       4,802,844  

Royalty Pharma PLC

   

1.20%, 09/02/25 (Call 08/02/25)

    8,281       7,543,250  

1.75%, 09/02/27 (Call 07/02/27)

    7,898       6,814,064  
   

 

 

 
       188,389,780  
Building Materials — 0.4%            

Carrier Global Corp.

   

2.24%, 02/15/25 (Call 01/15/25)

    7,630       7,257,980  

2.49%, 02/15/27 (Call 12/15/26)

    6,961       6,323,642  

CRH America Finance Inc.

   

3.40%, 05/09/27 (Call 02/09/27)(a)(b)

    1,150       1,075,623  

3.95%, 04/04/28 (Call 01/04/28)(a)(b)

    9,466       8,954,243  

CRH America Inc., 3.88%, 05/18/25 (Call 02/15/25)(a)

    9,678       9,383,521  

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

    4,425       4,285,864  

Holcim Finance U.S. LLC, 3.50%, 09/22/26 (Call 06/22/26)(a)

    2,961       2,780,151  

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

    4,882       4,705,576  

Lennox International Inc.

   

1.35%, 08/01/25 (Call 07/01/25)(b)

    2,586       2,383,723  

1.70%, 08/01/27 (Call 06/01/27)

    2,633       2,303,972  

Martin Marietta Materials Inc.

   

3.45%, 06/01/27 (Call 03/01/27)(b)

    785       736,430  

3.50%, 12/15/27 (Call 09/15/27)

    3,660       3,422,618  

Masco Corp.

   

1.50%, 02/15/28 (Call 12/15/27)(b)

    5,090       4,331,806  

3.50%, 11/15/27 (Call 08/15/27)(b)

    435       404,019  

Owens Corning

   

3.40%, 08/15/26 (Call 05/15/26)

    4,063       3,841,815  

4.20%, 12/01/24 (Call 09/01/24)

    4,189       4,109,126  

St Marys Cement Inc. Canada, 5.75%, 01/28/27 (Call 10/28/26)(a)

    290       287,556  

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

    1,120       1,050,743  

Trane Technologies Luxembourg Finance SA

   

3.50%, 03/21/26 (Call 01/21/26)(b)

    4,101       3,923,993  

3.55%, 11/01/24 (Call 08/01/24)

    4,957       4,847,218  

Vulcan Materials Co.

   

3.90%, 04/01/27 (Call 01/01/27)

    3,324       3,184,750  
 

 

 

138  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Building Materials (continued)            

4.50%, 04/01/25 (Call 01/01/25)

  $ 4,025     $ 3,956,400  

5.80%, 03/01/26 (Call 03/01/24)(b)

    350       350,594  

West Fraser Timber Co. Ltd., 4.35%, 10/15/24 (Call 07/15/24)(a)(b)

    3,277       3,237,718  
   

 

 

 
      87,139,081  
Chemicals — 1.2%            

Air Liquide Finance SA, 2.50%, 09/27/26 (Call 06/27/26)(a)(b)

    6,954       6,517,582  

Air Products and Chemicals Inc.

   

1.50%, 10/15/25 (Call 09/15/25)(b)

    4,049       3,755,787  

1.85%, 05/15/27 (Call 03/15/27)(b)

    4,890       4,401,847  

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

    4,790       4,629,789  

Bayport Polymers LLC, 4.74%, 04/14/27 (Call 03/14/27)(a)(b)

    680       636,046  

Braskem Netherlands Finance BV, 4.50%, 01/10/28 (Call 10/10/27)(a)

    6,100       5,551,126  

Cabot Corp., 3.40%, 09/15/26
(Call 06/15/26)(b)

    2,516       2,295,328  

Celanese U.S. Holdings LLC

   

1.40%, 08/05/26 (Call 07/05/26)

    3,450       3,015,504  

6.05%, 03/15/25(b)

    10,818       10,827,059  

6.17%, 07/15/27 (Call 06/15/27)

     14,220        14,227,612  

CF Industries Inc., 4.50%, 12/01/26(a)

    5,258       5,076,347  

Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP

   

3.40%, 12/01/26 (Call 09/01/26)(a)(b)

    2,445       2,311,994  

3.70%, 06/01/28 (Call 03/01/28)(a)

    5,865       5,480,333  

5.13%, 04/01/25 (Call 03/01/25)(a)

    5,413       5,376,622  

DuPont de Nemours Inc., 4.49%, 11/15/25 (Call 09/15/25)

    13,735       13,447,061  

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

    5,885       5,719,401  

Ecolab Inc.

   

1.65%, 02/01/27 (Call 01/01/27)(b)

    4,171       3,740,612  

2.70%, 11/01/26 (Call 08/01/26)(b)

    3,889       3,642,072  

3.25%, 12/01/27 (Call 09/01/27)(b)

    3,645       3,418,858  

5.25%, 01/15/28 (Call 12/15/27)(b)

    4,565       4,629,294  

EIDP Inc.

   

1.70%, 07/15/25 (Call 06/15/25)

    4,095       3,818,803  

4.50%, 05/15/26 (Call 04/15/26)

    525       514,892  

FMC Corp.

   

3.20%, 10/01/26 (Call 08/01/26)

    3,403       3,151,594  

5.15%, 05/18/26 (Call 04/18/26)

    4,025       3,988,121  

International Flavors & Fragrances Inc.

   

1.23%, 10/01/25 (Call 09/01/25)(a)

    6,960       6,231,791  

1.83%, 10/15/27 (Call 08/15/27)(a)

    8,440       7,098,843  

LG Chem Ltd.

   

1.38%, 07/07/26(a)

    4,075       3,638,523  

3.25%, 10/15/24(a)

    4,965       4,824,609  

Linde Inc., 4.80%, 12/05/24(b)

    2,300       2,288,060  

Linde Inc./CT

   

2.65%, 02/05/25 (Call 11/05/24)(b)

    3,611       3,470,647  

3.20%, 01/30/26 (Call 10/30/25)

    6,137       5,907,625  

4.70%, 12/05/25 (Call 11/05/25)(b)

    4,160       4,126,356  

LYB Finance Co. BV, 8.10%, 03/15/27(a)

    2,985       3,203,150  

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

    2,760       2,602,636  

LYB International Finance III LLC, 1.25%, 10/01/25 (Call 09/01/25)

    3,656       3,334,456  

MEGlobal BV

   

2.63%, 04/28/28 (Call 01/28/28)(a)

    4,400       3,867,098  
Security  

Par

(000)

    Value  
Chemicals (continued)            

4.25%, 11/03/26(a)(b)

  $ 5,221     $ 4,999,107  

MEGlobal Canada ULC, 5.00%, 05/18/25(a)(b)

    10,090       9,898,290  

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

    5,200       4,963,003  

Nutrien Ltd.

   

3.00%, 04/01/25 (Call 01/01/25)

    3,668       3,513,309  

4.00%, 12/15/26 (Call 09/15/26)(b)

    3,264       3,116,205  

4.90%, 03/27/28 (Call 02/27/28)(b)

    7,583       7,410,179  

5.90%, 11/07/24

    4,245       4,243,602  

5.95%, 11/07/25(b)

    4,090       4,115,778  

OCI NV, 4.63%, 10/15/25 (Call 10/02/23)(a)

    890       848,352  

Orbia Advance Corp. SAB de CV

   

1.88%, 05/11/26 (Call 04/11/26)(a)

    4,509       4,019,773  

4.00%, 10/04/27 (Call 07/04/27)(a)(b)

    2,560       2,360,521  

PPG Industries Inc.

   

1.20%, 03/15/26 (Call 02/15/26)

    5,861       5,288,359  

3.75%, 03/15/28 (Call 12/15/27)(b)

    1,520       1,432,642  

RPM International Inc., 3.75%, 03/15/27 (Call 12/15/26)

    3,094       2,902,939  

Sherwin-Williams Co. (The)

   

3.45%, 08/01/25 (Call 05/01/25)(b)

    3,325       3,201,584  

3.45%, 06/01/27 (Call 03/01/27)

     10,637       10,025,672  

3.95%, 01/15/26 (Call 10/15/25)

    1,526       1,477,142  

4.25%, 08/08/25(b)

    3,330       3,255,192  

Sociedad Quimica y Minera de Chile SA,

   

4.38%, 01/28/25 (Call 10/28/24)(a)

    200       195,311  

Solvay Finance America LLC, 4.45%, 12/03/25 (Call 09/03/25)(a)

    5,732       5,530,839  

Syngenta Finance NV

   

4.89%, 04/24/25 (Call 02/24/25)(a)

    4,757       4,632,159  

5.18%, 04/24/28 (Call 01/24/28)(a)

    2,865       2,774,257  

Westlake Corp., 3.60%, 08/15/26 (Call 05/15/26)(b)

    5,781       5,482,736  

Yara International ASA

   

3.80%, 06/06/26 (Call 03/06/26)(a)(b)

    1,949       1,845,794  

4.75%, 06/01/28 (Call 03/01/28)(a)(b)

    675       640,598  
   

 

 

 
       268,940,821  
Commercial Services — 0.9%            

Adani Ports & Special Economic Zone Ltd.

   

4.00%, 07/30/27 (Call 06/30/27)(a)

    1,935       1,611,776  

4.20%, 08/04/27 (Call 02/04/27)(a)

    2,360       1,976,575  

Ashtead Capital Inc.

   

1.50%, 08/12/26 (Call 07/12/26)(a)

    4,848       4,304,641  

4.00%, 05/01/28 (Call 09/11/23)(a)

    4,405       4,070,432  

4.38%, 08/15/27 (Call 09/18/23)(a)

    4,175       3,928,449  

Automatic Data Processing Inc.

   

1.70%, 05/15/28 (Call 03/15/28)(b)

    1,255       1,097,917  

3.38%, 09/15/25 (Call 06/15/25)

    8,023       7,761,416  

Block Financial LLC, 5.25%, 10/01/25 (Call 07/01/25)(b)

    2,279       2,244,185  

Cintas Corp. No. 2

   

3.45%, 05/01/25 (Call 04/01/25)

    4,926       4,771,368  

3.70%, 04/01/27 (Call 01/01/27)

    4,097       3,932,712  

Element Fleet Management Corp.

   

3.85%, 06/15/25 (Call 05/15/25)(a)

    3,442       3,288,445  

6.27%, 06/26/26 (Call 05/26/26)(a)(b)

    3,770       3,787,359  

Equifax Inc.

   

2.60%, 12/01/24 (Call 11/01/24)

    6,491       6,238,881  

2.60%, 12/15/25 (Call 11/15/25)

    3,693       3,452,811  

3.25%, 06/01/26 (Call 03/01/26)(b)

    2,150       2,014,817  

5.10%, 12/15/27 (Call 11/15/27)(b)

    5,745       5,669,163  
 

 

 

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

    139  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Commercial Services (continued)            

5.10%, 06/01/28 (Call 05/01/28)

  $ 5,416     $ 5,296,616  

ERAC USA Finance LLC

   

3.30%, 12/01/26 (Call 09/01/26)(a)

    1,890       1,763,333  

3.80%, 11/01/25 (Call 08/01/25)(a)(b)

    6,293       6,062,544  

3.85%, 11/15/24 (Call 08/15/24)(a)

    6,135       5,998,767  

4.60%, 05/01/28 (Call 04/01/28)(a)

    5,290       5,148,562  

Global Payments Inc.

   

1.20%, 03/01/26 (Call 02/01/26)

    8,675       7,759,828  

1.50%, 11/15/24 (Call 10/15/24)(b)

    3,815       3,617,933  

2.15%, 01/15/27 (Call 12/15/26)

    5,401       4,813,507  

2.65%, 02/15/25 (Call 01/15/25)

    7,661       7,313,234  

4.45%, 06/01/28 (Call 03/01/28)

    1,275       1,201,660  

4.80%, 04/01/26 (Call 01/01/26)

    5,489       5,367,794  

4.95%, 08/15/27 (Call 07/15/27)

    3,901       3,801,621  

Leland Stanford Junior University (The), 1.29%, 06/01/27 (Call 04/01/27)(b)

    447       395,279  

Moody’s Corp.

   

3.25%, 01/15/28 (Call 10/15/27)(b)

    1,245       1,161,000  

3.75%, 03/24/25 (Call 02/24/25)(b)

    6,264       6,095,988  

PayPal Holdings Inc.

   

1.65%, 06/01/25 (Call 05/01/25)

    7,873       7,375,624  

2.40%, 10/01/24 (Call 09/01/24)

    9,360       9,048,454  

2.65%, 10/01/26 (Call 08/01/26)

    9,216       8,579,113  

3.90%, 06/01/27 (Call 05/01/27)(b)

    3,835       3,706,558  

Pelabuhan Indonesia Persero PT

   

4.25%, 05/05/25(a)(b)

     10,630       10,361,486  

4.88%, 10/01/24(a)

    5,577       5,494,355  

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

    2,375       2,252,256  

S&P Global Inc.

   

2.45%, 03/01/27 (Call 02/01/27)(b)

    9,130       8,418,178  

2.95%, 01/22/27 (Call 10/22/26)(b)

    3,697       3,463,069  

Sodexo Inc., 1.63%, 04/16/26
(Call 03/16/26)(a)(b)

    4,392       3,974,775  

Transurban Finance Co. Pty Ltd.

   

3.38%, 03/22/27 (Call 12/22/26)(a)(b)

    2,449       2,279,647  

4.13%, 02/02/26 (Call 11/02/25)(a)(b)

    4,465       4,310,940  

Triton Container International Ltd., 2.05%, 04/15/26 (Call 03/15/26)(a)(b)

    4,499       4,003,448  

Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25)

    7,894       7,675,817  

Yale University, Series 2020, 0.87%, 04/15/25 (Call 03/15/25)(b)

    935       873,477  
   

 

 

 
       207,765,810  
Computers — 2.0%            

Apple Inc.

   

0.55%, 08/20/25 (Call 07/20/25)(b)

    10,512       9,656,288  

0.70%, 02/08/26 (Call 01/08/26)

    19,379       17,543,139  

1.13%, 05/11/25 (Call 04/11/25)

    17,463       16,330,360  

1.20%, 02/08/28 (Call 12/08/27)

    16,322       14,107,545  

1.40%, 08/05/28 (Call 06/05/28)

    3,010       2,588,299  

2.05%, 09/11/26 (Call 07/11/26)

    14,700       13,582,177  

2.45%, 08/04/26 (Call 05/04/26)

    17,070       15,972,284  

2.50%, 02/09/25(b)

    13,248       12,771,386  

2.75%, 01/13/25 (Call 11/13/24)(b)

    13,911       13,479,319  

2.90%, 09/12/27 (Call 06/12/27)(b)

    16,656       15,589,187  

3.00%, 06/20/27 (Call 03/20/27)(b)

    10,689       10,083,518  

3.00%, 11/13/27 (Call 08/13/27)(b)

    7,038       6,608,009  

3.20%, 05/13/25

    15,872       15,395,676  

3.20%, 05/11/27 (Call 02/11/27)(b)

    15,052       14,299,855  

3.25%, 02/23/26 (Call 11/23/25)

    24,372       23,434,173  
Security  

Par

(000)

    Value  
Computers (continued)            

3.35%, 02/09/27 (Call 11/09/26)

  $ 16,786     $ 16,045,640  

4.00%, 05/10/28 (Call 04/10/28)(b)

    7,515       7,344,642  

CGI Inc., 1.45%, 09/14/26 (Call 08/14/26)

    4,867       4,305,609  

Dell Inc., 7.10%, 04/15/28(b)

    395       421,131  

Dell International LLC/EMC Corp.

   

4.90%, 10/01/26 (Call 08/01/26)

    12,742       12,513,984  

5.25%, 02/01/28 (Call 01/01/28)

    9,647       9,624,355  

5.85%, 07/15/25 (Call 06/15/25)

    8,409       8,419,553  

6.02%, 06/15/26 (Call 03/15/26)

    19,396       19,600,370  

6.10%, 07/15/27 (Call 05/15/27)(b)

    3,682       3,764,402  

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

    5,362       4,711,901  

Fortinet Inc., 1.00%, 03/15/26 (Call 02/15/26)

    4,633       4,144,093  

Genpact Luxembourg Sarl

   

1.75%, 04/10/26 (Call 03/10/26)(b)

    2,975       2,691,450  

3.38%, 12/01/24 (Call 11/01/24)

    4,152       4,001,140  

HCL America Inc., 1.38%, 03/10/26 (Call 02/10/26)(a)

    1,491       1,348,218  

Hewlett Packard Enterprise Co.

   

1.75%, 04/01/26 (Call 03/01/26)(b)

    5,931       5,408,161  

4.90%, 10/15/25 (Call 07/15/25)

    19,104       18,853,086  

5.25%, 07/01/28 (Call 06/01/28)

    2,857       2,832,793  

5.90%, 10/01/24

    125       125,112  

6.10%, 04/01/26 (Call 04/01/24)

    1,296       1,297,678  

HP Inc.

   

1.45%, 06/17/26 (Call 05/17/26)(b)

    5,295       4,780,359  

2.20%, 06/17/25 (Call 05/17/25)

    9,338       8,797,554  

3.00%, 06/17/27 (Call 04/17/27)(b)

    7,695       7,077,909  

4.75%, 01/15/28 (Call 12/15/27)

    7,000       6,817,954  

International Business Machines Corp.

   

1.70%, 05/15/27 (Call 03/15/27)

    9,517       8,425,201  

2.20%, 02/09/27 (Call 01/09/27)

    4,830       4,389,133  

3.30%, 05/15/26(b)

    21,360       20,365,510  

3.30%, 01/27/27(b)

    3,176       3,002,985  

3.45%, 02/19/26(b)

     10,076       9,664,858  

4.00%, 07/27/25

    8,059       7,875,851  

4.15%, 07/27/27 (Call 06/27/27)(b)

    6,923       6,690,806  

4.50%, 02/06/26

    6,210       6,112,179  

4.50%, 02/06/28 (Call 01/06/28)

    8,090       7,925,268  

6.22%, 08/01/27

    1,320       1,387,206  

6.50%, 01/15/28(b)

    760       807,990  

7.00%, 10/30/25

    6,062       6,273,046  

Kyndryl Holdings Inc., 2.05%, 10/15/26 (Call 09/15/26)

    5,010       4,409,746  

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

    4,176       4,023,632  

Lenovo Group Ltd., 5.83%, 01/27/28 (Call 12/27/27)(a)(b)

    200       198,601  

NetApp Inc.

   

1.88%, 06/22/25 (Call 05/22/25)

    6,117       5,732,554  

2.38%, 06/22/27 (Call 04/22/27)(b)

    4,519       4,089,164  

3.30%, 09/29/24 (Call 07/29/24)

    2,808       2,727,765  

Wipro IT Services LLC, 1.50%, 06/23/26 (Call 05/23/26)(a)(b)

    3,580       3,207,610  
   

 

 

 
       463,677,414  
Cosmetics & Personal Care — 0.7%            

Colgate-Palmolive Co.

   

3.10%, 08/15/25(b)

    4,322       4,165,707  

3.10%, 08/15/27 (Call 07/15/27)(b)

    4,115       3,918,358  

4.60%, 03/01/28 (Call 02/01/28)(b)

    1,803       1,809,013  

4.80%, 03/02/26(b)

    4,468       4,473,020  
 

 

 

140  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Cosmetics & Personal Care (continued)            

Conopco Inc.

   

Series E, 7.25%, 12/15/26(b)

  $ 2,310     $ 2,469,911  

Series F, 6.63%, 04/15/28(b)

    3,250       3,479,387  

Estee Lauder Companies Inc. (The)

   

2.00%, 12/01/24 (Call 11/01/24)(b)

    5,406       5,186,762  

3.15%, 03/15/27 (Call 12/15/26)

    3,930       3,717,059  

4.38%, 05/15/28 (Call 04/15/28)(b)

    4,330       4,225,539  

GSK Consumer Healthcare Capital U.S. LLC, 3.38%, 03/24/27 (Call 02/24/27)

    14,310       13,454,455  

GSK Consumer Healthcare Capital UK PLC, 3.13%, 03/24/25

    13,660       13,138,540  

Kenvue Inc.

   

5.05%, 03/22/28 (Call 02/22/28)(a)

    7,558       7,578,058  

5.35%, 03/22/26 (Call 02/22/26)(a)

    6,910       6,945,850  

5.50%, 03/22/25(a)(b)

    6,835       6,858,935  

Procter & Gamble Co. (The)

   

0.55%, 10/29/25

    8,343       7,598,985  

1.00%, 04/23/26(b)

    5,290       4,810,633  

1.90%, 02/01/27(b)

    7,495       6,854,870  

2.45%, 11/03/26

    6,771       6,339,268  

2.70%, 02/02/26(b)

    5,131       4,888,484  

2.80%, 03/25/27

    3,625       3,399,773  

2.85%, 08/11/27

    3,315       3,106,250  

3.95%, 01/26/28(b)

    4,725       4,637,365  

4.10%, 01/26/26(b)

    5,805       5,724,863  

Unilever Capital Corp.

   

2.00%, 07/28/26(b)

    4,664       4,318,433  

2.90%, 05/05/27 (Call 02/05/27)(b)

    7,400       6,906,939  

3.10%, 07/30/25

    5,408       5,212,400  

3.38%, 03/22/25 (Call 01/22/25)(b)

    608       591,021  

3.50%, 03/22/28 (Call 12/22/27)(b)

    5,585       5,308,429  
   

 

 

 
       151,118,307  
Distribution & Wholesale — 0.1%            

Ferguson Finance PLC, 4.25%, 04/20/27 (Call 03/20/27)(a)

    790       756,113  

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

    6,895       6,836,325  

Mitsubishi Corp.

   

1.13%, 07/15/26 (Call 06/15/26)(a)

     14,840       13,172,429  

5.00%, 07/05/28 (Call 06/05/28)(a)(b)

    6,620       6,597,293  

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

    4,585       4,356,771  
   

 

 

 
      31,718,931  
Diversified Financial Services — 4.6%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.65%, 10/29/24 (Call 09/29/24)

    22,904       21,775,237  

1.75%, 01/30/26 (Call 12/30/25)

    7,418       6,711,977  

2.45%, 10/29/26 (Call 09/29/26)

    26,548       23,886,474  

3.50%, 01/15/25 (Call 11/15/24)

    5,616       5,423,393  

3.65%, 07/21/27 (Call 04/21/27)

    7,359       6,768,784  

3.88%, 01/23/28 (Call 10/23/27)

    2,040       1,875,674  

4.45%, 10/01/25 (Call 08/01/25)

    5,068       4,906,458  

4.45%, 04/03/26 (Call 02/03/26)(b)

    4,108       3,957,440  

4.63%, 10/15/27 (Call 08/15/27)

    4,690       4,452,817  

5.75%, 06/06/28 (Call 05/06/28)(b)

    8,100       8,029,267  

6.50%, 07/15/25 (Call 06/15/25)(b)

    9,414       9,458,829  

Series 3NC1, 1.75%, 10/29/24 (Call 10/02/23)(b)

    7,685       7,302,960  

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

    1,150       1,098,524  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

Air Lease Corp.

   

1.88%, 08/15/26 (Call 07/15/26)

  $ 9,006     $ 8,058,594  

2.20%, 01/15/27 (Call 12/15/26)

    5,115       4,570,750  

2.30%, 02/01/25 (Call 01/01/25)(b)

    5,449       5,156,904  

2.88%, 01/15/26 (Call 12/15/25)(b)

    10,697       9,998,219  

3.25%, 03/01/25 (Call 01/01/25)

    5,786       5,537,435  

3.38%, 07/01/25 (Call 06/01/25)(b)

    6,825       6,502,401  

3.63%, 04/01/27 (Call 01/01/27)(b)

    4,162       3,824,107  

3.63%, 12/01/27 (Call 09/01/27)(b)

    2,530       2,324,602  

3.75%, 06/01/26 (Call 04/01/26)(b)

    7,163       6,809,258  

4.25%, 09/15/24 (Call 06/15/24)

    2,223       2,181,729  

5.30%, 02/01/28 (Call 01/01/28)(b)

    5,665       5,564,983  

5.85%, 12/15/27 (Call 11/15/27)

    2,785       2,784,954  

AIR Lease Corp. Sukuk Ltd., 5.85%, 04/01/28 (Call 03/01/28)(a)

    5,205       5,267,802  

Aircastle Ltd.

   

2.85%, 01/26/28 (Call 11/26/27)(a)

    4,125       3,550,028  

4.25%, 06/15/26 (Call 04/15/26)(b)

    6,469       6,138,845  

5.25%, 08/11/25 (Call 07/11/25)(a)(b)

    5,638       5,498,163  

6.50%, 07/18/28 (Call 06/18/28)(a)

    7,045       6,997,746  

Ally Financial Inc.

   

4.63%, 03/30/25

    2,052       1,985,065  

4.75%, 06/09/27 (Call 05/09/27)(b)

    4,605       4,316,511  

5.13%, 09/30/24

    2,529       2,489,992  

5.80%, 05/01/25 (Call 04/01/25)(b)

    3,643       3,588,345  

6.99%, 06/13/29 (Call 06/13/28), (1-day SOFR + 3.260%)(c)

    7,610       7,597,196  

7.10%, 11/15/27 (Call 10/15/27)(b)

    5,910       5,987,500  

American Express Co.

   

1.65%, 11/04/26 (Call 10/04/26)

    9,182       8,191,225  

2.25%, 03/04/25 (Call 02/01/25)

    12,527       11,911,138  

2.55%, 03/04/27 (Call 02/01/27)(b)

    14,127       12,845,636  

3.00%, 10/30/24 (Call 09/29/24)

    12,950       12,571,453  

3.13%, 05/20/26 (Call 04/20/26)(b)

    6,193       5,855,839  

3.30%, 05/03/27 (Call 04/03/27)

    13,072       12,184,311  

3.63%, 12/05/24 (Call 11/04/24)

    5,124       4,988,736  

3.95%, 08/01/25 (Call 07/01/25)

     16,858        16,357,077  

4.20%, 11/06/25 (Call 10/06/25)(b)

    5,420       5,277,372  

4.90%, 02/13/26 (Call 01/13/26)

    9,065       8,945,480  

4.99%, 05/01/26, (1-day SOFR + 0.999%)(c)

    9,077       8,947,375  

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

    7,650       7,567,044  

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

    3,845       3,822,192  

5.85%, 11/05/27 (Call 10/05/27)

    11,280       11,522,516  

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

    1,885       1,765,999  

Ameriprise Financial Inc.

   

2.88%, 09/15/26 (Call 06/15/26)(b)

    4,447       4,159,873  

3.00%, 04/02/25 (Call 03/02/25)

    3,518       3,382,984  

3.70%, 10/15/24(b)

    4,068       3,980,693  

Andrew W Mellon Foundation (The),

   

Series 2020, 0.95%, 08/01/27
(Call 06/01/27)(b)

    185       159,822  

Antares Holdings LP

   

2.75%, 01/15/27 (Call 12/15/26)(a)

    825       698,845  

3.75%, 07/15/27 (Call 06/15/27)(a)

    3,000       2,585,269  

3.95%, 07/15/26 (Call 06/15/26)(a)

    2,805       2,509,941  

Apollo Management Holdings LP, 4.95%, 01/14/50 (Call 12/17/24), (5-year CMT + 3.266%)(a)(c)

    2,447       2,251,820  
 

 

 

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

    141  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

Ares Finance Co. III LLC, 4.13%, 06/30/51 (Call 06/30/26),
(5-year CMT + 3.237%)(a)(b)(c)

  $ 3,170     $ 2,400,888  

Ares Finance Co. LLC, 4.00%, 10/08/24 (Call 07/08/24)(a)(b)

    1,381       1,331,812  

Aviation Capital Group LLC

   

1.95%, 01/30/26 (Call 12/30/25)(a)(b)

    7,871       7,097,301  

1.95%, 09/20/26 (Call 08/20/26)(a)

    5,898       5,185,169  

3.50%, 11/01/27 (Call 07/01/27)(a)

    1,640       1,467,134  

4.13%, 08/01/25 (Call 06/01/25)(a)

    3,689       3,513,755  

4.88%, 10/01/25 (Call 07/01/25)(a)(b)

    1,372       1,321,717  

5.50%, 12/15/24 (Call 11/15/24)(a)

    8,425       8,296,473  

6.25%, 04/15/28 (Call 03/15/28)(a)

    6,105       6,070,078  

Avolon Holdings Funding Ltd.

   

2.13%, 02/21/26 (Call 01/21/26)(a)(b)

    5,748       5,164,666  

2.53%, 11/18/27 (Call 10/18/27)(a)

    15,890       13,564,925  

2.75%, 02/21/28 (Call 12/21/27)(a)

    1,765       1,518,715  

2.88%, 02/15/25 (Call 01/15/25)(a)

    8,539       8,056,959  

3.25%, 02/15/27 (Call 12/15/26)(a)

    5,202       4,678,619  

4.25%, 04/15/26 (Call 03/15/26)(a)

    7,559       7,128,583  

4.38%, 05/01/26 (Call 03/01/26)(a)

    5,397       5,087,729  

5.50%, 01/15/26 (Call 12/15/25)(a)

    5,306       5,165,668  

6.38%, 05/04/28 (Call 04/04/28)(a)

    6,110       6,060,857  

BGC Partners Inc.

   

3.75%, 10/01/24 (Call 09/01/24)

    1,760       1,687,034  

4.38%, 12/15/25 (Call 09/15/25)

    2,320       2,158,481  

8.00%, 05/25/28 (Call 04/25/28)(a)(b)

    755       748,843  

Blackstone Holdings Finance Co. LLC

   

1.63%, 08/05/28 (Call 06/05/28)(a)(b)

    500       419,829  

3.15%, 10/02/27 (Call 07/02/27)(a)(b)

    455       415,529  

5.90%, 11/03/27 (Call 10/03/27)(a)(b)

    3,713       3,760,150  

Blue Owl Credit Income Corp., 7.95%, 06/13/28 (Call 05/13/28)(a)(b)

    2,870       2,873,028  

BOC Aviation Ltd.

   

3.25%, 04/29/25 (Call 03/29/25)(a)(b)

    10,459       10,033,005  

3.50%, 10/10/24 (Call 09/10/24)(a)

    9,163       8,911,268  

3.88%, 04/27/26 (Call 01/27/26)(a)(b)

    6,547       6,253,646  

Brookfield Finance Inc.

   

3.90%, 01/25/28 (Call 10/25/27)

    7,020       6,558,489  

4.25%, 06/02/26 (Call 03/02/26)(b)

    3,701       3,560,886  

Cantor Fitzgerald LP, 4.50%, 04/14/27 (Call 01/14/27)(a)(b)

    3,000       2,821,997  

Capital One Financial Corp.

   

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

     13,841        12,133,645  

2.64%, 03/03/26 (Call 03/03/25), (1-day SOFR + 1.290%)(c)

    8,591       8,119,440  

3.20%, 02/05/25 (Call 01/05/25)

    6,068       5,827,645  

3.30%, 10/30/24 (Call 09/30/24)

    9,234       8,968,402  

3.65%, 05/11/27 (Call 04/11/27)(b)

    8,519       7,922,639  

3.75%, 07/28/26 (Call 06/28/26)

    10,249       9,583,119  

3.75%, 03/09/27 (Call 02/09/27)

    10,537       9,804,122  

3.80%, 01/31/28 (Call 12/31/27)

    4,464       4,093,286  

4.20%, 10/29/25 (Call 09/29/25)(b)

    10,085       9,693,174  

4.25%, 04/30/25 (Call 03/31/25)(b)

    4,947       4,795,620  

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

    11,788       11,339,651  

4.99%, 07/24/26 (Call 07/24/25), (1-day SOFR + 2.160%)(c)

    9,225       9,016,804  

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

    7,835       7,600,486  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

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

  $ 11,610     $ 11,603,646  

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

    5,412       5,177,659  

Charles Schwab Corp. (The)

   

0.90%, 03/11/26 (Call 02/11/26)(b)

    9,157       8,178,037  

1.15%, 05/13/26 (Call 04/13/26)(b)

    7,184       6,395,252  

2.00%, 03/20/28 (Call 01/20/28)(b)

    9,100       7,840,511  

2.45%, 03/03/27 (Call 02/03/27)(b)

    10,823       9,740,048  

3.00%, 03/10/25 (Call 12/10/24)(b)

    2,835       2,715,883  

3.20%, 03/02/27 (Call 12/02/26)(b)

    4,787       4,430,732  

3.20%, 01/25/28 (Call 10/25/27)(b)

    2,492       2,270,059  

3.30%, 04/01/27 (Call 01/01/27)(b)

    5,267       4,907,198  

3.45%, 02/13/26 (Call 11/13/25)(b)

    2,793       2,656,837  

3.63%, 04/01/25 (Call 01/01/25)(b)

    3,073       2,977,348  

3.85%, 05/21/25 (Call 03/21/25)(b)

    5,366       5,203,305  

4.20%, 03/24/25 (Call 02/24/25)(b)

    3,882       3,795,905  

5.64%, 05/19/29 (Call 05/19/28), (1-day SOFR + 2.210%)(c)

    10,060       10,039,667  

5.88%, 08/24/26 (Call 07/24/26)(b)

    3,435       3,454,856  

China Cinda Finance 2015 I Ltd., 4.25%, 04/23/25(a)(b)

     14,865        14,314,993  

Citadel Finance LLC, 3.38%, 03/09/26 (Call 02/09/26)(a)

    4,372       3,975,108  

Citadel LP, 4.88%, 01/15/27 (Call 11/15/26)(a)(b)

    2,695       2,588,931  

CME Group Inc.

   

3.00%, 03/15/25 (Call 12/15/24)(b)

    5,548       5,356,186  

3.75%, 06/15/28 (Call 03/15/28)

    5       4,813  

DAE Sukuk Difc Ltd., 3.75%, 02/15/26(a)(b)

    5,056       4,753,095  

Discover Financial Services

   

3.75%, 03/04/25 (Call 12/04/24)

    1,807       1,732,379  

3.95%, 11/06/24 (Call 08/06/24)

    1,611       1,568,925  

4.10%, 02/09/27 (Call 11/09/26)

    7,902       7,330,691  

4.50%, 01/30/26 (Call 11/30/25)(b)

    3,639       3,495,662  

Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Fin,

   

3.88%, 02/15/26 (Call 12/15/25)(a)

    3,287       2,938,817  

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

    2,270       2,131,456  

Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)(a)(b)

    630       624,310  

Franklin Resources Inc., 2.85%, 03/30/25(b)

    1,709       1,640,168  

ICBCIL Finance Co. Ltd., 3.63%, 05/19/26(a)

    690       658,980  

Invesco Finance PLC, 3.75%, 01/15/26

    4,100       3,945,515  

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

    2,031       1,992,103  

Jefferies Financial Group Inc.

   

4.85%, 01/15/27(b)

    5,172       5,028,165  

5.88%, 07/21/28 (Call 06/21/28)

    10,445       10,328,183  

6.45%, 06/08/27

    3,077       3,142,791  

Lazard Group LLC

   

3.63%, 03/01/27 (Call 12/01/26)

    1,828       1,694,327  

3.75%, 02/13/25

    2,986       2,884,457  

LeasePlan Corp. NV, 2.88%, 10/24/24(a)

    5,681       5,458,146  

Legg Mason Inc., 4.75%, 03/15/26

    3,720       3,654,854  

LPL Holdings Inc., 4.63%, 11/15/27 (Call 10/02/23)(a)(b)

    1,190       1,112,268  

LSEGA Financing PLC

   

1.38%, 04/06/26 (Call 03/06/26)(a)

    7,194       6,465,071  

2.00%, 04/06/28 (Call 02/06/28)(a)

    375       323,973  
 

 

 

142  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)  

Mastercard Inc.

   

2.00%, 03/03/25 (Call 02/03/25)(b)

  $ 6,005     $ 5,737,192  

2.95%, 11/21/26 (Call 08/21/26)

    5,498       5,181,645  

3.30%, 03/26/27 (Call 01/26/27)

    7,435       7,077,353  

3.50%, 02/26/28 (Call 11/26/27)(b)

    3,700       3,519,806  

4.88%, 03/09/28 (Call 02/09/28)

    6,115       6,133,977  

Mitsubishi HC Capital Inc.

   

3.64%, 04/13/25 (Call 03/13/25)(a)(b)

    4,610       4,441,002  

5.08%, 09/15/27 (Call 08/15/27)(a)

    2,325       2,273,269  

Nasdaq Inc.

   

3.85%, 06/30/26 (Call 03/30/26)

    3,758       3,616,308  

5.35%, 06/28/28 (Call 05/28/28)

    6,410       6,412,658  

5.65%, 06/28/25

    3,565       3,568,140  

Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.50%, 03/15/27 (Call 12/15/26)(a)

    2,952       2,794,326  

Nomura Holdings Inc.

   

1.65%, 07/14/26

    9,220       8,172,308  

1.85%, 07/16/25

    12,483       11,534,982  

2.17%, 07/14/28

    9,975       8,395,795  

2.33%, 01/22/27

    9,129       8,087,231  

2.65%, 01/16/25

    11,419       10,903,342  

5.10%, 07/03/25

    3,280       3,220,167  

5.39%, 07/06/27(b)

    3,830       3,757,655  

5.71%, 01/09/26(b)

    4,350       4,323,168  

5.84%, 01/18/28(b)

    3,740       3,731,933  

6.07%, 07/12/28(b)

    5,815       5,837,739  

Nuveen Finance LLC, 4.13%, 11/01/24(a)

    7,410       7,236,365  

ORIX Corp.

   

3.25%, 12/04/24(b)

    5,050       4,874,682  

3.70%, 07/18/27(b)

    605       571,837  

5.00%, 09/13/27(b)

    8,299       8,228,652  

Radian Group Inc.

   

4.50%, 10/01/24 (Call 07/01/24)(b)

    3,307       3,203,656  

4.88%, 03/15/27 (Call 09/15/26)

    4,334       4,101,177  

6.63%, 03/15/25 (Call 09/15/24)

    5,411       5,409,323  

REC Ltd., 5.63%, 04/11/28(a)

    3,055       3,014,044  

Synchrony Financial

   

3.70%, 08/04/26 (Call 05/04/26)

    1,542       1,403,692  

3.95%, 12/01/27 (Call 09/01/27)

    4,110       3,672,032  

4.50%, 07/23/25 (Call 04/23/25)

    5,609       5,351,953  

4.88%, 06/13/25 (Call 05/13/25)

    4,082       3,935,839  

USAA Capital Corp., 3.38%, 05/01/25(a)(b)

    4,703       4,543,111  

Visa Inc.

   

0.75%, 08/15/27 (Call 06/15/27)(b)

    3,067       2,649,408  

1.90%, 04/15/27 (Call 02/15/27)(b)

    11,521       10,438,281  

2.75%, 09/15/27 (Call 06/15/27)(b)

    6,041       5,603,015  

3.15%, 12/14/25 (Call 09/14/25)

     27,429       26,304,528  

Voya Financial Inc.

   

3.65%, 06/15/26(b)

    4,320       4,080,069  

4.70%, 01/23/48 (Call 01/23/28), (3-mo. LIBOR US + 2.084%)(b)(c)

    2,663       2,170,491  

Western Union Co. (The)

   

1.35%, 03/15/26 (Call 02/15/26)(b)

    5,015       4,488,802  

2.85%, 01/10/25 (Call 12/10/24)

    4,693       4,496,830  
   

 

 

 
           1,052,101,962  
Electric — 5.6%            

Abu Dhabi National Energy Co. PJSC

   

2.00%, 04/29/28 (Call 01/29/28)(a)

    3,000       2,629,950  

4.38%, 04/23/25(a)

    9,358       9,193,954  
Security  

Par

(000)

    Value  
Electric (continued)            

4.38%, 06/22/26(a)

  $ 5,625     $ 5,492,835  

Adani Transmission Step-One Ltd., 4.00%, 08/03/26(a)

    3,900       3,396,318  

AEP Texas Inc.

   

3.85%, 10/01/25 (Call 07/01/25)(a)(b)

    2,535       2,429,972  

3.95%, 06/01/28 (Call 03/01/28)

    3,855       3,622,351  

AEP Transmission Co. LLC, 3.10%, 12/01/26 (Call 09/01/26)

    4,471       4,207,062  

AES Corp. (The)

   

1.38%, 01/15/26 (Call 12/15/25)

    8,746       7,866,448  

3.30%, 07/15/25 (Call 06/15/25)(a)(b)

    5,511       5,240,242  

5.45%, 06/01/28 (Call 05/01/28)

    7,720       7,575,848  

Alabama Power Co.

   

2.80%, 04/01/25 (Call 01/01/25)(b)

    1,210       1,158,479  

3.75%, 09/01/27 (Call 08/01/27)(b)

    4,710       4,493,070  

Alexander Funding Trust II, 7.47%, 07/31/28 (Call 06/30/28)(a)

    2,260       2,288,786  

Ameren Corp.

   

1.75%, 03/15/28 (Call 01/15/28)

    960       824,270  

1.95%, 03/15/27 (Call 02/15/27)(b)

    4,181       3,758,447  

2.50%, 09/15/24 (Call 08/15/24)

    4,822       4,655,855  

3.65%, 02/15/26 (Call 11/15/25)(b)

    3,268       3,125,500  

Ameren Illinois Co.

   

3.25%, 03/01/25 (Call 12/01/24)(b)

    2,314       2,243,491  

3.80%, 05/15/28 (Call 02/15/28)

    400       381,081  

American Electric Power Co. Inc.

   

3.20%, 11/13/27 (Call 08/13/27)

    4,630       4,287,273  

3.88%, 02/15/62 (Call 11/15/26), (5-year CMT + 2.675%)(c)

    4,775       3,849,866  

5.75%, 11/01/27 (Call 10/01/27)

    4,441       4,520,360  

Series N, 1.00%, 11/01/25 (Call 10/01/25)

    3,931       3,571,558  

Appalachian Power Co.

   

3.40%, 06/01/25 (Call 03/01/25)(b)

    4,035       3,877,979  

Series X, 3.30%, 06/01/27 (Call 03/01/27)(b)

    2,000       1,860,099  

Arizona Public Service Co.

   

2.55%, 09/15/26 (Call 06/15/26)

    978       894,694  

2.95%, 09/15/27 (Call 06/15/27)(b)

    1,151       1,057,717  

3.15%, 05/15/25 (Call 02/15/25)(b)

    2,721       2,614,952  

Avangrid Inc.

   

3.15%, 12/01/24 (Call 10/01/24)

    10,730       10,348,280  

3.20%, 04/15/25 (Call 03/15/25)

     11,188        10,706,731  

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

    2,996       2,775,490  

Berkshire Hathaway Energy Co.

   

3.25%, 04/15/28 (Call 01/15/28)(b)

    803       738,638  

3.50%, 02/01/25 (Call 11/01/24)(b)

    3,615       3,513,206  

4.05%, 04/15/25 (Call 03/15/25)

    9,380       9,177,441  

Black Hills Corp.

   

3.15%, 01/15/27 (Call 07/15/26)(b)

    4,156       3,854,044  

3.95%, 01/15/26 (Call 07/15/25)(b)

    3,708       3,552,489  

5.95%, 03/15/28 (Call 02/15/28)(b)

    2,603       2,639,486  

CenterPoint Energy Houston Electric LLC

   

Series AA, 3.00%, 02/01/27 (Call 11/01/26)

    1,630       1,522,261  

Series Z, 2.40%, 09/01/26 (Call 06/01/26)(b)

    3,156       2,910,574  

CenterPoint Energy Inc.

   

1.45%, 06/01/26 (Call 05/01/26)

    4,060       3,648,732  

5.25%, 08/10/26

     2,175       2,166,894  

Cleco Corporate Holdings LLC, 3.74%, 05/01/26 (Call 02/01/26)

    4,821       4,527,427  
 

 

 

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

    143  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Cleveland Electric Illuminating Co. (The),

   

3.50%, 04/01/28 (Call 01/01/28)(a)

  $ 205     $ 188,408  

CMS Energy Corp.

   

2.95%, 02/15/27 (Call 11/15/26)(b)

    2,235       2,046,239  

3.00%, 05/15/26 (Call 02/15/26)(b)

    2,860       2,686,207  

3.45%, 08/15/27 (Call 05/15/27)(b)

    3,387       3,156,811  

3.60%, 11/15/25 (Call 08/15/25)

    2,696       2,572,607  

Colbun SA, 3.95%, 10/11/27 (Call 07/11/27)(a)

    2,210       2,062,330  

Comision Federal de Electricidad, 4.75%, 02/23/27(a)(b)

    4,140       4,002,283  

Commonwealth Edison Co.

   

2.55%, 06/15/26 (Call 03/15/26)

    3,959       3,700,119  

3.10%, 11/01/24 (Call 08/01/24)(b)

    840       815,660  

Series 122, 2.95%, 08/15/27
(Call 05/15/27)(b)

    2,373       2,208,934  

Connecticut Light & Power Co. (The)

   

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

    2,284       2,068,316  

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

    2,901       2,727,022  

Consolidated Edison Co. of New York Inc.

   

3.30%, 12/01/24 (Call 09/01/24)(b)

    538       522,607  

3.80%, 05/15/28 (Call 02/15/28)

    200       189,226  

Series B, 2.90%, 12/01/26 (Call 09/01/26)

    2,860       2,614,328  

Series B, 3.13%, 11/15/27 (Call 08/15/27)(b)

    1,565       1,447,426  

Constellation Energy Generation LLC

   

3.25%, 06/01/25 (Call 05/01/25)

    8,030       7,686,042  

5.60%, 03/01/28 (Call 02/01/28)

    4,930       4,962,626  

Consumers Energy Co., 4.65%, 03/01/28 (Call 01/01/28)(b)

    2,135       2,113,794  

Dominion Energy Inc.

   

3.90%, 10/01/25 (Call 07/01/25)

    5,350       5,171,576  

4.25%, 06/01/28 (Call 03/01/28)

    3,945       3,762,031  

5.75%, 10/01/54 (Call 10/01/24), (3-mo. LIBOR US + 3.057%)(c)

    3,266       3,132,076  

Series A, 1.45%, 04/15/26 (Call 03/15/26)

    4,547       4,101,879  

Series A, 3.30%, 03/15/25 (Call 02/15/25)(b)

    3,235       3,123,563  

Series B, 3.60%, 03/15/27 (Call 01/15/27)

    2,708       2,553,898  

Series D, 2.85%, 08/15/26 (Call 05/15/26)

    3,266       3,036,504  

DTE Electric Co.

   

3.38%, 03/01/25 (Call 12/01/24)

    2,284       2,216,965  

Series A, 1.90%, 04/01/28 (Call 02/01/28)(b)

    410       359,629  

DTE Energy Co.

   

2.85%, 10/01/26 (Call 07/01/26)

    5,038       4,663,998  

4.88%, 06/01/28 (Call 05/01/28)

    6,230       6,091,748  

Series C, 2.53%, 10/01/24(e)

    5,872       5,666,463  

Series F, 1.05%, 06/01/25 (Call 05/01/25)

    6,440       5,937,580  

Duke Energy Carolinas LLC, 2.95%, 12/01/26 (Call 09/01/26)(b)

    4,854       4,568,236  

Duke Energy Corp.

   

0.90%, 09/15/25 (Call 08/15/25)

    5,385       4,915,890  

2.65%, 09/01/26 (Call 06/01/26)

     12,879        11,915,977  

3.15%, 08/15/27 (Call 05/15/27)

    3,280       3,032,670  

3.25%, 01/15/82 (Call 01/15/27), (5-year CMT + 2.321%)(c)

    3,733       2,749,365  

4.30%, 03/15/28 (Call 02/15/28)

    8,396       8,083,507  

5.00%, 12/08/25

    4,730       4,683,697  

5.00%, 12/08/27 (Call 11/08/27)

    5,095       5,054,603  

Duke Energy Florida LLC

   

3.20%, 01/15/27 (Call 10/15/26)(b)

    2,227       2,105,337  

3.80%, 07/15/28 (Call 04/15/28)

    120       114,238  

Duke Energy Progress LLC, 3.25%, 08/15/25 (Call 05/15/25)(b)

    4,364       4,202,635  
Security  

Par

(000)

    Value  
Electric (continued)            

Duquesne Light Holdings Inc., 3.62%, 08/01/27 (Call 05/01/27)(a)

  $ 2,080     $ 1,885,350  

Edison International

   

3.55%, 11/15/24 (Call 10/15/24)(b)

    3,911       3,798,502  

4.13%, 03/15/28 (Call 12/15/27)(b)

    6,340       5,929,374  

4.70%, 08/15/25

    3,047       2,979,392  

4.95%, 04/15/25 (Call 03/15/25)(b)

    3,297       3,247,461  

5.25%, 11/15/28 (Call 10/15/28)

    3,000       2,928,848  

5.75%, 06/15/27 (Call 04/15/27)(b)

    4,644       4,653,822  

EDP Finance BV

   

1.71%, 01/24/28(a)(b)

    5,235       4,466,325  

6.30%, 10/11/27(a)

    6,188       6,343,335  

Electricite de France SA

   

3.63%, 10/13/25 (Call 07/13/25)(a)(b)

    12,004        11,609,352  

5.70%, 05/23/28 (Call 04/23/28)(a)

    7,620       7,627,444  

Emera U.S. Finance LP, 3.55%, 06/15/26 (Call 03/15/26)

    7,062       6,681,281  

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

    4,404       4,161,692  

Enel Chile SA, 4.88%, 06/12/28 (Call 03/12/28)

    4,340       4,168,067  

Enel Finance America LLC, 7.10%, 10/14/27 (Call 09/14/27)(a)

     11,050       11,538,559  

Enel Finance International NV

   

1.38%, 07/12/26 (Call 06/12/26)(a)

    9,641       8,550,350  

1.88%, 07/12/28 (Call 05/12/28)(a)

    1,155       975,099  

3.50%, 04/06/28(a)(b)

    7,910       7,198,419  

3.63%, 05/25/27(a)

    4,855       4,568,130  

4.25%, 06/15/25(a)(b)

    6,420       6,245,766  

4.63%, 06/15/27 (Call 05/15/27)(a)

    7,605       7,337,729  

6.80%, 10/14/25(a)

    6,270       6,393,547  

Engie Energia Chile SA, 4.50%, 01/29/25(a)

    1,969       1,903,536  

Entergy Arkansas LLC

   

3.50%, 04/01/26 (Call 01/01/26)(b)

    6,281       6,024,115  

4.00%, 06/01/28 (Call 03/01/28)(b)

    185       176,504  

Entergy Corp.

   

0.90%, 09/15/25 (Call 08/15/25)(b)

    6,969       6,331,684  

1.90%, 06/15/28 (Call 04/15/28)(b)

    5,200       4,454,342  

2.95%, 09/01/26 (Call 06/01/26)

    6,468       6,009,075  

Entergy Louisiana LLC

   

0.95%, 10/01/24 (Call 09/11/23)

    6,015       5,708,686  

2.40%, 10/01/26 (Call 07/01/26)

    3,378       3,097,029  

3.12%, 09/01/27 (Call 06/01/27)(b)

    1,918       1,775,316  

3.25%, 04/01/28 (Call 01/01/28)(b)

    3,007       2,759,018  

4.44%, 01/15/26 (Call 10/15/25)(b)

    135       133,134  

5.40%, 11/01/24

    1,041       1,038,757  

5.59%, 10/01/24(b)

    445       445,669  

Entergy Mississippi LLC, 2.85%, 06/01/28 (Call 03/01/28)(b)

    185       166,892  

Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24)

    6,904       6,658,627  

Evergy Kansas Central Inc.

   

2.55%, 07/01/26 (Call 04/01/26)

    4,580       4,270,273  

3.10%, 04/01/27 (Call 01/01/27)

    1,650       1,543,853  

3.25%, 12/01/25 (Call 09/01/25)(b)

    1,173       1,118,104  

Evergy Metro Inc., 3.65%, 08/15/25 (Call 05/15/25)(b)

    1,468       1,416,234  

Evergy Missouri West Inc., 5.15%, 12/15/27 (Call 11/15/27)(a)(b)

    3,038       2,990,722  

Eversource Energy

   

2.90%, 03/01/27 (Call 02/01/27)

    5,745       5,285,844  

3.35%, 03/15/26 (Call 12/15/25)

    1,863       1,762,528  
 

 

 

144  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

4.60%, 07/01/27 (Call 06/01/27)(b)

  $ 5,336     $ 5,193,052  

4.75%, 05/15/26

    3,905       3,842,244  

5.45%, 03/01/28 (Call 02/01/28)

    11,240       11,277,707  

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

    3,056       2,949,050  

Series L, 2.90%, 10/01/24 (Call 08/01/24)

    3,888       3,772,282  

Series M, 3.30%, 01/15/28 (Call 10/15/27)(b)

    315       289,730  

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

    3,723       3,398,509  

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

    3,397       3,018,373  

Exelon Corp.

   

2.75%, 03/15/27 (Call 02/15/27)

    5,675       5,208,591  

3.40%, 04/15/26 (Call 01/15/26)(b)

    5,859       5,573,137  

3.95%, 06/15/25 (Call 03/15/25)

    7,781       7,548,729  

5.15%, 03/15/28 (Call 02/15/28)

    7,440       7,386,227  

Fells Point Funding Trust, 3.05%, 01/31/27 (Call 12/31/26)(a)

    8,026       7,339,472  

FirstEnergy Transmission LLC, 4.35%, 01/15/25 (Call 10/15/24)(a)

    7,457       7,259,762  

Florida Power & Light Co.

   

2.85%, 04/01/25 (Call 03/01/25)

    12,042       11,583,140  

3.13%, 12/01/25 (Call 06/01/25)(b)

    6,526       6,249,903  

4.40%, 05/15/28 (Call 03/15/28)(b)

    12,844       12,564,173  

4.45%, 05/15/26 (Call 04/15/26)(b)

    4,630       4,556,927  

5.05%, 04/01/28 (Call 03/01/28)

    10,629       10,678,899  

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

    9,203       8,536,019  

Georgia Power Co.

   

3.25%, 04/01/26 (Call 01/01/26)

    1,554       1,473,973  

3.25%, 03/30/27 (Call 12/30/26)

    2,600       2,420,571  

4.65%, 05/16/28 (Call 03/16/28)

    5,385       5,251,316  

Series A, 2.20%, 09/15/24 (Call 08/15/24)

    5,234       5,026,443  

Gulf Power Co., Series A, 3.30%, 05/30/27 (Call 02/28/27)(b)

    1,898       1,781,266  

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

    1,910       1,908,922  

Indiana Michigan Power Co., 3.85%, 05/15/28 (Call 02/15/28)(b)

    300       284,492  

Interstate Power & Light Co.

   

3.25%, 12/01/24 (Call 09/01/24)

    6,025       5,851,532  

3.40%, 08/15/25 (Call 05/15/25)

    124       118,699  

Israel Electric Corp. Ltd., Series 6, 5.00%, 11/12/24(a)

     13,375        13,187,750  

ITC Holdings Corp.

   

3.25%, 06/30/26 (Call 03/30/26)

    4,389       4,149,238  

3.35%, 11/15/27 (Call 08/15/27)

    3,750       3,481,547  

4.95%, 09/22/27 (Call 08/22/27)(a)(b)

    6,472       6,366,991  

Jersey Central Power & Light Co., 4.30%, 01/15/26 (Call 10/15/25)(a)

    6,420       6,224,569  

Kallpa Generacion SA

   

4.13%, 08/16/27 (Call 05/16/27)(a)

    3,600       3,344,928  

4.88%, 05/24/26 (Call 02/24/26)(a)

    300       288,000  

Kentucky Utilities Co., 3.30%, 10/01/25 (Call 07/01/25)(b)

    1,943       1,852,353  

Korea East-West Power Co. Ltd.

   

1.75%, 05/06/25(a)(b)

    8,599       8,066,375  

3.60%, 05/06/25(a)

    250       241,871  

Korea Southern Power Co. Ltd., 0.75%, 01/27/26(a)

    1,830       1,631,951  

Louisville Gas & Electric Co., Series 25, 3.30%, 10/01/25 (Call 07/01/25)

    950       910,369  

Metropolitan Edison Co.

   

4.00%, 04/15/25(a)(b)

    1,041       987,235  

5.20%, 04/01/28 (Call 03/01/28)(a)

    4,980       4,917,895  
Security  

Par

(000)

    Value  
Electric (continued)            

MidAmerican Energy Co.

   

3.10%, 05/01/27 (Call 02/01/27)

  $ 4,455     $ 4,145,457  

3.50%, 10/15/24 (Call 07/15/24)

    4,569       4,465,419  

Mid-Atlantic Interstate Transmission LLC, 4.10%, 05/15/28 (Call 02/15/28)(a)

    5,280       5,001,502  

Mississippi Power Co., 3.95%, 03/30/28 (Call 12/30/27)(b)

    1,645       1,549,819  

Monongahela Power Co., 3.55%, 05/15/27 (Call 02/15/27)(a)

    3,207       3,003,948  

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

    4,040       4,048,618  

National Rural Utilities Cooperative Finance Corp. 1.00%, 06/15/26 (Call 05/15/26)

    5,311       4,745,873  

1.88%, 02/07/25(b)

    4,545       4,317,410  

2.85%, 01/27/25 (Call 10/27/24)(b)

    3,671       3,543,691  

3.05%, 04/25/27 (Call 01/25/27)(b)

    3,005       2,802,628  

3.25%, 11/01/25 (Call 08/01/25)

    3,297       3,154,724  

3.40%, 02/07/28 (Call 11/07/27)

    4,965       4,625,442  

3.45%, 06/15/25(b)

    2,578       2,485,606  

4.45%, 03/13/26 (Call 02/13/26)

    5,150       5,057,667  

4.80%, 03/15/28 (Call 02/15/28)

    4,258       4,210,329  

5.05%, 09/15/28 (Call 08/15/28)

    2,850       2,843,967  

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

    65       61,913  

5.45%, 10/30/25(b)

    5,035       5,049,479  

Series D, 1.00%, 10/18/24

    3,505       3,326,233  

New York State Electric & Gas Corp., 3.25%, 12/01/26 (Call 09/01/26)(a)(b)

    765       709,019  

NextEra Energy Capital Holdings Inc.

   

1.88%, 01/15/27 (Call 12/15/26)

    9,302       8,313,710  

1.90%, 06/15/28 (Call 04/15/28)

    2,905       2,495,442  

3.55%, 05/01/27 (Call 02/01/27)

    12,385       11,673,240  

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

    2,465       2,069,102  

4.45%, 06/20/25

    10,345       10,131,658  

4.63%, 07/15/27 (Call 06/15/27)

     11,198       10,920,478  

4.80%, 12/01/77 (Call 12/01/27), (3-mo. LIBOR US + 2.409%)(c)

    2,900       2,563,997  

4.90%, 02/28/28 (Call 01/28/28)

    14,935       14,676,420  

5.75%, 09/01/25

    1,000       1,002,369  

6.05%, 03/01/25

    9,625       9,662,945  

Niagara Mohawk Power Corp., 3.51%, 10/01/24 (Call 07/01/24)(a)(b)

    3,884       3,767,275  

NRG Energy Inc.

   

2.00%, 12/02/25 (Call 11/02/25)(a)(b)

    4,458       4,050,224  

2.45%, 12/02/27 (Call 10/02/27)(a)

    6,045       5,131,543  

NSTAR Electric Co.

   

2.70%, 06/01/26 (Call 03/01/26)(b)

    353       328,019  

3.20%, 05/15/27 (Call 02/15/27)(b)

    3,096       2,899,688  

3.25%, 11/15/25 (Call 08/15/25)

    50       47,602  

Oklahoma Gas & Electric Co., 3.80%, 08/15/28 (Call 02/15/28)

    2,000       1,886,278  

Oncor Electric Delivery Co. LLC

   

0.55%, 10/01/25 (Call 09/01/25)

    5,280       4,803,897  

2.95%, 04/01/25 (Call 01/01/25)(b)

    2,577       2,475,116  

4.30%, 05/15/28 (Call 04/15/28)(a)(b)

    1,040        1,007,980  

Pacific Gas and Electric Co.

   

2.10%, 08/01/27 (Call 06/01/27)

    7,863       6,789,151  

2.95%, 03/01/26 (Call 12/01/25)(b)

    4,784       4,413,895  

3.00%, 06/15/28 (Call 04/15/28)(b)

    5,400       4,697,925  
 

 

 

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

    145  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

3.15%, 01/01/26(b)

  $ 14,543     $ 13,550,252  

3.30%, 03/15/27 (Call 12/15/26)

    2,725       2,482,006  

3.30%, 12/01/27 (Call 09/01/27)(b)

    8,290       7,381,224  

3.45%, 07/01/25

    6,444       6,117,462  

3.50%, 06/15/25 (Call 03/15/25)

    4,334       4,128,243  

3.75%, 07/01/28

    5,740       5,162,002  

4.65%, 08/01/28 (Call 05/01/28)(b)

    2,050       1,913,143  

4.95%, 06/08/25

    3,632       3,552,437  

5.45%, 06/15/27 (Call 05/15/27)

    3,377       3,301,675  

PacifiCorp, 3.35%, 07/01/25 (Call 04/01/25)(b)

    1,550       1,478,425  

Palomino Funding Trust I, 7.23%, 05/17/28 (Call 04/17/28)(a)

    3,615       3,660,621  

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

    2,101        2,014,266  

Pennsylvania Electric Co.

   

3.25%, 03/15/28 (Call 12/15/27)(a)

    1,180       1,074,349  

Series 144A, 5.15%, 03/30/26(a)

    1,740       1,711,803  

Perusahaan Listrik Negara PT

   

4.13%, 05/15/27(a)

     11,812       11,196,368  

5.45%, 05/21/28(a)

    8,000       7,918,901  

Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25)(b)

    4,169       3,848,469  

PPL Capital Funding Inc., 3.10%, 05/15/26 (Call 02/15/26)(b)

    6,823       6,439,246  

Public Service Co. of Colorado

   

2.90%, 05/15/25 (Call 11/15/24)(b)

    2,335       2,230,666  

3.70%, 06/15/28 (Call 12/15/27)

    340       318,831  

Public Service Co. of New Mexico, 3.85%, 08/01/25 (Call 05/01/25)

    1,625       1,552,955  

Public Service Electric & Gas Co.

   

0.95%, 03/15/26 (Call 02/15/26)(b)

    3,883       3,524,008  

2.25%, 09/15/26 (Call 06/15/26)

    4,168       3,846,668  

3.00%, 05/15/25 (Call 02/15/25)(b)

    2,003       1,927,327  

3.00%, 05/15/27 (Call 02/15/27)

    3,334       3,124,187  

3.05%, 11/15/24 (Call 08/15/24)(b)

    735       712,736  

3.70%, 05/01/28 (Call 02/01/28)(b)

    390       369,939  

Public Service Enterprise Group Inc.

   

0.80%, 08/15/25 (Call 07/15/25)

    5,726       5,228,062  

5.85%, 11/15/27 (Call 10/15/27)(b)

    5,005       5,101,207  

Puget Energy Inc.

   

2.38%, 06/15/28 (Call 04/15/28)(b)

    2,515       2,170,266  

3.65%, 05/15/25 (Call 02/15/25)

    4,092       3,927,745  

Puget Sound Energy Inc., 7.02%, 12/01/27

    15       15,740  

Rochester Gas and Electric Corp., 3.10%, 06/01/27 (Call 03/01/27)(a)(b)

    1,505       1,384,128  

San Diego Gas & Electric Co.

   

2.50%, 05/15/26 (Call 02/15/26)(b)

    4,285       3,990,674  

4.95%, 08/15/28 (Call 07/15/28)

    7,670       7,592,243  

6.00%, 06/01/26(b)

    2,235       2,273,004  

Sempra Energy

   

3.25%, 06/15/27 (Call 03/15/27)

    4,553       4,207,965  

3.30%, 04/01/25 (Call 03/01/25)

    2,125       2,047,186  

3.40%, 02/01/28 (Call 11/01/27)

    4,345       4,020,672  

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

    8,128       6,572,232  

5.40%, 08/01/26 (Call 07/01/26)

    4,085       4,092,912  

Sierra Pacific Power Co., 2.60%, 05/01/26 (Call 02/01/26)

    4,291       4,000,219  

Southern California Edison Co.

   

4.90%, 06/01/26 (Call 05/01/26)(b)

    2,645       2,628,549  

5.30%, 03/01/28 (Call 02/01/28)

    1,025       1,028,829  
Security  

Par

(000)

    Value  
Electric (continued)            

5.85%, 11/01/27 (Call 10/01/27)

  $ 4,760     $ 4,872,310  

Series 2020-C, 1.20%, 02/01/26 (Call 01/01/26)(b)

    3,394       3,084,375  

Series B, 3.65%, 03/01/28 (Call 12/01/27)(b)

    35       32,710  

Series C, 4.20%, 06/01/25(b)

    2,640       2,579,274  

Series D, 4.70%, 06/01/27 (Call 05/01/27)

    4,855       4,773,664  

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

    6,515       6,296,861  

Southern Co. (The)

   

3.25%, 07/01/26 (Call 04/01/26)

     12,497        11,822,844  

4.85%, 06/15/28 (Call 04/15/28)

    6,020       5,895,941  

5.11%, 08/01/27

    6,858       6,816,250  

5.15%, 10/06/25

    3,590       3,570,932  

Series 21-A, 3.75%, 09/15/51 (Call 06/15/26),
(5-year CMT + 2.915%)(c)

    6,440       5,562,240  

Series 21-B, 1.75%, 03/15/28
(Call 01/15/28)(b)

    3,535       3,018,927  

Series B, 4.00%, 01/15/51 (Call 10/15/25), (5-year CMT + 3.733%)(c)

    8,670       8,039,831  

Southern Power Co.

   

0.90%, 01/15/26 (Call 12/15/25)

    4,363       3,937,014  

4.15%, 12/01/25 (Call 09/01/25)

    4,923       4,791,141  

Southwestern Electric Power Co.

   

Series K, 2.75%, 10/01/26 (Call 07/01/26)

    3,338       3,086,772  

Series N, 1.65%, 03/15/26 (Call 02/15/26)(b)

    4,028       3,663,785  

SP PowerAssets Ltd., 3.25%, 11/24/25(a)(b)

    1,528       1,462,512  

State Grid Overseas Investment BVI Ltd

   

3.50%, 05/04/27(a)(b)

    14,659       13,980,617  

4.25%, 05/02/28(a)

    4,000       3,893,607  

System Energy Resources Inc., 6.00%, 04/15/28 (Call 03/15/28)(b)

    4,674       4,594,458  

Three Gorges Finance I Cayman Islands Ltd.

   

1.30%, 09/22/25 (Call 08/22/25)(a)

    8,805       8,113,775  

3.15%, 06/02/26(a)

    5,205       4,921,232  

3.70%, 06/10/25(a)(b)

    1,574       1,527,358  

Trans-Allegheny Interstate Line Co., 3.85%, 06/01/25 (Call 03/01/25)(a)(b)

    2,943       2,841,710  

Transelec SA, 4.25%, 01/14/25
(Call 10/14/24)(a)(b)

    650       631,759  

Tucson Electric Power Co., 3.05%, 03/15/25 (Call 12/15/24)(b)

    2,720       2,619,284  

Union Electric Co., 2.95%, 06/15/27 (Call 03/15/27)(b)

    3,421       3,178,741  

Virginia Electric & Power Co.

   

Series A, 3.10%, 05/15/25 (Call 02/15/25)(b)

    3,283       3,149,026  

Series A, 3.15%, 01/15/26 (Call 10/15/25)

    6,125       5,826,664  

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

    5,728       5,411,225  

Series A, 3.80%, 04/01/28 (Call 01/01/28)(b)

    4,200       3,972,555  

Series B, 2.95%, 11/15/26 (Call 08/15/26)(b)

    3,224       3,007,908  

Series B, 3.75%, 05/15/27 (Call 04/15/27)

    4,714       4,498,609  

Vistra Operations Co. LLC

   

3.70%, 01/30/27 (Call 11/30/26)(a)(b)

    6,392       5,878,707  

5.13%, 05/13/25(a)

    5,377       5,237,605  

WEC Energy Group Inc.

   

1.38%, 10/15/27 (Call 08/15/27)(b)

    4,248       3,655,565  

4.75%, 01/09/26 (Call 12/09/25)

    7,715       7,608,469  

4.75%, 01/15/28 (Call 12/15/27)(b)

    5,070       4,965,065  

5.00%, 09/27/25 (Call 08/27/25)(b)

    3,725       3,690,212  

5.15%, 10/01/27 (Call 09/01/27)(b)

    4,130       4,116,280  

Wisconsin Electric Power Co.

   

1.70%, 06/15/28 (Call 04/15/28)(b)

    24       20,648  

2.05%, 12/15/24 (Call 11/15/24)(b)

    4,138       3,955,016  

3.10%, 06/01/25 (Call 03/01/25)(b)

    745       714,571  
 

 

 

146  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Wisconsin Power and Light Co., 3.05%, 10/15/27 (Call 07/15/27)

  $ 2,214     $ 2,069,577  

Wisconsin Public Service Corp., 5.35%, 11/10/25 (Call 10/10/25)

    2,922       2,921,516  

Xcel Energy Inc.

   

1.75%, 03/15/27 (Call 02/15/27)

    4,319       3,830,313  

3.30%, 06/01/25 (Call 12/01/24)

    4,986       4,792,470  

3.35%, 12/01/26 (Call 06/01/26)

    4,225       3,956,695  

4.00%, 06/15/28 (Call 12/15/27)(b)

    3,000       2,842,618  
   

 

 

 
       1,274,074,976  
Electrical Components & Equipment — 0.1%  

Emerson Electric Co.

   

0.88%, 10/15/26 (Call 09/15/26)(b)

    6,107       5,406,418  

1.80%, 10/15/27 (Call 08/15/27)(b)

    1,109       982,835  

3.15%, 06/01/25 (Call 03/01/25)

    2,979       2,879,965  

Molex Electronic Technologies LLC, 3.90%, 04/15/25 (Call 01/15/25)(a)(b)

    2,715       2,605,830  
   

 

 

 
      11,875,048  
Electronics — 0.6%            

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

    1,526       1,426,203  

Allegion U.S. Holding Co. Inc.

   

3.20%, 10/01/24 (Call 08/01/24)

    3,216       3,120,074  

3.55%, 10/01/27 (Call 07/01/27)

    1,480       1,368,927  

Amphenol Corp.

   

2.05%, 03/01/25 (Call 02/01/25)(b)

    3,998       3,800,270  

4.75%, 03/30/26

    1,045       1,033,124  

Arrow Electronics Inc.

   

3.88%, 01/12/28 (Call 10/12/27)

    4,020       3,721,018  

4.00%, 04/01/25 (Call 01/01/25)(b)

    2,666       2,588,533  

6.13%, 03/01/26 (Call 03/01/24)(b)

    5,525       5,525,247  

Avnet Inc.

   

4.63%, 04/15/26 (Call 01/15/26)

    4,675       4,528,411  

6.25%, 03/15/28 (Call 02/15/28)

    3,900       3,930,837  

Flex Ltd.

   

3.75%, 02/01/26 (Call 01/01/26)

    5,420       5,176,126  

4.75%, 06/15/25 (Call 03/15/25)

    5,130       5,024,821  

6.00%, 01/15/28 (Call 12/15/27)

    3,115       3,146,954  

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

    7,115       6,686,092  

Honeywell International Inc.

   

1.10%, 03/01/27 (Call 02/01/27)(b)

     12,082       10,697,577  

1.35%, 06/01/25 (Call 05/01/25)

    9,322       8,737,416  

2.50%, 11/01/26 (Call 08/01/26)

    8,317       7,762,931  

4.85%, 11/01/24

    3,095       3,079,056  

4.95%, 02/15/28 (Call 01/15/28)(b)

    5,643       5,699,714  

Hubbell Inc.

   

3.15%, 08/15/27 (Call 05/15/27)(b)

    620       574,639  

3.35%, 03/01/26 (Call 12/01/25)

    2,446       2,331,080  

3.50%, 02/15/28 (Call 11/15/27)(b)

    3,605       3,377,847  

Jabil Inc.

   

1.70%, 04/15/26 (Call 03/15/26)

    4,356       3,930,623  

3.95%, 01/12/28 (Call 10/12/27)(b)

    900       842,189  

4.25%, 05/15/27 (Call 04/15/27)

    5,643       5,391,243  

Keysight Technologies Inc.

   

4.55%, 10/30/24 (Call 07/30/24)

    5,575       5,483,472  

4.60%, 04/06/27 (Call 01/06/27)(b)

    5,507       5,385,197  

Legrand France SA, 8.50%, 02/15/25

    4,429       4,615,277  
Security  

Par

(000)

    Value  
Electronics (continued)            

TD SYNNEX Corp.

   

1.75%, 08/09/26 (Call 07/09/26)

  $ 5,409     $ 4,767,926  

2.38%, 08/09/28 (Call 06/09/28)

    500       414,987  

Trimble Inc.

   

4.75%, 12/01/24 (Call 09/01/24)

    4,184       4,115,778  

4.90%, 06/15/28 (Call 03/15/28)(b)

    4,205       4,087,368  

Tyco Electronics Group SA

   

3.13%, 08/15/27 (Call 05/15/27)(b)

    2,284       2,126,981  

3.70%, 02/15/26 (Call 11/15/25)

    2,982       2,878,571  

4.50%, 02/13/26(b)

    4,125       4,056,572  

Vontier Corp.

   

1.80%, 04/01/26 (Call 03/01/26)

    4,422       3,963,102  

2.40%, 04/01/28 (Call 02/01/28)

    3,395       2,820,532  
   

 

 

 
       148,216,715  
Engineering & Construction — 0.1%            

Jacobs Engineering Group Inc., 6.35%, 08/18/28 (Call 07/18/28)(b)

    7,000       7,117,869  

MasTec Inc., 4.50%, 08/15/28 (Call 10/02/23)(a)

    100       91,239  

Mexico City Airport Trust

   

3.88%, 04/30/28 (Call 01/30/28)(a)

    4,000       3,689,647  

4.25%, 10/31/26 (Call 07/31/26)(a)(b)

    6,319       6,033,767  

St Engineering Urban Solutions USA Inc.,

   

3.38%, 05/05/27 (Call 02/05/27)(a)(b)

    7,025       6,651,060  

Sydney Airport Finance Co. Pty Ltd.

   

3.38%, 04/30/25 (Call 01/30/25)(a)(b)

    2,109       2,027,946  

3.63%, 04/28/26 (Call 01/28/26)(a)

    7,096       6,749,270  
   

 

 

 
      32,360,798  
Entertainment — 0.2%            

Warnermedia Holdings Inc.

   

3.64%, 03/15/25

    13,177       12,749,017  

3.76%, 03/15/27 (Call 02/15/27)

    29,355       27,532,575  

3.79%, 03/15/25 (Call 09/11/23)(b)

    3,982       3,853,300  

6.41%, 03/15/26 (Call 03/15/24)(b)

    5,655       5,663,325  
   

 

 

 
      49,798,217  
Environmental Control — 0.2%            

Republic Services Inc.

   

0.88%, 11/15/25 (Call 10/15/25)

    3,600       3,262,267  

2.90%, 07/01/26 (Call 04/01/26)(b)

    3,359       3,157,410  

3.20%, 03/15/25 (Call 12/15/24)(b)

    4,779       4,621,416  

3.38%, 11/15/27 (Call 08/15/27)

    2,740       2,549,430  

3.95%, 05/15/28 (Call 02/15/28)

    6,030       5,725,872  

Waste Management Inc.

   

0.75%, 11/15/25 (Call 10/15/25)(b)

    5,240       4,763,420  

1.15%, 03/15/28 (Call 01/15/28)(b)

    5,035       4,247,811  

3.13%, 03/01/25 (Call 12/01/24)(b)

     3,830       3,708,406  

3.15%, 11/15/27 (Call 08/15/27)(b)

    3,381       3,152,962  

7.00%, 07/15/28

    125       134,925  
   

 

 

 
      35,323,919  
Food — 1.5%            

Campbell Soup Co.

   

3.30%, 03/19/25 (Call 12/19/24)

    2,782       2,682,118  

3.95%, 03/15/25 (Call 01/15/25)

    7,228       7,035,633  

4.15%, 03/15/28 (Call 12/15/27)

    7,360       7,007,142  

Cencosud SA

   

4.38%, 07/17/27 (Call 04/17/27)(a)(b)

    4,610       4,335,807  

5.15%, 02/12/25 (Call 11/12/24)(a)(b)

    1,726       1,699,090  

Conagra Brands Inc.

   

1.38%, 11/01/27 (Call 09/01/27)

    8,622       7,325,468  

4.60%, 11/01/25 (Call 09/01/25)

    8,444       8,266,614  
 

 

 

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

    147  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Food (continued)            

5.30%, 10/01/26

  $ 4,525     $ 4,507,468  

7.13%, 10/01/26(b)

    1,225       1,273,454  

Danone SA, 2.95%, 11/02/26
(Call 08/02/26)(a)(b)

    12,224       11,429,777  

Flowers Foods Inc., 3.50%, 10/01/26 (Call 07/01/26)

    1,240       1,163,838  

General Mills Inc.

   

3.20%, 02/10/27 (Call 11/10/26)

    5,674       5,338,928  

4.00%, 04/17/25 (Call 02/17/25)

    7,173       6,991,529  

4.20%, 04/17/28 (Call 01/17/28)

    9,065        8,692,925  

5.24%, 11/18/25 (Call 11/18/23)

    1,580       1,573,282  

Gruma SAB de CV, 4.88%, 12/01/24 (Call 09/01/24)(a)

    200       197,514  

Hershey Co. (The)

   

0.90%, 06/01/25 (Call 05/01/25)(b)

    2,328       2,160,269  

2.05%, 11/15/24 (Call 10/15/24)(b)

    4,363       4,198,314  

2.30%, 08/15/26 (Call 05/15/26)(b)

    4,119       3,857,349  

3.20%, 08/21/25 (Call 05/21/25)(b)

    1,965       1,895,448  

4.25%, 05/04/28 (Call 04/04/28)(b)

    1,070       1,055,893  

Hormel Foods Corp., 1.70%, 06/03/28 (Call 04/03/28)

    5,600       4,841,912  

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

    3,282       3,098,508  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

   

2.50%, 01/15/27 (Call 12/15/26)

    6,765       6,081,025  

5.13%, 02/01/28 (Call 01/01/28)

    6,739       6,549,528  

JM Smucker Co. (The)

   

3.38%, 12/15/27 (Call 09/15/27)(b)

    3,265       3,050,197  

3.50%, 03/15/25

    8,188       7,931,332  

Kellogg Co.

   

3.25%, 04/01/26(b)

    6,796       6,465,625  

3.40%, 11/15/27 (Call 08/15/27)(b)

    4,830       4,489,448  

4.30%, 05/15/28 (Call 02/15/28)

    5,515       5,306,029  

Kraft Heinz Foods Co.

   

3.00%, 06/01/26 (Call 03/01/26)(b)

     14,707       13,864,134  

3.88%, 05/15/27 (Call 02/15/27)

    10,072       9,621,225  

Kroger Co. (The)

   

2.65%, 10/15/26 (Call 07/15/26)(b)

    5,901       5,458,165  

3.50%, 02/01/26 (Call 11/01/25)

    4,857       4,636,980  

3.70%, 08/01/27 (Call 05/01/27)(b)

    4,195       3,982,165  

Mars Inc.

   

0.88%, 07/16/26 (Call 06/16/26)(a)(b)

    3,498       3,109,507  

2.70%, 04/01/25 (Call 03/01/25)(a)(b)

    5,492       5,269,652  

4.55%, 04/20/28 (Call 03/20/28)(a)(b)

    7,441       7,316,941  

McCormick & Co. Inc./MD

   

0.90%, 02/15/26 (Call 01/15/26)

    4,608       4,147,589  

3.25%, 11/15/25 (Call 08/15/25)(b)

    2,650       2,529,588  

3.40%, 08/15/27 (Call 05/15/27)(b)

    5,623       5,269,953  

Mondelez International Holdings Netherlands BV

   

0.75%, 09/24/24(a)

    2,646       2,510,362  

1.25%, 09/24/26 (Call 08/24/26)(a)(b)

    2,850       2,517,955  

2.25%, 09/19/24 (Call 08/19/24)(a)(b)

    2,729       2,631,667  

4.25%, 09/15/25(a)

    4,440       4,342,172  

Mondelez International Inc.

   

1.50%, 05/04/25 (Call 04/04/25)

    6,975       6,522,416  

2.63%, 03/17/27 (Call 02/17/27)

    5,725       5,262,880  

4.13%, 05/07/28 (Call 02/07/28)(b)

    220       212,653  

Nestle Holdings Inc.

   

0.63%, 01/15/26 (Call 12/15/25)(a)(b)

    6,202       5,587,289  

1.00%, 09/15/27 (Call 07/15/27)(a)(b)

    7,673       6,612,171  

1.15%, 01/14/27 (Call 12/14/26)(a)(b)

    4,253       3,767,475  
Security  

Par

(000)

    Value  
Food (continued)            

3.50%, 09/24/25 (Call 07/24/25)(a)(b)

  $ 7,305     $ 7,090,405  

4.00%, 09/12/25(a)(b)

    4,777       4,682,823  

4.13%, 10/01/27 (Call 09/01/27)(a)(b)

    3,505       3,402,078  

5.25%, 03/13/26(a)

    7,510       7,543,301  

Series 144A, 5.00%, 03/14/28 (Call 02/14/28)(a)(b)

    6,788       6,831,180  

Sigma Alimentos SA de CV, 4.13%, 05/02/26 (Call 02/02/26)(a)(b)

    7,584       7,225,055  

Smithfield Foods Inc., 4.25%, 02/01/27 (Call 11/01/26)(a)

    4,750       4,420,134  

Sysco Corp.

   

3.25%, 07/15/27 (Call 04/15/27)(b)

    5,713       5,323,905  

3.30%, 07/15/26 (Call 04/15/26)

    8,057       7,646,078  

3.75%, 10/01/25 (Call 07/01/25)

    5,968       5,771,389  

Tyson Foods Inc.

   

3.55%, 06/02/27 (Call 03/02/27)

     10,132       9,516,931  

4.00%, 03/01/26 (Call 01/01/26)

    7,187       6,947,747  

Walmart Inc., 3.90%, 09/09/25

    12,780       12,499,241  
   

 

 

 
       334,574,670  
Forest Products & Paper — 0.2%            

Celulosa Arauco y Constitucion SA, 3.88%, 11/02/27 (Call 08/02/27)(b)

    4,805       4,407,615  

Fibria Overseas Finance Ltd.

   

4.00%, 01/14/25 (Call 11/14/24)

    3,398       3,303,035  

5.50%, 01/17/27(b)

    4,650       4,641,545  

Georgia-Pacific LLC

   

0.95%, 05/15/26 (Call 04/15/26)(a)

    5,892       5,232,978  

1.75%, 09/30/25 (Call 08/30/25)(a)

    6,757       6,257,536  

2.10%, 04/30/27 (Call 02/28/27)(a)(b)

    4,330       3,931,074  

3.60%, 03/01/25 (Call 12/01/24)(a)

    5,786       5,616,808  

7.25%, 06/01/28(b)

    310       332,127  

Inversiones CMPC SA, 4.38%, 04/04/27(a)

    2,273       2,163,897  

Smurfit Kappa Treasury Funding DAC, 7.50%, 11/20/25

    4,994       5,085,907  

Suzano Austria GmbH, 5.75%, 07/14/26(a)

    515       514,068  

UPM-Kymmene OYJ, 7.45%, 11/26/27(a)

    1,000       1,046,332  
   

 

 

 
      42,532,922  
Gas — 0.5%            

APA Infrastructure Ltd.

   

4.20%, 03/23/25 (Call 12/23/24)(a)(b)

    8,997       8,775,994  

4.25%, 07/15/27 (Call 04/15/27)(a)(b)

    4,950       4,718,664  

Atmos Energy Corp., 3.00%, 06/15/27 (Call 03/15/27)

    2,898       2,717,182  

Boston Gas Co., 3.15%, 08/01/27 (Call 05/01/27)(a)(b)

    3,190       2,891,891  

Brooklyn Union Gas Co. (The)

   

3.41%, 03/10/26 (Call 12/10/25)(a)

    4,661       4,412,785  

4.63%, 08/05/27 (Call 07/05/27)(a)

    2,085       1,998,256  

CenterPoint Energy Resources Corp.

   

4.00%, 04/01/28 (Call 01/01/28)

    425       404,232  

5.25%, 03/01/28 (Call 02/01/28)

    6,575       6,559,724  

East Ohio Gas Co. (The), 1.30%, 06/15/25 (Call 05/15/25)(a)(b)

    5,114       4,728,818  

Eastern Energy Gas Holdings LLC

   

3.60%, 12/15/24 (Call 09/15/24)

    3,645       3,541,241  

Series A, 2.50%, 11/15/24 (Call 10/15/24)(b)

    6,153       5,919,272  

KeySpan Gas East Corp., 2.74%, 08/15/26 (Call 05/15/26)(a)(b)

    5,736       5,250,782  
 

 

 

148  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Gas (continued)            

National Fuel Gas Co.

   

3.95%, 09/15/27 (Call 06/15/27)(b)

  $  2,298     $ 2,129,645  

5.20%, 07/15/25 (Call 04/15/25)

    2,621       2,576,551  

5.50%, 01/15/26 (Call 12/15/25)(b)

    4,275       4,234,176  

5.50%, 10/01/26(b)

    2,990       2,964,229  

NiSource Inc.

   

0.95%, 08/15/25 (Call 07/15/25)

    10,108       9,265,506  

3.49%, 05/15/27 (Call 02/15/27)

    5,918       5,551,042  

5.25%, 03/30/28 (Call 02/29/28)

    6,185       6,159,076  

Southern California Gas Co.

   

2.95%, 04/15/27 (Call 03/15/27)(b)

    4,635       4,305,348  

3.15%, 09/15/24 (Call 06/15/24)

    2,503       2,439,569  

3.20%, 06/15/25 (Call 03/15/25)(b)

    2,846       2,740,604  

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

    5,425       5,060,394  

Southern Co. Gas Capital Corp.

   

3.25%, 06/15/26 (Call 03/15/26)

    4,240       3,998,946  

3.88%, 11/15/25 (Call 08/15/25)(b)

    2,420       2,330,493  

Southwest Gas Corp.

   

3.70%, 04/01/28 (Call 01/01/28)(b)

    174       161,930  

5.45%, 03/23/28 (Call 02/23/28)

    4,233       4,220,711  

5.80%, 12/01/27 (Call 11/01/27)

    560       566,361  
   

 

 

 
       110,623,422  
Hand & Machine Tools — 0.2%  

Kennametal Inc., 4.63%, 06/15/28 (Call 03/15/28)(b)

    2,725       2,583,046  

Regal Rexnord Corp.

   

6.05%, 02/15/26(a)

    5,110       5,082,432  

6.05%, 04/15/28 (Call 03/15/28)(a)(b)

    9,148       9,051,120  

Snap-on Inc., 3.25%, 03/01/27 (Call 12/01/26)

    653       616,917  

Stanley Black & Decker Inc., 6.27%, 03/06/26 (Call 03/06/24)

    950       955,513  

Stanley Black & Decker Inc.

   

2.30%, 02/24/25 (Call 09/11/23)(b)

    3,918       3,730,011  

3.40%, 03/01/26 (Call 01/01/26)

    4,919       4,675,361  

4.00%, 03/15/60 (Call 03/15/25),

   

(5-year CMT + 2.657%)(c)

    4,767       3,709,629  

6.00%, 03/06/28 (Call 02/06/28)(b)

    4,623       4,721,710  
   

 

 

 
      35,125,739  
Health Care - Products — 0.9%  

Abbott Laboratories

   

1.15%, 01/30/28 (Call 11/30/27)(b)

    1,080       932,069  

2.95%, 03/15/25 (Call 12/15/24)(b)

    8,595       8,324,985  

3.75%, 11/30/26 (Call 08/30/26)

    12,350       11,969,626  

3.88%, 09/15/25 (Call 06/15/25)

    5,430       5,299,885  

Alcon Finance Corp., 2.75%, 09/23/26

   

(Call 07/23/26)(a)

    4,284       3,955,696  

Baxter International Inc.

   

1.32%, 11/29/24(b)

    6,988       6,620,000  

1.92%, 02/01/27 (Call 01/01/27)

    10,617       9,446,277  

2.27%, 12/01/28 (Call 10/01/28)

    2,125       1,823,175  

2.60%, 08/15/26 (Call 05/15/26)

    3,785       3,494,894  

Boston Scientific Corp.

   

1.90%, 06/01/25 (Call 05/01/25)(b)

    5,086       4,777,408  

3.75%, 03/01/26 (Call 01/01/26)(b)

    432       414,193  

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

    5,545       5,349,125  

DH Europe Finance II Sarl, 2.20%, 11/15/24 (Call 10/15/24)

    6,576       6,325,645  

Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28)(b)

    385       370,225  
Security  

Par

(000)

    Value  
Health Care - Products (continued)            

GE HealthCare Technologies Inc.

   

5.55%, 11/15/24(b)

  $ 6,765     $ 6,746,487  

5.60%, 11/15/25 (Call 10/15/25)

    11,590       11,590,622  

5.65%, 11/15/27 (Call 10/15/27)

    13,365       13,525,628  

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

    7,439       6,836,675  

Medtronic Global Holdings SCA, 4.25%, 03/30/28 (Call 02/29/28)

    11,123       10,818,067  

Olympus Corp., 2.14%, 12/08/26
(Call 11/08/26)(a)

    2,592       2,321,645  

Revvity Inc., 0.85%, 09/15/24 (Call 09/11/23)

    5,992       5,679,895  

Stryker Corp.

   

1.15%, 06/15/25 (Call 05/15/25)(b)

    5,828       5,412,898  

3.38%, 11/01/25 (Call 08/01/25)

    5,839       5,601,005  

3.50%, 03/15/26 (Call 12/15/25)

    7,866       7,554,514  

3.65%, 03/07/28 (Call 12/07/27)

    4,163       3,951,729  

Thermo Fisher Scientific Inc.

   

1.22%, 10/18/24 (Call 09/11/23)

    17,907       17,070,472  

4.80%, 11/21/27 (Call 10/21/27)(b)

    4,504       4,509,532  

4.95%, 08/10/26 (Call 07/10/26)

    11,695       11,648,228  

Zimmer Biomet Holdings Inc.

   

1.45%, 11/22/24 (Call 09/11/23)

    7,033       6,676,810  

3.05%, 01/15/26 (Call 12/15/25)(b)

    5,512       5,223,556  

3.55%, 04/01/25 (Call 01/01/25)

    6,569       6,353,627  
   

 

 

 
       200,624,593  
Health Care - Services — 1.7%  

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

    8,097       7,883,592  

Blue Cross and Blue Shield of Minnesota, 3.79%,

   

05/01/25 (Call 02/01/25)(a)

    2,937       2,794,946  

Centene Corp.

   

2.45%, 07/15/28 (Call 05/15/28)

    10,147       8,687,537  

4.25%, 12/15/27 (Call 09/18/23)(b)

    17,802       16,652,137  

CommonSpirit Health

   

1.55%, 10/01/25 (Call 07/01/25)

    4,107       3,779,017  

2.76%, 10/01/24 (Call 07/01/24)

    3,456       3,348,696  

Dignity Health, 3.81%, 11/01/24

    219       213,947  

Elevance Health Inc.

   

1.50%, 03/15/26 (Call 02/15/26)

    6,076       5,519,553  

2.38%, 01/15/25 (Call 12/15/24)

    10,302       9,850,320  

3.35%, 12/01/24 (Call 10/01/24)

    6,843       6,656,432  

3.65%, 12/01/27 (Call 09/01/27)

    12,261       11,556,885  

4.10%, 03/01/28 (Call 12/01/27)

    9,368       8,971,139  

4.90%, 02/08/26 (Call 02/08/24)(b)

    4,718       4,657,372  

5.35%, 10/15/25 (Call 09/15/25)(b)

    3,690       3,684,806  

Fresenius Medical Care U.S. Finance II Inc., 4.75%, 10/15/24 (Call 07/17/24)(a)(b)

    3,910       3,839,273  

Fresenius Medical Care U.S. Finance III Inc., 1.88%, 12/01/26 (Call 11/01/26)(a)

    6,205       5,423,906  

HCA Inc.

   

4.50%, 02/15/27 (Call 08/15/26)(b)

    8,730       8,441,929  

5.20%, 06/01/28 (Call 05/01/28)

    10,720       10,563,392  

5.25%, 04/15/25

    10,336       10,237,863  

5.25%, 06/15/26 (Call 12/15/25)

    11,276       11,138,963  

5.38%, 02/01/25

    18,963       18,840,045  

5.38%, 09/01/26 (Call 03/01/26)

    6,984       6,933,380  

5.88%, 02/15/26 (Call 08/15/25)(b)

    10,835       10,849,776  

7.69%, 06/15/25

    2,380       2,447,678  

Health Care Service Corp. A Mutual Legal Reserve Co., 1.50%, 06/01/25
(Call 05/01/25)(a)(b)

    5,546       5,130,647  

Highmark Inc., 1.45%, 05/10/26 (Call 04/10/26)(a)

    4,131       3,694,024  

Humana Inc.

   

1.35%, 02/03/27 (Call 01/03/27)

    6,768       5,952,916  
 

 

 

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

    149  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

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

3.85%, 10/01/24 (Call 07/01/24)(b)

  $  5,013     $ 4,910,010  

3.95%, 03/15/27 (Call 12/15/26)(b)

    4,659       4,473,146  

4.50%, 04/01/25 (Call 03/01/25)

    5,307       5,228,194  

5.70%, 03/13/26 (Call 03/13/24)

    180       180,020  

5.75%, 03/01/28 (Call 02/01/28)

    1,460       1,486,421  

IQVIA Inc., 5.70%, 05/15/28 (Call 04/15/28)(a)

    4,675       4,657,642  

Kaiser Foundation Hospitals, 3.15%, 05/01/27 (Call 02/01/27)(b)

    1,650       1,556,813  

Laboratory Corp. of America Holdings

   

1.55%, 06/01/26 (Call 05/01/26)(b)

    4,560       4,102,996  

2.30%, 12/01/24 (Call 11/01/24)

    3,602       3,446,677  

3.60%, 02/01/25 (Call 11/01/24)

    8,620       8,361,281  

3.60%, 09/01/27 (Call 06/01/27)(b)

    3,961       3,753,439  

Mercy Health/OH, Series 2018, 4.30%, 07/01/28 (Call 01/01/28)(b)

    155       148,197  

PeaceHealth Obligated Group, Series 2020, 1.38%, 11/15/25 (Call 08/15/25)(b)

    1,961       1,786,920  

Premier Health Partners, Series G, 2.91%, 11/15/26 (Call 05/15/26)

    872       782,269  

Providence St Joseph Health Obligated Group, Series H, 2.75%, 10/01/26 (Call 07/01/26)(b)

    945       868,864  

Quest Diagnostics Inc.

   

3.45%, 06/01/26 (Call 03/01/26)

    4,906       4,682,019  

3.50%, 03/30/25 (Call 12/30/24)

    5,454       5,276,889  

Roche Holdings Inc.

   

0.99%, 03/05/26 (Call 02/05/26)(a)(b)

    5,667       5,140,449  

2.13%, 03/10/25 (Call 02/10/25)(a)(b)

    6,975       6,660,981  

2.31%, 03/10/27 (Call 02/10/27)(a)(b)

    8,947       8,208,132  

2.38%, 01/28/27 (Call 10/28/26)(a)(b)

    6,193       5,706,624  

2.63%, 05/15/26 (Call 02/15/26)(a)(b)

    7,535       7,103,222  

3.00%, 11/10/25 (Call 08/10/25)(a)(b)

    3,532       3,381,261  

3.35%, 09/30/24 (Call 06/30/24)(a)(b)

    1,654       1,618,899  

SSM Health Care Corp., Series A, 3.82%, 06/01/27 (Call 03/01/27)(b)

    505       479,376  

Sutter Health, Series 20A, 1.32%, 08/15/25 (Call 05/15/25)

    653       599,826  

UnitedHealth Group Inc.

   

3.70%, 05/15/27 (Call 04/15/27)(b)

    5,045       4,849,804  

1.15%, 05/15/26 (Call 04/15/26)(b)

    7,527       6,809,411  

1.25%, 01/15/26(b)

    3,974       3,635,312  

2.95%, 10/15/27

    7,993       7,412,434  

3.10%, 03/15/26

    7,355       7,025,957  

3.38%, 04/15/27

    5,351       5,074,628  

3.45%, 01/15/27

    6,764       6,457,681  

3.70%, 12/15/25(b)

    2,693       2,607,434  

3.75%, 07/15/25

    15,383       14,988,562  

3.85%, 06/15/28(b)

    6,206       5,948,797  

5.00%, 10/15/24

    5,265       5,248,819  

5.15%, 10/15/25(b)

    5,674       5,670,552  

5.25%, 02/15/28 (Call 01/15/28)(b)

    7,904       8,056,564  

Universal Health Services Inc., 1.65%, 09/01/26 (Call 08/01/26)

    5,375       4,774,285  

UPMC, Series D-1, 3.60%, 04/03/25(b)

    3,090       2,982,033  
   

 

 

 
       383,893,011  
Holding Companies - Diversified — 1.0%  

Ares Capital Corp.

   

2.15%, 07/15/26 (Call 06/15/26)(b)

    7,745       6,806,348  

2.88%, 06/15/27 (Call 05/15/27)(b)

    2,996       2,635,620  

2.88%, 06/15/28 (Call 04/15/28)

    5,910       4,984,192  

3.25%, 07/15/25 (Call 06/15/25)(b)

    10,019       9,394,593  
Security   Par (000)     Value  
Holding Companies - Diversified (continued)            

3.88%, 01/15/26 (Call 12/15/25)

  $  8,686     $  8,124,511  

4.25%, 03/01/25 (Call 01/01/25)

    4,493       4,322,071  

Bain Capital Specialty Finance Inc.

   

2.55%, 10/13/26 (Call 09/13/26)(b)

    2,850       2,463,881  

2.95%, 03/10/26 (Call 02/10/26)

    3,299       2,952,982  

Barings BDC Inc., 3.30%, 11/23/26
(Call 10/13/26)(b)

    2,700       2,385,539  

Blackstone Private Credit Fund

   

2.35%, 11/22/24(b)

    3,460       3,269,716  

2.63%, 12/15/26 (Call 11/15/26)

    9,207       7,919,548  

2.70%, 01/15/25 (Call 11/15/24)(b)

    3,935       3,723,313  

3.25%, 03/15/27 (Call 02/15/27)

    7,405       6,448,223  

4.70%, 03/24/25(b)

    7,360       7,154,070  

7.05%, 09/29/25(b)

    7,103       7,152,148  

Blackstone Secured Lending Fund

   

2.13%, 02/15/27 (Call 01/15/27)(b)

    4,774       4,048,335  

2.75%, 09/16/26 (Call 08/19/26)

    5,293       4,665,318  

3.63%, 01/15/26 (Call 12/15/25)

    7,235       6,702,101  

Blue Owl Capital Corp.

   

2.63%, 01/15/27 (Call 12/15/26)

    3,402       2,948,111  

2.88%, 06/11/28 (Call 04/11/28)

    2,415       1,995,343  

3.40%, 07/15/26 (Call 06/15/26)

    7,537       6,788,603  

3.75%, 07/22/25 (Call 06/22/25)

    3,878       3,636,196  

4.00%, 03/30/25 (Call 02/28/25)(b)

    3,595       3,419,953  

4.25%, 01/15/26 (Call 12/15/25)(b)

    4,074       3,815,349  

Blue Owl Credit Income Corp.

   

3.13%, 09/23/26 (Call 08/23/26)

    2,890       2,545,898  

4.70%, 02/08/27 (Call 01/08/27)(b)

    3,845       3,524,011  

5.50%, 03/21/25

    4,053       3,928,860  

7.75%, 09/16/27 (Call 08/16/27)

    3,465       3,442,098  

Blue Owl Technology Finance Corp.

   

2.50%, 01/15/27 (Call 12/15/26)

    2,645       2,224,823  

3.75%, 06/17/26 (Call 05/17/26)(a)(b)

    2,801       2,477,440  

4.75%, 12/15/25 (Call 11/15/25)(a)(b)

    5,131       4,745,969  

CK Hutchison International 16 Ltd., 2.75%, 10/03/26(a)

    4,630       4,283,244  

CK Hutchison International 17 II Ltd., 3.25%, 09/29/27(a)(b)

    4,925       4,557,881  

CK Hutchison International 17 Ltd., 3.50%, 04/05/27(a)(b)

    2,869       2,712,217  

CK Hutchison International 21 Ltd., 1.50%, 04/15/26 (Call 03/15/26)(a)(b)

    5,625       5,089,722  

CK Hutchison International 23 Ltd., 4.75%, 04/21/28(a)

    5,660       5,527,208  

Franklin BSP Lending Corp., 3.25%, 03/30/26 (Call 02/28/26)(b)

    2,850       2,565,051  

FS KKR Capital Corp.

   

1.65%, 10/12/24

    4,235       3,993,867  

2.63%, 01/15/27 (Call 12/15/26)

    3,566       3,077,197  

3.25%, 07/15/27 (Call 06/15/27)(b)

    2,277       1,976,216  

3.40%, 01/15/26 (Call 12/15/25)

    8,273       7,586,032  

4.13%, 02/01/25 (Call 01/01/25)(b)

    3,201       3,077,427  

4.25%, 02/14/25 (Call 01/14/25)(a)(b)

    3,703       3,541,177  

Goldman Sachs BDC Inc.

   

2.88%, 01/15/26 (Call 12/15/25)(b)

    5,295       4,918,598  

3.75%, 02/10/25 (Call 01/10/25)(b)

    4,060       3,929,058  

Golub Capital BDC Inc.

   

2.05%, 02/15/27 (Call 01/15/27)

    3,336       2,819,979  

2.50%, 08/24/26 (Call 07/24/26)

    1,960       1,722,325  
 

 

 

150  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Holding Companies - Diversified (continued)  

Hutchison Whampoa International 14 Ltd., 3.63%, 10/31/24(a)

  $  4,534     $ 4,422,781  

Main Street Capital Corp., 3.00%, 07/14/26 (Call 06/14/26)

    4,363       3,869,215  

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

    1,444       1,347,234  

Oaktree Specialty Lending Corp.

   

2.70%, 01/15/27 (Call 12/15/26)(b)

    1,691       1,469,986  

3.50%, 02/25/25 (Call 01/25/25)(b)

    3,468       3,301,417  

Owl Rock Capital Corp. II, 4.63%, 11/26/24 (Call 10/25/24)(a)

    2,968       2,848,179  

Owl Rock Capital Corp. III, 3.13%, 04/13/27

    2,259       1,935,416  

Prospect Capital Corp.

   

3.36%, 11/15/26 (Call 10/15/26)(b)

    2,550       2,208,412  

3.71%, 01/22/26 (Call 12/22/25)(b)

    3,983       3,610,046  

Sixth Street Specialty Lending Inc.

   

2.50%, 08/01/26 (Call 07/01/26)(b)

    2,290       2,022,663  

3.88%, 11/01/24 (Call 10/01/24)(b)

    4,303       4,171,961  
   

 

 

 
       233,229,672  
Home Builders — 0.2%  

DR Horton Inc.

   

1.30%, 10/15/26 (Call 09/15/26)

    4,877       4,299,779  

1.40%, 10/15/27 (Call 08/15/27)(b)

    665       571,163  

2.50%, 10/15/24 (Call 09/15/24)

    4,346       4,189,138  

2.60%, 10/15/25 (Call 09/15/25)(b)

    4,379       4,112,911  

Lennar Corp.

   

4.75%, 05/30/25 (Call 02/28/25)

    3,097       3,040,254  

4.75%, 11/29/27 (Call 05/29/27)

    6,393       6,198,801  

5.00%, 06/15/27 (Call 12/15/26)

    2,160       2,127,115  

5.25%, 06/01/26 (Call 12/01/25)(b)

    3,540       3,522,146  

PulteGroup Inc.

   

5.00%, 01/15/27 (Call 10/15/26)(b)

    4,228       4,165,572  

5.50%, 03/01/26 (Call 12/01/25)

    3,923       3,915,211  

Toll Brothers Finance Corp.

   

4.35%, 02/15/28 (Call 11/15/27)(b)

    2,858       2,681,984  

4.88%, 11/15/25 (Call 08/15/25)(b)

    1,749       1,709,385  

4.88%, 03/15/27 (Call 12/15/26)

    3,880       3,766,316  
   

 

 

 
      44,299,775  
Home Furnishings — 0.0%  

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

    3,126       3,037,271  

Leggett & Platt Inc.

   

3.50%, 11/15/27 (Call 08/15/27)

    3,990       3,678,209  

3.80%, 11/15/24 (Call 08/15/24)(b)

    1,215       1,184,450  

Whirlpool Corp., 3.70%, 05/01/25

    864       837,337  
   

 

 

 
      8,737,267  
Household Products & Wares — 0.2%  

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

    2,835       2,665,111  

Clorox Co. (The)

   

3.10%, 10/01/27 (Call 07/01/27)

    1,485       1,372,807  

3.90%, 05/15/28 (Call 02/15/28)

    5,122       4,864,522  

Kimberly-Clark Corp.

   

1.05%, 09/15/27 (Call 07/15/27)

    1,663       1,435,965  

2.65%, 03/01/25(b)

    1,830       1,761,662  

2.75%, 02/15/26(b)

    2,936       2,797,027  

3.05%, 08/15/25(b)

    3,015       2,899,920  
Security  

Par

(000)

    Value  
Household Products & Wares (continued)  

Reckitt Benckiser Treasury Services PLC, 3.00%, 06/26/27 (Call 03/26/27)(a)

  $  18,361     $ 17,096,537  
   

 

 

 
       34,893,551  
Insurance — 3.8%            

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

    3,930       3,692,628  

Aflac Inc.

   

1.13%, 03/15/26 (Call 02/15/26)

    4,755       4,285,922  

2.88%, 10/15/26 (Call 07/15/26)(b)

    4,287       3,998,053  

AIA Group Ltd.

   

3.20%, 03/11/25 (Call 12/11/24)(a)(b)

    2,816       2,719,143  

3.90%, 04/06/28 (Call 01/06/28)(a)

    325       309,502  

5.63%, 10/25/27 (Call 09/25/27)(a)(b)

    7,220       7,375,750  

AIG Global Funding, 0.90%, 09/22/25(a)

    983       891,965  

Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/25 (Call 07/29/25)(b)

    2,279       2,186,537  

Allstate Corp. (The)

   

0.75%, 12/15/25 (Call 11/15/25)

    6,276       5,662,769  

3.28%, 12/15/26 (Call 09/15/26)(b)

    4,485       4,237,535  

American Equity Investment Life Holding Co., 5.00%, 06/15/27 (Call 03/15/27)(b)

    3,999       3,834,486  

American International Group Inc.

   

2.50%, 06/30/25 (Call 05/30/25)

    8,548       8,091,334  

3.90%, 04/01/26 (Call 01/01/26)

    6,702       6,469,423  

4.20%, 04/01/28 (Call 01/01/28)

    4,420       4,219,325  

Series A-9, 5.75%, 04/01/48 (Call 04/01/28), (3-mo. LIBOR US + 2.868%)(c)

    3,360       3,172,682  

Aon Corp., 8.21%, 01/01/27

    881       925,031  

Aon Global Ltd.

   

2.85%, 05/28/27 (Call 04/28/27)(b)

    5,586       5,142,627  

3.88%, 12/15/25 (Call 09/15/25)

    7,843       7,583,043  

Arch Capital Finance LLC, 4.01%, 12/15/26 (Call 09/15/26)(b)

    3,714       3,544,117  

Assurant Inc., 4.90%, 03/27/28 (Call 12/27/27)

    555       535,801  

Athene Global Funding

   

1.45%, 01/08/26(a)(b)

    3,343       2,980,027  

1.61%, 06/29/26(a)(b)

    4,105       3,564,435  

1.72%, 01/07/25(a)

    6,343       5,941,266  

1.73%, 10/02/26(a)(b)

    4,164       3,624,353  

1.99%, 08/19/28(a)

    50       41,377  

2.45%, 08/20/27(a)(b)

    2,985       2,608,012  

2.50%, 01/14/25(a)(b)

    5,019       4,749,684  

2.50%, 03/24/28(a)(b)

    5,425       4,647,251  

2.55%, 06/29/25(a)(b)

    2,607       2,402,487  

2.95%, 11/12/26(a)(b)

    4,352       3,934,471  

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

    6,975       6,514,945  

AXIS Specialty Finance PLC, 4.00%, 12/06/27 (Call 09/06/27)(b)

    420       394,074  

Berkshire Hathaway Finance Corp., 2.30%, 03/15/27 (Call 02/15/27)(b)

    7,940       7,357,669  

Berkshire Hathaway Inc., 3.13%, 03/15/26 (Call 12/15/25)

    19,827       19,010,549  

Brighthouse Financial Global Funding

   

1.55%, 05/24/26(a)(b)

    4,620       4,115,728  

1.75%, 01/13/25(a)(b)

    4,104       3,867,299  

2.00%, 06/28/28(a)

    2,000       1,682,974  

Brighthouse Financial Inc., 3.70%, 06/22/27 (Call 03/22/27)(b)

    4,402       4,069,582  
 

 

 

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

    151  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Brown & Brown Inc., 4.20%, 09/15/24 (Call 06/15/24)(b)

  $ 5,826     $ 5,717,329  

Chubb INA Holdings Inc.

   

3.15%, 03/15/25

    5,245       5,070,874  

3.35%, 05/03/26 (Call 02/03/26)(b)

    12,831       12,299,520  

CNA Financial Corp.

   

3.45%, 08/15/27 (Call 05/15/27)(b)

    3,716       3,468,896  

4.50%, 03/01/26 (Call 12/01/25)(b)

    5,440       5,303,244  

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

    4,291       4,200,918  

CNO Global Funding

   

1.65%, 01/06/25(a)

    3,579       3,353,775  

1.75%, 10/07/26(a)(b)

    5,728       5,084,799  

Corebridge Financial Inc.

   

3.50%, 04/04/25 (Call 03/04/25)

    9,445       9,076,292  

3.65%, 04/05/27 (Call 03/05/27)

    10,872       10,227,190  

6.88%, 12/15/52 (Call 09/15/27), (5-year CMT + 3.846%)(b)(c)

    7,014       6,819,488  

Corebridge Global Funding, 5.75%, 07/02/26(a)

    10,270       10,222,327  

Dai-Ichi Life Insurance Co. Ltd. (The)

   

4.00%, (Call 07/24/26), (3-mo. SOFR + 3.922%)(a)(b)(c)(d)

    8,495       7,996,938  

5.10%, 10/29/49 (Call 10/28/24), (3-mo. LIBOR US + 3.680%)(a)(b)(c)(d)

    2,750       2,695,410  

Empower Finance 2020 LP, 1.36%, 09/17/27 (Call 07/17/27)(a)

    210       181,210  

Enstar Finance LLC, 5.50%, 01/15/42 (Call 01/15/27), (5-year CMT + 4.006%)(c)

    25       19,754  

Equitable Financial Life Global Funding

   

1.00%, 01/09/26(a)

    3,027       2,699,788  

1.10%, 11/12/24(a)(b)

    4,784       4,515,072  

1.30%, 07/12/26(a)(b)

    5,156       4,518,619  

1.40%, 07/07/25(a)(b)

    5,503       5,060,535  

1.40%, 08/27/27(a)(b)

    4,264       3,626,889  

1.70%, 11/12/26(a)(b)

    4,672       4,095,493  

1.80%, 03/08/28(a)(b)

    360       305,527  

5.45%, 03/03/28(a)(b)

    6,420       6,351,811  

5.50%, 12/02/25(a)(b)

    2,075       2,055,330  

Equitable Holdings Inc.

   

4.35%, 04/20/28 (Call 01/20/28)

     12,800        12,110,834  

7.00%, 04/01/28(b)

    465       490,264  

F&G Annuities & Life Inc., 7.40%, 01/13/28 (Call 12/13/27)(a)(b)

    3,225       3,280,387  

F&G Global Funding

   

0.90%, 09/20/24(a)

    4,624       4,347,178  

1.75%, 06/30/26(a)(b)

    5,896       5,243,021  

2.30%, 04/11/27(a)(b)

    4,325       3,824,213  

5.15%, 07/07/25(a)

    3,075       2,988,879  

Fairfax Financial Holdings Ltd., 4.85%, 04/17/28 (Call 01/17/28)

    3,505       3,375,557  

Farmers Exchange Capital,
7.05%, 07/15/28(a)(b)

    405       407,283  

Fidelity & Guaranty Life Holdings Inc., 5.50%, 05/01/25 (Call 02/01/25)(a)

    3,807       3,721,656  

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

    2,615       2,569,386  

GA Global Funding Trust

   

1.63%, 01/15/26(a)(b)

    5,591       4,998,850  

2.25%, 01/06/27(a)

    5,400       4,776,339  

3.85%, 04/11/25(a)(b)

    3,064       2,949,018  

Great-West Lifeco Finance 2018 LP, 4.05%, 05/17/28 (Call 02/17/28)(a)(b)

    2,030       1,927,385  
Security  

Par

(000)

    Value  
Insurance (continued)            

Great-West Lifeco U.S. Finance 2020 LP, 0.90%, 08/12/25 (Call 07/12/25)(a)

  $ 4,757     $ 4,298,897  

Guardian Life Global Funding

   

0.88%, 12/10/25(a)(b)

    4,724       4,239,146  

1.10%, 06/23/25(a)

    4,316       3,970,331  

1.25%, 05/13/26(a)(b)

    2,110       1,880,234  

1.25%, 11/19/27(a)

    3,938       3,384,225  

1.40%, 07/06/27(a)(b)

    25       21,815  

3.25%, 03/29/27(a)(b)

    3,270       3,045,490  

5.55%, 10/28/27(a)(b)

    3,327       3,352,119  

Hanover Insurance Group Inc. (The), 4.50%, 04/15/26 (Call 01/15/26)

    2,140        2,079,082  

Horace Mann Educators Corp., 4.50%, 12/01/25 (Call 09/01/25)

    339       325,662  

Jackson Financial Inc., 5.17%, 06/08/27 (Call 05/08/27)(b)

    906       888,029  

Jackson National Life Global Funding

   

1.75%, 01/12/25(a)(b)

    2,217       2,079,253  

3.05%, 04/29/26(a)

    2,868       2,642,250  

3.88%, 06/11/25(a)(b)

    3,833       3,658,823  

5.25%, 04/12/28(a)(b)

    2,135       2,020,718  

5.50%, 01/09/26(a)(b)

    4,370       4,287,831  

Jackson National Life Insurance Co., 8.15%, 03/15/27(a)

    5,655       5,934,052  

Kemper Corp., 4.35%, 02/15/25 (Call 11/15/24)

    4,310       4,186,681  

Lincoln National Corp.

   

3.35%, 03/09/25(b)

    2,731       2,619,532  

3.63%, 12/12/26 (Call 09/15/26)(b)

    3,880       3,634,818  

3.80%, 03/01/28 (Call 12/01/27)(b)

    3,595       3,289,990  

Loews Corp., 3.75%, 04/01/26 (Call 01/01/26)

    4,558       4,388,476  

Manulife Financial Corp.

   

2.48%, 05/19/27 (Call 03/19/27)(b)

    4,426       4,052,636  

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

    6,595       6,172,855  

4.15%, 03/04/26

    9,112       8,851,403  

Markel Group Inc., 3.50%, 11/01/27 (Call 08/01/27)(b)

    1,500       1,399,780  

Marsh & McLennan Companies Inc.

   

3.50%, 03/10/25 (Call 12/10/24)(b)

    5,467       5,308,171  

3.75%, 03/14/26 (Call 12/14/25)

    5,351       5,170,664  

MassMutual Global Funding II

   

1.20%, 07/16/26(a)(b)

    1,285       1,141,911  

2.35%, 01/14/27(a)(b)

    4,041       3,674,675  

2.80%, 03/21/25(a)(b)

    520       498,953  

2.95%, 01/11/25(a)(b)

    1,623       1,566,281  

3.40%, 03/08/26(a)(b)

    6,068       5,785,339  

4.15%, 08/26/25(a)(b)

    4,087       3,986,494  

4.50%, 04/10/26(a)(b)

    3,475       3,412,661  

5.05%, 12/07/27(a)(b)

    5,170       5,145,924  

5.05%, 06/14/28(a)(b)

    7,195       7,137,297  

Meiji Yasuda Life Insurance Co., 5.20%, 10/20/45 (Call 10/20/25), (5-year USD
Swap + 4.230%)(a)(b)(c)

     14,820       14,415,835  

Mercury General Corp., 4.40%, 03/15/27 (Call 12/15/26)

    1,989       1,868,260  

Met Tower Global Funding

   

1.25%, 09/14/26(a)(b)

    4,136       3,647,834  

3.70%, 06/13/25(a)(b)

    3,000       2,893,186  

5.40%, 06/20/26(a)

    3,010       3,004,112  
 

 

 

152  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

MetLife Inc.

   

3.00%, 03/01/25

  $ 4,120     $ 3,974,882  

3.60%, 11/13/25 (Call 08/13/25)(b)

    5,560       5,377,929  

Metropolitan Life Global Funding I

   

0.70%, 09/27/24(a)(b)

    3,646       3,458,678  

0.95%, 07/02/25(a)(b)

    8,609       7,913,859  

1.88%, 01/11/27(a)(b)

    7,555       6,749,824  

2.80%, 03/21/25(a)(b)

    3,961       3,788,227  

3.00%, 09/19/27(a)(b)

    7,625       6,968,039  

3.45%, 12/18/26(a)(b)

    7,230       6,816,361  

4.05%, 08/25/25(a)(b)

    5,498       5,327,912  

4.40%, 06/30/27(a)(b)

    4,465       4,315,465  

5.00%, 01/06/26(a)(b)

    2,549       2,529,105  

5.05%, 01/06/28(a)(b)

    3,155       3,132,691  

Metropolitan Life Insurance Co., 7.80%, 11/01/25(a)(b)

    1,525       1,573,240  

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

    5       5,333  

Mutual of Omaha Cos Global Funding, 5.80%, 07/27/26(a)

    2,000        1,996,507  

New York Life Global Funding

   

0.85%, 01/15/26(a)(b)

    3,857       3,475,365  

0.90%, 10/29/24(a)

    925       877,128  

0.95%, 06/24/25(a)(b)

    4,653       4,293,413  

1.15%, 06/09/26(a)

    5,758       5,108,680  

1.45%, 01/14/25(a)(b)

    4,645       4,389,178  

2.00%, 01/22/25(a)(b)

    5,741       5,472,612  

2.35%, 07/14/26(a)(b)

    590       543,465  

3.00%, 01/10/28(a)

    1,345       1,230,848  

3.25%, 04/07/27(a)

    5,475       5,135,546  

3.60%, 08/05/25(a)(b)

    4,820       4,663,547  

4.70%, 04/02/26(a)(b)

    6,525       6,433,254  

4.85%, 01/09/28(a)(b)

     10,240       10,129,684  

4.90%, 06/13/28(a)

    5,623       5,559,555  

Nippon Life Insurance Co.

   

4.00%, 09/19/47 (Call 09/19/27), (5-year USD ICE Swap + 2.880%)(a)(b)(c)

    3,510       3,245,099  

4.70%, 01/20/46 (Call 01/20/26), (5-year USD ICE Swap + 3.750%)(a)(b)(c)

    8,324       8,011,334  

5.10%, 10/16/44 (Call 10/16/24), (5-year USD Swap + 3.650%)(a)(c)

    16,913       16,577,081  

Northwestern Mutual Global Funding

   

0.80%, 01/14/26(a)(b)

    4,773       4,290,071  

1.70%, 06/01/28(a)

    2,750       2,353,017  

1.75%, 01/11/27(a)

    5,743       5,130,610  

4.00%, 07/01/25(a)

    5,120       4,986,957  

4.35%, 09/15/27(a)

    5,575       5,414,198  

4.70%, 04/06/26(a)(b)

    5,385       5,316,236  

4.90%, 06/12/28(a)

    3,220       3,184,277  

Old Republic International Corp.

   

3.88%, 08/26/26 (Call 07/26/26)(b)

    4,843       4,602,642  

4.88%, 10/01/24 (Call 09/01/24)(b)

    4,517       4,454,254  

Pacific Life Global Funding II

   

1.20%, 06/24/25(a)(b)

    3,481       3,222,479  

1.38%, 04/14/26(a)(b)

    8,600       7,742,314  

1.45%, 01/20/28(a)(b)

    800       678,451  

4.90%, 04/04/28(a)(b)

    5,893       5,783,904  

5.50%, 08/28/26(a)(b)

    2,000       2,006,801  

5.50%, 07/18/28(a)

    3,610       3,621,175  
Security  

Par

(000)

    Value  
Insurance (continued)            

Pricoa Global Funding I

   

0.80%, 09/01/25(a)(b)

  $ 1,003     $ 913,259  

1.15%, 12/06/24(a)(b)

    4,715       4,455,196  

1.20%, 09/01/26(a)(b)

    7,118       6,305,285  

2.40%, 09/23/24(a)

    5,014       4,829,677  

4.20%, 08/28/25(a)(b)

    415       404,532  

5.10%, 05/30/28(a)(b)

     3,830       3,840,515  

5.55%, 08/28/26(a)

    175       176,281  

Principal Financial Group Inc.

   

3.10%, 11/15/26 (Call 08/15/26)(b)

    2,965       2,758,083  

3.40%, 05/15/25 (Call 02/15/25)(b)

    3,570       3,438,442  

Principal Life Global Funding, 1.38%, 01/10/25(a)(b)

    4,235       3,994,087  

Principal Life Global Funding II

   

0.88%, 01/12/26(a)

    3,920       3,512,790  

1.25%, 06/23/25(a)(b)

    4,242       3,907,937  

1.25%, 08/16/26(a)(b)

    6,000       5,281,144  

1.50%, 11/17/26(a)(b)

    4,235       3,722,645  

2.25%, 11/21/24(a)

    2,997       2,862,989  

3.00%, 04/18/26(a)

    5,191       4,841,999  

5.50%, 06/28/28(a)(b)

    3,570       3,550,857  

Progressive Corp. (The)

   

2.45%, 01/15/27(b)

    3,664       3,375,637  

2.50%, 03/15/27 (Call 02/15/27)(b)

    3,900       3,587,208  

Protective Life Global Funding

   

1.17%, 07/15/25(a)(b)

    2,127       1,950,394  

1.30%, 09/20/26(a)

    4,900       4,306,184  

1.62%, 04/15/26(a)(b)

    3,602       3,249,984  

1.65%, 01/13/25(a)

    4,061       3,840,633  

3.22%, 03/28/25(a)(b)

    4,475       4,299,272  

4.71%, 07/06/27(a)

    2,255       2,195,987  

5.21%, 04/14/26(a)(b)

    3,355       3,308,371  

5.37%, 01/06/26(a)(b)

    4,960       4,937,763  

Prudential Financial Inc.

   

1.50%, 03/10/26 (Call 02/10/26)

    9,280        8,498,205  

3.88%, 03/27/28 (Call 12/27/27)(b)

    3,643       3,469,143  

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

    3,745       3,360,090  

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

    7,916       7,739,735  

Prudential Insurance Co. of America (The), 8.30%, 07/01/25(a)(b)

    1,595       1,646,040  

Reinsurance Group of America Inc., 3.95%, 09/15/26 (Call 06/15/26)(b)

    4,089       3,892,619  

Reliance Standard Life Global Funding II

   

1.51%, 09/28/26(a)

    6,083       5,300,466  

2.50%, 10/30/24(a)

    4,835       4,618,960  

2.75%, 05/07/25(a)(b)

    3,128       2,942,330  

2.75%, 01/21/27(a)

    915       820,910  

4.93%, 09/01/27(a)

    100       96,008  

5.24%, 02/02/26(a)

    40       39,078  

RenaissanceRe Finance Inc.

   

3.45%, 07/01/27 (Call 04/01/27)

    455       422,265  

3.70%, 04/01/25 (Call 01/01/25)(b)

    2,278       2,213,436  

RGA Global Funding, 2.00%, 11/30/26(a)(b)

    1,815       1,614,931  

Sammons Financial Group Inc., 4.45%, 05/12/27 (Call 02/12/27)(a)(b)

    1,525       1,412,651  

SBL Holdings Inc., 5.13%, 11/13/26
(Call 09/13/26)(a)(b)

    3,474       3,115,305  

Sirius International Group Ltd., 4.60%, 11/01/26 (Call 08/01/26)(a)

    1,535       1,343,125  
 

 

 

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

    153  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Swiss Re America Holding Corp., 7.00%, 02/15/26(b)

  $ 150     $ 153,966  

Teachers Insurance & Annuity Association of America, 4.38%, 09/15/54 (Call 09/15/24), (3-mo. LIBOR US + 2.661%)(a)(c)

    4,295       4,178,153  

Trinity Acquisition PLC, 4.40%, 03/15/26 (Call 12/15/25)

    4,524       4,369,690  

Unum Group, 3.88%, 11/05/25(b)

    2,000       1,909,524  

Willis North America Inc., 4.65%, 06/15/27 (Call 05/15/27)(b)

    6,115       5,921,793  
   

 

 

 
       872,509,660  
Internet — 1.7%  

Alibaba Group Holding Ltd.

   

3.40%, 12/06/27 (Call 09/06/27)(b)

     15,040       13,963,461  

3.60%, 11/28/24 (Call 08/28/24)(b)

    16,846       16,401,395  

Alphabet Inc.

   

0.45%, 08/15/25 (Call 07/15/25)

    6,794       6,235,416  

0.80%, 08/15/27 (Call 06/15/27)(b)

    7,500       6,505,673  

2.00%, 08/15/26 (Call 05/15/26)

    12,040       11,142,999  

Amazon.com Inc.

   

0.80%, 06/03/25 (Call 05/03/25)

    8,753       8,127,885  

1.00%, 05/12/26 (Call 04/12/26)

    19,442       17,569,773  

1.20%, 06/03/27 (Call 04/03/27)

    9,236       8,131,554  

1.65%, 05/12/28 (Call 03/12/28)

    11,420       9,978,007  

3.00%, 04/13/25

    10,875       10,524,883  

3.15%, 08/22/27 (Call 05/22/27)

    25,335       23,823,576  

3.30%, 04/13/27 (Call 03/13/27)

    14,500       13,802,046  

3.80%, 12/05/24 (Call 09/05/24)

    9,666       9,492,543  

4.55%, 12/01/27 (Call 11/01/27)

    18,369       18,296,564  

4.60%, 12/01/25

    9,272       9,202,500  

4.70%, 11/29/24

    13,355       13,270,723  

5.20%, 12/03/25 (Call 09/03/25)

    6,797       6,817,755  

Baidu Inc.

   

1.63%, 02/23/27 (Call 01/23/27)(b)

    2,140       1,886,960  

1.72%, 04/09/26 (Call 03/09/26)(b)

    3,115       2,821,509  

3.08%, 04/07/25 (Call 03/07/25)(b)

    5,453       5,228,664  

3.63%, 07/06/27(b)

    3,740       3,511,342  

4.13%, 06/30/25(b)

    2,005       1,948,501  

4.38%, 03/29/28 (Call 12/29/27)(b)

    4,250       4,073,820  

Booking Holdings Inc.

   

3.55%, 03/15/28 (Call 12/15/27)(b)

    2,125       2,006,102  

3.60%, 06/01/26 (Call 03/01/26)

    8,289       7,974,527  

3.65%, 03/15/25 (Call 12/15/24)

    4,383       4,271,566  

eBay Inc.

   

1.40%, 05/10/26 (Call 04/10/26)

    7,132       6,429,048  

1.90%, 03/11/25 (Call 02/11/25)

    6,558       6,211,861  

3.60%, 06/05/27 (Call 03/05/27)

    6,142       5,798,790  

5.90%, 11/22/25 (Call 10/22/25)

    1,445       1,456,833  

5.95%, 11/22/27 (Call 10/22/27)(b)

    2,153       2,207,159  

Expedia Group Inc.

   

3.80%, 02/15/28 (Call 11/15/27)(b)

    6,245       5,820,719  

4.63%, 08/01/27 (Call 05/01/27)

    5,896       5,719,081  

5.00%, 02/15/26 (Call 11/15/25)

    6,135       6,063,410  

6.25%, 05/01/25 (Call 02/01/25)(a)

    8,212       8,247,586  

Meituan, 2.13%, 10/28/25 (Call 09/28/25)(a)(b)

    5,800       5,334,774  

Meta Platforms Inc.

   

3.50%, 08/15/27 (Call 07/15/27)

    21,069       20,079,655  

4.60%, 05/15/28 (Call 04/15/28)

    7,960       7,890,488  

Netflix Inc.

   

3.63%, 06/15/25 (Call 03/15/25)(a)(b)

    6,485       6,265,731  
Security  

Par

(000)

    Value  
Internet (continued)            

4.38%, 11/15/26

  $ 8,277     $ 8,043,055  

4.88%, 04/15/28

    9,053       8,913,128  

5.88%, 02/15/25(b)

    5,376       5,401,751  

Prosus NV

   

3.26%, 01/19/27 (Call 12/19/26)(a)(b)

    4,250       3,817,088  

4.85%, 07/06/27 (Call 04/06/27)(a)

    396       372,133  

Tencent Holdings Ltd.

   

1.81%, 01/26/26 (Call 12/26/25)(a)

    4,499       4,131,243  

3.58%, 04/11/26 (Call 02/11/26)(a)

    4,170       3,978,404  

3.60%, 01/19/28 (Call 10/19/27)(a)

     14,850       13,765,900  

3.80%, 02/11/25(a)(b)

    4,335       4,220,079  

Tencent Music Entertainment Group,
1.38%, 09/03/25 (Call 08/03/25)(b)

    1,827       1,673,828  

VeriSign Inc.

   

4.75%, 07/15/27 (Call 10/02/23)(b)

    4,485       4,373,648  

5.25%, 04/01/25 (Call 01/01/25)

    4,853       4,816,629  
   

 

 

 
       388,041,765  
Iron & Steel — 0.2%  

ArcelorMittal SA

   

4.55%, 03/11/26(b)

    3,405       3,336,121  

6.55%, 11/29/27 (Call 10/29/27)

    9,995       10,250,506  

Gerdau Trade Inc., 4.88%, 10/24/27(a)

    625       602,713  

Nucor Corp.

   

2.00%, 06/01/25 (Call 05/01/25)

    3,753       3,530,665  

3.95%, 05/23/25

    3,875       3,768,619  

3.95%, 05/01/28 (Call 02/01/28)

    500       475,748  

4.30%, 05/23/27 (Call 04/23/27)(b)

    3,720       3,608,169  

POSCO

   

2.50%, 01/17/25(a)

    4,305       4,121,012  

4.38%, 08/04/25(a)

    4,000       3,903,380  

4.50%, 08/04/27(a)

    592       571,465  

5.63%, 01/17/26(a)

    300       299,833  

5.75%, 01/17/28(a)(b)

    8,800       8,867,267  

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

    3,571       3,281,308  

Steel Dynamics Inc.

   

1.65%, 10/15/27 (Call 08/15/27)(b)

    1,029       882,511  

2.40%, 06/15/25 (Call 05/15/25)

    3,798       3,574,371  

2.80%, 12/15/24 (Call 11/15/24)

    3,111       2,997,450  

5.00%, 12/15/26 (Call 10/02/23)

    2,210       2,168,331  

Vale Overseas Ltd., 6.25%, 08/10/26(b)

    265       269,655  
   

 

 

 
      56,509,124  
Leisure Time — 0.1%  

Harley-Davidson Financial Services Inc.

   

3.05%, 02/14/27 (Call 01/14/27)(a)(b)

    4,191       3,768,482  

3.35%, 06/08/25 (Call 05/08/25)(a)(b)

    5,135       4,882,013  

Series 144A, 6.50%, 03/10/28 (Call 02/10/28)(a)(b)

    5,150       5,164,689  

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

    3,497       3,355,082  
   

 

 

 
      17,170,266  
Lodging — 0.3%  

Hyatt Hotels Corp.

   

1.80%, 10/01/24 (Call 09/18/23)

    4,334       4,148,540  

4.85%, 03/15/26 (Call 12/15/25)

    3,458       3,390,312  

5.38%, 04/23/25 (Call 03/23/25)

    4,112       4,076,638  

5.75%, 01/30/27 (Call 12/30/26)

    3,550       3,553,466  

Marriott International Inc./MD

   

3.75%, 03/15/25 (Call 12/15/24)(b)

    2,394       2,321,878  
 

 

 

154  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Lodging (continued)            

3.75%, 10/01/25 (Call 07/01/25)

  $ 2,831     $ 2,729,337  

5.00%, 10/15/27 (Call 09/15/27)(b)

    9,276       9,187,689  

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

    4,876       4,883,353  

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

    5,622       5,282,510  

Series X, 4.00%, 04/15/28 (Call 01/15/28)

    1,130       1,062,526  

Sands China Ltd.

   

2.80%, 03/08/27 (Call 02/08/27)(b)

    5,008       4,361,219  

4.30%, 01/08/26 (Call 12/08/25)

    5,645       5,287,049  

5.38%, 08/08/25 (Call 06/08/25)

    12,632       12,213,374  

5.65%, 08/08/28 (Call 05/08/28)

    8,410       7,938,541  
   

 

 

 
       70,436,432  
Machinery — 1.3%            

Caterpillar Financial Services Corp.

   

0.80%, 11/13/25(b)

    7,759       7,067,799  

0.90%, 03/02/26

    5,823       5,268,737  

1.10%, 09/14/27

    4,416       3,819,615  

1.15%, 09/14/26(b)

    3,694       3,301,783  

1.45%, 05/15/25(b)

    6,069       5,690,273  

1.70%, 01/08/27(b)

    4,004       3,627,365  

2.15%, 11/08/24

    9,580       9,224,735  

2.40%, 08/09/26

    2,175       2,025,741  

3.25%, 12/01/24

    5,892       5,744,457  

3.40%, 05/13/25

    7,416       7,184,485  

3.60%, 08/12/27(b)

    5,108       4,884,865  

3.65%, 08/12/25

    7,908       7,679,902  

4.35%, 05/15/26(b)

    8,685       8,548,117  

4.80%, 01/06/26

    6,910       6,876,080  

4.90%, 01/17/25(b)

    8,170       8,138,054  

5.15%, 08/11/25(b)

    4,680       4,676,895  

5.40%, 03/10/25

    898       900,536  

CNH Industrial Capital LLC

   

1.45%, 07/15/26 (Call 06/15/26)

    4,776       4,272,518  

1.88%, 01/15/26 (Call 12/15/25)

    3,761       3,454,209  

3.95%, 05/23/25

    4,131       4,010,874  

4.55%, 04/10/28 (Call 03/10/28)(b)

    5,385       5,208,805  

5.45%, 10/14/25(b)

    3,500       3,490,313  

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

    1,478       1,394,633  

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

    6,433       6,191,399  

Dover Corp., 3.15%, 11/15/25 (Call 08/15/25)(b)

     2,570       2,445,602  

John Deere Capital Corp.

   

0.70%, 01/15/26(b)

    7,200       6,517,045  

1.05%, 06/17/26(b)

    4,270       3,839,284  

1.25%, 01/10/25(b)

    6,869       6,509,131  

1.30%, 10/13/26(b)

    3,725       3,336,906  

1.50%, 03/06/28(b)

    1,165       1,007,722  

1.70%, 01/11/27(b)

    1,923       1,731,785  

1.75%, 03/09/27(b)

    3,635       3,265,310  

2.05%, 01/09/25(b)

    4,948       4,746,504  

2.13%, 03/07/25(b)

    4,898       4,674,903  

2.25%, 09/14/26(b)

    3,451       3,193,500  

2.35%, 03/08/27

    4,304       3,948,933  

2.65%, 06/10/26(b)

    4,270       4,009,832  

2.80%, 09/08/27(b)

    2,623       2,426,486  

3.05%, 01/06/28

    1,130       1,053,942  

3.40%, 06/06/25(b)

    7,955       7,710,444  

3.40%, 09/11/25

    3,145       3,037,734  

3.45%, 03/13/25

    7,155       6,967,375  

4.05%, 09/08/25

    5,705       5,590,446  

4.15%, 09/15/27(b)

    9,246       9,025,046  

4.55%, 10/11/24

    3,955       3,922,829  
Security  

Par

(000)

    Value  
Machinery (continued)            

4.75%, 06/08/26

  $ 4,325     $ 4,303,502  

4.75%, 01/20/28(b)

    7,556       7,522,283  

4.80%, 01/09/26

    8,230       8,182,320  

4.95%, 06/06/25(b)

    3,430       3,414,934  

4.95%, 07/14/28

    9,250       9,280,577  

5.05%, 03/03/26(b)

    2,180       2,182,275  

5.15%, 03/03/25(b)

    1,130       1,129,592  

Series MTN, 4.90%, 03/03/28

    5,440       5,457,808  

Komatsu Finance America Inc., 5.50%, 10/06/27 (Call 09/06/27)(a)(b)

    1,375       1,391,770  

nVent Finance Sarl, 4.55%, 04/15/28 (Call 01/15/28)(b)

    465       439,867  

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

    70       68,421  

Otis Worldwide Corp.

   

2.06%, 04/05/25 (Call 03/05/25)(b)

    9,965       9,442,519  

2.29%, 04/05/27 (Call 02/05/27)(b)

    3,126       2,838,687  

5.25%, 08/16/28 (Call 07/16/28)

    4,150       4,176,865  

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

    3,268       3,154,301  

Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)(a)

    660       596,216  

Westinghouse Air Brake Technologies Corp.

   

3.20%, 06/15/25 (Call 05/15/25)

    4,319       4,120,034  

3.45%, 11/15/26 (Call 08/15/26)

    4,484       4,215,692  

Xylem Inc./NY

   

1.95%, 01/30/28 (Call 11/30/27)

    2,713       2,380,146  

3.25%, 11/01/26 (Call 08/01/26)(b)

     3,819       3,593,591  
   

 

 

 
       289,534,349  
Machinery - Diversified — 0.0%            

Ingersoll Rand Inc., 5.40%, 08/14/28 (Call 07/14/28)(b)

    725       726,636  
   

 

 

 
Manufacturing — 0.6%            

3M Co.

   

2.00%, 02/14/25 (Call 01/14/25)

    5,704       5,418,108  

2.25%, 09/19/26 (Call 06/19/26)(b)

    5,608       5,162,142  

2.65%, 04/15/25 (Call 03/15/25)(b)

    3,463       3,303,822  

2.88%, 10/15/27 (Call 07/15/27)(b)

    6,394       5,885,466  

3.00%, 08/07/25(b)

    4,213       4,040,864  

Carlisle Companies Inc.

   

3.50%, 12/01/24 (Call 10/01/24)

    3,985       3,860,224  

3.75%, 12/01/27 (Call 09/01/27)(b)

    2,930       2,763,116  

Eaton Corp.

   

3.10%, 09/15/27 (Call 06/15/27)(b)

    2,422       2,270,691  

4.35%, 05/18/28 (Call 04/18/28)(b)

    1,915       1,880,292  

GE Capital Funding LLC, 3.45%, 05/15/25 (Call 04/15/25)(b)

    1,093       1,046,771  

GE Capital International Funding Co. Unlimited Co., 3.37%, 11/15/25(b)

    1,560       1,482,935  

Illinois Tool Works Inc., 2.65%, 11/15/26 (Call 08/15/26)(b)

    7,925       7,421,165  

Parker-Hannifin Corp.

   

3.25%, 03/01/27 (Call 12/01/26)(b)

    3,932       3,699,463  

3.30%, 11/21/24 (Call 08/21/24)(b)

    4,937       4,793,514  

4.25%, 09/15/27 (Call 08/15/27)

    8,773       8,510,439  

Siemens Financieringsmaatschappij NV

   

1.20%, 03/11/26(a)

    14,216       12,900,650  

1.70%, 03/11/28(a)(b)

    9,275       8,040,633  

2.35%, 10/15/26(a)(b)

    10,104       9,315,877  

3.25%, 05/27/25(a)(b)

    11,547       11,162,955  
 

 

 

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

    155  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Manufacturing (continued)            

3.40%, 03/16/27(a)(b)

  $ 10,036     $ 9,506,144  

6.13%, 08/17/26(a)(b)

    10,523       10,822,428  

Teledyne Technologies Inc.

   

1.60%, 04/01/26 (Call 03/01/26)(b)

    4,388       3,998,269  

2.25%, 04/01/28 (Call 02/01/28)

    4,655       4,058,440  

Textron Inc.

   

3.38%, 03/01/28 (Call 12/01/27)(b)

    419       383,483  

3.65%, 03/15/27 (Call 12/15/26)

    1,959       1,839,882  

3.88%, 03/01/25 (Call 12/01/24)

    2,350       2,288,983  

4.00%, 03/15/26 (Call 12/15/25)

    3,718       3,589,756  
   

 

 

 
       139,446,512  
Media — 1.4%            

Charter Communications Operating LLC/Charter Communications Operating Capital

   

3.75%, 02/15/28 (Call 11/15/27)

    7,060       6,460,378  

4.20%, 03/15/28 (Call 12/15/27)(b)

    9,176       8,546,643  

4.91%, 07/23/25 (Call 04/23/25)

    34,118       33,505,985  

Comcast Corp.

   

2.35%, 01/15/27 (Call 10/15/26)

    9,817       9,006,482  

3.15%, 03/01/26 (Call 12/01/25)(b)

    16,623       15,876,043  

3.15%, 02/15/28 (Call 11/15/27)(b)

    6,278       5,825,696  

3.30%, 02/01/27 (Call 11/01/26)

    9,424       8,914,547  

3.30%, 04/01/27 (Call 02/01/27)

    5,995       5,658,921  

3.38%, 08/15/25 (Call 05/15/25)

    11,965       11,556,647  

3.55%, 05/01/28 (Call 02/01/28)(b)

    10,115       9,551,392  

3.95%, 10/15/25 (Call 08/15/25)

    22,423       21,840,061  

5.25%, 11/07/25

    5,375       5,381,964  

5.35%, 11/15/27 (Call 10/15/27)(b)

    8,657       8,778,449  

Cox Communications Inc.

   

3.35%, 09/15/26 (Call 06/15/26)(a)

    7,841       7,376,578  

3.50%, 08/15/27 (Call 05/15/27)(a)

    5,134       4,760,449  

3.85%, 02/01/25 (Call 11/01/24)(a)

    3,428       3,329,617  

Discovery Communications LLC

   

3.45%, 03/15/25 (Call 12/15/24)

    2,674       2,573,187  

3.90%, 11/15/24 (Call 08/15/24)

    4,162       4,039,520  

3.95%, 06/15/25 (Call 03/15/25)

    3,899       3,767,992  

3.95%, 03/20/28 (Call 12/20/27)(b)

     11,550       10,742,040  

4.90%, 03/11/26 (Call 12/11/25)(b)

    6,478       6,367,182  

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

    3,770       3,475,095  

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

    7,566       7,273,961  

Paramount Global

   

2.90%, 01/15/27 (Call 10/15/26)(b)

    5,977       5,387,027  

3.38%, 02/15/28 (Call 11/15/27)

    2,125       1,886,362  

3.70%, 06/01/28 (Call 03/01/28)

    2,905       2,602,758  

4.00%, 01/15/26 (Call 10/15/25)(b)

    7,702       7,394,594  

4.75%, 05/15/25 (Call 04/15/25)

    6,383       6,254,075  

TCI Communications Inc.

   

7.13%, 02/15/28

    950       1,021,096  

7.88%, 02/15/26(b)

    4,256       4,505,907  

Thomson Reuters Corp., 3.35%, 05/15/26 (Call 02/15/26)

    4,529       4,300,983  

TWDC Enterprises 18 Corp.

   

1.85%, 07/30/26(b)

    8,091       7,410,678  

2.95%, 06/15/27(b)

    5,255       4,931,329  

3.00%, 02/13/26

    8,202       7,808,958  

3.15%, 09/17/25(b)

    6,454       6,196,417  

Walt Disney Co. (The)

   

1.75%, 01/13/26

    11,830       10,950,250  

2.20%, 01/13/28(b)

    6,307       5,685,059  
Security  

Par

(000)

    Value  
Media (continued)            

3.35%, 03/24/25

  $ 15,675     $ 15,209,956  

3.38%, 11/15/26 (Call 08/15/26)

    4,764       4,527,776  

3.70%, 09/15/24 (Call 06/15/24)

    3,018       2,959,730  

3.70%, 10/15/25 (Call 07/15/25)

    5,431       5,272,978  

3.70%, 03/23/27(b)

    4,568       4,401,792  
   

 

 

 
      313,316,554  
Metal Fabricate & Hardware — 0.0%            

Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)

    6,977       6,751,359  
   

 

 

 
Mining — 0.6%            

Alcoa Nederland Holding BV

   

5.50%, 12/15/27 (Call 10/02/23)(a)(b)

    6,850       6,616,665  

6.13%, 05/15/28 (Call 10/02/23)(a)(b)

    2,770       2,737,761  

Anglo American Capital PLC

   

2.25%, 03/17/28 (Call 01/17/28)(a)

    3,855       3,319,180  

4.00%, 09/11/27(a)(b)

    5,255       4,961,661  

4.50%, 03/15/28 (Call 12/15/27)(a)

    5,060       4,819,339  

4.75%, 04/10/27(a)

    5,192       5,034,991  

4.88%, 05/14/25(a)(b)

    5,182       5,097,861  

BHP Billiton Finance USA Ltd.

   

4.75%, 02/28/28 (Call 01/28/28)(b)

    8,393       8,319,904  

4.88%, 02/27/26

    6,560       6,514,073  

6.42%, 03/01/26(b)

    2,331       2,393,544  

Corp. Nacional del Cobre de Chile

   

3.63%, 08/01/27 (Call 05/01/27)(a)

    9,141       8,481,913  

4.50%, 09/16/25(a)

    300       293,208  

Freeport Indonesia PT, 4.76%, 04/14/27 (Call 03/14/27)(a)

    6,160       5,916,035  

Freeport-McMoRan Inc.

   

4.13%, 03/01/28 (Call 10/02/23)

    2,777       2,575,785  

4.38%, 08/01/28 (Call 10/02/23)

    4,000       3,711,040  

4.55%, 11/14/24 (Call 08/14/24)

    5,750       5,652,595  

5.00%, 09/01/27 (Call 10/02/23)(b)

    4,670       4,486,113  

Glencore Funding LLC

   

1.63%, 09/01/25 (Call 08/01/25)(a)

    7,404       6,850,577  

1.63%, 04/27/26 (Call 03/27/26)(a)(b)

    4,480       4,061,036  

3.88%, 10/27/27 (Call 07/27/27)(a)(b)

    1,648       1,542,851  

4.00%, 04/16/25(a)(b)

    4,861       4,740,674  

4.00%, 03/27/27 (Call 12/27/26)(a)

    6,955       6,611,701  

5.40%, 05/08/28 (Call 04/08/28)(a)

    8,265       8,185,158  

Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT, 4.75%, 05/15/25 (Call 04/15/25)(a)(b)

     10,813       10,597,192  

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

    3,778       3,644,602  

Newcastle Coal Infrastructure Group Pty Ltd., 4.40%, 09/29/27 (Call 06/29/27)(a)(b)

    790       717,348  

Rio Tinto Finance USA Ltd., 7.13%, 07/15/28

    330       360,476  

Southern Copper Corp., 3.88%, 04/23/25(b)

    4,664       4,527,290  

Yamana Gold Inc., 4.63%, 12/15/27 (Call 09/15/27)

    2,120       2,008,114  
   

 

 

 
       134,778,687  
Office & Business Equipment — 0.1%  

CDW LLC/CDW Finance Corp.

   

2.67%, 12/01/26 (Call 11/01/26)

    7,660       6,943,525  

4.13%, 05/01/25 (Call 10/02/23)

    4,751       4,592,507  

4.25%, 04/01/28 (Call 10/02/23)(b)

    3,895       3,600,187  

5.50%, 12/01/24 (Call 06/01/24)

    6,190       6,150,632  
   

 

 

 
      21,286,851  
 

 

 

156  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas — 3.2%            

AKER BP ASA, 5.60%, 06/13/28 (Call 05/13/28)(a)

  $ 3,670     $ 3,638,179  

BP Capital Markets America Inc.

   

3.02%, 01/16/27 (Call 10/16/26)

    6,777       6,356,757  

3.12%, 05/04/26 (Call 02/04/26)(b)

    7,272       6,914,189  

3.41%, 02/11/26 (Call 12/11/25)

    7,505       7,214,140  

3.54%, 04/06/27 (Call 02/06/27)

    3,876       3,698,974  

3.59%, 04/14/27 (Call 01/14/27)

    4,386       4,183,620  

3.80%, 09/21/25 (Call 07/21/25)(b)

    7,581       7,383,971  

BP Capital Markets PLC

   

3.28%, 09/19/27 (Call 06/19/27)

    9,604       9,044,345  

4.38%, (Call 06/22/25), (5-year CMT + 4.036%)(b)(c)(d)

    18,047       17,266,467  

Canadian Natural Resources Ltd.

   

2.05%, 07/15/25 (Call 06/15/25)

    5,468       5,122,524  

3.85%, 06/01/27 (Call 03/01/27)(b)

    9,865       9,332,562  

3.90%, 02/01/25 (Call 11/01/24)

    5,185       5,038,999  

Cenovus Energy Inc., 4.25%, 04/15/27 (Call 01/15/27)(b)

    1,672       1,606,033  

Chevron Corp.

   

1.55%, 05/11/25 (Call 04/11/25)

    18,532       17,432,433  

2.00%, 05/11/27 (Call 03/11/27)(b)

    7,629       6,916,497  

2.95%, 05/16/26 (Call 02/16/26)

    13,773       13,126,316  

3.33%, 11/17/25 (Call 08/17/25)(b)

    7,660       7,406,638  

Chevron USA Inc.

   

0.69%, 08/12/25 (Call 07/12/25)

    6,648       6,117,680  

1.02%, 08/12/27 (Call 06/12/27)

    5,799       5,033,050  

3.85%, 01/15/28 (Call 10/15/27)(b)

    4,020       3,885,469  

3.90%, 11/15/24 (Call 08/15/24)

    6,859       6,746,741  

CNOOC Finance 2015 USA LLC, 3.50%, 05/05/25

     16,475        15,949,417  

ConocoPhillips Co., 2.40%, 03/07/25 (Call 09/11/23)(b)

    1,138       1,090,719  

Continental Resources Inc./OK

   

2.27%, 11/15/26 (Call 11/15/23)(a)

    6,356       5,673,250  

4.38%, 01/15/28 (Call 10/15/27)

    7,708       7,255,567  

Coterra Energy Inc., 3.90%, 05/15/27 (Call 02/15/27)(b)

    5,813       5,526,734  

Devon Energy Corp.

   

5.25%, 09/15/24 (Call 06/15/24)(b)

    6,209       6,169,898  

5.25%, 10/15/27 (Call 09/11/23)(b)

    3,100       3,072,004  

5.85%, 12/15/25 (Call 09/15/25)

    4,866       4,891,162  

5.88%, 06/15/28 (Call 09/11/23)

    220       220,309  

Diamondback Energy Inc., 3.25%, 12/01/26 (Call 10/01/26)(b)

    6,568       6,177,674  

Empresa Nacional del Petroleo, 3.75%, 08/05/26 (Call 05/05/26)(a)

    3,377       3,173,003  

Eni USA Inc., 7.30%, 11/15/27

    3,802       4,080,620  

EOG Resources Inc.

   

3.15%, 04/01/25 (Call 01/01/25)

    5,589       5,405,115  

4.15%, 01/15/26 (Call 10/15/25)(b)

    6,366       6,232,363  

EQT Corp.

   

3.13%, 05/15/26 (Call 10/02/23)(a)

    3,421       3,180,788  

3.90%, 10/01/27 (Call 07/01/27)

    8,195       7,652,145  

5.70%, 04/01/28 (Call 03/01/28)

    3,643       3,626,838  

6.13%, 02/01/25 (Call 01/01/25)(b)

    4,980       4,969,074  

Equinor ASA

   

1.75%, 01/22/26 (Call 12/22/25)(b)

    14,528       13,466,709  

2.88%, 04/06/25 (Call 03/06/25)(b)

    23,572       22,739,088  

3.00%, 04/06/27 (Call 02/06/27)(b)

    6,384       5,977,021  

3.25%, 11/10/24(b)

    12,050       11,731,697  

6.80%, 01/15/28(b)

    610       644,405  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

7.15%, 11/15/25(b)

  $ 2,534     $ 2,605,448  

7.25%, 09/23/27(b)

    1,069       1,159,563  

Exxon Mobil Corp.

   

2.28%, 08/16/26 (Call 06/16/26)

    7,733       7,201,555  

2.71%, 03/06/25 (Call 12/06/24)

    13,622       13,134,223  

2.99%, 03/19/25 (Call 02/19/25)

    21,099       20,427,392  

3.04%, 03/01/26 (Call 12/01/25)(b)

    18,136       17,327,595  

3.29%, 03/19/27 (Call 01/19/27)

    7,906       7,540,830  

GS Caltex Corp., 4.50%, 01/05/26(a)

    2,000       1,945,717  

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

    8,207       7,895,158  

HF Sinclair Corp., 5.88%, 04/01/26 (Call 01/01/26)(b)

    6,705       6,737,743  

KazMunayGas National Co. JSC, 4.75%, 04/19/27(a)(b)

    6,250       5,875,000  

Kunlun Energy Co. Ltd., 3.75%, 05/13/25(a)

    200       194,119  

Lundin Energy Finance BV, 2.00%, 07/15/26 (Call 06/15/26)(a)

    6,034       5,416,396  

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

    7,758       7,392,974  

Marathon Petroleum Corp.

   

3.63%, 09/15/24 (Call 06/15/24)

    6,713       6,566,207  

3.80%, 04/01/28 (Call 01/01/28)

    1,420       1,326,335  

4.70%, 05/01/25 (Call 04/01/25)

    10,076       9,899,929  

5.13%, 12/15/26 (Call 09/15/26)(b)

    6,184       6,156,333  

Occidental Petroleum Corp.

   

3.40%, 04/15/26 (Call 01/15/26)(b)

    470       440,584  

5.50%, 12/01/25 (Call 09/01/25)(b)

    3,335       3,300,433  

5.55%, 03/15/26 (Call 12/15/25)(b)

    6,240       6,187,459  

5.88%, 09/01/25 (Call 06/01/25)

    2,455       2,449,390  

8.50%, 07/15/27 (Call 01/15/27)(b)

    4,025       4,350,421  

Ovintiv Inc.

   

5.38%, 01/01/26 (Call 10/01/25)

    4,548       4,513,672  

5.65%, 05/15/25

    4,815       4,801,401  

5.65%, 05/15/28 (Call 04/15/28)

    5,310       5,269,369  

Pertamina Persero PT, 1.40%, 02/09/26 (Call 01/09/26)(a)(b)

    6,784       6,126,147  

Petroliam Nasional Bhd, 7.63%, 10/15/26(a)(b)

    2,073       2,211,281  

Petronas Capital Ltd., 3.50%, 03/18/25(a)

     12,358       11,970,992  

Petronas Energy Canada Ltd., 2.11%, 03/23/28 (Call 01/23/28)(a)(b)

    4,905       4,333,063  

Phillips 66

   

1.30%, 02/15/26 (Call 01/15/26)

    4,637       4,209,224  

3.85%, 04/09/25 (Call 03/09/25)

    5,627       5,475,168  

3.90%, 03/15/28 (Call 12/15/27)

    4,612       4,367,082  

Phillips 66 Co.

   

2.45%, 12/15/24 (Call 11/15/24)

    3,392       3,257,545  

3.55%, 10/01/26 (Call 07/01/26)

    3,589       3,397,034  

3.61%, 02/15/25 (Call 11/15/24)

    3,429       3,333,284  

3.75%, 03/01/28 (Call 12/01/27)

    5,150       4,847,270  

4.95%, 12/01/27 (Call 11/01/27)

    4,696       4,648,432  

Pioneer Natural Resources Co.

   

1.13%, 01/15/26 (Call 12/15/25)

    2,253       2,042,363  

5.10%, 03/29/26(b)

    5,455       5,412,589  

PTTEP Treasury Center Co. Ltd., 2.59%, 06/10/27 (Call 04/10/27)(a)(b)

    250       226,883  

Qatar Energy, 1.38%, 09/12/26 (Call 08/12/26)(a)

    12,813        11,485,573  

Raizen Fuels Finance SA, 5.30%, 01/20/27(a)

    356       347,709  

Ras Laffan Liquefied Natural Gas Co. Ltd. 3

   

5.84%, 09/30/27(a)

    1,934       1,933,882  

6.33%, 09/30/27(a)

    4,315       4,321,833  
 

 

 

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

    157  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

Reliance Industries Ltd.

   

3.67%, 11/30/27(a)

  $ 505     $ 473,608  

4.13%, 01/28/25(a)(b)

    5,906       5,775,577  

SA Global Sukuk Ltd., 1.60%, 06/17/26 (Call 05/17/26)(a)

    13,330       12,074,714  

Saudi Arabian Oil Co., 1.63%, 11/24/25 (Call 10/24/25)(a)(b)

    11,241       10,313,618  

Shell International Finance BV

   

2.00%, 11/07/24 (Call 10/07/24)(b)

    10,348       9,949,717  

2.50%, 09/12/26

    8,391       7,805,088  

2.88%, 05/10/26(b)

    13,215       12,532,145  

3.25%, 05/11/25

     21,042       20,369,826  

Sinopec Group Overseas Development 2015 Ltd., 3.25%, 04/28/25(a)

    11,026       10,632,372  

Sinopec Group Overseas Development 2016 Ltd.

   

2.75%, 09/29/26(a)(b)

    5,538       5,132,713  

3.50%, 05/03/26(a)(b)

    5,782       5,523,535  

Sinopec Group Overseas Development 2017 Ltd.

   

3.25%, 09/13/27(a)(b)

    5,280       4,939,482  

3.63%, 04/12/27(a)(b)

    4,564       4,375,014  

Sinopec Group Overseas Development 2018 Ltd.

   

1.45%, 01/08/26 (Call 12/08/25)(a)(b)

    9,162       8,381,235  

2.15%, 05/13/25 (Call 04/13/25)(a)(b)

    10,069       9,505,420  

2.50%, 11/12/24 (Call 10/12/24)(a)

    6,920       6,664,203  

4.13%, 09/12/25(a)

    3,687       3,593,350  

Suncor Energy Inc., 7.88%, 06/15/26(b)

    1,225       1,293,417  

Tengizchevroil Finance Co. International Ltd.

   

2.63%, 08/15/25 (Call 05/15/25)(a)

    3,972       3,590,752  

4.00%, 08/15/26(a)(b)

    5,320       4,810,238  

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

    10,165       9,774,760  

Valero Energy Corp.

   

2.15%, 09/15/27 (Call 07/15/27)(b)

    4,051       3,607,244  

2.85%, 04/15/25 (Call 03/15/25)

    630       601,712  

3.40%, 09/15/26 (Call 06/15/26)(b)

    406       384,280  

4.35%, 06/01/28 (Call 03/01/28)(b)

    3,896       3,727,981  

Var Energi ASA

   

5.00%, 05/18/27 (Call 04/18/27)(a)

    2,025       1,934,518  

7.50%, 01/15/28 (Call 12/15/27)(a)

    7,206       7,482,638  

Woodside Finance Ltd.

   

3.65%, 03/05/25 (Call 12/05/24)(a)

    9,103       8,781,963  

3.70%, 09/15/26 (Call 06/15/26)(a)

    5,484       5,174,884  

3.70%, 03/15/28 (Call 12/15/27)(a)(b)

    5,845       5,378,038  
   

 

 

 
       741,017,826  
Oil & Gas Services — 0.2%        

Baker Hughes Holdings LLC/Baker Hughes

   

Co-Obligor Inc.

   

2.06%, 12/15/26 (Call 11/15/26)

    5,216       4,717,974  

3.34%, 12/15/27 (Call 09/15/27)

    9,735       9,027,732  

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

    4,143       4,040,006  

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

    4,192       3,876,819  

Schlumberger Holdings Corp.

   

3.90%, 05/17/28 (Call 02/17/28)(a)

    2,670       2,531,912  

4.00%, 12/21/25 (Call 09/21/25)(a)(b)

    4,426       4,308,435  

Schlumberger Investment SA, 4.50%, 05/15/28 (Call 04/15/28)

    8,840       8,677,788  
   

 

 

 
      37,180,666  
Security  

Par

(000)

    Value  
Packaging & Containers — 0.4%  

Amcor Finance USA Inc.

   

3.63%, 04/28/26 (Call 01/28/26)(b)

  $ 5,171     $ 4,901,669  

4.50%, 05/15/28 (Call 02/15/28)(b)

    705       672,980  

Amcor Flexibles North America Inc.

   

3.10%, 09/15/26 (Call 06/15/26)(b)

    2,973       2,726,003  

4.00%, 05/17/25 (Call 04/17/25)

    4,202       4,073,986  

Berry Global Inc.

   

1.57%, 01/15/26 (Call 12/15/25)

     11,066       10,064,134  

1.65%, 01/15/27 (Call 12/15/26)(b)

    2,540       2,202,387  

4.88%, 07/15/26 (Call 10/02/23)(a)

    9,436       9,107,521  

5.50%, 04/15/28 (Call 03/15/28)(a)(b)

    3,755       3,691,593  

Brambles USA Inc., 4.13%, 10/23/25 (Call 07/25/25)(a)(b)

    2,359       2,279,737  

CCL Industries Inc., 3.25%, 10/01/26 (Call 07/01/26)(a)

    2,140       1,962,575  

Graphic Packaging International LLC, 1.51%, 04/15/26 (Call 03/15/26)(a)(b)

    3,102       2,782,032  

Packaging Corp. of America

   

3.40%, 12/15/27 (Call 09/15/27)(b)

    2,870       2,675,627  

3.65%, 09/15/24 (Call 06/15/24)

    2,851       2,789,886  

Sealed Air Corp., 1.57%, 10/15/26 (Call 09/15/26)(a)(b)

    4,863       4,274,506  

Silgan Holdings Inc., 1.40%, 04/01/26 (Call 03/01/26)(a)

    4,490       4,003,273  

Sonoco Products Co.

   

1.80%, 02/01/25 (Call 09/11/23)

    4,030       3,798,508  

2.25%, 02/01/27 (Call 01/01/27)

    2,975       2,659,207  

WRKCo Inc.

   

3.00%, 09/15/24 (Call 07/15/24)

    2,745       2,657,518  

3.38%, 09/15/27 (Call 06/15/27)

    3,260       3,006,793  

3.75%, 03/15/25 (Call 01/15/25)

    6,108       5,924,318  

3.90%, 06/01/28 (Call 03/01/28)

    650       603,119  

4.00%, 03/15/28 (Call 12/15/27)

    4,955       4,632,349  

4.65%, 03/15/26 (Call 01/15/26)(b)

    5,589       5,440,138  
   

 

 

 
       86,929,859  
Pharmaceuticals — 3.6%            

AbbVie Inc.

   

2.60%, 11/21/24 (Call 10/21/24)

    27,944       26,961,660  

2.95%, 11/21/26 (Call 09/21/26)

    28,841       26,997,276  

3.20%, 05/14/26 (Call 02/14/26)

    15,340       14,583,226  

3.60%, 05/14/25 (Call 02/14/25)

    27,949       27,104,848  

3.80%, 03/15/25 (Call 12/15/24)

    23,311       22,698,656  

Astrazeneca Finance LLC

   

1.20%, 05/28/26 (Call 04/28/26)

    9,465       8,544,703  

1.75%, 05/28/28 (Call 03/28/28)

    6,689       5,804,806  

4.88%, 03/03/28 (Call 02/03/28)

    7,140       7,116,465  

AstraZeneca PLC

   

0.70%, 04/08/26 (Call 03/08/26)(b)

    8,993       8,056,203  

3.13%, 06/12/27 (Call 03/12/27)

    4,877       4,568,385  

3.38%, 11/16/25

    14,608       14,040,333  

Bayer Corp., 6.65%, 02/15/28(a)(b)

    570       590,968  

Bayer U.S. Finance II LLC

   

4.25%, 12/15/25 (Call 10/15/25)(a)

    19,825       19,200,150  

5.50%, 08/15/25(a)(b)

    1,066       1,044,877  

Bayer U.S. Finance LLC, 3.38%, 10/08/24(a)

    14,369       13,980,436  

Becton Dickinson and Co.

   

3.70%, 06/06/27 (Call 03/06/27)

    11,044       10,471,332  

3.73%, 12/15/24 (Call 09/15/24)

    8,116       7,919,545  

4.69%, 02/13/28 (Call 01/13/28)

    6,048       5,939,959  
 

 

 

158  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

Bristol-Myers Squibb Co.

   

0.75%, 11/13/25 (Call 10/13/25)

  $ 8,093     $ 7,373,601  

1.13%, 11/13/27 (Call 09/13/27)(b)

    7,369       6,397,117  

3.20%, 06/15/26 (Call 04/15/26)

    13,045       12,444,236  

3.25%, 02/27/27(b)

    4,543       4,344,753  

3.45%, 11/15/27 (Call 08/15/27)(b)

    2,525       2,401,758  

3.90%, 02/20/28 (Call 11/20/27)

    11,870       11,395,495  

6.80%, 11/15/26(b)

    425       447,830  

Cardinal Health Inc.

   

3.41%, 06/15/27 (Call 03/15/27)(b)

    9,117       8,538,566  

3.50%, 11/15/24 (Call 08/15/24)

    3,985       3,871,359  

3.75%, 09/15/25 (Call 06/15/25)(b)

    5,029       4,855,053  

Cencora Inc.

   

3.25%, 03/01/25 (Call 12/01/24)

    4,855       4,696,394  

3.45%, 12/15/27 (Call 09/15/27)

    5,390       5,064,505  

Cigna Group (The)

   

1.25%, 03/15/26 (Call 02/15/26)

    6,033       5,451,215  

3.05%, 10/15/27 (Call 07/15/27)

    2,246       2,070,164  

3.25%, 04/15/25 (Call 01/15/25)

    6,260       6,027,212  

3.40%, 03/01/27 (Call 12/01/26)

    9,739       9,156,585  

4.13%, 11/15/25 (Call 09/15/25)

    16,065       15,653,898  

4.50%, 02/25/26 (Call 11/27/25)

    9,317       9,128,044  

5.69%, 03/15/26 (Call 03/15/24)(b)

    800       800,960  

CVS Health Corp.

   

1.30%, 08/21/27 (Call 06/21/27)(b)

    18,295        15,750,667  

2.88%, 06/01/26 (Call 03/01/26)

    13,983       13,099,951  

3.00%, 08/15/26 (Call 06/15/26)(b)

    4,427       4,147,153  

3.63%, 04/01/27 (Call 02/01/27)

    4,031       3,815,416  

3.88%, 07/20/25 (Call 04/20/25)

    20,688       20,068,769  

4.10%, 03/25/25 (Call 01/25/25)

    6,992       6,841,150  

4.30%, 03/25/28 (Call 12/25/27)

    31,170       29,937,555  

5.00%, 12/01/24 (Call 09/01/24)(b)

    2,312       2,293,303  

5.00%, 02/20/26 (Call 01/20/26)

    12,272       12,177,596  

6.25%, 06/01/27

    7,262       7,473,469  

Eli Lilly & Co.

   

2.75%, 06/01/25 (Call 03/01/25)

    4,727       4,541,014  

3.10%, 05/15/27 (Call 02/15/27)(b)

    2,198       2,083,980  

5.00%, 02/27/26 (Call 02/27/24)

    100       100,031  

5.50%, 03/15/27(b)

    3,860       3,990,199  

EMD Finance LLC, 3.25%, 03/19/25 (Call 12/19/24)(a)

    12,893       12,424,682  

Evernorth Health Inc., 4.50%, 02/25/26 (Call 11/27/25)(b)

    2,255       2,200,727  

GlaxoSmithKline Capital Inc.

   

3.63%, 05/15/25

    8,181       7,976,293  

3.88%, 05/15/28

    11,435       11,025,362  

Johnson & Johnson

   

0.55%, 09/01/25 (Call 08/01/25)(b)

    7,481       6,848,583  

0.95%, 09/01/27 (Call 07/01/27)(b)

    7,500       6,541,247  

2.45%, 03/01/26 (Call 12/01/25)

    14,969       14,124,824  

2.63%, 01/15/25 (Call 11/15/24)(b)

    8,014       7,763,698  

2.90%, 01/15/28 (Call 10/15/27)(b)

    8,802       8,248,184  

2.95%, 03/03/27 (Call 12/03/26)

    8,023       7,598,302  

McKesson Corp.

   

0.90%, 12/03/25 (Call 11/03/25)(b)

    4,382       3,968,647  

1.30%, 08/15/26 (Call 07/15/26)(b)

    4,196       3,763,553  

3.95%, 02/16/28 (Call 11/16/27)

    130       124,015  

4.90%, 07/15/28 (Call 06/15/28)

    3,548       3,508,307  

5.25%, 02/15/26 (Call 02/15/24)

    3,598       3,584,666  
Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

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

  $ 7,041     $ 6,854,197  

Merck & Co. Inc.

   

0.75%, 02/24/26 (Call 01/24/26)(b)

    8,702       7,879,445  

1.70%, 06/10/27 (Call 05/10/27)(b)

    10,868       9,738,793  

2.75%, 02/10/25 (Call 11/10/24)

    18,964       18,334,203  

4.05%, 05/17/28 (Call 04/17/28)(b)

    3,535       3,450,092  

Merck Sharp & Dohme Corp., 6.40%, 03/01/28(b)

    215       226,960  

Mylan Inc., 4.55%, 04/15/28 (Call 01/15/28)

    5,675       5,342,919  

Novartis Capital Corp.

   

1.75%, 02/14/25 (Call 01/14/25)

    8,326       7,924,353  

2.00%, 02/14/27 (Call 12/14/26)

    9,237       8,434,266  

3.00%, 11/20/25 (Call 08/20/25)(b)

    12,615       12,066,649  

3.10%, 05/17/27 (Call 02/17/27)

    7,266       6,873,052  

Pfizer Inc.

   

0.80%, 05/28/25 (Call 04/28/25)

    4,142       3,841,946  

2.75%, 06/03/26

    10,380       9,797,023  

3.00%, 12/15/26(b)

    12,148       11,495,249  

Pfizer Investment Enterprises Pte Ltd.

   

4.45%, 05/19/26 (Call 04/19/26)

    24,418       24,023,575  

4.45%, 05/19/28 (Call 04/19/28)

    32,210       31,599,226  

Pfizer Investment Enterprises Pte. Ltd., 4.65%, 05/19/25

    23,680       23,425,628  

Sanofi, 3.63%, 06/19/28 (Call 03/19/28)

    165       159,307  

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

    21,708       20,390,530  

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

    16,581       15,672,525  

Viatris Inc.

   

1.65%, 06/22/25 (Call 05/22/25)

    6,039       5,587,858  

2.30%, 06/22/27 (Call 04/22/27)

    5,472       4,784,928  

Zoetis Inc.

   

3.00%, 09/12/27 (Call 06/12/27)(b)

    5,380       5,006,634  

3.90%, 08/20/28 (Call 05/20/28)(b)

    190       181,598  

4.50%, 11/13/25 (Call 08/13/25)(b)

    7,943       7,825,830  

5.40%, 11/14/25 (Call 10/14/25)

    3,545       3,545,641  
   

 

 

 
       826,226,343  
Pipelines — 2.7%  

Boardwalk Pipelines LP

   

4.45%, 07/15/27 (Call 04/15/27)

    4,245       4,047,150  

4.95%, 12/15/24 (Call 09/15/24)

    6,965       6,864,364  

5.95%, 06/01/26 (Call 03/01/26)

    4,552       4,559,738  

Cheniere Corpus Christi Holdings LLC

   

5.13%, 06/30/27 (Call 01/01/27)

    9,325       9,225,871  

5.88%, 03/31/25 (Call 10/02/24)

    13,729       13,682,312  

Colonial Pipeline Co., 3.75%, 10/01/25 (Call 07/01/25)(a)

    1,595       1,526,440  

Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., 4.15%, 08/15/26 (Call 05/15/26)(a)(b)

    3,041       2,901,366  

Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25)

    7,947       7,753,573  

Columbia Pipelines Holding Co. LLC

   

6.04%, 08/15/28 (Call 07/15/28)(a)

    15,085       15,225,954  

6.05%, 08/15/26 (Call 07/15/26)(a)(b)

    2,595       2,621,136  

DCP Midstream Operating LP

   

5.38%, 07/15/25 (Call 04/15/25)

    5,215       5,162,927  

5.63%, 07/15/27 (Call 04/15/27)

    4,716       4,721,032  

Enbridge Energy Partners LP, 5.88%, 10/15/25 (Call 07/15/25)

    4,338       4,358,400  
 

 

 

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

    159  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

Enbridge Inc.

   

1.60%, 10/04/26 (Call 09/04/26)(b)

  $ 4,028     $ 3,611,057  

2.50%, 01/15/25 (Call 12/15/24)

    4,313       4,131,358  

2.50%, 02/14/25

    4,505       4,304,003  

3.70%, 07/15/27 (Call 04/15/27)(b)

    5,366       5,055,073  

4.25%, 12/01/26 (Call 09/01/26)(b)

    5,317       5,132,648  

5.50%, 07/15/77 (Call 07/15/27), (3-mo. SOFR + 3.680%)(c)

    7,373       6,619,906  

5.97%, 03/08/26 (Call 03/08/24)(b)

    5,060       5,063,815  

6.25%, 03/01/78 (Call 03/01/28), (3-mo. SOFR + 3.903%)(b)(c)

    5,795       5,397,841  

7.38%, 01/15/83 (Call 01/15/28), (5-year CMT + 3.708%)(c)

    3,965       3,897,516  

Series 16-A, 6.00%, 01/15/77 (Call 01/15/27), (3-mo. SOFR + 4.152%)(b)(c)

    4,298       4,050,973  

Energy Transfer LP

   

2.90%, 05/15/25 (Call 04/15/25)

    7,988       7,591,823  

3.90%, 07/15/26 (Call 04/15/26)

    3,912       3,740,037  

4.00%, 10/01/27 (Call 07/01/27)

    4,749       4,462,261  

4.05%, 03/15/25 (Call 12/15/24)

    8,150       7,932,449  

4.20%, 04/15/27 (Call 01/15/27)

    4,586       4,368,176  

4.40%, 03/15/27 (Call 12/15/26)(b)

    5,346       5,127,184  

4.75%, 01/15/26 (Call 10/15/25)

    7,670       7,509,677  

4.95%, 05/15/28 (Call 02/15/28)

    5,491       5,334,299  

4.95%, 06/15/28 (Call 03/15/28)

    5,870       5,685,047  

5.50%, 06/01/27 (Call 03/01/27)(b)

    6,855       6,815,101  

5.55%, 02/15/28 (Call 01/15/28)(b)

    8,610       8,578,655  

5.95%, 12/01/25 (Call 09/01/25)

    3,637       3,641,157  

Enterprise Products Operating LLC

   

3.70%, 02/15/26 (Call 11/15/25)(b)

    6,818       6,575,216  

3.75%, 02/15/25 (Call 11/15/24)

     11,111       10,809,719  

3.95%, 02/15/27 (Call 11/15/26)

    5,380       5,172,944  

5.05%, 01/10/26

    5,970       5,940,024  

5.38%, 02/15/78 (Call 02/15/28), (3-mo. SOFR + 2.832%)(c)

    3,230       2,680,564  

Series E, 5.25%, 08/16/77 (Call 08/16/27), (3-mo. SOFR + 3.295%)(c)

    7,655       6,735,174  

Florida Gas Transmission Co. LLC, 4.35%, 07/15/25 (Call 04/15/25)(a)(b)

    3,271       3,182,959  

Galaxy Pipeline Assets Bidco Ltd., 1.75%, 09/30/27(a)

    304       280,580  

Gray Oak Pipeline LLC

   

2.60%, 10/15/25 (Call 09/15/25)(a)(b)

    4,842       4,477,544  

3.45%, 10/15/27 (Call 08/15/27)(a)

    1,670       1,493,757  

Gulfstream Natural Gas System LLC

   

4.60%, 09/15/25 (Call 06/15/25)(a)(b)

    3,051       2,949,623  

6.19%, 11/01/25(a)(b)

    2,813       2,802,733  

KazTransGas JSC, 4.38%, 09/26/27(a)(b)

    3,263       2,994,729  

Kinder Morgan Inc.

   

1.75%, 11/15/26 (Call 10/15/26)(b)

    4,128       3,691,170  

4.30%, 06/01/25 (Call 03/01/25)

    13,469       13,168,968  

4.30%, 03/01/28 (Call 12/01/27)(b)

    9,149       8,721,187  

Magellan Midstream Partners LP

   

3.20%, 03/15/25 (Call 12/15/24)

    1,215       1,165,725  

5.00%, 03/01/26 (Call 12/01/25)

    5,850       5,781,166  

MPLX LP

   

1.75%, 03/01/26 (Call 02/01/26)

    11,395       10,378,331  

4.00%, 02/15/25 (Call 11/15/24)(b)

    4,449       4,333,014  

4.00%, 03/15/28 (Call 12/15/27)(b)

    7,846       7,365,712  

4.13%, 03/01/27 (Call 12/01/26)

    9,861       9,441,364  
Security  

Par

(000)

    Value  
Pipelines (continued)            

4.25%, 12/01/27 (Call 09/01/27)

  $ 5,660     $ 5,385,817  

4.88%, 12/01/24 (Call 09/01/24)

    9,425       9,302,293  

4.88%, 06/01/25 (Call 03/01/25)

    9,135       8,986,744  

NGPL PipeCo LLC, 4.88%, 08/15/27 (Call 02/15/27)(a)

    5,550       5,316,530  

Northwest Pipeline LLC, 4.00%, 04/01/27 (Call 01/01/27)

    2,823       2,685,189  

ONEOK Inc.

   

2.20%, 09/15/25 (Call 08/15/25)

    3,246       3,020,466  

4.00%, 07/13/27 (Call 04/13/27)

    2,671       2,527,398  

4.55%, 07/15/28 (Call 04/15/28)

    4,490       4,281,341  

4.90%, 03/15/25 (Call 12/15/24)

    5,824       5,731,115  

5.55%, 11/01/26 (Call 10/01/26)

    7,665       7,667,623  

5.65%, 11/01/28 (Call 10/01/28)(b)

    7,300       7,310,661  

5.85%, 01/15/26 (Call 12/15/25)

    4,740       4,765,280  

Plains All American Pipeline LP/PAA Finance Corp.

   

3.60%, 11/01/24 (Call 08/01/24)

    9,006       8,767,670  

4.50%, 12/15/26 (Call 09/15/26)

    6,529       6,314,802  

4.65%, 10/15/25 (Call 07/15/25)

    7,977       7,779,510  

Sabal Trail Transmission LLC, 4.25%, 05/01/28 (Call 02/01/28)(a)

    430       408,498  

Sabine Pass Liquefaction LLC

   

4.20%, 03/15/28 (Call 09/15/27)

    9,683       9,169,944  

5.00%, 03/15/27 (Call 09/15/26)

    11,634       11,437,156  

5.63%, 03/01/25 (Call 12/01/24)

    17,375       17,318,401  

5.88%, 06/30/26 (Call 12/31/25)

    11,559        11,612,580  

Spectra Energy Partners LP

   

3.38%, 10/15/26 (Call 07/15/26)

    4,815       4,533,288  

3.50%, 03/15/25 (Call 12/15/24)(b)

    4,140       3,993,950  

Targa Resources Corp.

   

5.00%, 01/15/28 (Call 10/02/23)

    4,532       4,361,027  

5.20%, 07/01/27 (Call 06/01/27)

    5,988       5,928,441  

6.50%, 07/15/27 (Call 10/02/23)(b)

    6,757       6,791,799  

TC PipeLines LP

   

3.90%, 05/25/27 (Call 02/25/27)

    3,822       3,605,971  

4.38%, 03/13/25 (Call 12/13/24)(b)

    4,481       4,362,163  

Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/27

    2,452       2,551,953  

Texas Eastern Transmission LP, 3.50%, 01/15/28 (Call 10/15/27)(a)(b)

    391       361,051  

TransCanada PipeLines Ltd.

   

1.00%, 10/12/24 (Call 09/12/24)(b)

    11,820       11,209,607  

4.25%, 05/15/28 (Call 02/15/28)(b)

    9,963       9,485,100  

4.88%, 01/15/26 (Call 10/15/25)(b)

    7,998       7,898,535  

6.20%, 03/09/26 (Call 03/09/24)(b)

    1,224       1,225,231  

Transcanada Trust

   

5.30%, 03/15/77 (Call 03/15/27), (3 mo. LIBOR US + 3.208%)(b)(c)

    10,500       9,135,000  

5.63%, 05/20/75 (Call 05/20/25), (3-mo. LIBOR US + 3.528%)(b)(c)

    5,372       5,041,412  

Series 16-A, 5.88%, 08/15/76 (Call 08/15/26), (3 mo. LIBOR US + 4.640%)(c)

    8,745       8,064,226  

Transcontinental Gas Pipe Line Co. LLC

   

4.00%, 03/15/28 (Call 12/15/27)

    250       235,849  

7.85%, 02/01/26 (Call 11/01/25)(b)

    8,789       9,185,807  

Valero Energy Partners LP, 4.50%, 03/15/28 (Call 12/15/27)

    3,540       3,407,482  

Western Midstream Operating LP

   

3.10%, 02/01/25 (Call 01/01/25)

    3,525       3,375,729  

3.95%, 06/01/25 (Call 03/01/25)(b)

    2,350       2,267,683  

4.50%, 03/01/28 (Call 12/01/27)

    2,791       2,626,397  
 

 

 

160  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

4.65%, 07/01/26 (Call 04/01/26)

  $ 2,505     $ 2,422,715  

4.75%, 08/15/28 (Call 05/15/28)

    3,575       3,384,289  

Williams Companies Inc. (The)

   

3.75%, 06/15/27 (Call 03/15/27)

     11,870       11,173,489  

3.90%, 01/15/25 (Call 10/15/24)

    8,290       8,084,783  

4.00%, 09/15/25 (Call 06/15/25)

    7,474       7,238,114  

5.30%, 08/15/28 (Call 07/15/28)

    9,260       9,212,899  

5.40%, 03/02/26(b)

    4,895       4,887,205  
   

 

 

 
       616,682,735  
Private Equity — 0.0%            

Apollo Management Holdings LP, 4.40%, 05/27/26 (Call 02/27/26)(a)(b)

    3,609       3,455,751  
   

 

 

 
Real Estate — 0.1%            

Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24)(b)

    3,413       3,318,012  

CBRE Services Inc., 4.88%, 03/01/26 (Call 12/01/25)

    4,861       4,755,280  

GAIF Bond Issuer Pty Ltd., 3.40%, 09/30/26 (Call 06/30/26)(a)

    3,610       3,350,333  

Ontario Teachers’ Cadillac Fairview Properties Trust, 3.88%, 03/20/27 (Call 12/20/26)(a)

    5,496       5,087,037  
   

 

 

 
      16,510,662  
Real Estate Investment Trusts — 3.3%            

Agree LP, 2.00%, 06/15/28 (Call 04/15/28)(b)

    1,150       965,183  

Alexandria Real Estate Equities Inc.

   

3.45%, 04/30/25 (Call 02/28/25)(b)

    4,866       4,696,060  

3.80%, 04/15/26 (Call 02/15/26)(b)

    3,412       3,272,971  

3.95%, 01/15/27 (Call 10/15/26)

    2,015       1,906,716  

3.95%, 01/15/28 (Call 10/15/27)

    3,708       3,477,317  

4.30%, 01/15/26 (Call 10/15/25)(b)

    1,456       1,410,461  

American Homes 4 Rent LP, 4.25%, 02/15/28 (Call 11/15/27)

    3,420       3,235,599  

American Tower Corp.

   

1.30%, 09/15/25 (Call 08/15/25)(b)

    4,921       4,513,464  

1.45%, 09/15/26 (Call 08/15/26)

    4,732       4,192,913  

1.50%, 01/31/28 (Call 11/30/27)

    4,640       3,896,536  

1.60%, 04/15/26 (Call 03/15/26)

    5,837       5,271,124  

2.40%, 03/15/25 (Call 02/15/25)

    6,329       6,006,512  

2.75%, 01/15/27 (Call 11/15/26)(b)

    5,690       5,200,858  

2.95%, 01/15/25 (Call 12/15/24)

    5,782       5,557,952  

3.13%, 01/15/27 (Call 10/15/26)

    2,990       2,753,664  

3.38%, 10/15/26 (Call 07/15/26)

    6,998       6,555,352  

3.55%, 07/15/27 (Call 04/15/27)

    5,272       4,888,436  

3.60%, 01/15/28 (Call 10/15/27)

    4,982       4,598,134  

3.65%, 03/15/27 (Call 02/15/27)

    4,845       4,548,313  

4.00%, 06/01/25 (Call 03/01/25)

    6,143       5,958,012  

4.40%, 02/15/26 (Call 11/15/25)

    4,598       4,474,205  

5.25%, 07/15/28 (Call 06/15/28)

    4,515       4,446,385  

5.50%, 03/15/28 (Call 02/15/28)

    5,073       5,046,136  

AvalonBay Communities Inc.

   

2.90%, 10/15/26 (Call 07/15/26)(b)

    2,176       2,019,381  

2.95%, 05/11/26 (Call 02/11/26)(b)

    3,560       3,354,630  

3.20%, 01/15/28 (Call 10/15/27)

    3,515       3,241,448  

3.35%, 05/15/27 (Call 02/15/27)

    2,892       2,703,801  

3.45%, 06/01/25 (Call 03/03/25)

    4,081       3,947,413  

3.50%, 11/15/24 (Call 08/15/24)(b)

    2,300       2,247,055  

3.50%, 11/15/25 (Call 08/15/25)

    1,779       1,702,666  

Boston Properties LP

   

2.75%, 10/01/26 (Call 07/01/26)

    6,685       6,027,911  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

3.20%, 01/15/25 (Call 10/15/24)(b)

  $ 6,119     $ 5,867,719  

3.65%, 02/01/26 (Call 11/03/25)

    6,874       6,474,715  

6.75%, 12/01/27 (Call 11/01/27)(b)

    8,750       8,936,703  

Brandywine Operating Partnership LP

   

3.95%, 11/15/27 (Call 08/15/27)

    4,120       3,391,356  

4.10%, 10/01/24 (Call 07/01/24)

     2,241        2,139,651  

7.55%, 03/15/28 (Call 02/15/28)(b)

    1,345       1,261,150  

Brixmor Operating Partnership LP

   

2.25%, 04/01/28 (Call 02/01/28)

    2,000       1,699,511  

3.85%, 02/01/25 (Call 11/01/24)

    5,400       5,208,919  

3.90%, 03/15/27 (Call 12/15/26)(b)

    2,884       2,685,667  

4.13%, 06/15/26 (Call 03/15/26)(b)

    4,277       4,058,901  

Corporate Office Properties LP, 2.25%, 03/15/26 (Call 02/15/26)(b)

    2,716       2,452,977  

Crown Castle Inc., 5.00%, 01/11/28 (Call 12/11/27)

    7,330       7,195,792  

Crown Castle International Corp.

   

1.05%, 07/15/26 (Call 06/15/26)(b)

    7,840       6,930,217  

1.35%, 07/15/25 (Call 06/15/25)

    6,247       5,766,290  

2.90%, 03/15/27 (Call 02/15/27)

    6,929       6,360,577  

3.65%, 09/01/27 (Call 06/01/27)

    8,879       8,271,606  

3.70%, 06/15/26 (Call 03/15/26)(b)

    6,556       6,241,731  

3.80%, 02/15/28 (Call 11/15/27)

    3,629       3,375,242  

4.00%, 03/01/27 (Call 12/01/26)

    2,874       2,728,220  

4.45%, 02/15/26 (Call 11/15/25)

    7,797       7,593,678  

CubeSmart LP

   

3.13%, 09/01/26 (Call 06/01/26)

    1,450       1,336,340  

4.00%, 11/15/25 (Call 08/15/25)(b)

    1,216       1,162,888  

Digital Realty Trust LP

   

3.70%, 08/15/27 (Call 05/15/27)

    6,719       6,260,078  

4.45%, 07/15/28 (Call 04/15/28)(b)

    1,040       983,597  

5.55%, 01/15/28 (Call 12/15/27)(b)

    9,110       9,085,099  

EPR Properties

   

4.50%, 04/01/25 (Call 01/01/25)(b)

    2,000       1,916,641  

4.50%, 06/01/27 (Call 03/01/27)(b)

    3,175       2,859,748  

4.75%, 12/15/26 (Call 09/15/26)

    2,620       2,407,003  

4.95%, 04/15/28 (Call 01/15/28)(b)

    2,125       1,903,825  

Equinix Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    12,945       11,804,455  

1.25%, 07/15/25 (Call 06/15/25)

    1,441       1,328,986  

1.45%, 05/15/26 (Call 04/15/26)

    1,206       1,083,898  

1.55%, 03/15/28 (Call 01/15/28)

    1,505       1,272,062  

1.80%, 07/15/27 (Call 05/15/27)

    4,025       3,515,132  

2.00%, 05/15/28 (Call 03/15/28)

    2,815       2,404,746  

2.63%, 11/18/24 (Call 10/18/24)

    7,935       7,646,113  

2.90%, 11/18/26 (Call 09/18/26)

    4,514       4,171,619  

ERP Operating LP

   

2.85%, 11/01/26 (Call 08/01/26)(b)

    4,002       3,732,487  

3.25%, 08/01/27 (Call 05/01/27)

    2,905       2,681,608  

3.38%, 06/01/25 (Call 03/01/25)(b)

    2,221       2,142,414  

3.50%, 03/01/28 (Call 12/01/27)(b)

    4,235       3,946,161  

Essex Portfolio LP

   

1.70%, 03/01/28 (Call 01/01/28)(b)

    3,805       3,224,168  

3.38%, 04/15/26 (Call 01/15/26)(b)

    3,425       3,252,279  

3.50%, 04/01/25 (Call 01/01/25)

    4,245       4,101,740  

3.63%, 05/01/27 (Call 02/01/27)(b)

    2,541       2,367,388  

Extra Space Storage LP

   

3.50%, 07/01/26 (Call 04/01/26)

    4,532       4,248,556  

3.88%, 12/15/27 (Call 09/15/27)

    3,000       2,795,422  

5.70%, 04/01/28 (Call 03/01/28)(b)

    3,590       3,605,786  
 

 

 

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

    161  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Federal Realty Investment Trust

   

1.25%, 02/15/26 (Call 01/15/26)

  $ 5,385     $ 4,846,960  

3.25%, 07/15/27 (Call 04/15/27)(b)

    2,879       2,649,673  

Federal Realty OP LP, 5.38%, 05/01/28

    2,780       2,736,220  

GLP Capital LP/GLP Financing II Inc.

   

5.25%, 06/01/25 (Call 03/01/25)

    6,422       6,303,689  

5.38%, 04/15/26 (Call 01/15/26)

    6,905       6,761,105  

5.75%, 06/01/28 (Call 03/03/28)

    3,600       3,498,353  

Goodman U.S. Finance Three LLC, 3.70%, 03/15/28 (Call 12/15/27)(a)(b)

    555       503,719  

Healthcare Realty Holdings LP

   

3.50%, 08/01/26 (Call 05/01/26)

    4,570       4,266,217  

3.63%, 01/15/28 (Call 10/15/27)(b)

    190       171,396  

3.75%, 07/01/27 (Call 04/01/27)(b)

    3,491       3,238,001  

Healthpeak Properties Inc.

   

1.35%, 02/01/27 (Call 01/01/27)(b)

    4,270       3,743,548  

3.25%, 07/15/26 (Call 05/15/26)

    4,549       4,302,495  

3.40%, 02/01/25 (Call 11/01/24)(b)

    2,106       2,035,810  

4.00%, 06/01/25 (Call 03/01/25)(b)

    3,915       3,809,355  

Highwoods Realty LP

   

3.88%, 03/01/27 (Call 12/01/26)

    718       658,642  

4.13%, 03/15/28 (Call 12/15/27)

    2,710       2,435,451  

Host Hotels & Resorts LP

   

Series E, 4.00%, 06/15/25 (Call 03/15/25)

    3,857       3,722,984  

Series F, 4.50%, 02/01/26 (Call 11/01/25)(b)

    1,450       1,398,452  

Hudson Pacific Properties LP

   

3.95%, 11/01/27 (Call 08/01/27)(b)

    3,747       2,945,320  

5.95%, 02/15/28 (Call 01/15/28)

    645       545,422  

Kilroy Realty LP

   

3.45%, 12/15/24 (Call 09/15/24)

    3,469       3,346,701  

4.38%, 10/01/25 (Call 07/01/25)(b)

    2,345       2,229,334  

Kimco Realty Corp.

   

1.90%, 03/01/28 (Call 01/01/28)

    3,355       2,841,101  

2.80%, 10/01/26 (Call 07/01/26)(b)

    3,287       3,023,006  

3.25%, 08/15/26 (Call 05/15/26)

    1,975       1,832,575  

3.30%, 02/01/25 (Call 12/01/24)

    3,677       3,541,582  

3.80%, 04/01/27 (Call 01/01/27)

    2,940       2,749,570  

Kite Realty Group LP, 4.00%, 10/01/26 (Call 07/01/26)(b)

    2,281       2,083,380  

Kite Realty Group Trust, 4.00%, 03/15/25 (Call 12/15/24)(b)

    2,170       2,084,723  

Mid-America Apartments LP

   

1.10%, 09/15/26 (Call 08/15/26)(b)

    2,458       2,172,397  

3.60%, 06/01/27 (Call 03/01/27)

    2,720       2,574,119  

4.00%, 11/15/25 (Call 08/15/25)

    2,952       2,868,146  

4.20%, 06/15/28 (Call 03/15/28)

    2,040       1,939,264  

NNN REIT Inc.

   

3.50%, 10/15/27 (Call 07/15/27)(b)

    2,820       2,590,798  

3.60%, 12/15/26 (Call 09/15/26)(b)

     2,458        2,293,100  

4.00%, 11/15/25 (Call 08/15/25)(b)

    3,236       3,116,452  

Omega Healthcare Investors Inc.

   

4.50%, 01/15/25 (Call 10/15/24)

    3,293       3,211,019  

4.50%, 04/01/27 (Call 01/01/27)(b)

    4,806       4,545,852  

4.75%, 01/15/28 (Call 10/15/27)(b)

    3,955       3,714,075  

5.25%, 01/15/26 (Call 10/15/25)

    4,159       4,089,206  

Physicians Realty LP

   

3.95%, 01/15/28 (Call 10/15/27)

    2,660       2,436,247  

4.30%, 03/15/27 (Call 12/15/26)(b)

    2,836       2,708,123  

Piedmont Operating Partnership LP, 9.25%,

   

07/20/28 (Call 06/20/28)(b)

    2,550       2,608,207  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Prologis LP

   

2.13%, 04/15/27 (Call 02/15/27)(b)

  $ 3,414     $ 3,074,487  

3.25%, 06/30/26 (Call 03/30/26)

    2,509       2,378,634  

3.25%, 10/01/26 (Call 07/01/26)(b)

    2,379       2,247,223  

3.38%, 12/15/27 (Call 09/15/27)(b)

    3,135       2,921,474  

4.88%, 06/15/28 (Call 05/15/28)

    5,735       5,675,580  

Public Storage Operating Co.

   

0.88%, 02/15/26 (Call 01/15/26)

    3,510       3,163,663  

1.50%, 11/09/26 (Call 10/09/26)(b)

    4,615       4,153,569  

1.85%, 05/01/28 (Call 03/01/28)

    5,340       4,633,506  

3.09%, 09/15/27 (Call 06/15/27)(b)

    3,591       3,350,935  

Realty Income Corp.

   

0.75%, 03/15/26 (Call 02/15/26)(b)

    2,321       2,064,120  

2.20%, 06/15/28 (Call 04/15/28)(b)

    4,630       4,018,258  

3.00%, 01/15/27 (Call 10/15/26)(b)

    4,094       3,806,266  

3.40%, 01/15/28 (Call 11/15/27)

    5,510       5,110,345  

3.65%, 01/15/28 (Call 10/15/27)

    1,664       1,556,117  

3.88%, 04/15/25 (Call 02/15/25)(b)

    3,909       3,805,697  

3.95%, 08/15/27 (Call 05/15/27)

    5,010       4,777,246  

4.13%, 10/15/26 (Call 07/15/26)(b)

    6,214       6,005,266  

4.63%, 11/01/25 (Call 09/01/25)

    4,081       4,014,710  

4.88%, 06/01/26 (Call 03/01/26)(b)

    4,344       4,292,028  

5.05%, 01/13/26 (Call 01/13/24)(b)

    2,334       2,322,073  

Regency Centers LP

   

3.60%, 02/01/27 (Call 11/01/26)(b)

    3,735       3,520,541  

3.90%, 11/01/25 (Call 08/01/25)(b)

    2,035       1,934,261  

4.13%, 03/15/28 (Call 12/15/27)(b)

    2,270       2,130,891  

Retail Opportunity Investments Partnership LP, 4.00%, 12/15/24 (Call 09/15/24)(b)

    1,130       1,096,922  

Rexford Industrial Realty LP, 5.00%, 06/15/28 (Call 05/15/28)(b)

    2,320       2,251,837  

Sabra Health Care LP, 5.13%, 08/15/26 (Call 05/15/26)

    3,615       3,497,445  

Scentre Group Trust 1/Scentre Group Trust 2

   

3.25%, 10/28/25 (Call 07/30/25)(a)(b)

    3,742       3,540,695  

3.50%, 02/12/25 (Call 11/14/24)(a)

    4,855       4,688,027  

3.63%, 01/28/26 (Call 12/28/25)(a)(b)

    5,447       5,201,596  

3.75%, 03/23/27 (Call 12/23/26)(a)(b)

    3,335       3,136,675  

Scentre Group Trust 2, 4.75%, 09/24/80 (Call 06/24/26), (5-year CMT + 4.379%)(a)(c)

    9,465       8,506,669  

Simon Property Group LP

   

1.38%, 01/15/27 (Call 10/15/26)(b)

    6,715       5,921,144  

1.75%, 02/01/28 (Call 11/01/27)

    6,228       5,344,642  

3.25%, 11/30/26 (Call 08/30/26)

    2,459       2,305,561  

3.30%, 01/15/26 (Call 10/15/25)

    5,870       5,595,052  

3.38%, 10/01/24 (Call 07/01/24)(b)

    6,787       6,617,663  

3.38%, 06/15/27 (Call 03/15/27)

    4,915       4,584,228  

3.38%, 12/01/27 (Call 09/01/27)(b)

    5,815       5,379,938  

3.50%, 09/01/25 (Call 06/01/25)

    7,453       7,179,695  

SITE Centers Corp.

   

3.63%, 02/01/25 (Call 11/01/24)

    3,001       2,855,230  

4.25%, 02/01/26 (Call 11/01/25)(b)

     2,696        2,524,171  

4.70%, 06/01/27 (Call 03/01/27)(b)

    3,193       2,998,334  

Sixth Street Specialty Lending Inc., 6.95%, 08/14/28 (Call 07/14/28)

    1,198       1,194,373  

Spirit Realty LP

   

2.10%, 03/15/28 (Call 01/15/28)(b)

    435       370,931  

3.20%, 01/15/27 (Call 11/15/26)(b)

    2,183       1,988,354  

4.45%, 09/15/26 (Call 06/15/26)(b)

    2,145       2,043,846  
 

 

 

162  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

STORE Capital Corp., 4.50%, 03/15/28 (Call 12/15/27)(b)

  $ 2,605     $ 2,328,569  

Tanger Properties LP

   

3.13%, 09/01/26 (Call 06/01/26)(b)

    2,480       2,250,532  

3.88%, 07/15/27 (Call 04/15/27)(b)

    1,995       1,780,956  

Trust Fibra Uno, 5.25%, 01/30/26 (Call 10/30/25)(a)(b)

    1,907       1,843,172  

UDR Inc.

   

2.95%, 09/01/26 (Call 06/01/26)(b)

    1,871       1,724,161  

3.50%, 07/01/27 (Call 04/01/27)

    2,275       2,120,665  

3.50%, 01/15/28 (Call 10/15/27)(b)

    2,105       1,926,243  

Ventas Realty LP

   

2.65%, 01/15/25 (Call 12/15/24)(b)

    3,370       3,210,421  

3.25%, 10/15/26 (Call 07/15/26)

    2,797       2,586,566  

3.50%, 02/01/25 (Call 11/01/24)

    4,547       4,373,466  

3.85%, 04/01/27 (Call 01/01/27)

    2,771       2,595,988  

4.00%, 03/01/28 (Call 12/01/27)(b)

    5,390       5,007,086  

4.13%, 01/15/26 (Call 10/15/25)(b)

    3,929       3,778,524  

VICI Properties LP

   

4.38%, 05/15/25

    3,951       3,841,202  

4.75%, 02/15/28 (Call 01/15/28)(b)

    10,050       9,556,919  

VICI Properties LP/VICI Note Co. Inc.

   

3.50%, 02/15/25 (Call 10/02/23)(a)(b)

    5,095       4,880,740  

3.75%, 02/15/27 (Call 10/02/23)(a)

    5,445       4,998,636  

4.25%, 12/01/26 (Call 10/02/23)(a)(b)

    8,605       8,106,543  

4.50%, 09/01/26 (Call 06/01/26)(a)(b)

    3,464       3,278,745  

4.50%, 01/15/28 (Call 10/15/27)(a)(b)

    2,525       2,343,149  

4.63%, 06/15/25 (Call 03/15/25)(a)

    5,905       5,715,041  

5.75%, 02/01/27 (Call 11/01/26)(a)

    5,310       5,204,103  

Vornado Realty LP

   

2.15%, 06/01/26 (Call 05/01/26)

    2,940       2,541,289  

3.50%, 01/15/25 (Call 11/15/24)(b)

    3,379       3,206,090  

WEA Finance LLC, 2.88%, 01/15/27 (Call 11/15/26)(a)(b)

    5,366       4,648,830  

WEA Finance LLC/Westfield UK & Europe Finance PLC, 3.75%, 09/17/24 (Call 06/17/24)(a)

    6,192       5,902,536  

Welltower Inc., 4.00%, 06/01/25 (Call 03/01/25)

    9,100       8,818,459  

Welltower OP LLC

   

2.70%, 02/15/27 (Call 12/15/26)(b)

    3,755       3,444,305  

4.25%, 04/01/26 (Call 01/01/26)

    5,299       5,130,283  

4.25%, 04/15/28 (Call 01/15/28)

    3,699       3,502,175  

Weyerhaeuser Co.

   

4.75%, 05/15/26

    5,235       5,153,619  

6.95%, 10/01/27(b)

    3,185       3,377,141  

WP Carey Inc.

   

4.00%, 02/01/25 (Call 11/01/24)

    3,330       3,241,939  

4.25%, 10/01/26 (Call 07/01/26)(b)

     2,478       2,381,443  
   

 

 

 
       747,748,712  
Retail — 1.7%            

7-Eleven Inc.

   

0.95%, 02/10/26 (Call 01/10/26)(a)

    9,582       8,604,100  

1.30%, 02/10/28 (Call 12/10/27)(a)(b)

    6,285       5,318,848  

Advance Auto Parts Inc.

   

1.75%, 10/01/27 (Call 08/01/27)(b)

    455       383,854  

5.90%, 03/09/26

    1,765       1,749,055  

5.95%, 03/09/28 (Call 02/09/28)(b)

    3,182       3,146,655  

Alimentation Couche-Tard Inc., 3.55%, 07/26/27 (Call 04/26/27)(a)

    6,564       6,131,992  

AutoNation Inc.

   

1.95%, 08/01/28 (Call 06/01/28)(b)

    1,510       1,250,907  
Security  

Par

(000)

    Value  
Retail (continued)            

3.50%, 11/15/24 (Call 09/15/24)

  $ 3,506     $ 3,395,858  

3.80%, 11/15/27 (Call 08/15/27)

    2,060       1,893,466  

4.50%, 10/01/25 (Call 07/01/25)

    2,963       2,868,382  

AutoZone Inc.

   

3.13%, 04/21/26 (Call 01/21/26)(b)

    3,897       3,698,404  

3.25%, 04/15/25 (Call 01/15/25)

    3,479       3,355,034  

3.63%, 04/15/25 (Call 03/15/25)

    3,969       3,849,912  

3.75%, 06/01/27 (Call 03/01/27)(b)

    5,198       4,943,149  

4.50%, 02/01/28 (Call 01/01/28)

    3,095       3,011,460  

5.05%, 07/15/26(b)

    2,945       2,923,536  

Costco Wholesale Corp.

   

1.38%, 06/20/27 (Call 04/20/27)

    9,000       7,956,573  

3.00%, 05/18/27 (Call 02/18/27)(b)

    7,369       6,958,718  

Darden Restaurants Inc., 3.85%, 05/01/27 (Call 02/01/27)(b)

    3,918       3,715,244  

Dollar General Corp.

   

3.88%, 04/15/27 (Call 01/15/27)(b)

    4,972       4,747,277  

4.13%, 05/01/28 (Call 02/01/28)(b)

    945       900,647  

4.15%, 11/01/25 (Call 08/01/25)

    4,483       4,354,745  

4.25%, 09/20/24

    5,435       5,349,506  

4.63%, 11/01/27 (Call 10/01/27)(b)

    5,537       5,392,951  

5.20%, 07/05/28 (Call 06/05/28)

    2,260       2,236,611  

Dollar Tree Inc.

   

4.00%, 05/15/25 (Call 03/15/25)

    7,836       7,602,121  

4.20%, 05/15/28 (Call 02/15/28)

    7,043       6,683,422  

El Puerto de Liverpool SAB de CV

   

3.88%, 10/06/26(a)(b)

    1,075       1,013,489  

3.95%, 10/02/24(a)

    200       195,168  

Falabella SA, 3.75%, 10/30/27 (Call 07/30/27)(a)

    675       596,937  

Genuine Parts Co., 1.75%, 02/01/25 (Call 09/11/23)

    4,204       3,974,144  

Home Depot Inc. (The)

   

0.90%, 03/15/28 (Call 01/15/28)(b)

    852       719,049  

2.13%, 09/15/26 (Call 06/15/26)(b)

    7,453       6,875,336  

2.50%, 04/15/27 (Call 02/15/27)(b)

    5,180       4,787,346  

2.70%, 04/15/25 (Call 03/15/25)

    4,110       3,947,602  

2.80%, 09/14/27 (Call 06/14/27)(b)

    8,904       8,274,642  

2.88%, 04/15/27 (Call 03/15/27)(b)

    5,589       5,244,528  

3.00%, 04/01/26 (Call 01/01/26)

    9,538       9,116,811  

3.35%, 09/15/25 (Call 06/15/25)

    7,641       7,378,117  

4.00%, 09/15/25 (Call 08/15/25)(b)

    5,706       5,586,976  

Lowe’s Companies Inc.

   

1.30%, 04/15/28 (Call 02/15/28)

    6,000       5,074,350  

1.70%, 09/15/28 (Call 07/15/28)(b)

    4,000       3,404,738  

2.50%, 04/15/26 (Call 01/15/26)

    9,856       9,211,858  

3.10%, 05/03/27 (Call 02/03/27)

    10,774       10,034,199  

3.13%, 09/15/24 (Call 06/15/24)

    2,940       2,871,774  

3.35%, 04/01/27 (Call 03/01/27)(b)

    5,642       5,309,591  

3.38%, 09/15/25 (Call 06/15/25)

     5,626        5,398,954  

4.00%, 04/15/25 (Call 03/15/25)

    6,185       6,044,345  

4.40%, 09/08/25

    7,520       7,383,566  

4.80%, 04/01/26 (Call 03/01/26)

    6,975       6,894,182  

McDonald’s Corp.

   

1.45%, 09/01/25 (Call 08/01/25)

    4,251       3,949,892  

3.30%, 07/01/25 (Call 06/01/25)

    6,063       5,855,567  

3.38%, 05/26/25 (Call 02/26/25)

    5,122       4,955,700  

3.50%, 03/01/27 (Call 12/01/26)(b)

    6,315       6,009,603  

3.50%, 07/01/27 (Call 05/01/27)(b)

    7,139       6,776,087  

3.70%, 01/30/26 (Call 10/30/25)(b)

    12,695       12,276,988  

3.80%, 04/01/28 (Call 01/01/28)

    7,052       6,740,383  

4.80%, 08/14/28 (Call 07/14/28)

    4,105       4,085,793  
 

 

 

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

    163  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Retail (continued)            

O’Reilly Automotive Inc.

   

3.55%, 03/15/26 (Call 12/15/25)

  $ 4,293     $ 4,113,210  

3.60%, 09/01/27 (Call 06/01/27)(b)

    6,070       5,749,570  

4.35%, 06/01/28 (Call 03/01/28)(b)

    200       194,074  

Ross Stores Inc.

   

0.88%, 04/15/26 (Call 03/15/26)

    4,415       3,943,012  

3.38%, 09/15/24 (Call 06/15/24)(b)

    1,861       1,813,604  

4.60%, 04/15/25 (Call 03/15/25)

    5,680       5,580,777  

Starbucks Corp.

   

2.00%, 03/12/27 (Call 01/12/27)

    4,082       3,681,718  

2.45%, 06/15/26 (Call 03/15/26)

    2,729       2,546,834  

3.50%, 03/01/28 (Call 12/01/27)(b)

    4,369       4,100,830  

3.80%, 08/15/25 (Call 06/15/25)

    8,838       8,594,560  

4.75%, 02/15/26

    8,446       8,369,002  

Target Corp.

   

1.95%, 01/15/27 (Call 12/15/26)(b)

    7,420       6,765,057  

2.25%, 04/15/25 (Call 03/15/25)

     11,530       11,006,844  

2.50%, 04/15/26(b)

    7,839       7,424,203  

TJX Companies Inc. (The), 2.25%, 09/15/26 (Call 06/15/26)

    6,298       5,806,285  

Walgreens Boots Alliance Inc.

   

3.45%, 06/01/26 (Call 03/01/26)(b)

    9,739       9,199,776  

3.80%, 11/18/24 (Call 08/18/24)(b)

    5,000       4,882,206  

Walmart Inc.

   

2.65%, 12/15/24 (Call 10/15/24)(b)

    1,779       1,723,009  

3.05%, 07/08/26 (Call 05/08/26)(b)

    5,820       5,562,471  

3.55%, 06/26/25 (Call 04/26/25)(b)

    2,481       2,415,168  

3.70%, 06/26/28 (Call 03/26/28)(b)

    20       19,274  

3.90%, 04/15/28 (Call 03/15/28)

    7,878       7,636,997  

4.00%, 04/15/26 (Call 03/15/26)

    5,640       5,536,356  

5.88%, 04/05/27(b)

    865       902,363  
   

 

 

 
       399,977,342  
Savings & Loans — 0.2%            

Nationwide Building Society

   

1.50%, 10/13/26(a)

    6,469       5,669,241  

2.97%, 02/16/28 (Call 02/16/27), (1-day SOFR + 1.29%)(a)(c)

    5,293       4,782,885  

3.90%, 07/21/25(a)

    3,566       3,441,894  

4.00%, 09/14/26(a)(b)

    8,206       7,637,086  

4.13%, 10/18/32 (Call 10/18/27), (5-year USD ICE Swap + 1.849%)(a)(c)

    3,540       3,103,306  

4.30%, 03/08/29 (Call 03/08/28), (3-mo. LIBOR US + 1.452%)(a)(b)(c)

    5,080       4,710,176  

4.85%, 07/27/27(a)

    5,893       5,751,868  
   

 

 

 
      35,096,456  
Semiconductors — 1.6%            

Analog Devices Inc.

   

2.95%, 04/01/25 (Call 03/01/25)

    4,101       3,958,954  

3.45%, 06/15/27 (Call 03/15/27)(a)

    2,810       2,660,621  

3.50%, 12/05/26 (Call 09/05/26)

    7,493       7,174,389  

Applied Materials Inc.

   

3.30%, 04/01/27 (Call 01/01/27)

    9,230       8,762,246  

3.90%, 10/01/25 (Call 07/01/25)(b)

    6,033       5,882,457  

Broadcom Corp./Broadcom Cayman Finance Ltd.

   

3.13%, 01/15/25 (Call 11/15/24)(b)

    4,277       4,126,876  

3.50%, 01/15/28 (Call 10/15/27)

    6,153       5,674,064  

3.88%, 01/15/27 (Call 10/15/26)

    22,820       21,682,634  

Broadcom Inc.

   

1.95%, 02/15/28 (Call 12/15/27)(a)(b)

    5,380       4,665,605  
Security  

Par

(000)

    Value  
Semiconductors (continued)            

3.15%, 11/15/25 (Call 10/15/25)

  $ 7,445     $ 7,085,606  

3.46%, 09/15/26 (Call 07/15/26)(b)

    5,807       5,501,183  

3.63%, 10/15/24 (Call 09/15/24)(b)

    4,883       4,773,182  

Intel Corp.

   

1.60%, 08/12/28 (Call 06/12/28)

    1,145       983,656  

2.60%, 05/19/26 (Call 02/19/26)(b)

    7,694       7,247,028  

3.15%, 05/11/27 (Call 02/11/27)

    7,297       6,832,845  

3.40%, 03/25/25 (Call 02/25/25)

    11,442       11,110,778  

3.70%, 07/29/25 (Call 04/29/25)(b)

    16,223       15,765,047  

3.75%, 03/25/27 (Call 01/25/27)

    7,360       7,060,202  

3.75%, 08/05/27 (Call 07/05/27)(b)

    8,790       8,402,491  

4.88%, 02/10/26

    10,915       10,854,247  

4.88%, 02/10/28 (Call 01/10/28)

    17,329       17,225,662  

KLA Corp., 4.65%, 11/01/24 (Call 08/01/24)

    7,201       7,137,586  

Lam Research Corp.

   

3.75%, 03/15/26 (Call 01/15/26)

    5,939       5,761,271  

3.80%, 03/15/25 (Call 12/15/24)

    4,576       4,466,263  

Marvell Technology Inc.

   

1.65%, 04/15/26 (Call 03/15/26)(b)

    4,329       3,928,625  

2.45%, 04/15/28 (Call 02/15/28)

    4,420       3,876,401  

4.88%, 06/22/28 (Call 03/22/28)

    5,035       4,889,980  

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

    9,556       9,299,604  

Micron Technology Inc.

   

4.19%, 02/15/27 (Call 12/15/26)

    6,766       6,448,862  

4.98%, 02/06/26 (Call 12/06/25)

    4,636       4,566,543  

5.38%, 04/15/28 (Call 03/15/28)

    5,062       4,976,354  

NVIDIA Corp.

   

1.55%, 06/15/28 (Call 04/15/28)

    2,035       1,767,138  

3.20%, 09/16/26 (Call 06/16/26)

    8,825       8,425,279  

NXP BV/NXP Funding LLC, 5.35%, 03/01/26 (Call 01/01/26)(b)

    3,863       3,839,368  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

2.70%, 05/01/25 (Call 04/01/25)

    4,712       4,481,916  

3.15%, 05/01/27 (Call 03/01/27)(b)

    3,973       3,676,803  

3.88%, 06/18/26 (Call 04/18/26)

    5,689       5,449,780  

4.40%, 06/01/27 (Call 05/01/27)(b)

    2,275       2,187,787  

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

    2,923       2,741,300  

QUALCOMM Inc.

   

1.30%, 05/20/28 (Call 02/20/28)

    1,450       1,234,861  

3.25%, 05/20/27 (Call 02/20/27)(b)

    14,438       13,635,995  

3.45%, 05/20/25 (Call 02/20/25)

    10,597        10,294,342  

Renesas Electronics Corp.

   

1.54%, 11/26/24 (Call 10/26/24)(a)

    3,994       3,760,285  

2.17%, 11/25/26 (Call 10/25/26)(a)

    6,136       5,448,422  

SK Hynix Inc.

   

1.50%, 01/19/26(a)

    7,435       6,690,042  

6.38%, 01/17/28(a)(b)

    6,995       7,088,881  

Skyworks Solutions Inc., 1.80%, 06/01/26 (Call 05/01/26)

    4,104       3,668,387  

Texas Instruments Inc.

   

1.13%, 09/15/26 (Call 08/15/26)

    3,605       3,238,020  

1.38%, 03/12/25 (Call 02/12/25)(b)

    5,286       4,988,187  

2.90%, 11/03/27 (Call 08/03/27)(b)

    1,080       1,004,834  

4.60%, 02/15/28 (Call 01/15/28)

    7,602       7,564,427  

4.70%, 11/18/24

    2,960       2,942,075  

TSMC Arizona Corp.

   

1.75%, 10/25/26 (Call 09/25/26)

    10,491       9,451,583  

3.88%, 04/22/27 (Call 03/22/27)(b)

    5,685       5,468,585  
 

 

 

164  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Semiconductors (continued)            

TSMC Global Ltd.

   

0.75%, 09/28/25 (Call 08/28/25)(a)(b)

  $ 7,497     $ 6,802,734  

1.00%, 09/28/27 (Call 07/28/27)(a)

    4,260       3,627,412  

1.25%, 04/23/26 (Call 03/23/26)(a)(b)

    8,511       7,657,573  

1.75%, 04/23/28 (Call 02/23/28)(a)(b)

    7,440       6,424,485  

4.38%, 07/22/27 (Call 06/22/27)(a)(b)

     3,600       3,515,395  
   

 

 

 
       369,857,158  
Shipbuilding — 0.0%            

Huntington Ingalls Industries Inc.

   

2.04%, 08/16/28 (Call 06/16/28)

    3,060       2,595,191  

3.48%, 12/01/27 (Call 09/01/27)(b)

    1,825       1,680,805  

3.84%, 05/01/25 (Call 04/01/25)

    4,209       4,072,367  
   

 

 

 
      8,348,363  
Software — 2.1%            

Activision Blizzard Inc.

   

3.40%, 09/15/26 (Call 06/15/26)(b)

    7,204       6,883,876  

3.40%, 06/15/27 (Call 03/15/27)

    1,219       1,151,178  

Adobe Inc.

   

1.90%, 02/01/25 (Call 01/01/25)

    3,286       3,138,185  

2.15%, 02/01/27 (Call 12/01/26)

    6,505       5,974,122  

3.25%, 02/01/25 (Call 11/01/24)

    8,790       8,558,209  

Autodesk Inc.

   

3.50%, 06/15/27 (Call 03/15/27)

    4,235       3,999,171  

4.38%, 06/15/25 (Call 03/15/25)(b)

    2,506       2,455,940  

Broadridge Financial Solutions Inc., 3.40%, 06/27/26 (Call 03/27/26)

    4,145       3,919,984  

Cadence Design Systems Inc., 4.38%, 10/15/24 (Call 07/15/24)(b)

    2,768       2,732,183  

Concentrix Corp.

   

6.60%, 08/02/28 (Call 07/02/28)(b)

    6,570       6,433,983  

6.65%, 08/02/26 (Call 07/02/26)

    4,910       4,910,646  

Electronic Arts Inc., 4.80%, 03/01/26 (Call 12/01/25)(b)

    3,754       3,716,918  

Fidelity National Information Services Inc.

   

1.15%, 03/01/26 (Call 02/01/26)

    9,897       8,906,389  

1.65%, 03/01/28 (Call 01/01/28)(b)

    5,744       4,922,159  

4.50%, 07/15/25(b)

    6,296       6,170,587  

4.70%, 07/15/27 (Call 06/15/27)(b)

    5,703       5,596,207  

Fiserv Inc.

   

2.25%, 06/01/27 (Call 04/01/27)(b)

    6,528       5,852,659  

3.20%, 07/01/26 (Call 05/01/26)

    14,988       14,127,971  

3.85%, 06/01/25 (Call 03/01/25)

    7,623       7,398,605  

5.38%, 08/21/28 (Call 07/21/28)

    4,600       4,612,343  

5.45%, 03/02/28 (Call 02/02/28)

    7,938       7,984,641  

Infor Inc., 1.75%, 07/15/25 (Call 06/15/25)(a)(b)

    4,968       4,581,095  

Intuit Inc.

   

0.95%, 07/15/25 (Call 06/15/25)

    4,167       3,850,867  

1.35%, 07/15/27 (Call 05/15/27)

    4,110       3,607,366  

Microsoft Corp.

   

2.40%, 08/08/26 (Call 05/08/26)

    31,408       29,458,358  

2.70%, 02/12/25 (Call 11/12/24)

    19,253       18,620,479  

3.13%, 11/03/25 (Call 08/03/25)

    18,865       18,204,904  

3.30%, 02/06/27 (Call 11/06/26)

    29,278       28,138,717  

Open Text Corp., 6.90%, 12/01/27 (Call 11/01/27)(a)(b)

    6,820       6,908,899  

Oracle Corp.

   

1.65%, 03/25/26 (Call 02/25/26)

    20,796       18,950,687  

2.30%, 03/25/28 (Call 01/25/28)

    13,650       12,011,701  

2.50%, 04/01/25 (Call 03/01/25)

    25,919       24,678,499  
Security  

Par

(000)

    Value  
Software (continued)            

2.65%, 07/15/26 (Call 04/15/26)

  $  22,030     $ 20,460,699  

2.80%, 04/01/27 (Call 02/01/27)

    16,613       15,259,461  

2.95%, 11/15/24 (Call 09/15/24)

    15,180       14,700,311  

2.95%, 05/15/25 (Call 02/15/25)

    19,337       18,519,005  

3.25%, 11/15/27 (Call 08/15/27)

    22,811       21,141,160  

4.50%, 05/06/28 (Call 04/06/28)(b)

    3,230       3,133,546  

5.80%, 11/10/25

    8,107       8,185,830  

Roper Technologies Inc.

   

1.00%, 09/15/25 (Call 08/15/25)

    5,337       4,888,292  

1.40%, 09/15/27 (Call 07/15/27)(b)

    5,481       4,745,256  

3.80%, 12/15/26 (Call 09/15/26)

    4,546       4,339,020  

3.85%, 12/15/25 (Call 09/15/25)

    2,734       2,638,600  

salesforce.com Inc.

   

1.50%, 07/15/28 (Call 05/15/28)(b)

    7,430       6,391,825  

3.70%, 04/11/28 (Call 01/11/28)

    6,967       6,675,712  

Take-Two Interactive Software Inc.

   

3.55%, 04/14/25

    7,450       7,202,892  

3.70%, 04/14/27 (Call 03/14/27)

    4,382       4,152,472  

4.95%, 03/28/28 (Call 02/28/28)

    10,823       10,660,010  

5.00%, 03/28/26

    7,440       7,360,079  

VMware Inc.

   

1.40%, 08/15/26 (Call 07/15/26)

    11,868       10,523,516  

1.80%, 08/15/28 (Call 06/15/28)

    10       8,381  

3.90%, 08/21/27 (Call 05/21/27)(b)

    9,579       9,026,561  

4.50%, 05/15/25 (Call 04/15/25)

    6,293       6,161,943  

4.65%, 05/15/27 (Call 03/15/27)

    3,784       3,678,408  

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

    7,825       7,395,312  
   

 

 

 
       485,705,819  
Telecommunications — 2.3%        

AT&T Inc.

   

1.65%, 02/01/28 (Call 12/01/27)

    16,100       13,765,714  

1.70%, 03/25/26 (Call 09/11/23)

    22,987       20,952,449  

2.30%, 06/01/27 (Call 04/01/27)

    18,746       16,785,249  

2.95%, 07/15/26 (Call 04/15/26)(b)

    3,008       2,806,910  

3.80%, 02/15/27 (Call 11/15/26)

    6,639       6,315,682  

3.88%, 01/15/26 (Call 10/15/25)(b)

    4,439       4,277,827  

4.10%, 02/15/28 (Call 11/15/27)

    12,425       11,792,062  

4.25%, 03/01/27 (Call 12/01/26)

    11,674       11,251,332  

5.54%, 02/20/26 (Call 02/20/24)(b)

    5,065       5,056,418  

Bharti Airtel Ltd., 4.38%, 06/10/25(a)(b)

    7,948       7,767,997  

Cisco Systems Inc.

   

2.50%, 09/20/26 (Call 06/20/26)

    10,797       10,111,994  

2.95%, 02/28/26(b)

    6,133       5,883,465  

3.50%, 06/15/25

    4,045       3,934,496  

Deutsche Telekom International Finance BV

   

3.60%, 01/19/27 (Call 10/19/26)(a)(b)

    1,200       1,152,015  

4.38%, 06/21/28 (Call 03/21/28)(a)(b)

    6,460       6,223,165  

Empresa Nacional de Telecomunicaciones SA, 4.75%, 08/01/26 (Call 05/01/26)(a)

    3,062       2,981,637  

Juniper Networks Inc., 1.20%, 12/10/25 (Call 11/10/25)

    3,674       3,326,481  

KT Corp., 2.50%, 07/18/26(a)

    210       193,729  

Motorola Solutions Inc.

   

4.60%, 02/23/28 (Call 11/23/27)

    6,149       5,961,426  

7.50%, 05/15/25

    458       465,202  

NBN Co. Ltd.

   

0.88%, 10/08/24 (Call 09/08/24)(a)(b)

    7,297       6,902,430  

1.45%, 05/05/26 (Call 04/05/26)(a)(b)

    9,876       8,898,847  

1.63%, 01/08/27 (Call 12/08/26)(a)(b)

    7,590       6,721,452  

Nokia OYJ, 4.38%, 06/12/27(b)

    1,944       1,833,187  
 

 

 

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

    165  



Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Telecommunications (continued)            

NTT Finance Corp.

   

1.16%, 04/03/26 (Call 03/03/26)(a)

  $ 24,849     $ 22,406,714  

1.59%, 04/03/28 (Call 02/03/28)(a)(b)

    9,245       7,928,664  

4.24%, 07/25/25(a)

    4,150       4,050,320  

4.37%, 07/27/27 (Call 06/27/27)(a)

    1,695       1,651,604  

Ooredoo International Finance Ltd.

   

3.75%, 06/22/26(a)(b)

    1,487       1,430,494  

5.00%, 10/19/25(a)

    9,600       9,516,288  

Rogers Communications Inc.

   

2.90%, 11/15/26 (Call 08/15/26)

    4,057       3,741,091  

2.95%, 03/15/25

    9,320       8,896,424  

3.20%, 03/15/27 (Call 02/15/27)(b)

    9,800       9,059,322  

3.63%, 12/15/25 (Call 09/15/25)(b)

    6,307       6,005,794  

SK Telecom Co. Ltd., 6.63%, 07/20/27(a)

    1,000       1,049,550  

Sprint LLC

   

7.63%, 02/15/25 (Call 11/15/24)(b)

    10,935       11,150,201  

7.63%, 03/01/26 (Call 11/01/25)

    13,030       13,505,960  

Telefonica Emisiones SA, 4.10%, 03/08/27(b)

    11,294       10,749,932  

Telstra Corp. Ltd., 3.13%, 04/07/25 (Call 01/07/25)(a)

    9,284       8,937,564  

TELUS Corp.

   

2.80%, 02/16/27 (Call 11/16/26)

    5,627       5,202,737  

3.70%, 09/15/27 (Call 06/15/27)(b)

    3,490       3,280,797  

T-Mobile USA Inc.

   

1.50%, 02/15/26 (Call 01/15/26)

    8,002       7,290,996  

2.05%, 02/15/28 (Call 12/15/27)

    10,055       8,778,604  

2.25%, 02/15/26 (Call 09/11/23)

    14,366       13,284,049  

2.63%, 04/15/26 (Call 09/11/23)

    9,432       8,751,785  

3.50%, 04/15/25 (Call 03/15/25)

    23,983       23,184,437  

3.75%, 04/15/27 (Call 02/15/27)

    28,884       27,376,091  

4.75%, 02/01/28 (Call 09/11/23)

    8,585       8,337,087  

4.80%, 07/15/28 (Call 06/15/28)(b)

    10,426       10,192,815  

4.95%, 03/15/28 (Call 02/15/28)

    8,965       8,840,178  

5.38%, 04/15/27 (Call 09/11/23)(b)

    8,034       8,019,990  

Verizon Communications Inc.

   

0.85%, 11/20/25 (Call 10/20/25)(b)

    11,639       10,555,274  

1.45%, 03/20/26 (Call 02/20/26)

    14,652       13,291,080  

2.10%, 03/22/28 (Call 01/22/28)(b)

    14,680       12,828,728  

2.63%, 08/15/26

    14,070       13,101,806  

3.00%, 03/22/27 (Call 01/22/27)

    5,867       5,453,438  

3.38%, 02/15/25

    10,918       10,591,389  

3.50%, 11/01/24 (Call 08/01/24)

    10,457       10,214,960  

4.13%, 03/16/27

    23,521       22,657,788  

Vodafone Group PLC

   

4.13%, 05/30/25

     13,277       12,974,810  

4.38%, 05/30/28(b)

    5,640       5,537,055  
   

 

 

 
       535,186,982  
Toys, Games & Hobbies — 0.1%        

Hasbro Inc.

   

3.00%, 11/19/24 (Call 10/19/24)

    5,318       5,137,173  

3.50%, 09/15/27 (Call 06/15/27)(b)

    3,425       3,200,136  

3.55%, 11/19/26 (Call 09/19/26)

    4,903       4,605,016  

Mattel Inc.

   

3.38%, 04/01/26 (Call 09/11/23)(a)

    3,800       3,537,443  

5.88%, 12/15/27 (Call 10/02/23)(a)(b)

    3,815       3,741,762  
   

 

 

 
      20,221,530  
Transportation — 0.9%            

AP Moller - Maersk A/S, 3.88%, 09/28/25 (Call 06/28/25)(a)(b)

    4,434       4,283,390  
Security  

Par

(000)

    Value  
Transportation (continued)            

Burlington Northern Santa Fe LLC

   

3.00%, 04/01/25 (Call 01/01/25)(b)

  $ 5,270     $ 5,089,031  

3.25%, 06/15/27 (Call 03/15/27)(b)

    2,170       2,059,644  

3.65%, 09/01/25 (Call 06/01/25)(b)

    3,578       3,477,891  

7.00%, 12/15/25(b)

    2,158       2,240,990  

Canadian National Railway Co.

   

2.75%, 03/01/26 (Call 12/01/25)(b)

    4,358       4,116,997  

2.95%, 11/21/24 (Call 08/21/24)(b)

    2,127       2,061,492  

6.90%, 07/15/28

    195       210,895  

Canadian Pacific Railway Co.

   

1.35%, 12/02/24 (Call 10/03/23)

     11,155        10,573,546  

1.75%, 12/02/26 (Call 11/02/26)

    6,610       5,940,082  

2.90%, 02/01/25 (Call 11/01/24)

    5,234       5,040,065  

3.70%, 02/01/26 (Call 11/01/25)(b)

    2,430       2,328,887  

4.00%, 06/01/28 (Call 03/01/28)

    400       382,692  

CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28)(b)

    4,670       4,442,378  

CSX Corp.

   

2.60%, 11/01/26 (Call 08/01/26)

    5,282       4,889,649  

3.25%, 06/01/27 (Call 03/01/27)

    5,483       5,160,415  

3.35%, 11/01/25 (Call 08/01/25)

    5,893       5,662,479  

3.80%, 03/01/28 (Call 12/01/27)

    3,600       3,426,729  

FedEx Corp.

   

3.25%, 04/01/26 (Call 01/01/26)

    5,152       4,920,814  

3.40%, 02/15/28 (Call 11/15/27)

    2,425       2,259,573  

GXO Logistics Inc., 1.65%, 07/15/26 (Call 06/15/26)

    3,229       2,859,130  

JB Hunt Transport Services Inc., 3.88%, 03/01/26 (Call 01/01/26)

    5,731       5,551,616  

Kirby Corp., 4.20%, 03/01/28 (Call 12/01/27)

    240       225,274  

Misc Capital Two Labuan Ltd., 3.75%, 04/06/27 (Call 03/06/27)(a)

    5,165       4,828,137  

Norfolk Southern Corp.

   

2.90%, 06/15/26 (Call 03/15/26)(b)

    4,022       3,790,194  

3.15%, 06/01/27 (Call 03/01/27)(b)

    1,805       1,683,482  

3.65%, 08/01/25 (Call 06/01/25)

    2,790       2,695,685  

5.59%, 05/17/25(b)

    1,496       1,495,262  

7.80%, 05/15/27(b)

    2,150       2,349,340  

Ryder System Inc.

   

1.75%, 09/01/26 (Call 08/01/26)(b)

    3,159       2,842,335  

2.85%, 03/01/27 (Call 02/01/27)(b)

    3,575       3,291,071  

2.90%, 12/01/26 (Call 10/01/26)

    1,481       1,363,722  

3.35%, 09/01/25 (Call 08/01/25)(b)

    3,565       3,411,379  

4.30%, 06/15/27 (Call 05/15/27)

    1,347       1,296,517  

4.63%, 06/01/25 (Call 05/01/25)(b)

    3,577       3,505,383  

5.25%, 06/01/28 (Call 05/01/28)(b)

    4,345       4,290,443  

5.65%, 03/01/28 (Call 02/01/28)(b)

    4,185       4,194,670  

TTX Co., 3.60%, 01/15/25(a)

    1,982       1,924,607  

Union Pacific Corp.

   

2.15%, 02/05/27 (Call 12/05/26)

    795       726,535  

2.75%, 03/01/26 (Call 12/01/25)

    5,289       5,002,038  

3.00%, 04/15/27 (Call 01/15/27)(b)

    5,188       4,847,378  

3.25%, 01/15/25 (Call 10/15/24)(b)

    2,956       2,874,090  

3.25%, 08/15/25 (Call 05/15/25)

    3,676       3,539,383  

3.75%, 07/15/25 (Call 05/15/25)

    3,937       3,824,759  

4.75%, 02/21/26 (Call 01/21/26)

    3,785       3,764,787  

United Parcel Service Inc.

   

2.40%, 11/15/26 (Call 08/15/26)

    2,317       2,156,906  

2.80%, 11/15/24 (Call 09/15/24)(b)

    4,158       4,033,424  

3.05%, 11/15/27 (Call 08/15/27)(b)

    6,981       6,536,040  

3.90%, 04/01/25 (Call 03/01/25)

    9,517       9,320,500  

 

 

166  

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® 1-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Transportation (continued)            

Walmart Inc.

   

1.05%, 09/17/26 (Call 08/17/26)(b)

  $ 10,937     $ 9,801,687  

3.95%, 09/09/27 (Call 08/09/27)(b)

    10,345       10,097,668  

XPO Inc., 6.25%, 06/01/28
(Call 06/01/26)(a)

    5,985       5,864,559  
   

 

 

 
      202,555,640  
Trucking & Leasing — 0.4%            

DAE Funding LLC

   

2.63%, 03/20/25 (Call 02/20/25)(a)

     10,502       9,885,008  

3.38%, 03/20/28 (Call 01/20/28)(a)(b)

    5,605       4,985,244  

GATX Corp.

   

3.25%, 03/30/25 (Call 12/30/24)

    3,005       2,881,209  

3.25%, 09/15/26 (Call 06/15/26)

    2,774       2,575,257  

3.50%, 03/15/28 (Call 12/15/27)(b)

    470       429,149  

3.85%, 03/30/27 (Call 12/30/26)(b)

    2,283       2,138,986  

Penske Truck Leasing Co. LP/PTL Finance Corp.

   

1.20%, 11/15/25 (Call 10/15/25)(a)

    5,354       4,820,108  

1.70%, 06/15/26 (Call 05/15/26)(a)

    5,505       4,904,223  

2.70%, 11/01/24 (Call 10/01/24)(a)

    4,052       3,888,572  

3.40%, 11/15/26 (Call 08/15/26)(a)(b)

    4,807       4,460,130  

3.95%, 03/10/25 (Call 01/10/25)(a)(b)

    4,909       4,746,499  

4.00%, 07/15/25 (Call 06/15/25)(a)

    3,779       3,639,474  

4.20%, 04/01/27 (Call 01/01/27)(a)

    3,057       2,878,243  

4.40%, 07/01/27 (Call 06/01/27)(a)

    5,040       4,759,962  

4.45%, 01/29/26 (Call 11/29/25)(a)(b)

    3,437       3,311,513  

5.70%, 02/01/28 (Call 01/01/28)(a)(b)

    7,410       7,324,493  

5.75%, 05/24/26 (Call 04/24/26)(a)

    4,075       4,046,776  

5.88%, 11/15/27 (Call 10/15/27)(a)(b)

    4,145       4,120,361  

6.05%, 08/01/28 (Call 07/01/28)(a)

    5,975       5,980,189  

Series 144A, 5.55%, 05/01/28 (Call 04/01/28)(a)

    4,705       4,615,732  

SMBC Aviation Capital Finance DAC

   

1.90%, 10/15/26 (Call 09/15/26)(a)(b)

    4,251       3,765,770  

2.30%, 06/15/28 (Call 04/15/28)(a)

    1,290       1,101,894  

5.45%, 05/03/28(a)(b)

    5,595       5,515,592  
   

 

 

 
      96,774,384  
Venture Capital — 0.0%            

Hercules Capital Inc.

   

2.63%, 09/16/26 (Call 08/16/26)(b)

    2,733       2,391,249  

3.38%, 01/20/27 (Call 12/20/26)(b)

    2,745       2,427,751  
   

 

 

 
      4,819,000  
Water — 0.0%            

American Water Capital Corp.

   

2.95%, 09/01/27 (Call 06/01/27)(b)

    4,307       3,966,064  

3.00%, 12/01/26 (Call 09/01/26)(b)

    195       181,926  

3.40%, 03/01/25 (Call 12/01/24)

    4,210       4,079,958  

United Utilities PLC, 6.88%, 08/15/28

    1,000       1,039,342  
   

 

 

 
      9,267,290  
   

 

 

 

Total Corporate Bonds & Notes — 98.2%
(Cost: $23,595,985,771)

 

     22,488,094,823  
   

 

 

 

Foreign Government Obligations

 

Japan — 0.0%            

Development Bank of Japan Inc., 1.75%, 02/18/25(a)

    1,625       1,539,948  
   

 

 

 
Panama — 0.0%            

Banco Latinoamericano de Comercio Exterior SA, 2.38%, 09/14/25 (Call 08/15/25)(a)(b)

    6,020       5,598,600  
   

 

 

 
Security  

Par/

Shares

(000)

    Value  

 

 
South Korea — 0.4%            

Korea Electric Power Corp.

   

1.13%, 06/15/25(a)(b)

  $ 2,417     $ 2,239,230  

3.63%, 06/14/25(a)

    3,115       3,016,802  

4.00%, 06/14/27(a)

    2,860       2,752,057  

5.38%, 04/06/26(a)(b)

    4,195       4,197,413  

5.50%, 04/06/28(a)

    3,000       3,049,597  

7.00%, 02/01/27(b)

    2,089       2,206,497  

Korea Gas Corp.

   

1.13%, 07/13/26(a)(b)

    4,776       4,240,382  

2.25%, 07/18/26(a)(b)

    2,865       2,626,829  

3.13%, 07/20/27(a)(b)

    1,090       1,015,480  

3.50%, 07/02/26(a)

    4,470       4,247,104  

3.88%, 07/13/27(a)

    3,000       2,880,434  

4.88%, 07/05/28(a)

    4,080       4,046,329  

Korea Housing Finance Corp., 4.63%, 02/24/28(a)

    4,000       3,914,325  

Korea Hydro & Nuclear Power Co. Ltd.

   

1.25%, 04/27/26(a)

    4,205       3,768,535  

3.13%, 07/25/27(a)(b)

    3,048       2,833,704  

4.25%, 07/27/27(a)

    3,550       3,437,359  

5.00%, 07/18/28(a)

    3,970       3,940,859  

Korea National Oil Corp.

   

0.88%, 10/05/25(a)

    370       336,272  

1.25%, 04/07/26(a)

    3,000       2,699,207  

1.75%, 04/18/25(a)(b)

    5,000       4,705,446  

2.13%, 04/18/27(a)

    5,000       4,499,773  

2.50%, 10/24/26(a)

    4,609       4,220,401  

2.63%, 04/14/26(a)

    1,966       1,832,155  

3.25%, 10/01/25(a)

    1,734       1,655,083  

3.38%, 03/27/27(a)

    3,000       2,829,076  

4.75%, 04/03/26(a)

    2,000       1,966,660  

4.88%, 04/03/28(a)

    3,000       2,957,291  
   

 

 

 
      82,114,300  
   

 

 

 

Total Foreign Government Obligations — 0.4%
(Cost: $93,743,663)

 

    89,252,848  
   

 

 

 

Total Long-Term Investments — 98.6%
(Cost: $23,689,729,434)

 

    22,577,347,671  
   

 

 

 

Short-Term Securities

 

 
Money Market Funds — 6.5%            

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

     1,266,176       1,266,556,001  

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

    231,980       231,980,000  
   

 

 

 

Total Short-Term Securities — 6.5%
(Cost: $1,497,969,082)

 

    1,498,536,001  
   

 

 

 

Total Investments — 105.1%
(Cost: $25,187,698,516)

 

    24,075,883,672  

Liabilities in Excess of Other Assets — (5.1)%

 

    (1,165,879,340
   

 

 

 

Net Assets — 100.0%

    $  22,910,004,332  
   

 

 

 

 

(a) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(b) 

All or a portion of this security is on loan.

(c) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

 

 

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

    167  


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 1-5 Year Investment Grade Corporate Bond ETF

 

(d) 

Perpetual security with no stated maturity date.

(e) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

(h) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
    Affiliated Issuer  

Value at

02/28/23

    

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

08/31/23

    

Shares

Held at

08/31/23

(000)

     Income    

Capital Gain

Distributions from

Underlying Funds

     
 

 

   

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 1,565,570,896      $     $ (298,611,133 )(a)    $ 71,266      $ (475,028   $ 1,266,556,001        1,266,176      $ 3,233,195 (b)    $    

 

BlackRock Cash Funds: Treasury,
SL Agency Shares

    41,030,000        190,950,000 (a)                         231,980,000        231,980        1,598,963          
          

 

 

    

 

 

   

 

 

       

 

 

   

 

 

   
           $ 71,266      $ (475,028   $ 1,498,536,001         $ 4,832,158     $    
          

 

 

    

 

 

   

 

 

       

 

 

   

 

 

   

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Assets

                 

Investments

                 

Long-Term Investments

                 

Corporate Bonds & Notes

   $        $ 22,488,094,823        $        $ 22,488,094,823  

Foreign Government Obligations

              89,252,848                   89,252,848  

Short-Term Securities

                 

Money Market Funds

     1,498,536,001                            1,498,536,001  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 1,498,536,001        $ 22,577,347,671        $       —        $ 24,075,883,672  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

168  

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)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.1%            

Interpublic Group of Companies Inc. (The)

   

2.40%, 03/01/31 (Call 12/01/30)(a)

  $ 1,552     $ 1,254,540  

4.65%, 10/01/28 (Call 07/01/28)

     2,028       1,939,882  

4.75%, 03/30/30 (Call 12/30/29)(a)

    3,386       3,227,398  

5.38%, 06/15/33 (Call 03/15/33)

    1,590       1,534,377  

Omnicom Group Inc.

   

2.45%, 04/30/30 (Call 01/30/30)

    3,358       2,784,814  

2.60%, 08/01/31 (Call 05/01/31)(a)

    2,689       2,200,679  

4.20%, 06/01/30 (Call 03/01/30)

    3,226       2,979,600  
   

 

 

 
       15,921,290  
Aerospace & Defense — 1.2%            

BAE Systems PLC

   

1.90%, 02/15/31 (Call 11/15/30)(b)

    5,661       4,493,534  

3.40%, 04/15/30 (Call 01/15/30)(b)

    7,461       6,664,793  

Boeing Co. (The)

   

2.95%, 02/01/30 (Call 11/01/29)(a)

    4,196       3,632,404  

3.20%, 03/01/29 (Call 12/01/28)

    5,647       5,074,504  

3.45%, 11/01/28 (Call 08/01/28)(a)

    2,109       1,935,015  

3.63%, 02/01/31 (Call 11/01/30)

    8,349       7,453,364  

5.15%, 05/01/30 (Call 02/01/30)

    24,576       24,178,716  

6.13%, 02/15/33

    1,050       1,087,920  

General Dynamics Corp.

   

2.25%, 06/01/31 (Call 03/01/31)(a)

    2,658       2,223,433  

3.63%, 04/01/30 (Call 01/01/30)

    6,004       5,587,215  

HEICO Corp., 5.35%, 08/01/33

    1,270       1,258,652  

L3Harris Technologies Inc.

   

1.80%, 01/15/31 (Call 10/15/30)

    3,464       2,726,635  

2.90%, 12/15/29 (Call 09/15/29)(a)

    2,365       2,057,629  

5.40%, 07/31/33 (Call 04/30/33)

    5,620       5,629,443  

Lockheed Martin Corp.

   

1.85%, 06/15/30 (Call 03/15/30)

    2,697       2,234,329  

3.90%, 06/15/32 (Call 03/15/32)(a)

    4,392       4,083,738  

5.25%, 01/15/33 (Call 10/15/32)(a)

    5,675       5,824,013  

Northrop Grumman Corp.

   

4.40%, 05/01/30 (Call 02/01/30)

    4,461       4,292,880  

4.70%, 03/15/33 (Call 12/15/32)(a)

    6,730       6,523,864  

Northrop Grumman Systems Corp., 7.75%, 02/15/31

    397       453,554  

RTX Corp.

   

1.90%, 09/01/31 (Call 06/01/31)

    5,241       4,103,991  

2.25%, 07/01/30 (Call 04/01/30)

    5,714       4,746,854  

2.38%, 03/15/32 (Call 12/15/31)

    5,540       4,457,990  

4.13%, 11/16/28 (Call 08/16/28)

    16,226       15,485,192  

5.15%, 02/27/33 (Call 11/27/32)(a)

    6,795       6,717,504  

7.50%, 09/15/29(a)

    2,208       2,460,930  
   

 

 

 
       135,388,096  
Agriculture — 1.4%            

Altria Group Inc.

   

2.45%, 02/04/32 (Call 11/04/31)(a)

    9,945       7,762,044  

3.40%, 05/06/30 (Call 02/06/30)

    4,706       4,134,167  

4.80%, 02/14/29 (Call 11/14/28)

    10,456       10,131,113  

Archer-Daniels-Midland Co.

   

2.90%, 03/01/32 (Call 12/01/31)(a)

    4,286       3,698,776  

3.25%, 03/27/30 (Call 12/27/29)

    5,816       5,290,825  

4.50%, 08/15/33 (Call 05/15/33)(a)

    1,480       1,432,798  

5.94%, 10/01/32(a)

    605       645,774  

BAT Capital Corp.

   

2.73%, 03/25/31 (Call 12/25/30)(a)

    6,269       4,963,584  
Security  

Par

(000)

    Value  
Agriculture (continued)            

3.46%, 09/06/29 (Call 06/06/29)

  $ 2,671     $ 2,328,660  

4.74%, 03/16/32 (Call 12/16/31)(a)

    4,974       4,497,136  

4.91%, 04/02/30 (Call 01/02/30)(a)

    5,876       5,533,689  

6.34%, 08/02/30 (Call 06/02/30)

    3,275       3,295,833  

6.42%, 08/02/33 (Call 05/02/33)(a)

    7,265       7,252,072  

7.75%, 10/19/32 (Call 07/19/32)(a)

    3,000       3,255,400  

BAT International Finance PLC, 5.93%, 02/02/29

    3,000       2,988,168  

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

    5,889       4,925,564  

Cargill Inc.

   

1.70%, 02/02/31 (Call 11/02/30)(a)(b)

    3,018       2,388,700  

2.13%, 04/23/30 (Call 01/23/30)(b)

    4,499       3,772,419  

2.13%, 11/10/31 (Call 08/10/31)(b)

    5,608       4,520,213  

3.25%, 05/23/29 (Call 02/23/29)(a)(b)

    2,803       2,582,571  

4.00%, 06/22/32 (Call 03/22/32)(a)(b)

    3,565       3,295,066  

4.75%, 04/24/33 (Call 01/24/33)(a)(b)

    2,520       2,460,584  

5.13%, 10/11/32 (Call 07/11/32)(b)

    2,840       2,840,890  

Imperial Brands Finance PLC, 3.88%, 07/26/29 (Call 04/26/29)(b)

    5,457       4,871,525  

JT International Financial Services BV, 6.88%, 10/24/32 (Call 07/24/32)(a)(b)

    2,770       3,026,755  

Philip Morris International Inc.

   

1.75%, 11/01/30 (Call 08/01/30)

    4,285       3,359,275  

2.10%, 05/01/30 (Call 02/01/30)

    4,716       3,876,108  

3.38%, 08/15/29 (Call 05/15/29)

    4,340       3,904,179  

5.13%, 02/15/30 (Call 12/15/29)

    9,700       9,587,364  

5.38%, 02/15/33 (Call 11/15/32)

    13,165       12,999,958  

5.63%, 11/17/29 (Call 09/17/29)

    7,283       7,363,802  

5.75%, 11/17/32 (Call 08/17/32)

    8,390       8,509,360  

Viterra Finance BV

   

3.20%, 04/21/31 (Call 01/21/31)(b)

    3,145       2,625,818  

5.25%, 04/21/32 (Call 01/21/32)(a)(b)

    1,840       1,756,430  
   

 

 

 
       155,876,620  
Airlines — 0.2%            

Delta Air Lines Inc., 4.75%, 10/20/28(b)

     18,012       17,296,145  

Southwest Airlines Co., 2.63%, 02/10/30 (Call 11/10/29)

    3,393       2,866,279  
   

 

 

 
      20,162,424  
Apparel — 0.2%            

NIKE Inc., 2.85%, 03/27/30 (Call 12/27/29)

    8,808       7,862,923  

Ralph Lauren Corp., 2.95%, 06/15/30 (Call 03/15/30)(a)

    4,515       3,974,275  

Tapestry Inc., 3.05%, 03/15/32
(Call 12/15/31)(a)

    3,252       2,501,642  

VF Corp., 2.95%, 04/23/30 (Call 01/23/30)(a)

    4,675       3,879,354  
   

 

 

 
      18,218,194  
Auto Manufacturers — 1.8%            

American Honda Finance Corp.

   

1.80%, 01/13/31(a)

    2,433       1,951,491  

2.25%, 01/12/29

    3,037       2,644,644  

4.60%, 04/17/30

    4,105       3,994,573  

BMW Finance NV, 2.85%, 08/14/29 (Call 05/14/29)(a)(b)

    2,985       2,624,820  

BMW U.S. Capital LLC

   

1.95%, 08/12/31 (Call 05/12/31)(b)

    2,767       2,202,273  

2.55%, 04/01/31 (Call 01/01/31)(b)

    2,875       2,408,539  

3.63%, 04/18/29 (Call 01/18/29)(a)(b)

    3,520       3,280,586  

3.70%, 04/01/32 (Call 01/01/32)(a)(b)

    2,630       2,368,185  

4.15%, 04/09/30 (Call 01/09/30)(a)(b)

    5,547       5,267,589  

5.15%, 08/11/33 (Call 05/11/33)(a)(b)

    2,500       2,477,371  

 

 

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

  169


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)

  $ 4,628     $ 3,715,211  

Daimler Finance North America LLC

   

2.45%, 03/02/31(b)

     1,692       1,416,009  

2.63%, 03/10/30(a)(b)

    2,657       2,289,394  

3.10%, 08/15/29(a)(b)

    2,445       2,197,357  

4.30%, 02/22/29(a)(b)

    2,140       2,059,261  

Daimler Trucks Finance North America LLC

   

2.38%, 12/14/28(b)

    4,280       3,698,441  

2.50%, 12/14/31(a)(b)

    4,295       3,454,815  

5.50%, 09/20/33(b)

    5,000       4,948,291  

General Motors Co.

   

5.00%, 10/01/28 (Call 07/01/28)(a)

    4,020       3,901,241  

5.40%, 10/15/29 (Call 08/15/29)(a)

    5,960       5,761,967  

5.60%, 10/15/32 (Call 07/15/32)(a)

    7,025       6,761,732  

General Motors Financial Co. Inc.

   

2.35%, 01/08/31 (Call 10/08/30)

    5,682       4,413,307  

2.40%, 10/15/28 (Call 08/15/28)

    5,740       4,858,134  

2.70%, 06/10/31 (Call 03/10/31)

    5,655       4,458,220  

3.10%, 01/12/32 (Call 10/12/31)

    6,979       5,591,880  

3.60%, 06/21/30 (Call 03/21/30)

    7,109       6,102,224  

4.30%, 04/06/29 (Call 02/06/29)

    6,367       5,819,891  

5.65%, 01/17/29 (Call 10/17/28)(a)

    3,051       2,998,947  

5.85%, 04/06/30 (Call 02/06/30)(a)

    2,000       1,958,722  

6.40%, 01/09/33 (Call 10/09/32)(a)

    5,165       5,199,750  

Honda Motor Co. Ltd., 2.97%, 03/10/32 (Call 12/10/31)(a)

    5,398       4,720,304  

Hyundai Capital America

   

2.10%, 09/15/28 (Call 07/17/28)(a)(b)

    3,815       3,206,469  

5.70%, 06/26/30(b)

    3,545       3,488,762  

5.80%, 04/01/30 (Call 02/01/30)(a)(b)

    2,245       2,237,796  

6.38%, 04/08/30 (Call 01/08/30)(a)(b)

    3,313       3,394,795  

Mercedes-Benz Finance North America LLC

   

5.05%, 08/03/33(b)

    2,600       2,557,274  

8.50%, 01/18/31(a)

    8,918       10,881,610  

Nissan Motor Acceptance Co. LLC, 2.45%, 09/15/28 (Call 07/15/28)(a)(b)

    100       81,497  

Nissan Motor Co. Ltd., 4.81%, 09/17/30 (Call 06/17/30)(b)

    8,755       7,726,742  

Stellantis Finance U.S. Inc.

   

2.69%, 09/15/31 (Call 06/15/31)(b)

    5,627       4,409,869  

6.38%, 09/12/32 (Call 06/12/32)(a)(b)

    3,845       3,846,035  

Toyota Motor Corp.

   

2.36%, 03/25/31 (Call 12/25/30)(a)

    3,033       2,549,050  

2.76%, 07/02/29(a)

    2,222       1,998,044  

5.12%, 07/13/33

    2,245       2,268,248  

Toyota Motor Credit Corp.

   

1.65%, 01/10/31(a)

    3,591       2,868,848  

1.90%, 09/12/31

    2,872       2,298,079  

2.15%, 02/13/30

    4,584       3,897,766  

2.40%, 01/13/32(a)

    1,355       1,120,877  

3.38%, 04/01/30

    5,374       4,889,087  

3.65%, 01/08/29(a)

    2,766       2,608,500  

4.45%, 06/29/29(a)

    4,273       4,187,121  

4.55%, 05/17/30(a)

    4,145       4,035,409  

4.70%, 01/12/33(a)

    3,179       3,116,724  

Volkswagen Group of America Finance LLC

   

3.75%, 05/13/30(a)(b)

    3,201       2,874,823  

4.60%, 06/08/29 (Call 04/08/29)(b)

    2,653       2,538,441  

4.75%, 11/13/28(a)(b)

    6,700       6,477,123  
   

 

 

 
       205,104,158  
Security  

Par

(000)

    Value  
Auto Parts & Equipment — 0.2%            

Aptiv PLC

   

3.25%, 03/01/32 (Call 12/01/31)(a)

  $ 4,910     $ 4,163,561  

4.35%, 03/15/29 (Call 12/15/28)(a)

     1,729       1,665,517  

Lear Corp.

   

2.60%, 01/15/32 (Call 10/15/31)(a)

    2,315       1,804,757  

3.50%, 05/30/30 (Call 02/28/30)(a)

    1,864       1,627,842  

4.25%, 05/15/29 (Call 02/15/29)

    2,074       1,926,846  

Magna International Inc.

   

2.45%, 06/15/30 (Call 03/15/30)

    4,350       3,659,366  

5.50%, 03/21/33 (Call 12/21/32)(a)

    2,945       2,984,639  
   

 

 

 
       17,832,528  
Banks — 21.7%            

ABN AMRO Bank NV

   

2.47%, 12/13/29 (Call 12/13/28), (1-year CMT + 1.100%)(b)(c)

    6,490       5,472,907  

3.32%, 03/13/37 (Call 12/13/31), (5-year CMT + 1.900%)(a)(b)(c)

    4,901       3,777,236  

ANZ New Zealand Int’l Ltd./London, 2.55%, 02/13/30(a)(b)

    3,093       2,601,889  

ASB Bank Ltd.

   

2.38%, 10/22/31(a)(b)

    1,785       1,417,299  

5.28%, 06/17/32 (Call 06/17/27), (5-year CMT + 2.250%)(a)(b)(c)

    2,345       2,270,853  

Australia & New Zealand Banking Group Ltd.

   

2.57%, 11/25/35 (Call 11/25/30), (5-year CMT + 1.700%)(b)(c)

    6,908       5,259,795  

6.74%, 12/08/32(a)(b)

    6,600       6,818,132  

Banco de Chile, 2.99%, 12/09/31
(Call 09/09/31)(b)

    915       766,709  

Banco de Credito e Inversiones SA, 2.88%, 10/14/31 (Call 07/14/31)(b)

    1,205       987,446  

Banco Nacional de Panama, 2.50%, 08/11/30 (Call 05/11/30)(b)

    5,875       4,683,479  

Banco Santander Chile, 3.18%, 10/26/31 (Call 07/28/31)(a)(b)

    1,350       1,149,901  

Banco Santander SA

   

2.75%, 12/03/30

    9,265       7,179,710  

2.96%, 03/25/31(a)

    6,526       5,366,495  

3.23%, 11/22/32 (Call 08/22/31), (1-year CMT + 1.600%)(c)

    5,749       4,524,462  

3.31%, 06/27/29(a)

    5,992       5,307,715  

3.49%, 05/28/30(a)

    5,817       5,031,893  

6.92%, 08/08/33

    4,175       4,173,618  

Bangkok Bank PCL/Hong Kong

   

3.47%, 09/23/36 (Call 09/23/31), (5-year CMT + 2.150%)(a)(b)(c)

    4,985       4,002,193  

4.45%, 09/19/28(a)(b)

    2,578       2,486,200  

9.03%, 03/15/29(a)(b)

    1,410       1,583,813  

Bank of America Corp.

   

1.90%, 07/23/31 (Call 07/23/30), (1-day SOFR + 1.530%)(c)

    15,460       12,204,005  

1.92%, 10/24/31 (Call 10/24/30), (1-day SOFR + 1.370%)(c)

    13,907       10,895,123  

2.30%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.220%)(c)

    20,784       16,391,359  

2.48%, 09/21/36 (Call 09/21/31), (5-year CMT + 1.200%)(c)

    11,228       8,529,317  

2.50%, 02/13/31 (Call 02/13/30), (3-mo. SOFR + 1.252%)(c)

    19,717       16,395,968  

2.57%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.210%)(c)

    17,635       14,135,632  

 

 

170  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

2.59%, 04/29/31 (Call 04/29/30), (1-day SOFR + 2.150%)(c)

  $ 18,223     $ 15,158,032  

2.69%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.320%)(c)

     24,820       20,308,008  

2.88%, 10/22/30 (Call 10/22/29), (3-mo. SOFR + 1.452%)(c)

    10,939       9,384,682  

2.97%, 02/04/33 (Call 02/04/32), (1-day SOFR + 1.330%)(c)

    20,807       17,107,834  

3.19%, 07/23/30 (Call 07/23/29), (3-mo. SOFR + 1.442%)(c)

    14,097       12,376,035  

3.85%, 03/08/37 (Call 03/08/32), (5-year CMT + 2.000%)(a)(c)

    13,795       11,687,227  

3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)(c)

    16,336       15,040,415  

4.57%, 04/27/33 (Call 04/27/32), (1-day SOFR + 1.830%)(c)

    22,065       20,454,023  

5.02%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.160%)(c)

    27,600       26,563,801  

5.29%, 04/25/34, (1-day SOFR + 1.910%)(c)

    27,525        26,859,108  

Series N, 2.65%, 03/11/32 (Call 03/11/31), (1-day SOFR + 1.220%)(c)

    11,075       9,052,979  

Bank of Montreal, 3.09%, 01/10/37 (Call 01/10/32), (5-year CMT + 1.400%)(c)

    6,445       4,972,145  

Bank of New York Mellon Corp. (The)

   

1.65%, 01/28/31 (Call 10/28/30)(a)

    1,738       1,381,698  

1.80%, 07/28/31 (Call 04/28/31)(a)

    2,781       2,186,014  

2.50%, 01/26/32 (Call 10/26/31)(a)

    2,459       1,977,559  

3.00%, 10/30/28 (Call 07/30/28)(a)

    2,148       1,930,886  

3.30%, 08/23/29 (Call 05/23/29)

    4,019       3,587,743  

3.85%, 04/26/29 (Call 02/26/29)(a)

    2,025       1,910,618  

4.29%, 06/13/33 (Call 06/13/32), (1-day SOFR + 1.418%)(a)(c)

    3,765       3,464,061  

4.60%, 07/26/30 (Call 07/26/29), (1-day SOFR + 1.755%)(c)

    2,830       2,715,276  

4.71%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.511%)(c)

    4,175       3,931,208  

4.97%, 04/26/34, (1-day SOFR + 1.606%)(c)

    5,595       5,371,884  

5.83%, 10/25/33 (Call 10/25/32), (1-day SOFR + 2.074%)(c)

    8,400       8,609,373  

Series J, 1.90%, 01/25/29 (Call 11/25/28)(a)

    2,190       1,850,257  

Bank of New Zealand, 2.87%, 01/27/32(a)(b)

    970       795,735  

Bank of Nova Scotia (The)

   

2.15%, 08/01/31

    3,213       2,555,287  

2.45%, 02/02/32(a)

    4,398       3,563,452  

4.59%, 05/04/37 (Call 02/04/32), (5-year CMT + 2.050%)(c)

    6,610       5,706,586  

4.85%, 02/01/30

    6,875       6,655,465  

BankUnited Inc., 5.13%, 06/11/30 (Call 03/11/30)

    1,908       1,645,323  

Barclays PLC

   

2.65%, 06/24/31 (Call 06/24/30), (1-year CMT + 1.900%)(c)

    5,002       3,991,197  

2.67%, 03/10/32 (Call 03/10/31), (1-year CMT + 1.200%)(c)

    6,003       4,710,373  

2.89%, 11/24/32 (Call 11/24/31), (1-year CMT + 1.300%)(c)

    6,828       5,332,680  

3.56%, 09/23/35 (Call 09/23/30), (5-year CMT + 2.900%)(c)

    5,033       3,999,699  

5.09%, 06/20/30 (Call 06/20/29), (3-mo. LIBOR US + 3.054%)(c)

    7,746       7,096,967  
Security  

Par

(000)

    Value  
Banks (continued)            

5.75%, 08/09/33 (Call 08/09/32), (1-year CMT + 3.000%)(a)(c)

  $ 5,549     $ 5,317,180  

6.22%, 05/09/34 (Call 05/09/33), (1-day SOFR + 2.980%)(c)

    12,105       11,954,894  

7.12%, 06/27/34 (Call 06/27/33), (1-day SOFR + 3.570%)(c)

    8,235       8,223,884  

7.44%, 11/02/33 (Call 11/02/32), (1-year CMT + 3.500%)(c)

    11,144       11,927,052  

BNP Paribas SA

   

2.16%, 09/15/29 (Call 09/15/28), (1-day SOFR + 1.218%)(b)(c)

    8,013       6,703,812  

2.59%, 08/12/35 (Call 08/12/30), (5-year CMT + 2.050%)(a)(b)(c)

    7,467       5,766,775  

2.87%, 04/19/32 (Call 04/19/31), (1-day SOFR + 1.387%)(b)(c)

     14,002        11,376,765  

3.05%, 01/13/31 (Call 01/13/30), (1-day SOFR + 1.507%)(b)(c)

    115       97,275  

3.13%, 01/20/33 (Call 01/20/32), (1-day SOFR + 1.561%)(b)(c)

    9,838       8,018,296  

5.13%, 01/13/29 (Call 01/13/28), (1-year CMT + 1.450%)(b)(c)

    500       489,854  

5.20%, 01/10/30 (Call 01/10/29), (3-mo. SOFR + 2.829%)(a)(b)(c)

    4,806       4,636,825  

BPCE SA

   

2.28%, 01/20/32 (Call 01/20/31), (1-day SOFR + 1.312%)(a)(b)(c)

    7,312       5,650,682  

2.70%, 10/01/29(b)

    4,997       4,299,145  

3.12%, 10/19/32 (Call 10/19/31), (1-day SOFR + 1.730%)(b)(c)

    6,202       4,794,647  

3.65%, 01/14/37 (Call 01/14/32), (5-year CMT + 1.900%)(b)(c)

    275       217,236  

4.63%, 09/12/28(b)

    3,424       3,231,332  

5.75%, 07/19/33 (Call 07/19/32), (1-day SOFR + 2.865%)(a)(b)(c)

    5,545       5,384,848  

Canadian Imperial Bank of Commerce, 3.60%, 04/07/32 (Call 03/07/32)(a)

    3,230       2,876,726  

Citigroup Inc.

   

2.52%, 11/03/32 (Call 11/03/31), (1-day SOFR + 1.177%)(c)

    10,070       7,991,086  

2.56%, 05/01/32 (Call 05/01/31), (1-day SOFR + 1.167%)(c)

    16,316       13,145,578  

2.57%, 06/03/31 (Call 06/03/30), (1-day SOFR + 2.107%)(c)

    21,415       17,685,379  

2.67%, 01/29/31 (Call 01/29/30), (1-day SOFR + 1.146%)(c)

    13,784       11,552,102  

2.98%, 11/05/30 (Call 11/05/29), (1-day SOFR + 1.422%)(a)(c)

    12,679       10,903,495  

3.06%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.351%)(c)

    16,720       13,794,007  

3.79%, 03/17/33 (Call 03/17/32), (1-day SOFR + 1.939%)(c)

    16,740       14,554,236  

3.98%, 03/20/30 (Call 03/20/29), (3-mo. SOFR + 1.600%)(a)(c)

    14,645       13,487,177  

4.41%, 03/31/31 (Call 03/31/30), (1-day SOFR + 3.914%)(c)

    22,084       20,505,315  

4.91%, 05/24/33 (Call 05/24/32), (1-day SOFR + 2.086%)(a)(c)

    14,123       13,424,943  

5.88%, 02/22/33

    6,181       6,173,061  

6.17%, 05/25/34, (1-day SOFR + 2.661%)(c)

    15,130       15,077,184  

 

 

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

  171


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

6.27%, 11/17/33 (Call 11/17/32), (1-day SOFR + 2.338%)(c)

  $ 15,280     $ 15,933,307  

6.63%, 06/15/32

    6,424       6,706,323  

Citizens Financial Group Inc.

   

2.50%, 02/06/30 (Call 11/06/29)(a)

    2,294       1,840,821  

2.64%, 09/30/32 (Call 07/02/32)(a)

    1,020       743,953  

3.25%, 04/30/30 (Call 01/30/30)(a)

    4,741       3,968,288  

5.64%, 05/21/37 (Call 05/21/32), (5-year CMT + 2.750%)(a)(c)

    2,055       1,811,206  

Comerica Bank, 5.33%, 08/25/33 (Call 08/25/32), (1-day SOFR + 2.610%)(c)

    1,880       1,639,694  

Comerica Inc., 4.00%, 02/01/29
(Call 11/03/28)(a)

    2,077       1,789,536  

Commonwealth Bank of Australia

   

1.88%, 09/15/31(a)(b)

    4,393       3,499,889  

2.69%, 03/11/31(b)

    8,600       6,738,144  

3.61%, 09/12/34 (Call 09/12/29), (5-year CMT + 2.050%)(a)(b)(c)

    5,595       4,744,684  

3.78%, 03/14/32(a)(b)

    6,835       5,693,540  

Cooperatieve Rabobank UA, 3.76%, 04/06/33 (Call 04/06/32), (1-year CMT + 1.420%)(b)(c)

    4,725       4,070,266  

Credit Agricole SA

   

3.25%, 01/14/30(a)(b)

    5,517       4,721,297  

5.51%, 07/05/33(b)

    2,955       2,942,046  

Credit Suisse Group AG

   

3.09%, 05/14/32 (Call 05/14/31), (1-day SOFR + 1.730%)(b)(c)

    17,931       14,776,677  

4.19%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.730%)(b)(c)

    15,755       14,186,230  

6.54%, 08/12/33 (Call 08/12/32), (1-day SOFR + 3.920%)(b)(c)

    17,935       18,626,697  

9.02%, 11/15/33 (Call 11/15/32), (1-day SOFR + 5.020%)(b)(c)

    11,063       13,396,058  

Deutsche Bank AG/New York NY

   

3.04%, 05/28/32 (Call 05/28/31), (1-day SOFR + 1.718%)(c)

    5,260       4,184,231  

3.55%, 09/18/31 (Call 09/18/30), (1-day SOFR + 3.043%)(c)

    9,752       8,184,359  

3.73%, 01/14/32 (Call 10/14/30), (1-day SOFR + 2.757%)(c)

    6,940       5,371,671  

3.74%, 01/07/33 (Call 10/07/31), (1-day SOFR + 2.257%)(a)(c)

    6,460       4,851,003  

5.88%, 07/08/31 (Call 04/08/30), (1-day SOFR + 5.438%)(a)(c)

    2,490       2,258,865  

7.08%, 02/10/34 (Call 11/10/32), (1-day SOFR + 3.650%)(c)

    7,820       7,437,937  

Discover Bank

   

2.70%, 02/06/30 (Call 11/06/29)

    2,918       2,343,485  

4.65%, 09/13/28 (Call 06/13/28)

    4,723       4,340,123  

Fifth Third Bancorp.

   

4.34%, 04/25/33 (Call 04/25/32), (1-day SOFR + 1.660%)(a)(c)

    1,870       1,652,007  

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

    6,960       6,514,685  

First Horizon Bank, 5.75%, 05/01/30 (Call 02/01/30)(a)

    1,996       1,852,827  

Goldman Sachs Group Inc.,

   

1.99%, 01/27/32 (Call 01/27/31), (1-day SOFR + 1.090%)(c)

    14,432       11,239,846  

2.38%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.248%)(c)

     22,706        17,947,953  
Security  

Par

(000)

    Value  
Banks (continued)            

2.60%, 02/07/30 (Call 11/07/29)

  $ 12,033     $ 10,154,385  

2.62%, 04/22/32 (Call 04/22/31), (1-day SOFR + 1.281%)(c)

    21,514       17,407,984  

2.65%, 10/21/32 (Call 10/21/31), (1-day SOFR + 1.264%)(c)

    19,140       15,359,174  

3.10%, 02/24/33 (Call 02/24/32), (1-day SOFR + 1.410%)(a)(c)

    22,865       19,017,757  

3.80%, 03/15/30 (Call 12/15/29)(a)

    14,086       12,813,096  

6.13%, 02/15/33(a)

    2,635       2,801,702  

HSBC Capital Funding Dollar 1 LP, 10.18%,
(Call 06/30/30),
(3-mo. LIBOR US + 4.980%)(a)(b)(c)(d)

    4,335       5,321,212  

HSBC Holdings PLC

   

2.36%, 08/18/31 (Call 08/18/30), (1-day SOFR + 1.947%)(c)

    8,046       6,371,976  

2.80%, 05/24/32 (Call 05/24/31), (1-day SOFR + 1.187%)(c)

    16,845       13,454,672  

2.85%, 06/04/31 (Call 06/04/30), (1-day SOFR + 2.387%)(c)

    8,275       6,824,612  

2.87%, 11/22/32 (Call 11/22/31), (1-day SOFR + 1.410%)(c)

    9,827       7,820,360  

3.97%, 05/22/30 (Call 05/22/29), (3-mo. SOFR + 1.872%)(c)

    16,122       14,513,142  

4.76%, 03/29/33 (Call 03/29/32), (1-day SOFR + 2.530%)(a)(c)

    10,395       9,238,003  

4.95%, 03/31/30

    13,403       12,895,419  

5.40%, 08/11/33 (Call 08/11/32), (1-day SOFR + 2.870%)(c)

    15,089       14,403,827  

6.25%, 03/09/34 (Call 03/09/33), (1-day SOFR + 2.390%)(c)

    12,341       12,475,236  

6.55%, 06/20/34 (Call 06/20/33), (1-day SOFR + 2.980%)(c)

    11,185       10,980,349  

7.63%, 05/17/32(a)

    2,030       2,170,882  

8.11%, 11/03/33 (Call 11/03/32), (1-day SOFR + 4.250%)(c)

    10,897       11,847,867  

Huntington Bancshares Inc.

   

2.49%, 08/15/36 (Call 08/15/31), (5-year CMT + 1.170%)(c)

    2,551       1,870,444  

2.55%, 02/04/30 (Call 11/04/29)

    4,162       3,398,394  

5.02%, 05/17/33 (Call 05/17/32), (1-day SOFR + 2.050%)(a)(c)

    1,125       1,041,783  

Huntington National Bank (The), 5.65%, 01/10/30 (Call 11/10/29)(a)

    4,915       4,782,546  

ING Groep NV

   

2.73%, 04/01/32 (Call 04/01/31), (1-day SOFR + 1.316%)(c)

    3,572       2,917,683  

4.05%, 04/09/29(a)

    5,123       4,760,341  

4.25%, 03/28/33 (Call 03/28/32), (1-day SOFR + 2.070%)(a)(c)

    5,025       4,518,619  

4.55%, 10/02/28

    6,097       5,850,279  

Intesa Sanpaolo SpA

   

6.63%, 06/20/33(b)

    8,355       8,245,332  

8.25%, 11/21/33 (Call 11/21/32), (1-year CMT + 4.400%)(b)(c)

    6,725       7,031,335  

JPMorgan Chase & Co.

   

1.76%, 11/19/31 (Call 11/19/30), (3-mo. SOFR + 1.105%)(a)(c)

    8,286       6,481,751  

1.95%, 02/04/32 (Call 02/04/31), (1-day SOFR + 1.065%)(c)

     18,238        14,374,724  

 

 

172  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

2.52%, 04/22/31 (Call 04/22/30), (1-day SOFR + 2.040%)(c)

  $ 15,941     $ 13,370,184  

2.55%, 11/08/32 (Call 11/08/31), (1-day SOFR + 1.180%)(c)

    17,558       14,184,089  

2.58%, 04/22/32 (Call 04/22/31), (3-mo. SOFR + 1.250%)(c)

    21,913       17,938,204  

2.74%, 10/15/30 (Call 10/15/29), (3-mo. SOFR + 1.510%)(c)

    21,037       18,033,923  

2.96%, 05/13/31 (Call 05/13/30), (3-mo. SOFR + 2.515%)(c)

    16,599       14,109,492  

2.96%, 01/25/33 (Call 01/25/32), (1-day SOFR + 1.260%)(c)

    20,317       16,879,890  

3.70%, 05/06/30 (Call 05/06/29), (3-mo. SOFR + 1.422%)(c)

    14,295       13,050,440  

4.45%, 12/05/29 (Call 12/05/28), (3-mo. SOFR + 1.592%)(c)

    13,404       12,777,532  

4.49%, 03/24/31 (Call 03/24/30), (3-mo. SOFR + 3.790%)(c)

    17,009       16,122,953  

4.57%, 06/14/30 (Call 06/14/29), (1-day SOFR + 1.750%)(c)

    11,500       10,991,934  

4.59%, 04/26/33 (Call 04/26/32), (1-day SOFR + 1.800%)(c)

    14,515       13,573,657  

4.91%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.080%)(c)

    26,105       25,106,270  

5.35%, 06/01/34, (1-day SOFR + 1.845%)(c)

    14,090       13,922,376  

5.72%, 09/14/33 (Call 09/14/32), (1-day SOFR + 2.580%)(a)(c)

    20,056       20,044,545  

8.75%, 09/01/30

    1,480       1,762,873  

KeyBank NA, 5.00%, 01/26/33 (Call 10/26/32)(a)

    5,040       4,377,695  

KeyBank NA/Cleveland OH

   

3.90%, 04/13/29

    1,718       1,411,650  

4.90%, 08/08/32

    4,115       3,391,514  

KeyCorp

   

2.55%, 10/01/29(a)

    4,350       3,447,862  

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

    3,715       3,205,651  

KKR Group Finance Co. XII LLC, 4.85%, 05/17/32 (Call 02/17/32)(a)(b)

    4,530       4,244,997  

Kookmin Bank, 2.50%, 11/04/30(b)

    980       794,508  

Lloyds Banking Group PLC

   

4.98%, 08/11/33 (Call 08/11/32), (1-year CMT + 2.300%)(a)(c)

    6,512       6,027,691  

7.95%, 11/15/33 (Call 08/15/32), (1-year CMT + 3.750%)(c)

    5,385       5,768,041  

M&T Bank Corp., 5.05%, 01/27/34 (Call 01/27/33), (1-day SOFR + 1.850%)(c)

    5,540       5,037,958  

Macquarie Bank Ltd.

   

3.05%, 03/03/36 (Call 03/03/31), (5-year CMT + 1.700%)(b)(c)

    4,220       3,225,016  

3.62%, 06/03/30(a)(b)

    3,538       2,966,263  

6.79%, 01/18/33(a)(b)

    7,060       7,142,032  

Macquarie Group Ltd.

   

2.69%, 06/23/32 (Call 06/23/31), (1-day SOFR + 1.440%)(a)(b)(c)

    5,890       4,615,115  

2.87%, 01/14/33 (Call 01/14/32), (3-mo. SOFR + 1.532%)(b)(c)

    6,678       5,234,712  

4.44%, 06/21/33 (Call 06/21/32), (1-day SOFR + 2.405%)(b)(c)

    3,200       2,816,660  

5.03%, 01/15/30 (Call 01/15/29), (3-mo. LIBOR US + 1.750%)(b)(c)

     4,126        4,020,683  
Security  

Par

(000)

    Value  
Banks (continued)            

5.49%, 11/09/33 (Call 11/09/32), (1-day SOFR + 2.865%)(a)(b)(c)

  $ 4,770     $ 4,591,073  

5.89%, 06/15/34,
(1-day SOFR + 2.380%)(a)(b)(c)

    3,480       3,380,473  

Mitsubishi UFJ Financial Group Inc.

   

2.05%, 07/17/30

    6,831       5,496,129  

2.31%, 07/20/32 (Call 07/20/31), (1-year CMT + 0.950%)(c)

    9,852       7,801,882  

2.49%, 10/13/32 (Call 10/13/31), (1-year CMT + 0.970%)(c)

    4,672       3,744,023  

2.56%, 02/25/30

    6,389       5,374,225  

2.85%, 01/19/33 (Call 01/19/32), (1-year CMT + 1.100%)(c)

    6,150       5,031,021  

3.20%, 07/18/29

    9,609       8,493,423  

3.74%, 03/07/29

    8,099       7,495,843  

4.05%, 09/11/28(a)

    4,902       4,656,296  

4.32%, 04/19/33 (Call 04/19/32), (1-year CMT + 1.550%)(c)

    2,575       2,371,770  

5.13%, 07/20/33 (Call 07/20/32), (1-year CMT + 2.125%)(c)

    8,350       8,106,138  

5.41%, 04/19/34, (1-year CMT + 1.970%)(a)(c)

    5,510       5,430,504  

5.44%, 02/22/34 (Call 02/22/33), (1-year CMT + 1.630%)(c)

    6,910       6,838,561  

5.47%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.125%)(a)(c)

    4,205       4,177,805  

5.48%, 02/22/31 (Call 02/22/30), (1-year CMT + 1.530%)(a)(c)

    2,740       2,717,882  

Mizuho Financial Group Inc.

   

1.98%, 09/08/31 (Call 09/08/30), (3-mo. SOFR + 1.532%)(c)

    4,805       3,743,469  

2.17%, 05/22/32 (Call 05/22/31), (1-year CMT + 0.870%)(c)

    2,841       2,196,473  

2.20%, 07/10/31 (Call 07/10/30), (3-mo. SOFR + 1.772%)(c)

    5,811       4,618,268  

2.26%, 07/09/32 (Call 07/09/31), (1-year CMT + 0.900%)(a)(c)

    2,900       2,247,606  

2.56%, 09/13/31

    4,905       3,813,142  

2.59%, 05/25/31 (Call 05/25/30), (3-mo. SOFR + 1.332%)(a)(c)

    3,083       2,527,770  

2.87%, 09/13/30 (Call 09/13/29), (3-mo. SOFR + 1.572%)(c)

    2,994       2,536,885  

3.15%, 07/16/30 (Call 07/16/29), (3-mo. SOFR + 1.392%)(c)

    4,407       3,810,835  

3.26%, 05/22/30 (Call 05/22/29), (1-year CMT + 1.250%)(c)

    3,660       3,215,574  

4.25%, 09/11/29 (Call 09/11/28), (3-mo. SOFR + 1.532%)(c)

    5,888       5,501,715  

5.67%, 09/13/33 (Call 09/13/32), (1-year CMT + 2.400%)(c)

    3,740       3,705,381  

5.74%, 05/27/31 (Call 05/27/30), (1-year CMT + 1.650%)(c)

    4,040       4,003,335  

5.75%, 05/27/34 (Call 05/27/33), (1-year CMT + 1.800%)(c)

    5,075       5,047,778  

5.75%, 07/06/34 (Call 07/06/33), (1-year CMT + 1.900%)(c)

    6,690       6,624,898  

Morgan Stanley

   

1.79%, 02/13/32 (Call 02/13/31), (1-day SOFR + 1.034%)(c)

    15,996       12,300,993  

1.93%, 04/28/32 (Call 04/28/31), (1-day SOFR + 1.020%)(c)

     14,165        10,922,284  

 

 

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

  173


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

2.24%, 07/21/32 (Call 07/21/31), (1-day SOFR + 1.178%)(c)

  $ 19,795     $ 15,571,350  

2.48%, 09/16/36 (Call 09/16/31), (1-day SOFR + 1.360%)(c)

    16,887       12,735,584  

2.51%, 10/20/32 (Call 10/20/31), (1-day SOFR + 1.200%)(c)

    14,222       11,325,038  

2.70%, 01/22/31 (Call 01/22/30), (1-day SOFR + 1.143%)(c)

    19,014       16,003,624  

2.94%, 01/21/33 (Call 01/21/32), (1-day SOFR + 1.290%)(c)

    14,282       11,698,805  

3.62%, 04/01/31 (Call 04/01/30), (1-day SOFR + 3.120%)(c)

    18,201       16,173,909  

4.43%, 01/23/30 (Call 01/23/29), (3-mo. SOFR + 1.890%)(c)

    15,949       15,146,011  

4.89%, 07/20/33 (Call 07/20/32), (1-day SOFR + 2.076%)(c)

    11,460       10,856,042  

5.25%, 04/21/34, (1-day SOFR + 1.870%)(c)

    17,840       17,328,318  

5.30%, 04/20/37 (Call 04/20/32), (1-day SOFR + 2.620%)(c)

    11,200       10,425,183  

5.42%, 07/21/34 (Call 07/21/33), (1-day SOFR + 1.880%)(c)

    7,755       7,624,878  

5.95%, 01/19/38 (Call 01/19/33), (5-year CMT + 2.430%)(c)

    10,315       10,030,270  

6.34%, 10/18/33 (Call 10/18/32), (1-day SOFR + 2.560%)(c)

    16,870       17,673,841  

7.25%, 04/01/32(a)

    6,514       7,410,010  

National Australia Bank Ltd.

   

2.33%, 08/21/30(a)(b)

    8,560       6,670,722  

2.99%, 05/21/31(b)

    6,295       5,023,930  

3.35%, 01/12/37 (Call 01/12/32), (5-year CMT + 1.700%)(b)(c)

    6,005       4,696,631  

3.93%, 08/02/34 (Call 08/02/29), (5-year CMT + 1.880%)(b)(c)

    7,743       6,696,880  

6.43%, 01/12/33(b)

    6,500       6,575,372  

NatWest Group PLC

   

3.03%, 11/28/35 (Call 08/28/30), (5-year CMT + 2.350%)(a)(c)

    3,932       3,033,192  

4.45%, 05/08/30 (Call 05/08/29), (3-mo. LIBOR US + 1.871%)(c)

    6,967       6,391,954  

5.08%, 01/27/30 (Call 01/27/29), (3-mo. LIBOR US + 1.905%)(a)(c)

    10,684        10,176,202  

5.81%, 09/13/29 (Call 09/13/28), (1-year CMT + 1.950%)(a)(c)

    4,575       4,537,111  

6.02%, 03/02/34 (Call 03/02/33), (1-year CMT + 2.100%)(a)(c)

    6,840       6,808,527  

Nordea Bank Abp, 4.63%, 09/13/33 (Call 09/13/28), (5-year USD Swap + 1.690%)(b)(c)

    1,696       1,549,829  

Norinchukin Bank (The)

   

2.08%, 09/22/31(a)(b)

    6,785       5,416,802  

5.07%, 09/14/32(a)(b)

    1,465       1,456,186  

Northern Trust Corp.

   

1.95%, 05/01/30 (Call 02/01/30)(a)

    5,830       4,802,503  

3.15%, 05/03/29 (Call 02/03/29)

    2,710       2,462,397  

6.13%, 11/02/32 (Call 08/02/32)(a)

    5,255       5,365,385  

PNC Bank NA, 2.70%, 10/22/29

    4,983       4,180,198  

PNC Financial Services Group Inc. (The)

   

2.31%, 04/23/32 (Call 04/23/31), (1-day SOFR + 0.979%)(a)(c)

    3,225       2,597,109  

2.55%, 01/22/30 (Call 10/24/29)(a)

     11,792       9,890,731  

3.45%, 04/23/29 (Call 01/23/29)

    9,352       8,438,927  
Security  

Par

(000)

    Value  
Banks (continued)            

4.63%, 06/06/33 (Call 06/06/32), (1-day SOFR + 1.850%)(a)(c)

  $ 4,225     $ 3,825,417  

5.07%, 01/24/34 (Call 01/24/33), (1-day SOFR + 1.933%)(a)(c)

    8,730       8,269,038  

5.94%, 08/18/34, (1-day SOFR + 1.946%)(a)(c)

    5,300       5,360,802  

6.04%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.140%)(c)

    8,261       8,392,042  

Royal Bank of Canada

   

2.30%, 11/03/31

    8,049       6,472,334  

3.88%, 05/04/32

    5,225       4,744,638  

5.00%, 02/01/33

    10,210       9,897,194  

5.00%, 05/02/33(a)

    6,005       5,810,112  

Santander UK Group Holdings PLC, 2.90%,
03/15/32 (Call 03/15/31),
(1-day SOFR + 1.475%)(a)(c)

    1,735       1,388,125  

Shinhan Bank Co. Ltd.

   

4.00%, 04/23/29(b)

    1,200       1,085,985  

4.38%, 04/13/32(b)

    820       733,351  

Societe Generale SA

   

2.89%, 06/09/32 (Call 06/09/31), (1-year CMT + 1.300%)(b)(c)

    8,379       6,593,916  

3.00%, 01/22/30(a)(b)

    7,012       5,855,992  

3.34%, 01/21/33 (Call 01/21/32), (1-year CMT + 1.600%)(b)(c)

    6,231       5,026,097  

3.65%, 07/08/35 (Call 07/08/30), (5-year CMT + 3.000%)(b)(c)

    1,510       1,219,980  

4.75%, 09/14/28(a)(b)

    2,587       2,457,356  

6.22%, 06/15/33 (Call 06/15/32), (1-year CMT + 3.200%)(b)(c)

    6,995       6,571,746  

6.69%, 01/10/34 (Call 01/10/33), (1-year CMT + 2.950%)(a)(b)(c)

    8,465       8,621,996  

Standard Chartered Bank, 8.00%, 05/30/31(a)(b)

    1,850       1,966,977  

Standard Chartered PLC

   

2.68%, 06/29/32 (Call 06/29/31), (1-year CMT + 1.200%)(b)(c)

    6,660       5,230,809  

3.27%, 02/18/36 (Call 11/18/30), (5-year CMT + 2.300%)(b)(c)

    6,330       4,984,675  

3.60%, 01/12/33 (Call 01/12/32), (1-year CMT + 1.900%)(b)(c)

    4,155       3,298,486  

4.31%, 05/21/30 (Call 05/21/29), (3-mo. LIBOR US + 1.910%)(a)(b)(c)

    4,476       4,079,588  

4.64%, 04/01/31 (Call 04/01/30), (1-year CMT + 3.850%)(b)(c)

     11,768        10,920,938  

6.30%, 07/06/34, (1-year CMT + 2.580%)(b)(c)

    7,605       7,590,146  

State Street Corp.

   

2.20%, 03/03/31

    4,994       3,978,475  

2.40%, 01/24/30(a)

    4,281       3,654,283  

2.62%, 02/07/33 (Call 02/07/32), (1-day SOFR + 1.002%)(c)

    3,150       2,583,910  

3.03%, 11/01/34 (Call 11/01/29), (1-day SOFR + 1.490%)(c)

    2,690       2,312,288  

3.15%, 03/30/31 (Call 03/30/30), (1-day SOFR + 2.650%)(c)

    2,302       2,023,292  

4.14%, 12/03/29 (Call 12/03/28), (3-mo. SOFR + 1.292%)(a)(c)

    2,531       2,426,219  

4.16%, 08/04/33 (Call 08/04/32), (1-day SOFR + 1.726%)(a)(c)

    4,358       3,958,008  

4.42%, 05/13/33 (Call 05/13/32), (1-day SOFR + 1.605%)(c)

    2,960       2,753,449  

 

 

174  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.82%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.567%)(a)(c)

  $ 4,005     $ 3,800,068  

5.16%, 05/18/34, (1-day SOFR + 1.890%)(c)

    6,420       6,231,269  

Sumitomo Mitsui Financial Group Inc.

   

1.71%, 01/12/31

    2,755       2,121,427  

1.90%, 09/17/28

    10,760       9,046,873  

2.13%, 07/08/30

    8,243       6,639,219  

2.14%, 09/23/30

    4,751       3,756,699  

2.22%, 09/17/31(a)

    5,325       4,205,184  

2.47%, 01/14/29

    2,775       2,379,595  

2.72%, 09/27/29

    2,807       2,389,937  

2.75%, 01/15/30

    6,791       5,774,846  

3.04%, 07/16/29

    13,436       11,732,919  

3.20%, 09/17/29(a)

    2,799       2,451,498  

4.31%, 10/16/28

    3,137       2,990,288  

5.71%, 01/13/30

    7,385       7,425,396  

5.77%, 01/13/33

    9,435       9,570,063  

5.78%, 07/13/33(a)

    4,005       4,063,610  

5.85%, 07/13/30

    3,620       3,664,018  

Toronto-Dominion Bank (The)

   

2.00%, 09/10/31

    5,286       4,189,128  

2.45%, 01/12/32

    3,607       2,913,848  

3.20%, 03/10/32

    8,600       7,326,319  

4.46%, 06/08/32

     11,935        11,117,193  

Truist Bank, 2.25%, 03/11/30 (Call 12/11/29)

    6,986       5,550,811  

Truist Financial Corp.

   

1.95%, 06/05/30 (Call 03/05/30)

    4,483       3,563,226  

3.88%, 03/19/29 (Call 02/16/29)(a)

    3,888       3,475,052  

4.92%, 07/28/33 (Call 07/28/32), (1-day SOFR + 2.240%)(c)

    5,685       5,067,500  

5.12%, 01/26/34 (Call 01/26/33), (1-day SOFR + 1.852%)(a)(c)

    8,710       8,169,928  

5.87%, 06/08/34, (1-day SOFR + 2.361%)(c)

    6,755       6,692,968  

6.12%, 10/28/33 (Call 10/28/32), (1-day SOFR + 2.300%)(c)

    4,105       4,130,256  

U.S. Bancorp

   

1.38%, 07/22/30 (Call 04/22/30)(a)

    7,253       5,499,307  

2.49%, 11/03/36 (Call 11/03/31), (5-year CMT + 0.950%)(a)(c)

    6,765       4,985,510  

2.68%, 01/27/33 (Call 01/27/32), (1-day SOFR + 1.020%)(c)

    5,840       4,649,995  

3.00%, 07/30/29 (Call 04/30/29)

    6,906       5,917,315  

4.84%, 02/01/34 (Call 02/01/33), (1-day SOFR + 1.600%)(a)(c)

    10,628       9,856,926  

4.97%, 07/22/33 (Call 07/22/32), (1-day SOFR + 2.110%)(c)

    7,245       6,607,795  

5.84%, 06/12/34 (Call 06/10/33), (1-day SOFR + 2.260%)(c)

    4,635       4,630,692  

5.85%, 10/21/33 (Call 10/21/32), (1-day SOFR + 2.090%)(c)

    8,485       8,450,849  

UBS Group AG

   

2.10%, 02/11/32 (Call 02/11/31), (1-year CMT + 1.000%)(b)(c)

    11,519       8,880,327  

2.75%, 02/11/33 (Call 02/11/32), (1-year CMT + 1.100%)(a)(b)(c)

    8,580       6,759,116  

3.13%, 08/13/30 (Call 08/13/29), (3-mo. LIBOR US + 1.468%)(b)(c)

    7,129       6,111,100  

4.99%, 08/05/33 (Call 08/05/32), (1-year CMT + 2.400%)(b)(c)

    8,345       7,776,880  
Security  

Par

(000)

    Value  
Banks (continued)            

5.96%, 01/12/34 (Call 01/12/33), (1-year CMT + 2.200%)(b)(c)

  $ 12,310     $ 12,368,214  

UniCredit SpA, 3.13%, 06/03/32 (Call 06/03/31),
(1-year CMT + 1.550%)(b)(c)

    4,666       3,689,142  

Webster Financial Corp., 4.10%, 03/25/29 (Call 12/25/28)(a)

    1,103       962,690  

Wells Fargo & Co.

   

2.57%, 02/11/31 (Call 02/11/30), (3-mo. SOFR + 1.262%)(c)

    17,464       14,576,413  

2.88%, 10/30/30 (Call 10/30/29), (3-mo. SOFR + 1.432%)(c)

    19,483       16,672,534  

3.35%, 03/02/33 (Call 03/02/32), (1-day SOFR + 1.500%)(c)

    22,698       19,114,305  

4.15%, 01/24/29 (Call 10/24/28)(a)

    14,173       13,366,928  

4.48%, 04/04/31 (Call 04/04/30), (3-mo. SOFR + 4.032%)(c)

    14,217       13,300,770  

4.90%, 07/25/33 (Call 07/25/32), (1-day SOFR + 2.100%)(c)

    24,240       22,808,313  

5.39%, 04/24/34,
(1-day SOFR + 2.020%)(c)

    21,455       20,897,333  

5.56%, 07/25/34 (Call 07/25/33), (1-day SOFR + 1.990%)(c)

    20,750       20,477,071  

Series B, 7.95%, 11/15/29

    695       758,727  

Westpac Banking Corp.

   

1.95%, 11/20/28

    6,590       5,668,351  

2.15%, 06/03/31

    5,403       4,430,684  

2.65%, 01/16/30(a)

    4,847       4,225,139  

2.67%, 11/15/35 (Call 11/15/30), (5-year CMT + 1.750%)(a)(c)

    7,707       5,923,498  

3.02%, 11/18/36 (Call 11/18/31), (5-year CMT + 1.530%)(c)

    6,598       5,054,535  

4.11%, 07/24/34 (Call 07/24/29), (5-year CMT + 2.000%)(a)(c)

    6,822       5,976,511  

5.41%, 08/10/33 (Call 08/10/32), (1-year CMT + 2.680%)(c)

    5,870       5,520,824  

Wintrust Financial Corp., 4.85%, 06/06/29

    908       806,864  

Zions Bancorp NA, 3.25%, 10/29/29 (Call 07/29/29)

    1,870       1,468,900  
   

 

 

 
       2,485,373,779  
Beverages — 1.7%            

Anheuser-Busch InBev Worldwide Inc.

   

3.50%, 06/01/30 (Call 03/01/30)

    9,643       8,868,765  

4.75%, 01/23/29 (Call 10/23/28)

     22,775       22,565,467  

4.90%, 01/23/31 (Call 10/23/30)(a)

    4,603       4,622,110  

6.63%, 08/15/33

    100       110,450  

Bacardi Ltd./Bacardi-Martini BV

   

5.25%, 01/15/29(b)

    165       161,589  

5.40%, 06/15/33(b)

    5,585       5,440,442  

Becle SAB de CV, 2.50%, 10/14/31 (Call 07/14/31)(a)(b)

    4,330       3,395,815  

Brown-Forman Corp., 4.75%, 04/15/33 (Call 01/15/33)(a)

    3,520       3,484,063  

Cia. Cervecerias Unidas SA, 3.35%, 01/19/32 (Call 10/19/31)(a)(b)

    1,305       1,090,888  

Coca-Cola Co. (The)

   

1.38%, 03/15/31

    7,014       5,535,353  

1.65%, 06/01/30

    8,282       6,824,363  

2.00%, 03/05/31

    4,357       3,624,728  

2.13%, 09/06/29

    5,531       4,832,211  

2.25%, 01/05/32

    10,696       8,976,630  

3.45%, 03/25/30(a)

    7,193       6,689,701  

 

 

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

  175


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Beverages (continued)            

Coca-Cola Femsa SAB de CV

   

1.85%, 09/01/32 (Call 06/01/32)(a)

  $ 1,800     $ 1,367,417  

2.75%, 01/22/30 (Call 10/22/29)(a)

    5,819       5,045,050  

Constellation Brands Inc.

   

2.25%, 08/01/31 (Call 05/01/31)

    5,830       4,685,547  

2.88%, 05/01/30 (Call 02/01/30)

    3,902       3,367,117  

3.15%, 08/01/29 (Call 05/01/29)

    4,697       4,196,153  

4.65%, 11/15/28 (Call 08/15/28)(a)

    2,745       2,668,536  

4.75%, 05/09/32 (Call 02/09/32)(a)

    4,035       3,867,725  

4.90%, 05/01/33

    4,110       3,962,693  

Diageo Capital PLC

   

2.00%, 04/29/30 (Call 01/29/30)

    6,226       5,194,620  

2.13%, 04/29/32 (Call 01/29/32)

    3,955       3,178,062  

2.38%, 10/24/29 (Call 07/24/29)

    4,882       4,217,284  

5.50%, 01/24/33 (Call 10/24/32)(a)

    4,390       4,557,817  

JDE Peet’s NV, 2.25%, 09/24/31 (Call 06/24/31)(a)(b)

    3,069       2,359,883  

Keurig Dr Pepper Inc.

   

2.25%, 03/15/31 (Call 12/15/30)(a)

    2,777       2,261,110  

3.20%, 05/01/30 (Call 02/01/30)

    4,236       3,755,574  

3.95%, 04/15/29 (Call 02/15/29)(a)

    5,670       5,339,593  

4.05%, 04/15/32 (Call 01/15/32)(a)

    4,970       4,555,627  

PepsiCo Inc.

   

1.40%, 02/25/31 (Call 11/25/30)

    3,974       3,159,417  

1.63%, 05/01/30 (Call 02/01/30)

    5,666       4,661,409  

1.95%, 10/21/31 (Call 07/21/31)

    7,112       5,804,756  

2.63%, 07/29/29 (Call 04/29/29)(a)

    5,507       4,934,114  

2.75%, 03/19/30 (Call 12/19/29)

    8,106       7,214,307  

3.90%, 07/18/32 (Call 04/18/32)(a)

    6,605       6,263,911  

4.45%, 02/15/33 (Call 11/15/32)(a)

    5,518       5,490,174  

7.00%, 03/01/29(a)

    2,772       3,082,989  

Pernod Ricard International Finance LLC, 1.63%, 04/01/31 (Call 01/01/30)(a)(b)

    5,110       3,947,377  
   

 

 

 
      195,360,837  
Biotechnology — 1.0%            

Amgen Inc.

   

2.00%, 01/15/32 (Call 10/15/31)(a)

    5,441       4,269,003  

2.30%, 02/25/31 (Call 11/25/30)(a)

    5,390       4,451,254  

2.45%, 02/21/30 (Call 11/21/29)(a)

    7,624       6,485,565  

3.00%, 02/22/29 (Call 12/22/28)

    3,995       3,612,323  

3.35%, 02/22/32 (Call 11/22/31)

    5,430       4,740,029  

4.05%, 08/18/29 (Call 06/18/29)(a)

    7,237       6,838,887  

4.20%, 03/01/33 (Call 12/01/32)

    5,667       5,217,352  

5.25%, 03/02/30 (Call 01/02/30)

    12,955       12,972,935  

5.25%, 03/02/33 (Call 12/02/32)

     22,550       22,432,749  

Biogen Inc., 2.25%, 05/01/30
(Call 02/01/30)(a)

    9,004       7,412,343  

Bio-Rad Laboratories Inc., 3.70%, 03/15/32
(Call 12/15/31)(a)

    4,565       3,998,703  

CSL Finance PLC

   

4.05%, 04/27/29 (Call 02/27/29)(b)

    2,805       2,658,005  

4.25%, 04/27/32 (Call 01/27/32)(a)(b)

    5,555       5,211,264  

Gilead Sciences Inc., 1.65%, 10/01/30 (Call 07/01/30)(a)

    5,815       4,671,667  

Illumina Inc., 2.55%, 03/23/31 (Call 12/23/30)

    2,951       2,368,030  

Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30)

    7,092       5,644,141  

Royalty Pharma PLC

   

2.15%, 09/02/31 (Call 06/02/31)

    3,810       2,956,540  

2.20%, 09/02/30 (Call 06/02/30)

    5,643       4,497,505  
   

 

 

 
       110,438,295  
Security  

Par

(000)

    Value  
Building Materials — 0.6%            

Carrier Global Corp.

   

2.70%, 02/15/31 (Call 11/15/30)

  $ 3,969     $ 3,330,537  

2.72%, 02/15/30 (Call 11/15/29)

    11,867       10,175,170  

Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31)

    4,118       3,324,814  

Fortune Brands Home & Security Inc.

   

3.25%, 09/15/29 (Call 06/15/29)(a)

    4,311       3,801,958  

4.00%, 03/25/32 (Call 12/25/31)(a)

    1,940       1,709,082  

Fortune Brands Innovations Inc., 5.88%, 06/01/33

    3,111       3,098,634  

GCC SAB de CV, 3.61%, 04/20/32 (Call 01/20/32)(b)

    250       208,125  

Johnson Controls International PLC/Tyco Fire & Security Finance SCA

   

1.75%, 09/15/30 (Call 06/15/30)

    6,364       5,097,744  

2.00%, 09/16/31 (Call 06/16/31)

    1,707       1,345,481  

4.90%, 12/01/32 (Call 09/01/32)(a)

    1,885       1,852,959  

Martin Marietta Materials Inc.

   

2.40%, 07/15/31 (Call 04/15/31)(a)

    5,377       4,349,470  

Series CB, 2.50%, 03/15/30 (Call 12/15/29)

    3,157       2,652,680  

Masco Corp.

   

2.00%, 10/01/30 (Call 07/01/30)

    2,385       1,885,987  

2.00%, 02/15/31 (Call 11/15/30)(a)

    3,394       2,679,673  

Mohawk Industries Inc., 3.63%, 05/15/30 (Call 02/15/30)(a)

    2,257       2,028,970  

Owens Corning

   

3.88%, 06/01/30 (Call 03/01/30)

    1,487       1,351,915  

3.95%, 08/15/29 (Call 05/15/29)

    3,224       2,999,040  

Trane Technologies Financing Ltd., 5.25%, 03/03/33 (Call 12/03/32)

    3,730       3,725,960  

Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)(a)

    4,331       4,041,770  

UltraTech Cement Ltd., 2.80%, 02/16/31 (Call 08/16/30)(a)(b)

    2,285       1,844,708  

Vulcan Materials Co., 3.50%, 06/01/30 (Call 03/01/30)

     4,663       4,175,540  
   

 

 

 
       65,680,217  
Chemicals — 1.7%            

Air Liquide Finance SA, 2.25%, 09/10/29 (Call 06/10/29)(a)(b)

    3,223       2,767,846  

Air Products and Chemicals Inc.

   

2.05%, 05/15/30 (Call 02/15/30)(a)

    5,307       4,479,294  

4.80%, 03/03/33 (Call 12/03/32)(a)

    4,085       4,059,357  

Albemarle Corp., 5.05%, 06/01/32
(Call 03/01/32)(a)

    3,845       3,619,398  

Alpek SAB de CV

   

3.25%, 02/25/31 (Call 11/25/30)(b)

    3,660       2,985,953  

4.25%, 09/18/29 (Call 06/18/29)(b)

    230       206,976  

Bayport Polymers LLC, 5.14%, 04/14/32 (Call 01/14/32)(a)(b)

    1,130       1,007,540  

Braskem Netherlands Finance BV

   

4.50%, 01/31/30(b)

    6,015       5,022,475  

7.25%, 02/13/33 (Call 11/13/32)(a)(b)

    5,535       5,243,479  

Cabot Corp.

   

4.00%, 07/01/29 (Call 04/01/29)(a)

    2,021       1,863,456  

5.00%, 06/30/32 (Call 03/30/32)(a)

    2,372       2,233,502  

Celanese U.S. Holdings LLC

   

6.33%, 07/15/29 (Call 05/15/29)

    4,790       4,761,264  

6.35%, 11/15/28 (Call 10/15/28)(a)

    4,755       4,767,256  

6.38%, 07/15/32 (Call 04/15/32)(a)

    5,335       5,279,604  

6.55%, 11/15/30 (Call 09/15/30)

    5,570       5,572,744  

6.70%, 11/15/33 (Call 08/15/33)(a)

    2,870       2,882,069  

 

 

176  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Chemicals (continued)            

Dow Chemical Co. (The)

   

2.10%, 11/15/30 (Call 08/15/30)(a)

  $ 4,376     $ 3,567,596  

4.80%, 11/30/28 (Call 08/30/28)(a)

    2,765       2,725,361  

6.30%, 03/15/33 (Call 12/15/32)(a)

    3,565       3,771,327  

7.38%, 11/01/29(a)

    5,706       6,263,226  

DuPont de Nemours Inc., 4.73%, 11/15/28 (Call 08/15/28)(a)

     12,080        11,918,706  

Eastman Chemical Co.

   

4.50%, 12/01/28 (Call 09/01/28)

    2,960       2,830,301  

5.75%, 03/08/33 (Call 12/08/32)(a)

    3,020       2,978,583  

Ecolab Inc.

   

1.30%, 01/30/31 (Call 10/30/30)(a)

    3,393       2,641,408  

2.13%, 02/01/32 (Call 11/01/31)(a)

    3,905       3,179,396  

4.80%, 03/24/30 (Call 12/24/29)(a)

    4,218       4,193,414  

EIDP Inc.

   

2.30%, 07/15/30 (Call 04/15/30)(a)

    3,086       2,560,457  

4.80%, 05/15/33 (Call 02/15/33)(a)

    615       591,354  

FMC Corp.

   

3.45%, 10/01/29 (Call 07/01/29)

    3,028       2,633,790  

5.65%, 05/18/33

    2,970       2,831,796  

GC Treasury Center Co. Ltd.

   

2.98%, 03/18/31 (Call 12/18/30)(a)(b)

    4,275       3,393,959  

4.40%, 03/30/32 (Call 09/30/31)(a)(b)

    2,130       1,838,224  

Huntsman International LLC

   

2.95%, 06/15/31 (Call 03/15/31)(a)

    2,526       2,015,963  

4.50%, 05/01/29 (Call 02/01/29)(a)

    4,898       4,535,816  

International Flavors & Fragrances Inc.

   

2.30%, 11/01/30 (Call 08/01/30)(a)(b)

    7,068       5,484,070  

4.45%, 09/26/28 (Call 06/26/28)

    1,958       1,830,983  

LG Chem Ltd.

   

2.38%, 07/07/31(b)

    2,770       2,226,809  

3.63%, 04/15/29(b)

    1,135       1,043,090  

Linde Inc./CT, 1.10%, 08/10/30
(Call 05/10/30)(a)

    4,333       3,418,804  

LYB International Finance III LLC

   

2.25%, 10/01/30 (Call 07/01/30)(a)

    3,039       2,467,984  

5.63%, 05/15/33(a)

    3,245       3,213,853  

MEGlobal Canada ULC, 5.88%, 05/18/30(a)(b)

    3,180       3,206,998  

NewMarket Corp., 2.70%, 03/18/31 (Call 12/18/30)

    2,753       2,236,569  

Nutrien Ltd.

   

2.95%, 05/13/30 (Call 02/13/30)

    3,261       2,811,400  

4.20%, 04/01/29 (Call 01/01/29)

    4,427       4,163,839  

OCI NV, 6.70%, 03/16/33 (Call 12/16/32)(b)

    2,702       2,651,751  

Orbia Advance Corp. SAB de CV, 2.88%, 05/11/31 (Call 02/11/31)(b)

    2,975       2,363,699  

PPG Industries Inc.

   

2.55%, 06/15/30 (Call 03/15/30)(a)

    1,689       1,429,344  

2.80%, 08/15/29 (Call 05/15/29)

    2,067       1,822,315  

Rohm & Haas Co., 7.85%, 07/15/29

    2,898       3,203,220  

RPM International Inc.

   

2.95%, 01/15/32 (Call 10/15/31)(a)

    2,143       1,720,272  

4.55%, 03/01/29 (Call 12/01/28)(a)

    2,270       2,128,711  

SABIC Capital II BV, 4.50%, 10/10/28(a)(b)

    4,496       4,331,716  

Sherwin-Williams Co. (The)

   

2.20%, 03/15/32 (Call 12/15/31)(a)

    2,935       2,326,943  

2.30%, 05/15/30 (Call 02/15/30)

    3,049       2,546,143  

2.95%, 08/15/29 (Call 05/15/29)

    4,593       4,046,216  

Sociedad Quimica y Minera de Chile SA, 4.25%, 05/07/29 (Call 02/07/29)(a)(b)

    2,555       2,402,002  

Westlake Corp., 3.38%, 06/15/30 (Call 03/15/30)

    2,203       1,904,945  
Security  

Par

(000)

    Value  
Chemicals (continued)            

Yara International ASA

   

3.15%, 06/04/30 (Call 03/04/30)(b)

  $ 4,327     $ 3,619,783  

7.38%, 11/14/32 (Call 08/14/32)(a)(b)

     3,455       3,697,896  
   

 

 

 
       193,522,245  
Closed-end Funds — 0.0%  

Pershing Square Holdings Ltd., 3.25%, 11/15/30 (Call 08/15/30)(b)

    1,000       771,878  
   

 

 

 
Coal — 0.0%            

Teck Resources Ltd., 3.90%, 07/15/30 (Call 04/15/30)(a)

    2,842       2,527,688  
   

 

 

 
Commercial Services — 1.5%            

Adani International Container Terminal Pvt Ltd.,

   

3.00%, 02/16/31 (Call 08/18/30)(b)

    1,395       1,057,529  

Adani Ports & Special Economic Zone Ltd.

   

3.10%, 02/02/31(a)(b)

    2,045       1,409,072  

4.38%, 07/03/29(a)(b)

    3,095       2,464,559  

Ashtead Capital Inc.

   

2.45%, 08/12/31 (Call 05/12/31)(b)

    4,095       3,203,250  

4.25%, 11/01/29 (Call 11/01/24)(b)

    3,735       3,351,511  

5.50%, 08/11/32 (Call 05/11/32)(b)

    4,294       4,092,587  

5.55%, 05/30/33 (Call 02/28/33)(b)

    2,610       2,502,821  

5.95%, 10/15/33 (Call 07/15/33)(b)

    1,160       1,138,232  

Automatic Data Processing Inc., 1.25%, 09/01/30 (Call 06/01/30)(a)

    5,558       4,424,917  

Block Financial LLC, 3.88%, 08/15/30 (Call 05/15/30)

    3,830       3,382,063  

Cintas Corp. No. 2, 4.00%, 05/01/32 (Call 02/01/32)(a)

    2,550       2,384,604  

CoStar Group Inc., 2.80%, 07/15/30 (Call 04/15/30)(b)

    5,657       4,683,860  

DP World Crescent Ltd.

   

3.75%, 01/30/30 (Call 10/30/29)(a)(b)

    2,835       2,610,056  

4.85%, 09/26/28(b)

    4,338       4,262,779  

Emory University, Series 2020, 2.14%, 09/01/30 (Call 06/01/30)

    827       688,239  

Equifax Inc.

   

2.35%, 09/15/31 (Call 06/15/31)

    5,630       4,412,363  

3.10%, 05/15/30 (Call 02/15/30)(a)

    3,495       2,988,373  

ERAC USA Finance LLC, 4.90%, 05/01/33 (Call 02/01/33)(b)

    5,920       5,778,218  

Experian Finance PLC

   

2.75%, 03/08/30 (Call 12/08/29)(b)

    3,871       3,268,647  

4.25%, 02/01/29 (Call 11/01/28)(a)(b)

    2,915       2,766,459  

Global Payments Inc.

   

2.90%, 05/15/30 (Call 02/15/30)

    5,526       4,668,062  

2.90%, 11/15/31 (Call 08/15/31)(a)

    4,388       3,595,293  

3.20%, 08/15/29 (Call 05/15/29)

    6,773       5,896,095  

5.30%, 08/15/29 (Call 06/15/29)

    2,795       2,728,050  

5.40%, 08/15/32 (Call 05/15/32)(a)

    4,305       4,220,645  

Johns Hopkins University, 4.71%, 07/01/32 (Call 04/01/32)(a)

    560       553,910  

Moody’s Corp.

   

2.00%, 08/19/31 (Call 05/19/31)(a)

    3,196       2,570,501  

4.25%, 02/01/29 (Call 11/01/28)(a)

    2,437       2,346,688  

4.25%, 08/08/32 (Call 05/08/32)(a)

    2,970       2,791,697  

PayPal Holdings Inc.

   

2.30%, 06/01/30 (Call 03/01/30)(a)

    5,693       4,783,021  

2.85%, 10/01/29 (Call 07/01/29)

    8,131       7,188,241  

 

 

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

  177


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Commercial Services (continued)            

4.40%, 06/01/32 (Call 03/01/32)(a)

  $ 5,875     $ 5,613,895  

Port of Newcastle Investments Financing Pty Ltd., 5.90%, 11/24/31
(Call 08/24/31)(a)(b)

    960       813,571  

Quanta Services Inc.

   

2.35%, 01/15/32 (Call 10/15/31)

    922       729,348  

2.90%, 10/01/30 (Call 07/01/30)

    3,766       3,175,841  

RELX Capital Inc.

   

3.00%, 05/22/30 (Call 02/22/30)

    4,308       3,784,323  

4.00%, 03/18/29 (Call 12/18/28)(a)

    5,380       5,110,067  

4.75%, 05/20/32 (Call 02/20/32)(a)

    2,880       2,779,422  

S&P Global Inc.

   

1.25%, 08/15/30 (Call 05/15/30)(a)

    3,305       2,599,869  

2.50%, 12/01/29 (Call 09/01/29)(a)

    2,960       2,573,829  

2.70%, 03/01/29 (Call 01/01/29)(a)

    7,075       6,323,824  

2.90%, 03/01/32 (Call 12/01/31)(a)

    6,405       5,485,738  

4.25%, 05/01/29 (Call 02/01/29)

    5,265       5,068,559  

Sodexo Inc., 2.72%, 04/16/31
(Call 01/16/31)(a)(b)

    3,328       2,731,411  

Transurban Finance Co. Pty Ltd., 2.45%, 03/16/31 (Call 12/16/30)(a)(b)

    5,053       4,114,416  

Triton Container International Ltd., 3.15%, 06/15/31 (Call 03/15/31)(b)

    4,798       3,692,389  

Triton Container International Ltd./TAL International Container Corp., 3.25%, 03/15/32 (Call 12/15/31)(a)

    1,905       1,480,209  

United Rentals North America Inc., 6.00%, 12/15/29 (Call 12/15/25)(b)

    8,405       8,352,453  

Verisk Analytics Inc.

   

4.13%, 03/15/29 (Call 12/15/28)

    3,628       3,454,084  

5.75%, 04/01/33 (Call 01/01/33)(a)

    1,860       1,899,901  

Yale University, Series 2020, 1.48%, 04/15/30 (Call 01/15/30)

    1,301       1,069,944  
   

 

 

 
       173,065,435  
Computers — 1.6%            

Amdocs Ltd., 2.54%, 06/15/30 (Call 03/15/30)

    4,063       3,343,178  

Apple Inc.

   

1.25%, 08/20/30 (Call 05/20/30)

    6,911       5,559,598  

1.65%, 05/11/30 (Call 02/11/30)

     12,027       10,039,780  

1.65%, 02/08/31 (Call 11/08/30)

    15,007       12,297,027  

1.70%, 08/05/31 (Call 05/05/31)

    5,371       4,370,701  

2.20%, 09/11/29 (Call 06/11/29)(a)

    9,834       8,618,333  

3.25%, 08/08/29 (Call 06/08/29)

    5,585       5,197,816  

3.35%, 08/08/32 (Call 05/08/32)(a)

    8,225       7,545,984  

4.15%, 05/10/30 (Call 03/10/30)(a)

    3,430       3,353,659  

4.30%, 05/10/33(a)

    5,220       5,123,892  

Booz Allen Hamilton Inc.

   

4.00%, 07/01/29 (Call 07/01/24)(b)

    1,220       1,094,905  

5.95%, 08/04/33

    3,000       3,034,260  

CGI Inc., 2.30%, 09/14/31 (Call 06/14/31)

    2,492       1,936,830  

Dell International LLC/EMC Corp.

   

5.30%, 10/01/29 (Call 07/01/29)

    10,234       10,104,266  

5.75%, 02/01/33 (Call 11/01/32)(a)

    5,740       5,733,114  

6.20%, 07/15/30 (Call 04/15/30)

    4,420       4,548,648  

DXC Technology Co., 2.38%, 09/15/28 (Call 07/15/28)(a)

    3,701       3,050,798  

Fortinet Inc., 2.20%, 03/15/31
(Call 12/15/30)(a)

    3,055       2,404,388  

HP Inc.

   

2.65%, 06/17/31 (Call 03/17/31)

    5,745       4,655,236  

4.00%, 04/15/29 (Call 02/15/29)(a)

    5,715       5,333,645  

4.20%, 04/15/32 (Call 01/15/32)

    3,285       2,933,283  

5.50%, 01/15/33 (Call 10/15/32)(a)

    5,295       5,140,375  
Security  

Par

(000)

    Value  
Computers (continued)            

International Business Machines Corp.

   

1.95%, 05/15/30 (Call 02/15/30)

  $ 7,936     $ 6,544,590  

2.72%, 02/09/32 (Call 11/09/31)(a)

    2,485       2,110,278  

3.50%, 05/15/29

    17,986       16,592,889  

4.40%, 07/27/32 (Call 04/27/32)(a)

    5,195       4,955,791  

4.75%, 02/06/33 (Call 11/06/32)(a)

    3,675       3,584,590  

5.88%, 11/29/32(a)

    2,590       2,749,415  

Kyndryl Holdings Inc.

   

2.70%, 10/15/28 (Call 08/15/28)(a)

    2,549       2,130,774  

3.15%, 10/15/31 (Call 07/15/31)(a)

    4,121       3,201,021  

Leidos Inc.

   

2.30%, 02/15/31 (Call 11/15/30)

    4,390       3,476,824  

4.38%, 05/15/30 (Call 02/15/30)

    3,467       3,195,926  

5.75%, 03/15/33 (Call 12/15/32)(a)

    4,725       4,695,406  

Lenovo Group Ltd.

   

3.42%, 11/02/30 (Call 08/02/30)(a)(b)

    4,615       3,851,980  

6.54%, 07/27/32 (Call 04/27/32)(a)(b)

    3,140       3,162,087  

NetApp Inc., 2.70%, 06/22/30 (Call 03/22/30)(a)

    4,343       3,621,281  

Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30)

    3,034       2,503,545  

Western Digital Corp.

   

2.85%, 02/01/29 (Call 12/01/28)

    225       181,503  

3.10%, 02/01/32 (Call 11/01/31)(a)

     1,650       1,232,406  
   

 

 

 
       183,210,022  
Cosmetics & Personal Care — 0.8%            

Colgate-Palmolive Co.

   

3.25%, 08/15/32 (Call 05/15/32)(a)

    2,970       2,686,425  

4.60%, 03/01/33 (Call 12/01/32)(a)

    2,828       2,829,104  

Estee Lauder Companies Inc. (The)

   

1.95%, 03/15/31 (Call 12/15/30)(a)

    3,288       2,653,407  

2.38%, 12/01/29 (Call 09/01/29)

    3,625       3,107,182  

2.60%, 04/15/30 (Call 01/15/30)

    3,847       3,319,819  

4.65%, 05/15/33 (Call 02/15/33)(a)

    3,470       3,360,898  

GSK Consumer Healthcare Capital U.S. LLC

   

3.38%, 03/24/29 (Call 01/24/29)

    6,035       5,516,868  

3.63%, 03/24/32 (Call 12/24/31)

    11,065       9,829,423  

Kenvue Inc.

   

4.90%, 03/22/33 (Call 12/22/32)(a)(b)

    8,040       7,995,348  

5.00%, 03/22/30 (Call 01/22/30)(b)

    5,590       5,594,332  

Procter & Gamble Co. (The)

   

1.20%, 10/29/30

    6,918       5,529,488  

1.95%, 04/23/31

    5,533       4,641,055  

2.30%, 02/01/32(a)

    4,435       3,790,674  

3.00%, 03/25/30

    8,306       7,589,521  

4.05%, 01/26/33(a)

    4,400       4,274,828  

Unilever Capital Corp.

   

1.38%, 09/14/30 (Call 06/14/30)

    2,720       2,165,127  

1.75%, 08/12/31 (Call 05/12/31)

    5,832       4,665,495  

2.13%, 09/06/29 (Call 06/06/29)(a)

    4,682       4,073,412  

5.90%, 11/15/32(a)

    4,340       4,714,239  
   

 

 

 
      88,336,645  
Distribution & Wholesale — 0.1%            

Ferguson Finance PLC

   

3.25%, 06/02/30 (Call 03/02/30)(b)

    3,758       3,252,608  

4.50%, 10/24/28 (Call 07/24/28)(b)

    3,796       3,603,873  

4.65%, 04/20/32 (Call 01/20/32)(b)

    3,675       3,429,474  

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

    3,395       3,370,641  
   

 

 

 
      13,656,596  

 

 

178  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services — 3.4%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

3.00%, 10/29/28 (Call 08/29/28)

  $ 19,999     $ 17,330,377  

3.30%, 01/30/32 (Call 10/30/31)

     21,615        17,565,133  

Affiliated Managers Group Inc., 3.30%, 06/15/30 (Call 03/15/30)(a)

    2,264       1,911,601  

Air Lease Corp.

   

2.88%, 01/15/32 (Call 10/15/31)(a)

    4,105       3,284,792  

3.00%, 02/01/30 (Call 11/01/29)

    3,515       2,952,947  

3.13%, 12/01/30 (Call 09/01/30)

    3,970       3,308,692  

3.25%, 10/01/29 (Call 07/01/29)(a)

    2,786       2,428,481  

4.63%, 10/01/28 (Call 07/01/28)

    2,729       2,571,069  

Ally Financial Inc.

   

2.20%, 11/02/28 (Call 09/02/28)

    2,164       1,745,692  

8.00%, 11/01/31 (a)

    14,436       14,946,683  

American Express Co.

   

4.05%, 05/03/29 (Call 03/03/29)

    6,072       5,768,259  

4.42%, 08/03/33 (Call 08/03/32), (1-day SOFR + 1.760%)(a)(c)

    6,775       6,283,565  

4.99%, 05/26/33 (Call 02/26/32), (1-day SOFR + 2.255%)(c)

    3,995       3,788,480  

5.04%, 05/01/34, (1-day SOFR + 1.835%)(c)

    6,880       6,610,772  

5.63%, 07/28/34, (1-day SOFR + 1.930%)(c)

    535       527,123  

Ameriprise Financial Inc.

   

4.50%, 05/13/32 (Call 02/13/32)(a)

    3,175       3,003,615  

5.15%, 05/15/33 (Call 02/15/33)

    3,460       3,385,219  

Ares Finance Co. II LLC, 3.25%, 06/15/30 (Call 03/15/30)(b)

    2,630       2,198,403  

Aviation Capital Group LLC, 6.38%, 07/15/30 (Call 05/15/30)(b)

    2,251       2,231,703  

Blackstone Holdings Finance Co. LLC

   

1.60%, 03/30/31 (Call 12/30/30)(a)(b)

    3,575       2,660,698  

2.00%, 01/30/32 (Call 10/30/31)(b)

    5,280       3,956,311  

2.50%, 01/10/30 (Call 10/10/29)(a)(b)

    3,351       2,749,088  

2.55%, 03/30/32 (Call 12/30/31)(b)

    1,580       1,226,104  

6.20%, 04/22/33 (Call 01/22/33)(b)

    4,930       5,072,594  

Blue Owl Finance LLC

   

3.13%, 06/10/31 (Call 03/10/31)(b)

    4,659       3,597,701  

4.38%, 02/15/32 (Call 11/15/31)(b)

    1,490       1,193,090  

BOC Aviation Ltd.

   

2.63%, 09/17/30 (Call 06/17/30)(b)

    4,255       3,580,142  

3.00%, 09/11/29 (Call 06/11/29)(b)

    3,764       3,285,847  

BOC Aviation USA Corp., 4.88%, 05/03/33(a)(b)

    2,965       2,824,672  

Brookfield Capital Finance LLC, 6.09%, 06/14/33 (Call 03/14/33)(a)

    3,263       3,271,026  

Brookfield Finance Inc.

   

2.34%, 01/30/32 (Call 10/30/31)

    4,345       3,362,423  

2.72%, 04/15/31 (Call 01/15/31)(a)

    4,030       3,286,142  

4.35%, 04/15/30 (Call 01/15/30)

    4,182       3,857,971  

4.85%, 03/29/29 (Call 12/29/28)

    5,524       5,284,186  

Capital One Financial Corp.

   

2.36%, 07/29/32 (Call 07/29/31), (1-day SOFR + 1.337%)(c)

    6,076       4,334,326  

2.62%, 11/02/32 (Call 11/02/31), (1-day SOFR + 1.265%)(c)

    4,022       3,063,719  

3.27%, 03/01/30 (Call 03/01/29), (1-day SOFR + 1.790%)(c)

    7,185       6,166,180  

5.25%, 07/26/30 (Call 07/26/29), (1-day SOFR + 2.600%)(c)

    5,320       5,060,848  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

5.27%, 05/10/33 (Call 05/10/32), (1-day SOFR + 2.370%)(a)(c)

  $ 6,150     $ 5,718,002  

5.82%, 02/01/34 (Call 02/01/33), (1-day SOFR + 2.600%)(c)

    6,850       6,506,754  

6.38%, 06/08/34 (Call 06/08/33), (1-day SOFR + 2.860%)(c)

    6,565       6,484,749  

Cboe Global Markets Inc.

   

1.63%, 12/15/30 (Call 09/15/30)(a)

    3,124       2,456,948  

3.00%, 03/16/32 (Call 12/16/31)(a)

    2,240       1,891,731  

Charles Schwab Corp. (The)

   

1.65%, 03/11/31 (Call 12/11/30)(a)

    4,210       3,222,489  

1.95%, 12/01/31 (Call 09/01/31)(a)

    4,778       3,664,105  

2.30%, 05/13/31 (Call 02/13/31)(a)

    4,345       3,489,458  

2.75%, 10/01/29 (Call 07/01/29)(a)

    2,601       2,237,004  

2.90%, 03/03/32 (Call 12/03/31)(a)

    5,568       4,599,521  

3.25%, 05/22/29 (Call 02/22/29)

    3,647       3,245,665  

4.00%, 02/01/29 (Call 11/01/28)(a)

    3,192       3,001,367  

4.63%, 03/22/30 (Call 12/22/29)(a)

    3,541       3,441,372  

5.85%, 05/19/34 (Call 05/19/33), (1-day SOFR + 2.500%)(c)

    7,935       7,941,177  

6.14%, 08/24/34, (1-day SOFR + 2.010%)(c)

    3,935       4,002,285  

CI Financial Corp., 3.20%, 12/17/30
(Call 09/17/30)(a)

    5,375       4,146,149  

CME Group Inc., 2.65%, 03/15/32 (Call 12/15/31)

    5,127       4,299,390  

Credit Suisse USA Inc., 7.13%, 07/15/32

    4,780       5,333,719  

Discover Financial Services, 6.70%, 11/29/32 (Call 08/29/32)

    4,505       4,483,640  

FMR LLC

   

4.95%, 02/01/33(b)

    350       328,136  

7.57%, 06/15/29(b)

    1,310       1,422,454  

Franklin Resources Inc., 1.60%, 10/30/30 (Call 07/30/30)

    5,109       4,005,178  

Intercorp Peru Ltd., 3.88%, 08/15/29 (Call 05/15/29)(a)(b)

    1,000       851,083  

Jefferies Financial Group Inc.

   

2.63%, 10/15/31 (Call 07/15/31)

    5,736       4,471,108  

4.15%, 01/23/30(a)

    6,282       5,657,548  

Jefferies Group LLC, 2.75%, 10/15/32 (Call 07/15/32)(a)

    2,935       2,247,488  

Lazard Group LLC

   

4.38%, 03/11/29 (Call 12/11/28)(a)

    2,747       2,577,592  

4.50%, 09/19/28 (Call 06/19/28)(a)

    2,801       2,659,126  

LPL Holdings Inc.

   

4.00%, 03/15/29 (Call 03/15/24)(b)

    510       453,356  

4.38%, 05/15/31 (Call 05/15/26)(a)(b)

    792       695,773  

LSEGA Financing PLC, 2.50%, 04/06/31 (Call 01/06/31)(b)

     7,245        5,993,875  

Mastercard Inc.

   

1.90%, 03/15/31 (Call 12/15/30)(a)

    3,435       2,818,332  

2.00%, 11/18/31 (Call 08/18/31)

    4,040       3,279,066  

2.95%, 06/01/29 (Call 03/01/29)

    5,553       5,029,238  

3.35%, 03/26/30 (Call 12/26/29)

    8,126       7,465,316  

4.85%, 03/09/33 (Call 12/09/32)

    4,125       4,143,223  

Mitsubishi HC Capital Inc., 3.97%, 04/13/30 (Call 01/13/30)(b)

    415       374,196  

Mitsubishi HC Finance America LLC, 5.66%, 02/28/33 (Call 11/28/32)(a)(b)

    3,230       3,184,462  

Nasdaq Inc., 1.65%, 01/15/31 (Call 10/15/30)(a)

    4,108       3,216,239  

Nomura Holdings Inc. 2.61%, 07/14/31

    5,770       4,532,961  

 

 

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

  179


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)  

2.68%, 07/16/30

  $ 5,704     $ 4,624,408  

2.71%, 01/22/29

    2,710       2,298,305  

3.00%, 01/22/32(a)

    4,300       3,439,303  

3.10%, 01/16/30(a)

    8,218       6,967,238  

5.61%, 07/06/29(a)

    3,240       3,180,190  

6.09%, 07/12/33(a)

    3,850       3,855,987  

6.18%, 01/18/33(a)

    4,300       4,362,281  

Nuveen LLC, 4.00%, 11/01/28
(Call 08/01/28)(b)

    5,575       5,241,297  

ORIX Corp.

   

2.25%, 03/09/31(a)

    3,305       2,694,657  

4.00%, 04/13/32(a)

    3,065       2,797,742  

5.20%, 09/13/32(a)

    2,545       2,540,873  

Power Finance Corp. Ltd.

   

3.95%, 04/23/30(a)(b)

    4,151       3,675,163  

6.15%, 12/06/28(a)(b)

    2,157       2,177,694  

Raymond James Financial Inc., 4.65%, 04/01/30 (Call 01/01/30)

    3,144       3,042,317  

Stifel Financial Corp., 4.00%, 05/15/30 (Call 02/15/30)

    2,593       2,256,902  

Synchrony Financial

   

2.88%, 10/28/31 (Call 07/28/31)(a)

    3,789       2,816,717  

5.15%, 03/19/29 (Call 12/19/28)

    3,240       2,971,625  

USAA Capital Corp., 2.13%, 05/01/30 (Call 02/01/30)(b)

    1,476       1,217,734  

Visa Inc.

   

1.10%, 02/15/31 (Call 11/15/30)

    5,495       4,271,485  

2.05%, 04/15/30 (Call 01/15/30)

    8,603       7,300,159  

Western Union Co. (The), 2.75%, 03/15/31 (Call 12/15/30)(a)

     1,860       1,461,687  
   

 

 

 
       388,440,713  
Electric — 7.4%            

Abu Dhabi National Energy Co. PJSC

   

4.38%, 01/24/29(b)

    365       354,050  

4.70%, 04/24/33(a)(b)

    7,265       7,110,619  

4.88%, 04/23/30(a)(b)

    5,694       5,695,594  

Adani Electricity Mumbai Ltd.

   

3.87%, 07/22/31 (Call 01/22/31)(b)

    1,035       719,538  

3.95%, 02/12/30(b)

    4,664       3,425,932  

AEP Texas Inc.

   

4.70%, 05/15/32 (Call 02/15/32)(a)

    3,305       3,130,617  

5.40%, 06/01/33 (Call 03/01/33)(a)

    1,531       1,513,720  

Series E, 6.65%, 02/15/33(a)

    595       631,766  

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

    3,520       2,853,965  

AES Corp. (The)

   

2.45%, 01/15/31 (Call 10/15/30)(a)

    8,918       7,081,165  

3.95%, 07/15/30 (Call 04/15/30)(b)

    3,631       3,227,423  

AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)(a)(b)

    6,318       5,463,632  

Alabama Power Co.

   

3.05%, 03/15/32 (Call 12/15/31)(a)

    3,480       2,986,175  

3.94%, 09/01/32 (Call 03/01/32)(a)

    3,239       2,946,663  

5.70%, 02/15/33

    50       50,284  

Series 20-A, 1.45%, 09/15/30 (Call 06/15/30)

    3,515       2,758,891  

Alliant Energy Finance LLC, 3.60%, 03/01/32 (Call 12/01/31)(a)(b)

    990       854,097  

Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)

    4,782       4,221,007  

Ameren Illinois Co.

   

1.55%, 11/15/30 (Call 08/15/30)

    2,504       1,953,326  

3.85%, 09/01/32 (Call 06/01/32)(a)

    2,625       2,372,093  

4.95%, 06/01/33(a)

    2,605       2,551,396  
Security  

Par

(000)

    Value  
Electric (continued)  

American Electric Power Co. Inc.

   

2.30%, 03/01/30 (Call 12/01/29)(a)

  $ 2,488     $ 2,049,646  

5.63%, 03/01/33 (Call 12/01/32)

    5,797       5,805,877  

5.95%, 11/01/32 (Call 08/01/32)(a)

    3,580       3,680,630  

Series J, 4.30%, 12/01/28 (Call 09/01/28)

    3,471       3,307,113  

American Transmission Systems Inc., 2.65%, 01/15/32 (Call 10/15/31)(a)(b)

    3,745       3,066,912  

Appalachian Power Co.

   

4.50%, 08/01/32 (Call 05/01/32)(a)

    3,175       2,946,112  

Series AA, 2.70%, 04/01/31 (Call 01/01/31)

    3,070       2,546,922  

Arizona Public Service Co.

   

2.20%, 12/15/31 (Call 09/15/31)

    1,725       1,339,280  

2.60%, 08/15/29 (Call 05/15/29)(a)

    2,634       2,280,992  

5.55%, 08/01/33

    2,125       2,126,901  

6.35%, 12/15/32 (Call 09/15/32)(a)

    1,680       1,768,938  

Atlantic City Electric Co.

   

2.30%, 03/15/31 (Call 12/15/30)

    2,323       1,901,133  

4.00%, 10/15/28 (Call 07/15/28)

    2,282       2,164,855  

Avangrid Inc., 3.80%, 06/01/29 (Call 03/01/29)

    6,269       5,689,731  

Baltimore Gas & Electric Co., 2.25%, 06/15/31 (Call 03/15/31)

    3,333       2,727,598  

Berkshire Hathaway Energy Co.

   

1.65%, 05/15/31 (Call 02/15/31)(a)

    4,435       3,432,271  

3.70%, 07/15/30 (Call 04/15/30)

    6,027       5,490,875  

8.48%, 09/15/28(a)

    695       800,864  

Black Hills Corp.

   

2.50%, 06/15/30 (Call 03/15/30)

    2,289       1,872,998  

3.05%, 10/15/29 (Call 07/15/29)

    2,622       2,258,515  

4.35%, 05/01/33 (Call 02/01/33)

    350       309,715  

CenterPoint Energy Houston Electric LLC

   

4.95%, 04/01/33 (Call 01/01/33)

    4,760       4,680,001  

Series AE, 2.35%, 04/01/31 (Call 01/01/31)

    1,975       1,637,144  

Series AG, 3.00%, 03/01/32 (Call 12/01/31)(a)

    1,554       1,327,153  

Series ai., 4.45%, 10/01/32 (Call 07/01/32)(a)

    3,078       2,918,166  

Series K2, 6.95%, 03/15/33

    105       117,549  

CenterPoint Energy Inc.

   

2.65%, 06/01/31 (Call 03/01/31)(a)

    2,597       2,129,566  

2.95%, 03/01/30 (Call 12/01/29)

    2,778       2,391,341  

Cleco Corporate Holdings LLC, 3.38%, 09/15/29 (Call 06/15/29)

    1,865       1,579,883  

Cleveland Electric Illuminating Co. (The), 4.55%, 11/15/30 (Call 08/15/30)(a)(b)

    2,353       2,206,755  

CMS Energy Corp.

   

3.75%, 12/01/50 (Call 09/01/30), (5-year CMT + 2.900%)(c)

    1,929       1,452,817  

4.75%, 06/01/50 (Call 03/01/30), (5-year CMT + 4.116%)(c)

    2,158       1,884,842  

Colbun SA

   

3.15%, 03/06/30 (Call 12/06/29)(a)(b)

    2,685       2,300,062  

3.15%, 01/19/32 (Call 10/19/31)(b)

    2,170       1,802,440  

Comision Federal de Electricidad

   

3.35%, 02/09/31 (Call 11/09/30)(a)(b)

    5,735       4,548,310  

4.69%, 05/15/29 (Call 03/15/29)(b)

    7,190       6,516,072  

Commonwealth Edison Co.

   

2.20%, 03/01/30 (Call 12/01/29)

    2,197       1,839,123  

3.15%, 03/15/32 (Call 12/15/31)

    1,520       1,310,828  

4.90%, 02/01/33 (Call 11/01/32)(a)

    820       804,875  

Connecticut Light & Power Co. (The)

   

4.90%, 07/01/33(a)

    1,665       1,640,645  

Series A, 2.05%, 07/01/31 (Call 04/01/31)

     2,576        2,075,459  

 

 

180  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)  

Consolidated Edison Co. of New York Inc.

   

2.40%, 06/15/31 (Call 03/15/31)(a)

  $ 4,011     $ 3,325,236  

5.20%, 03/01/33 (Call 12/01/32)(a)

    2,650       2,646,206  

Series 20A, 3.35%, 04/01/30 (Call 01/01/30)

    5,880       5,302,085  

Series D, 4.00%, 12/01/28 (Call 09/01/28)(a)

    985       940,392  

Constellation Energy Generation LLC,
5.80%, 03/01/33 (Call 12/01/32)(a)

    3,580       3,646,866  

Consumers Energy Co.

   

3.60%, 08/15/32 (Call 02/15/32)(a)

    1,380       1,236,071  

3.80%, 11/15/28 (Call 08/15/28)(a)

    1,603       1,509,626  

4.63%, 05/15/33 (Call 11/15/32)(a)

    3,365       3,262,639  

4.90%, 02/15/29 (Call 12/15/28)(a)

    1,345       1,335,524  

Dominion Energy Inc.

   

4.35%, 08/15/32 (Call 05/15/32)(a)

    2,100       1,941,262  

5.38%, 11/15/32 (Call 08/15/32)(a)

    5,875       5,783,983  

Series C, 2.25%, 08/15/31 (Call 05/15/31)

    7,393       5,888,616  

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

    9,358       8,251,755  

Series E, 6.30%, 03/15/33(a)

    580       606,261  

Series F, 5.25%, 08/01/33

    150       144,643  

Dominion Energy South Carolina Inc.

   

5.30%, 05/15/33(a)

    710       713,768  

6.63%, 02/01/32

    420       457,601  

Series A, 2.30%, 12/01/31 (Call 09/01/31)

    1,640       1,317,133  

DTE Electric Co.

   

2.25%, 03/01/30 (Call 12/01/29)(a)

    3,464       2,939,954  

5.20%, 04/01/33 (Call 01/01/33)

    3,825       3,839,274  

Series A, 3.00%, 03/01/32 (Call 12/01/31)(a)

    3,760       3,210,552  

Series C, 2.63%, 03/01/31 (Call 12/01/30)

    1,280       1,088,887  

DTE Energy Co.

   

2.95%, 03/01/30 (Call 12/01/29)

    1,987       1,708,215  

Series C, 3.40%, 06/15/29 (Call 03/15/29)

    2,767       2,480,727  

Duke Energy Carolinas LLC

   

2.45%, 08/15/29 (Call 05/15/29)

    2,428       2,092,144  

2.45%, 02/01/30 (Call 11/01/29)(a)

    2,869       2,463,011  

2.55%, 04/15/31 (Call 01/15/31)(a)

    3,189       2,699,619  

2.85%, 03/15/32 (Call 12/15/31)

    2,835       2,392,280  

3.95%, 11/15/28 (Call 08/15/28)

    4,095       3,899,508  

4.95%, 01/15/33 (Call 10/15/32)

    6,360       6,264,719  

6.45%, 10/15/32(a)

    2,100       2,246,964  

Series A, 6.00%, 12/01/28

    1,591       1,650,476  

Duke Energy Corp.

   

2.45%, 06/01/30 (Call 03/01/30)

    4,756       3,956,171  

2.55%, 06/15/31 (Call 03/15/31)

    5,538       4,523,287  

3.40%, 06/15/29 (Call 03/15/29)

    3,217       2,908,883  

4.50%, 08/15/32 (Call 05/15/32)

    6,507       6,055,063  

Duke Energy Florida LLC

   

1.75%, 06/15/30 (Call 03/15/30)(a)

    2,911       2,344,904  

2.40%, 12/15/31 (Call 09/15/31)

    3,730       3,044,100  

2.50%, 12/01/29 (Call 09/01/29)

    4,413       3,805,759  

Duke Energy Ohio Inc.

   

2.13%, 06/01/30 (Call 03/01/30)

    2,335       1,921,891  

3.65%, 02/01/29 (Call 11/01/28)(a)

    2,231       2,080,074  

5.25%, 04/01/33 (Call 01/01/33)(a)

    2,205       2,210,314  

Duke Energy Progress LLC

   

2.00%, 08/15/31 (Call 05/15/31)(a)

    3,690       2,937,643  

3.40%, 04/01/32 (Call 01/01/32)(a)

    2,660       2,338,632  

3.45%, 03/15/29 (Call 12/15/28)

    3,737       3,432,865  

3.70%, 09/01/28 (Call 06/01/28)(a)

     2,518        2,371,741  

5.25%, 03/15/33 (Call 12/15/32)(a)

    1,940       1,941,461  
Security  

Par

(000)

    Value  
Electric (continued)  

Duquesne Light Holdings Inc.

   

2.53%, 10/01/30 (Call 07/01/30)(b)

  $ 2,560     $ 2,040,236  

2.78%, 01/07/32 (Call 10/07/31)(a)(b)

    2,229       1,719,877  

Edison International

   

5.25%, 11/15/28 (Call 10/15/28)

    1,725       1,684,087  

6.95%, 11/15/29 (Call 09/15/29)(a)

    3,272       3,449,288  

Electricite de France SA

   

4.50%, 09/21/28 (Call 06/21/28)(a)(b)

    10,606       10,089,411  

6.25%, 05/23/33(b)

    5,760       5,926,813  

Emera U.S. Finance LP, 2.64%, 06/15/31 (Call 03/15/31)(a)

    2,275       1,813,165  

Enel Finance International NV

   

2.25%, 07/12/31 (Call 04/12/31)(b)

    5,345       4,155,573  

4.88%, 06/14/29(b)

    2,950       2,820,496  

5.00%, 06/15/32 (Call 03/15/32)(b)

    5,429       5,076,663  

7.50%, 10/14/32 (Call 07/14/32)(b)

    6,715       7,385,903  

Engie Energia Chile SA, 3.40%, 01/28/30 (Call 10/28/29)(a)(b)

    2,436       2,053,838  

Entergy Arkansas LLC

   

5.15%, 01/15/33 (Call 10/15/32)(a)

    2,235       2,215,067  

5.30%, 09/15/33

    600       598,741  

Entergy Corp.

   

2.40%, 06/15/31 (Call 03/05/31)(a)

    4,008       3,199,356  

2.80%, 06/15/30 (Call 03/15/30)

    3,657       3,083,647  

Entergy Louisiana LLC

   

1.60%, 12/15/30 (Call 09/15/30)

    2,093       1,620,634  

2.35%, 06/15/32 (Call 03/15/32)

    3,025       2,406,704  

3.05%, 06/01/31 (Call 03/01/31)(a)

    1,085       931,045  

4.00%, 03/15/33 (Call 12/15/32)

    4,285       3,844,568  

Entergy Mississippi LLC, 5.00%, 09/01/33(a)

    540       523,077  

Entergy Texas Inc.

   

1.75%, 03/15/31 (Call 12/15/30)

    4,353       3,408,876  

4.00%, 03/30/29 (Call 12/30/28)

    1,698       1,590,100  

Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29)(a)

    4,781       4,159,620  

Evergy Metro Inc.

   

4.95%, 04/15/33 (Call 01/15/33)

    1,385       1,347,347  

Series 2020, 2.25%, 06/01/30 (Call 03/01/30)

    2,481       2,054,182  

Evergy Missouri West Inc., 3.75%, 03/15/32 (Call 12/15/31)(a)(b)

    1,794       1,543,040  

Eversource Energy

   

2.55%, 03/15/31 (Call 12/15/30)

    1,995       1,639,189  

3.38%, 03/01/32 (Call 12/01/31)

    3,695       3,163,393  

5.13%, 05/15/33

    4,320       4,179,997  

Series O, 4.25%, 04/01/29 (Call 01/01/29)

    2,110       2,004,949  

Series R, 1.65%, 08/15/30 (Call 05/15/30)

    2,663       2,095,093  

Exelon Corp.

   

3.35%, 03/15/32 (Call 12/15/31)(a)

    3,427       2,944,475  

4.05%, 04/15/30 (Call 01/15/30)

    7,113       6,572,368  

5.30%, 03/15/33 (Call 12/15/32)(a)

    5,180       5,114,309  

7.60%, 04/01/32

    1,825       2,045,141  

FirstEnergy Transmission LLC, 2.87%, 09/15/28 (Call 07/15/28)(b)

    1,523       1,336,700  

Florida Power & Light Co.

   

2.45%, 02/03/32 (Call 11/03/31)

    7,544       6,254,851  

4.63%, 05/15/30 (Call 03/15/30)(a)

    2,930       2,872,733  

4.80%, 05/15/33 (Call 02/15/33)(a)

     2,295        2,241,932  

5.10%, 04/01/33 (Call 01/01/33)(a)

    4,300       4,300,028  

Georgia Power Co.

   

4.70%, 05/15/32 (Call 02/15/32)(a)

    4,365       4,167,472  

4.95%, 05/17/33(a)

    4,985       4,823,454  

 

 

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

  181


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)  

Series B, 2.65%, 09/15/29 (Call 06/15/29)(a)

  $ 3,768     $ 3,246,833  

Indianapolis Power & Light Co., 5.65%, 12/01/32 (Call 09/01/32)(b)

    1,330       1,336,954  

Interstate Power & Light Co.

   

2.30%, 06/01/30 (Call 03/01/30)(a)

    1,456       1,194,247  

3.60%, 04/01/29 (Call 01/01/29)(a)

    2,480       2,280,159  

4.10%, 09/26/28 (Call 06/26/28)

    3,638       3,463,360  

IPALCO Enterprises Inc., 4.25%, 05/01/30 (Call 02/01/30)(a)

    2,441       2,196,819  

ITC Holdings Corp.

   

2.95%, 05/14/30 (Call 02/14/30)(b)

    4,450       3,803,355  

5.40%, 06/01/33(b)

    2,205       2,166,422  

Jersey Central Power & Light Co., 2.75%, 03/01/32 (Call 12/01/31)(a)(b)

    2,309       1,879,995  

Kentucky Utilities Co., 5.45%, 04/15/33 (Call 01/15/33)(a)

    2,110       2,131,227  

Liberty Utilities Finance GP 1, 2.05%, 09/15/30 (Call 06/15/30)(a)(b)

    5,326       4,233,391  

Louisville Gas & Electric Co., 5.45%, 04/15/33 (Call 01/15/33)(a)

    2,175       2,199,322  

Massachusetts Electric Co., 1.73%, 11/24/30 (Call 08/24/30)(a)(b)

    1,670       1,287,640  

Metropolitan Edison Co., 4.30%, 01/15/29 (Call 10/15/28)(a)(b)

    3,165       2,996,535  

MidAmerican Energy Co.

   

3.65%, 04/15/29 (Call 01/15/29)

    7,749       7,220,941  

6.75%, 12/30/31(a)

    1,010       1,109,700  

Minejesa Capital BV, 4.63%, 08/10/30(b)

    5,340       4,819,143  

Narragansett Electric Co. (The), 3.40%, 04/09/30 (Call 01/09/30)(b)

    3,229       2,862,095  

National Grid PLC, 5.81%, 06/12/33 (Call 03/12/33)

    5,914       5,925,605  

National Grid USA, 8.00%, 11/15/30

    15       16,421  

National Rural Utilities Cooperative Finance Corp.

   

1.35%, 03/15/31 (Call 12/15/30)

    3,015       2,280,830  

1.65%, 06/15/31 (Call 03/15/31)(a)

    1,900       1,457,032  

2.40%, 03/15/30 (Call 12/15/29)(a)

    3,144       2,650,484  

2.75%, 04/15/32 (Call 01/15/32)

    3,065       2,511,840  

3.70%, 03/15/29 (Call 12/15/28)(a)

    2,653       2,459,364  

3.90%, 11/01/28 (Call 08/01/28)

    2,132       2,011,668  

4.02%, 11/01/32 (Call 05/01/32)(a)

    2,260       2,045,386  

4.15%, 12/15/32 (Call 09/15/32)(a)

    2,190       2,000,811  

5.80%, 01/15/33 (Call 07/15/32)

    3,920       4,046,201  

Series C, 8.00%, 03/01/32

    3,830       4,434,255  

Nevada Power Co.

   

Series CC, 3.70%, 05/01/29 (Call 02/01/29)

    2,266       2,100,760  

Series DD, 2.40%, 05/01/30 (Call 02/01/30)

    2,421       2,024,528  

New York State Electric & Gas Corp.

   

2.15%, 10/01/31 (Call 07/01/31)(a)(b)

     2,980        2,288,742  

5.85%, 08/15/33 (Call 05/15/33)(b)

    100       101,808  

NextEra Energy Capital Holdings Inc.

   

2.25%, 06/01/30 (Call 03/01/30)

    11,289       9,279,718  

2.44%, 01/15/32 (Call 10/15/31)

    4,808       3,847,584  

2.75%, 11/01/29 (Call 08/01/29)(a)

    5,446       4,706,550  

3.50%, 04/01/29 (Call 01/01/29)

    2,955       2,694,869  

5.00%, 02/28/30 (Call 12/28/29)(a)

    3,494       3,426,080  

5.00%, 07/15/32 (Call 04/15/32)(a)

    6,395       6,179,061  

5.05%, 02/28/33 (Call 11/28/32)(a)

    5,805       5,618,346  

5.65%, 05/01/79 (Call 05/01/29),
(3-mo. LIBOR US + 3.156%)(a)(c)

    2,926       2,711,877  
Security  

Par

(000)

    Value  
Electric (continued)            

Niagara Mohawk Power Corp.

   

1.96%, 06/27/30 (Call 03/27/30)(b)

  $ 5,944     $ 4,721,292  

2.76%, 01/10/32 (Call 10/10/31)(b)

    955       772,179  

4.28%, 12/15/28 (Call 09/15/28)(b)

    1,275       1,196,586  

Northern States Power Co./MN, 2.25%, 04/01/31 (Call 10/01/30)

     3,870        3,202,177  

NRG Energy Inc.

   

4.45%, 06/15/29 (Call 03/15/29)(a)(b)

    3,072       2,728,558  

7.00%, 03/15/33 (Call 12/15/32)(b)

    3,980       3,956,830  

NSTAR Electric Co.

   

1.95%, 08/15/31 (Call 05/15/31)

    1,729       1,364,341  

3.25%, 05/15/29 (Call 02/15/29)(a)

    3,647       3,341,240  

3.95%, 04/01/30 (Call 01/01/30)

    2,298       2,141,222  

Oglethorpe Power Corp., 6.19%, 01/01/31(b)

    145       147,956  

Ohio Edison Co., 5.50%, 01/15/33
(Call 10/15/32)(a)(b)

    1,470       1,454,126  

Ohio Power Co.

   

5.00%, 06/01/33(a)

    905       881,951  

Series D, 6.60%, 03/01/33(a)

    320       343,485  

Series G, 6.60%, 02/15/33(a)

    240       254,600  

Series P, 2.60%, 04/01/30 (Call 01/01/30)(a)

    1,975       1,672,308  

Series Q, 1.63%, 01/15/31 (Call 10/15/30)(a)

    2,275       1,782,519  

Oklahoma Gas & Electric Co.

   

3.25%, 04/01/30 (Call 10/01/29)

    2,055       1,815,232  

3.30%, 03/15/30 (Call 09/15/29)(a)

    1,724       1,532,078  

5.40%, 01/15/33 (Call 07/15/32)

    2,130       2,130,155  

Oncor Electric Delivery Co. LLC

   

2.75%, 05/15/30 (Call 02/15/30)

    2,864       2,473,702  

3.70%, 11/15/28 (Call 08/15/28)

    2,355       2,220,135  

4.15%, 06/01/32 (Call 03/01/32)(a)

    3,015       2,808,751  

4.55%, 09/15/32 (Call 06/15/32)

    3,871       3,687,272  

7.00%, 05/01/32

    2,440       2,726,196  

7.25%, 01/15/33(a)

    1,180       1,347,735  

Pacific Gas and Electric Co.

   

2.50%, 02/01/31 (Call 11/01/30)

    11,015       8,595,600  

3.25%, 06/01/31 (Call 03/01/31)

    5,699       4,620,156  

4.20%, 03/01/29 (Call 01/01/29)(a)

    2,245       2,018,774  

4.40%, 03/01/32 (Call 12/01/31)

    2,510       2,160,104  

4.55%, 07/01/30 (Call 01/01/30)(a)

    17,652       15,873,793  

5.90%, 06/15/32 (Call 03/15/32)

    3,445       3,297,542  

6.10%, 01/15/29

    2,030       2,006,160  

6.15%, 01/15/33 (Call 10/15/32)

    3,973       3,869,078  

6.40%, 06/15/33(a)

    7,505       7,402,624  

PacifiCorp

   

2.70%, 09/15/30 (Call 06/15/30)(a)

    2,099       1,752,739  

3.50%, 06/15/29 (Call 03/15/29)(a)

    1,651       1,491,819  

7.70%, 11/15/31(a)

    690       781,067  

PECO Energy Co., 4.90%, 06/15/33(a)

    3,095       3,042,344  

Pennsylvania Electric Co., 3.60%, 06/01/29 (Call 03/01/29)(b)

    1,965       1,788,138  

Perusahaan Listrik Negara PT, 3.88%, 07/17/29(b)

    3,982       3,602,516  

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

   

3.00%, 06/30/30 (Call 03/30/30)(b)

    4,348       3,675,673  

3.38%, 02/05/30(b)

    3,280       2,846,749  

5.38%, 01/25/29(b)

    2,920       2,876,462  

PPL Capital Funding Inc., 4.13%, 04/15/30 (Call 01/15/30)(a)

    1,290       1,185,510  

PPL Electric Utilities Corp., 5.00%, 05/15/33 (Call 02/15/33)

    5,605       5,546,220  

 

 

182  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Progress Energy Inc.

   

7.00%, 10/30/31(a)

  $ 2,390     $ 2,583,592  

7.75%, 03/01/31(a)

    3,507       3,933,591  

Public Service Co. of Colorado

   

1.88%, 06/15/31 (Call 12/15/30)

    3,086       2,435,177  

4.10%, 06/01/32 (Call 03/01/32)(a)

    1,465       1,346,189  

Series 35, 1.90%, 01/15/31 (Call 07/15/30)

    1,997       1,585,913  

Public Service Co. of New Hampshire, Series V,

   

2.20%, 06/15/31 (Call 03/15/31)

    1,050       857,085  

Public Service Co. of Oklahoma

   

5.25%, 01/15/33 (Call 10/15/32)(a)

    3,740       3,670,042  

Series J, 2.20%, 08/15/31 (Call 05/15/31)

     2,565        2,046,778  

Public Service Electric & Gas Co.

   

1.90%, 08/15/31 (Call 05/15/31)

    3,543       2,830,741  

2.45%, 01/15/30 (Call 10/15/29)(a)

    1,838       1,573,792  

3.10%, 03/15/32 (Call 12/15/31)

    1,790       1,553,196  

3.20%, 05/15/29 (Call 02/15/29)(a)

    2,138       1,941,280  

4.65%, 03/15/33 (Call 12/15/32)(a)

    2,215       2,146,689  

4.90%, 12/15/32 (Call 09/15/32)

    2,317       2,288,622  

Public Service Enterprise Group Inc.

   

1.60%, 08/15/30 (Call 05/15/30)(a)

    3,410       2,685,287  

2.45%, 11/15/31 (Call 08/15/31)

    4,245       3,414,577  

Puget Energy Inc.

   

4.10%, 06/15/30 (Call 03/15/30)

    2,537       2,269,116  

4.22%, 03/15/32 (Call 12/15/31)

    2,275       2,004,621  

San Diego Gas & Electric Co.

   

Series VVV, 1.70%, 10/01/30 (Call 07/01/30)

    4,433       3,529,298  

Series XXX, 3.00%, 03/15/32 (Call 12/15/31)(a)

    2,668       2,271,841  

Sempra Energy

   

3.70%, 04/01/29 (Call 02/01/29)

    2,620       2,391,962  

5.50%, 08/01/33 (Call 05/01/33)(a)

    2,660       2,635,725  

Sociedad de Transmision Austral SA, 4.00%, 01/27/32 (Call 10/27/31)(a)(b)

    1,780       1,528,460  

Southern California Edison Co.

   

2.25%, 06/01/30 (Call 03/01/30)

    3,218       2,673,110  

2.75%, 02/01/32 (Call 11/01/31)(a)

    2,200       1,818,418  

2.85%, 08/01/29 (Call 05/01/29)(a)

    2,866       2,521,427  

5.95%, 11/01/32 (Call 08/01/32)

    3,870       4,011,248  

6.65%, 04/01/29

    2,612       2,714,391  

Series A, 4.20%, 03/01/29 (Call 12/01/28)

    2,981       2,827,082  

Series G, 2.50%, 06/01/31 (Call 03/01/31)

    3,138       2,580,617  

Southern California Gas Co., 5.20%, 06/01/33

    2,565       2,518,801  

Southern Co. (The)

   

5.20%, 06/15/33 (Call 12/15/32)

    3,880       3,774,018  

5.70%, 10/15/32 (Call 04/15/32)

    3,115       3,162,523  

Series A, 3.70%, 04/30/30 (Call 01/30/30)

    5,823       5,269,657  

Southwestern Electric Power Co.

   

5.30%, 04/01/33 (Call 01/01/33)

    2,205       2,158,487  

Series M, 4.10%, 09/15/28 (Call 06/15/28)

    3,026       2,866,702  

SP Group Treasury Pte. Ltd., 3.38%, 02/27/29 (Call 11/27/28)(a)(b)

    4,015       3,712,518  

Tampa Electric Co., 2.40%, 03/15/31 (Call 12/15/30)

    2,161       1,762,640  

Transelec SA, 3.88%, 01/12/29
(Call 10/16/28)(a)(b)

    1,285       1,182,934  

Tucson Electric Power Co.

   

1.50%, 08/01/30 (Call 05/01/30)

    3,084       2,407,035  

3.25%, 05/15/32 (Call 02/15/32)(a)

    1,306       1,121,199  

Union Electric Co.

   

2.15%, 03/15/32 (Call 12/15/31)

    2,910       2,302,183  

2.95%, 03/15/30 (Call 12/15/29)

    877       769,287  
Security  

Par

(000)

    Value  
Electric (continued)            

3.50%, 03/15/29 (Call 12/15/28)

  $ 2,153     $ 1,979,343  

Virginia Electric & Power Co.

   

2.30%, 11/15/31 (Call 08/15/31)

    3,078       2,476,805  

2.40%, 03/30/32 (Call 12/30/31)(a)

    3,155       2,542,355  

5.00%, 04/01/33 (Call 01/01/33)(a)

    5,087       4,947,363  

Series A, 2.88%, 07/15/29 (Call 04/15/29)

    3,053       2,707,647  

Virginia Electric and Power Co., 5.30%, 08/15/33

    2,740       2,715,352  

Vistra Operations Co. LLC, 4.30%, 07/15/29 (Call 04/15/29)(b)

    4,892       4,339,414  

WEC Energy Group Inc.

   

1.80%, 10/15/30 (Call 07/15/30)

    1,944       1,523,980  

2.20%, 12/15/28 (Call 10/15/28)(a)

    3,640       3,146,569  

Wisconsin Electric Power Co.

   

4.75%, 09/30/32 (Call 06/30/32)(a)

    4,120       4,025,067  

5.63%, 05/15/33(a)

    445       455,917  

Wisconsin Power & Light Co., 4.95%, 04/01/33 (Call 01/01/33)

    2,876       2,786,397  

Wisconsin Power and Light Co.

   

1.95%, 09/16/31 (Call 06/16/31)(a)

    2,725       2,143,260  

3.00%, 07/01/29 (Call 04/01/29)

    908       810,538  

3.95%, 09/01/32 (Call 06/01/32)

    3,157       2,874,736  

Xcel Energy Inc.

   

2.35%, 11/15/31 (Call 05/15/31)

    1,660       1,308,900  

2.60%, 12/01/29 (Call 06/01/29)

    2,895       2,478,879  

3.40%, 06/01/30 (Call 12/01/29)(a)

    3,763       3,335,612  

4.60%, 06/01/32 (Call 12/01/31)

    3,315       3,095,616  

5.45%, 08/15/33 (Call 02/15/33)

     2,100       2,066,540  
   

 

 

 
       848,110,878  
Electrical Components & Equipment — 0.1%            

Acuity Brands Lighting Inc., 2.15%, 12/15/30 (Call 09/15/30)(a)

    2,836       2,270,800  

Emerson Electric Co.

   

1.95%, 10/15/30 (Call 07/15/30)(a)

    2,955       2,432,791  

2.00%, 12/21/28 (Call 10/21/28)

    5,400       4,690,386  

2.20%, 12/21/31 (Call 09/21/31)(a)

    5,934       4,880,900  

6.00%, 08/15/32(a)

    55       58,040  
   

 

 

 
      14,332,917  
Electronics — 0.7%            

Agilent Technologies Inc.

   

2.10%, 06/04/30 (Call 03/04/30)

    2,746       2,248,097  

2.30%, 03/12/31 (Call 12/12/30)(a)

    4,806       3,934,191  

2.75%, 09/15/29 (Call 06/15/29)(a)

    2,876       2,511,000  

Allegion PLC, 3.50%, 10/01/29 (Call 07/01/29)

    2,644       2,359,268  

Allegion U.S. Holding Co. Inc., 5.41%, 07/01/32 (Call 04/01/32)

    3,455       3,366,096  

Amphenol Corp.

   

2.20%, 09/15/31 (Call 06/15/31)

    4,010       3,242,120  

2.80%, 02/15/30 (Call 11/15/29)

    5,181       4,514,031  

4.35%, 06/01/29 (Call 03/01/29)(a)

    2,964       2,853,511  

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

    2,990       2,399,826  

Avnet Inc.

   

3.00%, 05/15/31 (Call 02/15/31)

    1,846       1,473,331  

5.50%, 06/01/32 (Call 03/01/32)(a)

    1,685       1,596,629  

Flex Ltd.

   

4.88%, 06/15/29 (Call 03/15/29)(a)

    3,766       3,600,017  

4.88%, 05/12/30 (Call 02/12/30)

    3,770       3,612,203  

Honeywell International Inc.

   

1.75%, 09/01/31 (Call 06/01/31)(a)

    7,926       6,302,158  

 

 

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

  183


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electronics (continued)            

1.95%, 06/01/30 (Call 03/01/30)

  $ 6,037     $ 5,029,487  

2.70%, 08/15/29 (Call 05/15/29)

    3,306       2,942,844  

4.25%, 01/15/29 (Call 12/15/28)

    635       616,962  

5.00%, 02/15/33 (Call 11/15/32)

    6,157       6,206,006  

Hubbell Inc., 2.30%, 03/15/31
(Call 12/15/30)(a)

    1,691       1,384,300  

Jabil Inc.

   

3.00%, 01/15/31 (Call 10/15/30)

    3,320       2,773,575  

3.60%, 01/15/30 (Call 10/15/29)(a)

    2,797       2,501,402  

5.45%, 02/01/29 (Call 01/01/29)(a)

    1,735       1,716,135  

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

    3,139       2,748,516  

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

    3,331       2,561,986  

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

    4,625       4,670,007  

Tyco Electronics Group SA, 2.50%, 02/04/32 (Call 12/04/31)

      2,721       2,267,704  

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

    3,325       2,635,034  
   

 

 

 
        82,066,436  
Engineering & Construction — 0.1%            

America Movil SAB de CV, 5.38%, 04/04/32 (Call 01/04/32)(a)(b)

    5,820       5,205,295  

Jacobs Engineering Group Inc., 5.90%, 03/01/33 (Call 12/01/32)

    1,040       1,028,962  

St Engineering Urban Solutions USA Inc., 3.75%, 05/05/32 (Call 11/05/31)(a)(b)

    2,340       2,143,648  

Summit Digitel Infrastructure Pvt Ltd., 2.88%, 08/12/31 (Call 08/12/30)(b)

    335       263,802  

Vinci SA, 3.75%, 04/10/29 (Call 01/10/29)(a)(b)

    5,439       5,124,328  
   

 

 

 
      13,766,035  
Entertainment — 0.3%            

Genm Capital Labuan Ltd., 3.88%, 04/19/31 (Call 01/19/31)(b)

    2,575       2,057,757  

Warnermedia Holdings Inc.

   

4.05%, 03/15/29 (Call 01/15/29)(a)

    8,770       8,064,860  

4.28%, 03/15/32 (Call 12/15/31)

    25,635       22,621,337  
   

 

 

 
      32,743,954  
Environmental Control — 0.5%            

Republic Services Inc.

   

1.45%, 02/15/31 (Call 11/15/30)

    4,567       3,534,483  

1.75%, 02/15/32 (Call 11/15/31)(a)

    2,724       2,107,722  

2.30%, 03/01/30 (Call 12/01/29)

    4,648       3,935,106  

2.38%, 03/15/33 (Call 12/15/32)(a)

    3,610       2,870,761  

4.88%, 04/01/29 (Call 03/01/29)

    785       774,471  

Waste Connections Inc.

   

2.20%, 01/15/32 (Call 10/15/31)(a)

    3,417       2,732,604  

2.60%, 02/01/30 (Call 11/01/29)

    3,490       3,002,715  

3.20%, 06/01/32 (Call 03/01/32)

    2,842       2,442,832  

3.50%, 05/01/29 (Call 02/01/29)(a)

    2,774       2,556,026  

4.20%, 01/15/33 (Call 10/15/32)

    4,105       3,791,393  

4.25%, 12/01/28 (Call 09/01/28)

    3,337       3,207,881  

Waste Management Inc.

   

1.50%, 03/15/31 (Call 12/15/30)

    5,271       4,108,521  

2.00%, 06/01/29 (Call 04/01/29)

    2,090       1,770,563  

4.15%, 04/15/32 (Call 01/15/32)(a)

    5,760       5,402,539  

4.63%, 02/15/30 (Call 12/15/29)(a)

    3,395       3,318,393  

4.63%, 02/15/33 (Call 11/15/32)(a)

    2,865       2,755,243  

4.88%, 02/15/29

    4,150       4,117,533  
   

 

 

 
      52,428,786  
Security  

Par

(000)

    Value  
Food — 1.8%            

Ahold Finance USA LLC, 6.88%, 05/01/29(a)

  $ 4,520     $ 4,833,302  

Campbell Soup Co., 2.38%, 04/24/30 (Call 01/24/30)(a)

    3,060       2,551,231  

CK Hutchison International 20 Ltd., 2.50%, 05/08/30 (Call 02/08/30)(b)

    810       682,446  

CK Hutchison International 21 Ltd., 2.50%, 04/15/31 (Call 01/15/31)(a)(b)

      3,420         2,818,160  

Conagra Brands Inc.

   

4.85%, 11/01/28 (Call 08/01/28)(a)

    3,300       3,212,464  

7.00%, 10/01/28(a)

    3,952       4,208,966  

8.25%, 09/15/30(a)

    2,700       3,063,099  

Flowers Foods Inc., 2.40%, 03/15/31 (Call 12/15/30)

    2,745       2,223,055  

General Mills Inc.

   

2.25%, 10/14/31 (Call 07/14/31)(a)

    2,978       2,406,079  

2.88%, 04/15/30 (Call 01/15/30)

    4,540       3,966,705  

4.95%, 03/29/33 (Call 12/29/32)(a)

    4,895       4,774,916  

Hershey Co. (The)

   

1.70%, 06/01/30 (Call 03/01/30)(a)

    2,343       1,920,947  

2.45%, 11/15/29 (Call 08/15/29)(a)

    1,582       1,383,466  

4.50%, 05/04/33(a)

    1,225       1,197,624  

Hormel Foods Corp., 1.80%, 06/11/30 (Call 03/11/30)

    5,893       4,872,311  

Ingredion Inc., 2.90%, 06/01/30 (Call 03/01/30)

    3,535       3,028,707  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

   

3.00%, 02/02/29

    4,128       3,541,855  

3.00%, 05/15/32(a)

    6,265       4,947,430  

3.63%, 01/15/32(a)

    9,320       7,648,755  

3.75%, 12/01/31(a)

    3,585       2,980,218  

5.50%, 01/15/30(a)

    6,957       6,736,077  

5.75%, 04/01/33(a)

    7,385       7,028,558  

JM Smucker Co. (The)

   

2.13%, 03/15/32 (Call 12/15/31)(a)

    2,920       2,312,972  

2.38%, 03/15/30 (Call 12/15/29)

    3,054       2,571,755  

Kellogg Co.

   

2.10%, 06/01/30 (Call 03/01/30)

    3,268       2,677,452  

5.25%, 03/01/33 (Call 12/01/32)(a)

    1,875       1,852,824  

Series B, 7.45%, 04/01/31(a)

    4,343       4,898,043  

Kraft Heinz Foods Co.

   

3.75%, 04/01/30 (Call 01/01/30)(a)

    4,230       3,875,001  

4.25%, 03/01/31 (Call 12/01/30)

    1,364       1,277,667  

4.63%, 01/30/29 (Call 10/30/28)(a)

    2,130       2,082,005  

6.75%, 03/15/32(a)

    2,607       2,838,232  

Kroger Co. (The)

   

1.70%, 01/15/31 (Call 10/15/30)(a)

    4,345       3,375,534  

2.20%, 05/01/30 (Call 02/01/30)

    2,627       2,159,482  

4.50%, 01/15/29 (Call 10/15/28)(a)

    3,385       3,272,399  

7.50%, 04/01/31(a)

    785       882,038  

8.00%, 09/15/29(a)

    1,853       2,103,728  

Series B, 7.70%, 06/01/29(a)

    1,515       1,685,095  

Mars Inc.

   

1.63%, 07/16/32 (Call 04/16/32)(a)(b)

    2,415       1,827,711  

3.20%, 04/01/30 (Call 01/01/30)(b)

    3,567       3,217,698  

4.65%, 04/20/31 (Call 02/20/31)(a)(b)

    2,840       2,779,127  

4.75%, 04/20/33 (Call 01/20/33)(a)(b)

    6,180       6,066,954  

McCormick & Co. Inc./MD

   

1.85%, 02/15/31 (Call 11/15/30)

    2,845       2,239,272  

2.50%, 04/15/30 (Call 01/15/30)(a)

    3,104       2,619,394  

4.95%, 04/15/33(a)

    2,870       2,780,173  

 

 

184  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Food (continued)            

Mondelez International Inc.

   

1.50%, 02/04/31 (Call 11/04/30)

  $ 2,922     $ 2,267,215  

1.88%, 10/15/32 (Call 07/15/32)(a)

    3,360       2,604,038  

2.75%, 04/13/30 (Call 01/13/30)

    4,331       3,743,676  

3.00%, 03/17/32 (Call 12/17/31)(a)

    4,495       3,844,998  

6.50%, 11/01/31(a)

    1,000       1,073,651  

Nestle Holdings Inc.

   

1.25%, 09/15/30 (Call 06/15/30)(a)(b)

      6,265       4,956,175  

1.50%, 09/14/28 (Call 07/14/28)(a)(b)

    4,890       4,192,088  

1.88%, 09/14/31 (Call 06/14/31)(a)(b)

    4,650       3,768,453  

3.63%, 09/24/28 (Call 06/24/28)(a)(b)

    5,656       5,381,877  

4.25%, 10/01/29 (Call 08/01/29)(a)(b)

    3,265       3,180,116  

4.30%, 10/01/32 (Call 07/01/32)(a)(b)

    5,915       5,769,232  

4.85%, 03/14/33 (Call 12/14/32)(b)

    4,775       4,782,913  

4.95%, 03/14/30 (Call 01/14/30)(a)(b)

    2,910       2,930,984  

Smithfield Foods Inc.

   

2.63%, 09/13/31 (Call 06/13/31)(a)(b)

    2,808       2,069,560  

3.00%, 10/15/30 (Call 07/15/30)(a)(b)

    2,809       2,207,161  

5.20%, 04/01/29 (Call 01/01/29)(b)

    2,223       2,063,241  

Sysco Corp.

   

2.40%, 02/15/30 (Call 11/15/29)(a)

    2,887       2,439,177  

2.45%, 12/14/31 (Call 09/14/31)

    2,972       2,406,275  

5.95%, 04/01/30 (Call 01/01/30)(a)

    5,466       5,660,947  

Tyson Foods Inc., 4.35%, 03/01/29 (Call 12/01/28)(a)

    6,225       5,890,652  
   

 

 

 
       210,653,356  
Forest Products & Paper — 0.4%  

Celulosa Arauco y Constitucion SA

   

4.20%, 01/29/30 (Call 10/29/29)(a)(b)

    1,677       1,486,403  

4.25%, 04/30/29 (Call 01/30/29)(b)

    2,787       2,538,585  

Georgia-Pacific LLC

   

2.30%, 04/30/30 (Call 01/30/30)(b)

    6,318       5,310,432  

7.75%, 11/15/29

    2,636       2,959,856  

8.88%, 05/15/31

    771       939,468  

Inversiones CMPC SA

   

3.00%, 04/06/31 (Call 01/06/31)(a)(b)

    2,785       2,265,872  

3.85%, 01/13/30 (Call 10/13/29)(a)(b)

    1,625       1,446,012  

6.13%, 06/23/33(b)

    245       245,367  

Suzano Austria GmbH

   

2.50%, 09/15/28 (Call 07/15/28)(a)

    3,124       2,667,046  

3.13%, 01/15/32 (Call 10/15/31)(a)

    5,725       4,523,057  

3.75%, 01/15/31 (Call 10/15/30)

    6,754       5,717,781  

5.00%, 01/15/30 (Call 10/15/29)

    5,615       5,223,169  

6.00%, 01/15/29 (Call 10/15/28)

    8,404       8,334,030  
   

 

 

 
      43,657,078  
Gas — 0.7%            

Atmos Energy Corp.

   

1.50%, 01/15/31 (Call 10/15/30)

    3,151       2,458,098  

2.63%, 09/15/29 (Call 06/15/29)(a)

    2,436       2,144,558  

5.45%, 10/15/32 (Call 07/15/32)(a)

    1,210       1,237,913  

Boston Gas Co.

   

3.00%, 08/01/29 (Call 05/01/29)(b)

    2,773       2,389,533  

3.76%, 03/16/32 (Call 12/16/31)(b)

    2,365       2,050,933  

Brooklyn Union Gas Co. (The)

   

3.87%, 03/04/29 (Call 12/04/28)(a)(b)

    3,046       2,793,142  

4.87%, 08/05/32 (Call 05/05/32)(b)

    2,315       2,127,623  

CenterPoint Energy Resources Corp.

   

1.75%, 10/01/30 (Call 07/01/30)(a)

    2,455       1,947,768  

4.40%, 07/01/32 (Call 04/01/32)(a)

    2,915       2,721,258  
Security  

Par

(000)

    Value  
Gas (continued)            

5.40%, 03/01/33 (Call 12/01/32)(a)

  $ 3,475     $ 3,476,266  

East Ohio Gas Co. (The), 2.00%, 06/15/30 (Call 03/15/30)(b)

    2,526       2,019,544  

ENN Energy Holdings Ltd., 2.63%, 09/17/30(b)

    3,204       2,656,518  

Grupo Energia Bogota SA ESP, 4.88%, 05/15/30 (Call 02/15/30)(a)(b)

    2,115       1,950,251  

KeySpan Gas East Corp., 5.99%, 03/06/33 (Call 12/06/32)(b)

    2,700       2,680,257  

Korea Gas Corp., 2.88%, 07/16/29(b)

     2,830         2,521,009  

National Fuel Gas Co.

   

2.95%, 03/01/31 (Call 12/01/30)

    2,960       2,380,998  

4.75%, 09/01/28 (Call 06/01/28)(a)

    1,893       1,807,620  

NiSource Inc.

   

1.70%, 02/15/31 (Call 11/15/30)

    3,929       3,034,631  

2.95%, 09/01/29 (Call 06/01/29)(a)

    3,615       3,181,011  

3.60%, 05/01/30 (Call 02/01/30)

    5,293       4,743,697  

5.40%, 06/30/33(a)

    1,030       1,020,160  

ONE Gas Inc.

   

2.00%, 05/15/30 (Call 02/15/30)(a)

    1,310       1,073,467  

4.25%, 09/01/32 (Call 06/01/32)(a)

    700       652,811  

Piedmont Natural Gas Co. Inc.

   

2.50%, 03/15/31 (Call 12/15/30)

    1,656       1,341,478  

3.50%, 06/01/29 (Call 03/01/29)

    2,984       2,705,496  

5.40%, 06/15/33(a)

    1,870       1,845,671  

Promigas SA ESP/Gases del Pacifico SAC, 3.75%, 10/16/29 (Call 07/16/29)(b)

    2,270       1,919,078  

Sempra Global, 3.25%, 01/15/32
(Call 10/15/31)(b)

    2,442       1,968,034  

Southern California Gas Co., Series XX, 2.55%, 02/01/30 (Call 11/01/29)

    3,578       3,042,341  

Southern Co. Gas Capital Corp.

   

5.15%, 09/15/32 (Call 03/15/32)

    3,070       2,995,948  

Series 2020-A, 1.75%, 01/15/31
(Call 10/15/30)(a)

    2,321       1,803,838  

Southwest Gas Corp.

   

2.20%, 06/15/30 (Call 03/15/30)(a)

    2,479       2,011,689  

4.05%, 03/15/32 (Call 12/15/31)(a)

    3,605       3,231,059  

Spire Missouri Inc., 4.80%, 02/15/33 (Call 11/15/32)(a)

    840       816,571  
   

 

 

 
      76,750,269  
Hand & Machine Tools — 0.2%  

Kennametal Inc., 2.80%, 03/01/31
(Call 12/01/30)(a)

    1,642       1,317,146  

Regal Rexnord Corp.

   

6.30%, 02/15/30 (Call 12/15/29)(b)

    6,181       6,153,764  

6.40%, 04/15/33 (Call 01/15/33)(b)

    4,930       4,883,730  

Stanley Black & Decker Inc., 3.00%, 05/15/32 (Call 02/15/32)(a)

    2,701       2,271,346  

Stanley Black & Decker Inc.

   

2.30%, 03/15/30 (Call 12/15/29)(a)

    4,893       4,051,365  

4.25%, 11/15/28 (Call 08/15/28)(a)

    2,945       2,795,638  
   

 

 

 
      21,472,989  
Health Care - Products — 1.2%  

Abbott Laboratories, 1.40%, 06/30/30 (Call 03/30/30)(a)

    3,925       3,198,798  

Alcon Finance Corp.

   

2.60%, 05/27/30 (Call 02/27/30)(a)(b)

    4,184       3,528,631  

3.00%, 09/23/29 (Call 06/23/29)(b)

    5,521       4,841,950  

5.38%, 12/06/32 (Call 09/06/32)(b)

    3,985       3,971,779  

Baxter International Inc.

   

1.73%, 04/01/31 (Call 01/01/31)(a)

    3,604       2,778,805  

 

 

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

  185


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Products (continued)            

2.27%, 12/01/28 (Call 10/01/28)(a)

  $ 7,390     $ 6,340,359  

2.54%, 02/01/32 (Call 11/01/31)(a)

    8,730       7,007,567  

3.95%, 04/01/30 (Call 01/01/30)

    2,709       2,483,115  

Boston Scientific Corp.

   

2.65%, 06/01/30 (Call 03/01/30)

    7,824       6,717,441  

4.00%, 03/01/29 (Call 12/01/28)(a)

    765       721,957  

DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30)

    4,430       3,805,669  

DH Europe Finance II Sarl, 2.60%, 11/15/29 (Call 08/15/29)

    4,622       4,074,507  

GE HealthCare Technologies Inc.

   

5.86%, 03/15/30

    6,945       7,058,602  

5.91%, 11/22/32

    9,580       9,824,580  

HCA Inc., 3.63%, 03/15/32

    10,719       9,219,109  

Medtronic Global Holdings SCA, 4.50%, 03/30/33 (Call 12/30/32)

    5,815       5,626,776  

Revvity Inc.

   

1.90%, 09/15/28 (Call 07/15/28)(a)

     2,746         2,327,628  

2.25%, 09/15/31 (Call 06/15/31)(a)

    2,764       2,176,182  

2.55%, 03/15/31 (Call 12/15/30)(a)

    2,278       1,867,856  

3.30%, 09/15/29 (Call 06/15/29)

    5,427       4,825,290  

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

    5,735       4,537,690  

STERIS Irish FinCo UnLtd Co., 2.70%, 03/15/31 (Call 12/15/30)(a)

    3,902       3,229,748  

Stryker Corp., 1.95%, 06/15/30 (Call 03/15/30)

    5,890       4,869,992  

Thermo Fisher Scientific Inc.

   

1.75%, 10/15/28 (Call 08/15/28)(a)

    3,783       3,258,807  

2.00%, 10/15/31 (Call 07/15/31)(a)

    6,726       5,423,544  

2.60%, 10/01/29 (Call 07/01/29)(a)

    5,079       4,456,006  

4.95%, 11/21/32 (Call 08/21/32)

    3,420       3,419,532  

4.98%, 08/10/30 (Call 06/10/30)

    2,615       2,608,690  

5.09%, 08/10/33 (Call 05/10/33)

    3,025       3,040,485  

Zimmer Biomet Holdings Inc.

   

2.60%, 11/24/31 (Call 08/24/31)

    4,443       3,619,349  

3.55%, 03/20/30 (Call 12/20/29)(a)

    1,535       1,344,783  
   

 

 

 
      132,205,227  
Health Care - Services — 2.6%            

Adventist Health System, 5.43%, 03/01/32 (Call 12/01/31)(a)

    780       774,924  

Adventist Health System/West, 2.95%, 03/01/29 (Call 12/01/28)

    1,965       1,710,125  

Advocate Health & Hospitals Corp., Series 2020, 2.21%, 06/15/30 (Call 03/15/30)

    295       244,488  

Anthem Inc., 4.10%, 05/15/32 (Call 02/15/32)(a)

    3,881       3,576,163  

Ascension Health, Series B, 2.53%, 11/15/29 (Call 08/15/29)

    4,855       4,198,101  

Banner Health

   

1.90%, 01/01/31 (Call 07/01/30)(a)

    761       610,344  

2.34%, 01/01/30 (Call 10/01/29)(a)

    2,225       1,897,076  

Baylor Scott & White Holdings, Series 2021, 1.78%, 11/15/30 (Call 05/15/30)(a)

    1,820       1,457,100  

Bon Secours Mercy Health Inc.

   

3.46%, 06/01/30 (Call 12/01/29)(a)

    2,235       1,994,403  

Series 20-2, 2.10%, 06/01/31
(Call 12/01/30)(a)

    1,715       1,374,217  

Cedars-Sinai Health System, Series 2021, 2.29%, 08/15/31 (Call 02/15/31)(a)

    1,010       820,271  

Centene Corp.

   

2.50%, 03/01/31 (Call 12/01/30)

    12,313       9,805,316  

2.63%, 08/01/31 (Call 05/01/31)(a)

    7,073       5,626,666  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

3.00%, 10/15/30 (Call 07/15/30)

  $ 11,825     $ 9,835,853  

3.38%, 02/15/30 (Call 02/15/25)

    10,921       9,346,155  

4.63%, 12/15/29 (Call 12/15/24)

    17,696       16,271,472  

CommonSpirit Health

   

2.78%, 10/01/30 (Call 04/01/30)

    910       764,332  

3.35%, 10/01/29 (Call 04/01/29)(a)

    3,963       3,531,945  

Elevance Health Inc.

   

2.25%, 05/15/30 (Call 02/15/30)

     6,777         5,661,677  

2.55%, 03/15/31 (Call 12/15/30)

    5,899       4,939,430  

2.88%, 09/15/29 (Call 06/15/29)

    4,701       4,152,983  

4.75%, 02/15/33 (Call 11/15/32)

    3,700       3,583,570  

5.50%, 10/15/32 (Call 07/15/32)(a)

    4,065       4,145,569  

Fresenius Medical Care U.S. Finance III Inc.

   

2.38%, 02/16/31 (Call 11/16/30)(b)

    5,725       4,321,827  

3.00%, 12/01/31 (Call 09/01/31)(a)(b)

    2,920       2,256,290  

3.75%, 06/15/29 (Call 03/15/29)(b)

    3,016       2,613,500  

HCA Inc.

   

2.38%, 07/15/31 (Call 04/15/31)

    4,471       3,529,449  

3.38%, 03/15/29 (Call 01/15/29)

    2,920       2,603,367  

3.50%, 09/01/30 (Call 03/01/30)

    14,874       12,991,333  

4.13%, 06/15/29 (Call 03/15/29)

    11,348       10,482,225  

5.50%, 06/01/33 (Call 03/01/33)(a)

    6,505       6,390,520  

5.63%, 09/01/28 (Call 03/01/28)

    7,919       7,908,628  

5.88%, 02/01/29 (Call 08/01/28)

    5,609       5,643,589  

Health Care Service Corp. A Mutual Legal Reserve Co., 2.20%, 06/01/30 (Call 03/01/30)(b)

    5,051       4,141,015  

Highmark Inc., 2.55%, 05/10/31 (Call 02/10/31)(b)

    2,448       1,911,418  

Humana Inc.

   

2.15%, 02/03/32 (Call 11/03/31)

    4,665       3,658,944  

3.13%, 08/15/29 (Call 05/15/29)

    2,897       2,575,217  

3.70%, 03/23/29 (Call 02/23/29)

    4,858       4,497,758  

4.88%, 04/01/30 (Call 01/01/30)

    3,023       2,931,624  

5.88%, 03/01/33 (Call 12/01/32)(a)

    4,790       4,959,327  

Laboratory Corp. of America Holdings

   

2.70%, 06/01/31 (Call 03/01/31)

    2,910       2,426,434  

2.95%, 12/01/29 (Call 09/01/29)(a)

    3,825       3,362,267  

Ochsner LSU Health System of North Louisiana, Series 2021, 2.51%, 05/15/31 (Call 11/15/30)

    920       661,469  

OhioHealth Corp., 2.30%, 11/15/31 (Call 05/15/31)

    1,455       1,187,734  

Piedmont Healthcare Inc., 2.04%, 01/01/32 (Call 07/01/31)(a)

    1,195       938,215  

Providence St Joseph Health Obligated Group, Series 19A, 2.53%, 10/01/29 (Call 07/01/29)(a)

    3,766       3,196,529  

Quest Diagnostics Inc.

   

2.80%, 06/30/31 (Call 03/30/31)

    2,118       1,795,045  

2.95%, 06/30/30 (Call 03/30/30)

    4,662       4,048,451  

4.20%, 06/30/29 (Call 03/30/29)(a)

    3,332       3,189,118  

Roche Holdings Inc.

   

1.93%, 12/13/28 (Call 10/13/28)(a)(b)

    11,560       9,999,414  

2.08%, 12/13/31 (Call 09/13/31)(b)

    11,209       9,146,019  

3.63%, 09/17/28 (Call 06/17/28)(a)(b)

    2,926       2,788,550  

Rush Obligated Group, Series 2020, 3.92%, 11/15/29 (Call 08/15/29)(a)

    1,227       1,138,106  

Stanford Health Care, Series 2020, 3.31%, 08/15/30 (Call 05/15/30)(a)

    635       568,744  

Sutter Health, Series 20A, 2.29%, 08/15/30 (Call 02/15/30)(a)

    3,385       2,799,321  

UnitedHealth Group Inc.

   

2.00%, 05/15/30

    7,353       6,134,391  

2.30%, 05/15/31 (Call 02/15/31)

    8,452       7,065,006  

 

 

186  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)  

2.88%, 08/15/29(a)

  $ 6,054     $ 5,439,594  

3.88%, 12/15/28

    5,758       5,510,878  

4.00%, 05/15/29 (Call 03/15/29)(a)

    5,573       5,327,512  

4.20%, 05/15/32 (Call 02/15/32)

    8,352       7,890,175  

4.25%, 01/15/29 (Call 12/15/28)

    7,475       7,250,511  

4.50%, 04/15/33 (Call 01/15/33)

    8,405       8,095,898  

5.30%, 02/15/30 (Call 12/15/29)

    4,490       4,581,221  

5.35%, 02/15/33 (Call 11/15/32)

    10,861       11,146,443  

Universal Health Services Inc.

   

2.65%, 10/15/30 (Call 07/15/30)

    4,709       3,793,358  

2.65%, 01/15/32 (Call 10/15/31)(a)

    3,207       2,494,391  

UPMC, 5.04%, 05/15/33

    125       123,105  
   

 

 

 
       301,836,110  
Holding Companies - Diversified — 0.2%            

Ares Capital Corp., 3.20%, 11/15/31 (Call 08/15/31)(a)

    3,729       2,897,464  

Blackstone Private Credit Fund, 4.00%, 01/15/29 (Call 11/15/28)(a)

    3,368       2,892,655  

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

    3,385       2,795,919  

CK Hutchison International 19 II Ltd., 2.75%, 09/06/29 (Call 06/06/29)(a)(b)

    4,112       3,568,094  

CK Hutchison International 19 Ltd., 3.63%, 04/11/29 (Call 01/11/29)(a)(b)

    3,448       3,163,400  

CK Hutchison International 23 Ltd., 4.88%, 04/21/33(a)(b)

    6,085       5,877,388  

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

    3,880       3,169,079  

JAB Holdings BV, 2.20%, 11/23/30 (Call 08/23/30)(b)

     2,845       2,231,006  

Prospect Capital Corp., 3.44%, 10/15/28 (Call 08/15/28)

    1,755       1,378,394  
   

 

 

 
      27,973,399  
Home Builders — 0.1%            

MDC Holdings Inc.

   

2.50%, 01/15/31 (Call 07/15/30)(a)

    2,689       2,085,613  

3.85%, 01/15/30 (Call 07/15/29)(a)

    1,697       1,467,393  

NVR Inc., 3.00%, 05/15/30 (Call 11/15/29)

    5,234       4,479,114  

PulteGroup Inc.

   

6.38%, 05/15/33(a)

    2,310       2,404,878  

7.88%, 06/15/32

    2,450       2,800,224  

Toll Brothers Finance Corp., 3.80%, 11/01/29 (Call 08/01/29)(a)

    2,310       2,058,082  
   

 

 

 
      15,295,304  
Home Furnishings — 0.1%            

Leggett & Platt Inc., 4.40%, 03/15/29 (Call 12/15/28)

    3,029       2,861,211  

Panasonic Holdings Corp., 3.11%, 07/19/29 (Call 04/19/29)(a)(b)

    2,270       2,031,566  

Whirlpool Corp.

   

2.40%, 05/15/31 (Call 02/15/31)(a)

    1,605       1,297,597  

4.70%, 05/14/32 (Call 02/14/32)(a)

    1,820       1,722,798  

4.75%, 02/26/29 (Call 11/26/28)(a)

    4,014       3,906,603  

5.50%, 03/01/33 (Call 12/01/32)(a)

    1,755       1,740,167  
   

 

 

 
      13,559,942  
Household Products & Wares — 0.3%            

Avery Dennison Corp.

   

2.25%, 02/15/32 (Call 11/15/31)

    2,139       1,654,858  

2.65%, 04/30/30 (Call 02/01/30)

    3,140       2,619,425  
Security   Par (000)     Value  
Household Products & Wares (continued)  

4.88%, 12/06/28 (Call 09/06/28)

  $ 2,912     $ 2,846,622  

5.75%, 03/15/33 (Call 12/15/32)

    2,445       2,466,826  

Church & Dwight Co. Inc.

   

2.30%, 12/15/31 (Call 09/15/31)(a)

    1,688       1,382,687  

5.60%, 11/15/32 (Call 08/15/32)

    3,176       3,285,638  

Clorox Co. (The)

   

1.80%, 05/15/30 (Call 02/15/30)

    3,127       2,541,935  

4.40%, 05/01/29 (Call 03/01/29)(a)

    2,415       2,338,708  

4.60%, 05/01/32 (Call 02/01/32)(a)

    3,217       3,111,440  

Kimberly-Clark Corp.

   

2.00%, 11/02/31 (Call 08/02/31)(a)

    3,257       2,669,603  

3.10%, 03/26/30 (Call 12/26/29)

    5,337       4,819,717  

3.20%, 04/25/29 (Call 01/25/29)(a)

    3,737       3,461,221  

3.95%, 11/01/28 (Call 08/01/28)(a)

    1,997       1,934,431  

4.50%, 02/16/33 (Call 11/16/32)

    2,065       2,024,253  

Kimberly-Clark de Mexico SAB de CV, 2.43%, 07/01/31 (Call 04/01/31)(a)(b)

     1,450       1,213,006  

SC Johnson & Son Inc., 5.75%, 02/15/33(a)(b)

    55       56,786  
   

 

 

 
       38,427,156  
Insurance — 4.4%            

Accident Fund Insurance Co. of America, 8.50%, 08/01/32 (Call 05/01/32)(b)

    35       35,129  

Aflac Inc., 3.60%, 04/01/30 (Call 01/01/30)

    6,076       5,538,658  

AIA Group Ltd.

   

3.38%, 04/07/30 (Call 01/07/30)(a)(b)

    5,542       4,987,085  

3.60%, 04/09/29 (Call 01/09/29)(a)(b)

    5,414       5,002,642  

4.95%, 04/04/33 (Call 01/04/33)(b)

    4,075       3,996,336  

AIG SunAmerica Global Financing X, 6.90%, 03/15/32(b)

    5,160       5,490,071  

Alleghany Corp., 3.63%, 05/15/30 (Call 02/15/30)

    3,202       2,954,444  

Allstate Corp. (The)

   

1.45%, 12/15/30 (Call 09/15/30)(a)

    3,203       2,456,034  

5.25%, 03/30/33 (Call 12/30/32)(a)

    5,504       5,392,002  

5.35%, 06/01/33(a)

    25       24,724  

American Financial Group Inc./OH, 5.25%, 04/02/30 (Call 01/02/30)(a)

    1,393       1,362,087  

American International Group Inc.

   

3.40%, 06/30/30 (Call 03/30/30)

    2,514       2,213,891  

5.13%, 03/27/33 (Call 12/27/32)

    4,583       4,432,927  

American National Group Inc., 6.14%, 06/13/32 (Call 03/13/32)(b)

    115       106,669  

Americo Life Inc., 3.45%, 04/15/31(b)

    2,424       1,798,804  

AmFam Holdings Inc., 2.81%, 03/11/31 (Call 12/11/30)(a)(b)

    3,010       2,237,941  

Aon Corp.

   

2.80%, 05/15/30 (Call 02/15/30)

    6,112       5,248,137  

3.75%, 05/02/29 (Call 02/02/29)(a)

    4,702       4,376,003  

4.50%, 12/15/28 (Call 09/15/28)

    1,930       1,867,203  

Aon Global Ltd.

   

2.05%, 08/23/31 (Call 05/23/31)

    2,445       1,933,215  

2.60%, 12/02/31 (Call 09/02/31)

    2,990       2,453,464  

5.00%, 09/12/32 (Call 06/12/32)

    2,999       2,927,746  

5.35%, 02/28/33 (Call 11/28/32)(a)

    3,720       3,714,003  

Arthur J Gallagher & Co.

   

2.40%, 11/09/31 (Call 08/09/31)

    2,789       2,214,054  

5.50%, 03/02/33 (Call 12/02/32)(a)

    1,259       1,249,975  

Ascot Group Ltd., 4.25%, 12/15/30 (Call 12/15/25)(b)

    240       171,283  

Assurant Inc.

   

2.65%, 01/15/32 (Call 10/15/31)

    2,028       1,528,492  

 

 

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

  187


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

3.70%, 02/22/30 (Call 11/22/29)

  $ 2,077     $ 1,790,364  

Assured Guaranty U.S. Holdings Inc., 3.15%, 06/15/31 (Call 03/15/31)(a)

    2,977       2,532,074  

Athene Global Funding

   

2.55%, 11/19/30(b)

    3,553       2,780,237  

2.65%, 10/04/31(a)(b)

    2,520       1,925,860  

2.67%, 06/07/31(b)

    3,186       2,476,299  

2.72%, 01/07/29(b)

    2,540       2,118,200  

Athene Holding Ltd.

   

3.50%, 01/15/31 (Call 10/15/30)

    2,604       2,178,890  

6.15%, 04/03/30 (Call 01/03/30)(a)

    3,306       3,338,381  

6.65%, 02/01/33 (Call 11/01/32)(a)

    2,310       2,369,991  

AXA SA, 8.60%, 12/15/30(a)

    4,795       5,783,365  

AXIS Specialty Finance LLC

   

3.90%, 07/15/29 (Call 04/15/29)

    2,296       2,083,065  

4.90%, 01/15/40 (Call 01/15/30), (5-year CMT + 3.186%)(a)(c)

     2,079       1,671,984  

Belrose Funding Trust, 2.33%, 08/15/30 (Call 05/15/30)(a)(b)

    2,644       2,021,311  

Berkshire Hathaway Finance Corp.

   

1.45%, 10/15/30 (Call 07/15/30)(a)

    4,610       3,709,151  

1.85%, 03/12/30 (Call 12/12/29)(a)

    3,066       2,582,741  

2.88%, 03/15/32 (Call 12/15/31)(a)

    6,162       5,378,604  

Brighthouse Financial Inc., 5.63%, 05/15/30 (Call 02/15/30)(a)

    3,408       3,294,755  

Brown & Brown Inc.

   

2.38%, 03/15/31 (Call 12/15/30)(a)

    4,020       3,213,605  

4.20%, 03/17/32 (Call 12/17/31)(a)

    3,352       2,999,895  

4.50%, 03/15/29 (Call 12/15/28)(a)

    2,422       2,272,888  

Chubb INA Holdings Inc., 1.38%, 09/15/30 (Call 06/15/30)(a)

    5,613       4,417,682  

CNA Financial Corp.

   

2.05%, 08/15/30 (Call 05/15/30)(a)

    3,045       2,438,176  

3.90%, 05/01/29 (Call 02/01/29)

    3,048       2,836,737  

5.50%, 06/15/33

    290       283,982  

CNO Financial Group Inc., 5.25%, 05/30/29 (Call 02/28/29)(a)

    2,900       2,762,219  

CNO Global Funding, 2.65%, 01/06/29(a)(b)

    2,970       2,517,545  

Corebridge Financial Inc.

   

3.85%, 04/05/29

    5,925       5,422,269  

3.90%, 04/05/32

    7,070       6,181,933  

Doctors Co. An Interinsurance Exchange (The), 4.50%, 01/18/32 (Call 10/18/31)(b)

    1,090       847,132  

Empower Finance 2020 LP, 1.78%, 03/17/31 (Call 12/17/30)(a)(b)

    2,489       1,947,213  

Enstar Group Ltd.

   

3.10%, 09/01/31 (Call 03/01/31)

    3,230        2,513,864  

4.95%, 06/01/29 (Call 03/01/29)(a)

    3,109       2,912,838  

Equitable Financial Life Global Funding, 1.75%, 11/15/30(a)(b)

    1,537       1,191,923  

Equitable Holdings Inc., 5.59%, 01/11/33 (Call 10/11/32)(a)

    3,140       3,086,780  

F&G Global Funding, 2.00%, 09/20/28(b)

    2,786       2,309,436  

Fairfax Financial Holdings Ltd.

   

3.38%, 03/03/31 (Call 12/03/30)(a)

    3,330       2,791,149  

4.63%, 04/29/30 (Call 01/29/30)

    4,168       3,834,405  

5.63%, 08/16/32

    4,163       4,017,894  

Fidelity National Financial Inc.

   

2.45%, 03/15/31 (Call 12/15/30)

    3,329       2,647,308  

3.40%, 06/15/30 (Call 03/15/30)(a)

    4,553       3,956,855  
Security  

Par

(000)

    Value  
Insurance (continued)            

First American Financial Corp.

   

2.40%, 08/15/31 (Call 05/15/31)

  $ 4,087     $ 3,133,751  

4.00%, 05/15/30 (Call 02/15/30)(a)

    2,779       2,413,601  

Five Corners Funding Trust II, 2.85%, 05/15/30 (Call 02/15/30)(b)

    8,688       7,437,930  

Five Corners Funding Trust III, 5.79%, 02/15/33 (Call 11/15/32)(a)(b)

    4,390       4,435,505  

GA Global Funding Trust

   

1.95%, 09/15/28(a)(b)

    2,703       2,281,377  

2.90%, 01/06/32(a)(b)

    3,035       2,310,875  

Global Atlantic Fin Co.

   

3.13%, 06/15/31 (Call 03/15/31)(a)(b)

    4,153       3,078,111  

4.40%, 10/15/29 (Call 07/15/29)(b)

    2,938       2,469,610  

7.95%, 06/15/33 (Call 03/15/33)(b)

    2,987       2,931,111  

Globe Life Inc.

   

2.15%, 08/15/30 (Call 05/15/30)

    2,166       1,732,597  

4.55%, 09/15/28 (Call 06/15/28)(a)

    3,505       3,397,756  

4.80%, 06/15/32 (Call 03/15/32)(a)

     2,365        2,236,361  

Guardian Life Global Funding,
1.63%, 09/16/28(a)(b)

    2,255       1,908,739  

Hanover Insurance Group Inc. (The), 2.50%, 09/01/30 (Call 06/01/30)(a)

    2,191       1,722,968  

Hartford Financial Services Group Inc. (The), 2.80%, 08/19/29 (Call 05/19/29)(a)

    4,197       3,673,003  

Intact Financial Corp., 5.46%, 09/22/32 (Call 06/22/32)(a)(b)

    2,875       2,837,099  

Jackson Financial Inc.

   

3.13%, 11/23/31 (Call 08/23/31)(a)

    2,997       2,355,686  

5.67%, 06/08/32 (Call 03/08/32)(a)

    2,025       1,928,759  

Jackson National Life Global Funding, 3.05%, 06/21/29(a)(b)

    2,203       1,877,915  

Kemper Corp.

   

2.40%, 09/30/30 (Call 06/30/30)

    2,702       2,077,227  

3.80%, 02/23/32 (Call 11/23/31)(a)

    2,435       1,975,544  

Liberty Mutual Group Inc., 4.57%, 02/01/29(b)

    5,882       5,677,279  

Lincoln National Corp.

   

3.05%, 01/15/30 (Call 10/15/29)(a)

    2,944       2,478,189  

3.40%, 01/15/31 (Call 10/15/30)(a)

    2,903       2,450,473  

3.40%, 03/01/32 (Call 12/01/31)(a)

    850       691,146  

Loews Corp., 3.20%, 05/15/30 (Call 02/15/30)(a)

    2,952       2,610,378  

Manulife Financial Corp., 3.70%, 03/16/32 (Call 12/16/31)(a)

    4,600       4,126,570  

Markel Group Inc., 3.35%, 09/17/29
(Call 06/17/29)(a)

    2,286       2,045,229  

Marsh & McLennan Companies Inc.

   

2.25%, 11/15/30 (Call 08/15/30)(a)

    4,468       3,693,231  

2.38%, 12/15/31 (Call 09/15/31)(a)

    1,794       1,458,491  

4.38%, 03/15/29 (Call 12/15/28)

    8,259       7,996,049  

5.75%, 11/01/32 (Call 08/01/32)(a)

    3,150       3,270,193  

5.88%, 08/01/33

    85       89,118  

MassMutual Global Funding II

   

1.55%, 10/09/30(b)

    3,281       2,554,010  

2.15%, 03/09/31(a)(b)

    3,255       2,619,745  

MetLife Inc.

   

4.55%, 03/23/30 (Call 12/23/29)(a)

    5,990       5,823,352  

5.38%, 07/15/33

    3,360       3,344,756  

6.50%, 12/15/32(a)

    1,680       1,821,226  

Metropolitan Life Global Funding I

   

1.55%, 01/07/31(b)

    4,448       3,444,919  

2.40%, 01/11/32(a)(b)

    4,330       3,511,125  

2.95%, 04/09/30(b)

    5,608       4,857,658  

 

 

188  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

3.05%, 06/17/29(a)(b)

  $ 2,895     $ 2,557,395  

3.30%, 03/21/29(b)

    2,895       2,613,822  

4.30%, 08/25/29(a)(b)

    3,020       2,875,009  

5.15%, 03/28/33(b)

    6,885       6,731,778  

Mitsui Sumitomo Insurance Co. Ltd., 4.95%, (Call 03/06/29),
(5-year USD Swap + 3.256%)(a)(b)(c)(d)

    4,200       4,008,930  

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, 5.88%, 05/23/42 (Call 11/23/31), (5-year CMT + 3.982%)(b)(c)

    8,580       8,423,690  

Nationwide Mutual Insurance Co.

   

7.88%, 04/01/33(b)

    140       152,597  

8.25%, 12/01/31(a)(b)

    1,530       1,704,147  

New York Life Global Funding

   

1.20%, 08/07/30(a)(b)

    3,492       2,675,545  

1.85%, 08/01/31(b)

    2,925       2,287,225  

4.55%, 01/28/33(b)

    5,210       4,937,334  

New York Life Insurance Co., 5.88%, 05/15/33(b)

    5,560       5,684,570  

Nippon Life Insurance Co.

   

2.75%, 01/21/51 (Call 01/21/31), (5-year CMT + 2.653%)(b)(c)

    8,338       6,751,466  

2.90%, 09/16/51 (Call 09/16/31), (5-year CMT + 2.600%)(a)(b)(c)

    5,170       4,165,500  

3.40%, 01/23/50 (Call 01/23/30), (5-year CMT + 2.612%)(a)(b)(c)

    5,273       4,544,981  

Pacific Life Global Funding II

   

1.60%, 09/21/28(a)(b)

    2,260       1,875,586  

2.45%, 01/11/32(b)

    2,270       1,799,179  

PartnerRe Finance B LLC

   

3.70%, 07/02/29 (Call 04/02/29)

    3,210       2,909,967  

4.50%, 10/01/50 (Call 04/01/30), (5-year CMT + 3.815%)(a)(c)

    2,450       2,054,399  

Pine Street Trust I, 4.57%, 02/15/29 (Call 11/15/28)(b)

    3,578       3,279,329  

Primerica Inc., 2.80%, 11/19/31 (Call 08/19/31)(a)

    3,535       2,903,302  

Principal Financial Group Inc.

   

2.13%, 06/15/30 (Call 03/15/30)(a)

    3,776       3,079,030  

3.70%, 05/15/29 (Call 02/15/29)

    3,132       2,866,771  

5.38%, 03/15/33 (Call 12/15/32)(a)

    2,650       2,626,728  

Principal Life Global Funding II

   

1.50%, 08/27/30(b)

    2,410       1,837,222  

1.63%, 11/19/30(b)

    1,395       1,070,444  

2.50%, 09/16/29(b)

    2,515       2,122,280  

Progressive Corp. (The)

   

3.00%, 03/15/32 (Call 12/15/31)(a)

    3,430       2,980,641  

3.20%, 03/26/30 (Call 12/26/29)

    3,287       2,936,296  

4.00%, 03/01/29 (Call 12/01/28)(a)

    3,612       3,474,378  

4.95%, 06/15/33 (Call 03/15/33)(a)

    2,355       2,315,167  

6.25%, 12/01/32(a)

    960       1,030,274  

6.63%, 03/01/29(a)

     1,355        1,476,475  

Protective Life Corp.

   

3.40%, 01/15/30 (Call 10/15/29)(b)

    2,879       2,489,886  

4.30%, 09/30/28 (Call 06/30/28)(a)(b)

    1,547       1,446,543  

Protective Life Global Funding, 1.74%, 09/21/30(a)(b)

    2,927       2,254,426  

Prudential Financial Inc.

   

2.10%, 03/10/30 (Call 12/10/29)(a)

    3,520       2,950,098  

3.70%, 10/01/50 (Call 07/01/30), (5-year CMT + 3.035%)(c)

    4,839       4,117,969  
Security  

Par

(000)

    Value  
Insurance (continued)            

5.13%, 03/01/52 (Call 11/28/31), (5-year CMT + 3.162%)(c)

  $ 5,360     $ 4,788,574  

5.70%, 09/15/48 (Call 09/15/28), (3-mo. LIBOR US + 2.665%)(c)

    4,117       3,898,142  

5.75%, 07/15/33(a)

    1,030       1,084,702  

6.00%, 09/01/52 (Call 06/01/32), (5-year CMT + 3.234%)(a)(c)

    6,620       6,323,159  

6.75%, 03/01/53 (Call 12/01/32), (5-year CMT + 2.848%)(c)

    2,920       2,890,760  

Prudential Funding Asia PLC

   

3.13%, 04/14/30

    6,048       5,329,593  

3.63%, 03/24/32 (Call 12/24/31)(a)

    2,015       1,775,825  

Reinsurance Group of America Inc.

   

3.15%, 06/15/30 (Call 03/15/30)

    3,594       3,067,037  

3.90%, 05/15/29 (Call 02/15/29)(a)

    3,563       3,255,670  

RenaissanceRe Holdings Ltd.

   

3.60%, 04/15/29 (Call 01/15/29)(a)

    2,753       2,469,204  

5.75%, 06/05/33

    4,315       4,191,730  

RGA Global Funding, 2.70%, 01/18/29(b)

    2,200       1,899,385  

Sammons Financial Group Inc.

   

3.35%, 04/16/31 (Call 01/16/31)(a)(b)

    5,462       4,237,568  

4.75%, 04/08/32 (Call 01/08/32)(a)(b)

    2,105       1,749,409  

SBL Holdings Inc., 5.00%, 02/18/31 (Call 11/18/30)(a)(b)

    3,435       2,664,551  

Stewart Information Services Corp., 3.60%, 11/15/31 (Call 08/15/31)

    2,665       2,018,748  

Sumitomo Life Insurance Co., 3.38%, 04/15/81 (Call 04/15/31), (5-year CMT + 2.747%)(b)(c)

    4,575       3,846,538  

Swiss Re Finance Luxembourg SA, 5.00%, 04/02/49 (Call 04/02/29), (5-year CMT + 3.582%)(b)(c)

    5,720       5,405,400  

Travelers Property Casualty Corp., 6.38%, 03/15/33(a)

    1,308       1,437,227  

Trustage Financial Group Inc., 4.63%, 04/15/32 (Call 01/15/32)(a)(b)

    1,030       882,530  

Unum Group, 4.00%, 06/15/29
(Call 03/15/29)(a)

    1,871       1,714,973  

Willis North America Inc.

   

2.95%, 09/15/29 (Call 06/15/29)

    4,281       3,711,295  

4.50%, 09/15/28 (Call 06/15/28)

    3,427       3,266,375  

5.35%, 05/15/33

    3,610       3,484,757  
   

 

 

 
       505,334,212  
Internet — 2.0%            

Alibaba Group Holding Ltd., 2.13%, 02/09/31 (Call 11/09/30)(a)

    7,820       6,275,059  

Alphabet Inc., 1.10%, 08/15/30
(Call 05/15/30)(a)

     12,393       9,931,761  

Amazon.com Inc.

   

1.50%, 06/03/30 (Call 03/03/30)

    10,871       8,837,603  

2.10%, 05/12/31 (Call 02/12/31)

    16,547       13,721,418  

3.45%, 04/13/29 (Call 02/13/29)

    8,010       7,537,633  

3.60%, 04/13/32 (Call 01/13/32)(a)

    13,581       12,496,836  

4.65%, 12/01/29 (Call 10/01/29)

    8,050       8,019,644  

4.70%, 12/01/32 (Call 09/01/32)

    12,320       12,243,289  

Baidu Inc.

   

2.38%, 10/09/30 (Call 07/09/30)

    1,250       1,013,400  

2.38%, 08/23/31 (Call 05/23/31)(a)

    2,560       2,025,178  

3.43%, 04/07/30 (Call 01/07/30)(a)

    2,295       2,017,172  

4.88%, 11/14/28 (Call 08/14/28)

    1,729       1,679,716  

Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30)

    8,790       8,594,762  

eBay Inc.

   

2.60%, 05/10/31 (Call 02/10/31)(a)

    4,297       3,553,834  

 

 

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

  189


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Internet (continued)            

2.70%, 03/11/30 (Call 12/11/29)

  $ 6,033     $ 5,150,651  

6.30%, 11/22/32 (Call 08/22/32)(a)

    1,815       1,912,368  

Expedia Group Inc.

   

2.95%, 03/15/31 (Call 12/15/30)(a)

    2,993       2,502,311  

3.25%, 02/15/30 (Call 11/15/29)(a)

    7,344       6,401,815  

JD.com Inc., 3.38%, 01/14/30
(Call 10/14/29)(a)

    3,427       3,017,993  

Meituan, 3.05%, 10/28/30 (Call 07/28/30)(b)

    5,675       4,474,522  

Meta Platforms Inc.

   

3.85%, 08/15/32 (Call 05/15/32)

    16,235       14,905,318  

4.80%, 05/15/30(a)

    4,685       4,666,258  

4.95%, 05/15/33

    9,365       9,319,250  

Netflix Inc.

   

4.88%, 06/15/30 (Call 03/15/30)(a)(b)

    5,996       5,831,980  

5.38%, 11/15/29(b)

    5,098       5,069,801  

5.88%, 11/15/28

     10,420       10,711,562  

6.38%, 05/15/29(a)

    4,737       4,982,500  

Prosus NV

   

3.06%, 07/13/31 (Call 04/13/31)(b)

    9,085       6,900,217  

3.68%, 01/21/30 (Call 10/21/29)(a)(b)

    4,977       4,094,240  

4.19%, 01/19/32 (Call 10/19/31)(b)

    4,830       3,939,714  

Tencent Holdings Ltd.

   

2.39%, 06/03/30 (Call 03/03/30)(a)(b)

    10,375       8,526,793  

2.88%, 04/22/31 (Call 01/22/31)(a)(b)

    2,800       2,333,052  

3.98%, 04/11/29 (Call 01/11/29)(a)(b)

    13,043       12,017,623  

Tencent Music Entertainment Group, 2.00%, 09/03/30 (Call 06/03/30)(a)

    3,255       2,534,369  

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

    4,320       3,536,825  

Weibo Corp., 3.38%, 07/08/30
(Call 04/08/30)(a)

    4,448       3,478,521  
   

 

 

 
       224,254,988  
Iron & Steel — 0.4%            

ArcelorMittal SA

   

4.25%, 07/16/29(a)

    3,234       3,066,390  

6.80%, 11/29/32 (Call 08/29/32)

    5,765       5,922,719  

GUSAP III LP, 4.25%, 01/21/30 (Call 07/21/29)(b)

    2,660       2,440,460  

Nucor Corp.

   

2.70%, 06/01/30 (Call 03/01/30)(a)

    3,139       2,688,960  

3.13%, 04/01/32 (Call 01/01/32)(a)

    3,269       2,789,503  

Reliance Steel & Aluminum Co., 2.15%, 08/15/30 (Call 05/15/30)

    2,807       2,268,752  

Steel Dynamics Inc.

   

3.25%, 01/15/31 (Call 10/15/30)

    3,148       2,742,884  

3.45%, 04/15/30 (Call 01/15/30)

    3,395       3,010,158  

Vale Overseas Ltd.

   

3.75%, 07/08/30 (Call 04/08/30)(a)

    8,182       7,155,014  

6.13%, 06/12/33

    8,290       8,244,587  
   

 

 

 
      40,329,427  
Leisure Time — 0.0%            

Brunswick Corp.

   

2.40%, 08/18/31 (Call 05/18/31)(a)

    3,105       2,380,197  

4.40%, 09/15/32 (Call 06/15/32)(a)

    2,625       2,249,673  
   

 

 

 
      4,629,870  
Lodging — 0.3%            

Choice Hotels International Inc.

   

3.70%, 12/01/29 (Call 09/01/29)(a)

    2,012       1,776,657  

3.70%, 01/15/31 (Call 10/15/30)

    2,737       2,347,997  

Hyatt Hotels Corp.

   

4.38%, 09/15/28 (Call 06/15/28)

    2,134       2,012,572  

5.75%, 04/23/30 (Call 01/23/30)(a)

    2,727       2,730,731  
Security  

Par

(000)

    Value  
Lodging (continued)            

Marriott International Inc./MD

   

4.90%, 04/15/29 (Call 03/15/29)

  $ 3,005     $ 2,926,105  

Series AA, 4.65%, 12/01/28 (Call 09/01/28)

    1,243       1,195,663  

Series FF, 4.63%, 06/15/30 (Call 03/15/30)

    6,647       6,298,761  

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

    5,720       4,859,848  

Series HH, 2.85%, 04/15/31 (Call 01/15/31)

    6,488       5,386,842  

Sands China Ltd.

   

3.35%, 03/08/29 (Call 01/08/29)(a)

    2,500       2,082,178  

3.50%, 08/08/31 (Call 05/08/31)(a)

    3,570       2,870,125  

4.88%, 06/18/30 (Call 03/18/30)

    2,964       2,588,343  
   

 

 

 
       37,075,822  
Machinery — 0.7%            

Caterpillar Inc.

   

1.90%, 03/12/31 (Call 12/12/30)(a)

    2,678       2,247,918  

2.60%, 09/19/29 (Call 06/19/29)(a)

    2,965       2,650,484  

2.60%, 04/09/30 (Call 01/09/30)(a)

    4,441       3,902,523  

Deere & Co.

   

3.10%, 04/15/30 (Call 01/15/30)

    4,284       3,882,516  

5.38%, 10/16/29(a)

    3,108       3,209,155  

7.13%, 03/03/31(a)

    265       302,031  

8.10%, 05/15/30(a)

    410       482,946  

Dover Corp., 2.95%, 11/04/29 (Call 08/04/29)(a)

    1,550       1,361,847  

Flowserve Corp.

   

2.80%, 01/15/32 (Call 10/15/31)

    2,689       2,135,396  

3.50%, 10/01/30 (Call 07/01/30)

    2,624       2,248,265  

IDEX Corp.

   

2.63%, 06/15/31 (Call 03/15/31)

    2,843       2,344,404  

3.00%, 05/01/30 (Call 02/01/30)

    3,331       2,893,147  

John Deere Capital Corp.

   

1.45%, 01/15/31

     3,878       3,072,141  

2.00%, 06/17/31

    3,826       3,124,214  

2.45%, 01/09/30(a)

    3,434       2,990,552  

2.80%, 07/18/29

    3,178       2,862,239  

3.35%, 04/18/29(a)

    3,361       3,119,643  

3.45%, 03/07/29

    3,397       3,160,938  

3.90%, 06/07/32(a)

    3,076       2,868,089  

4.35%, 09/15/32(a)

    3,510       3,406,208  

4.70%, 06/10/30

    3,505       3,461,449  

4.85%, 10/11/29(a)

    2,557       2,559,653  

nVent Finance Sarl

   

2.75%, 11/15/31 (Call 08/15/31)

    1,555       1,224,586  

5.65%, 05/15/33 (Call 02/15/33)

    1,400       1,354,971  

Oshkosh Corp., 3.10%, 03/01/30
(Call 12/01/29)(a)

    1,550       1,363,867  

Otis Worldwide Corp., 2.57%, 02/15/30 (Call 11/15/29)

    8,918       7,626,426  

Rockwell Automation Inc.

   

1.75%, 08/15/31 (Call 05/15/31)

    2,446       1,944,826  

3.50%, 03/01/29 (Call 12/01/28)(a)

    2,661       2,490,274  

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

    6,953       6,706,475  

Xylem Inc./NY, 2.25%, 01/30/31 (Call 10/30/30)(a)

    4,178       3,431,169  
   

 

 

 
      84,428,352  
Machinery - Diversified — 0.0%            

Ingersoll Rand Inc., 5.70%, 08/14/33

    600       608,404  
   

 

 

 
Manufacturing — 0.6%            

3M Co.

   

2.38%, 08/26/29 (Call 05/26/29)(a)

    5,392       4,646,835  

3.05%, 04/15/30 (Call 01/15/30)(a)

    3,486       3,114,910  

3.38%, 03/01/29 (Call 12/01/28)(a)

    4,425       4,051,886  

 

 

190  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Manufacturing (continued)            

3.63%, 09/14/28 (Call 06/14/28)(a)

  $ 3,302     $ 3,089,328  

Carlisle Companies Inc.

   

2.20%, 03/01/32 (Call 12/01/31)

    2,875       2,262,674  

2.75%, 03/01/30 (Call 12/01/29)(a)

    4,637       3,923,690  

Eaton Corp.

   

4.00%, 11/02/32(a)

    2,510       2,348,264  

4.15%, 03/15/33 (Call 12/15/32)(a)

    6,775       6,387,785  

GE Capital Funding LLC, 4.55%, 05/15/32 (Call 02/15/32)(a)

    4,330       4,127,138  

General Electric Co., 6.75%, 03/15/32(a)

    4,685       5,224,627  

Parker-Hannifin Corp.

   

3.25%, 06/14/29 (Call 03/14/29)

    5,629       5,089,528  

4.50%, 09/15/29 (Call 07/15/29)

    5,595       5,408,585  

Pentair Finance Sarl

   

4.50%, 07/01/29 (Call 04/01/29)(a)

    2,346       2,193,295  

5.90%, 07/15/32 (Call 04/15/32)

    2,265       2,293,493  

Siemens Financieringsmaatschappij NV, 2.15%, 03/11/31(b)

    9,417       7,761,510  

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

    5,770       4,815,097  

Textron Inc.

   

2.45%, 03/15/31 (Call 12/15/30)(a)

    2,798       2,299,834  

3.00%, 06/01/30 (Call 03/01/30)

    3,598       3,112,524  

3.90%, 09/17/29 (Call 06/17/29)

     2,031       1,866,757  
   

 

 

 
       74,017,760  
Media — 1.9%            

Charter Communications Operating LLC/Charter Communications Operating Capital

   

2.25%, 01/15/29 (Call 11/15/28)

    6,341       5,267,550  

2.30%, 02/01/32 (Call 11/01/31)

    5,317       4,012,663  

2.80%, 04/01/31 (Call 01/01/31)

    8,506       6,854,164  

4.40%, 04/01/33 (Call 01/01/33)(a)

    7,002       6,165,275  

5.05%, 03/30/29 (Call 12/30/28)

    6,337       6,034,973  

Comcast Corp.

   

1.50%, 02/15/31 (Call 11/15/30)

    9,645       7,546,610  

1.95%, 01/15/31 (Call 10/15/30)(a)

    8,278       6,693,278  

2.65%, 02/01/30 (Call 11/01/29)

    9,062       7,880,264  

3.40%, 04/01/30 (Call 01/01/30)

    8,923       8,137,069  

4.15%, 10/15/28 (Call 07/15/28)

    21,524       20,755,127  

4.25%, 10/15/30 (Call 07/15/30)

    8,183       7,785,356  

4.25%, 01/15/33

    6,720       6,310,202  

4.55%, 01/15/29

    5,810       5,695,143  

4.65%, 02/15/33 (Call 11/15/32)(a)

    5,380       5,247,739  

4.80%, 05/15/33 (Call 02/15/33)

    5,430       5,308,541  

5.50%, 11/15/32 (Call 08/15/32)

    5,350       5,489,042  

7.05%, 03/15/33

    5,658       6,449,864  

Cox Communications Inc.

   

1.80%, 10/01/30 (Call 07/01/30)(a)(b)

    3,412       2,660,256  

2.60%, 06/15/31 (Call 03/15/31)(b)

    3,862       3,120,396  

5.45%, 09/15/28 (Call 08/15/28)(b)

    2,116       2,106,055  

5.70%, 06/15/33 (Call 03/15/33)(a)(b)

    1,166       1,162,671  

Discovery Communications LLC

   

3.63%, 05/15/30 (Call 02/15/30)

    6,060       5,322,377  

4.13%, 05/15/29 (Call 02/15/29)(a)

    4,689       4,304,448  

FactSet Research Systems Inc., 3.45%, 03/01/32 (Call 12/01/31)

    2,955       2,504,066  

Fox Corp.

   

3.50%, 04/08/30 (Call 01/08/30)(a)

    3,792       3,391,868  

4.71%, 01/25/29 (Call 10/25/28)(a)

    11,403       11,000,254  

Grupo Televisa SAB, 8.50%, 03/11/32(a)

    1,215       1,411,145  
Security  

Par

(000)

    Value  
Media (continued)            

Paramount Global

   

4.20%, 06/01/29 (Call 03/01/29)(a)

  $ 1,415     $ 1,266,455  

4.20%, 05/19/32 (Call 02/19/32)(a)

    6,335       5,277,425  

4.95%, 01/15/31 (Call 10/15/30)(a)

    6,033       5,381,324  

5.50%, 05/15/33

    260       235,613  

7.88%, 07/30/30(a)

    5,980       6,336,592  

Time Warner Cable Enterprises LLC, 8.38%, 07/15/33

    3,000       3,342,736  

TWDC Enterprises 18 Corp., Series B, 7.00%, 03/01/32(a)

    1,570       1,765,036  

Walt Disney Co. (The)

   

2.00%, 09/01/29 (Call 06/01/29)(a)

     11,584       9,821,449  

2.65%, 01/13/31(a)

    13,969       11,967,126  

3.80%, 03/22/30(a)

    8,112       7,596,101  

6.55%, 03/15/33

    1,260       1,391,769  
   

 

 

 
       212,998,022  
Metal Fabricate & Hardware — 0.0%            

Timken Co. (The)

   

4.13%, 04/01/32 (Call 01/01/32)(a)

    1,925       1,716,168  

4.50%, 12/15/28 (Call 09/15/28)

    2,410       2,284,097  
   

 

 

 
      4,000,265  
Mining — 1.2%            

Alcoa Nederland Holding BV, 4.13%, 03/31/29 (Call 03/31/24)(a)(b)

    3,330       2,996,928  

Anglo American Capital PLC

   

2.63%, 09/10/30 (Call 06/10/30)(a)(b)

    5,409       4,430,406  

2.88%, 03/17/31 (Call 12/17/30)(b)

    2,944       2,405,139  

3.88%, 03/16/29 (Call 01/16/29)(b)

    2,779       2,534,544  

5.50%, 05/02/33(a)(b)

    4,560       4,401,928  

5.63%, 04/01/30 (Call 01/01/30)(a)(b)

    4,107       4,052,886  

AngloGold Ashanti Holdings PLC

   

3.38%, 11/01/28 (Call 09/01/28)

    2,385       2,063,434  

3.75%, 10/01/30 (Call 07/01/30)

    4,515       3,743,505  

Antofagasta PLC

   

2.38%, 10/14/30 (Call 07/14/30)(a)(b)

    2,335       1,862,545  

5.63%, 05/13/32 (Call 02/13/32)(b)

    400       390,245  

BHP Billiton Finance USA Ltd., 4.90%, 02/28/33 (Call 11/28/32)(a)

    4,440       4,381,087  

Corp. Nacional del Cobre de Chile

   

3.00%, 09/30/29 (Call 06/30/29)(b)

    5,640       4,879,009  

3.15%, 01/14/30 (Call 10/14/29)(b)

    5,103       4,425,963  

3.75%, 01/15/31 (Call 10/15/30)(b)

    5,205       4,619,607  

5.13%, 02/02/33 (Call 11/02/32)(a)(b)

    5,610       5,376,480  

Freeport Indonesia PT, 5.32%, 04/14/32 (Call 01/01/32)(a)(b)

    7,650       7,122,594  

Freeport-McMoRan Inc.

   

4.25%, 03/01/30 (Call 03/01/25)(a)

    2,593       2,353,493  

4.63%, 08/01/30 (Call 08/01/25)

    3,297       3,049,205  

5.25%, 09/01/29 (Call 09/01/24)

    3,308       3,206,320  

Glencore Funding LLC

   

2.50%, 09/01/30 (Call 06/01/30)(a)(b)

    5,917       4,812,595  

2.63%, 09/23/31 (Call 06/23/31)(b)

    3,675       2,924,885  

2.85%, 04/27/31 (Call 01/27/31)(b)

    3,542       2,886,892  

4.88%, 03/12/29 (Call 12/12/28)(a)(b)

    3,945       3,825,516  

5.70%, 05/08/33 (Call 02/08/33)(b)

    3,010       2,949,215  

Gold Fields Orogen Holdings BVI Ltd., 6.13%, 05/15/29 (Call 02/15/29)(a)(b)

    1,040       1,029,060  

 

 

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

  191


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mining (continued)            

Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT

   

5.45%, 05/15/30 (Call 02/15/30)(a)(b)

  $ 5,576     $ 5,342,355  

6.53%, 11/15/28(a)(b)

    2,919       2,965,806  

Industrias Penoles SAB de CV, 4.15%, 09/12/29 (Call 06/12/29)(b)

    3,345       3,039,298  

Kinross Gold Corp., 6.25%, 07/15/33(a)(b)

    5,330       5,253,744  

Newcastle Coal Infrastructure Group Pty Ltd., 4.70%, 05/12/31 (Call 02/12/31)(a)(b)

    2,574       2,080,413  

Newcrest Finance Pty Ltd., 3.25%, 05/13/30 (Call 02/13/30)(b)

    3,975       3,463,087  

Newmont Corp.

   

2.25%, 10/01/30 (Call 07/01/30)

    5,714       4,643,145  

2.60%, 07/15/32 (Call 04/15/32)

    5,920       4,766,139  

2.80%, 10/01/29 (Call 07/01/29)

    3,957       3,415,971  

Northern Star Resources Ltd., 6.13%, 04/11/33 (Call 01/11/33)(a)(b)

    3,510       3,394,276  

Rio Tinto Alcan Inc., 7.25%, 03/15/31(a)

    3,292       3,697,720  

Rio Tinto Finance USA PLC, 5.00%, 03/09/33 (Call 12/09/32)

    3,055       3,035,583  

South32 Treasury Ltd., 4.35%, 04/14/32 (Call 01/14/32)(b)

    4,350       3,757,096  

Vale Canada Ltd., 7.20%, 09/15/32(a)

    464       481,784  

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

     3,200       2,523,343  
   

 

 

 
       138,583,241  
Office & Business Equipment — 0.1%            

CDW LLC/CDW Finance Corp.

   

3.25%, 02/15/29 (Call 10/02/23)

    4,040       3,509,791  

3.28%, 12/01/28 (Call 10/01/28)

    2,663       2,335,238  

3.57%, 12/01/31 (Call 09/01/31)

    4,955       4,189,808  
   

 

 

 
      10,034,837  
Oil & Gas — 4.7%            

Aker BP ASA

   

3.75%, 01/15/30 (Call 10/15/29)(b)

    5,840       5,167,978  

4.00%, 01/15/31 (Call 10/15/30)(b)

    4,510       3,973,865  

6.00%, 06/13/33 (Call 03/13/33)(a)(b)

    2,725       2,724,201  

Apache Corp., 4.25%, 01/15/30
(Call 10/15/29)(a)

    970       884,065  

BP Capital Markets America Inc.

   

1.75%, 08/10/30 (Call 05/10/30)(a)

    6,312       5,115,267  

2.72%, 01/12/32 (Call 10/12/31)(a)

    11,080       9,273,734  

3.63%, 04/06/30 (Call 01/06/30)

    7,549       6,969,730  

3.94%, 09/21/28 (Call 06/21/28)(a)

    5,572       5,319,608  

4.23%, 11/06/28 (Call 08/06/28)

    10,979       10,597,695  

4.81%, 02/13/33 (Call 11/13/32)

    12,235       11,842,702  

4.89%, 09/11/33 (Call 06/11/33)

    3,480       3,385,566  

BP Capital Markets PLC

   

3.72%, 11/28/28 (Call 08/28/28)

    4,593       4,320,291  

4.88%, (Call 03/22/30),
(5-year CMT + 4.398%)(a)(c)(d)

    11,301       10,234,347  

Burlington Resources LLC

   

7.20%, 08/15/31(a)

    3,815       4,327,240  

7.40%, 12/01/31(a)

    304       350,053  

Canadian Natural Resources Ltd.

   

2.95%, 07/15/30 (Call 04/15/30)(a)

    3,347       2,855,479  

6.45%, 06/30/33(a)

    30       30,885  

7.20%, 01/15/32(a)

    1,869       2,032,776  

Cenovus Energy Inc., 2.65%, 01/15/32 (Call 10/15/31)(a)

    2,885       2,322,274  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

Chevron Corp., 2.24%, 05/11/30 (Call 02/11/30)

  $ 8,606     $ 7,369,939  

Chevron USA Inc., 3.25%, 10/15/29 (Call 07/15/29)(a)

    3,005       2,754,585  

CNOOC Finance 2013 Ltd., 2.88%, 09/30/29 (Call 06/30/29)

    3,420       3,049,824  

CNOOC Petroleum North America ULC, 7.88%, 03/15/32(a)

    3,000       3,522,900  

Conoco Funding Co., 7.25%, 10/15/31

    3,985       4,522,619  

ConocoPhillips Co.

   

5.05%, 09/15/33 (Call 06/15/33)

    3,635       3,612,484  

5.90%, 10/15/32(a)

    2,030       2,172,178  

6.95%, 04/15/29(a)

    9,943        10,941,706  

Continental Resources Inc./OK

   

2.88%, 04/01/32 (Call 01/01/32)(b)

    4,670       3,580,464  

5.75%, 01/15/31 (Call 07/15/30)(a)(b)

    8,505       8,129,101  

Coterra Energy Inc., 4.38%, 03/15/29 (Call 12/15/28)(a)

    2,860       2,689,894  

Devon Energy Corp.

   

4.50%, 01/15/30 (Call 01/15/25)(a)

    3,660       3,424,726  

7.88%, 09/30/31

    2,445       2,752,937  

7.95%, 04/15/32(a)

    2,891       3,281,251  

Diamondback Energy Inc.

   

3.13%, 03/24/31 (Call 12/24/30)(a)

    4,299       3,696,315  

3.50%, 12/01/29 (Call 09/01/29)(a)

    5,578       5,045,159  

6.25%, 03/15/33 (Call 12/15/32)

    6,005       6,205,327  

Empresa Nacional del Petroleo

   

3.45%, 09/16/31 (Call 06/16/31)(b)

    2,555       2,104,249  

5.25%, 11/06/29 (Call 08/06/29)(b)

    2,910       2,765,844  

6.15%, 05/10/33(a)(b)

    3,680       3,628,943  

Eni SpA

   

4.25%, 05/09/29 (Call 02/09/29)(a)(b)

    5,590       5,304,234  

Series X-R, 4.75%, 09/12/28(b)

    5,320       5,178,934  

EOG Resources Inc., 4.38%, 04/15/30 (Call 01/15/30)(a)

    4,835       4,698,009  

EQT Corp.

   

3.63%, 05/15/31 (Call 05/15/30)(a)(b)

    2,490       2,151,758  

5.00%, 01/15/29 (Call 07/15/28)(a)

    1,954       1,853,596  

7.00%, 02/01/30 (Call 11/01/29)(a)

    3,995       4,179,934  

Equinor ASA

   

2.38%, 05/22/30 (Call 02/22/30)

    3,371       2,895,372  

3.13%, 04/06/30 (Call 01/06/30)(a)

    9,175       8,332,465  

3.63%, 09/10/28 (Call 06/10/28)(a)

    7,088       6,727,773  

6.50%, 12/01/28(a)(b)

    3,550       3,798,915  

7.15%, 01/15/29(a)

    2,198       2,407,338  

Exxon Mobil Corp.

   

2.44%, 08/16/29 (Call 05/16/29)(a)

    6,949       6,129,940  

2.61%, 10/15/30 (Call 07/15/30)

     11,165       9,672,017  

3.48%, 03/19/30 (Call 12/19/29)

    11,187       10,345,145  

Helmerich & Payne Inc., 2.90%, 09/29/31 (Call 06/29/31)

    3,050       2,478,602  

Hess Corp.

   

7.13%, 03/15/33

    2,940       3,203,923  

7.30%, 08/15/31

    4,866       5,312,353  

7.88%, 10/01/29

    4,233       4,677,959  

HF Sinclair Corp., 4.50%, 10/01/30 (Call 07/01/30)

    2,051       1,839,537  

KazMunayGas National Co. JSC

   

3.50%, 04/14/33 (Call 10/14/32)(b)

    3,030       2,273,258  

5.38%, 04/24/30(a)(b)

    3,615       3,284,123  

Lundin Energy Finance BV, 3.10%, 07/15/31 (Call 04/15/31)(b)

    5,514       4,548,852  

 

 

192  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  
Oil & Gas (continued)            

Marathon Oil Corp., 6.80%, 03/15/32

  $ 3,739     $ 3,903,967  

Occidental Petroleum Corp.

   

3.50%, 08/15/29 (Call 05/15/29)(a)

    605       522,526  

6.13%, 01/01/31 (Call 07/01/30)

    3,895       3,924,602  

6.63%, 09/01/30 (Call 03/01/30)

    7,762       8,012,820  

7.50%, 05/01/31

    4,860       5,265,817  

7.88%, 09/15/31

    2,955       3,272,846  

8.88%, 07/15/30 (Call 01/15/30)

    3,713       4,256,769  

Ovintiv Inc.

   

6.25%, 07/15/33 (Call 04/15/33)

    2,115       2,111,281  

7.20%, 11/01/31

    2,607       2,749,955  

7.38%, 11/01/31(a)

    3,560       3,818,005  

8.13%, 09/15/30

    2,285       2,536,214  

Pertamina Persero PT

   

2.30%, 02/09/31 (Call 11/09/30)(b)

     4,730       3,814,833  

3.10%, 01/21/30 (Call 10/21/29)(b)

    2,640       2,280,534  

3.10%, 08/27/30 (Call 05/25/30)(b)

    4,920       4,230,873  

3.65%, 07/30/29(a)(b)

    3,990       3,631,684  

Petronas Capital Ltd.

   

2.48%, 01/28/32 (Call 10/28/31)(b)

    7,640       6,245,995  

3.50%, 04/21/30 (Call 01/21/30)(b)

    11,919        10,816,444  

Phillips 66

   

2.15%, 12/15/30 (Call 09/15/30)(a)

    4,554       3,687,589  

5.30%, 06/30/33 (Call 03/30/33)(a)

    3,000       2,969,699  

Phillips 66 Co., 3.15%, 12/15/29

    3,613       3,183,784  

Pioneer Natural Resources Co.

   

1.90%, 08/15/30 (Call 05/15/30)(a)

    6,424       5,182,904  

2.15%, 01/15/31 (Call 10/15/30)(a)

    4,994       4,047,120  

PTTEP Treasury Center Co. Ltd., 2.99%, 01/15/30 (Call 07/15/29)(b)

    1,865       1,643,643  

Qatar Energy, 2.25%, 07/12/31
(Call 04/12/31)(b)

    17,995       14,790,954  

Reliance Industries Ltd., 2.88%, 01/12/32(a)(b)

    8,120       6,656,074  

SA Global Sukuk Ltd., 2.69%, 06/17/31 (Call 03/17/31)(b)

    17,850       15,168,002  

Santos Finance Ltd., 3.65%, 04/29/31 (Call 01/29/31)(b)

    5,639       4,641,596  

Saudi Arabian Oil Co.

   

2.25%, 11/24/30 (Call 08/24/30)(b)

    10,710       8,804,691  

3.50%, 04/16/29(a)(b)

    15,775       14,440,403  

Shell International Finance BV

   

2.38%, 11/07/29 (Call 08/07/29)

    8,280       7,192,625  

2.75%, 04/06/30 (Call 01/06/30)

    9,862       8,693,148  

3.88%, 11/13/28 (Call 08/13/28)(a)

    8,270       7,931,105  

Sinopec Group Overseas Development 2018 Ltd.

   

2.30%, 01/08/31 (Call 10/08/30)(a)(b)

    7,555       6,405,279  

2.70%, 05/13/30 (Call 02/13/30)(a)(b)

    8,170       7,210,903  

2.95%, 08/08/29 (Call 05/08/29)(b)

    4,387       3,959,596  

2.95%, 11/12/29 (Call 08/12/29)(a)(b)

    5,522       4,950,611  

4.25%, 09/12/28(a)(b)

    3,340       3,246,914  

Suncor Energy Inc.

   

7.00%, 11/15/28(a)

    1,170       1,243,598  

7.15%, 02/01/32(a)

    3,975       4,271,828  

Tengizchevroil Finance Co. International Ltd., 3.25%, 08/15/30 (Call 02/15/30)(b)

    3,428       2,622,420  

Thaioil Treasury Center Co. Ltd., 2.50%, 06/18/30(a)(b)

    2,283       1,826,238  

Tosco Corp., 8.13%, 02/15/30(a)

    1,160       1,336,723  

TotalEnergies Capital International SA

   

2.83%, 01/10/30 (Call 10/10/29)(a)

    7,008       6,223,664  

3.45%, 02/19/29 (Call 11/19/28)(a)

    7,151       6,655,703  
Security   Par
(000)
    Value  
Oil & Gas (continued)            

TotalEnergies Capital SA, 3.88%, 10/11/28

  $ 5,367     $ 5,116,084  

Valero Energy Corp.

   

2.80%, 12/01/31 (Call 09/01/31)(a)

    1,190       975,871  

4.00%, 04/01/29 (Call 01/01/29)(a)

    1,045       985,945  

7.50%, 04/15/32(a)

    4,875       5,456,956  

Var Energi ASA, 8.00%, 11/15/32
(Call 08/15/32)(b)

    5,378       5,673,145  

Woodside Finance Ltd., 4.50%, 03/04/29 (Call 12/04/28)(a)(b)

    8,130       7,656,851  
   

 

 

 
       534,519,069  
Oil & Gas Services — 0.2%            

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

   

3.14%, 11/07/29 (Call 08/07/29)(a)

    3,308       2,943,471  

4.49%, 05/01/30 (Call 02/01/30)

    2,971       2,860,290  

Halliburton Co., 2.92%, 03/01/30
(Call 12/01/29)(a)

    5,895       5,140,414  

NOV Inc., 3.60%, 12/01/29 (Call 09/01/29)(a)

    3,501       3,138,372  

Schlumberger Holdings Corp., 4.30%, 05/01/29 (Call 02/01/29)(b)

    4,752       4,540,690  

Schlumberger Investment SA

   

2.65%, 06/26/30 (Call 03/26/30)(a)

    7,130       6,166,013  

4.85%, 05/15/33

    2,785       2,722,107  
   

 

 

 
      27,511,357  
Packaging & Containers — 0.3%            

Amcor Finance USA Inc., 5.63%, 05/26/33 (Call 02/26/33)

    2,940       2,917,361  

Amcor Flexibles North America Inc.

   

2.63%, 06/19/30 (Call 03/19/30)

    3,109       2,558,348  

2.69%, 05/25/31 (Call 02/25/31)

    3,843       3,126,748  

AptarGroup Inc., 3.60%, 03/15/32 (Call 12/15/31)

    970       824,134  

CCL Industries Inc., 3.05%, 06/01/30 (Call 03/01/30)(a)(b)

    3,617       3,067,380  

Packaging Corp. of America, 3.00%, 12/15/29 (Call 09/15/29)(a)

    3,463       3,023,343  

Sonoco Products Co.

   

2.85%, 02/01/32 (Call 11/01/31)

    2,692       2,208,143  

3.13%, 05/01/30 (Call 02/01/30)

    3,951       3,412,887  

WestRock MWV LLC

   

7.95%, 02/15/31(a)

    1,790       2,009,377  

8.20%, 01/15/30(a)

    1,890       2,131,546  

WRKCo Inc.

   

3.00%, 06/15/33 (Call 03/15/33)(a)

    3,487       2,826,192  

4.20%, 06/01/32 (Call 03/01/32)(a)

    2,810       2,558,598  

4.90%, 03/15/29 (Call 12/15/28)(a)

    4,244       4,084,928  
   

 

 

 
      34,748,985  
Pharmaceuticals — 3.5%            

AbbVie Inc.

   

3.20%, 11/21/29 (Call 08/21/29)

    29,646       26,721,497  

4.25%, 11/14/28 (Call 08/14/28)

    9,508       9,205,265  

Astrazeneca Finance LLC

   

2.25%, 05/28/31 (Call 02/28/31)

    2,869       2,386,923  

4.88%, 03/03/33 (Call 12/03/32)(a)

    3,785       3,786,127  

4.90%, 03/03/30 (Call 01/03/30)

    3,625       3,605,863  

AstraZeneca PLC

   

1.38%, 08/06/30 (Call 05/06/30)

    7,134       5,674,205  

4.00%, 01/17/29 (Call 10/17/28)

    5,400       5,179,711  

Bayer U.S. Finance II LLC, 4.38%, 12/15/28 (Call 09/15/28)(b)

    18,827       17,885,509  

Becton Dickinson and Co. 1.96%, 02/11/31 (Call 11/11/30)

    5,753       4,626,236  

 

 

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

  193


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

2.82%, 05/20/30 (Call 02/20/30)

  $ 4,425     $ 3,826,685  

4.30%, 08/22/32 (Call 05/22/32)

    2,820       2,636,459  

Bristol-Myers Squibb Co.

   

1.45%, 11/13/30 (Call 08/13/30)(a)

    6,989       5,542,115  

2.95%, 03/15/32 (Call 12/15/31)(a)

    9,835       8,524,588  

3.40%, 07/26/29 (Call 04/26/29)

    13,545       12,546,468  

Cencora Inc.

   

2.70%, 03/15/31 (Call 12/15/30)

    5,674       4,772,811  

2.80%, 05/15/30 (Call 02/15/30)

    3,230       2,788,608  

Cigna Group (The)

   

2.38%, 03/15/31 (Call 12/15/30)

    7,314       6,018,829  

2.40%, 03/15/30 (Call 12/15/29)

    8,886       7,479,893  

4.38%, 10/15/28 (Call 07/15/28)

     20,359        19,606,539  

5.40%, 03/15/33 (Call 12/15/32)(a)

    5,130       5,147,415  

CVS Health Corp.

   

1.75%, 08/21/30 (Call 05/21/30)

    6,816       5,404,120  

1.88%, 02/28/31 (Call 11/28/30)

    6,816       5,350,404  

2.13%, 09/15/31 (Call 06/15/31)(a)

    5,379       4,248,398  

3.25%, 08/15/29 (Call 05/15/29)

    10,241       9,153,555  

3.75%, 04/01/30 (Call 01/01/30)

    8,012       7,288,436  

5.00%, 01/30/29 (Call 12/30/28)(a)

    5,475       5,393,966  

5.13%, 02/21/30 (Call 12/21/29)

    8,035       7,914,217  

5.25%, 01/30/31 (Call 11/30/30)

    4,156       4,106,776  

5.25%, 02/21/33 (Call 11/21/32)(a)

    9,701       9,486,947  

5.30%, 06/01/33 (Call 03/01/33)(a)

    6,816       6,675,602  

Eli Lilly & Co.

   

3.38%, 03/15/29 (Call 12/15/28)

    5,287       4,944,330  

4.70%, 02/27/33 (Call 11/27/32)

    5,880       5,869,237  

GlaxoSmithKline Capital PLC, 3.38%, 06/01/29 (Call 03/01/29)

    5,630       5,242,781  

Johnson & Johnson

   

1.30%, 09/01/30 (Call 06/01/30)(a)

    10,154       8,231,655  

4.95%, 05/15/33(a)

    740       768,557  

6.95%, 09/01/29

    515       588,651  

McKesson Corp., 5.10%, 07/15/33

    1,396       1,385,249  

Merck & Co. Inc.

   

1.45%, 06/24/30 (Call 03/24/30)

    7,112       5,734,952  

1.90%, 12/10/28 (Call 10/10/28)

    5,692       4,946,381  

2.15%, 12/10/31 (Call 09/10/31)

    10,769       8,802,052  

3.40%, 03/07/29 (Call 12/07/28)

    9,078       8,454,232  

4.30%, 05/17/30

    4,240       4,112,458  

4.50%, 05/17/33 (Call 02/17/33)(a)

    8,425       8,211,172  

Merck Sharp & Dohme Corp., 5.95%, 12/01/28

    2,121       2,233,602  

Novartis Capital Corp., 2.20%, 08/14/30 (Call 05/14/30)

    8,627       7,350,636  

Pfizer Inc.

   

1.70%, 05/28/30 (Call 02/28/30)

    6,052       4,987,157  

1.75%, 08/18/31 (Call 05/18/31)(a)

    5,969       4,802,989  

2.63%, 04/01/30 (Call 01/01/30)(a)

    8,194       7,203,350  

3.45%, 03/15/29 (Call 12/15/28)

    10,315       9,673,405  

Pfizer Investment Enterprises Pte Ltd.

   

4.65%, 05/19/30 (Call 03/19/30)

    10,820       10,650,891  

4.75%, 05/19/33 (Call 02/19/33)

    27,445       27,007,339  

Takeda Pharmaceutical Co. Ltd.

   

2.05%, 03/31/30 (Call 12/31/29)

    13,804       11,357,314  

5.00%, 11/26/28 (Call 08/26/28)

    9,393       9,317,499  

Viatris Inc., 2.70%, 06/22/30 (Call 03/22/30)

    8,524       6,922,614  
Security   Par (000)     Value  
Pharmaceuticals (continued)            

Zoetis Inc.

   

2.00%, 05/15/30 (Call 02/15/30)

  $ 4,420     $ 3,638,512  

5.60%, 11/16/32 (Call 08/16/32)(a)

    4,460       4,601,109  
   

 

 

 
       400,022,291  
Pipelines — 3.3%            

Abu Dhabi Crude Oil Pipeline LLC, 3.65%, 11/02/29(a)(b)

    2,650       2,461,585  

Boardwalk Pipelines LP

   

3.40%, 02/15/31 (Call 11/15/30)(a)

    2,892       2,465,647  

3.60%, 09/01/32 (Call 06/01/32)

    2,750       2,312,221  

4.80%, 05/03/29 (Call 02/03/29)

    2,937       2,795,666  

Cameron LNG LLC, 2.90%, 07/15/31 (Call 04/15/31)(b)

    4,950       4,233,313  

Cheniere Corpus Christi Holdings LLC, 3.70%, 11/15/29 (Call 05/18/29)

    6,908       6,279,992  

Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23)

    2,375       2,235,606  

Cheniere Energy Partners LP

   

3.25%, 01/31/32 (Call 01/31/27)(a)

    6,950       5,742,993  

4.00%, 03/01/31 (Call 03/01/26)

    7,125       6,290,338  

4.50%, 10/01/29 (Call 10/01/24)

    8,695       8,022,849  

5.95%, 06/30/33 (Call 12/30/32)(b)

    6,352       6,339,078  

Colonial Enterprises Inc., 3.25%, 05/15/30 (Call 02/15/30)(b)

    3,783       3,335,088  

Colonial Pipeline Co., 7.63%, 04/15/32(a)(b)

    975       1,084,833  

Columbia Pipelines Operating Co. LLC

   

5.93%, 08/15/30 (Call 06/15/30)(b)

    1,685       1,699,721  

6.04%, 11/15/33 (Call 08/15/33)(b)

    3,130       3,162,083  

DCP Midstream Operating LP

   

3.25%, 02/15/32 (Call 08/15/31)

     2,265       1,889,353  

5.13%, 05/15/29 (Call 02/15/29)

    3,485       3,398,223  

8.13%, 08/16/30

    2,135       2,422,678  

DT Midstream Inc., 4.30%, 04/15/32 (Call 01/15/32)(a)(b)

    3,340       2,922,330  

Eastern Gas Transmission & Storage Inc., 3.00%, 11/15/29 (Call 08/15/29)

    2,972       2,584,767  

El Paso Natural Gas Co. LLC

   

3.50%, 02/15/32 (Call 11/15/31)(a)(b)

    1,659       1,389,982  

8.38%, 06/15/32

    1,270       1,443,570  

Enbridge Inc.

   

2.50%, 08/01/33 (Call 05/01/33)

    3,000       2,328,925  

3.13%, 11/15/29 (Call 08/15/29)

    6,005       5,301,176  

5.70%, 03/08/33 (Call 12/08/32)(a)

    12,350       12,355,694  

7.63%, 01/15/83 (Call 10/15/32), (5-year CMT + 4.418%)(c)

    1,565       1,577,454  

Series 20-A, 5.75%, 07/15/80 (Call 04/15/30), (5-year CMT + 5.314%)(a)(c)

    5,213       4,746,202  

Energy Transfer LP

   

3.75%, 05/15/30 (Call 02/15/30)

    8,228       7,348,644  

4.15%, 09/15/29 (Call 06/15/29)

    3,181       2,925,251  

5.25%, 04/15/29 (Call 01/15/29)

    8,379       8,186,529  

5.75%, 02/15/33 (Call 11/15/32)

    8,337       8,288,921  

8.25%, 11/15/29 (Call 08/15/29)

    1,605       1,779,959  

Enterprise Products Operating LLC

   

2.80%, 01/31/30 (Call 10/31/29)

    6,936       6,010,886  

3.13%, 07/31/29 (Call 04/30/29)

    7,169       6,422,207  

4.15%, 10/16/28 (Call 07/16/28)

    5,326       5,087,043  

5.35%, 01/31/33 (Call 10/31/32)

    5,088       5,116,336  

Series D, 6.88%, 03/01/33

    3,285       3,648,454  

 

 

194  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

Flex Intermediate Holdco LLC, 3.36%, 06/30/31 (Call 12/30/30)(b)

  $ 4,615     $ 3,653,385  

Florida Gas Transmission Co. LLC

   

2.30%, 10/01/31 (Call 07/01/31)(b)

    3,377       2,654,934  

2.55%, 07/01/30 (Call 04/01/30)(b)

    3,519       2,908,627  

GNL Quintero SA, 4.63%, 07/31/29(b)

    2,665       2,566,642  

Kinder Morgan Energy Partners LP

   

7.30%, 08/15/33

    70       76,216  

7.40%, 03/15/31(a)

    784       854,083  

7.75%, 03/15/32(a)

    3,420       3,791,505  

Kinder Morgan Inc.

   

2.00%, 02/15/31 (Call 11/15/30)(a)

    5,421       4,260,578  

4.80%, 02/01/33 (Call 11/01/32)(a)

    4,695       4,376,325  

5.20%, 06/01/33 (Call 03/01/33)(a)

    6,302       6,036,778  

7.75%, 01/15/32(a)

    5,044       5,636,927  

7.80%, 08/01/31

    2,263       2,529,869  

Magellan Midstream Partners LP, 3.25%, 06/01/30 (Call 03/01/30)(a)

    2,808       2,447,967  

Midwest Connector Capital Co. LLC, 4.63%, 04/01/29 (Call 01/01/29)(b)

    3,713       3,439,944  

MPLX LP

   

2.65%, 08/15/30 (Call 05/15/30)

    8,951       7,428,743  

4.80%, 02/15/29 (Call 11/15/28)

    4,265       4,109,544  

4.95%, 09/01/32 (Call 06/01/32)

    5,575       5,266,804  

5.00%, 03/01/33 (Call 12/01/32)

    5,875       5,545,583  

NGPL PipeCo LLC, 3.25%, 07/15/31 (Call 04/15/31)(b)

    4,170       3,420,807  

ONEOK Inc.

   

3.10%, 03/15/30 (Call 12/15/29)

    4,414       3,789,598  

3.40%, 09/01/29 (Call 06/01/29)

    4,498       3,973,194  

4.35%, 03/15/29 (Call 12/15/28)

    4,075       3,809,705  

5.80%, 11/01/30(a)

    4,200       4,209,078  

6.05%, 09/01/33 (Call 06/01/33)(a)

    5,400       5,441,648  

6.10%, 11/15/32 (Call 08/15/32)

    4,178       4,243,963  

6.35%, 01/15/31 (Call 10/15/30)

    2,438       2,505,913  

Pipeline Funding Co. LLC,
7.50%, 01/15/30(a)(b)

    328       342,089  

Plains All American Pipeline LP/PAA Finance Corp.

   

3.55%, 12/15/29 (Call 09/15/29)(a)

    5,813       5,110,449  

3.80%, 09/15/30 (Call 06/15/30)

    4,552       4,028,123  

Sabine Pass Liquefaction LLC, 4.50%, 05/15/30 (Call 11/15/29)(a)

     11,213        10,552,028  

Southern Natural Gas Co. LLC, 8.00%, 03/01/32(a)

    657       741,949  

Targa Resources Corp.

   

4.00%, 01/15/32 (Call 07/15/26)

    5,670       4,891,611  

4.20%, 02/01/33 (Call 11/01/32)

    4,225       3,725,416  

4.88%, 02/01/31 (Call 02/01/26)

    5,525       5,074,598  

5.50%, 03/01/30 (Call 03/01/25)

    5,417       5,192,817  

6.13%, 03/15/33 (Call 12/15/32)

    4,835       4,923,059  

6.88%, 01/15/29 (Call 01/15/24)(a)

    400       405,492  

Tennessee Gas Pipeline Co. LLC

   

2.90%, 03/01/30 (Call 12/01/29)(b)

    4,547       3,892,362  

7.00%, 10/15/28(a)

    3,410       3,611,928  

Texas Eastern Transmission LP, 7.00%, 07/15/32(a)

    3,595       3,972,081  

TransCanada PipeLines Ltd.

   

2.50%, 10/12/31 (Call 07/12/31)(a)

    5,230       4,167,201  

4.10%, 04/15/30 (Call 01/15/30)

    7,570       6,934,367  

Transcanada Trust

   

5.50%, 09/15/79 (Call 09/15/29), (1-day SOFR + 4.416%)(a)(c)

    5,732       4,814,995  
Security  

Par

(000)

    Value  
Pipelines (continued)            

5.60%, 03/07/82 (Call 12/07/31), (5-year CMT + 3.986%)(c)

  $ 4,656     $ 3,879,985  

Transcontinental Gas Pipe Line Co. LLC, 3.25%, 05/15/30 (Call 02/15/30)(a)

    4,031       3,552,895  

Transportadora de Gas Internacional SA ESP, 5.55%, 11/01/28 (Call 08/01/28)(b)

    3,000       2,853,293  

Western Midstream Operating LP

   

4.05%, 02/01/30 (Call 11/01/29)(a)

    6,733       6,005,874  

6.15%, 04/01/33 (Call 01/01/33)(a)

    3,725       3,706,399  

Williams Companies Inc. (The)

   

2.60%, 03/15/31 (Call 12/15/30)

    7,689       6,310,173  

3.50%, 11/15/30 (Call 08/15/30)

    5,390       4,774,098  

4.65%, 08/15/32 (Call 05/15/32)

    5,482       5,147,780  

5.65%, 03/15/33 (Call 12/15/32)(a)

    4,400       4,424,499  

7.75%, 06/15/31(a)

    1,702       1,865,358  

8.75%, 03/15/32(a)

    1,896       2,218,097  

Series A, 7.50%, 01/15/31

     2,577       2,822,011  
   

 

 

 
       374,554,984  
Private Equity — 0.1%            

Apollo Management Holdings LP

   

2.65%, 06/05/30 (Call 03/05/30)(a)(b)

    3,045       2,496,539  

4.87%, 02/15/29 (Call 11/15/28)(a)(b)

    3,733       3,592,726  

Carlyle Finance Subsidiary LLC, 3.50%, 09/19/29 (Call 06/19/29)(a)(b)

    2,654       2,392,214  

KKR Group Finance Co. VI LLC, 3.75%, 07/01/29 (Call 04/01/29)(b)

    4,452       4,029,323  
   

 

 

 
      12,510,802  
Real Estate — 0.1%            

Brookfield Asset Management Inc., 7.38%, 03/01/33(a)

    10       10,815  

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

    3,068       2,464,067  

Corp. Inmobiliaria Vesta SAB de CV, 3.63%, 05/13/31 (Call 02/13/31)(a)(b)

    2,415       1,987,646  

Essential Properties LP, 2.95%, 07/15/31 (Call 04/15/31)

    2,121       1,589,534  

Mitsui Fudosan Co. Ltd., 2.57%, 01/21/32 (Call 10/21/31)(b)

    225       184,169  

Ontario Teachers’ Cadillac Fairview Properties Trust

   

2.50%, 10/15/31 (Call 07/15/31)(a)(b)

    4,920       3,870,890  

4.13%, 02/01/29 (Call 11/01/28)(b)

    5,053       4,577,767  
   

 

 

 
      14,684,888  
Real Estate Investment Trusts — 5.4%            

Agree LP

   

2.60%, 06/15/33 (Call 03/15/33)(a)

    290       220,382  

2.90%, 10/01/30 (Call 07/01/30)(a)

    1,885       1,563,819  

4.80%, 10/01/32 (Call 07/01/32)(a)

    1,265       1,164,439  

Alexandria Real Estate Equities Inc.

   

1.88%, 02/01/33 (Call 11/01/32)(a)

    3,225       2,379,700  

2.00%, 05/18/32 (Call 02/18/32)

    6,915       5,242,692  

2.75%, 12/15/29 (Call 09/15/29)(a)

    2,286       1,938,797  

3.38%, 08/15/31 (Call 05/15/31)

    4,005       3,457,972  

4.50%, 07/30/29 (Call 04/30/29)(a)

    1,783       1,689,255  

4.70%, 07/01/30 (Call 04/01/30)

    3,005       2,845,512  

4.90%, 12/15/30 (Call 09/15/30)(a)

    3,695       3,576,493  

American Assets Trust LP, 3.38%, 02/01/31 (Call 11/01/30)

    2,865       2,224,225  

American Homes 4 Rent LP 2.38%, 07/15/31 (Call 04/15/31)

    2,740       2,169,605  

 

 

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

  195


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

3.63%, 04/15/32 (Call 01/15/32)(a)

  $ 3,241     $ 2,776,647  

4.90%, 02/15/29 (Call 11/15/28)

    2,417       2,325,444  

American Tower Corp.

   

1.88%, 10/15/30 (Call 07/15/30)

    4,467       3,475,708  

2.10%, 06/15/30 (Call 03/15/30)

    4,264       3,402,026  

2.30%, 09/15/31 (Call 06/15/31)

    3,776       2,952,242  

2.70%, 04/15/31 (Call 01/15/31)

    4,042       3,304,650  

2.90%, 01/15/30 (Call 10/15/29)

    4,450       3,790,835  

3.80%, 08/15/29 (Call 05/15/29)

    9,040       8,221,452  

3.95%, 03/15/29 (Call 12/15/28)

    3,714       3,417,136  

4.05%, 03/15/32 (Call 12/15/31)(a)

    3,485       3,108,191  

5.55%, 07/15/33 (Call 04/15/33)(a)

    2,525       2,499,444  

5.65%, 03/15/33 (Call 12/15/32)(a)

    4,858       4,838,930  

AvalonBay Communities Inc.

   

1.90%, 12/01/28 (Call 10/01/28)(a)

    2,865       2,448,805  

2.05%, 01/15/32 (Call 10/15/31)(a)

    5,755       4,612,326  

2.30%, 03/01/30 (Call 12/01/29)

    4,653       3,885,409  

2.45%, 01/15/31 (Call 10/17/30)

    2,796       2,323,356  

3.30%, 06/01/29 (Call 03/01/29)

    2,255        2,037,564  

5.00%, 02/15/33 (Call 11/15/32)(a)

    785       777,691  

Boston Properties LP

   

2.55%, 04/01/32 (Call 01/01/32)

    5,465       4,095,627  

2.90%, 03/15/30 (Call 12/15/29)

    2,996       2,438,310  

3.25%, 01/30/31 (Call 10/30/30)

    6,870       5,592,666  

3.40%, 06/21/29 (Call 03/21/29)

    5,884       5,033,212  

4.50%, 12/01/28 (Call 09/01/28)(a)

    5,329       4,917,375  

Brandywine Operating Partnership LP, 4.55%, 10/01/29 (Call 07/01/29)(a)

     2,108       1,647,196  

Brixmor Operating Partnership LP

   

2.50%, 08/16/31 (Call 05/16/31)

    2,770       2,178,678  

4.05%, 07/01/30 (Call 04/01/30)(a)

    4,515       4,078,899  

4.13%, 05/15/29 (Call 02/15/29)

    4,003       3,641,260  

Broadstone Net Lease LLC, 2.60%, 09/15/31 (Call 06/15/31)

    2,082       1,503,774  

Camden Property Trust

   

2.80%, 05/15/30 (Call 02/15/30)(a)

    4,135       3,589,379  

3.15%, 07/01/29 (Call 04/01/29)(a)

    3,523       3,166,271  

4.10%, 10/15/28 (Call 07/15/28)(a)

    2,213       2,104,656  

Cibanco SA Ibm/PLA Administradora Industrial S de RL de CV, 4.96%, 07/18/29
(Call 04/18/29)(b)

    2,300       2,133,689  

Corporate Office Properties LP

   

2.00%, 01/15/29 (Call 11/15/28)

    2,385       1,878,063  

2.75%, 04/15/31 (Call 01/15/31)(a)

    3,116       2,401,605  

Crown Castle Inc., 5.10%, 05/01/33(a)

    3,830       3,685,565  

Crown Castle International Corp.

   

2.10%, 04/01/31 (Call 01/01/31)

    5,210       4,107,480  

2.25%, 01/15/31 (Call 10/15/30)(a)

    6,989       5,611,290  

2.50%, 07/15/31 (Call 04/15/31)

    3,958       3,189,577  

3.10%, 11/15/29 (Call 08/15/29)

    3,519       3,062,614  

3.30%, 07/01/30 (Call 04/01/30)(a)

    4,932       4,279,336  

4.30%, 02/15/29 (Call 11/15/28)

    4,006       3,762,028  

CubeSmart LP

   

2.00%, 02/15/31 (Call 11/15/30)

    1,035       804,161  

2.25%, 12/15/28 (Call 10/15/28)(a)

    3,093       2,619,254  

2.50%, 02/15/32 (Call 11/15/31)(a)

    3,590       2,830,442  

3.00%, 02/15/30 (Call 11/15/29)(a)

    2,131       1,817,445  

4.38%, 02/15/29 (Call 11/15/28)(a)

    2,035       1,904,643  

Digital Realty Trust LP, 3.60%, 07/01/29 (Call 04/01/29)(a)

    5,493       4,953,448  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

EPR Properties

   

3.60%, 11/15/31 (Call 08/15/31)(a)

  $ 1,815     $ 1,389,472  

3.75%, 08/15/29 (Call 05/15/29)

    2,300       1,875,567  

Equinix Inc.

   

2.15%, 07/15/30 (Call 04/15/30)

    6,029       4,864,612  

2.50%, 05/15/31 (Call 02/15/31)

    5,103       4,133,825  

3.20%, 11/18/29 (Call 08/18/29)

    7,063       6,187,522  

3.90%, 04/15/32 (Call 01/15/32)

    7,613       6,775,889  

ERP Operating LP

   

1.85%, 08/01/31 (Call 05/01/31)(a)

    3,827       2,994,271  

2.50%, 02/15/30 (Call 11/15/29)(a)

    2,567       2,175,073  

3.00%, 07/01/29 (Call 04/01/29)(a)

    2,016       1,794,398  

4.15%, 12/01/28 (Call 09/01/28)(a)

    3,863       3,673,215  

Essex Portfolio LP

   

1.65%, 01/15/31 (Call 10/15/30)(a)

    1,635       1,234,429  

2.55%, 06/15/31 (Call 03/15/31)

    1,607       1,286,765  

2.65%, 03/15/32 (Call 12/15/31)(a)

    3,225       2,568,934  

3.00%, 01/15/30 (Call 10/15/29)

    3,116       2,653,843  

4.00%, 03/01/29 (Call 12/01/28)

    3,072       2,838,795  

Extra Space Storage LP

   

2.20%, 10/15/30

     2,281        1,819,888  

2.35%, 03/15/32 (Call 12/15/31)

    3,110       2,419,269  

2.40%, 10/15/31(a)

    3,089       2,425,029  

2.55%, 06/01/31 (Call 03/01/31)

    2,320       1,861,121  

3.90%, 04/01/29 (Call 02/01/29)

    2,180       1,996,407  

4.00%, 06/15/29(a)

    2,169       1,985,206  

5.50%, 07/01/30(a)

    1,495       1,482,458  

Federal Realty Investment Trust

   

3.20%, 06/15/29 (Call 03/15/29)(a)

    2,085       1,794,509  

3.50%, 06/01/30 (Call 03/01/30)(a)

    2,474       2,162,274  

GLP Capital LP/GLP Financing II Inc.

   

3.25%, 01/15/32 (Call 10/15/31)(a)

    4,681       3,774,213  

4.00%, 01/15/30 (Call 10/15/29)(a)

    3,766       3,285,659  

4.00%, 01/15/31 (Call 10/15/30)(a)

    4,074       3,494,554  

5.30%, 01/15/29 (Call 10/15/28)(a)

    3,552       3,349,191  

Goodman U.S. Finance Five LLC, 4.63%, 05/04/32 (Call 02/04/32)(a)(b)

    140       126,263  

Healthcare Realty Holdings LP

   

2.00%, 03/15/31 (Call 12/15/30)(a)

    4,153       3,198,235  

2.05%, 03/15/31 (Call 12/15/30)

    1,820       1,357,541  

2.40%, 03/15/30 (Call 12/15/29)

    1,487       1,175,753  

Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29)

    3,513       2,992,505  

Healthpeak Properties Inc.

   

2.13%, 12/01/28 (Call 10/01/28)(a)

    2,745       2,345,400  

2.88%, 01/15/31 (Call 10/15/30)(a)

    3,023       2,527,958  

3.00%, 01/15/30 (Call 10/15/29)(a)

    4,381       3,790,889  

3.50%, 07/15/29 (Call 04/15/29)

    3,892       3,495,195  

Healthpeak Properties Interim Inc., 5.25%, 12/15/32 (Call 09/15/32)(a)

    3,631       3,509,812  

Highwoods Realty LP

   

2.60%, 02/01/31 (Call 11/01/30)(a)

    1,930       1,418,978  

3.05%, 02/15/30 (Call 11/15/29)

    2,353       1,841,306  

4.20%, 04/15/29 (Call 01/15/29)

    1,861       1,583,017  

Host Hotels & Resorts LP

   

Series H, 3.38%, 12/15/29 (Call 09/15/29)

    2,595       2,207,126  

Series I, 3.50%, 09/15/30 (Call 06/15/30)(a)

    5,635       4,807,253  

Series J, 2.90%, 12/15/31 (Call 09/15/31)

    1,500       1,182,742  

 

 

196  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Hudson Pacific Properties LP

   

3.25%, 01/15/30 (Call 10/15/29)

  $ 2,225     $ 1,507,177  

4.65%, 04/01/29 (Call 01/01/29)(a)

    2,747       2,093,174  

Invitation Homes Operating Partnership LP

   

2.00%, 08/15/31 (Call 05/15/31)(a)

    3,524       2,696,527  

2.30%, 11/15/28 (Call 09/15/28)(a)

    2,634       2,238,111  

4.15%, 04/15/32 (Call 01/15/32)(a)

    3,015       2,683,345  

5.45%, 08/15/30

    1,840       1,800,911  

5.50%, 08/15/33

    3,555       3,440,356  

Kilroy Realty LP

   

2.50%, 11/15/32 (Call 08/15/32)(a)

    2,480       1,746,261  

3.05%, 02/15/30 (Call 11/15/29)

    2,271       1,812,596  

4.25%, 08/15/29 (Call 05/15/29)

    1,596       1,381,878  

4.75%, 12/15/28 (Call 09/15/28)(a)

    2,985       2,688,746  

Kimco Realty Corp.

   

2.25%, 12/01/31 (Call 09/01/31)(a)

    2,904       2,248,386  

2.70%, 10/01/30 (Call 07/01/30)(a)

    3,912       3,227,547  

3.20%, 04/01/32 (Call 01/01/32)

    2,670       2,214,952  

4.60%, 02/01/33 (Call 11/01/32)(a)

    2,840       2,610,151  

Kite Realty Group Trust, 4.75%, 09/15/30 (Call 06/15/30)

    1,835       1,679,715  

LXP Industrial Trust

   

2.38%, 10/01/31 (Call 07/01/31)(a)

    2,290       1,731,855  

2.70%, 09/15/30 (Call 06/15/30)(a)

    2,271       1,799,573  

Mid-America Apartments LP

   

1.70%, 02/15/31 (Call 11/15/30)

    2,427       1,913,422  

2.75%, 03/15/30 (Call 12/15/29)(a)

    1,428       1,233,420  

3.95%, 03/15/29 (Call 12/15/28)(a)

    3,473       3,260,295  

National Health Investors Inc., 3.00%, 02/01/31 (Call 11/01/30)

    2,353       1,782,510  

NNN REIT Inc.

   

2.50%, 04/15/30 (Call 01/15/30)(a)

    2,372       1,961,256  

4.30%, 10/15/28 (Call 07/15/28)(a)

    2,367       2,220,810  

5.60%, 10/15/33

    2,150       2,106,839  

Oaktree Specialty Lending Corp., 7.10%, 02/15/29

    630       617,574  

Omega Healthcare Investors Inc.

   

3.25%, 04/15/33 (Call 01/15/33)(a)

    577       430,654  

3.38%, 02/01/31 (Call 11/01/30)

    4,375       3,533,729  

3.63%, 10/01/29 (Call 07/01/29)

    2,820       2,389,485  

Phillips Edison Grocery Center Operating Partnership I LP, 2.63%, 11/15/31 (Call 08/15/31)(a)

    1,930       1,445,634  

Physicians Realty LP, 2.63%, 11/01/31 (Call 08/01/31)(a)

    2,725       2,116,831  

Piedmont Operating Partnership LP

   

2.75%, 04/01/32 (Call 01/01/32)

    860       580,861  

3.15%, 08/15/30 (Call 05/15/30)

    2,704       1,950,401  

Prologis LP

   

1.25%, 10/15/30 (Call 07/15/30)

     4,777        3,677,853  

1.63%, 03/15/31 (Call 12/15/30)(a)

    1,140       886,166  

1.75%, 07/01/30 (Call 04/01/30)

    2,001       1,597,685  

1.75%, 02/01/31 (Call 11/01/30)(a)

    3,029       2,389,494  

2.25%, 04/15/30 (Call 01/15/30)(a)

    5,612       4,709,250  

2.25%, 01/15/32 (Call 10/15/31)(a)

    3,061       2,455,839  

2.88%, 11/15/29 (Call 08/15/29)(a)

    1,917       1,679,048  

3.88%, 09/15/28 (Call 06/15/28)

    1,745       1,647,821  

4.00%, 09/15/28 (Call 06/15/28)(a)

    2,231       2,121,910  

4.38%, 02/01/29 (Call 11/01/28)(a)

    1,572       1,507,791  

4.63%, 01/15/33 (Call 10/15/32)(a)

    4,230       4,058,118  

4.75%, 06/15/33 (Call 03/15/33)

    2,710       2,597,153  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Public Storage Operating Co.

   

1.95%, 11/09/28 (Call 09/09/28)

  $ 3,253     $ 2,796,903  

2.25%, 11/09/31 (Call 08/09/31)(a)

    2,485       2,010,223  

2.30%, 05/01/31 (Call 02/01/31)

    3,148       2,589,797  

3.39%, 05/01/29 (Call 02/01/29)

    2,910       2,672,929  

5.10%, 08/01/33

    1,710       1,695,469  

5.13%, 01/15/29

    1,620       1,617,771  

Rayonier LP, 2.75%, 05/17/31 (Call 02/17/31)(a)

     3,230        2,581,438  

Realty Income Corp.

   

1.80%, 03/15/33 (Call 12/15/32)(a)

    2,145       1,569,059  

2.85%, 12/15/32 (Call 09/15/32)(a)

    3,595       2,913,658  

3.10%, 12/15/29 (Call 09/15/29)

    3,990       3,523,208  

3.25%, 06/15/29 (Call 03/15/29)(a)

    2,640       2,383,275  

3.25%, 01/15/31 (Call 10/15/30)

    5,737       4,960,947  

4.70%, 12/15/28 (Call 11/15/28)(a)

    2,570       2,494,075  

4.85%, 03/15/30 (Call 01/15/30)(a)

    2,605       2,522,181  

4.90%, 07/15/33 (Call 04/15/33)

    3,155       2,995,866  

5.63%, 10/13/32 (Call 07/13/32)

    4,440       4,438,307  

Regency Centers LP

   

2.95%, 09/15/29 (Call 06/15/29)(a)

    2,794       2,414,337  

3.70%, 06/15/30 (Call 03/15/30)(a)

    3,078       2,759,024  

Rexford Industrial Realty LP

   

2.13%, 12/01/30 (Call 09/01/30)

    1,148       895,355  

2.15%, 09/01/31 (Call 06/01/31)

    4,345       3,354,278  

Sabra Health Care LP

   

3.20%, 12/01/31 (Call 09/01/31)

    4,358       3,328,629  

3.90%, 10/15/29 (Call 07/15/29)(a)

    2,064       1,744,002  

Safehold GL Holdings LLC

   

2.80%, 06/15/31 (Call 03/15/31)(a)

    3,267       2,516,209  

2.85%, 01/15/32 (Call 08/15/31)(a)

    590       449,117  

Scentre Group Trust 1/Scentre Group Trust 2, 4.38%, 05/28/30 (Call 02/28/30)(a)(b)

    4,379       4,083,110  

Scentre Group Trust 2, 5.13%, 09/24/80 (Call 06/24/30), (5-year CMT + 4.685%)(a)(b)(c)

    6,625       5,545,063  

Simon Property Group LP

   

2.20%, 02/01/31 (Call 11/01/30)(a)

    3,425       2,728,569  

2.25%, 01/15/32 (Call 10/15/31)(a)

    3,938       3,050,700  

2.45%, 09/13/29 (Call 06/13/29)

    7,398       6,261,570  

2.65%, 07/15/30 (Call 04/15/30)

    4,482       3,779,984  

2.65%, 02/01/32 (Call 12/01/31)(a)

    3,495       2,807,114  

5.50%, 03/08/33 (Call 12/08/32)(a)

    3,815       3,753,407  

Spirit Realty LP

   

2.70%, 02/15/32 (Call 11/15/31)(a)

    2,311       1,811,486  

3.20%, 02/15/31 (Call 11/15/30)(a)

    1,956       1,612,478  

3.40%, 01/15/30 (Call 10/15/29)

    2,952       2,535,188  

4.00%, 07/15/29 (Call 04/15/29)

    2,422       2,177,174  

STORE Capital Corp.

   

2.70%, 12/01/31 (Call 09/01/31)

    1,983       1,402,975  

2.75%, 11/18/30 (Call 08/18/30)

    1,909       1,400,465  

4.63%, 03/15/29 (Call 12/15/28)

    2,180       1,876,330  

Sun Communities Operating LP

   

2.30%, 11/01/28 (Call 09/01/28)

    2,850       2,396,031  

2.70%, 07/15/31 (Call 04/15/31)

    3,942       3,129,885  

4.20%, 04/15/32 (Call 01/15/32)

    3,190       2,805,203  

5.70%, 01/15/33 (Call 10/15/32)(a)

    2,150       2,094,752  

Tanger Properties LP, 2.75%, 09/01/31 (Call 06/01/31)

    2,108       1,568,159  

Trust Fibra Uno, 4.87%, 01/15/30
(Call 10/30/29)(a)(b)

    3,345       2,921,380  

 

 

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

  197


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

UDR Inc.

   

1.90%, 03/15/33 (Call 12/15/32)(a)

  $ 590     $ 430,452  

2.10%, 08/01/32 (Call 05/01/32)

    1,925       1,443,922  

2.10%, 06/15/33 (Call 03/15/33)(a)

    2,890       2,122,461  

3.00%, 08/15/31 (Call 05/15/31)(a)

    2,327       1,952,854  

3.20%, 01/15/30 (Call 10/15/29)(a)

    3,638       3,203,676  

4.40%, 01/26/29 (Call 10/26/28)(a)

    1,785       1,668,111  

Ventas Realty LP

   

2.50%, 09/01/31 (Call 06/01/31)(a)

    2,702       2,130,523  

3.00%, 01/15/30 (Call 10/15/29)(a)

    3,836       3,268,241  

4.40%, 01/15/29 (Call 10/15/28)

    4,368       4,101,053  

4.75%, 11/15/30 (Call 08/15/30)

    2,602       2,440,175  

VICI Properties LP

   

4.95%, 02/15/30 (Call 12/15/29)(a)

    5,800       5,455,480  

5.13%, 05/15/32 (Call 02/15/32)(a)

    8,590       7,961,377  

VICI Properties LP/VICI Note Co. Inc.

   

3.88%, 02/15/29 (Call 11/15/28)(b)

    4,205       3,712,637  

4.13%, 08/15/30 (Call 02/15/25)(b)

    4,945       4,329,771  

4.63%, 12/01/29 (Call 12/01/24)(b)

    5,485       4,954,875  

Vornado Realty LP, 3.40%, 06/01/31

   

(Call 03/01/31)(a)

    2,225       1,641,950  

WEA Finance LLC

   

3.50%, 06/15/29 (Call 03/15/29)(a)(b)

    4,223       3,448,482  

4.13%, 09/20/28 (Call 06/20/28)(b)

    2,579       2,217,535  

Welltower Inc.

   

2.75%, 01/15/32 (Call 10/15/31)

    2,360       1,908,054  

3.85%, 06/15/32 (Call 03/15/32)

    3,200       2,812,071  

Welltower OP LLC

   

2.05%, 01/15/29 (Call 11/15/28)

    3,053       2,558,302  

2.75%, 01/15/31 (Call 10/15/30)

    3,257       2,687,162  

2.80%, 06/01/31 (Call 03/01/31)

    4,343       3,582,390  

3.10%, 01/15/30 (Call 10/15/29)

    3,965       3,445,343  

4.13%, 03/15/29 (Call 12/15/28)

    3,115       2,891,636  

Weyerhaeuser Co.

   

3.38%, 03/09/33 (Call 12/09/32)(a)

    2,575       2,191,251  

4.00%, 11/15/29 (Call 08/15/29)

    4,266       3,936,742  

4.00%, 04/15/30 (Call 01/15/30)

    4,093       3,740,175  

7.38%, 03/15/32

    3,715       4,180,912  

WP Carey Inc.

   

2.25%, 04/01/33 (Call 01/01/33)(a)

    282       209,477  

2.40%, 02/01/31 (Call 11/01/30)

    2,744       2,193,189  

2.45%, 02/01/32 (Call 11/01/31)

    2,530       1,970,131  

3.85%, 07/15/29 (Call 04/15/29)

     2,308       2,077,873  
   

 

 

 
       611,863,524  
Retail — 2.7%            

7-Eleven Inc., 1.80%, 02/10/31
(Call 11/10/30)(a)(b)

    9,735       7,635,171  

Advance Auto Parts Inc.

   

3.50%, 03/15/32 (Call 12/15/31)(a)

    2,175       1,757,090  

3.90%, 04/15/30 (Call 01/15/30)(a)

    2,808       2,431,937  

Alimentation Couche-Tard Inc., 2.95%, 01/25/30 (Call 10/25/29)(b)

    4,376       3,722,132  

AutoNation Inc.

   

2.40%, 08/01/31 (Call 05/01/31)

    2,634       2,030,494  

3.85%, 03/01/32 (Call 12/01/31)(a)

    3,883       3,287,368  

4.75%, 06/01/30 (Call 03/01/30)(a)

    2,924       2,723,324  

AutoZone Inc.

   

1.65%, 01/15/31 (Call 10/15/30)

    3,333       2,588,488  

3.75%, 04/18/29 (Call 01/18/29)(a)

    1,830       1,686,427  

4.00%, 04/15/30 (Call 01/15/30)(a)

    4,355       4,029,676  

4.75%, 08/01/32 (Call 05/01/32)(a)

    3,810       3,644,329  
Security  

Par

(000)

     Value  
Retail (continued)             

4.75%, 02/01/33 (Call 11/01/32)(a)

  $ 2,760      $ 2,616,296  

5.20%, 08/01/33 (Call 05/01/33)

    1,485        1,450,306  

Best Buy Co. Inc.

    

1.95%, 10/01/30 (Call 07/01/30)(a)

    3,822        3,062,675  

4.45%, 10/01/28 (Call 07/01/28)(a)

    2,677        2,587,472  

Costco Wholesale Corp.

    

1.60%, 04/20/30 (Call 01/20/30)

     10,059        8,298,464  

1.75%, 04/20/32 (Call 01/20/32)

    5,625        4,473,834  

Dick’s Sporting Goods Inc., 3.15%, 01/15/32 (Call 10/15/31)(a)

    4,434        3,534,500  

Dollar General Corp.

    

3.50%, 04/03/30 (Call 01/03/30)(a)

    6,167        5,480,980  

5.00%, 11/01/32 (Call 08/01/32)(a)

    5,100        4,856,150  

5.45%, 07/05/33(a)

    2,205        2,139,485  

Dollar Tree Inc., 2.65%, 12/01/31 (Call 09/01/31)

    5,061        4,087,196  

Falabella SA, 3.38%, 01/15/32 (Call 10/15/31)(b)

    2,055        1,589,131  

Genuine Parts Co.

    

1.88%, 11/01/30 (Call 08/01/30)

    2,991        2,344,876  

2.75%, 02/01/32 (Call 11/01/31)

    3,215        2,620,539  

Home Depot Inc. (The)

    

1.38%, 03/15/31 (Call 12/15/30)(a)

    7,457        5,837,933  

1.88%, 09/15/31 (Call 06/15/31)

    5,487        4,413,270  

2.70%, 04/15/30 (Call 01/15/30)

    8,229        7,225,272  

2.95%, 06/15/29 (Call 03/15/29)(a)

    10,234        9,294,552  

3.25%, 04/15/32 (Call 01/15/32)(a)

    6,643        5,902,788  

3.90%, 12/06/28 (Call 09/06/28)(a)

    5,586        5,369,253  

4.50%, 09/15/32 (Call 06/15/32)(a)

    6,802        6,643,050  

Lowe’s Companies Inc.

    

1.70%, 09/15/28 (Call 07/15/28)(a)

    5,882        5,006,668  

1.70%, 10/15/30 (Call 07/15/30)

    7,418        5,889,826  

2.63%, 04/01/31 (Call 01/01/31)(a)

    8,957        7,507,366  

3.65%, 04/05/29 (Call 01/05/29)

    8,515        7,908,676  

3.75%, 04/01/32 (Call 01/01/32)(a)

    8,772        7,859,461  

4.50%, 04/15/30 (Call 01/15/30)

    5,701        5,493,315  

5.00%, 04/15/33 (Call 01/15/33)(a)

    722        705,416  

5.15%, 07/01/33 (Call 04/01/33)(a)

    6,650        6,569,630  

6.50%, 03/15/29(a)

    1,731        1,855,332  

McDonald’s Corp.

    

2.13%, 03/01/30 (Call 12/01/29)

    4,132        3,483,908  

2.63%, 09/01/29 (Call 06/01/29)(a)

    5,370        4,751,377  

3.60%, 07/01/30 (Call 04/01/30)

    5,821        5,355,379  

4.60%, 09/09/32 (Call 06/09/32)(a)

    4,535        4,437,199  

4.95%, 08/14/33

    4,050        4,010,716  

O’Reilly Automotive Inc.

    

1.75%, 03/15/31 (Call 12/15/30)(a)

    2,048        1,612,846  

3.90%, 06/01/29 (Call 03/01/29)(a)

    2,687        2,521,092  

4.20%, 04/01/30 (Call 01/01/30)

    3,000        2,812,944  

4.70%, 06/15/32 (Call 03/15/32)(a)

    4,825        4,613,367  

Ross Stores Inc., 1.88%, 04/15/31 (Call 01/15/31)

    2,984        2,336,380  

Starbucks Corp.

    

2.25%, 03/12/30 (Call 12/12/29)

    4,330        3,647,935  

2.55%, 11/15/30 (Call 08/15/30)

    6,579        5,580,299  

3.00%, 02/14/32 (Call 11/14/31)(a)

    5,621        4,821,959  

3.55%, 08/15/29 (Call 05/15/29)(a)

    5,354        4,958,046  

4.00%, 11/15/28 (Call 08/15/28)(a)

    4,003        3,830,540  

4.80%, 02/15/33 (Call 11/15/32)(a)

    3,175         3,101,352  

Target Corp.

    

2.35%, 02/15/30 (Call 11/15/29)

    4,666        4,017,976  

2.65%, 09/15/30 (Call 06/15/30)(a)

    2,604        2,261,185  

3.38%, 04/15/29 (Call 01/15/29)(a)

    5,440        5,086,891  

 

 

198  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Retail (continued)            

4.40%, 01/15/33 (Call 10/15/32)(a)

  $ 3,530     $ 3,375,435  

4.50%, 09/15/32 (Call 06/15/32)(a)

    6,410       6,184,294  

6.35%, 11/01/32(a)

    440       480,187  

TJX Companies Inc. (The)

   

1.60%, 05/15/31 (Call 02/15/31)

    3,037       2,440,085  

3.88%, 04/15/30 (Call 01/15/30)

    3,028       2,856,363  

Tractor Supply Co.

   

1.75%, 11/01/30 (Call 08/01/30)(a)

    3,741       2,924,304  

5.25%, 05/15/33 (Call 02/15/33)

    5,330       5,220,350  

Walgreens Boots Alliance Inc., 3.20%, 04/15/30 (Call 01/15/30)(a)

    2,392       2,029,474  

Walmart Inc.

   

2.38%, 09/24/29 (Call 06/24/29)(a)

    1,782       1,589,801  

3.25%, 07/08/29 (Call 04/08/29)(a)

    4,010       3,733,492  

4.00%, 04/15/30 (Call 02/15/30)

    5,215       5,037,781  

4.10%, 04/15/33(a)

    7,375       7,028,127  

4.15%, 09/09/32 (Call 06/09/32)(a)

    6,790       6,579,667  

7.55%, 02/15/30

     1,955       2,264,114  
   

 

 

 
       303,145,013  
Savings & Loans — 0.0%            

Nationwide Building Society, 3.96%, 07/18/30 (Call 07/18/29),
(3-mo. LIBOR US + 1.855%)(b)(c)

    4,201       3,749,840  
   

 

 

 
Semiconductors — 2.8%            

Advanced Micro Devices Inc., 3.92%, 06/01/32 (Call 03/01/32)(a)

    2,870       2,679,413  

Analog Devices Inc.

   

1.70%, 10/01/28 (Call 08/01/28)

    4,290       3,679,208  

2.10%, 10/01/31 (Call 07/01/31)

    6,005       4,913,998  

4.25%, 10/01/32 (Call 07/01/32)

    200       189,582  

Applied Materials Inc., 1.75%, 06/01/30 (Call 03/01/30)

    4,456       3,671,604  

Broadcom Inc.

   

2.45%, 02/15/31 (Call 11/15/30)(b)

    14,633       11,797,029  

2.60%, 02/15/33 (Call 11/15/32)(b)

    8,972       6,936,540  

3.42%, 04/15/33 (Call 01/15/33)(b)

    11,666       9,666,754  

4.00%, 04/15/29 (Call 02/15/29)(a)(b)

    4,258       3,926,987  

4.11%, 09/15/28 (Call 06/15/28)

    6,346       5,970,803  

4.15%, 11/15/30 (Call 08/15/30)

    10,460       9,563,964  

4.15%, 04/15/32 (Call 01/15/32)(b)

    6,894       6,175,046  

4.30%, 11/15/32 (Call 08/15/32)

    11,218       10,141,282  

4.75%, 04/15/29 (Call 01/15/29)

    9,208       8,880,151  

5.00%, 04/15/30 (Call 01/15/30)(a)

    3,741       3,686,225  

Intel Corp.

   

2.00%, 08/12/31 (Call 05/12/31)

    6,889       5,566,792  

2.45%, 11/15/29 (Call 08/15/29)

    10,939       9,499,380  

3.90%, 03/25/30 (Call 12/25/29)

    8,710       8,142,826  

4.00%, 08/05/29 (Call 06/05/29)

    4,410       4,198,576  

4.00%, 12/15/32(a)

    4,045       3,746,777  

4.15%, 08/05/32 (Call 05/05/32)(a)

    6,785       6,385,071  

5.13%, 02/10/30 (Call 12/10/29)

    7,165       7,177,671  

5.20%, 02/10/33 (Call 11/10/32)(a)

    12,150       12,140,114  

KLA Corp.

   

4.10%, 03/15/29 (Call 12/15/28)

    4,501       4,325,968  

4.65%, 07/15/32 (Call 04/15/32)(a)

    5,732       5,632,394  

Lam Research Corp.

   

1.90%, 06/15/30 (Call 03/15/30)

    4,282       3,539,125  

4.00%, 03/15/29 (Call 12/15/28)(a)

    5,728       5,491,292  

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

    4,420       3,688,075  
Security  

Par

(000)

    Value  
Semiconductors (continued)            

Micron Technology Inc.

   

2.70%, 04/15/32 (Call 01/15/32)

  $ 7,407     $ 5,845,405  

4.66%, 02/15/30 (Call 11/15/29)(a)

    4,965       4,653,965  

5.33%, 02/06/29 (Call 11/06/28)

    3,968       3,890,220  

5.88%, 02/09/33 (Call 11/09/32)

    3,085       3,050,564  

6.75%, 11/01/29 (Call 09/01/29)

    6,995       7,279,379  

NVIDIA Corp.

   

2.00%, 06/15/31 (Call 03/15/31)(a)

    7,102       5,883,654  

2.85%, 04/01/30 (Call 01/01/30)

    8,535       7,660,110  

NXP BV/NXP Funding LLC, 5.55%, 12/01/28 (Call 09/01/28)(a)

     2,775        2,780,127  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

2.50%, 05/11/31 (Call 02/11/31)(a)

    5,154       4,166,297  

2.65%, 02/15/32 (Call 11/15/31)

    5,816       4,659,695  

3.40%, 05/01/30 (Call 02/01/30)

    5,663       4,975,120  

4.30%, 06/18/29 (Call 03/18/29)(a)

    6,572       6,154,474  

5.00%, 01/15/33 (Call 10/15/32)(a)

    5,677       5,392,390  

Qorvo Inc.

   

3.38%, 04/01/31 (Call 04/01/26)(a)(b)

    3,975       3,236,107  

4.38%, 10/15/29 (Call 10/15/24)(a)

    4,842       4,386,922  

QUALCOMM Inc.

   

1.65%, 05/20/32 (Call 02/20/32)(a)

    7,052       5,476,858  

2.15%, 05/20/30 (Call 02/20/30)(a)

    7,004       5,953,914  

4.25%, 05/20/32 (Call 02/20/32)

    2,615       2,514,808  

5.40%, 05/20/33 (Call 02/20/33)

    2,860       2,961,676  

SK Hynix Inc.

   

2.38%, 01/19/31(b)

    4,508       3,502,353  

6.50%, 01/17/33(a)(b)

    4,500       4,547,562  

Skyworks Solutions Inc., 3.00%, 06/01/31 (Call 03/01/31)

    2,924       2,379,120  

Texas Instruments Inc.

   

1.75%, 05/04/30 (Call 02/04/30)

    4,373       3,644,494  

1.90%, 09/15/31 (Call 06/15/31)

    2,280       1,859,423  

2.25%, 09/04/29 (Call 06/04/29)

    4,143       3,605,985  

3.65%, 08/16/32 (Call 05/16/32)(a)

    3,170       2,892,219  

4.90%, 03/14/33 (Call 12/14/32)

    2,600       2,612,413  

TSMC Arizona Corp.

   

2.50%, 10/25/31 (Call 07/25/31)(a)

    8,434       7,017,619  

4.13%, 04/22/29 (Call 02/22/29)(a)

    2,925       2,788,016  

4.25%, 04/22/32 (Call 01/22/32)(a)

    5,180       4,940,911  

TSMC Global Ltd.

   

1.38%, 09/28/30 (Call 06/28/30)(a)(b)

    5,618       4,406,283  

2.25%, 04/23/31 (Call 01/23/31)(b)

    7,820       6,437,265  

4.63%, 07/22/32 (Call 04/22/32)(a)(b)

    2,160       2,116,813  

Xilinx Inc., 2.38%, 06/01/30 (Call 03/01/30)

    4,354       3,723,532  
   

 

 

 
       318,808,340  
Shipbuilding — 0.0%            

Huntington Ingalls Industries Inc., 4.20%, 05/01/30 (Call 02/01/30)(a)

    2,482       2,292,365  
   

 

 

 
Software — 1.8%            

Activision Blizzard Inc., 1.35%, 09/15/30 (Call 06/15/30)

    1,407       1,124,072  

Adobe Inc., 2.30%, 02/01/30 (Call 11/01/29)

    7,756       6,732,423  

Autodesk Inc.

   

2.40%, 12/15/31 (Call 09/15/31)(a)

    5,859       4,756,162  

2.85%, 01/15/30 (Call 10/15/29)

    3,033       2,645,578  

Broadridge Financial Solutions Inc.

   

2.60%, 05/01/31 (Call 02/01/31)

    5,587       4,559,434  

2.90%, 12/01/29 (Call 09/01/29)

    4,407       3,799,015  

 

 

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

  199


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Software (continued)            

Concentrix Corp., 6.85%, 08/02/33

  $ 2,815     $ 2,694,833  

Electronic Arts Inc., 1.85%, 02/15/31 (Call 11/15/30)

    2,609       2,087,913  

Fidelity National Information Services Inc.

   

2.25%, 03/01/31 (Call 12/01/30)(a)

    7,119       5,746,707  

3.75%, 05/21/29 (Call 02/21/29)(a)

    3,327       3,086,627  

5.10%, 07/15/32 (Call 04/15/32)(a)

    4,035       3,952,253  

Fiserv Inc.

   

2.65%, 06/01/30 (Call 03/01/30)

    5,681       4,775,943  

3.50%, 07/01/29 (Call 04/01/29)(a)

     16,005        14,607,348  

4.20%, 10/01/28 (Call 07/01/28)

    5,476       5,224,904  

5.60%, 03/02/33 (Call 12/02/32)

    5,200       5,231,338  

5.63%, 08/21/33 (Call 05/21/33)

    3,385       3,410,467  

Intuit Inc., 1.65%, 07/15/30 (Call 04/15/30)(a)

    3,248       2,621,882  

MSCI Inc.

   

3.25%, 08/15/33 (Call 08/15/27)(b)

    1,000       804,538  

3.63%, 09/01/30 (Call 03/01/25)(a)(b)

    5,035       4,354,113  

3.63%, 11/01/31 (Call 11/01/26)(a)(b)

    3,375       2,861,929  

3.88%, 02/15/31 (Call 06/01/25)(a)(b)

    5,330       4,650,353  

4.00%, 11/15/29 (Call 11/15/24)(b)

    5,595       5,033,461  

Oracle Corp.

   

2.88%, 03/25/31 (Call 12/25/30)

    17,441       14,735,452  

2.95%, 04/01/30 (Call 01/01/30)

    17,700       15,342,549  

3.25%, 05/15/30 (Call 02/15/30)

    3,218       2,827,417  

4.65%, 05/06/30 (Call 03/06/30)(a)

    3,293       3,163,080  

4.90%, 02/06/33 (Call 11/06/32)

    8,140       7,775,673  

6.15%, 11/09/29 (Call 09/09/29)

    7,110       7,401,101  

6.25%, 11/09/32 (Call 08/09/32)

    12,340       12,915,861  

Roper Technologies Inc.

   

1.75%, 02/15/31 (Call 11/15/30)(a)

    5,582       4,381,501  

2.00%, 06/30/30 (Call 03/30/30)(a)

    3,438       2,802,483  

2.95%, 09/15/29 (Call 06/15/29)

    3,910       3,457,988  

4.20%, 09/15/28 (Call 06/15/28)

    4,331       4,127,058  

salesforce.com Inc., 1.95%, 07/15/31 (Call 04/15/31)(a)

    8,446       6,882,130  

ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30)

    8,268       6,502,914  

Take-Two Interactive Software Inc., 4.00%, 04/14/32 (Call 01/14/32)(a)

    2,745       2,471,171  

VMware Inc.

   

2.20%, 08/15/31 (Call 05/15/31)

    8,704       6,785,039  

4.70%, 05/15/30 (Call 02/15/30)

    4,806       4,529,653  

Workday Inc.

   

3.70%, 04/01/29 (Call 02/01/29)

    4,310       3,982,539  

3.80%, 04/01/32 (Call 01/01/32)(a)

    7,010       6,222,581  
   

 

 

 
       211,067,483  
Telecommunications — 4.4%            

America Movil SAB de CV

   

2.88%, 05/07/30 (Call 02/07/30)

    4,921       4,251,148  

3.63%, 04/22/29 (Call 01/22/29)

    5,107       4,691,866  

4.70%, 07/21/32 (Call 04/21/32)

    3,725       3,535,266  

AT&T Inc.

   

2.25%, 02/01/32 (Call 11/01/31)

    13,336       10,404,795  

2.75%, 06/01/31 (Call 03/01/31)

    16,157       13,348,002  

4.30%, 02/15/30 (Call 11/15/29)

    18,062       16,840,377  

4.35%, 03/01/29 (Call 12/01/28)

    17,071       16,151,178  

Bell Telephone Co. of Canada or Bell Canada (The)

   

5.10%, 05/11/33(a)

    5,075       4,895,788  

Series US-5, 2.15%, 02/15/32 (Call 11/15/31)(a)

    1,384       1,090,339  

Bharti Airtel Ltd., 3.25%, 06/03/31 (Call 03/05/31)(a)(b)

    1,645       1,391,726  
Security  

Par

(000)

    Value  
Telecommunications (continued)            

British Telecommunications PLC

   

3.25%, 11/08/29 (Call 08/08/29)(a)(b)

  $ 5,416     $ 4,776,034  

5.13%, 12/04/28 (Call 09/04/28)(a)

    3,074       3,008,756  

9.13%, 12/15/30(a)

    17,295       21,061,266  

Deutsche Telekom International Finance BV

   

8.75%, 06/15/30

     22,534        26,531,723  

9.25%, 06/01/32

    2,495       3,138,695  

Empresa Nacional de Telecomunicaciones SA, 3.05%, 09/14/32 (Call 06/14/32)(b)

    130       100,750  

Juniper Networks Inc.

   

2.00%, 12/10/30 (Call 09/10/30)

    2,439       1,888,526  

3.75%, 08/15/29 (Call 05/15/29)(a)

    2,667       2,425,327  

Koninklijke KPN NV, 8.38%, 10/01/30

    5,269       5,986,199  

Motorola Solutions Inc.

   

2.30%, 11/15/30 (Call 08/15/30)

    5,284       4,210,772  

2.75%, 05/24/31 (Call 02/24/31)

    4,607       3,737,038  

4.60%, 05/23/29 (Call 02/23/29)(a)

    4,599       4,431,516  

5.60%, 06/01/32 (Call 03/01/32)

    3,677       3,629,410  

NBN Co. Ltd.

   

2.50%, 01/08/32 (Call 10/08/31)(a)(b)

    5,335       4,276,613  

2.63%, 05/05/31 (Call 02/05/31)(b)

    9,043       7,476,097  

NTT Finance Corp., 2.07%, 04/03/31 (Call 01/03/31)(a)(b)

    4,809       3,921,099  

Ooredoo International Finance Ltd., 2.63%, 04/08/31(b)

    4,895       4,149,247  

Orange SA, 9.00%, 03/01/31(a)

    16,038       19,459,165  

Rogers Communications Inc., 3.80%, 03/15/32

    10,359       8,859,783  

Saudi Telecom Co., 3.89%, 05/13/29(b)

    5,605       5,303,573  

Sprint Capital Corp.

   

6.88%, 11/15/28

    6,105       6,449,334  

8.75%, 03/15/32

    12,476       14,869,645  

Telefonica Europe BV, 8.25%, 09/15/30(a)

    11,701       13,356,868  

Telefonica Moviles Chile SA, 3.54%, 11/18/31 (Call 08/18/31)(a)(b)

    970       747,657  

TELUS Corp., 3.40%, 05/13/32 (Call 02/13/32)

    4,484       3,775,640  

T-Mobile USA Inc.

   

2.25%, 11/15/31 (Call 08/15/31)

    5,948       4,726,992  

2.40%, 03/15/29 (Call 01/15/29)

    2,956       2,541,026  

2.55%, 02/15/31 (Call 11/15/30)

    13,956       11,500,031  

2.63%, 02/15/29 (Call 02/15/24)

    5,669       4,908,909  

2.70%, 03/15/32 (Call 12/15/31)

    4,850       3,949,293  

2.88%, 02/15/31 (Call 02/15/26)

    6,170       5,187,593  

3.38%, 04/15/29 (Call 04/15/24)

    12,330       11,052,141  

3.50%, 04/15/31 (Call 04/15/26)

    13,750       12,005,228  

3.88%, 04/15/30 (Call 01/15/30)

    38,097       34,772,091  

5.05%, 07/15/33 (Call 04/15/33)

    13,295       12,828,838  

5.20%, 01/15/33 (Call 10/15/32)

    7,170       7,026,152  

Verizon Communications Inc.

   

1.50%, 09/18/30 (Call 06/18/30)(a)

    6,922       5,408,247  

1.68%, 10/30/30 (Call 07/30/30)

    7,059       5,518,210  

1.75%, 01/20/31 (Call 10/20/30)

    12,175       9,476,457  

2.36%, 03/15/32 (Call 12/15/31)

    24,887       19,684,080  

2.55%, 03/21/31 (Call 12/21/30)

    19,752       16,259,593  

3.15%, 03/22/30 (Call 12/22/29)

    8,461       7,421,096  

3.88%, 02/08/29 (Call 11/08/28)

    6,970       6,512,722  

4.02%, 12/03/29 (Call 09/03/29)

    21,446       19,938,321  

4.33%, 09/21/28(a)

    22,679       21,720,452  

4.50%, 08/10/33

    3,215       2,970,417  

5.05%, 05/09/33

    7,892       7,657,754  

7.75%, 12/01/30(a)

    3,229       3,699,566  

 

 

200  

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® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Telecommunications (continued)            

Vodafone Group PLC

   

6.25%, 11/30/32(a)

  $ 2,635     $ 2,760,425  

7.88%, 02/15/30

    7,162       8,072,031  

Xiaomi Best Time International Ltd.

   

2.88%, 07/14/31 (Call 04/14/31)(b)

    3,550       2,698,484  

3.38%, 04/29/30 (Call 01/29/30)(b)

    2,390       1,947,700  
   

 

 

 
       506,415,067  
Toys, Games & Hobbies — 0.1%            

Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29)

    5,135       4,656,319  

Mattel Inc., 3.75%, 04/01/29 (Call 04/01/24)(b)

    1,655       1,471,151  
   

 

 

 
      6,127,470  
Transportation — 1.2%            

AP Moller - Maersk A/S, 4.50%, 06/20/29 (Call 03/20/29)(a)(b)

     3,221       3,094,591  

Burlington Northern Santa Fe LLC, 7.95%, 08/15/30(a)

    640       742,792  

Canadian National Railway Co., 3.85%, 08/05/32 (Call 05/05/32)

    4,435       4,094,944  

Canadian Pacific Railway Co.

   

2.05%, 03/05/30 (Call 12/05/29)

    3,010       2,494,688  

2.45%, 12/02/31 (Call 09/02/31)(a)

    8,818       7,821,676  

2.88%, 11/15/29

    2,428       2,136,426  

5.75%, 03/15/33

    115       116,463  

7.13%, 10/15/31(a)

    1,265       1,407,504  

CSX Corp.

   

2.40%, 02/15/30 (Call 11/15/29)

    2,607       2,230,673  

4.10%, 11/15/32 (Call 08/15/32)(a)

    5,865       5,505,644  

4.25%, 03/15/29 (Call 12/15/28)

    5,705       5,507,748  

Empresa de Transporte de Pasajeros Metro SA, 3.65%, 05/07/30 (Call 02/07/30)(a)(b)

    2,755       2,479,097  

FedEx Corp.

   

2.40%, 05/15/31 (Call 02/15/31)(a)

    5,948       4,908,433  

3.10%, 08/05/29 (Call 05/05/29)(a)

    5,686       5,093,664  

4.20%, 10/17/28 (Call 07/17/28)(a)

    2,375       2,289,761  

4.25%, 05/15/30 (Call 02/15/30)(a)

    4,271       4,053,620  

GXO Logistics Inc., 2.65%, 07/15/31 (Call 04/15/31)

    2,393       1,873,681  

Norfolk Southern Corp.

   

2.30%, 05/15/31 (Call 02/15/31)(a)

    3,400       2,803,621  

2.55%, 11/01/29 (Call 08/01/29)

    2,076       1,790,422  

3.00%, 03/15/32 (Call 12/15/31)(a)

    3,078       2,623,709  

4.45%, 03/01/33 (Call 12/01/32)(a)

    4,010       3,801,611  

5.05%, 08/01/30 (Call 06/01/30)

    3,240       3,207,962  

7.25%, 02/15/31(a)

    210       228,560  

Union Pacific Corp.

   

2.38%, 05/20/31 (Call 02/20/31)(a)

    5,558       4,664,756  

2.40%, 02/05/30 (Call 11/05/29)

    4,943       4,254,652  

2.80%, 02/14/32 (Call 12/15/31)

    7,088       6,058,075  

3.70%, 03/01/29 (Call 12/01/28)(a)

    5,046       4,782,817  

3.95%, 09/10/28 (Call 06/10/28)(a)

    6,523       6,275,372  

4.50%, 01/20/33 (Call 10/20/32)(a)

    5,210       5,055,738  

6.63%, 02/01/29(a)

    310       335,907  

United Parcel Service Inc.

   

2.50%, 09/01/29 (Call 06/01/29)(a)

    3,460       3,067,213  

3.40%, 03/15/29 (Call 12/15/28)(a)

    5,221       4,886,432  

4.45%, 04/01/30 (Call 01/01/30)

    3,745       3,686,812  

4.88%, 03/03/33 (Call 12/03/32)

    5,330       5,324,471  

United Parcel Service of America Inc., 7.62%, 04/01/30(a)(e)

    210       243,818  
Security   Par/
Shares
(000)
    Value  
Transportation (continued)            

Walmart Inc.

   

1.50%, 09/22/28 (Call 07/22/28)

  $ 6,633     $ 5,728,792  

1.80%, 09/22/31 (Call 06/22/31)(a)

     11,900       9,739,623  
   

 

 

 
       134,411,768  
Trucking & Leasing — 0.2%            

GATX Corp.

   

1.90%, 06/01/31 (Call 03/01/31)(a)

    2,082       1,582,728  

3.50%, 06/01/32 (Call 03/01/32)

    2,322       1,952,998  

4.00%, 06/30/30 (Call 03/30/30)

    2,443       2,216,630  

4.55%, 11/07/28 (Call 08/07/28)(a)

    1,635       1,552,913  

4.70%, 04/01/29 (Call 01/01/29)

    2,376       2,258,442  

4.90%, 03/15/33 (Call 12/15/32)(a)

    1,610       1,507,132  

5.45%, 09/15/33(a)

    1,400       1,370,069  

Penske Truck Leasing Co. LP/PTL Finance Corp

   

3.35%, 11/01/29 (Call 08/01/29)(b)

    2,117       1,812,518  

6.20%, 06/15/30 (Call 04/15/30)(a)(b)

    2,470       2,481,063  

SMBC Aviation Capital Finance DAC, 5.70%, 07/25/33(b)

    590       571,745  
   

 

 

 
      17,306,238  
Water — 0.2%            

American Water Capital Corp.

   

2.30%, 06/01/31 (Call 03/01/31)

    2,360       1,935,449  

2.80%, 05/01/30 (Call 02/01/30)

    2,730       2,363,594  

3.45%, 06/01/29 (Call 03/01/29)

    2,722       2,496,421  

4.45%, 06/01/32 (Call 03/01/32)(a)

    4,985       4,730,596  

Essential Utilities Inc.

   

2.40%, 05/01/31 (Call 02/01/31)

    3,488       2,790,040  

2.70%, 04/15/30 (Call 01/15/30)

    2,439       2,052,862  

3.57%, 05/01/29 (Call 02/01/29)(a)

    1,922       1,759,502  
   

 

 

 
      18,128,464  
   

 

 

 

Total Corporate Bonds & Notes — 98.5%
(Cost: $12,597,556,103)

 

    11,262,330,644  
   

 

 

 

Foreign Government Obligations

 

 

South Korea — 0.1%

   

Korea Gas Corp., 2.00%, 07/13/31(b)

    2,470       1,992,931  

Korea Housing Finance Corp., 4.63%, 02/24/33(a)(b)

    2,730       2,605,417  

Korea National Oil Corp.

   

2.38%, 04/07/31(a)(b)

    1,950       1,611,630  

2.63%, 04/18/32(a)(b)

    3,270       2,681,483  
   

 

 

 
      8,891,461  
   

 

 

 

Total Foreign Government Obligations — 0.1%
(Cost: $9,932,582)

 

    8,891,461  
   

 

 

 

Total Long-Term Investments — 98.6%
(Cost: $12,607,488,685)

 

     11,271,222,105  
   

 

 

 

Short-Term Securities

   

Money Market Funds — 12.2%

   

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

    1,343,928       1,344,330,705  

 

 

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

  201


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 5-10 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Shares
(000)
    Value  

 

 
Money Market Funds (continued)            

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

    55,800     $ 55,800,000  
   

 

 

 

Total Short-Term Securities — 12.2%
(Cost: $1,399,698,430)

 

    1,400,130,705  
   

 

 

 

Total Investments — 110.8%
(Cost: $14,007,187,115)

 

    12,671,352,810  

Liabilities in Excess of Other Assets — (10.8)%

 

    (1,235,421,380
   

 

 

 

Net Assets — 100.0%

    $  11,435,931,430  
   

 

 

 

 

(a) 

All or a portion of this security is on loan.

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

(c) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(d) 

Perpetual security with no stated maturity date.

(e) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

(h) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
    Affiliated Issuer   Value at
02/28/23
   

Purchases

at Cost

    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
   

Value at

08/31/23

    Shares
Held at
08/31/23
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
       
 

 

   

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 1,290,306,207     $ 54,417,861 (a)    $     $ (90,521   $ (302,842   $ 1,344,330,705       1,343,928     $ 3,036,709 (b)    $        
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    19,842,000       35,958,000 (a)                        55,800,000       55,800       1,346,554          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (90,521   $ (302,842   $ 1,400,130,705       $ 4,383,263     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (a) 

Represents net amount purchased (sold).

  (b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Assets

          

Investments

          

Long-Term Investments

          

Corporate Bonds & Notes

  $      $ 11,262,330,644      $      $ 11,262,330,644  

Foreign Government Obligations

           8,891,461               8,891,461  

Short-Term Securities

          

Money Market Funds

    1,400,130,705                      1,400,130,705  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $  1,400,130,705      $  11,271,222,105      $     —      $ 12,671,352,810  
 

 

 

    

 

 

    

 

 

    

 

 

 

 

 

202  

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® 5-10 Year Investment Grade Corporate Bond ETF

 

Fair Value Hierarchy as of Period End (continued)

See notes to financial statements.

 

 

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

    203  


Schedule of Investments (unaudited)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.0%            

Interpublic Group of Companies Inc. (The)

   

3.38%, 03/01/41 (Call 09/01/40)(a)

  $ 344     $ 242,397  

5.40%, 10/01/48 (Call 04/01/48)

    379       345,386  
   

 

 

 
      587,783  
Aerospace & Defense — 2.4%            

Airbus SE, 3.95%, 04/10/47 (Call 10/10/46)(a)(b)

    445       370,869  

BAE Systems Holdings Inc., 4.75%, 10/07/44(b)

    319       279,161  

BAE Systems PLC

   

3.00%, 09/15/50 (Call 03/15/50)(b)

    436       285,653  

5.80%, 10/11/41(b)

    880       875,420  

Boeing Co. (The)

   

3.25%, 02/01/35 (Call 11/01/34)

    599       480,896  

3.30%, 03/01/35 (Call 09/01/34)(a)

    214       168,175  

3.38%, 06/15/46 (Call 12/15/45)

    463       318,498  

3.50%, 03/01/39 (Call 09/01/38)

    450       338,493  

3.50%, 03/01/45 (Call 09/01/44)

    188       128,479  

3.55%, 03/01/38 (Call 09/01/37)

    453       347,463  

3.60%, 05/01/34 (Call 02/01/34)

    669       566,214  

3.63%, 03/01/48 (Call 09/01/47)

    453       315,901  

3.65%, 03/01/47 (Call 09/01/46)

    432       302,364  

3.75%, 02/01/50 (Call 08/01/49)

    1,222       890,994  

3.83%, 03/01/59 (Call 09/01/58)(a)

    187       128,982  

3.85%, 11/01/48 (Call 05/01/48)

    395       287,790  

3.90%, 05/01/49 (Call 11/01/48)

    664       496,487  

3.95%, 08/01/59 (Call 02/01/59)

    782       560,552  

5.71%, 05/01/40 (Call 11/01/39)

    2,390       2,323,521  

5.81%, 05/01/50 (Call 11/01/49)

    4,392       4,272,914  

5.88%, 02/15/40

    493       488,766  

5.93%, 05/01/60 (Call 11/01/59)

     2,911        2,809,922  

6.63%, 02/15/38

    161       168,645  

6.88%, 03/15/39

    502       553,077  

General Dynamics Corp.

   

2.85%, 06/01/41 (Call 12/01/40)

    416       303,264  

3.60%, 11/15/42 (Call 05/15/42)

    410       327,104  

4.25%, 04/01/40 (Call 10/01/39)

    665       591,832  

4.25%, 04/01/50 (Call 10/01/49)

    571       502,599  

L3Harris Technologies Inc.

   

4.85%, 04/27/35 (Call 10/27/34)

    413       388,911  

5.05%, 04/27/45 (Call 10/27/44)

    132       122,105  

5.60%, 07/31/53 (Call 01/31/53)

    250       251,592  

6.15%, 12/15/40

    621       641,347  

Lockheed Martin Corp.

   

2.80%, 06/15/50 (Call 12/15/49)

    806       542,390  

3.60%, 03/01/35 (Call 09/01/34)(a)

    550       484,124  

3.80%, 03/01/45 (Call 09/01/44)

    915       748,484  

4.07%, 12/15/42

    1,225       1,063,216  

4.09%, 09/15/52 (Call 03/15/52)

    1,249       1,049,367  

4.15%, 06/15/53 (Call 12/15/52)

    795       670,102  

4.30%, 06/15/62 (Call 12/15/61)

    465       394,201  

4.50%, 05/15/36 (Call 11/15/35)

    386       365,870  

4.70%, 05/15/46 (Call 11/15/45)

    1,022       955,791  

4.75%, 02/15/34 (Call 11/15/33)

    770       759,614  

5.20%, 02/15/55 (Call 08/15/54)

    530       526,953  

5.70%, 11/15/54 (Call 05/15/54)(a)

    825       884,599  

5.72%, 06/01/40(a)

    114       119,643  

5.90%, 11/15/63 (Call 05/15/63)

    650       715,762  

Series B, 6.15%, 09/01/36

    740       804,164  
Security  

Par

(000)

    Value  
Aerospace & Defense (continued)            

Northrop Grumman Corp.

   

3.85%, 04/15/45 (Call 10/15/44)

  $ 549     $ 435,339  

4.03%, 10/15/47 (Call 04/15/47)(a)

    1,856       1,527,396  

4.75%, 06/01/43

    826       750,266  

4.95%, 03/15/53 (Call 09/15/52)(a)

    900       843,016  

5.05%, 11/15/40

    411       389,891  

5.15%, 05/01/40 (Call 11/01/39)

    552       529,469  

5.25%, 05/01/50 (Call 11/01/49)

    694       682,006  

RTX Corp.

   

2.82%, 09/01/51 (Call 03/01/51)

    821       513,267  

3.03%, 03/15/52 (Call 09/15/51)(a)

    1,039       683,161  

3.13%, 07/01/50 (Call 01/01/50)

    1,015       688,466  

3.75%, 11/01/46 (Call 05/01/46)

    825       627,755  

4.05%, 05/04/47 (Call 11/04/46)

    544       439,538  

4.15%, 05/15/45 (Call 11/16/44)

    873       710,308  

4.20%, 12/15/44 (Call 06/15/44)

    260       200,983  

4.35%, 04/15/47 (Call 10/15/46)

    1,040       874,991  

4.45%, 11/16/38 (Call 05/16/38)

    543       480,498  

4.50%, 06/01/42

    2,591       2,259,711  

4.63%, 11/16/48 (Call 05/16/48)

    1,566       1,376,842  

4.70%, 12/15/41

    320       284,693  

4.80%, 12/15/43 (Call 06/15/43)

    596       529,270  

4.88%, 10/15/40

    427       390,557  

5.38%, 02/27/53 (Call 08/27/52)

    1,035       1,008,852  

5.40%, 05/01/35

    210       209,538  

5.70%, 04/15/40

    440       440,414  

6.05%, 06/01/36

    370       385,994  

6.13%, 07/15/38

    535       559,643  
   

 

 

 
       48,794,134  
Agriculture — 1.4%            

Altria Group Inc.

   

3.40%, 02/04/41 (Call 08/04/40)

     1,284       874,874  

3.70%, 02/04/51 (Call 08/04/50)

    1,176       767,665  

3.88%, 09/16/46 (Call 03/16/46)

    1,169       804,968  

4.00%, 02/04/61 (Call 08/04/60)

    634       428,999  

4.25%, 08/09/42

    792       599,951  

4.45%, 05/06/50 (Call 11/06/49)

    528       391,661  

4.50%, 05/02/43

    676       526,821  

5.38%, 01/31/44(a)

    1,464       1,359,363  

5.80%, 02/14/39 (Call 08/14/38)

    1,698       1,654,442  

5.95%, 02/14/49 (Call 08/14/48)

    2,005       1,866,881  

6.20%, 02/14/59 (Call 08/14/58)(a)

    317       318,524  

Archer-Daniels-Midland Co.

   

2.70%, 09/15/51 (Call 03/15/51)

    480       309,384  

3.75%, 09/15/47 (Call 03/15/47)

    251       199,252  

4.02%, 04/16/43

    680       561,336  

4.50%, 03/15/49 (Call 09/15/48)

    358       321,209  

4.54%, 03/26/42

    386       345,214  

5.38%, 09/15/35

    700       713,180  

5.77%, 03/01/41(a)(c)

    335       336,367  

BAT Capital Corp.

   

3.73%, 09/25/40 (Call 03/25/40)

    684       476,734  

3.98%, 09/25/50 (Call 03/25/50)

    830       548,856  

4.39%, 08/15/37 (Call 02/15/37)

    1,792       1,419,106  

4.54%, 08/15/47 (Call 02/15/47)

    1,960       1,425,297  

4.76%, 09/06/49 (Call 03/06/49)

    857       635,182  

5.28%, 04/02/50 (Call 10/02/49)

    590       472,704  

5.65%, 03/16/52 (Call 09/16/51)

    609       509,611  

7.08%, 08/02/43 (Call 02/02/43)

    450       447,463  

7.08%, 08/02/53 (Call 02/02/53)

    565       556,248  

 

 

204  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Agriculture (continued)            

Cargill Inc.

   

3.13%, 05/25/51 (Call 11/25/50)(a)(b)

  $ 520     $ 359,310  

3.88%, 05/23/49 (Call 11/23/48)(a)(b)

    363       284,384  

4.38%, 04/22/52 (Call 10/22/51)(b)

    435       374,641  

4.76%, 11/23/45(b)

    785       714,092  

Philip Morris International Inc.

   

3.88%, 08/21/42

    816       637,188  

4.13%, 03/04/43

    624       495,685  

4.25%, 11/10/44

    890       722,078  

4.38%, 11/15/41

    735       607,862  

4.50%, 03/20/42

    719       610,274  

4.88%, 11/15/43

    534       469,449  

6.38%, 05/16/38

    1,203       1,292,320  

Reynolds American Inc.

   

5.70%, 08/15/35 (Call 02/15/35)

    622       575,301  

5.85%, 08/15/45 (Call 02/15/45)

    1,936       1,681,741  

6.15%, 09/15/43

    441       403,677  

7.25%, 06/15/37

    513       539,219  
   

 

 

 
       28,638,513  
Apparel — 0.2%            

NIKE Inc.

   

3.25%, 03/27/40 (Call 09/27/39)

    962       774,752  

3.38%, 11/01/46 (Call 05/01/46)

    324       250,746  

3.38%, 03/27/50 (Call 09/27/49)(a)

     1,162       897,154  

3.63%, 05/01/43 (Call 11/01/42)(a)

    520       432,930  

3.88%, 11/01/45 (Call 05/01/45)(a)

    728       623,037  

VF Corp.

   

6.00%, 10/15/33(a)

    141       134,757  

6.45%, 11/01/37

    280       274,613  
   

 

 

 
      3,387,989  
Auto Manufacturers — 0.3%            

Cummins Inc.

   

2.60%, 09/01/50 (Call 03/01/50)(a)

    479       296,667  

4.88%, 10/01/43 (Call 04/01/43)

    332       303,553  

General Motors Co.

   

5.00%, 04/01/35

    569       508,044  

5.15%, 04/01/38 (Call 10/01/37)

    923       805,465  

5.20%, 04/01/45

    951       785,871  

5.40%, 04/01/48 (Call 10/01/47)

    687       571,451  

5.95%, 04/01/49 (Call 10/01/48)(a)

    861       772,091  

6.25%, 10/02/43

    1,269       1,193,238  

6.60%, 04/01/36 (Call 10/01/35)

    1,003       1,008,150  

6.75%, 04/01/46 (Call 10/01/45)

    687       677,865  
   

 

 

 
      6,922,395  
Auto Parts & Equipment — 0.1%            

Aptiv PLC

   

3.10%, 12/01/51 (Call 06/01/51)

    1,356       826,029  

4.15%, 05/01/52 (Call 11/01/51)

    935       694,839  

4.40%, 10/01/46 (Call 04/01/46)(a)

    160       121,299  

5.40%, 03/15/49 (Call 09/15/48)(a)

    230       201,860  

BorgWarner Inc., 4.38%, 03/15/45 (Call 09/15/44)

    320       252,885  

Lear Corp.

   

3.55%, 01/15/52 (Call 07/15/51)

    290       189,045  

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

    499       433,328  
   

 

 

 
      2,719,285  
Banks — 7.6%            

Bank of America Corp.

   

2.68%, 06/19/41 (Call 06/19/40),
(1-day SOFR + 1.930%)(a)(d)

    4,134       2,846,639  
Security  

Par

(000)

    Value  
Banks (continued)            

2.83%, 10/24/51 (Call 10/24/50),
(1-day SOFR + 1.880%)(d)

  $ 1,102     $ 706,456  

2.97%, 07/21/52 (Call 07/21/51),
(1-day SOFR + 1.560%)(d)

    1,858       1,225,387  

3.31%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.580%)(d)

    2,698       2,016,892  

3.95%, 01/23/49 (Call 01/23/48),
(3-mo. SOFR + 1.452%)(d)

    1,262       991,646  

4.08%, 04/23/40 (Call 04/23/39),
(3-mo. SOFR + 1.582%)(d)

    1,328       1,116,188  

4.08%, 03/20/51 (Call 03/20/50),
(3-mo. SOFR + 3.412%)(d)

    4,769       3,832,469  

4.24%, 04/24/38 (Call 04/24/37),
(3-mo. SOFR + 2.076%)(d)

    1,432       1,247,879  

4.33%, 03/15/50 (Call 03/15/49),
(3-mo. SOFR + 1.782%)(a)(d)

    2,038       1,726,397  

4.44%, 01/20/48 (Call 01/20/47),
(3-mo. SOFR + 2.252%)(d)

    1,841       1,571,209  

4.88%, 04/01/44

    591       554,378  

5.00%, 01/21/44

    1,561       1,484,692  

5.88%, 02/07/42

    1,361       1,409,405  

6.11%, 01/29/37

    1,512       1,566,144  

7.75%, 05/14/38

    1,317       1,541,098  

Series L, 4.75%, 04/21/45(a)

    623       558,937  

Series N, 3.48%, 03/13/52 (Call 03/13/51),
(1-day SOFR + 1.650%)(d)

    854       622,377  

Bank of America NA, 6.00%, 10/15/36

    891       935,557  

Barclays PLC

   

3.33%, 11/24/42 (Call 11/24/41),
(1-year CMT + 1.300%)(d)

     1,057       723,336  

3.81%, 03/10/42 (Call 03/10/41),
(1-year CMT + 1.700%)(a)(d)

    555       387,634  

4.95%, 01/10/47

    1,413       1,219,559  

5.25%, 08/17/45(a)

    1,367        1,225,325  

BNP Paribas SA, 2.82%, 01/26/41(a)(b)

    620       404,232  

BPCE SA, 3.58%, 10/19/42 (Call 10/19/41),
(1-day SOFR + 1.952%)(a)(b)(d)

    465       301,812  

Citigroup Inc.

   

2.90%, 11/03/42 (Call 11/03/41),
(1-day SOFR + 1.379%)(d)

    1,091       749,326  

3.88%, 01/24/39 (Call 01/24/38),
(3-mo. SOFR + 1.430%)(d)

    410       336,712  

4.28%, 04/24/48 (Call 04/24/47),
(3-mo. SOFR + 2.101%)(d)

    1,040       865,683  

4.65%, 07/30/45

    1,246       1,073,099  

4.65%, 07/23/48 (Call 06/23/48)

    2,307       2,002,388  

4.75%, 05/18/46

    1,734       1,454,305  

5.30%, 05/06/44

    855       778,133  

5.32%, 03/26/41 (Call 03/26/40), (1-day SOFR + 4.548%)(d)

    1,126       1,069,710  

5.88%, 01/30/42

    844       856,349  

6.13%, 08/25/36

    418       427,534  

6.68%, 09/13/43

    1,021       1,071,801  

6.88%, 03/05/38

    210       225,828  

6.88%, 02/15/98

    124       135,188  

8.13%, 07/15/39

    1,636       2,037,171  

Commonwealth Bank of Australia

   

3.31%, 03/11/41(a)(b)

    1,035       703,692  

3.74%, 09/12/39(b)

    1,005       746,078  

3.90%, 07/12/47(a)(b)

    889       737,731  

 

 

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

  205


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.32%, 01/10/48(a)(b)

  $ 1,057     $ 785,436  

Cooperatieve Rabobank UA

   

5.25%, 05/24/41

    1,580       1,608,590  

5.25%, 08/04/45(a)

    901       822,569  

5.75%, 12/01/43

    857       840,209  

5.80%, 09/30/2110(a)(b)

    220       197,710  

Credit Agricole SA, 2.81%, 01/11/41(b)

    1,007       655,199  

Fifth Third Bancorp., 8.25%, 03/01/38

    1,126       1,271,240  

Goldman Sachs Group Inc.,

   

2.91%, 07/21/42 (Call 07/21/41),
(1-day SOFR + 1.472%)(d)

    1,577       1,088,958  

3.21%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.513%)(d)

    2,004       1,444,473  

3.44%, 02/24/43 (Call 02/24/42),
(1-day SOFR + 1.632%)(d)

    1,998       1,470,910  

4.02%, 10/31/38 (Call 10/31/37),
(3-mo. SOFR + 1.645%)(d)

    1,945       1,617,345  

4.41%, 04/23/39 (Call 04/23/38),
(3-mo. SOFR + 1.692%)(d)

    1,236       1,070,732  

4.75%, 10/21/45 (Call 04/21/45)

    1,571       1,411,388  

4.80%, 07/08/44 (Call 01/08/44)

    1,642       1,463,408  

5.15%, 05/22/45

    1,956       1,797,935  

6.25%, 02/01/41

     2,103        2,221,649  

6.45%, 05/01/36

    721       750,768  

6.75%, 10/01/37

    4,209       4,462,207  

HSBC Bank USA NA/New York

   

5.63%, 08/15/35

    331       314,466  

7.00%, 01/15/39

    855       923,718  

HSBC Holdings PLC

   

5.25%, 03/14/44(a)

    715       628,271  

6.10%, 01/14/42(a)

    787       823,688  

6.33%, 03/09/44 (Call 03/09/43),
(1-day SOFR + 2.650%)(d)

    1,918       1,934,059  

6.50%, 05/02/36

    1,879       1,872,771  

6.50%, 09/15/37

    2,464       2,460,441  

6.80%, 06/01/38

    1,045       1,048,730  

HSBC USA Inc., 7.20%, 07/15/97

    237       261,162  

Intesa Sanpaolo SpA, 7.78%, 06/20/54 (Call 06/20/53), (1-year CMT + 3.900%)(b)(d)

    1,585       1,557,272  

JPMorgan Chase & Co.

   

2.53%, 11/19/41 (Call 11/19/40),
(3-mo. SOFR + 1.510%)(d)

    1,537       1,036,429  

3.11%, 04/22/41 (Call 04/22/40),
(3-mo. SOFR + 2.460%)(d)

    1,287       950,397  

3.11%, 04/22/51 (Call 04/22/50),
(1-day SOFR + 2.440%)(d)

    1,876       1,269,792  

3.16%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 2.460%)(d)

    1,671       1,228,468  

3.33%, 04/22/52 (Call 04/22/51),
(1-day SOFR + 1.580%)(d)

    3,036       2,133,140  

3.88%, 07/24/38 (Call 07/24/37),
(3-mo. SOFR + 1.622%)(d)

    1,882       1,586,795  

3.90%, 01/23/49 (Call 01/23/48),
(3-mo. SOFR + 1.482%)(d)

    1,585       1,246,769  

3.96%, 11/15/48 (Call 11/15/47),
(3-mo. SOFR + 1.642%)(d)

    2,961       2,350,502  

4.03%, 07/24/48 (Call 07/24/47),
(3-mo. SOFR + 1.722%)(d)

    1,267       1,020,801  

4.26%, 02/22/48 (Call 02/22/47),
(3-mo. SOFR + 1.842%)(d)

    1,713       1,438,379  
Security  

Par

(000)

    Value  
Banks (continued)            

4.85%, 02/01/44(a)

  $ 969     $ 911,943  

4.95%, 06/01/45

    1,193       1,096,533  

5.40%, 01/06/42

    1,154       1,153,043  

5.50%, 10/15/40

    1,231       1,238,436  

5.60%, 07/15/41

    1,608       1,630,099  

5.63%, 08/16/43(a)

    1,114       1,108,942  

6.40%, 05/15/38

    1,996       2,198,243  

Lloyds Banking Group PLC

   

3.37%, 12/14/46 (Call 09/14/41),
(5-year CMT + 1.500%)(a)(d)

    1,000       654,566  

4.34%, 01/09/48

    1,299       970,438  

5.30%, 12/01/45(a)

    688       608,344  

Mitsubishi UFJ Financial Group Inc.

   

3.75%, 07/18/39

     1,314        1,086,438  

4.15%, 03/07/39(a)

    440       380,404  

4.29%, 07/26/38(a)

    361       319,354  

Morgan Stanley

   

2.80%, 01/25/52 (Call 01/25/51),
(1-day SOFR + 1.430%)(a)(d)

    1,775       1,125,703  

3.22%, 04/22/42 (Call 04/22/41),
(1-day SOFR + 1.485%)(d)

    1,727       1,272,043  

3.97%, 07/22/38 (Call 07/22/37),
(3-mo. LIBOR US + 1.455%)(d)

    1,507       1,257,948  

4.30%, 01/27/45

    2,521       2,141,880  

4.38%, 01/22/47

    1,785       1,527,328  

4.46%, 04/22/39 (Call 04/22/38),
(3-mo. SOFR + 1.693%)(d)

    751       661,216  

5.60%, 03/24/51 (Call 03/24/50),
(1-day SOFR + 4.480%)(d)

    1,922       1,934,434  

6.38%, 07/24/42

    1,641       1,792,768  

MUFG Bank Ltd., 4.70%, 03/10/44(b)

    63       55,854  

National Australia Bank Ltd., 2.65%, 01/14/41(b)

    566       344,352  

Regions Bank/Birmingham AL, 6.45%, 06/26/37

    510       501,283  

Regions Financial Corp., 7.38%, 12/10/37

    370       391,624  

Societe Generale SA

   

3.63%, 03/01/41(a)(b)

    749       483,461  

4.03%, 01/21/43 (Call 01/21/42),
(1-year CMT + 1.900%)(b)(d)

    695       463,209  

5.63%, 11/24/45(a)(b)

    210       173,931  

7.37%, 01/10/53(b)

    1,027       996,635  

Standard Chartered PLC

   

5.30%, 01/09/43(b)

    722       616,641  

5.70%, 03/26/44(a)(b)

    1,243       1,126,248  

Sumitomo Mitsui Financial Group Inc.

   

2.30%, 01/12/41

    728       477,732  

2.93%, 09/17/41(a)

    498       345,586  

3.05%, 01/14/42

    275       201,869  

6.18%, 07/13/43

    985       989,928  

UBS AG/London, 4.50%, 06/26/48(a)(b)

    867       771,272  

UBS Group AG

   

3.18%, 02/11/43 (Call 02/11/42),
(1-year CMT + 1.100%)(b)(d)

    1,187       825,038  

4.88%, 05/15/45

    1,621       1,444,185  

Wachovia Corp.

   

5.50%, 08/01/35

    745       719,127  

7.50%, 04/15/35

    302       337,054  

Wells Fargo & Co.

   

3.07%, 04/30/41 (Call 04/30/40),
(1-day SOFR + 2.530%)(d)

    2,948       2,110,164  

3.90%, 05/01/45

    1,864       1,459,094  

 

 

206  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Banks (continued)            

4.40%, 06/14/46

  $ 1,682     $ 1,333,298  

4.61%, 04/25/53 (Call 04/25/52),
(1-day SOFR + 2.130%)(d)

    2,660       2,250,504  

4.65%, 11/04/44

    1,587       1,312,887  

4.75%, 12/07/46

    1,455       1,209,655  

4.90%, 11/17/45

    1,863       1,599,382  

5.01%, 04/04/51 (Call 04/04/50),
(3-mo. SOFR + 4.502%)(d)

    4,658       4,206,060  

5.38%, 02/07/35(a)

    285       277,727  

5.38%, 11/02/43

    1,642       1,512,090  

5.61%, 01/15/44

    2,163       2,036,064  

5.95%, 12/01/86

    245       236,056  

Wells Fargo Bank NA

   

5.85%, 02/01/37

    860       858,013  

5.95%, 08/26/36

    410       405,673  

6.60%, 01/15/38(a)

    940       994,315  

Westpac Banking Corp.

   

2.96%, 11/16/40

    1,082       703,197  

3.13%, 11/18/41

     1,050       685,586  

4.42%, 07/24/39

    820       660,557  
   

 

 

 
       156,738,606  
Beverages — 2.8%            

Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc.

   

4.70%, 02/01/36 (Call 08/01/35)

    4,597       4,399,832  

4.90%, 02/01/46 (Call 08/01/45)

    7,934       7,380,596  

Anheuser-Busch InBev Finance Inc.

   

4.63%, 02/01/44

    822       746,378  

4.70%, 02/01/36 (Call 08/01/35)

    675       646,049  

4.90%, 02/01/46 (Call 08/01/45)

    1,693       1,574,912  

Anheuser-Busch InBev Worldwide Inc.

   

3.75%, 07/15/42(a)

    10       8,176  

4.35%, 06/01/40 (Call 12/01/39)

    990       885,660  

4.38%, 04/15/38 (Call 10/15/37)

    1,217       1,114,331  

4.44%, 10/06/48 (Call 04/06/48)

    1,446       1,266,865  

4.50%, 06/01/50 (Call 12/01/49)

    1,440       1,285,009  

4.60%, 04/15/48 (Call 10/15/47)

    1,858       1,673,328  

4.60%, 06/01/60 (Call 12/01/59)

    465       405,443  

4.75%, 04/15/58 (Call 10/15/57)(a)

    813       727,738  

4.95%, 01/15/42

    1,170       1,116,309  

5.45%, 01/23/39 (Call 07/23/38)

    1,612       1,636,369  

5.55%, 01/23/49 (Call 07/23/48)

    3,627       3,715,161  

5.80%, 01/23/59 (Call 07/23/58)

    1,653       1,733,324  

5.88%, 06/15/35(a)

    230       244,423  

8.00%, 11/15/39

    369       456,743  

8.20%, 01/15/39

    1,108       1,416,114  

Bacardi Ltd.

   

5.15%, 05/15/38 (Call 11/15/37)(b)

    462       423,988  

5.30%, 05/15/48 (Call 11/15/47)(b)

    518       475,553  

Bacardi Ltd./Bacardi-Martini BV, 5.90%, 06/15/43 (Call 12/15/42)(b)

    390       383,482  

Brown-Forman Corp.

   

3.75%, 01/15/43 (Call 07/15/42)(a)

    320       248,392  

4.00%, 04/15/38 (Call 10/15/37)

    190       164,760  

4.50%, 07/15/45 (Call 01/15/45)

    265       236,937  

Coca-Cola Co. (The)

   

2.50%, 06/01/40

    1,004       725,618  

2.50%, 03/15/51(a)

    1,314       850,238  

2.60%, 06/01/50

    1,322       879,537  

2.75%, 06/01/60(a)

    846       549,915  
Security  

Par

(000)

    Value  
Beverages (continued)            

2.88%, 05/05/41(a)

  $ 660     $ 499,064  

3.00%, 03/05/51(a)

    1,374       992,934  

4.20%, 03/25/50

    472       424,797  

Coca-Cola Femsa SAB de CV, 5.25%, 11/26/43

    389       378,923  

Constellation Brands Inc.

   

3.75%, 05/01/50 (Call 11/01/49)

    465       353,872  

4.10%, 02/15/48 (Call 08/15/47)

    490       389,017  

4.50%, 05/09/47 (Call 11/09/46)

    473       394,483  

5.25%, 11/15/48 (Call 05/15/48)

    451       421,336  

Diageo Capital PLC

   

3.88%, 04/29/43 (Call 10/29/42)

    498       409,179  

5.88%, 09/30/36

    337       355,810  

Diageo Investment Corp.

   

4.25%, 05/11/42

    385       334,974  

7.45%, 04/15/35

    445       531,374  

Fomento Economico Mexicano SAB de CV

   

3.50%, 01/16/50 (Call 07/16/49)(a)

    310       226,185  

4.38%, 05/10/43

    150       126,116  

Heineken NV

   

4.00%, 10/01/42(a)(b)

    486       391,246  

4.35%, 03/29/47 (Call 09/29/46)(a)(b)

    325       269,507  

Keurig Dr Pepper Inc.

   

3.35%, 03/15/51 (Call 09/15/50)

    483       331,728  

3.80%, 05/01/50 (Call 11/01/49)

    629       477,754  

4.42%, 12/15/46 (Call 06/15/46)

    332       274,771  

4.50%, 11/15/45 (Call 05/15/45)

    609       519,466  

4.50%, 04/15/52 (Call 10/15/51)

     1,045       889,562  

5.09%, 05/25/48 (Call 11/25/47)

    235       216,906  

Molson Coors Beverage Co.

   

4.20%, 07/15/46 (Call 01/15/46)

    1,359        1,077,013  

5.00%, 05/01/42

    1,313       1,187,139  

PepsiCo Inc.

   

2.63%, 10/21/41 (Call 04/21/41)

    936       679,540  

2.75%, 10/21/51 (Call 04/21/51)

    1,211       818,705  

2.88%, 10/15/49 (Call 04/15/49)

    1,007       711,949  

3.38%, 07/29/49 (Call 01/29/49)

    540       415,541  

3.45%, 10/06/46 (Call 04/06/46)

    727       576,620  

3.50%, 03/19/40 (Call 09/19/39)

    240       197,171  

3.60%, 08/13/42

    240       198,669  

3.63%, 03/19/50 (Call 09/19/49)

    973       782,655  

3.88%, 03/19/60 (Call 09/19/59)

    304       248,488  

4.00%, 03/05/42

    282       244,232  

4.00%, 05/02/47 (Call 11/02/46)(a)

    75       65,863  

4.20%, 07/18/52 (Call 01/18/52)(a)

    674       598,112  

4.25%, 10/22/44 (Call 04/22/44)(a)

    55       47,672  

4.45%, 04/14/46 (Call 10/14/45)

    869       803,159  

4.60%, 07/17/45 (Call 01/17/45)(a)

    345       315,052  

4.65%, 02/15/53 (Call 08/15/52)

    679       650,110  

4.88%, 11/01/40

    562       549,292  

5.50%, 01/15/40

    100       104,448  

Pernod Ricard International Finance LLC, 2.75%, 10/01/50 (Call 04/01/50)(b)

    277       170,607  

Pernod Ricard SA, 5.50%, 01/15/42(a)(b)

    691       680,235  
   

 

 

 
      57,702,456  
Biotechnology — 1.8%            

Amgen Inc.

   

2.77%, 09/01/53 (Call 03/01/53)

    1,078       644,581  

2.80%, 08/15/41 (Call 02/15/41)

    1,147       791,131  

3.00%, 01/15/52 (Call 07/15/51)(a)

    1,015       661,281  

3.15%, 02/21/40 (Call 08/21/39)

    1,469       1,096,000  

 

 

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

  207


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Biotechnology (continued)            

3.38%, 02/21/50 (Call 08/21/49)

  $ 1,765     $ 1,234,980  

4.20%, 02/22/52 (Call 08/22/51)

    815       649,642  

4.40%, 05/01/45 (Call 11/01/44)

    1,825       1,535,596  

4.40%, 02/22/62 (Call 08/22/61)

    980       776,163  

4.56%, 06/15/48 (Call 12/15/47)

    1,275       1,085,074  

4.66%, 06/15/51 (Call 12/15/50)

    2,774       2,392,368  

4.88%, 03/01/53 (Call 09/01/52)

    955       847,516  

4.95%, 10/01/41

    682       623,265  

5.15%, 11/15/41 (Call 05/15/41)

    833       778,767  

5.60%, 03/02/43 (Call 09/02/42)

    2,175       2,134,155  

5.65%, 06/15/42 (Call 12/15/41)

    854       837,212  

5.65%, 03/02/53 (Call 09/02/52)

    3,470       3,439,968  

5.75%, 03/15/40

    410       405,195  

5.75%, 03/02/63 (Call 09/02/62)

    1,955       1,930,650  

6.38%, 06/01/37

    371       394,471  

6.40%, 02/01/39

    525       557,381  

6.90%, 06/01/38(a)

    50       53,338  

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

    310       290,656  

Biogen Inc.

   

3.15%, 05/01/50 (Call 11/01/49)

    1,359       887,275  

3.25%, 02/15/51 (Call 08/15/50)

    562       374,010  

5.20%, 09/15/45 (Call 03/15/45)

    875       821,678  

CSL Finance PLC

   

4.63%, 04/27/42 (Call 10/27/41)(b)

    210       189,506  

4.75%, 04/27/52 (Call 10/27/51)(b)

    1,270       1,141,447  

4.95%, 04/27/62 (Call 10/27/61)(b)

    400       356,645  

Gilead Sciences Inc.

   

2.60%, 10/01/40 (Call 04/01/40)(a)

    746       521,181  

2.80%, 10/01/50 (Call 04/01/50)(a)

    1,356       872,636  

4.00%, 09/01/36 (Call 03/01/36)

    575       507,575  

4.15%, 03/01/47 (Call 09/01/46)

    1,485       1,242,644  

4.50%, 02/01/45 (Call 08/01/44)

    1,375       1,208,795  

4.60%, 09/01/35 (Call 03/01/35)

    847       803,801  

4.75%, 03/01/46 (Call 09/01/45)

     1,961       1,785,607  

4.80%, 04/01/44 (Call 10/01/43)

    1,495       1,375,221  

5.65%, 12/01/41 (Call 06/01/41)

    843       859,715  

Regeneron Pharmaceuticals Inc., 2.80%, 09/15/50 (Call 03/15/50)

    633       393,472  

Royalty Pharma PLC

   

3.30%, 09/02/40 (Call 03/02/40)

    774       532,242  

3.35%, 09/02/51 (Call 03/02/51)

    647       401,376  

3.55%, 09/02/50 (Call 03/02/50)(a)

    886       579,253  
   

 

 

 
       38,013,469  
Building Materials — 0.5%            

Carrier Global Corp.

   

3.38%, 04/05/40 (Call 10/05/39)

    1,341       1,007,912  

3.58%, 04/05/50 (Call 10/05/49)(a)

    1,622       1,161,715  

CRH America Finance Inc.

   

4.40%, 05/09/47 (Call 11/09/46)(b)

    200       160,886  

4.50%, 04/04/48 (Call 10/04/47)(b)

    509       418,145  

CRH America Inc., 5.13%, 05/18/45 (Call 11/18/44)(b)

    381       339,039  

Fortune Brands Home & Security Inc., 4.50%, 03/25/52 (Call 09/25/51)

    360       277,304  

Holcim Capital Corp. Ltd.

   

6.50%, 09/12/43(b)

    340       328,788  

6.88%, 09/29/39(b)

    185       186,208  

Holcim Finance U.S. LLC, 4.75%, 09/22/46 (Call 03/22/46)(b)

    220       179,899  

Johnson Controls International PLC 4.50%, 02/15/47 (Call 08/15/46)(a)

    568       479,056  
Security  

Par

(000)

    Value  
Building Materials (continued)            

4.63%, 07/02/44 (Call 01/02/44)

  $ 335     $ 288,388  

4.95%, 07/02/64 (Call 01/02/64)(c)

    256       217,743  

5.13%, 09/14/45 (Call 03/14/45)

    218       200,489  

6.00%, 01/15/36

    412       424,354  

Lafarge SA, 7.13%, 07/15/36

    285       312,277  

Martin Marietta Materials Inc.

   

3.20%, 07/15/51 (Call 01/15/51)

    723       485,026  

4.25%, 12/15/47 (Call 06/15/47)

    449       364,567  

Masco Corp.

   

3.13%, 02/15/51 (Call 08/15/50)(a)

    279       171,336  

4.50%, 05/15/47 (Call 11/15/46)(a)

    312       243,943  

Owens Corning

   

4.30%, 07/15/47 (Call 01/15/47)

    507       407,123  

4.40%, 01/30/48 (Call 07/30/47)

    494       400,852  

7.00%, 12/01/36

    289       314,132  

Trane Technologies Global Holding Co. Ltd.

   

4.30%, 02/21/48 (Call 08/21/47)(a)

    205       168,199  

5.75%, 06/15/43

    358       358,642  

Trane Technologies Luxembourg Finance SA

   

4.50%, 03/21/49 (Call 09/21/48)

    283       242,693  

4.65%, 11/01/44 (Call 05/01/44)

    211       180,577  

Votorantim Cimentos International SA, 7.25%, 04/05/41(b)

    205       216,765  

Vulcan Materials Co.

   

4.50%, 06/15/47 (Call 12/15/46)(a)

    595       503,994  

4.70%, 03/01/48 (Call 09/01/47)

    424       368,235  
   

 

 

 
       10,408,287  
Chemicals — 1.7%            

Air Liquide Finance SA, 3.50%, 09/27/46 (Call 03/27/46)(b)

    485       367,830  

Air Products and Chemicals Inc.

   

2.70%, 05/15/40 (Call 11/15/39)

    677       492,614  

2.80%, 05/15/50 (Call 11/15/49)(a)

    782       533,345  

Albemarle Corp.

   

5.45%, 12/01/44 (Call 06/01/44)(a)

    288       262,023  

5.65%, 06/01/52 (Call 12/01/51)(a)

    411       372,500  

Braskem America Finance Co., 7.13%, 07/22/41 (Call 01/22/41)(a)(b)

    300       272,024  

Braskem Netherlands Finance BV, 5.88%, 01/31/50(a)(b)

    850       653,790  

CF Industries Inc.

   

4.95%, 06/01/43

    775       655,075  

5.15%, 03/15/34

    720       679,673  

5.38%, 03/15/44

    501       443,206  

Dow Chemical Co. (The)

   

3.60%, 11/15/50 (Call 05/15/50)

    881       629,595  

4.25%, 10/01/34 (Call 04/01/34)

    266       239,775  

4.38%, 11/15/42 (Call 05/15/42)

     1,068       880,998  

4.63%, 10/01/44 (Call 04/01/44)

    417       349,798  

4.80%, 05/15/49 (Call 11/15/48)

    694       591,501  

5.25%, 11/15/41 (Call 05/15/41)

    801       745,447  

5.55%, 11/30/48 (Call 05/30/48)

    959       914,611  

6.90%, 05/15/53 (Call 11/15/52)

    835       929,516  

9.40%, 05/15/39

    451       596,112  

DuPont de Nemours Inc.

   

5.32%, 11/15/38 (Call 05/15/38)

    1,467       1,438,097  

5.42%, 11/15/48 (Call 05/15/48)

    1,677       1,623,510  

Eastman Chemical Co.

   

4.65%, 10/15/44 (Call 04/15/44)(a)

    493       401,060  

4.80%, 09/01/42 (Call 03/01/42)(a)

    710       601,147  

 

 

208  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Chemicals (continued)            

Ecolab Inc.

   

2.13%, 08/15/50 (Call 02/15/50)

  $ 438     $ 249,273  

2.70%, 12/15/51 (Call 06/15/51)(a)

    845       534,920  

2.75%, 08/18/55 (Call 02/18/55)

    617       376,987  

3.95%, 12/01/47 (Call 06/01/47)(a)

    365       297,188  

5.50%, 12/08/41

    300       297,956  

FMC Corp.

   

4.50%, 10/01/49 (Call 04/01/49)

    555       414,769  

6.38%, 05/18/53 (Call 11/18/52)

    415       396,539  

GC Treasury Center Co. Ltd., 4.30%, 03/18/51 (Call 09/18/50)(b)

    387       261,095  

International Flavors & Fragrances Inc.

   

3.27%, 11/15/40 (Call 05/15/40)(a)(b)

    528       351,219  

3.47%, 12/01/50 (Call 06/01/50)(a)(b)

     1,185       736,687  

4.38%, 06/01/47 (Call 12/01/46)

    475       338,870  

5.00%, 09/26/48 (Call 03/26/48)(a)

    620       492,510  

Linde Inc./CT

   

2.00%, 08/10/50 (Call 02/10/50)

    227       123,948  

3.55%, 11/07/42 (Call 05/07/42)

    600       473,967  

Lubrizol Corp. (The), 6.50%, 10/01/34

    385       444,202  

LYB International Finance BV

   

4.88%, 03/15/44 (Call 09/15/43)

    825       698,772  

5.25%, 07/15/43

    709       629,069  

LYB International Finance III LLC

   

3.38%, 10/01/40 (Call 04/01/40)

    599       430,503  

3.63%, 04/01/51 (Call 10/01/50)

    859       578,978  

3.80%, 10/01/60 (Call 04/01/60)

    490       319,069  

4.20%, 10/15/49 (Call 04/15/49)

    782       581,381  

4.20%, 05/01/50 (Call 11/01/49)

    839       622,457  

LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54)

    872       684,469  

Mosaic Co. (The)

   

4.88%, 11/15/41 (Call 05/15/41)(a)

    330       275,400  

5.45%, 11/15/33 (Call 05/15/33)(a)

    113        110,078  

5.63%, 11/15/43 (Call 05/15/43)

    445       411,281  

Nutrien Ltd.

   

3.95%, 05/13/50 (Call 11/13/49)(a)

    522       390,209  

4.13%, 03/15/35 (Call 09/15/34)

    272       236,158  

4.90%, 06/01/43 (Call 12/01/42)

    435       380,093  

5.00%, 04/01/49 (Call 10/01/48)(a)

    643       559,591  

5.25%, 01/15/45 (Call 07/15/44)

    428       384,549  

5.63%, 12/01/40

    592       561,801  

5.80%, 03/27/53 (Call 09/27/52)(a)

    567       553,242  

5.88%, 12/01/36(a)

    458       450,156  

6.13%, 01/15/41 (Call 07/15/40)

    330       330,731  

Orbia Advance Corp. SAB de CV

   

5.50%, 01/15/48 (Call 07/15/47)(b)

    210       171,434  

5.88%, 09/17/44(b)

    791       693,187  

PPG Industries Inc., 5.50%, 11/15/40

    50       45,536  

RPM International Inc.

   

4.25%, 01/15/48 (Call 07/15/47)(a)

    195       146,660  

5.25%, 06/01/45 (Call 12/01/44)(a)

    199       171,448  

Sherwin-Williams Co. (The)

   

2.90%, 03/15/52 (Call 09/15/51)

    457       287,412  

3.30%, 05/15/50 (Call 11/15/49)

    503       340,224  

3.80%, 08/15/49 (Call 02/15/49)

    371       278,263  

4.00%, 12/15/42 (Call 06/15/42)

    294       230,194  

4.50%, 06/01/47 (Call 12/01/46)

    1,244       1,060,584  

4.55%, 08/01/45 (Call 02/01/45)

    362       301,701  
Security  

Par

(000)

    Value  
Chemicals (continued)            

Sociedad Quimica y Minera de Chile SA

   

3.50%, 09/10/51 (Call 03/10/51)(b)

  $ 541     $ 361,669  

4.25%, 01/22/50 (Call 07/22/49)(a)(b)

    310       239,666  

Westlake Corp.

   

2.88%, 08/15/41 (Call 02/15/41)(a)

    272       178,260  

3.13%, 08/15/51 (Call 02/15/51)(a)

    531       326,208  

3.38%, 08/15/61 (Call 02/15/61)

    331       193,652  

4.38%, 11/15/47 (Call 05/15/47)(a)

    455       351,043  

5.00%, 08/15/46 (Call 02/15/46)

    585       491,556  
   

 

 

 
      35,520,061  
Coal — 0.1%            

Teck Resources Ltd.

   

5.20%, 03/01/42 (Call 09/01/41)

    295       252,811  

5.40%, 02/01/43 (Call 08/01/42)(a)

    295       257,669  

6.00%, 08/15/40 (Call 02/15/40)

    340       321,757  

6.13%, 10/01/35(a)

    200       196,614  

6.25%, 07/15/41 (Call 01/15/41)

    342       332,799  
   

 

 

 
      1,361,650  
Commercial Services — 1.8%            

Adani Ports & Special Economic Zone Ltd., 5.00%, 08/02/41 (Call 02/02/41)(b)

    120       78,772  

American University (The), Series 2019, 3.67%, 04/01/49(a)

    405       315,010  

Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50)

    323       227,130  

California Endowment (The), Series 2021, 2.50%, 04/01/51 (Call 10/01/50)(a)

    225       139,544  

California Institute of Technology

   

3.65%, 09/01/2119 (Call 03/01/2119)

    133       86,329  

4.32%, 08/01/45

    343       300,994  

4.70%, 11/01/2111

    385       315,777  

Case Western Reserve University, 5.41%, 06/01/2122 (Call 12/01/2121)

    195       184,296  

Claremont Mckenna College, 3.78%, 01/01/2122 (Call 07/01/2121)

    150       99,271  

DP World Ltd./United Arab Emirates

   

4.70%, 09/30/49 (Call 03/30/49)(b)

    380       313,404  

5.63%, 09/25/48(b)

    979       903,214  

6.85%, 07/02/37(a)(b)

     1,990        2,128,675  

Duke University

   

3.20%, 10/01/38(a)

    175       141,342  

3.30%, 10/01/46(a)

    200       149,685  

Series 2020, 2.68%, 10/01/44

    432       305,727  

Series 2020, 2.76%, 10/01/50

    214       143,478  

Series 2020, 2.83%, 10/01/55

    410       270,411  

Emory University, Series 2020, 2.97%, 09/01/50 (Call 03/01/50)(a)

    440       302,720  

Equifax Inc., 7.00%, 07/01/37

    255       267,233  

ERAC USA Finance LLC

   

4.20%, 11/01/46 (Call 05/01/46)(b)

    315       255,997  

4.50%, 02/15/45 (Call 08/15/44)(b)

    324       273,929  

5.40%, 05/01/53(b)

    920       901,246  

5.63%, 03/15/42(b)

    422       414,947  

6.70%, 06/01/34(b)

    680       738,386  

7.00%, 10/15/37(b)

    925       1,040,919  

Ford Foundation (The)

   

Series 2017, 3.86%, 06/01/47 (Call 12/01/46)

    445       360,283  

Series 2020, 2.42%, 06/01/50 (Call 12/01/49)(a)

    105       65,988  

 

 

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

  209


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Commercial Services (continued)            

Series 2020, 2.82%, 06/01/70 (Call 12/01/69)(a)

  $ 425     $ 253,347  

George Washington University (The)

   

4.87%, 09/15/45

    240       222,179  

Series 2014, 4.30%, 09/15/44

    297       254,306  

Series 2016, 3.55%, 09/15/46

    265       196,208  

Series 2018, 4.13%, 09/15/48 (Call 03/15/48)

    657       557,369  

Georgetown University (The)

   

5.12%, 04/01/53(a)

    20       19,239  

Series 20A, 2.94%, 04/01/50

    221       145,873  

Series A, 5.22%, 10/01/2118 (Call 04/01/2118)

    185       163,421  

Series B, 4.32%, 04/01/49 (Call 10/01/48)(a)

    615       529,361  

Global Payments Inc.

   

4.15%, 08/15/49 (Call 02/15/49)

    544       398,489  

5.95%, 08/15/52 (Call 02/15/52)

    600       572,481  

Howard University, 5.21%, 10/01/52 (Call 10/01/32)

    225       193,354  

ITR Concession Co. LLC, 5.18%, 07/15/35
(Call 01/15/35)(b)

    375       339,215  

Johns Hopkins University

   

Series 2013, 4.08%, 07/01/53

    443       377,959  

Series A, 2.81%, 01/01/60 (Call 07/01/59)(a)

    215       134,506  

Leland Stanford Junior University (The)

   

2.41%, 06/01/50 (Call 12/01/49)(a)

    363       227,420  

3.46%, 05/01/47

    355       276,615  

3.65%, 05/01/48 (Call 11/01/47)

    502       411,720  

Massachusetts Institute of Technology

   

3.07%, 04/01/52 (Call 10/01/51)

    430       307,922  

3.89%, 07/01/2116

    189       141,283  

3.96%, 07/01/38

    114       102,466  

4.68%, 07/01/2114

    404       363,970  

5.60%, 07/01/2111

    527       565,440  

Series F, 2.99%, 07/01/50 (Call 01/01/50)

    344       246,911  

Series G, 2.29%, 07/01/51 (Call 01/01/51)(a)

     1,015        625,135  

Metropolitan Museum of Art (The), Series 2015, 3.40%, 07/01/45

    176       132,319  

Moody’s Corp.

   

2.55%, 08/18/60 (Call 02/18/60)

    565       299,291  

2.75%, 08/19/41 (Call 02/19/41)(a)

    555       383,124  

3.10%, 11/29/61 (Call 05/29/61)(a)

    410       259,419  

3.25%, 05/20/50 (Call 11/20/49)(a)

    179       123,321  

3.75%, 02/25/52 (Call 08/25/51)

    375       286,669  

4.88%, 12/17/48 (Call 06/17/48)(a)

    279       253,647  

5.25%, 07/15/44

    430       412,798  

Northeastern University, Series 2020, 2.89%, 10/01/50(a)

    245       162,512  

Northwestern University

   

3.69%, 12/01/38

    355       309,381  

3.87%, 12/01/48(a)

    230       191,776  

4.64%, 12/01/44

    410       389,261  

Series 2017, 3.66%, 12/01/57 (Call 06/01/57)

    180       140,124  

Series 2020, 2.64%, 12/01/50 (Call 06/01/50)(a)

    125       82,859  

PayPal Holdings Inc.

   

3.25%, 06/01/50 (Call 12/01/49)(a)

    825       585,451  

5.05%, 06/01/52 (Call 12/01/51)(a)

    720       697,157  

5.25%, 06/01/62 (Call 12/01/61)(a)

    701       666,933  

Pelabuhan Indonesia Persero PT, 5.38%, 05/05/45(b)

    315       293,285  

President and Fellows of Harvard College

   

2.52%, 10/15/50 (Call 04/15/50)

    347       224,456  

3.15%, 07/15/46 (Call 01/15/46)

    450       333,477  

3.30%, 07/15/56 (Call 01/15/56)

    315       227,089  

3.62%, 10/01/37

    252       215,645  
Security  

Par

(000)

    Value  
Commercial Services (continued)            

3.75%, 11/15/52 (Call 05/15/52)

  $ 375     $ 307,497  

4.88%, 10/15/40(a)

    150       146,158  

6.50%, 01/15/39(b)

    455       518,577  

Quanta Services Inc., 3.05%, 10/01/41
(Call 04/01/41)

    505       342,310  

Rockefeller Foundation (The), Series 2020,
2.49%, 10/01/50 (Call 04/01/50)

    447       279,164  

S&P Global Inc.

   

2.30%, 08/15/60 (Call 02/15/60)

    675       366,350  

3.25%, 12/01/49 (Call 06/01/49)

    778       557,792  

3.70%, 03/01/52 (Call 09/01/51)

    991       770,735  

3.90%, 03/01/62 (Call 09/01/61)

    396       310,482  

4.50%, 05/15/48 (Call 11/15/47)(a)

    200       171,509  

6.55%, 11/15/37

    50       53,378  

Thomas Jefferson University, 3.85%, 11/01/57
(Call 05/01/57)

    305       215,354  

Trustees of Boston College

   

3.13%, 07/01/52(a)

    372       265,475  

3.99%, 07/01/47

    160       128,365  

Trustees of Boston University, Series CC,
4.06%, 10/01/48 (Call 04/01/48)

    305       259,340  

Trustees of Dartmouth College, 3.47%, 06/01/46

    320       249,475  

Trustees of Princeton University (The)

   

4.20%, 03/01/52(a)

    50       44,376  

5.70%, 03/01/39(a)

    836       899,293  

Series 2020, 2.52%, 07/01/50 (Call 01/01/50)(a)

    155       100,776  

Trustees of the University of Pennsylvania (The)

   

3.61%, 02/15/2119 (Call 08/15/2118)(a)

    240       167,058  

4.67%, 09/01/2112

    250       210,181  

Series 2020, 2.40%, 10/01/50 (Call 04/01/50)

    250       154,891  

Trustees of Tufts College

   

3.10%, 08/15/51 (Call 02/15/51)(a)

    115       75,709  

Series 2012, 5.02%, 04/15/2112(a)

    200       157,612  

University of Chicago (The)

   

3.00%, 10/01/52 (Call 04/01/52)

    160       112,626  

4.00%, 10/01/53 (Call 04/01/53)

    395       326,260  

Series 20B, 2.76%, 04/01/45 (Call 10/01/44)

    230       172,927  

Series C, 2.55%, 04/01/50 (Call 10/01/49)(a)

    255       170,831  

University of Miami, 4.06%, 04/01/52

    415       340,933  

University of Notre Dame du Lac

   

Series 2015, 3.44%, 02/15/45

    506       401,317  

Series 2017, 3.39%, 02/15/48 (Call 08/15/47)(a)

    298       233,782  

University of Southern California

   

2.81%, 10/01/50 (Call 04/01/50)

    426       282,631  

3.03%, 10/01/39

     1,035        825,847  

4.98%, 10/01/53 (Call 04/01/53)(a)

    125       122,711  

5.25%, 10/01/2111(a)

    220       208,761  

Series 2017, 3.84%, 10/01/47 (Call 04/01/47)

    280       230,822  

Series 21A, 2.95%, 10/01/51 (Call 04/01/51)

    384       262,348  

Series A, 3.23%, 10/01/2120 (Call 04/01/2120)(a)

    70       40,903  

Verisk Analytics Inc.

   

3.63%, 05/15/50 (Call 11/15/49)(a)

    562       399,611  

5.50%, 06/15/45 (Call 12/15/44)

    263       242,656  

Washington University (The)

   

3.52%, 04/15/54 (Call 10/15/53)(a)

    550       423,160  

4.35%, 04/15/2122 (Call 10/15/2121)

    110       89,254  

Wesleyan University, 4.78%, 07/01/2116

    221       175,463  

William Marsh Rice University

   

3.57%, 05/15/45(a)

    68       54,755  

3.77%, 05/15/55(a)

    220       174,809  

 

 

210  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Commercial Services (continued)            

WK Kellogg Foundation Trust, 2.44%, 10/01/50 (Call 04/01/50)(a)(b)

  $ 130     $ 79,472  

Yale University, Series 2020, 2.40%, 04/15/50 (Call 10/15/49)(a)

    366       228,631  
   

 

 

 
       37,373,257  
Computers — 2.0%            

Apple Inc.

   

2.38%, 02/08/41 (Call 08/08/40)

     1,145       818,314  

2.40%, 08/20/50 (Call 02/20/50)

    950       611,015  

2.55%, 08/20/60 (Call 02/20/60)(a)

    1,396       877,867  

2.65%, 05/11/50 (Call 11/11/49)

    1,865       1,242,172  

2.65%, 02/08/51 (Call 08/08/50)

    2,631       1,749,167  

2.70%, 08/05/51 (Call 02/05/51)

    1,541       1,026,163  

2.80%, 02/08/61 (Call 08/08/60)

    1,326       856,334  

2.85%, 08/05/61 (Call 02/05/61)

    1,269       826,121  

2.95%, 09/11/49 (Call 03/11/49)

    1,241       885,359  

3.45%, 02/09/45

    1,895       1,537,516  

3.75%, 09/12/47 (Call 03/12/47)

    885       738,366  

3.75%, 11/13/47 (Call 05/13/47)

    987       821,363  

3.85%, 05/04/43

    2,419       2,097,872  

3.85%, 08/04/46 (Call 02/04/46)

    1,836       1,555,991  

3.95%, 08/08/52 (Call 02/08/52)

    1,626       1,377,601  

4.10%, 08/08/62 (Call 02/08/62)

    985       824,211  

4.25%, 02/09/47 (Call 08/09/46)

    705       643,400  

4.38%, 05/13/45

    1,717       1,580,634  

4.45%, 05/06/44(a)

    1,027       976,605  

4.50%, 02/23/36 (Call 08/23/35)(a)

    1,068       1,067,625  

4.65%, 02/23/46 (Call 08/23/45)

    2,973       2,847,840  

4.85%, 05/10/53 (Call 11/10/52)(a)

    1,080       1,065,695  

Dell Inc.

   

5.40%, 09/10/40(a)

    306       281,529  

6.50%, 04/15/38

    270       274,291  

Dell International LLC/EMC Corp.

   

3.38%, 12/15/41 (Call 06/15/41)(b)

    875       616,190  

3.45%, 12/15/51 (Call 06/15/51)(a)(b)

    1,050       683,648  

8.10%, 07/15/36 (Call 01/15/36)

    942       1,082,249  

8.35%, 07/15/46 (Call 01/15/46)

    624       765,310  

Hewlett Packard Enterprise Co.

   

6.20%, 10/15/35 (Call 04/15/35)

    579       600,018  

6.35%, 10/15/45 (Call 04/15/45)

    1,215       1,246,290  

HP Inc., 6.00%, 09/15/41(a)

    1,047       1,031,049  

International Business Machines Corp.

   

2.85%, 05/15/40 (Call 11/15/39)

    605       430,469  

2.95%, 05/15/50 (Call 11/15/49)(a)

    751       482,448  

3.43%, 02/09/52 (Call 08/09/51)(a)

    817       574,256  

4.00%, 06/20/42(a)

    1,014       834,939  

4.15%, 05/15/39

    1,621       1,392,691  

4.25%, 05/15/49

    2,338       1,931,541  

4.70%, 02/19/46(a)

    547       484,876  

4.90%, 07/27/52 (Call 01/27/52)

    695       631,932  

5.10%, 02/06/53 (Call 08/06/52)(a)

    665       622,960  

5.60%, 11/30/39(a)

    580       584,146  

7.13%, 12/01/96(a)

    142       171,919  

Kyndryl Holdings Inc., 4.10%, 10/15/41 (Call 04/15/41)

    552       376,396  
   

 

 

 
      41,126,378  
Cosmetics & Personal Care — 0.4%            

Colgate-Palmolive Co.

   

3.70%, 08/01/47 (Call 02/01/47)(a)

    515       430,282  

4.00%, 08/15/45(a)

    420       371,992  
Security  

Par

(000)

    Value  
Cosmetics & Personal Care (continued)            

Estee Lauder Companies Inc. (The)

   

3.13%, 12/01/49 (Call 06/01/49)

  $ 521     $ 360,751  

3.70%, 08/15/42

    231       178,078  

4.15%, 03/15/47 (Call 09/15/46)(a)

    417       350,709  

4.38%, 06/15/45 (Call 12/15/44)

    511       435,474  

6.00%, 05/15/37

    305       325,196  

GSK Consumer Healthcare Capital U.S. LLC, 4.00%, 03/24/52 (Call 09/24/51)

    876       704,324  

Kenvue Inc.

   

5.05%, 03/22/53 (Call 09/22/52)(b)

     1,445        1,414,993  

5.10%, 03/22/43 (Call 09/22/42)(a)(b)

    935       917,098  

5.20%, 03/22/63 (Call 09/22/62)(b)

    590       577,257  

Procter & Gamble Co. (The)

   

3.50%, 10/25/47(a)

    240       192,453  

3.55%, 03/25/40

    581       499,027  

3.60%, 03/25/50

    517       424,527  

5.50%, 02/01/34

    145       154,154  

5.55%, 03/05/37(a)

    775       837,652  

5.80%, 08/15/34

    445       491,414  

Unilever Capital Corp., Series 30Y, 2.63%, 08/12/51 (Call 02/12/51)(a)

    467       306,438  
   

 

 

 
      8,971,819  
Distribution & Wholesale — 0.1%            

WW Grainger Inc.

   

3.75%, 05/15/46 (Call 11/15/45)

    260       206,719  

4.20%, 05/15/47 (Call 11/15/46)

    350       302,834  

4.60%, 06/15/45 (Call 12/15/44)

    676       618,317  
   

 

 

 
      1,127,870  
Diversified Financial Services — 1.3%            

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

3.40%, 10/29/33 (Call 07/29/33)(a)

    987       782,478  

3.85%, 10/29/41 (Call 04/29/41)

    1,327       984,758  

American Express Co., 4.05%, 12/03/42(a)

    1,466       1,244,649  

Ares Finance Co. IV LLC, 3.65%, 02/01/52 (Call 08/01/51)(a)(b)

    300       190,320  

Blackstone Holdings Finance Co. LLC

   

2.80%, 09/30/50 (Call 03/30/50)(b)

    318       183,401  

2.85%, 08/05/51 (Call 02/05/51)(a)(b)

    430       254,238  

3.20%, 01/30/52 (Call 07/30/51)(b)

    755       480,124  

3.50%, 09/10/49 (Call 03/10/49)(b)

    325       212,183  

4.00%, 10/02/47 (Call 04/02/47)(b)

    265       191,814  

4.45%, 07/15/45(a)(b)

    270       211,234  

5.00%, 06/15/44(a)(b)

    341       290,402  

6.25%, 08/15/42(a)(b)

    340       324,745  

Blue Owl Finance LLC, 4.13%, 10/07/51 (Call 04/07/51)(b)

    240       143,806  

Brookfield Finance Inc.

   

3.50%, 03/30/51 (Call 09/30/50)(a)

    552       360,190  

3.63%, 02/15/52 (Call 08/15/51)

    485       321,735  

4.70%, 09/20/47 (Call 03/20/47)

    649       532,835  

Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49)

    461       298,869  

CI Financial Corp., 4.10%, 06/15/51
(Call 12/15/50)(a)

    698       422,373  

CME Group Inc.

   

4.15%, 06/15/48 (Call 12/15/47)(a)

    556       484,119  

5.30%, 09/15/43 (Call 03/15/43)

    729       737,978  

FMR LLC

   

5.15%, 02/01/43(b)

    325       285,009  

 

 

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

  211


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

6.45%, 11/15/39(b)

  $ 265     $ 270,006  

6.50%, 12/14/40(b)

    317       327,577  

Franklin Resources Inc., 2.95%, 08/12/51 (Call 02/12/51)

    320       196,461  

Invesco Finance PLC, 5.38%, 11/30/43

    398       372,981  

Jefferies Financial Group Inc.

   

6.25%, 01/15/36

    490       496,400  

6.50%, 01/20/43(a)

    404       400,501  

6.63%, 10/23/43 (Call 07/23/43)(a)

    188       183,529  

KKR Group Finance Co. II LLC, 5.50%, 02/01/43 (Call 08/01/42)(a)(b)

    406       366,440  

Legg Mason Inc., 5.63%, 01/15/44

    520       503,183  

LSEGA Financing PLC, 3.20%, 04/06/41 (Call 10/06/40)(b)

    636       468,591  

Mastercard Inc.

   

2.95%, 03/15/51 (Call 09/15/50)

    697       487,925  

3.65%, 06/01/49 (Call 12/01/48)

    964       772,507  

3.80%, 11/21/46 (Call 05/21/46)(a)

    409       336,739  

3.85%, 03/26/50 (Call 09/26/49)

     1,129       937,747  

3.95%, 02/26/48 (Call 08/26/47)

    442       375,669  

Nasdaq Inc.

   

2.50%, 12/21/40 (Call 06/21/40)

    638       418,993  

3.25%, 04/28/50 (Call 10/28/49)(a)

    408       271,049  

3.95%, 03/07/52 (Call 09/07/51)

    450       336,838  

5.55%, 02/15/34 (Call 11/15/33)

    1,025       1,023,214  

5.95%, 08/15/53 (Call 02/15/53)

    795       791,711  

6.10%, 06/28/63 (Call 12/28/62)

    660       651,238  

Neuberger Berman Group LLC/Neuberger Berman Finance Corp., 4.88%, 04/15/45
(Call 10/15/44)(b)

    240       189,689  

Raymond James Financial Inc.

   

3.75%, 04/01/51 (Call 10/01/50)

    699       508,645  

4.95%, 07/15/46

    601       523,544  

Visa Inc.

   

2.00%, 08/15/50 (Call 02/15/50)(a)

    1,643       971,565  

2.70%, 04/15/40 (Call 10/15/39)

    962       716,448  

3.65%, 09/15/47 (Call 03/15/47)

    827       674,225  

4.15%, 12/14/35 (Call 06/14/35)

    1,222       1,152,958  

4.30%, 12/14/45 (Call 06/14/45)

    2,580       2,332,445  

Voya Financial Inc.

   

4.80%, 06/15/46

    233       184,168  

5.70%, 07/15/43

    570       525,422  

Western Union Co. (The)

   

6.20%, 11/17/36

    522       523,421  

6.20%, 06/21/40

    259       255,461  
   

 

 

 
       27,484,550  
Electric — 12.2%            

Abu Dhabi National Energy Co. PJSC

   

3.40%, 04/29/51 (Call 10/29/50)(b)

    577       415,966  

4.00%, 10/03/49(b)

    413       337,425  

6.50%, 10/27/36(b)

    1,110       1,234,875  

AEP Texas Inc.

   

3.45%, 05/15/51 (Call 11/15/50)

    461       311,302  

3.80%, 10/01/47 (Call 04/01/47)

    378       273,233  

5.25%, 05/15/52 (Call 11/15/51)

    442       406,845  

Series G, 4.15%, 05/01/49 (Call 11/01/48)

    294       226,627  

Series H, 3.45%, 01/15/50 (Call 07/15/49)

    447       308,717  

AEP Transmission Co. LLC

   

3.15%, 09/15/49 (Call 03/15/49)

    280       190,772  

3.75%, 12/01/47 (Call 06/01/47)

    520       403,317  

3.80%, 06/15/49 (Call 12/15/48)

    299       229,621  
Security  

Par

(000)

    Value  
Electric (continued)            

4.00%, 12/01/46 (Call 06/01/46)

  $  105     $ 86,031  

4.25%, 09/15/48 (Call 03/15/48)

    261        216,128  

4.50%, 06/15/52 (Call 12/01/51)

    360       310,480  

5.40%, 03/15/53 (Call 09/15/52)

    595       590,555  

Series M, 3.65%, 04/01/50 (Call 10/01/49)

    499       376,303  

Series N, 2.75%, 08/15/51 (Call 02/15/51)

    422       261,248  

Alabama Power Co.

   

3.00%, 03/15/52 (Call 09/15/51)(a)

    360       233,163  

3.13%, 07/15/51 (Call 01/15/51)

    645       423,298  

3.45%, 10/01/49 (Call 04/01/49)

    582       412,960  

3.75%, 03/01/45 (Call 09/01/44)

    685       522,586  

3.85%, 12/01/42

    220       174,990  

4.10%, 01/15/42

    280       225,188  

4.15%, 08/15/44 (Call 02/15/44)

    412       333,498  

4.30%, 01/02/46 (Call 07/02/45)

    370       303,739  

5.50%, 03/15/41(a)

    343       327,710  

6.00%, 03/01/39(a)

    247       254,795  

6.13%, 05/15/38

    135       141,554  

Series 11-C, 5.20%, 06/01/41(a)

    290       263,022  

Series A, 4.30%, 07/15/48 (Call 01/15/48)

    509       418,592  

Series B, 3.70%, 12/01/47 (Call 06/01/47)

    465       349,146  

Alfa Desarrollo SpA, 4.55%, 09/27/51 (Call 03/27/51)(b)

    582       420,619  

Ameren Illinois Co.

   

2.90%, 06/15/51 (Call 12/15/50)

    242       155,258  

3.25%, 03/15/50 (Call 09/15/49)(a)

    252       177,034  

3.70%, 12/01/47 (Call 06/01/47)

    527       406,646  

4.15%, 03/15/46 (Call 09/15/45)

    350       283,760  

4.30%, 07/01/44 (Call 01/01/44)(a)

    355       286,797  

4.50%, 03/15/49 (Call 09/15/48)(a)

    330       289,871  

4.80%, 12/15/43 (Call 06/15/43)(a)

    265       232,072  

5.90%, 12/01/52 (Call 06/01/52)

    295       310,688  

American Electric Power Co. Inc., 3.25%, 03/01/50 (Call 09/01/49)

    382       250,868  

American Transmission Systems Inc., 5.00%, 09/01/44 (Call 03/01/44)(b)

    181       162,569  

Appalachian Power Co.

   

4.40%, 05/15/44 (Call 11/15/43)

    343       275,626  

4.45%, 06/01/45 (Call 12/01/44)

    266       216,072  

7.00%, 04/01/38

    240       265,871  

Series L, 5.80%, 10/01/35(a)

    290       282,882  

Series P, 6.70%, 08/15/37(a)

    170       177,316  

Series Y, 4.50%, 03/01/49 (Call 09/01/48)

    381       308,108  

Series Z, 3.70%, 05/01/50 (Call 11/01/49)(a)

    385       277,104  

Arizona Public Service Co.

   

2.65%, 09/15/50 (Call 03/15/50)

    225       131,207  

3.35%, 05/15/50 (Call 11/15/49)

    355       236,465  

3.50%, 12/01/49 (Call 06/01/49)

    262       177,094  

3.75%, 05/15/46 (Call 11/15/45)

    216       156,377  

4.20%, 08/15/48 (Call 02/15/48)

    368       280,716  

4.25%, 03/01/49 (Call 09/01/48)

    291       222,017  

4.35%, 11/15/45 (Call 05/15/45)

    352       280,699  

4.50%, 04/01/42 (Call 10/01/41)

    461       382,935  

4.70%, 01/15/44 (Call 07/15/43)(a)

    225       184,022  

5.05%, 09/01/41 (Call 03/01/41)(a)

    423       376,303  

5.50%, 09/01/35

    235       224,776  

Avista Corp.

   

4.00%, 04/01/52 (Call 10/01/51)(a)

    459       350,379  

4.35%, 06/01/48 (Call 12/01/47)

    425       348,038  

Baltimore Gas & Electric Co.

   

2.90%, 06/15/50 (Call 12/15/49)

    298       191,017  

 

 

212  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

3.20%, 09/15/49 (Call 03/15/49)

  $ 267     $ 180,740  

3.50%, 08/15/46 (Call 02/15/46)

    355       259,869  

3.75%, 08/15/47 (Call 02/15/47)(a)

    359       271,238  

4.25%, 09/15/48 (Call 03/15/48)

    370       302,787  

4.55%, 06/01/52 (Call 12/01/51)

    480       414,364  

5.40%, 06/01/53 (Call 12/01/52)

    449       442,789  

6.35%, 10/01/36

    210       224,166  

Basin Electric Power Cooperative, 4.75%, 04/26/47 (Call 10/26/46)(a)(b)

    226       183,077  

Berkshire Hathaway Energy Co.

   

2.85%, 05/15/51 (Call 11/15/50)

    1,151       712,751  

3.80%, 07/15/48 (Call 01/15/48)

    647       477,711  

4.25%, 10/15/50 (Call 04/15/50)

    768       599,764  

4.45%, 01/15/49 (Call 07/15/48)

    868       709,956  

4.50%, 02/01/45 (Call 08/01/44)

    643       539,757  

4.60%, 05/01/53 (Call 11/01/52)(a)

    440       362,527  

5.15%, 11/15/43 (Call 05/15/43)

    243       223,394  

5.95%, 05/15/37

    556       565,474  

6.13%, 04/01/36

     1,317        1,378,354  

Black Hills Corp.

   

3.88%, 10/15/49 (Call 04/15/49)(a)

    209       149,121  

4.20%, 09/15/46 (Call 03/15/46)(a)

    225       171,468  

Celeo Redes Operacion Chile SA, 5.20%, 06/22/47(b)

    189       170,873  

CenterPoint Energy Houston Electric LLC

   

3.55%, 08/01/42 (Call 02/01/42)

    590       451,711  

3.60%, 03/01/52 (Call 09/01/51)

    379       280,636  

3.95%, 03/01/48 (Call 09/01/47)

    421       337,769  

4.50%, 04/01/44 (Call 10/01/43)

    547       474,671  

5.30%, 04/01/53 (Call 10/01/52)(a)

    45       44,699  

Series AC, 4.25%, 02/01/49 (Call 08/01/48)

    580       484,747  

Series AD, 2.90%, 07/01/50 (Call 01/01/50)

    311       202,443  

Series AF, 3.35%, 04/01/51 (Call 10/01/50)

    345       247,250  

Series AJ, 4.85%, 10/01/52 (Call 04/01/52)

    261       240,719  

CenterPoint Energy Inc., 3.70%, 09/01/49 (Call 03/01/49)

    311       221,748  

CEZ AS, 5.63%, 04/03/42(b)

    223       200,217  

Cleco Corporate Holdings LLC, 4.97%, 05/01/46 (Call 11/01/45)

    380       304,855  

Cleco Power LLC

   

6.00%, 12/01/40(a)

    188       178,410  

6.50%, 12/01/35

    320       318,668  

Cleveland Electric Illuminating Co. (The), 5.95%, 12/15/36

    546       539,604  

CMS Energy Corp.

   

4.70%, 03/31/43 (Call 09/30/42)

    335       285,966  

4.88%, 03/01/44 (Call 09/01/43)(a)

    326       289,702  

Cometa Energia SA de CV, 6.38%, 04/24/35 (Call 01/24/35)(a)(b)

    219       208,357  

Comision Federal de Electricidad

   

4.68%, 02/09/51 (Call 08/09/50)(a)(b)

    562       376,774  

5.75%, 02/14/42(a)(b)

    451       385,336  

6.13%, 06/16/45(b)

    500       435,960  

6.26%, 02/15/52 (Call 08/15/51)(b)

    390       329,154  

Commonwealth Edison Co.

   

3.00%, 03/01/50 (Call 09/01/49)

    518       342,972  

3.65%, 06/15/46 (Call 12/15/45)

    560       421,197  

3.70%, 03/01/45 (Call 09/01/44)

    308       237,342  

3.80%, 10/01/42 (Call 04/01/42)

    450       356,952  

4.00%, 03/01/48 (Call 09/01/47)

    496       399,429  

4.00%, 03/01/49 (Call 09/01/48)

    388       309,471  
Security  

Par

(000)

    Value  
Electric (continued)            

4.35%, 11/15/45 (Call 05/15/45)

  $  398     $  334,944  

4.60%, 08/15/43 (Call 02/15/43)

    270       239,880  

4.70%, 01/15/44 (Call 07/15/43)

    380       336,105  

5.30%, 02/01/53 (Call 08/01/52)

    380       372,083  

6.45%, 01/15/38

    319       343,135  

Series 123, 3.75%, 08/15/47 (Call 02/15/47)

    532       406,867  

Series 127, 3.20%, 11/15/49 (Call 05/15/49)

    305       208,723  

Series 130, 3.13%, 03/15/51 (Call 09/15/50)

    564       380,181  

Series 131, 2.75%, 09/01/51 (Call 03/01/51)

    340       208,544  

Series 133, 3.85%, 03/15/52 (Call 09/15/51)(a)

    410       311,355  

Connecticut Light & Power Co. (The)

   

4.00%, 04/01/48 (Call 10/01/47)

    287       233,650  

4.30%, 04/15/44 (Call 10/15/43)

    369       310,760  

5.25%, 01/15/53 (Call 07/15/52)

    370       361,367  

6.35%, 06/01/36(a)

    200       211,507  

Series A, 4.15%, 06/01/45 (Call 12/01/44)(a)

    237       196,165  

Consolidated Edison Co. of New York Inc.

   

3.20%, 12/01/51 (Call 06/01/51)

    499       334,300  

3.60%, 06/15/61 (Call 12/15/60)

    515       355,110  

3.70%, 11/15/59 (Call 05/15/59)

    458       323,237  

3.85%, 06/15/46 (Call 12/15/45)

    517       394,402  

3.95%, 03/01/43 (Call 09/01/42)

    655       520,764  

4.45%, 03/15/44 (Call 09/15/43)

    736       627,028  

4.50%, 12/01/45 (Call 06/01/45)

    586       494,520  

4.50%, 05/15/58 (Call 11/15/57)

    621       505,909  

4.63%, 12/01/54 (Call 06/01/54)

    698       592,450  

5.70%, 06/15/40

    310       304,905  

6.15%, 11/15/52 (Call 05/15/52)

    585       627,150  

Series 05-A, 5.30%, 03/01/35

    348       339,501  

Series 06-A, 5.85%, 03/15/36

    279       280,667  

Series 06-B, 6.20%, 06/15/36(a)

    385       400,329  

Series 06-E, 5.70%, 12/01/36

    297       295,016  

Series 07-A, 6.30%, 08/15/37(a)

    410       430,691  

Series 08-B, 6.75%, 04/01/38(a)

    415       455,102  

Series 09-C, 5.50%, 12/01/39

    470       453,305  

Series 12-A, 4.20%, 03/15/42

    468       385,798  

Series 2017, 3.88%, 06/15/47 (Call 12/15/46)

    470       359,765  

Series 20B, 3.95%, 04/01/50 (Call 10/01/49)

    816       645,945  

Series A, 4.13%, 05/15/49 (Call 11/15/48)

    513       405,984  

Series C, 3.00%, 12/01/60 (Call 06/01/60)

    365       223,192  

Series C, 4.00%, 11/15/57 (Call 05/15/57)

    349       267,650  

Series C, 4.30%, 12/01/56 (Call 06/01/56)

    456       359,969  

Series E, 4.65%, 12/01/48 (Call 06/01/48)

    464       398,978  

Consorcio Transmantaro SA

   

4.70%, 04/16/34(b)

    225       207,114  

5.20%, 04/11/38 (Call 01/11/38)(a)(b)

    654       603,750  

Constellation Energy Generation LLC

   

5.60%, 06/15/42 (Call 12/15/41)

    698       658,013  

6.25%, 10/01/39

    723       732,158  

Consumers Energy Co.

   

2.50%, 05/01/60 (Call 11/01/59)

    246       135,942  

3.10%, 08/15/50 (Call 02/15/50)

    396       272,355  

3.25%, 08/15/46 (Call 02/15/46)

    290       208,113  

3.50%, 08/01/51 (Call 02/01/51)

    386       284,609  

3.75%, 02/15/50 (Call 08/15/49)

    353       272,981  

3.95%, 05/15/43 (Call 11/15/42)

    379       306,503  

3.95%, 07/15/47 (Call 01/15/47)(a)

    305       244,397  

4.05%, 05/15/48 (Call 11/15/47)

    451       366,541  

4.10%, 11/15/45 (Call 05/15/45)

    20       15,655  

4.20%, 09/01/52 (Call 03/01/52)

    428       353,303  

 

 

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

  213


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

4.35%, 04/15/49 (Call 10/15/48)(a)

  $ 390     $  333,798  

4.35%, 08/31/64 (Call 02/28/64)(a)

    276       216,737  

Dayton Power & Light Co. (The), 3.95%, 06/15/49 (Call 12/15/48)(a)

    301       227,838  

Delmarva Power & Light Co.

   

4.00%, 06/01/42 (Call 12/01/41)(a)

    298       230,495  

4.15%, 05/15/45 (Call 11/15/44)

    310       248,106  

Dominion Energy Inc.

   

4.70%, 12/01/44 (Call 06/01/44)

    372       312,089  

4.85%, 08/15/52 (Call 02/15/52)

    565       481,731  

7.00%, 06/15/38

    388       419,907  

Series A, 4.60%, 03/15/49 (Call 09/15/48)

    381       316,486  

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

    414       297,465  

Series B, 5.95%, 06/15/35

    439       448,094  

Series C, 4.05%, 09/15/42 (Call 03/15/42)

    352       271,733  

Series C, 4.90%, 08/01/41 (Call 02/01/41)

    722       633,504  

Dominion Energy South Carolina Inc.

   

4.60%, 06/15/43 (Call 12/15/42)

    333       293,744  

5.10%, 06/01/65 (Call 12/01/64)

    156       144,880  

5.45%, 02/01/41 (Call 08/01/40)

    619       599,167  

6.05%, 01/15/38

    383       397,150  

DTE Electric Co.

   

2.95%, 03/01/50 (Call 09/01/49)

    506       335,740  

3.70%, 03/15/45 (Call 09/15/44)

    249       190,039  

3.70%, 06/01/46 (Call 12/01/45)

    135       101,470  

3.75%, 08/15/47 (Call 02/15/47)

    515       392,446  

3.95%, 06/15/42 (Call 12/15/41)

    235       189,994  

3.95%, 03/01/49 (Call 09/01/48)

    498       394,359  

4.30%, 07/01/44 (Call 01/01/44)

    366       307,151  

5.40%, 04/01/53 (Call 10/01/52)(a)

    535       532,039  

5.70%, 10/01/37(a)

    198       195,281  

Series A, 4.00%, 04/01/43 (Call 10/01/42)

    266       214,825  

Series A, 4.05%, 05/15/48 (Call 11/15/47)

    380       307,873  

Series A, 6.63%, 06/01/36(a)

    425       467,771  

Series B, 3.25%, 04/01/51 (Call 10/01/50)

    432       300,626  

Series B, 3.65%, 03/01/52 (Call 09/01/51)

    375       279,800  

Duke Energy Carolinas LLC

   

3.20%, 08/15/49 (Call 02/15/49)

    521       358,065  

3.45%, 04/15/51 (Call 10/15/50)

    289       203,646  

3.55%, 03/15/52 (Call 09/15/51)(a)

    400       290,889  

3.70%, 12/01/47 (Call 06/01/47)

    597       451,160  

3.75%, 06/01/45 (Call 12/01/44)

    387       293,484  

3.88%, 03/15/46 (Call 09/15/45)

    443       341,005  

3.95%, 03/15/48 (Call 09/15/47)

    528       414,675  

4.00%, 09/30/42 (Call 03/30/42)

    493       399,883  

4.25%, 12/15/41 (Call 06/15/41)

    549       464,710  

5.30%, 02/15/40

    455       443,090  

5.35%, 01/15/53 (Call 07/15/52)

    575       558,885  

5.40%, 01/15/54 (Call 07/15/53)

    402       394,144  

6.00%, 01/15/38

    419       435,225  

6.05%, 04/15/38

    534       554,474  

6.10%, 06/01/37

    428       441,977  

Duke Energy Corp.

   

3.30%, 06/15/41 (Call 12/15/40)

    562       402,842  

3.50%, 06/15/51 (Call 12/15/50)

    791       543,877  

3.75%, 09/01/46 (Call 03/01/46)(a)

     1,293       946,222  

3.95%, 08/15/47 (Call 02/15/47)

    601       449,887  

4.20%, 06/15/49 (Call 12/15/48)(a)

    438       340,546  

4.80%, 12/15/45 (Call 06/15/45)

    487       421,074  

5.00%, 08/15/52 (Call 02/15/52)(a)

    980       858,901  
Security  

Par

(000)

    Value  
Electric (continued)            

Duke Energy Florida LLC

   

3.00%, 12/15/51 (Call 06/15/51)

  $ 410     $ 268,454  

3.40%, 10/01/46 (Call 04/01/46)

    553       397,515  

3.85%, 11/15/42 (Call 05/15/42)

    370       291,843  

4.20%, 07/15/48 (Call 01/15/48)

    292       239,084  

5.65%, 04/01/40(a)

    271       270,178  

5.95%, 11/15/52 (Call 05/15/52)

    415       433,202  

6.35%, 09/15/37

    481       511,510  

6.40%, 06/15/38

    915       984,788  

Duke Energy Indiana LLC

   

2.75%, 04/01/50 (Call 10/01/49)

    576       351,249  

3.75%, 05/15/46 (Call 11/15/45)

    356       265,981  

5.40%, 04/01/53 (Call 10/01/52)

    335       325,610  

6.12%, 10/15/35

    350       359,393  

6.35%, 08/15/38

    580       619,420  

6.45%, 04/01/39(a)

    360       379,225  

Series UUU, 4.20%, 03/15/42 (Call 09/15/41)

    279       230,072  

Series WWW, 4.90%, 07/15/43 (Call 01/15/43)

    326       294,123  

Series YYY, 3.25%, 10/01/49 (Call 04/01/49)

    411       279,947  

Duke Energy Ohio Inc.

   

3.70%, 06/15/46 (Call 12/15/45)

    293       215,690  

4.30%, 02/01/49 (Call 08/01/48)

    357       289,502  

5.65%, 04/01/53 (Call 10/01/52)

    285       283,491  

Duke Energy Progress LLC

   

2.50%, 08/15/50 (Call 02/15/50)

    435       256,429  

2.90%, 08/15/51 (Call 02/15/51)

    472       300,311  

3.60%, 09/15/47 (Call 03/15/47)

    455       338,030  

3.70%, 10/15/46 (Call 04/15/46)

    391       291,957  

4.00%, 04/01/52 (Call 10/01/51)

    340       265,665  

4.10%, 05/15/42 (Call 11/15/41)

    442       364,221  

4.10%, 03/15/43 (Call 09/15/42)

    411       334,759  

4.15%, 12/01/44 (Call 06/01/44)

    429       350,063  

4.20%, 08/15/45 (Call 02/15/45)

    545       441,045  

4.38%, 03/30/44 (Call 09/30/43)

    220       186,180  

5.35%, 03/15/53 (Call 09/15/52)

    535       518,854  

6.30%, 04/01/38

    315       332,373  

E.ON International Finance BV, 6.65%, 04/30/38(b)

    964        1,011,505  

El Paso Electric Co.

   

5.00%, 12/01/44 (Call 06/01/44)(a)

    165       142,386  

6.00%, 05/15/35

    521       512,094  

Electricite de France SA

   

4.75%, 10/13/35 (Call 04/13/35)(a)(b)

    478       425,523  

4.88%, 09/21/38 (Call 03/21/38)(b)

    491       416,005  

4.88%, 01/22/44(b)

    888       734,602  

4.95%, 10/13/45 (Call 04/13/45)(b)

    1,043       849,041  

5.00%, 09/21/48 (Call 03/21/48)(a)(b)

    994       807,787  

5.25%, 10/13/55 (Call 04/13/55)(b)

    201       161,382  

5.60%, 01/27/40(a)(b)

    755       704,040  

6.00%, 01/22/2114(a)(b)

    614       539,370  

6.90%, 05/23/53(b)

    880       918,293  

6.95%, 01/26/39(a)(b)

     1,295       1,372,471  

Elm Road Generating Station Supercritical LLC, 6.09%, 02/11/40(a)(b)

    305       301,636  

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

    851       666,070  

Emirates Semb Corp. Water & Power Co. PJSC, 4.45%, 08/01/35(b)

    215       200,187  

Empresa de Transmision Electrica SA, 5.13%, 05/02/49(b)

    325       255,125  

 

 

214  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Enel Finance America LLC, 2.88%, 07/12/41 (Call 01/12/41)(b)

  $ 762     $ 478,209  

Enel Finance International NV

   

4.75%, 05/25/47(a)(b)

     1,312       1,077,584  

5.50%, 06/15/52 (Call 12/15/51)(b)

    915       802,139  

6.00%, 10/07/39(a)(b)

    1,079       1,033,010  

6.80%, 09/15/37(a)(b)

    948       981,431  

7.75%, 10/14/52 (Call 04/14/52)(b)

    892        1,020,013  

Entergy Arkansas LLC

   

2.65%, 06/15/51 (Call 12/15/50)

    502       299,677  

3.35%, 06/15/52 (Call 12/15/51)

    445       303,740  

4.20%, 04/01/49 (Call 10/01/48)

    448       357,390  

4.95%, 12/15/44 (Call 12/15/24)

    250       222,230  

Entergy Corp., 3.75%, 06/15/50 (Call 12/15/49)

    565       398,126  

Entergy Louisiana LLC

   

2.90%, 03/15/51 (Call 09/15/50)

    550       343,870  

3.10%, 06/15/41 (Call 12/15/40)

    399       290,664  

4.20%, 09/01/48 (Call 03/01/48)

    754       604,439  

4.20%, 04/01/50 (Call 10/01/49)

    403       322,665  

4.75%, 09/15/52 (Call 03/15/52)

    345       299,718  

4.95%, 01/15/45 (Call 01/15/25)

    550       485,741  

Entergy Mississippi LLC

   

3.50%, 06/01/51 (Call 03/01/51)(a)

    395       274,407  

3.85%, 06/01/49 (Call 12/01/48)

    363       271,045  

Entergy Texas Inc.

   

3.55%, 09/30/49 (Call 03/30/49)(a)

    465       329,089  

4.50%, 03/30/39 (Call 09/30/38)

    318       278,377  

5.00%, 09/15/52 (Call 03/15/52)

    269       240,552  

5.15%, 06/01/45 (Call 06/01/25)(a)

    170       154,452  

5.80%, 09/01/53 (Call 03/01/53)

    275       277,003  

Evergy Kansas Central Inc.

   

3.25%, 09/01/49 (Call 03/01/49)

    286       194,876  

3.45%, 04/15/50 (Call 10/15/49)

    455       320,846  

4.10%, 04/01/43 (Call 10/01/42)

    521       411,881  

4.13%, 03/01/42 (Call 09/01/41)

    496       403,781  

4.25%, 12/01/45 (Call 06/01/45)

    242       197,213  

4.63%, 09/01/43 (Call 03/01/43)(a)

    204       168,765  

5.70%, 03/15/53 (Call 09/15/52)

    360       359,745  

Evergy Kansas South Inc., 4.30%, 07/15/44 (Call 01/15/44)(b)

    80       61,813  

Evergy Metro Inc.

   

4.20%, 06/15/47 (Call 12/15/46)

    190       153,338  

4.20%, 03/15/48 (Call 09/15/47)

    285       231,373  

5.30%, 10/01/41 (Call 04/01/41)

    449       431,157  

Series 2019, 4.13%, 04/01/49 (Call 10/01/48)

    350       273,015  

Series B, 6.05%, 11/15/35

    195       199,563  

Eversource Energy, 3.45%, 01/15/50 (Call 07/15/49)

    515       362,227  

Exelon Corp.

   

4.10%, 03/15/52 (Call 09/15/51)

    645       499,055  

4.45%, 04/15/46 (Call 10/15/45)

    679       561,282  

4.70%, 04/15/50 (Call 10/15/49)

    632       536,210  

4.95%, 06/15/35 (Call 12/15/34)

    174       162,430  

5.10%, 06/15/45 (Call 12/15/44)

    611       556,338  

5.60%, 03/15/53 (Call 09/15/52)

    570       549,942  

5.63%, 06/15/35

    337       335,569  

Exelon Generation Co. LLC, 5.75%, 10/01/41 (Call 04/01/41)

    340       324,147  

FEL Energy VI Sarl, 5.75%, 12/01/40 (Call 12/01/37)(b)

    457       388,283  
Security  

Par

(000)

    Value  
Electric (continued)            

FirstEnergy Transmission LLC

   

4.55%, 04/01/49 (Call 10/01/48)(b)

  $  395     $  319,224  

5.45%, 07/15/44 (Call 01/15/44)(b)

    230       208,503  

Florida Power & Light Co.

   

2.88%, 12/04/51 (Call 06/04/51)(a)

    780       509,634  

3.15%, 10/01/49 (Call 04/01/49)

    658       459,332  

3.70%, 12/01/47 (Call 06/01/47)

    803       626,007  

3.80%, 12/15/42 (Call 06/15/42)

    274       223,779  

3.95%, 03/01/48 (Call 09/01/47)

    766       621,974  

3.99%, 03/01/49 (Call 09/01/48)

    510       412,525  

4.05%, 06/01/42 (Call 12/01/41)

    604       507,650  

4.05%, 10/01/44 (Call 04/01/44)

    462       388,431  

4.13%, 02/01/42 (Call 08/01/41)(a)

    370       313,554  

4.13%, 06/01/48 (Call 12/01/47)

    462       385,472  

4.95%, 06/01/35

    380       372,151  

5.13%, 06/01/41 (Call 12/01/40)

    260       246,035  

5.25%, 02/01/41 (Call 08/01/40)

    354       345,085  

5.30%, 04/01/53 (Call 10/01/52)

    630       624,274  

5.63%, 04/01/34

    140       145,844  

5.65%, 02/01/37

    338       345,130  

5.69%, 03/01/40

    561       574,412  

5.95%, 02/01/38

    800       839,855  

5.96%, 04/01/39

    505       531,243  

Georgia Power Co.

   

4.30%, 03/15/42(a)

    774       647,768  

4.30%, 03/15/43

    576       473,839  

5.13%, 05/15/52 (Call 11/15/51)(a)

    805       746,724  

5.40%, 06/01/40(a)

    210       197,223  

Series 10-C, 4.75%, 09/01/40

    565       499,500  

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

    654       444,228  

Series B, 3.70%, 01/30/50 (Call 07/30/49)(a)

    499       369,245  

Great River Energy, 6.25%, 07/01/38(a)(b)

    377       389,631  

Iberdrola International BV, 6.75%, 07/15/36

    455       495,541  

Idaho Power Co.

   

3.65%, 03/01/45 (Call 09/01/44)

    239       163,627  

5.50%, 03/15/53 (Call 09/15/52)

    175       171,906  

Series K, 4.20%, 03/01/48 (Call 09/01/47)(a)

    250       204,373  

Indiana Michigan Power Co.

   

3.25%, 05/01/51 (Call 11/01/50)

    270       183,532  

4.25%, 08/15/48 (Call 02/15/48)

    340       272,872  

5.63%, 04/01/53 (Call 10/01/52)

    460       463,723  

6.05%, 03/15/37

    259       265,095  

Series K, 4.55%, 03/15/46 (Call 09/15/45)(a)

    280       243,328  

Series L, 3.75%, 07/01/47 (Call 01/01/47)

    280       210,875  

Indianapolis Power & Light Co.

   

4.05%, 05/01/46 (Call 11/01/45)(b)

    333       259,406  

4.70%, 09/01/45 (Call 03/01/45)(b)

    301       245,631  

Infraestructura Energetica Nova SAB de CV

   

4.75%, 01/15/51(b)

    450       334,957  

4.88%, 01/14/48(b)

    352       267,087  

Interchile SA, 4.50%, 06/30/56(b)

    960       751,894  

International Transmission Co., 4.63%, 08/15/43 (Call 02/15/43)

    270       219,861  

Interstate Power & Light Co.

   

3.10%, 11/30/51 (Call 05/30/51)

    368       232,581  

3.50%, 09/30/49 (Call 03/30/49)

    263       184,609  

3.70%, 09/15/46 (Call 03/15/46)

    295       213,579  

4.70%, 10/15/43 (Call 04/15/43)(a)

    193       158,850  

6.25%, 07/15/39

    225       230,426  

ITC Holdings Corp., 5.30%, 07/01/43 (Call 01/01/43)

    288       265,163  

 

 

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

  215


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Jersey Central Power & Light Co., 6.15%, 06/01/37

  $ 186     $  190,108  

Kentucky Utilities Co.

   

3.30%, 06/01/50 (Call 12/01/49)

    399       274,751  

4.38%, 10/01/45 (Call 04/01/45)

    335       274,421  

5.13%, 11/01/40 (Call 05/01/40)

    417       390,617  

Series 1, 4.65%, 11/15/43 (Call 05/15/43)

    274       233,554  

LLPL Capital Pte Ltd., 6.88%, 02/04/39(a)(b)

    203       178,833  

Louisville Gas & Electric Co.

   

4.25%, 04/01/49 (Call 10/01/48)

    329       266,991  

4.38%, 10/01/45 (Call 04/01/45)

    420       342,525  

4.65%, 11/15/43 (Call 05/15/43)(a)

    282       235,154  

5.13%, 11/15/40 (Call 05/15/40)

    95       85,697  

Massachusetts Electric Co.

   

4.00%, 08/15/46 (Call 02/15/46)(b)

    225       163,564  

5.90%, 11/15/39(b)

    365       359,157  

MidAmerican Energy Co.

   

2.70%, 08/01/52 (Call 02/01/52)

    525       318,586  

3.15%, 04/15/50 (Call 10/15/49)

    870       588,167  

3.65%, 08/01/48 (Call 02/01/48)

    445       331,459  

3.95%, 08/01/47 (Call 02/01/47)

    500       391,386  

4.25%, 05/01/46 (Call 11/01/45)(a)

    386       316,129  

4.25%, 07/15/49 (Call 01/15/49)

    629       517,089  

4.40%, 10/15/44 (Call 04/15/44)

    415       351,259  

4.80%, 09/15/43 (Call 03/15/43)

    466       420,121  

5.75%, 11/01/35(a)

    406       416,379  

5.80%, 10/15/36(a)

    295       301,933  

Minejesa Capital BV, 5.63%, 08/10/37(b)

    430       337,480  

Mississippi Power Co.

   

Series 12-A, 4.25%, 03/15/42

    420       343,519  

Series B, 3.10%, 07/30/51 (Call 01/30/51)(a)

    300       191,468  

Monongahela Power Co., 5.40%, 12/15/43 (Call 06/15/43)(a)(b)

    454       425,276  

Narragansett Electric Co. (The)

   

4.17%, 12/10/42(b)

    277       208,266  

5.64%, 03/15/40(b)

    209       199,507  

National Grid USA, 5.80%, 04/01/35

    210       207,002  

National Rural Utilities Cooperative Finance Corp.

   

4.30%, 03/15/49 (Call 09/15/48)

    359       291,586  

4.40%, 11/01/48 (Call 05/01/48)

    199       162,484  

Nevada Power Co.

   

5.38%, 09/15/40 (Call 03/15/40)(a)

    305       291,685  

5.45%, 05/15/41 (Call 11/15/40)(a)

    155       146,755  

5.90%, 05/01/53 (Call 11/01/52)

    380       382,005  

Series EE, 3.13%, 08/01/50 (Call 02/01/50)

    346       219,608  

Series N, 6.65%, 04/01/36

    474       502,284  

Series R, 6.75%, 07/01/37

    290       311,979  

New England Power Co.

   

2.81%, 10/06/50 (Call 04/06/50)(b)

    424       265,453  

3.80%, 12/05/47 (Call 06/05/47)(b)

    295       225,387  

5.94%, 11/25/52 (Call 05/25/52)(b)

    280       282,119  

New York State Electric & Gas Corp., 3.30%, 09/15/49 (Call 03/15/49)(b)

    179       117,403  

NextEra Energy Capital Holdings Inc.

   

3.00%, 01/15/52 (Call 07/15/51)(a)

    375       238,463  

5.25%, 02/28/53 (Call 08/28/52)

     1,010       935,154  

Niagara Mohawk Power Corp.

   

3.03%, 06/27/50 (Call 12/27/49)(b)

    382       242,980  

4.12%, 11/28/42(b)

    215       167,353  

4.28%, 10/01/34 (Call 04/01/34)(b)

    379       328,947  

5.78%, 09/16/52 (Call 03/16/52)(a)(b)

    785       769,533  
Security  

Par

(000)

    Value  
Electric (continued)            

Northern States Power Co./MN

   

2.60%, 06/01/51 (Call 12/01/50)

  $  475     $  290,214  

2.90%, 03/01/50 (Call 09/01/49)

    419       275,649  

3.20%, 04/01/52 (Call 10/01/51)

    301       204,207  

3.40%, 08/15/42 (Call 02/15/42)

    203       154,323  

3.60%, 05/15/46 (Call 11/15/45)

    312       236,539  

3.60%, 09/15/47 (Call 03/15/47)

    422       318,850  

4.00%, 08/15/45 (Call 02/15/45)

    245       194,108  

4.13%, 05/15/44 (Call 11/15/43)

    248       204,511  

4.50%, 06/01/52 (Call 12/01/51)

    415       358,065  

4.85%, 08/15/40 (Call 02/15/40)

    280       250,414  

5.10%, 05/15/53 (Call 11/15/52)

    510       482,120  

5.25%, 07/15/35(a)

    299       295,651  

5.35%, 11/01/39

    440       430,770  

6.20%, 07/01/37

    365       388,001  

6.25%, 06/01/36

    311       333,528  

NorthWestern Corp., 4.18%, 11/15/44
(Call 05/15/44)(a)

    178       141,556  

NSTAR Electric Co.

   

3.10%, 06/01/51 (Call 12/01/50)

    270       180,873  

4.40%, 03/01/44 (Call 09/01/43)

    243       208,360  

4.55%, 06/01/52 (Call 12/01/51)

    455       394,326  

4.95%, 09/15/52 (Call 03/15/52)

    310       288,241  

5.50%, 03/15/40(a)

    462       454,449  

Oglethorpe Power Corp.

   

3.75%, 08/01/50 (Call 02/01/50)

    264       188,001  

4.20%, 12/01/42

    355       267,478  

4.25%, 04/01/46 (Call 10/01/45)

    165       121,570  

4.55%, 06/01/44(a)

    230       179,802  

5.05%, 10/01/48 (Call 04/01/48)

    322       277,492  

5.25%, 09/01/50

    300       266,397  

5.38%, 11/01/40

    515       464,195  

5.95%, 11/01/39

    438       432,654  

Ohio Edison Co.

   

6.88%, 07/15/36

    315       342,146  

8.25%, 10/15/38(a)

    230       275,301  

Ohio Power Co.

   

4.00%, 06/01/49 (Call 12/01/48)

    382       298,474  

4.15%, 04/01/48 (Call 10/01/47)

    340       272,275  

Series F, 5.85%, 10/01/35

    305       308,199  

Series R, 2.90%, 10/01/51 (Call 04/01/51)

    350       221,334  

Oklahoma Gas & Electric Co.

   

3.85%, 08/15/47 (Call 02/15/47)

    280       210,934  

3.90%, 05/01/43 (Call 11/01/42)(a)

    255       189,686  

4.00%, 12/15/44 (Call 06/15/44)

    170       125,076  

4.15%, 04/01/47 (Call 10/01/46)

    550       434,305  

4.55%, 03/15/44 (Call 09/15/43)

    166       133,932  

5.25%, 05/15/41 (Call 11/15/40)

    180       160,584  

5.60%, 04/01/53 (Call 10/01/52)(a)

    290       288,328  

5.85%, 06/01/40

    225       218,103  

Oncor Electric Delivery Co. LLC

   

2.70%, 11/15/51 (Call 05/15/51)

    322       197,588  

3.10%, 09/15/49 (Call 03/15/49)

    587       398,636  

3.70%, 05/15/50 (Call 11/15/49)

    377       283,212  

3.75%, 04/01/45 (Call 10/01/44)

    524       412,896  

3.80%, 09/30/47 (Call 03/30/47)(a)

    288       225,063  

3.80%, 06/01/49 (Call 12/01/48)

    355       274,181  

4.10%, 11/15/48 (Call 05/15/48)

    387       315,360  

4.55%, 12/01/41 (Call 06/01/41)

    215       191,724  

4.60%, 06/01/52 (Call 12/01/51)

    321       285,734  

4.95%, 09/15/52 (Call 03/15/52)

    510       473,079  

 

 

216  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

4.95%, 09/15/52 (Call 03/15/52)(b)

  $ 368     $ 341,359  

5.25%, 09/30/40

    465       456,270  

5.30%, 06/01/42 (Call 12/01/41)

    315       310,451  

5.35%, 10/01/52 (Call 04/01/52)

    325       318,153  

7.50%, 09/01/38

    360       428,988  

Pacific Gas and Electric Co.

   

3.30%, 08/01/40 (Call 02/01/40)

    865       579,706  

3.50%, 08/01/50 (Call 02/01/50)(a)

    1,767       1,111,886  

3.75%, 08/15/42 (Call 02/15/42)(a)

    369       246,628  

3.95%, 12/01/47 (Call 06/01/47)

    754       502,551  

4.00%, 12/01/46 (Call 06/01/46)

    522       345,404  

4.20%, 06/01/41 (Call 12/01/40)

    415       300,271  

4.25%, 03/15/46 (Call 09/15/45)

    455       310,570  

4.30%, 03/15/45 (Call 09/15/44)

    500       349,698  

4.45%, 04/15/42 (Call 10/15/41)

    541       400,542  

4.50%, 07/01/40 (Call 01/01/40)

    1,593       1,226,775  

4.50%, 12/15/41 (Call 06/15/41)

    255       183,794  

4.60%, 06/15/43 (Call 12/15/42)

    410       307,666  

4.75%, 02/15/44 (Call 08/15/43)

    584       446,535  

4.95%, 07/01/50 (Call 01/01/50)

     2,414       1,866,566  

5.25%, 03/01/52 (Call 09/01/51)(a)

    571       452,266  

6.70%, 04/01/53 (Call 10/01/52)

    271       263,476  

6.75%, 01/15/53 (Call 07/15/52)

    1,110        1,078,860  

PacifiCorp

   

2.90%, 06/15/52 (Call 12/15/51)

    1,014       597,950  

3.30%, 03/15/51 (Call 09/15/50)

    650       414,262  

4.10%, 02/01/42 (Call 08/01/41)

    472       360,737  

4.13%, 01/15/49 (Call 07/15/48)

    425       310,735  

4.15%, 02/15/50 (Call 08/15/49)

    557       408,586  

5.25%, 06/15/35

    345       319,364  

5.35%, 12/01/53 (Call 06/01/53)

    690       594,650  

5.50%, 05/15/54 (Call 11/15/53)

    730       646,533  

5.75%, 04/01/37

    490       481,430  

6.00%, 01/15/39

    539       535,329  

6.10%, 08/01/36(a)

    375       379,048  

6.25%, 10/15/37

    760       777,516  

6.35%, 07/15/38

    235       240,091  

PECO Energy Co.

   

2.80%, 06/15/50 (Call 12/15/49)(a)

    342       216,525  

2.85%, 09/15/51 (Call 03/15/51)

    250       157,487  

3.00%, 09/15/49 (Call 03/15/49)

    240       160,030  

3.05%, 03/15/51 (Call 09/15/50)

    290       192,476  

3.70%, 09/15/47 (Call 03/15/47)

    358       274,235  

3.90%, 03/01/48 (Call 09/01/47)(a)

    364       289,516  

4.15%, 10/01/44 (Call 04/01/44)(a)

    349       286,747  

4.38%, 08/15/52 (Call 02/15/52)(a)

    365       310,885  

4.60%, 05/15/52 (Call 11/15/51)

    355       310,862  

4.80%, 10/15/43 (Call 04/15/43)

    340       298,819  

5.95%, 10/01/36

    281       292,524  

Pennsylvania Electric Co., 6.15%, 10/01/38(a)

    304       299,646  

Perusahaan Listrik Negara PT, 4.00%, 06/30/50 (Call 12/30/49)(b)

    803       558,227  

Perusahaan Perseroan Persero PT Perusahaan Listrik Negara

   

4.38%, 02/05/50(b)

    390       285,643  

4.88%, 07/17/49(b)

    610       483,710  

5.25%, 10/24/42(b)

    1,092       951,570  

5.25%, 05/15/47(a)(b)

    600       509,841  

6.15%, 05/21/48(b)

    660       621,644  

6.25%, 01/25/49(b)

    370       352,723  
Security  

Par

(000)

    Value  
Electric (continued)            

Potomac Electric Power Co.

   

4.15%, 03/15/43 (Call 09/15/42)

  $ 726     $ 602,969  

6.50%, 11/15/37

    380       414,569  

7.90%, 12/15/38(a)

     220       265,092  

PPL Electric Utilities Corp.

   

3.00%, 10/01/49 (Call 04/01/49)

    365       247,215  

3.95%, 06/01/47 (Call 12/01/46)

    375       302,242  

4.13%, 06/15/44 (Call 12/15/43)

    322       265,229  

4.15%, 10/01/45 (Call 04/01/45)

    246       203,497  

4.15%, 06/15/48 (Call 12/15/47)

    476       391,603  

4.75%, 07/15/43 (Call 01/15/43)

    235       213,340  

5.20%, 07/15/41 (Call 01/15/41)

    185       171,533  

5.25%, 05/15/53 (Call 11/15/52)

    700       679,846  

6.25%, 05/15/39

    330       352,037  

Progress Energy Inc., 6.00%, 12/01/39

    570       572,759  

Public Service Co. of Colorado

   

3.55%, 06/15/46 (Call 12/15/45)

    237       164,331  

3.60%, 09/15/42 (Call 03/15/42)

    463       350,374  

3.80%, 06/15/47 (Call 12/15/46)

    351       263,890  

3.95%, 03/15/43 (Call 09/15/42)

    329       248,715  

4.05%, 09/15/49 (Call 03/15/49)

    283       219,641  

4.10%, 06/15/48 (Call 12/15/47)

    292       228,246  

4.30%, 03/15/44 (Call 09/15/43)

    245       203,473  

4.50%, 06/01/52 (Call 12/01/51)

    392       324,750  

4.75%, 08/15/41 (Call 02/15/41)

    269       232,528  

5.25%, 04/01/53 (Call 10/01/52)

    670       618,710  

6.50%, 08/01/38

    285       303,040  

Series 17, 6.25%, 09/01/37

    295       306,776  

Series 34, 3.20%, 03/01/50 (Call 09/01/49)

    660       445,251  

Series 36, 2.70%, 01/15/51 (Call 07/15/50)

    230       138,636  

Public Service Co. of New Hampshire

   

3.60%, 07/01/49 (Call 01/01/49)

    298       224,837  

5.15%, 01/15/53 (Call 07/15/52)

    285       276,514  

Public Service Co. of Oklahoma

   

Series G, 6.63%, 11/15/37

    385       404,782  

Series K, 3.15%, 08/15/51 (Call 02/15/51)

    287       187,479  

Public Service Electric & Gas Co.

   

2.05%, 08/01/50 (Call 02/01/50)

    216       121,431  

2.70%, 05/01/50 (Call 11/01/49)(a)

    206       131,704  

3.00%, 03/01/51 (Call 09/01/50)(a)

    282       189,482  

3.15%, 01/01/50 (Call 07/01/49)

    255       178,871  

3.20%, 08/01/49 (Call 02/01/49)(a)

    315       222,029  

3.60%, 12/01/47 (Call 06/01/47)

    287       218,216  

3.65%, 09/01/42 (Call 03/01/42)(a)

    507       399,539  

3.80%, 01/01/43 (Call 07/01/42)(a)

    165       132,691  

3.80%, 03/01/46 (Call 09/01/45)

    329       260,119  

3.85%, 05/01/49 (Call 11/01/48)

    354       279,523  

3.95%, 05/01/42 (Call 11/01/41)

    548       455,649  

4.05%, 05/01/48 (Call 11/01/47)

    300       246,176  

4.15%, 11/01/45 (Call 05/01/45)

    293       234,660  

5.13%, 03/15/53 (Call 09/15/52)

    225       219,387  

5.38%, 11/01/39(a)

    270       256,292  

5.50%, 03/01/40

    275       275,134  

5.70%, 12/01/36(a)

    295       294,467  

5.80%, 05/01/37

    599       611,421  

Series I, 4.00%, 06/01/44 (Call 12/01/43)

    170       133,336  

Series K, 4.05%, 05/01/45 (Call 11/01/44)

    234        184,547  

Public Service Electric and Gas Co., 5.45%, 08/01/53
(Call 02/01/53)

    100       101,443  

 

 

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

  217


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

Puget Sound Energy Inc.

   

2.89%, 09/15/51 (Call 03/15/51)

  $ 150     $ 93,837  

3.25%, 09/15/49 (Call 03/15/49)

    241       164,764  

4.22%, 06/15/48 (Call 12/15/47)

    255       206,992  

4.30%, 05/20/45 (Call 11/20/44)

    216       175,732  

4.43%, 11/15/41 (Call 05/15/41)

    307       246,431  

5.45%, 06/01/53

    292       285,287  

5.48%, 06/01/35(a)

    246       236,414  

5.64%, 04/15/41 (Call 10/15/40)

    385       377,763  

5.76%, 10/01/39(a)

    280       272,691  

5.76%, 07/15/40(a)

    310       295,544  

5.80%, 03/15/40

    456       452,335  

6.27%, 03/15/37

    605       625,764  

6.72%, 06/15/36

    20       20,991  

Ruwais Power Co. PJSC, 6.00%, 08/31/36(b)

    445       451,675  

San Diego Gas & Electric Co.

   

3.70%, 03/15/52 (Call 09/15/51)

    286       212,745  

3.95%, 11/15/41

    279       211,704  

4.15%, 05/15/48 (Call 11/15/47)

    218       176,962  

4.30%, 04/01/42 (Call 10/01/41)

    335       273,033  

4.50%, 08/15/40(a)

    674       597,312  

5.35%, 05/15/35

    269       262,227  

5.35%, 05/15/40(a)

    240       231,039  

5.35%, 04/01/53 (Call 10/01/52)

    485       469,756  

6.00%, 06/01/39(a)

    248       254,368  

Series FFF, 6.13%, 09/15/37(a)

    195       197,640  

Series RRR, 3.75%, 06/01/47 (Call 12/01/46)

    448       339,046  

Series TTT, 4.10%, 06/15/49 (Call 12/15/48)

    351       277,673  

Series UUU, 3.32%, 04/15/50 (Call 10/15/49)

    249       170,847  

Series WWW, 2.95%, 08/15/51 (Call 02/15/51)

    680       443,834  

Saudi Electricity Global Sukuk Co.
2, 5.06%, 04/08/43(a)(b)

    505       473,437  

Saudi Electricity Global Sukuk Co. 3,
5.50%, 04/08/44(b)

    622        602,562  

Sempra Energy

   

3.80%, 02/01/38 (Call 08/01/37)

    955       777,573  

4.00%, 02/01/48 (Call 08/01/47)

    578       442,330  

6.00%, 10/15/39

    669       668,907  

Sierra Pacific Power Co., Series P,
6.75%, 07/01/37(a)

    150       157,974  

Solar Star Funding LLC, 5.38%, 06/30/35(b)

    78       74,623  

Southern California Edison Co.

   

3.45%, 02/01/52 (Call 08/01/51)

    665       455,033  

3.65%, 02/01/50 (Call 08/01/49)

    772       559,808  

3.90%, 12/01/41 (Call 06/01/41)(a)

    432       327,903  

4.00%, 04/01/47 (Call 10/01/46)

     1,428       1,106,644  

4.05%, 03/15/42 (Call 09/15/41)

    487       384,768  

4.50%, 09/01/40 (Call 03/01/40)

    399       341,074  

4.65%, 10/01/43 (Call 04/01/43)

    411       353,518  

5.50%, 03/15/40

    440       424,937  

5.63%, 02/01/36

    359       352,941  

5.70%, 03/01/53 (Call 09/01/52)

    305       295,691  

5.88%, 12/01/53 (Call 06/01/53)

    576       573,112  

6.00%, 01/15/34

    492       508,723  

6.05%, 03/15/39

    452       455,447  

Series 04-G, 5.75%, 04/01/35(a)

    460       465,154  

Series 05-B, 5.55%, 01/15/36(a)

    245       240,247  

Series 05-E, 5.35%, 07/15/35(a)

    380       377,190  

Series 06-E, 5.55%, 01/15/37

    598       581,407  

Series 08-A, 5.95%, 02/01/38

    582       591,108  

Series 13-A, 3.90%, 03/15/43 (Call 09/15/42)

    322       247,320  
Security  

Par

(000)

    Value  
Electric (continued)            

Series 20A, 2.95%, 02/01/51 (Call 08/01/50)

  $ 400     $ 254,023  

Series B, 4.88%, 03/01/49 (Call 09/01/48)

    456       395,858  

Series C, 3.60%, 02/01/45 (Call 08/01/44)

    561       406,940  

Series C, 4.13%, 03/01/48 (Call 09/01/47)

    847       667,540  

Series E, 5.45%, 06/01/52 (Call 12/01/51)

    255       239,267  

Series H, 3.65%, 06/01/51 (Call 12/01/50)

    264       187,104  

Southern Co. (The)

   

4.25%, 07/01/36 (Call 01/01/36)

    168       146,397  

4.40%, 07/01/46 (Call 01/01/46)

     1,322        1,088,697  

Southern Power Co.

   

5.15%, 09/15/41

    430       391,042  

5.25%, 07/15/43

    300       267,561  

Series F, 4.95%, 12/15/46 (Call 06/15/46)

    413       350,747  

Southwestern Electric Power Co.

   

3.25%, 11/01/51 (Call 05/01/51)

    440       284,547  

6.20%, 03/15/40

    424       430,036  

Series J, 3.90%, 04/01/45 (Call 10/01/44)

    358       263,385  

Series L, 3.85%, 02/01/48 (Call 08/01/47)

    496       360,001  

Southwestern Public Service Co.

   

3.40%, 08/15/46 (Call 02/15/46)

    152       104,530  

3.70%, 08/15/47 (Call 02/15/47)

    328       240,439  

3.75%, 06/15/49 (Call 12/15/48)

    231       170,316  

4.50%, 08/15/41 (Call 02/15/41)

    351       294,709  

6.00%, 10/01/36

    396       395,406  

Series 6, 4.40%, 11/15/48 (Call 05/15/48)

    247       200,740  

Series 8, 3.15%, 05/01/50 (Call 11/01/49)

    448       296,375  

Star Energy Geothermal Darajat II/Star Energy Geothermal Salak, 4.85%, 10/14/38 (Call 10/14/29)(b)

    225       196,958  

State Grid Overseas Investment 2013 Ltd., 4.38%, 05/22/43(a)(b)

    235       211,151  

State Grid Overseas Investment 2014 Ltd., 4.85%, 05/07/44(b)

    525       501,812  

State Grid Overseas Investment BVI Ltd, 4.00%, 05/04/47(a)(b)

    260       217,053  

Tampa Electric Co.

   

3.45%, 03/15/51 (Call 09/15/50)

    350       239,379  

3.63%, 06/15/50 (Call 12/15/49)

    240       173,135  

4.10%, 06/15/42 (Call 12/15/41)

    526       431,126  

4.20%, 05/15/45 (Call 11/15/44)

    267       208,327  

4.30%, 06/15/48 (Call 12/15/47)

    236       190,597  

4.35%, 05/15/44 (Call 11/15/43)(a)

    340       278,895  

4.45%, 06/15/49 (Call 12/15/48)

    341       280,590  

5.00%, 07/15/52 (Call 01/15/52)(a)

    155       139,597  

6.15%, 05/15/37(a)

    230       228,836  

6.55%, 05/15/36(a)

    270       276,405  

Toledo Edison Co. (The), 6.15%, 05/15/37

    330       340,772  

Tri-State Generation & Transmission Association Inc.

   

4.70%, 11/01/44 (Call 05/01/44)

    424       313,008  

6.00%, 06/15/40(b)

    389       357,734  

Tucson Electric Power Co.

   

3.25%, 05/01/51 (Call 11/01/50)

    540       352,094  

4.00%, 06/15/50 (Call 12/15/49)

    381       285,536  

4.85%, 12/01/48 (Call 06/01/48)

    340       290,903  

5.50%, 04/15/53 (Call 10/15/52)

    235       226,099  

Union Electric Co.

   

2.63%, 03/15/51 (Call 09/15/50)

    601       366,861  

3.25%, 10/01/49 (Call 04/01/49)

    272       183,428  

3.65%, 04/15/45 (Call 10/15/44)

    375       278,577  

3.90%, 09/15/42 (Call 03/15/42)

    641       503,224  

 

 

218  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Electric (continued)            

3.90%, 04/01/52 (Call 10/01/51)

  $ 400     $ 314,303  

4.00%, 04/01/48 (Call 10/01/47)

    406       315,644  

5.30%, 08/01/37

    222       219,438  

5.45%, 03/15/53 (Call 09/15/52)

    402       395,096  

8.45%, 03/15/39(a)

    297       378,266  

Virginia Electric & Power Co.

   

2.45%, 12/15/50 (Call 06/15/50)

    783       452,387  

2.95%, 11/15/51 (Call 05/15/51)(a)

    843       539,325  

3.30%, 12/01/49 (Call 06/01/49)

    292       202,324  

4.00%, 01/15/43 (Call 07/15/42)

    411       333,783  

4.45%, 02/15/44 (Call 08/15/43)

    502       424,520  

4.60%, 12/01/48 (Call 06/01/48)

    247       211,970  

5.45%, 04/01/53 (Call 10/01/52)

    690       667,820  

6.35%, 11/30/37

    424       443,642  

8.88%, 11/15/38

    577       748,247  

Series A, 6.00%, 05/15/37

    443       454,840  

Series B, 3.80%, 09/15/47 (Call 03/15/47)

    547       410,458  

Series B, 4.20%, 05/15/45 (Call 11/15/44)

    252       202,443  

Series B, 6.00%, 01/15/36

    468       483,654  

Series C, 4.00%, 11/15/46 (Call 05/15/46)

    497       382,071  

Series C, 4.63%, 05/15/52 (Call 11/15/51)

    553       472,732  

Series D, 4.65%, 08/15/43 (Call 02/15/43)

    473       406,858  

Virginia Electric and Power Co., 5.70%, 08/15/53
(Call 02/15/53)

     500       496,342  

Wisconsin Electric Power Co.

   

3.65%, 12/15/42 (Call 06/15/42)(a)

    271       197,439  

4.25%, 06/01/44 (Call 12/01/43)

    167       131,468  

4.30%, 12/15/45 (Call 06/15/45)(a)

    226       178,504  

4.30%, 10/15/48 (Call 04/15/48)(a)

    231       193,086  

5.70%, 12/01/36

    235       235,616  

Wisconsin Power and Light Co.

   

3.65%, 04/01/50 (Call 10/01/49)

    232       166,712  

4.10%, 10/15/44 (Call 04/15/44)

    166       127,791  

6.38%, 08/15/37

    300       315,102  

7.60%, 10/01/38

    170       196,026  

Wisconsin Public Service Corp.

   

2.85%, 12/01/51 (Call 06/01/51)

    305       192,340  

3.30%, 09/01/49 (Call 03/01/49)

    464       321,502  

3.67%, 12/01/42

    490       365,321  

4.75%, 11/01/44 (Call 05/01/44)

    185       161,330  

Xcel Energy Inc.

   

3.50%, 12/01/49 (Call 06/01/49)(a)

    401       278,962  

4.80%, 09/15/41 (Call 03/15/41)

    373       319,846  

6.50%, 07/01/36

    305       320,240  
   

 

 

 
       251,351,375  
Electrical Components & Equipment — 0.1%  

Emerson Electric Co.

   

2.75%, 10/15/50 (Call 04/15/50)

    358       228,826  

2.80%, 12/21/51 (Call 06/21/51)

    810       524,878  

5.25%, 11/15/39

    305       301,881  

6.13%, 04/15/39

    205       213,064  
   

 

 

 
      1,268,649  
Electronics — 0.2%            

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

    424       334,070  

Honeywell International Inc.

   

2.80%, 06/01/50 (Call 12/01/49)(a)

    519       369,920  

3.81%, 11/21/47 (Call 05/21/47)

    269       218,578  

4.50%, 01/15/34 (Call 10/15/33)

    815       786,527  

5.38%, 03/01/41

    370       371,984  
Security  

Par

(000)

    Value  
Electronics (continued)            

5.70%, 03/15/36

  $ 845     $ 886,163  

5.70%, 03/15/37

    567       591,049  

Tyco Electronics Group SA, 7.13%, 10/01/37

    458       520,890  
   

 

 

 
      4,079,181  
Engineering & Construction — 0.1%            

Aeropuerto Internacional de Tocumen SA

   

4.00%, 08/11/41 (Call 08/11/40)(b)

    350       278,744  

5.13%, 08/11/61 (Call 08/11/60)(b)

    870       652,281  

LBJ Infrastructure Group LLC, 3.80%, 12/31/57
(Call 06/30/57)(b)

    375       237,873  

Mexico City Airport Trust

   

5.50%, 10/31/46 (Call 04/30/46)(b)

    476       397,364  

5.50%, 07/31/47 (Call 01/31/47)(a)(b)

    1,731       1,436,671  
   

 

 

 
      3,002,933  
Entertainment — 0.5%            

Warnermedia Holdings Inc.

   

5.05%, 03/15/42 (Call 09/15/41)(a)

    3,455       2,840,120  

5.14%, 03/15/52 (Call 09/15/51)

    5,865       4,675,047  

5.39%, 03/15/62 (Call 09/15/61)

     2,424       1,923,858  
   

 

 

 
      9,439,025  
Environmental Control — 0.2%            

Nature Conservancy (The), Series A, 3.96%, 03/01/52 (Call 09/01/51)(a)

    140       114,270  

Republic Services Inc.

   

3.05%, 03/01/50 (Call 09/01/49)

    77       52,417  

5.00%, 04/01/34 (Call 01/01/34)

    865       849,495  

5.70%, 05/15/41 (Call 11/15/40)

    490       499,361  

6.20%, 03/01/40

    372       393,442  

Waste Connections Inc.

   

2.95%, 01/15/52 (Call 07/15/51)(a)

    729       478,008  

3.05%, 04/01/50 (Call 10/01/49)

    412       279,630  

Waste Management Inc.

   

2.50%, 11/15/50 (Call 05/15/50)(a)

    427       261,671  

2.95%, 06/01/41 (Call 12/01/40)

    415       298,102  

3.90%, 03/01/35 (Call 09/01/34)

    252       221,720  

4.10%, 03/01/45 (Call 09/01/44)

    270       225,213  

4.15%, 07/15/49 (Call 01/15/49)

    627       527,206  

4.88%, 02/15/34 (Call 11/15/33)

    600       585,715  
   

 

 

 
       4,786,250  
Food — 1.9%            

Bimbo Bakeries USA Inc., 4.00%, 05/17/51
(Call 11/17/50)(b)

    335       256,336  

Campbell Soup Co.

   

3.13%, 04/24/50 (Call 10/24/49)

    407       265,657  

4.80%, 03/15/48 (Call 09/15/47)

    897       778,298  

Cencosud SA, 6.63%, 02/12/45 (Call 08/12/44)(a)(b)

    215       217,688  

Conagra Brands Inc.

   

5.30%, 11/01/38 (Call 05/01/38)

    840       775,887  

5.40%, 11/01/48 (Call 05/01/48)(a)

    864       786,425  

General Mills Inc.

   

3.00%, 02/01/51 (Call 08/01/50)

    403       271,320  

4.15%, 02/15/43 (Call 08/15/42)

    160       132,141  

4.55%, 04/17/38 (Call 10/17/37)(a)

    139       122,739  

4.70%, 04/17/48 (Call 10/17/47)(a)

    397       353,917  

5.40%, 06/15/40

    608       589,901  

Grupo Bimbo SAB de CV

   

4.00%, 09/06/49(a)(b)

    315       241,539  

4.70%, 11/10/47 (Call 05/10/47)(a)(b)

    715       616,657  

4.88%, 06/27/44(b)

    290       256,688  

 

 

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

  219


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Food (continued)            

Hershey Co. (The)

   

2.65%, 06/01/50 (Call 12/01/49)

  $ 429     $ 274,424  

3.13%, 11/15/49 (Call 05/15/49)(a)

    355       252,519  

3.38%, 08/15/46 (Call 02/15/46)

    290       213,670  

Hormel Foods Corp., 3.05%, 06/03/51 (Call 12/03/50)

    552       379,848  

Ingredion Inc.

   

3.90%, 06/01/50 (Call 12/01/49)

    261       186,382  

6.63%, 04/15/37(a)

    169       171,318  

JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc.

   

4.38%, 02/02/52 (Call 08/02/51)(a)

    751       532,349  

6.50%, 12/01/52 (Call 06/01/52)(a)

    1,270       1,217,138  

JM Smucker Co. (The)

   

2.75%, 09/15/41 (Call 03/15/41)(a)

    260       176,115  

3.55%, 03/15/50 (Call 09/15/49)(a)

    300       210,027  

4.25%, 03/15/35

    814       728,387  

4.38%, 03/15/45(a)

    369       304,438  

Kellogg Co., 4.50%, 04/01/46(a)

    573       490,792  

Koninklijke Ahold Delhaize NV, 5.70%, 10/01/40

    430       423,952  

Kraft Heinz Foods Co.

   

4.38%, 06/01/46 (Call 12/01/45)

    2,130       1,762,573  

4.63%, 10/01/39 (Call 04/01/39)

    460       405,145  

4.88%, 10/01/49 (Call 04/01/49)

    1,153       1,022,086  

5.00%, 07/15/35 (Call 01/15/35)

    500       485,503  

5.00%, 06/04/42

    1,115       1,018,645  

5.20%, 07/15/45 (Call 01/15/45)

    1,520       1,397,288  

5.50%, 06/01/50 (Call 12/01/49)(a)

    685       661,257  

6.50%, 02/09/40

    570       602,863  

6.88%, 01/26/39

    425       465,138  

7.13%, 08/01/39(b)

    930        1,020,132  

Kroger Co. (The)

   

3.88%, 10/15/46 (Call 04/15/46)

    545       406,278  

3.95%, 01/15/50 (Call 07/15/49)

    495       383,632  

4.45%, 02/01/47 (Call 08/01/46)

    669       557,852  

4.65%, 01/15/48 (Call 07/15/47)

    425       363,166  

5.00%, 04/15/42 (Call 10/15/41)

    474       423,138  

5.15%, 08/01/43 (Call 02/01/43)

    255       229,286  

5.40%, 07/15/40 (Call 01/15/40)

    370       347,226  

5.40%, 01/15/49 (Call 07/15/48)(a)

    481       458,732  

6.90%, 04/15/38

    540       590,906  

Mars Inc.

   

2.38%, 07/16/40 (Call 01/16/40)(b)

    715       480,486  

2.45%, 07/16/50 (Call 01/16/50)(b)

    342       200,623  

3.60%, 04/01/34 (Call 01/01/34)(a)(b)

    340       299,598  

3.88%, 04/01/39 (Call 10/01/38)(b)

    674       566,581  

3.95%, 04/01/44 (Call 10/01/43)(b)

    263       212,395  

3.95%, 04/01/49 (Call 10/01/48)(b)

    660       532,853  

4.13%, 04/01/54 (Call 10/01/53)(b)

    630       505,149  

4.20%, 04/01/59 (Call 10/01/58)(b)

    507       402,847  

McCormick & Co. Inc./MD, 4.20%, 08/15/47
(Call 02/15/47)

    250       200,393  

Mondelez International Inc., 2.63%, 09/04/50
(Call 03/04/50)

    948       593,819  

Nestle Holdings Inc.

   

2.50%, 09/14/41 (Call 03/14/41)(a)(b)

    578       405,400  

2.63%, 09/14/51 (Call 03/14/51)(b)

    536       352,282  

3.90%, 09/24/38 (Call 03/24/38)(b)

    1,157       1,024,152  

4.00%, 09/24/48 (Call 03/24/48)(b)

     1,883       1,609,764  

4.70%, 01/15/53 (Call 07/15/52)(b)

    970       928,855  
Security  

Par

(000)

    Value  
Food (continued)            

Sysco Corp.

   

3.15%, 12/14/51 (Call 06/14/51)(a)

  $ 715     $ 476,354  

3.30%, 02/15/50 (Call 08/15/49)

    429       294,055  

4.45%, 03/15/48 (Call 09/15/47)

    509       420,727  

4.50%, 04/01/46 (Call 10/01/45)

    336       276,242  

4.85%, 10/01/45 (Call 04/01/45)

    480       411,875  

5.38%, 09/21/35

    320       311,212  

6.60%, 04/01/40 (Call 10/01/39)

    350       369,313  

6.60%, 04/01/50 (Call 10/01/49)(a)

    923       1,017,671  

Tesco PLC, 6.15%, 11/15/37(b)

    465       455,737  

Tyson Foods Inc.

   

4.55%, 06/02/47 (Call 12/02/46)

    672       537,448  

4.88%, 08/15/34 (Call 02/15/34)(a)

    400       380,520  

5.10%, 09/28/48 (Call 03/28/48)

    1,245       1,080,799  

5.15%, 08/15/44 (Call 02/15/44)

    448       398,693  
   

 

 

 
       38,573,241  
Forest Products & Paper — 0.2%            

Celulosa Arauco y Constitucion SA

   

5.15%, 01/29/50 (Call 07/29/49)(a)(b)

    480       385,969  

5.50%, 11/02/47 (Call 05/02/47)

    365       306,672  

5.50%, 04/30/49 (Call 10/30/48)(a)(b)

    380       316,495  

International Paper Co.

   

4.35%, 08/15/48 (Call 02/15/48)(a)

    760       623,306  

4.40%, 08/15/47 (Call 02/15/47)

    634       513,810  

4.80%, 06/15/44 (Call 12/15/43)

    677       583,027  

5.00%, 09/15/35 (Call 03/15/35)

    361       347,100  

5.15%, 05/15/46 (Call 11/15/45)(a)

    170       151,390  

6.00%, 11/15/41 (Call 05/15/41)

    863       873,493  

Suzano Austria GmbH, 7.00%, 03/16/47
(Call 09/16/46)(a)(b)

     843       843,704  
   

 

 

 
      4,944,966  
Gas — 0.9%            

APA Infrastructure Ltd., 5.00%, 03/23/35
(Call 12/23/34)(b)

    219       201,278  

Atmos Energy Corp.

   

2.85%, 02/15/52 (Call 08/15/51)(a)

    437       282,594  

3.38%, 09/15/49 (Call 03/15/49)

    375       267,719  

4.13%, 10/15/44 (Call 04/15/44)

    490       402,442  

4.13%, 03/15/49 (Call 09/15/48)

    347       282,901  

4.15%, 01/15/43 (Call 07/15/42)

    357       298,924  

4.30%, 10/01/48 (Call 04/01/48)(a)

    496       415,788  

5.50%, 06/15/41 (Call 12/15/40)(a)

    325       317,153  

5.75%, 10/15/52 (Call 04/15/52)

    405       421,999  

Boston Gas Co.

   

4.49%, 02/15/42(b)

    415       334,022  

6.12%, 07/20/53 (Call 01/20/53)(b)

    460       456,979  

Brooklyn Union Gas Co. (The)

   

4.27%, 03/15/48 (Call 09/15/47)(a)(b)

    409       300,791  

4.49%, 03/04/49 (Call 09/04/48)(a)(b)

    217       160,825  

4.50%, 03/10/46 (Call 09/10/45)(b)

    337       254,751  

CenterPoint Energy Resources Corp.

   

4.10%, 09/01/47 (Call 03/01/47)(a)

    191       150,502  

5.85%, 01/15/41 (Call 07/15/40)(a)

    483       482,577  

6.63%, 11/01/37(a)

    225       232,047  

Centrica PLC, 5.38%, 10/16/43 (Call 04/16/43)(b)

    305       272,888  

East Ohio Gas Co. (The), 3.00%, 06/15/50
(Call 12/15/49)(b)

    592       367,549  

KeySpan Gas East Corp.

   

3.59%, 01/18/52 (Call 07/18/51)(b)

    446       291,281  

 

 

220  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Gas (continued)            

5.82%, 04/01/41(b)

  $ 575     $ 544,653  

Korea Gas Corp., 6.25%, 01/20/42(a)(b)

    410       454,404  

Mega Advance Investments Ltd.,
6.38%, 05/12/41(a)(b)

    310       325,410  

NiSource Inc.

   

3.95%, 03/30/48 (Call 09/30/47)

    474       362,578  

4.38%, 05/15/47 (Call 11/15/46)

    705       578,266  

4.80%, 02/15/44 (Call 08/15/43)

    490       428,013  

5.00%, 06/15/52 (Call 12/15/51)

    450       397,884  

5.25%, 02/15/43 (Call 08/15/42)

    494       459,086  

5.65%, 02/01/45 (Call 08/01/44)

    366       351,027  

5.80%, 02/01/42 (Call 08/01/41)(a)

    300       288,799  

5.95%, 06/15/41 (Call 12/15/40)

    386       388,325  

ONE Gas Inc.

   

4.50%, 11/01/48 (Call 05/01/48)

     359       294,609  

4.66%, 02/01/44 (Call 08/01/43)(a)

    461       397,235  

Piedmont Natural Gas Co. Inc.

   

3.35%, 06/01/50 (Call 12/01/49)(a)

    366       239,598  

3.64%, 11/01/46 (Call 05/01/46)

    205       143,711  

4.10%, 09/18/34 (Call 03/18/34)

    235       200,849  

4.65%, 08/01/43 (Call 02/01/43)(a)

    200       171,856  

5.05%, 05/15/52 (Call 11/15/51)

    365       321,877  

Southern California Gas Co.

   

3.75%, 09/15/42 (Call 03/15/42)

    390       291,889  

4.45%, 03/15/44 (Call 09/15/43)

    200       165,116  

5.13%, 11/15/40

    269       252,632  

5.75%, 06/01/53 (Call 12/01/52)

    480       474,850  

6.35%, 11/15/52 (Call 05/15/52)

    490       525,594  

Series KK, 5.75%, 11/15/35(a)

    225       226,986  

Series UU, 4.13%, 06/01/48 (Call 12/01/47)

    395       306,800  

Series VV, 4.30%, 01/15/49 (Call 07/15/48)

    359       291,880  

Series WW, 3.95%, 02/15/50 (Call 08/15/49)

    324       247,284  

Southern Co. Gas Capital Corp.

   

3.95%, 10/01/46 (Call 04/01/46)

    391       290,982  

4.40%, 06/01/43 (Call 12/01/42)

    510       408,961  

4.40%, 05/30/47 (Call 11/30/46)

    456       365,235  

5.88%, 03/15/41 (Call 09/15/40)

    456       450,059  

6.00%, 10/01/34

    125       123,399  

Series 21A, 3.15%, 09/30/51 (Call 03/30/51)

    375       242,334  

Southwest Gas Corp.

   

3.18%, 08/15/51 (Call 02/15/51)

    241       148,239  

3.80%, 09/29/46 (Call 03/29/46)(a)

    275       193,596  

4.15%, 06/01/49 (Call 12/01/48)

    233       173,313  

Spire Inc., 4.70%, 08/15/44 (Call 02/15/44)

    190       144,132  

Spire Missouri Inc., 3.30%, 06/01/51
(Call 12/01/50)

    215       144,104  

Washington Gas Light Co.

   

3.65%, 09/15/49 (Call 03/15/49)

    323       230,905  

Series K, 3.80%, 09/15/46 (Call 03/15/46)

    367       269,639  
   

 

 

 
       18,511,119  
Hand & Machine Tools — 0.1%            

Snap-on Inc.

   

3.10%, 05/01/50 (Call 11/01/49)

    392       277,132  

4.10%, 03/01/48 (Call 09/01/47)

    318       267,379  

Stanley Black & Decker Inc.

   

2.75%, 11/15/50 (Call 05/15/50)

    539       313,642  

4.85%, 11/15/48 (Call 05/15/48)(a)

    327       277,784  

5.20%, 09/01/40

    705       642,382  
   

 

 

 
      1,778,319  
Security  

Par

(000)

    Value  
Health Care - Products — 1.2%            

Abbott Laboratories

   

4.75%, 11/30/36 (Call 05/30/36)

  $ 1,024     $ 1,016,591  

4.75%, 04/15/43 (Call 10/15/42)

    665       636,405  

4.90%, 11/30/46 (Call 05/30/46)

    2,425       2,364,016  

5.30%, 05/27/40

    957       981,139  

6.00%, 04/01/39

    555       609,600  

6.15%, 11/30/37

    684       760,771  

Alcon Finance Corp.

   

3.80%, 09/23/49 (Call 03/23/49)(b)

    369       275,888  

5.75%, 12/06/52 (Call 06/06/52)(b)

    621       631,263  

Baxter International Inc.

   

3.13%, 12/01/51 (Call 06/01/51)(a)

    574       365,056  

3.50%, 08/15/46 (Call 02/15/46)

    269       181,474  

4.50%, 06/15/43 (Call 12/15/42)

    515       398,097  

6.25%, 12/01/37

    180       178,695  

Boston Scientific Corp.

   

4.55%, 03/01/39 (Call 09/01/38)

    315       283,686  

4.70%, 03/01/49 (Call 09/01/48)(a)

    584       523,518  

6.50%, 11/15/35

    320       347,333  

7.38%, 01/15/40

    300       346,330  

Covidien International Finance SA,
6.55%, 10/15/37

    330       359,562  

Danaher Corp.

   

2.60%, 10/01/50 (Call 04/01/50)(a)

    894       570,492  

2.80%, 12/10/51 (Call 06/10/51)(a)

    953       627,363  

4.38%, 09/15/45 (Call 03/15/45)

    500       440,173  

DH Europe Finance II Sarl

   

3.25%, 11/15/39 (Call 05/15/39)

    856       679,225  

3.40%, 11/15/49 (Call 05/15/49)(a)

    878       655,619  

GE HealthCare Technologies Inc.,
6.38%, 11/22/52 (Call 05/22/52)

    895       963,452  

HCA Inc., 4.38%, 03/15/42 (Call 09/15/41)

    505       405,013  

Koninklijke Philips NV

   

5.00%, 03/15/42

    444       395,391  

6.88%, 03/11/38(a)

    751       812,842  

Medtronic Inc.

   

4.00%, 04/01/43 (Call 10/01/42)

    50       41,633  

4.38%, 03/15/35

     1,423       1,346,562  

4.63%, 03/15/45

    1,955       1,835,591  

Revvity Inc., 3.63%, 03/15/51 (Call 09/15/50)(a)

    383       264,497  

STERIS Irish FinCo UnLtd Co., 3.75%, 03/15/51
(Call 09/15/50)

    606       442,004  

Stryker Corp.

   

2.90%, 06/15/50 (Call 12/15/49)

    500       333,351  

4.10%, 04/01/43 (Call 10/01/42)

    697       574,705  

4.38%, 05/15/44 (Call 11/15/43)

    545       469,067  

4.63%, 03/15/46 (Call 09/15/45)

    635       571,129  

Thermo Fisher Scientific Inc.

   

2.80%, 10/15/41 (Call 04/15/41)

    865       623,050  

4.10%, 08/15/47 (Call 02/15/47)

    757       650,248  

5.30%, 02/01/44 (Call 08/01/43)

    383       379,162  

5.40%, 08/10/43 (Call 04/10/43)(a)

    785       793,062  

Zimmer Biomet Holdings Inc.

   

4.25%, 08/15/35 (Call 02/15/35)(a)

    189       159,884  

4.45%, 08/15/45 (Call 02/15/45)

    189       156,590  

5.75%, 11/30/39

    543       522,960  
   

 

 

 
       24,972,489  
Health Care - Services — 4.2%            

AdventHealth Obligated Group, Series E,
2.80%, 11/15/51 (Call 05/15/51)

    182       117,272  

 

 

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

  221


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Adventist Health System/West, 3.63%, 03/01/49
(Call 09/01/48)

  $ 245     $ 172,408  

Advocate Health & Hospitals Corp.

   

3.39%, 10/15/49 (Call 04/15/49)

    248       179,671  

4.27%, 08/15/48 (Call 02/15/48)

    208       176,629  

Series 2020, 3.01%, 06/15/50 (Call 12/15/49)(a)

    145       97,412  

Aetna Inc.

   

3.88%, 08/15/47 (Call 02/15/47)

    793       594,962  

4.13%, 11/15/42 (Call 05/15/42)

    554       439,699  

4.50%, 05/15/42 (Call 11/15/41)

    572       476,670  

4.75%, 03/15/44 (Call 09/15/43)

    232       199,800  

6.63%, 06/15/36

    681       730,687  

6.75%, 12/15/37

    554       604,573  

AHS Hospital Corp.

   

5.02%, 07/01/45

    355       335,496  

Series 2021, 2.78%, 07/01/51 (Call 01/01/51)

    359       225,265  

Allina Health System

   

2.90%, 11/15/51 (Call 05/15/51)(a)

    185       117,394  

4.81%, 11/15/45 (Call 05/15/45)(a)

    175       154,868  

Series 2019, 3.89%, 04/15/49

    306       242,336  

Anthem Inc., 4.55%, 05/15/52 (Call 11/15/51)

    700       602,706  

Ascension Health

   

3.95%, 11/15/46

     889       724,036  

4.85%, 11/15/53(a)

    385       358,731  

Series B, 3.11%, 11/15/39 (Call 05/15/39)

    519       393,770  

Banner Health

   

2.91%, 01/01/42 (Call 07/01/41)

    215       152,594  

2.91%, 01/01/51 (Call 07/01/50)

    245       158,782  

Series 2020, 3.18%, 01/01/50 (Call 07/01/49)

    239       165,765  

Baptist Health South Florida Inc., Series 2017, 4.34%, 11/15/41

    193       157,173  

Baptist Health South Florida Obligated Group, Series 2021, 3.12%, 11/15/71 (Call 05/15/71)

    10       5,806  

Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)

    450       321,473  

BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50)(a)

    176       136,925  

Baylor Scott & White Holdings

   

3.97%, 11/15/46 (Call 05/15/46)

    390       314,363  

4.19%, 11/15/45 (Call 05/15/45)

    363       307,323  

Series 2021, 2.84%, 11/15/50 (Call 11/15/49)(a)

    443       291,261  

Beth Israel Lahey Health Inc., Series L, 3.08%, 07/01/51 (Call 01/01/51)

    255       155,280  

Bon Secours Mercy Health Inc., Series 20-2, 3.21%, 06/01/50 (Call 12/01/49)

    306       208,699  

Catholic Health Services of Long Island Obligated Group, Series 2020, 3.37%, 07/01/50 (Call 01/01/50)(a)

    237       155,899  

Children’s Health System of Texas, 2.51%, 08/15/50
(Call 02/15/50)

    355        212,823  

Children’s Hospital Corp. (The)

   

Series 2017, 4.12%, 01/01/47 (Call 07/01/46)(a)

    177       150,230  

Series 2020, 2.59%, 02/01/50 (Call 08/01/49)

    380       236,251  

Children’s Hospital Medical Center/Cincinnati OH, 4.27%, 05/15/44

    156       135,133  

Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50)

    300       191,413  

Children’s Hospital/DC, Series 2020, 2.93%, 07/15/50 (Call 01/15/50)

    214       135,273  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

City of Hope

   

Series 2013, 5.62%, 11/15/43

  $ 267     $ 254,242  

Series 2018, 4.38%, 08/15/48 (Call 02/15/48)(a)

    274       222,147  

Cleveland Clinic Foundation (The), 4.86%, 01/01/2114(a)

    285       249,597  

CommonSpirit Health

   

3.82%, 10/01/49 (Call 04/01/49)

    418       313,307  

3.91%, 10/01/50 (Call 04/01/50)(a)

    447       335,974  

4.19%, 10/01/49 (Call 04/01/49)

    887       703,960  

4.35%, 11/01/42(a)

    244       203,552  

6.46%, 11/01/52 (Call 05/01/52)(a)

    215       240,140  

Community Health Network Inc., Series 20-A, 3.10%, 05/01/50 (Call 11/01/49)

    368       239,371  

Corewell Health Obligated Group, Series 19A, 3.49%, 07/15/49 (Call 01/15/49)

    204       146,469  

Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49)

    354       251,455  

Dartmouth-Hitchcock Health, Series B, 4.18%, 08/01/48 (Call 02/01/48)(a)

    299       229,918  

Dignity Health

   

4.50%, 11/01/42

    201       171,180  

5.27%, 11/01/64

    80       71,444  

Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46)

    508       416,294  

Elevance Health Inc.

   

3.13%, 05/15/50 (Call 11/15/49)

    852       576,864  

3.60%, 03/15/51 (Call 09/15/50)

    1,037       763,635  

3.70%, 09/15/49 (Call 03/15/49)

    841       626,541  

4.38%, 12/01/47 (Call 06/01/47)

    1,037       875,084  

4.55%, 03/01/48 (Call 09/01/47)

    810       697,227  

4.63%, 05/15/42

    626       556,119  

4.65%, 01/15/43

    790       701,959  

4.65%, 08/15/44 (Call 02/15/44)

    627       547,593  

4.85%, 08/15/54 (Call 02/15/54)

    255       214,772  

5.10%, 01/15/44

    542       496,932  

5.13%, 02/15/53 (Call 08/15/52)

    798       750,271  

5.85%, 01/15/36

    463       466,322  

5.95%, 12/15/34

    412       420,668  

6.10%, 10/15/52 (Call 04/15/52)

    639       679,426  

6.38%, 06/15/37

    458       484,743  

Franciscan Missionaries of Our Lady Health System Inc., Series B, 3.91%, 07/01/49 (Call 01/01/49)(a)

    155       111,945  

Fred Hutchinson Cancer Center, 4.97%, 01/01/52 (Call 07/01/51)

    120       111,660  

Hackensack Meridian Health Inc.

   

4.21%, 07/01/48 (Call 01/01/48)

    455       384,693  

4.50%, 07/01/57 (Call 01/01/57)

    205       175,640  

Series 2020, 2.68%, 09/01/41 (Call 03/01/41)

    265       180,172  

Series 2020, 2.88%, 09/01/50 (Call 03/01/50)

    539       348,870  

Hartford HealthCare Corp., 3.45%, 07/01/54(a)

    215       143,094  

HCA Inc.

   

3.50%, 07/15/51 (Call 01/15/51)

    1,316       877,292  

4.63%, 03/15/52 (Call 09/15/51)

    1,458       1,169,886  

5.13%, 06/15/39 (Call 12/15/38)(a)

    959       869,912  

5.25%, 06/15/49 (Call 12/15/48)

    1,853       1,617,267  

5.50%, 06/15/47 (Call 12/15/46)

     1,462        1,331,025  

5.90%, 06/01/53 (Call 12/01/52)

    995       954,241  

Health Care Service Corp. A Mutual Legal Reserve Co., 3.20%, 06/01/50 (Call 12/01/49)(a)(b)

    490       333,647  

 

 

222  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

Hoag Memorial Hospital Presbyterian, 3.80%, 07/15/52 (Call 01/15/52)(a)

  $ 517     $ 399,406  

Humana Inc.

   

3.95%, 08/15/49 (Call 02/15/49)

    369       285,336  

4.63%, 12/01/42 (Call 06/01/42)

    597       510,514  

4.80%, 03/15/47 (Call 09/15/46)

    383       339,407  

4.95%, 10/01/44 (Call 04/01/44)

    586       519,379  

5.50%, 03/15/53 (Call 09/15/52)

    600       581,482  

8.15%, 06/15/38

    234       274,054  

Indiana University Health Inc. Obligated Group

   

3.97%, 11/01/48 (Call 05/01/48)

    409       335,016  

Series 2021, 2.85%, 11/01/51 (Call 05/01/51)

    205       130,645  

Inova Health System Foundation, 4.07%, 05/15/52 (Call 11/15/51)

    210       174,674  

Integris Baptist Medical Center Inc., Series A, 3.88%, 08/15/50 (Call 02/15/50)

    290       212,041  

Iowa Health System, Series 2020, 3.67%, 02/15/50 (Call 08/15/49)

    189       138,350  

Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46(a)

    481       385,993  

Kaiser Foundation Hospitals

   

4.15%, 05/01/47 (Call 11/01/46)

     1,422        1,213,544  

4.88%, 04/01/42(a)

    539       505,227  

Series 2019, 3.27%, 11/01/49 (Call 05/01/49)

    837       600,427  

Series 2021, 2.81%, 06/01/41 (Call 12/01/40)

    755       536,465  

Series 2021, 3.00%, 06/01/51 (Call 12/01/50)(a)

    985       663,245  

Laboratory Corp. of America Holdings, 4.70%, 02/01/45 (Call 08/01/44)

    803       687,996  

Mass General Brigham Inc.

   

Series 2017, 3.77%, 07/01/48 (Call 01/01/48)(a)

    142       112,380  

Series 2020, 3.19%, 07/01/49 (Call 01/01/49)(a)

    89       61,773  

Series 2020, 3.34%, 07/01/60 (Call 01/01/60)

    399       273,580  

Mayo Clinic

   

3.77%, 11/15/43

    15       12,380  

Series 2013, 4.00%, 11/15/47(a)

    100       84,557  

Series 2016, 4.13%, 11/15/52(a)

    365       309,601  

Series 2021, 3.20%, 11/15/61 (Call 05/15/61)

    396       263,538  

McLaren Health Care Corp., Series A, 4.39%, 05/15/48 (Call 11/15/47)

    231       194,311  

MedStar Health Inc., Series 20A, 3.63%, 08/15/49(a)

    205       147,850  

Memorial Health Services, 3.45%, 11/01/49 (Call 05/01/49)

    277       201,039  

Memorial Sloan-Kettering Cancer Center

   

4.13%, 07/01/52

    155       128,311  

5.00%, 07/01/42

    411       394,114  

Series 2015, 4.20%, 07/01/55

    335       276,041  

Series 2020, 2.96%, 01/01/50 (Call 07/01/49)

    50       33,694  

Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50)

    445       282,039  

MidMichigan Health, Series 2020, 3.41%, 06/01/50 (Call 12/01/49)

    283       194,638  

Montefiore Obligated Group

   

4.29%, 09/01/50

    135       83,584  

Series 18-C, 5.24%, 11/01/48(a)

    258       192,529  

Mount Nittany Medical Center Obligated Group, 3.80%, 11/15/52

    245       184,079  

Mount Sinai Hospitals Group Inc.

   

Series 2017, 3.98%, 07/01/48

    224       174,647  

Series 2019, 3.74%, 07/01/49 (Call 01/01/49)

    429       320,767  

Series 2020, 3.39%, 07/01/50 (Call 07/01/49)

    365       240,644  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

MultiCare Health System, 2.80%, 08/15/50 (Call 02/15/50)(a)

  $ 201     $ 120,769  

Nationwide Children’s Hospital Inc., 4.56%, 11/01/52 (Call 05/01/52)(a)

    287       262,049  

New York and Presbyterian Hospital (The)

   

2.26%, 08/01/40 (Call 02/01/40)(a)

    185       120,820  

2.61%, 08/01/60 (Call 02/01/60)(a)

    155       86,489  

3.56%, 08/01/36

    175       144,532  

4.02%, 08/01/45

    310       256,962  

4.06%, 08/01/56(a)

    198       160,392  

4.76%, 08/01/2116(a)

    180       151,072  

Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119)

    250       177,012  

Northwell Healthcare Inc.

   

3.81%, 11/01/49 (Call 11/01/48)

    439       323,123  

3.98%, 11/01/46 (Call 11/01/45)

    430       321,122  

4.26%, 11/01/47 (Call 11/01/46)

    539       426,717  

6.15%, 11/01/43

    330       330,680  

Northwestern Memorial Healthcare Obligated Group, Series 2021, 2.63%, 07/15/51 (Call 01/15/51)(a)

    184       116,971  

Novant Health Inc.

   

2.64%, 11/01/36 (Call 08/01/36)

    325       241,141  

3.17%, 11/01/51 (Call 05/01/51)

    457       313,802  

3.32%, 11/01/61 (Call 05/01/61)(a)

    312       209,681  

4.37%, 11/01/43(a)

    300       257,941  

NY Society for Relief of Ruptured & Crippled Maintaining Hosp Special Surgery, Series 2020, 2.67%, 10/01/50 (Call 04/01/50)(a)

    209       125,640  

NYU Langone Hospitals

   

5.75%, 07/01/43(a)

    80       80,546  

Series 2020, 3.38%, 07/01/55 (Call 01/01/55)(a)

    130       88,165  

Ochsner Clinic Foundation, 5.90%, 05/15/45 (Call 11/15/44)

    275       265,231  

OhioHealth Corp.

   

2.83%, 11/15/41 (Call 05/15/41)

    225       159,952  

Series 2020, 3.04%, 11/15/50 (Call 05/15/50)

    230       161,827  

Orlando Health Obligated Group

   

3.33%, 10/01/50 (Call 04/01/50)

    190       134,547  

4.09%, 10/01/48 (Call 04/01/48)

    255       201,260  

PeaceHealth Obligated Group

   

Series 2018, 4.79%, 11/15/48 (Call 05/15/48)

    292       250,176  

Series 2020, 3.22%, 11/15/50 (Call 05/15/50)

    305       197,787  

Piedmont Healthcare Inc.

   

2.86%, 01/01/52 (Call 07/01/51)

    339       215,000  

Series 2042, 2.72%, 01/01/42 (Call 07/01/41)(a)

    285       189,129  

Presbyterian Healthcare Services, 4.88%, 08/01/52 (Call 02/01/52)

    175       166,005  

Providence St Joseph Health Obligated Group

   

Series 21A, 2.70%, 10/01/51 (Call 04/01/51)

    685       400,513  

Series A, 3.93%, 10/01/48 (Call 04/01/48)(a)

    305       225,194  

Series I, 3.74%, 10/01/47(a)

    180       130,810  

Queen’s Health Systems (The), 4.81%, 07/01/52 (Call 01/01/52)(a)

    135       123,652  

Quest Diagnostics Inc., 4.70%, 03/30/45 (Call 09/30/44)

    293       255,447  

Rady Children’s Hospital-San Diego/CA, Series 21A, 3.15%, 08/15/51 (Call 08/15/50)

    195       132,253  

Roche Holdings Inc.

   

2.61%, 12/13/51 (Call 06/13/51)(a)(b)

     1,800        1,162,508  

4.00%, 11/28/44 (Call 05/28/44)(a)(b)

    790       671,378  

7.00%, 03/01/39(a)(b)

    620       749,466  

 

 

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

  223


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

RWJ Barnabas Health Inc.

   

3.48%, 07/01/49 (Call 01/01/49)(a)

  $ 264     $ 196,837  

3.95%, 07/01/46 (Call 07/01/45)(a)

    260       210,845  

Seattle Children’s Hospital, Series 2021, 2.72%, 10/01/50 (Call 10/01/49)(a)

    555       351,354  

Sentara Healthcare, 2.93%, 11/01/51 (Call 05/01/51)

    210       136,770  

Sharp HealthCare, Series 20B, 2.68%, 08/01/50 (Call 08/01/49)

    305       188,486  

Southern Baptist Hospital of Florida Inc., 4.86%, 07/15/45 (Call 01/15/45)

    220       200,994  

Stanford Health Care

   

3.03%, 08/15/51 (Call 02/15/51)

    232       156,252  

Series 2018, 3.80%, 11/15/48 (Call 05/15/48)

    463       364,227  

Summa Health, 3.51%, 11/15/51 (Call 05/15/51)

    223       151,962  

Sutter Health

   

Series 2018, 4.09%, 08/15/48 (Call 02/15/48)

    168       135,226  

Series 20A, 3.16%, 08/15/40 (Call 02/15/40)

    145       106,495  

Series 20A, 3.36%, 08/15/50 (Call 02/15/50)

    296       208,136  

Texas Health Resources

   

2.33%, 11/15/50 (Call 05/15/50)

    265       150,211  

4.33%, 11/15/55(a)

    220       187,359  

Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28)

    240       235,158  

Trinity Health Corp.

   

4.13%, 12/01/45(a)

    330       274,525  

Series 2019, 3.43%, 12/01/48

    163       121,789  

Series 2021, 2.63%, 12/01/40 (Call 06/01/40)

    291       203,280  

UMass Memorial Health Care Obligated Group, 5.36%, 07/01/52 (Call 01/01/52)

    105       98,985  

UnitedHealth Group Inc.

   

2.75%, 05/15/40 (Call 11/15/39)

    695       500,607  

2.90%, 05/15/50 (Call 11/15/49)

    1,261       837,438  

3.05%, 05/15/41 (Call 11/15/40)

    992       740,756  

3.13%, 05/15/60 (Call 11/15/59)(a)

    585       385,220  

3.25%, 05/15/51 (Call 11/15/50)

    1,395       990,699  

3.50%, 08/15/39 (Call 02/15/39)

    932       760,533  

3.70%, 08/15/49 (Call 02/15/49)

    1,220       947,143  

3.75%, 10/15/47 (Call 04/15/47)

    940       742,664  

3.88%, 08/15/59 (Call 02/15/59)

    1,116       863,186  

3.95%, 10/15/42 (Call 04/15/42)

    640       531,512  

4.20%, 01/15/47 (Call 07/15/46)

    680       574,506  

4.25%, 03/15/43 (Call 09/15/42)

    604       528,161  

4.25%, 04/15/47 (Call 10/15/46)

    623       529,597  

4.25%, 06/15/48 (Call 12/15/47)

    931       789,525  

4.38%, 03/15/42 (Call 09/15/41)

    450       398,103  

4.45%, 12/15/48 (Call 06/15/48)

    788       691,529  

4.63%, 07/15/35

    165       159,695  

4.63%, 11/15/41 (Call 05/15/41)

    524       480,155  

4.75%, 07/15/45

    1,665       1,547,545  

4.75%, 05/15/52 (Call 11/15/51)

    1,700       1,549,141  

4.95%, 05/15/62 (Call 11/15/61)

    847       782,519  

5.05%, 04/15/53 (Call 10/15/52)

    1,710       1,632,261  

5.20%, 04/15/63 (Call 10/15/62)

    1,535       1,471,308  

5.70%, 10/15/40 (Call 04/15/40)

    334       345,258  

5.80%, 03/15/36

    958       1,015,086  

5.88%, 02/15/53 (Call 08/15/52)(a)

    1,805       1,930,452  

5.95%, 02/15/41 (Call 08/15/40)

    427       447,965  

6.05%, 02/15/63 (Call 08/15/62)

    1,250       1,361,671  

6.50%, 06/15/37

    781       877,476  

6.63%, 11/15/37

    667       753,724  

6.88%, 02/15/38

     1,025        1,192,237  
Security  

Par

(000)

    Value  
Health Care - Services (continued)            

UPMC, 5.38%, 05/15/43 (Call 11/15/42)

  $ 52     $ 50,416  

WakeMed, Series A, 3.29%, 10/01/52 (Call 04/01/52)

    195       134,029  

West Virginia United Health System Obligated Group, Series 2020, 3.13%, 06/01/50 (Call 12/01/49)

    280       177,668  

Willis-Knighton Medical Center

   

Series 2018, 4.81%, 09/01/48 (Call 03/01/48)

    260       221,183  

Series 2021, 3.07%, 03/01/51 (Call 09/01/50)(a)

    248       150,559  

Yale-New Haven Health Services Corp., Series 2020, 2.50%, 07/01/50 (Call 07/01/49)

    225       130,374  
   

 

 

 
      85,721,251  
Holding Companies - Diversified — 0.1%            

Alfa SAB de CV, 6.88%, 03/25/44
(Call 09/25/43)(a)(b)

    165       158,316  

CK Hutchison International 19 II Ltd., 3.38%, 09/06/49 (Call 03/06/49)(b)

    985       703,170  

Hutchison Whampoa International 03/33 Ltd., 7.45%, 11/24/33(a)(b)

    370       419,277  

JAB Holdings BV

   

3.75%, 05/28/51 (Call 11/28/50)(b)

    584       382,865  

4.50%, 04/08/52 (Call 10/08/51)(b)

    270       202,965  

PTT Treasury Center Co. Ltd., 3.70%, 07/16/70 (Call 01/16/70)(a)(b)

    635       417,700  
   

 

 

 
      2,284,293  
Home Builders — 0.0%            

MDC Holdings Inc.

   

3.97%, 08/06/61 (Call 02/06/61)

    335       196,238  

6.00%, 01/15/43 (Call 10/15/42)

    516       450,778  

PulteGroup Inc., 6.00%, 02/15/35(a)

    310       311,645  
   

 

 

 
      958,661  
Home Furnishings — 0.1%            

Leggett & Platt Inc., 3.50%, 11/15/51 (Call 05/15/51)(a)

    353       242,407  

Whirlpool Corp.

   

4.50%, 06/01/46 (Call 12/01/45)(a)

    413       333,253  

4.60%, 05/15/50 (Call 11/15/49)(a)

    426       347,363  

5.15%, 03/01/43(a)

    236       208,227  
   

 

 

 
       1,131,250  
Household Products & Wares — 0.2%            

Church & Dwight Co. Inc.

   

3.95%, 08/01/47 (Call 02/01/47)

    354       287,187  

5.00%, 06/15/52 (Call 12/15/51)(a)

    435       407,509  

Kimberly-Clark Corp.

   

2.88%, 02/07/50 (Call 08/07/49)(a)

    431       298,066  

3.20%, 07/30/46 (Call 01/30/46)(a)

    374       270,763  

3.70%, 06/01/43

    310       238,069  

3.90%, 05/04/47 (Call 11/04/46)

    280       230,937  

5.30%, 03/01/41

    455       460,889  

6.63%, 08/01/37

    775       889,711  

SC Johnson & Son Inc.

   

4.00%, 05/15/43 (Call 02/15/43)(b)

    285       228,668  

4.35%, 09/30/44 (Call 03/30/44)(a)(b)

    330       271,184  

4.75%, 10/15/46 (Call 04/16/46)(b)

    640       571,893  

4.80%, 09/01/40(b)

    570       502,103  
   

 

 

 
      4,656,979  
Insurance — 4.9%            

Aflac Inc.

   

4.00%, 10/15/46 (Call 04/15/46)

    151       117,670  

4.75%, 01/15/49 (Call 07/15/48)

    408       362,921  

6.45%, 08/15/40

    411       433,081  

AIA Group Ltd.

   

3.20%, 09/16/40 (Call 03/16/40)(b)

     1,319       952,894  

 

 

224  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

4.50%, 03/16/46 (Call 09/16/45)(b)

  $ 345     $ 299,725  

4.88%, 03/11/44(b)

    282       260,459  

Alleghany Corp.

   

3.25%, 08/15/51 (Call 02/15/51)

    275       192,169  

4.90%, 09/15/44 (Call 03/15/44)

    179       164,261  

Allstate Corp. (The)

   

3.85%, 08/10/49 (Call 02/10/49)

    312       234,310  

4.20%, 12/15/46 (Call 06/15/46)

    539       425,729  

4.50%, 06/15/43

    627       527,815  

5.55%, 05/09/35

    516       513,693  

5.95%, 04/01/36

    535       550,896  

6.50%, 05/15/67 (Call 05/15/37), (3-mo. LIBOR US + 2.120%)(d)

    270       258,331  

American Financial Group Inc./OH, 4.50%, 06/15/47 (Call 12/15/46)

    455       358,781  

American International Group Inc.

   

3.88%, 01/15/35 (Call 07/15/34)

    190       163,938  

4.38%, 06/30/50 (Call 12/30/49)

    1,050       870,091  

4.50%, 07/16/44 (Call 01/16/44)

    557       470,140  

4.75%, 04/01/48 (Call 10/01/47)

    861       756,894  

4.80%, 07/10/45 (Call 01/10/45)

    800       706,395  

6.25%, 05/01/36

    470       479,093  

AmFam Holdings Inc., 3.83%, 03/11/51 (Call 09/11/50)(b)

    551       322,869  

Aon Corp., 6.25%, 09/30/40

    362       375,106  

Aon Global Ltd.

   

2.90%, 08/23/51 (Call 02/23/51)(a)

    394       249,762  

3.90%, 02/28/52 (Call 08/28/51)

    861       660,549  

4.25%, 12/12/42

    276       211,895  

4.45%, 05/24/43 (Call 02/24/43)

    305       238,982  

4.60%, 06/14/44 (Call 03/14/44)

    412       353,180  

4.75%, 05/15/45 (Call 11/15/44)

    204       177,481  

Arch Capital Finance LLC, 5.03%, 12/15/46 (Call 06/15/46)(a)

    300       261,913  

Arch Capital Group Ltd.

   

3.64%, 06/30/50 (Call 12/30/49)

    933       673,334  

7.35%, 05/01/34

    425       473,390  

Arch Capital Group U.S. Inc., 5.14%, 11/01/43

    440       391,258  

Arthur J Gallagher & Co.

   

3.05%, 03/09/52 (Call 09/09/51)

    325       203,889  

3.50%, 05/20/51 (Call 11/20/50)

    727       502,408  

5.75%, 03/02/53 (Call 09/02/52)

    499       488,883  

Assurant Inc., 6.75%, 02/15/34

    123       127,188  

Assured Guaranty Municipal Holdings Inc., 6.40%, 12/15/66 (Call 12/15/36), (1-mo. LIBOR US + 2.215%)(b)(d)

    275       242,815  

Assured Guaranty U.S. Holdings Inc., 3.60%, 09/15/51 (Call 03/15/51)

    400       264,007  

Athene Holding Ltd.

   

3.45%, 05/15/52 (Call 11/15/51)(a)

    425       270,511  

3.95%, 05/25/51 (Call 11/25/50)

    401       280,357  

AXA SA, 6.38%, (Call 12/14/36), (3-mo. LIBOR US + 2.256%)(b)(d)(e)

    250       267,447  

AXIS Specialty Finance PLC, 5.15%, 04/01/45

    268       222,961  

Berkshire Hathaway Finance Corp.

   

2.50%, 01/15/51 (Call 07/15/50)

    656       408,627  

2.85%, 10/15/50 (Call 04/15/50)

    1,296       871,331  

3.85%, 03/15/52 (Call 09/15/51)

    2,185       1,740,613  

4.20%, 08/15/48 (Call 02/15/48)

    1,961       1,707,540  

4.25%, 01/15/49 (Call 07/15/48)

     1,665        1,465,590  
Security  

Par

(000)

    Value  
Insurance (continued)            

4.30%, 05/15/43

  $ 621     $ 556,625  

4.40%, 05/15/42

    572       529,396  

5.75%, 01/15/40

    594       641,577  

Berkshire Hathaway Inc., 4.50%, 02/11/43

    941       881,751  

Brighthouse Financial Inc.

   

3.85%, 12/22/51 (Call 06/22/51)

    290       182,146  

4.70%, 06/22/47 (Call 12/22/46)

    776       577,737  

Brown & Brown Inc., 4.95%, 03/17/52 (Call 09/17/51)

    508       428,564  

Chubb Corp. (The)

   

6.00%, 05/11/37

    675       717,378  

Series 1, 6.50%, 05/15/38

    508       565,666  

Chubb INA Holdings Inc.

   

2.85%, 12/15/51 (Call 06/15/51)(a)

    420       278,933  

3.05%, 12/15/61 (Call 06/15/61)

    900       582,921  

4.15%, 03/13/43

    691       588,826  

4.35%, 11/03/45 (Call 05/03/45)

    990       865,248  

6.70%, 05/15/36(a)

    326       364,923  

Cincinnati Financial Corp., 6.13%, 11/01/34

    565       582,061  

Corebridge Financial Inc.

   

4.35%, 04/05/42 (Call 10/05/41)

    395       312,497  

4.40%, 04/05/52 (Call 10/05/51)

     1,105        854,689  

Empower Finance 2020 LP, 3.08%, 09/17/51 (Call 03/17/51)(a)(b)

    472       300,883  

Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47)

    945       794,901  

Everest Reinsurance Holdings Inc.

   

3.13%, 10/15/52 (Call 04/15/52)(a)

    865       551,490  

3.50%, 10/15/50 (Call 04/15/50)

    921       631,096  

4.87%, 06/01/44

    315       273,556  

Farmers Exchange Capital II, 6.15%, 11/01/53 (Call 11/01/33), (3-mo. LIBOR US + 3.744%)(b)(d)

    200       192,407  

Farmers Exchange Capital III, 5.45%, 10/15/54 (Call 10/15/34), (3-mo. LIBOR US + 3.454%)(b)(d)

    410       355,253  

Farmers Insurance Exchange, 4.75%, 11/01/57 (Call 11/01/37), (3-mo. LIBOR US + 1.374%)(b)(d)

    420       326,080  

Fidelity National Financial Inc., 3.20%, 09/17/51 (Call 03/17/51)

    390       226,916  

Five Corners Funding Trust IV, 6.00%, 02/15/53 (Call 08/15/52)(b)

    526       529,274  

Great-West Lifeco Finance 2018 LP, 4.58%, 05/17/48 (Call 11/17/47)(b)

    311       266,249  

Great-West Lifeco Finance Delaware LP, 4.15%, 06/03/47 (Call 12/03/46)(b)

    641       513,847  

Guardian Life Insurance Co. of America (The)

   

3.70%, 01/22/70 (Call 07/22/69)(a)(b)

    214       137,702  

4.85%, 01/24/77(b)

    348       279,946  

4.88%, 06/19/64(b)

    506       422,529  

Hartford Financial Services Group Inc. (The)

   

2.90%, 09/15/51 (Call 03/15/51)

    330       209,084  

3.60%, 08/19/49 (Call 02/19/49)

    702       511,817  

4.30%, 04/15/43

    324       256,329  

4.40%, 03/15/48 (Call 09/15/47)

    350       290,860  

5.95%, 10/15/36

    325       331,221  

6.10%, 10/01/41

    401       404,678  

6.63%, 03/30/40(a)

    290       304,325  

Hill City Funding Trust, 4.05%, 08/15/41 (Call 02/15/41)(b)

    200       133,960  

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

    450       300,377  

 

 

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

  225


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

Liberty Mutual Group Inc.

   

3.95%, 10/15/50 (Call 04/15/50)(b)

  $ 1,151     $ 819,413  

3.95%, 05/15/60 (Call 11/15/59)(b)

    599       403,116  

4.85%, 08/01/44(a)(b)

    95       77,443  

5.50%, 06/15/52 (Call 12/15/51)(b)

    1,070       967,927  

6.50%, 03/15/35(b)

    360       360,445  

6.50%, 05/01/42(b)

    347       331,270  

Liberty Mutual Insurance
Co., 7.70%, 10/15/97(a)(b)

    205       210,509  

Lincoln National Corp.

   

4.35%, 03/01/48 (Call 09/01/47)

    316       229,493  

4.38%, 06/15/50 (Call 12/15/49)(a)

    256       183,075  

6.30%, 10/09/37

    291       286,921  

7.00%, 06/15/40(a)

    413       434,247  

Loews Corp.

   

4.13%, 05/15/43 (Call 11/15/42)

    480       393,870  

6.00%, 02/01/35

    461       476,220  

Manulife Financial Corp., 5.38%, 03/04/46(a)

    640       614,765  

Maple Grove Funding Trust I, 4.16%, 08/15/51 (Call 02/15/51)(a)(b)

    485       324,881  

Markel Group Inc.

   

3.45%, 05/07/52 (Call 11/07/51)(a)

    525       356,094  

4.15%, 09/17/50 (Call 03/17/50)

    485       367,179  

4.30%, 11/01/47 (Call 05/01/47)

    334       257,067  

5.00%, 03/30/43

    235       198,686  

5.00%, 04/05/46

    516       447,647  

5.00%, 05/20/49 (Call 11/20/48)

    408       357,095  

Marsh & McLennan Companies Inc.

   

2.90%, 12/15/51 (Call 06/15/51)(a)

    430       278,411  

4.20%, 03/01/48 (Call 09/01/47)

    545       449,026  

4.35%, 01/30/47 (Call 07/30/46)

    560       474,081  

4.75%, 03/15/39 (Call 09/15/38)

    365       337,709  

4.90%, 03/15/49 (Call 09/15/48)

    976       895,079  

5.45%, 03/15/53 (Call 09/15/52)

    435       429,378  

6.25%, 11/01/52 (Call 05/01/52)

    370       405,041  

Massachusetts Mutual Life Insurance Co.

   

3.20%, 12/01/61(b)

    340       210,604  

3.38%, 04/15/50(a)(b)

    384       265,495  

3.73%, 10/15/70(b)

    476       311,796  

4.50%, 04/15/65(b)

    498       364,181  

4.90%, 04/01/77(b)

    386       314,523  

5.08%, 02/15/69 (Call 02/15/49), (3-mo. LIBOR US + 3.191%)(b)(d)

    295       259,192  

5.38%, 12/01/41(a)(b)

    391       349,551  

5.67%, 12/01/52 (Call 06/01/52)(b)

    710       702,936  

MetLife Capital Trust IV, 7.88%, 12/15/67 (Call 12/15/32)(a)(b)

    390       408,769  

MetLife Inc.

   

4.05%, 03/01/45

    848       692,945  

4.13%, 08/13/42

    553       458,394  

4.60%, 05/13/46 (Call 11/13/45)

    697       611,462  

4.72%, 12/15/44

    427       371,959  

4.88%, 11/13/43

    812       740,791  

5.00%, 07/15/52 (Call 01/15/52)

    995       909,732  

5.25%, 01/15/54 (Call 07/15/53)(a)

    870       824,525  

5.70%, 06/15/35

    929       950,747  

5.88%, 02/06/41

    716       735,319  

6.38%, 06/15/34

     1,092        1,172,566  

6.40%, 12/15/66 (Call 12/15/31)

    913       903,250  

9.25%, 04/08/68 (Call 04/08/33)(a)(b)

    495       572,961  

10.75%, 08/01/69 (Call 08/01/34)

    436       558,080  
Security  

Par

(000)

    Value  
Insurance (continued)            

Mutual of Omaha Insurance Co., 6.80%, 06/15/36(b)

  $ 93     $ 94,222  

National Life Insurance Co., 5.25%, 07/19/68
(Call 07/19/48), (3-mo. LIBOR US
+ 3.314%)(a)(b)(d)

    105       90,628  

Nationwide Financial Services Inc.

   

3.90%, 11/30/49 (Call 05/30/49)(a)(b)

    720       534,832  

5.30%, 11/18/44(a)(b)

    282       241,105  

6.75%, 05/15/87

    310       295,627  

Nationwide Mutual Insurance Co.

   

4.35%, 04/30/50 (Call 10/30/49)(b)

    1,034       788,608  

4.95%, 04/22/44(b)

    352       288,177  

9.38%, 08/15/39(b)

    776       974,114  

New York Life Insurance Co.

   

3.75%, 05/15/50 (Call 11/15/49)(b)

    1,048       781,720  

4.45%, 05/15/69 (Call 11/15/68)(b)

    626       499,405  

6.75%, 11/15/39(b)

    885       972,179  

Northwestern Mutual Life Insurance Co. (The)

   

3.45%, 03/30/51 (Call 09/30/50)(b)

    568       386,701  

3.63%, 09/30/59 (Call 03/30/59)(b)

    1,030       695,528  

3.85%, 09/30/47 (Call 03/30/47)(b)

    780       587,782  

6.06%, 03/30/40(a)(b)

     1,306        1,329,879  

Ohio National Life Insurance Co. (The), 6.88%, 06/15/42(b)

    210       182,401  

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

    530       369,480  

OneAmerica Financial Partners Inc., 4.25%, 10/15/50 (Call 04/15/50)(a)(b)

    176       119,266  

Pacific Life Insurance Co.

   

4.30%, 10/24/67 (Call 10/24/47), (3-mo. LIBOR US + 2.796%)(b)(d)

    580       434,002  

9.25%, 06/15/39(a)(b)

    275       345,961  

Pacific LifeCorp.

   

3.35%, 09/15/50 (Call 03/15/50)(a)(b)

    625       426,738  

5.13%, 01/30/43(b)

    295       269,110  

5.40%, 09/15/52 (Call 03/15/52)(b)

    595       564,701  

6.60%, 09/15/33(b)

    335       357,122  

Penn Mutual Life Insurance Co. (The), 3.80%, 04/29/61(b)

    345       224,151  

Pine Street Trust II, 5.57%, 02/15/49 (Call 08/15/48)(a)(b)

    623       545,420  

Principal Financial Group Inc.

   

4.30%, 11/15/46 (Call 05/15/46)

    220       171,904  

4.35%, 05/15/43

    418       334,320  

4.63%, 09/15/42

    287       239,381  

5.50%, 03/15/53 (Call 09/15/52)

    155       144,631  

6.05%, 10/15/36

    526       539,591  

Progressive Corp. (The)

   

3.70%, 01/26/45

    255       194,808  

3.70%, 03/15/52 (Call 09/15/51)(a)

    395       301,467  

3.95%, 03/26/50 (Call 09/26/49)(a)

    398       318,383  

4.13%, 04/15/47 (Call 10/15/46)

    733       608,983  

4.20%, 03/15/48 (Call 09/15/47)

    558       467,963  

4.35%, 04/25/44

    324       272,635  

Prudential Financial Inc.

   

3.00%, 03/10/40 (Call 09/10/39)

    350       258,083  

3.70%, 03/13/51 (Call 09/13/50)

    1,339       999,426  

3.91%, 12/07/47 (Call 06/07/47)

    840       651,350  

3.94%, 12/07/49 (Call 06/07/49)

    979       753,361  

4.35%, 02/25/50 (Call 08/25/49)

    919       763,967  

4.42%, 03/27/48 (Call 09/27/47)

    375       315,948  

4.60%, 05/15/44

    593       523,010  

 

 

226  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Insurance (continued)            

5.70%, 12/14/36

  $ 681     $ 694,849  

6.63%, 12/01/37

    480       529,094  

6.63%, 06/21/40

    274       294,715  

Securian Financial Group Inc., 4.80%, 04/15/48(b)

    210       161,863  

Selective Insurance Group Inc., 5.38%, 03/01/49 (Call 09/01/48)(a)

    247       220,523  

Sompo International Holdings Ltd., 7.00%, 07/15/34(a)

    130       138,993  

Teachers Insurance & Annuity Association of America

   

3.30%, 05/15/50 (Call 11/15/49)(b)

    805       544,679  

4.27%, 05/15/47 (Call 11/15/46)(b)

    1,480       1,197,541  

4.90%, 09/15/44(b)

    1,182       1,061,301  

6.85%, 12/16/39(b)

    1,335       1,462,266  

Transatlantic Holdings Inc., 8.00%, 11/30/39

    555       678,014  

Travelers Companies Inc. (The)

   

2.55%, 04/27/50 (Call 10/27/49)(a)

    350       217,993  

3.05%, 06/08/51 (Call 12/08/50)

    695       480,630  

3.75%, 05/15/46 (Call 11/15/45)

    332       257,097  

4.00%, 05/30/47 (Call 11/30/46)

    579       475,626  

4.05%, 03/07/48 (Call 09/07/47)

    491       404,245  

4.10%, 03/04/49 (Call 09/04/48)

    476       394,312  

4.30%, 08/25/45 (Call 02/25/45)

    469       397,491  

4.60%, 08/01/43

    330       295,282  

5.35%, 11/01/40

    605       601,453  

6.25%, 06/15/37

    862       939,605  

6.75%, 06/20/36(a)

    382       433,711  

Travelers Cos. Inc. (The), 5.45%, 05/25/53 (Call 11/25/52)

    690       699,590  

Trinity Acquisition PLC, 6.13%, 08/15/43

    269       250,104  

Unum Group

   

4.13%, 06/15/51 (Call 12/15/50)

    475       335,702  

4.50%, 12/15/49 (Call 06/15/49)(a)

    420       316,646  

5.75%, 08/15/42

    380       345,944  

W R Berkley Corp.

   

3.15%, 09/30/61 (Call 03/30/61)(a)

    305       181,459  

3.55%, 03/30/52 (Call 09/30/51)

    362       246,824  

4.00%, 05/12/50 (Call 11/12/49)

    312       235,769  

4.75%, 08/01/44

    429       366,139  

Western & Southern Life Insurance Co. (The)

   

3.75%, 04/28/61 (Call 10/28/60)(b)

    505       325,760  

5.15%, 01/15/49 (Call 07/15/48)(a)(b)

    285       250,137  

Willis North America Inc.

   

3.88%, 09/15/49 (Call 03/15/49)

    466       328,137  

5.05%, 09/15/48 (Call 03/15/48)

    306       254,682  

WR Berkley Corp., 6.25%, 02/15/37(a)

    260       263,663  

XLIT Ltd., 5.25%, 12/15/43

    315       298,101  
   

 

 

 
       101,502,766  
Internet — 1.9%            

Alibaba Group Holding Ltd.

   

2.70%, 02/09/41 (Call 08/09/40)(a)

    613       391,230  

3.15%, 02/09/51 (Call 08/09/50)(a)

     1,520       919,956  

3.25%, 02/09/61 (Call 08/09/60)

    850       490,771  

4.00%, 12/06/37 (Call 06/06/37)

    917       743,676  

4.20%, 12/06/47 (Call 06/06/47)

    1,477       1,102,231  

4.40%, 12/06/57 (Call 06/06/57)

    885       656,351  

4.50%, 11/28/34 (Call 05/28/34)(a)

    440       394,980  

Alphabet Inc.

   

1.90%, 08/15/40 (Call 02/15/40)

    990       664,378  

2.05%, 08/15/50 (Call 02/15/50)(a)

    2,083       1,246,863  

2.25%, 08/15/60 (Call 02/15/60)(a)

    1,644       961,783  
Security  

Par

(000)

    Value  
Internet (continued)            

Amazon.com Inc.

   

2.50%, 06/03/50 (Call 12/03/49)

  $ 2,021     $ 1,287,736  

2.70%, 06/03/60 (Call 12/03/59)

    1,733       1,070,000  

2.88%, 05/12/41 (Call 11/12/40)

    1,622       1,216,755  

3.10%, 05/12/51 (Call 11/12/50)

    2,911       2,079,140  

3.25%, 05/12/61 (Call 11/12/60)

    1,617       1,122,776  

3.88%, 08/22/37 (Call 02/22/37)

    2,063       1,856,549  

3.95%, 04/13/52 (Call 10/13/51)(a)

    2,250       1,876,851  

4.05%, 08/22/47 (Call 02/22/47)

    2,884       2,488,818  

4.10%, 04/13/62 (Call 10/13/61)

    1,015       841,492  

4.25%, 08/22/57 (Call 02/22/57)(a)

    1,850       1,602,002  

4.80%, 12/05/34 (Call 06/05/34)

    904       909,783  

4.95%, 12/05/44 (Call 06/05/44)

    1,266       1,251,781  

eBay Inc.

   

3.65%, 05/10/51 (Call 11/10/50)

    260       185,837  

4.00%, 07/15/42 (Call 01/15/42)(a)

    1,247       973,575  

JD.com Inc., 4.13%, 01/14/50 (Call 07/14/49)

    208       153,931  

Meta Platforms Inc.

   

4.45%, 08/15/52 (Call 02/15/52)

    2,356       1,999,487  

4.65%, 08/15/62 (Call 02/15/62)

    1,464       1,245,358  

5.60%, 05/15/53 (Call 11/15/52)

    2,123       2,131,728  

5.75%, 05/15/63 (Call 11/15/62)

    1,276       1,288,588  

Prosus NV

   

3.83%, 02/08/51 (Call 08/08/50)(b)

    1,095       623,116  

4.03%, 08/03/50 (Call 02/03/50)(b)

    962       570,830  

4.99%, 01/19/52 (Call 07/19/51)(a)(b)

    707       477,025  

Tencent Holdings Ltd.

   

3.24%, 06/03/50 (Call 12/03/49)(b)

    1,707       1,038,921  

3.29%, 06/03/60 (Call 12/03/59)(a)(b)

    663       381,394  

3.68%, 04/22/41 (Call 10/22/40)(b)

    527       385,186  

3.84%, 04/22/51 (Call 10/22/50)(b)

     1,445       990,808  

3.93%, 01/19/38 (Call 07/19/37)(b)

    670       530,550  

3.94%, 04/22/61 (Call 10/22/60)(b)

    590       393,078  

4.53%, 04/11/49 (Call 10/11/48)(b)

    444       346,633  
   

 

 

 
       38,891,947  
Iron & Steel — 0.3%            

ArcelorMittal SA

   

6.75%, 03/01/41

    470       468,005  

7.00%, 10/15/39(a)

    530       545,857  

Nucor Corp.

   

2.98%, 12/15/55 (Call 06/15/55)

    778       474,433  

3.85%, 04/01/52 (Call 09/01/51)(a)

    515       390,497  

4.40%, 05/01/48 (Call 11/01/47)(a)

    280       231,703  

5.20%, 08/01/43 (Call 02/01/43)

    217       205,914  

6.40%, 12/01/37(a)

    255       276,124  

Reliance Steel & Aluminum Co., 6.85%, 11/15/36

    230       241,822  

Steel Dynamics Inc., 3.25%, 10/15/50
(Call 04/15/50)(a)

    312       201,183  

Vale Overseas Ltd.

   

6.88%, 11/21/36

    1,012       1,055,127  

6.88%, 11/10/39

    858       895,584  

8.25%, 01/17/34(a)

    345       394,018  

Vale SA, 5.63%, 09/11/42(a)

    416       392,579  
   

 

 

 
      5,772,846  
Leisure Time — 0.0%            

Brunswick Corp., 5.10%, 04/01/52
(Call 10/01/51)(a)

    305       224,263  

Harley-Davidson Inc., 4.63%, 07/28/45
(Call 01/28/45)(a)

    194       148,148  
   

 

 

 
      372,411  

 

 

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

  227


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Lodging — 0.0%            

Marriott International Inc./MD

   

4.50%, 10/01/34 (Call 04/01/34)

  $ 150     $ 131,747  

Series II, 2.75%, 10/15/33 (Call 07/15/33)

    137       107,156  
   

 

 

 
      238,903  
Machinery — 0.5%            

ABB Finance USA Inc., 4.38%, 05/08/42

    350       299,320  

Caterpillar Inc.

   

3.25%, 09/19/49 (Call 03/19/49)

    803       605,275  

3.25%, 04/09/50 (Call 10/09/49)

    1,123       850,467  

3.80%, 08/15/42(a)

    1,473       1,248,529  

4.30%, 05/15/44 (Call 11/15/43)(a)

    341       305,515  

4.75%, 05/15/64 (Call 11/15/63)(a)

    357       328,952  

5.20%, 05/27/41(a)

    597       604,085  

5.30%, 09/15/35

    197       202,983  

6.05%, 08/15/36

    773       847,992  

Deere & Co.

   

2.88%, 09/07/49 (Call 03/07/49)(a)

    343       248,393  

3.75%, 04/15/50 (Call 10/15/49)(a)

    696       594,460  

3.90%, 06/09/42 (Call 12/09/41)

    1,165       1,023,672  

Dover Corp.

   

5.38%, 10/15/35(a)

    260       261,824  

5.38%, 03/01/41 (Call 12/01/40)

    262       249,819  

6.60%, 03/15/38

    255       274,453  

Otis Worldwide Corp.

   

3.11%, 02/15/40 (Call 08/15/39)

    599       450,191  

3.36%, 02/15/50 (Call 08/15/49)(a)

    665       478,294  

Rockwell Automation Inc.

   

2.80%, 08/15/61 (Call 02/15/61)

    280       172,190  

4.20%, 03/01/49 (Call 09/01/48)

    479       413,851  

6.25%, 12/01/37

    220       233,841  

Xylem Inc./NY, 4.38%, 11/01/46 (Call 05/01/46)

    260       210,598  
   

 

 

 
       9,904,704  
Manufacturing — 0.7%            

3M Co.

   

3.13%, 09/19/46 (Call 03/19/46)(a)

    369       249,728  

3.25%, 08/26/49 (Call 02/26/49)(a)

    864       598,415  

3.63%, 10/15/47 (Call 04/15/47)(a)

    596       444,045  

3.70%, 04/15/50 (Call 10/15/49)(a)

    438       336,006  

3.88%, 06/15/44(a)

    150       118,127  

4.00%, 09/14/48 (Call 03/14/48)(a)

     1,019       828,335  

5.70%, 03/15/37(a)

    450       478,147  

Eaton Corp.

   

3.92%, 09/15/47 (Call 03/15/47)

    235       192,903  

4.15%, 11/02/42

    845       733,520  

4.70%, 08/23/52 (Call 02/23/52)

    612       568,829  

GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35(a)

    595       551,024  

General Electric Co.

   

4.35%, 05/01/50 (Call 11/01/49)

    322       267,039  

4.50%, 03/11/44

    375       328,836  

5.88%, 01/14/38

    480       504,304  

6.15%, 08/07/37

    421       435,587  

6.88%, 01/10/39

    715       832,225  

Illinois Tool Works Inc.

   

3.90%, 09/01/42 (Call 03/01/42)(a)

    499       429,385  

4.88%, 09/15/41 (Call 03/15/41)

    705       682,927  

Parker-Hannifin Corp.

   

4.00%, 06/14/49 (Call 12/14/48)

    919       745,252  

4.10%, 03/01/47 (Call 09/01/46)

    345       284,372  
Security  

Par

(000)

    Value  
Manufacturing (continued)            

4.20%, 11/21/34 (Call 05/21/34)

  $ 237     $ 214,729  

4.45%, 11/21/44 (Call 05/21/44)

    372       319,656  

6.25%, 05/15/38

    345       364,891  

Siemens Financieringsmaatschappij NV

   

2.88%, 03/11/41(b)

    1,705       1,253,419  

3.30%, 09/15/46(b)

    949       706,477  

4.20%, 03/16/47(b)

    820       715,358  

4.40%, 05/27/45(a)(b)

     1,443       1,288,602  
   

 

 

 
       14,472,138  
Media — 4.4%            

Charter Communications Operating LLC/Charter Communications Operating Capital

   

3.50%, 06/01/41 (Call 12/01/40)

    1,401       928,534  

3.50%, 03/01/42 (Call 09/01/41)

    1,057       691,019  

3.70%, 04/01/51 (Call 10/01/50)

    1,696       1,053,941  

3.85%, 04/01/61 (Call 10/01/60)(a)

    1,757       1,049,674  

3.90%, 06/01/52 (Call 12/01/51)

    1,945       1,244,544  

3.95%, 06/30/62 (Call 12/30/61)

    1,343       809,916  

4.40%, 12/01/61 (Call 06/01/61)

    1,208       793,955  

4.80%, 03/01/50 (Call 09/01/49)

    2,467       1,827,769  

5.13%, 07/01/49 (Call 01/01/49)

    1,042       801,791  

5.25%, 04/01/53 (Call 10/01/52)(a)

    1,312       1,038,529  

5.38%, 04/01/38 (Call 10/01/37)

    349       295,550  

5.38%, 05/01/47 (Call 11/01/46)

    2,179       1,741,182  

5.50%, 04/01/63 (Call 10/01/62)(a)

    775       608,835  

5.75%, 04/01/48 (Call 10/01/47)

    1,933       1,628,521  

6.38%, 10/23/35 (Call 04/23/35)

    1,386       1,344,528  

6.48%, 10/23/45 (Call 04/23/45)

    2,912       2,678,895  

6.83%, 10/23/55 (Call 04/23/55)

    435       402,858  

Comcast Corp.

   

2.45%, 08/15/52 (Call 02/15/52)

    1,131       661,903  

2.65%, 08/15/62 (Call 02/15/62)

    807       463,130  

2.80%, 01/15/51 (Call 07/15/50)

    1,621       1,028,211  

2.89%, 11/01/51 (Call 05/01/51)

    4,372       2,803,551  

2.94%, 11/01/56 (Call 05/01/56)

    4,906       3,052,889  

2.99%, 11/01/63 (Call 05/01/63)

    3,209       1,940,029  

3.20%, 07/15/36 (Call 01/15/36)

    757       612,468  

3.25%, 11/01/39 (Call 05/01/39)

    1,175       904,860  

3.40%, 07/15/46 (Call 01/15/46)

    1,262       923,148  

3.45%, 02/01/50 (Call 08/01/49)

    1,457       1,063,366  

3.75%, 04/01/40 (Call 10/01/39)

    1,144       940,908  

3.90%, 03/01/38 (Call 09/01/37)

    902       769,540  

3.97%, 11/01/47 (Call 05/01/47)

    1,704       1,366,204  

4.00%, 08/15/47 (Call 02/15/47)

    871       698,854  

4.00%, 03/01/48 (Call 09/01/47)(a)

    1,092       878,743  

4.00%, 11/01/49 (Call 05/01/49)

    1,518       1,211,286  

4.05%, 11/01/52 (Call 05/01/52)

    938       750,286  

4.20%, 08/15/34 (Call 02/15/34)

    793       724,455  

4.40%, 08/15/35 (Call 02/15/35)

    582       539,439  

4.60%, 10/15/38 (Call 04/15/38)

    922       846,320  

4.60%, 08/15/45 (Call 02/15/45)

    625       547,194  

4.65%, 07/15/42

    531       474,138  

4.70%, 10/15/48 (Call 04/15/48)

    1,480       1,341,775  

4.75%, 03/01/44

    522       467,796  

4.95%, 10/15/58 (Call 04/15/58)(a)

    789       726,545  

5.35%, 05/15/53 (Call 11/15/52)

    1,470       1,438,500  

5.50%, 05/15/64 (Call 11/15/63)

    1,065       1,040,531  

5.65%, 06/15/35(a)

    595       616,849  

6.40%, 03/01/40

    125       131,533  

6.45%, 03/15/37

    550       601,003  

 

 

228  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Media (continued)            

6.50%, 11/15/35

  $ 647     $ 715,169  

6.55%, 07/01/39

    185       203,391  

6.95%, 08/15/37

    634       715,299  

Cox Communications Inc.

   

2.95%, 10/01/50 (Call 04/01/50)(b)

    360       213,810  

3.60%, 06/15/51 (Call 12/15/50)(b)

    527       352,450  

4.50%, 06/30/43 (Call 12/30/42)(b)

    316       248,781  

4.60%, 08/15/47 (Call 02/15/47)(a)(b)

    165       130,699  

4.70%, 12/15/42(b)

    301       246,915  

4.80%, 02/01/35 (Call 08/01/34)(b)

    334       299,693  

8.38%, 03/01/39(b)

    475       559,938  

Discovery Communications LLC

   

4.00%, 09/15/55 (Call 03/15/55)(a)

     1,570        1,023,928  

4.65%, 05/15/50 (Call 11/15/49)

    767       571,704  

4.88%, 04/01/43

    445       352,716  

4.95%, 05/15/42

    488       386,165  

5.00%, 09/20/37 (Call 03/20/37)

    650       554,032  

5.20%, 09/20/47 (Call 03/20/47)

    965       781,200  

5.30%, 05/15/49 (Call 11/15/48)

    580       473,031  

6.35%, 06/01/40

    609       583,322  

Fox Corp.

   

5.48%, 01/25/39 (Call 07/25/38)

    1,106       1,003,748  

5.58%, 01/25/49 (Call 07/25/48)

    1,382       1,234,411  

Grupo Televisa SAB

   

5.25%, 05/24/49 (Call 11/24/48)(a)

    110       95,419  

6.13%, 01/31/46 (Call 07/31/45)(a)

    517       506,086  

6.63%, 01/15/40(a)

    1,487       1,516,694  

NBCUniversal Media LLC

   

4.45%, 01/15/43

    981       856,245  

5.95%, 04/01/41

    346       359,160  

6.40%, 04/30/40

    285       308,283  

Paramount Global

   

4.38%, 03/15/43

    993       685,548  

4.60%, 01/15/45 (Call 07/15/44)

    555       382,997  

4.85%, 07/01/42 (Call 01/01/42)

    527       382,745  

4.90%, 08/15/44 (Call 02/15/44)

    490       347,902  

4.95%, 05/19/50 (Call 11/19/49)(a)

    778       570,133  

5.25%, 04/01/44 (Call 10/01/43)

    320       240,387  

5.85%, 09/01/43 (Call 03/01/43)

    1,061       878,234  

5.90%, 10/15/40 (Call 04/15/40)

    330       275,366  

6.88%, 04/30/36

    878       845,611  

Sky Group Finance Ltd., 6.50%, 10/15/35(b)

    455       489,671  

Thomson Reuters Corp.

   

5.50%, 08/15/35

    415       406,472  

5.65%, 11/23/43 (Call 05/23/43)

    190       174,198  

5.85%, 04/15/40

    420       409,877  

Time Warner Cable LLC

   

4.50%, 09/15/42 (Call 03/15/42)

    1,098       802,287  

5.50%, 09/01/41 (Call 03/01/41)

    1,147       942,324  

5.88%, 11/15/40 (Call 05/15/40)

    1,040       904,891  

6.55%, 05/01/37

    1,324       1,258,042  

6.75%, 06/15/39

    1,279       1,237,220  

7.30%, 07/01/38

    1,102       1,116,380  

TWDC Enterprises 18 Corp.

   

3.00%, 07/30/46(a)

    682       467,698  

3.70%, 12/01/42

    552       440,928  

4.13%, 06/01/44

    912       768,707  

4.38%, 08/16/41

    500       437,107  

Series E, 4.13%, 12/01/41

    687       582,167  
Security  

Par

(000)

    Value  
Media (continued)            

Walt Disney Co. (The)

   

2.75%, 09/01/49 (Call 03/01/49)

  $ 2,075     $ 1,334,784  

3.50%, 05/13/40 (Call 11/13/39)

    1,640       1,315,048  

3.60%, 01/13/51 (Call 07/13/50)

    2,576       1,938,449  

3.80%, 05/13/60 (Call 11/13/59)(a)

    418       316,226  

4.63%, 03/23/40 (Call 09/23/39)

    715       664,178  

4.70%, 03/23/50 (Call 09/23/49)(a)

    1,355       1,236,930  

4.75%, 09/15/44 (Call 03/15/44)

    564       516,649  

4.75%, 11/15/46 (Call 05/15/46)

    434       394,976  

4.95%, 10/15/45 (Call 04/15/45)

    422       387,609  

5.40%, 10/01/43

    535       532,862  

6.15%, 03/01/37

    240       253,394  

6.15%, 02/15/41

    565       606,124  

6.20%, 12/15/34

    591       640,803  

6.40%, 12/15/35

    493       539,507  

6.65%, 11/15/37

     1,116       1,257,620  

7.75%, 12/01/45(a)

    310       394,329  
   

 

 

 
       90,174,164  
Metal Fabricate & Hardware — 0.1%            

Precision Castparts Corp.

   

3.90%, 01/15/43 (Call 07/15/42)

    316       259,827  

4.20%, 06/15/35 (Call 12/15/34)

    226       202,956  

4.38%, 06/15/45 (Call 12/15/44)

    311       268,112  

Valmont Industries Inc.

   

5.00%, 10/01/44 (Call 04/01/44)

    295       251,680  

5.25%, 10/01/54 (Call 04/01/54)(a)

    192       164,537  
   

 

 

 
      1,147,112  
Mining — 1.6%            

Anglo American Capital PLC

   

3.95%, 09/10/50 (Call 03/10/50)(b)

    474       341,781  

4.75%, 03/16/52 (Call 09/16/51)(a)(b)

    645       517,911  

Barrick Gold Corp.

   

5.25%, 04/01/42(a)

    70       65,952  

6.45%, 10/15/35(a)

    480       500,977  

Barrick International Barbados Corp.,
6.35%, 10/15/36(b)

    585       607,512  

Barrick North America Finance LLC

   

5.70%, 05/30/41

    695       690,493  

5.75%, 05/01/43

    710       710,005  

7.50%, 09/15/38

    385       435,864  

Barrick PD Australia Finance Pty Ltd.,
5.95%, 10/15/39

    603       611,866  

BHP Billiton Finance USA Ltd.

   

4.13%, 02/24/42

    741       646,761  

5.00%, 09/30/43

    2,203       2,129,026  

Corp. Nacional del Cobre de Chile

   

3.15%, 01/15/51 (Call 07/15/50)(b)

    370       237,631  

3.70%, 01/30/50 (Call 07/30/49)(a)(b)

    2,300       1,612,315  

4.25%, 07/17/42(b)

    430       342,998  

4.38%, 02/05/49 (Call 08/05/48)(b)

    1,188       937,630  

4.50%, 08/01/47 (Call 02/01/47)(b)

    962       772,338  

4.88%, 11/04/44(a)(b)

    795       675,640  

5.63%, 09/21/35(a)(b)

    100       99,468  

5.63%, 10/18/43(a)(b)

    945       893,243  

6.15%, 10/24/36(a)(b)

    313       321,943  

Freeport Indonesia PT, 6.20%, 04/14/52
(Call 10/14/51)(b)

    630       567,000  

Freeport-McMoRan Inc.

   

5.40%, 11/14/34 (Call 05/14/34)

    562       532,571  

5.45%, 03/15/43 (Call 09/15/42)

    1,604       1,439,661  

 

 

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

  229


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mining (continued)            

Fresnillo PLC, 4.25%, 10/02/50
(Call 04/02/50)(b)

  $ 490     $ 359,935  

Glencore Canada Corp., 6.20%, 06/15/35(a)

    275       275,854  

Glencore Finance Canada Ltd.

   

5.55%, 10/25/42(b)

    310       283,056  

6.00%, 11/15/41(b)

    403       388,070  

6.90%, 11/15/37(b)

    1,075       1,138,184  

Glencore Funding LLC

   

3.38%, 09/23/51 (Call 03/23/51)(b)

    225       145,136  

3.88%, 04/27/51 (Call 10/27/50)(a)(b)

    275       195,553  

Indonesia Asahan Aluminium PT/Mineral Industri Indonesia Persero PT

   

5.80%, 05/15/50 (Call 11/15/49)(a)(b)

    330       282,224  

6.76%, 11/15/48(a)(b)

    264       252,962  

Industrias Penoles SAB de CV

   

4.75%, 08/06/50 (Call 02/06/50)(b)

    343       265,271  

5.65%, 09/12/49 (Call 03/12/49)(b)

    210       184,758  

Kinross Gold Corp., 6.88%, 09/01/41
(Call 03/01/41)

    274       278,382  

Minera Mexico SA de CV, 4.50%, 01/26/50
(Call 07/26/49)(b)

    630       480,968  

Newcrest Finance Pty Ltd.

   

4.20%, 05/13/50 (Call 11/13/49)(b)

    253       196,361  

5.75%, 11/15/41(b)

    594       570,588  

Newmont Corp.

   

4.88%, 03/15/42 (Call 09/15/41)

    903       810,362  

5.45%, 06/09/44 (Call 12/09/43)

    125       118,714  

5.88%, 04/01/35

    364       366,761  

6.25%, 10/01/39

    989       1,030,871  

Rio Tinto Alcan Inc.

   

5.75%, 06/01/35

    577       584,117  

6.13%, 12/15/33(a)

    971       1,025,744  

Rio Tinto Finance USA Ltd.

   

2.75%, 11/02/51 (Call 05/02/51)(a)

    980       634,788  

5.20%, 11/02/40

    913       896,668  

Rio Tinto Finance USA PLC

   

4.13%, 08/21/42 (Call 02/21/42)

    509       435,487  

4.75%, 03/22/42 (Call 09/22/41)

    438       405,577  

5.13%, 03/09/53 (Call 09/09/52)

    1,030       996,360  

Southern Copper Corp.

   

5.25%, 11/08/42

    1,215       1,123,744  

5.88%, 04/23/45(a)

     1,100       1,082,596  

6.75%, 04/16/40

    904       980,949  

7.50%, 07/27/35

    940       1,067,818  
   

 

 

 
       32,548,444  
Oil & Gas — 5.7%            

Apache Corp.

   

4.75%, 04/15/43 (Call 10/15/42)

    550       420,253  

5.10%, 09/01/40 (Call 03/01/40)(a)

    960       798,111  

5.25%, 02/01/42 (Call 08/01/41)

    520       426,693  

5.35%, 07/01/49 (Call 01/01/49)

    133       106,532  

6.00%, 01/15/37

    460       428,739  

BG Energy Capital PLC, 5.13%, 10/15/41(b)

    1,065       971,601  

BP Capital Markets America Inc.

   

2.77%, 11/10/50 (Call 05/10/50)

    1,445       911,209  

2.94%, 06/04/51 (Call 12/04/50)

    2,007       1,310,372  

3.00%, 02/24/50 (Call 08/24/49)

    1,941       1,293,042  

3.00%, 03/17/52 (Call 09/17/51)

    1,139       747,419  

3.06%, 06/17/41 (Call 12/17/40)(a)

    1,240       909,586  

3.07%, 03/30/50 (Call 09/30/49)

    410       369,797  

3.38%, 02/08/61 (Call 08/08/60)

    1,709       1,150,680  

4.89%, 09/11/33 (Call 06/11/33)

    515       501,025  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

Burlington Resources LLC, 5.95%, 10/15/36(a)

  $ 40     $ 42,082  

Canadian Natural Resources Ltd.

   

4.95%, 06/01/47 (Call 12/01/46)

    405       351,622  

5.85%, 02/01/35

    511       496,628  

6.25%, 03/15/38(a)

    701       706,481  

6.50%, 02/15/37(a)

    592       602,341  

6.75%, 02/01/39

    492       504,149  

Cenovus Energy Inc.

   

3.75%, 02/15/52 (Call 08/15/51)(a)

    600       421,083  

5.25%, 06/15/37 (Call 12/15/36)

    231       210,623  

5.40%, 06/15/47 (Call 12/15/46)

    636       571,701  

6.75%, 11/15/39

    812       841,918  

6.80%, 09/15/37

    659       679,129  

Chevron Corp.

   

2.98%, 05/11/40 (Call 11/11/39)(a)

    260       192,661  

3.08%, 05/11/50 (Call 11/11/49)

    928       658,947  

Chevron USA Inc.

   

2.34%, 08/12/50 (Call 02/12/50)

    673       408,514  

5.25%, 11/15/43 (Call 05/15/43)

    290       286,473  

6.00%, 03/01/41 (Call 09/01/40)

    225       241,566  

CNOOC Finance 2011 Ltd., 5.75%, 01/26/41(b)

    500       509,748  

CNOOC Finance 2012 Ltd., 5.00%, 05/02/42(a)(b)

    250       234,797  

CNOOC Finance 2013 Ltd.

   

3.30%, 09/30/49 (Call 03/30/49)

    470       326,367  

4.25%, 05/09/43

    220       185,397  

CNOOC Finance 2014 ULC, 4.88%, 04/30/44

    405       372,742  

CNOOC Finance 2015 Australia Pty. Ltd.,
4.20%, 05/05/45

    315       260,857  

CNOOC Petroleum North America ULC

   

5.88%, 03/10/35(a)

    562       578,302  

6.40%, 05/15/37(a)

    1,045       1,121,404  

7.50%, 07/30/39

    410       482,877  

CNPC HK Overseas Capital Ltd.,
5.95%, 04/28/41(b)

    400       423,231  

ConocoPhillips Co.

   

3.76%, 03/15/42 (Call 09/15/41)

    805       652,856  

3.80%, 03/15/52 (Call 09/15/51)

    1,060       816,195  

4.03%, 03/15/62 (Call 09/15/61)

    1,622       1,240,956  

4.30%, 11/15/44 (Call 05/15/44)

    813       697,895  

4.88%, 10/01/47 (Call 04/01/47)(a)

    70       63,394  

5.30%, 05/15/53 (Call 11/15/52)

     1,050        1,025,256  

5.55%, 03/15/54 (Call 09/15/53)

    525       526,297  

5.70%, 09/15/63 (Call 03/15/63)

    400       402,697  

5.90%, 05/15/38

    75       78,479  

5.95%, 03/15/46 (Call 09/15/45)(a)

    280       291,453  

6.50%, 02/01/39

    910       1,014,893  

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

    610       467,613  

Devon Energy Corp.

   

4.75%, 05/15/42 (Call 11/15/41)

    859       715,739  

5.00%, 06/15/45 (Call 12/15/44)(a)

    356       304,584  

5.60%, 07/15/41 (Call 01/15/41)

    1,226       1,138,668  

Diamondback Energy Inc.

   

4.25%, 03/15/52 (Call 09/15/51)

    682       512,064  

4.40%, 03/24/51 (Call 09/24/50)(a)

    593       460,331  

6.25%, 03/15/53 (Call 09/15/52)

    485       483,044  

Empresa Nacional del Petroleo, 4.50%, 09/14/47 (Call 03/14/47)(b)

    431       320,543  

Eni SpA, 5.70%, 10/01/40(b)

    360       324,526  

EOG Resources Inc.

   

3.90%, 04/01/35 (Call 10/01/34)

    459       405,720  

 

 

230  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

4.95%, 04/15/50 (Call 10/15/49)

  $ 538     $ 508,701  

5.10%, 01/15/36 (Call 07/15/35)(a)

    240       224,704  

Equinor ASA

   

3.25%, 11/18/49 (Call 05/18/49)

    1,076       761,188  

3.63%, 04/06/40 (Call 10/06/39)

    368       296,859  

3.70%, 04/06/50 (Call 10/06/49)

    1,024       790,731  

3.95%, 05/15/43

    609       510,117  

4.25%, 11/23/41

    415       359,413  

4.80%, 11/08/43

    531       489,542  

5.10%, 08/17/40

    573       557,374  

Exxon Mobil Corp.

   

3.00%, 08/16/39 (Call 02/16/39)

    678       521,681  

3.10%, 08/16/49 (Call 02/16/49)

    1,158       814,574  

3.45%, 04/15/51 (Call 10/15/50)

    2,375       1,767,132  

3.57%, 03/06/45 (Call 09/06/44)

    843       657,831  

4.11%, 03/01/46 (Call 09/01/45)

    2,068       1,758,067  

4.23%, 03/19/40 (Call 09/19/39)

    1,613       1,441,602  

4.33%, 03/19/50 (Call 09/19/49)

     2,304        1,996,497  

Hess Corp.

   

5.60%, 02/15/41

    1,194       1,122,594  

5.80%, 04/01/47 (Call 10/01/46)(a)

    234       223,319  

6.00%, 01/15/40(a)

    715       701,757  

KazMunayGas National Co. JSC

   

5.75%, 04/19/47(b)

    1,010       811,115  

6.38%, 10/24/48(b)

    1,130       942,465  

Marathon Oil Corp.

   

5.20%, 06/01/45 (Call 12/01/44)

    394       326,231  

6.60%, 10/01/37(a)

    708       713,826  

Marathon Petroleum Corp.

   

4.50%, 04/01/48 (Call 10/01/47)(a)

    454       352,394  

4.75%, 09/15/44 (Call 03/15/44)

    736       610,377  

5.00%, 09/15/54 (Call 03/15/54)(a)

    368       300,703  

5.85%, 12/15/45 (Call 06/15/45)(a)

    225       207,189  

6.50%, 03/01/41 (Call 09/01/40)

    858       874,440  

Motiva Enterprises LLC, 6.85%, 01/15/40(a)(b)

    938       1,005,904  

Occidental Petroleum Corp.

   

0.00%, 10/10/36(f)

    525       273,184  

4.10%, 02/15/47 (Call 08/15/46)

    355       244,311  

4.20%, 03/15/48 (Call 09/15/47)(a)

    240       176,311  

4.40%, 04/15/46 (Call 10/15/45)

    620       475,738  

4.40%, 08/15/49 (Call 02/15/49)

    820       584,325  

4.63%, 06/15/45 (Call 12/15/44)

    460       350,009  

6.20%, 03/15/40(a)

    225       222,237  

6.45%, 09/15/36

    741       757,698  

6.60%, 03/15/46 (Call 09/15/45)

    910       936,545  

7.95%, 06/15/39(a)

    265       297,253  

Ovintiv Inc.

   

6.50%, 08/15/34(a)

    405       410,670  

6.50%, 02/01/38

    435       427,304  

6.63%, 08/15/37

    500       498,117  

7.10%, 07/15/53 (Call 01/15/53)

    335       346,647  

Pertamina Persero PT

   

4.15%, 02/25/60 (Call 08/25/59)(a)(b)

    660       475,461  

4.18%, 01/21/50 (Call 07/21/49)(b)

    755       573,009  

4.70%, 07/30/49(b)

    631       516,083  

5.63%, 05/20/43(b)

    1,025       946,048  

6.00%, 05/03/42(b)

    1,069       1,030,363  

6.45%, 05/30/44(b)

    1,243       1,255,395  

6.50%, 05/27/41(b)

    350       353,571  

6.50%, 11/07/48(b)

    634       649,549  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

Petronas Capital Ltd.

   

3.40%, 04/28/61 (Call 10/28/60)(b)

  $ 1,370     $ 919,803  

4.50%, 03/18/45(a)(b)

    1,162       1,018,628  

4.55%, 04/21/50 (Call 10/21/49)(b)

    2,114       1,830,799  

4.80%, 04/21/60 (Call 10/21/59)(b)

    725       643,635  

Phillips 66

   

3.30%, 03/15/52 (Call 09/15/51)(a)

    797       532,045  

4.65%, 11/15/34 (Call 05/15/34)

    833       781,597  

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

    1,440       1,301,207  

5.88%, 05/01/42

    874       891,354  

Phillips 66 Co.

   

4.68%, 02/15/45 (Call 08/15/44)

    610       515,114  

4.90%, 10/01/46 (Call 04/01/46)

    703       613,967  

PTTEP Treasury Center Co. Ltd.,
3.90%, 12/06/59(a)(b)

    535       368,525  

Qatar Energy

   

3.13%, 07/12/41 (Call 01/12/41)(b)

    3,015       2,215,084  

3.30%, 07/12/51 (Call 01/12/51)(b)

    3,410       2,387,805  

Reliance Industries Ltd.

   

3.63%, 01/12/52(a)(b)

    1,830       1,243,205  

3.75%, 01/12/62(b)

    705       469,506  

4.88%, 02/10/45(b)

    98       85,318  

Saudi Arabian Oil Co.

   

3.25%, 11/24/50 (Call 05/24/50)(b)

    1,878       1,244,288  

3.50%, 11/24/70 (Call 05/24/70)(b)

    1,755       1,105,116  

4.25%, 04/16/39(b)

    2,063       1,757,709  

4.38%, 04/16/49(b)

    2,468       2,010,946  

Shell International Finance BV

   

2.88%, 11/26/41 (Call 05/26/41)

    550       394,313  

3.00%, 11/26/51 (Call 05/26/51)(a)

    1,002       670,764  

3.13%, 11/07/49 (Call 05/07/49)

    1,302       907,735  

3.25%, 04/06/50 (Call 10/06/49)

    1,820       1,291,495  

3.63%, 08/21/42

    453       363,979  

3.75%, 09/12/46

    1,159       911,669  

4.00%, 05/10/46

    1,453       1,194,546  

4.13%, 05/11/35

    1,293       1,179,471  

4.38%, 05/11/45

    2,451       2,126,526  

4.55%, 08/12/43

    1,052       950,845  

5.50%, 03/25/40

    981       997,968  

6.38%, 12/15/38

     2,318        2,551,887  

Sinopec Capital 2013 Ltd., 4.25%, 04/24/43(b)

    370       316,558  

Sinopec Group Overseas Development 2012 Ltd., 4.88%, 05/17/42(a)(b)

    685       641,179  

Sinopec Group Overseas Development 2013 Ltd., 5.38%, 10/17/43(b)

    250       246,931  

Sinopec Group Overseas Development 2015 Ltd., 4.10%, 04/28/45(b)

    750       620,850  

Sinopec Group Overseas Development 2017 Ltd.

   

4.00%, 09/13/47(b)

    400       325,309  

4.25%, 04/12/47(b)

    400       338,398  

Sinopec Group Overseas Development 2018 Ltd.

   

3.10%, 01/08/51 (Call 07/08/50)(b)

    400       268,304  

3.35%, 05/13/50 (Call 11/13/49)(b)

    340       242,185  

3.44%, 11/12/49 (Call 05/12/49)(b)

    200       145,467  

3.68%, 08/08/49 (Call 02/08/49)(b)

    345       260,105  

4.60%, 09/12/48(b)

    323       284,691  

Sinopec Group Overseas Development Ltd., 4.25%, 05/03/46(b)

    400       338,793  

Suncor Energy Inc.

   

3.75%, 03/04/51 (Call 09/04/50)

    587       415,503  

4.00%, 11/15/47 (Call 05/15/47)

    480       359,826  

 

 

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

  231


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

5.95%, 12/01/34

  $ 455     $ 450,268  

6.50%, 06/15/38

    1,093       1,118,703  

6.80%, 05/15/38

    995       1,039,239  

6.85%, 06/01/39(a)

    595       620,979  

Thaioil Treasury Center Co. Ltd.

   

3.50%, 10/17/49(a)(b)

    571       349,139  

3.75%, 06/18/50(b)

    390       248,957  

5.38%, 11/20/48(b)

    405       341,672  

TotalEnergies Capital International SA

   

2.99%, 06/29/41 (Call 12/29/40)

    815       596,679  

3.13%, 05/29/50 (Call 11/29/49)

     2,088       1,443,250  

3.39%, 06/29/60 (Call 12/29/59)(a)

    572       394,518  

3.46%, 07/12/49 (Call 01/12/49)

    801       596,226  

Valero Energy Corp.

   

3.65%, 12/01/51 (Call 06/01/51)

    736       502,004  

4.00%, 06/01/52 (Call 12/01/51)(a)

    365       267,539  

4.90%, 03/15/45

    381       328,889  

6.63%, 06/15/37

    1,384       1,473,051  

XTO Energy Inc., 6.75%, 08/01/37

    390       433,763  
   

 

 

 
       117,933,881  
Oil & Gas Services — 0.4%            

Baker Hughes Holdings LLC, 5.13%, 09/15/40

    1,004       948,774  

Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 4.08%, 12/15/47
(Call 06/15/47)

    1,054       838,695  

Halliburton Co.

   

4.50%, 11/15/41 (Call 05/15/41)

    332       279,871  

4.75%, 08/01/43 (Call 02/01/43)

    489       422,341  

4.85%, 11/15/35 (Call 05/15/35)

    874       819,449  

5.00%, 11/15/45 (Call 05/15/45)(a)

    1,446       1,301,492  

6.70%, 09/15/38

    890       979,327  

7.45%, 09/15/39

    1,240       1,442,814  

NOV Inc., 3.95%, 12/01/42 (Call 06/01/42)

    962       712,671  
   

 

 

 
      7,745,434  
Packaging & Containers — 0.1%            

Packaging Corp. of America

   

3.05%, 10/01/51 (Call 04/01/51)

    771       491,420  

4.05%, 12/15/49 (Call 06/15/49)

    270       209,373  

Sonoco Products Co., 5.75%, 11/01/40
(Call 05/01/40)(a)

    380       368,352  

Stora Enso OYJ, 7.25%, 04/15/36(a)(b)

    350       365,086  
   

 

 

 
      1,434,231  
Pharmaceuticals — 7.0%            

AbbVie Inc.

   

4.05%, 11/21/39 (Call 05/21/39)

    3,300       2,828,474  

4.25%, 11/21/49 (Call 05/21/49)

    4,951       4,169,527  

4.30%, 05/14/36 (Call 11/14/35)

    865       792,457  

4.40%, 11/06/42

    2,015       1,760,435  

4.45%, 05/14/46 (Call 11/14/45)

    1,589       1,374,575  

4.50%, 05/14/35 (Call 11/14/34)

    2,173       2,044,347  

4.55%, 03/15/35 (Call 09/15/34)

    1,597       1,510,588  

4.63%, 10/01/42 (Call 04/01/42)

    489       433,950  

4.70%, 05/14/45 (Call 11/14/44)

    2,266       2,037,865  

4.75%, 03/15/45 (Call 09/15/44)

    789       708,735  

4.85%, 06/15/44 (Call 12/15/43)

    792       724,043  

4.88%, 11/14/48 (Call 05/14/48)

    1,543       1,424,504  

AstraZeneca PLC

   

2.13%, 08/06/50 (Call 02/06/50)(a)

    270       160,338  

3.00%, 05/28/51 (Call 11/28/50)

    840       592,049  

4.00%, 09/18/42

    1,218       1,048,489  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

4.38%, 11/16/45

  $ 982     $ 873,925  

4.38%, 08/17/48 (Call 02/17/48)

    736       658,914  

6.45%, 09/15/37

    1,788       2,011,199  

Bayer U.S. Finance II LLC

   

3.95%, 04/15/45 (Call 10/15/44)(b)

    285       204,000  

4.20%, 07/15/34 (Call 01/15/34)(b)

    218       191,107  

4.40%, 07/15/44 (Call 01/15/44)(a)(b)

    885       697,957  

4.63%, 06/25/38 (Call 12/25/37)(b)

    961       828,731  

4.65%, 11/15/43 (Call 05/15/43)(a)(b)

    210       164,577  

4.70%, 07/15/64 (Call 01/15/64)(b)

    535       408,184  

4.88%, 06/25/48 (Call 12/25/47)(b)

    1,845       1,572,596  

5.50%, 07/30/35(a)(b)

    195       190,622  

Becton Dickinson and Co.

   

3.79%, 05/20/50 (Call 11/20/49)

    435       336,557  

4.67%, 06/06/47 (Call 12/06/46)

    1,272       1,128,702  

4.69%, 12/15/44 (Call 06/15/44)

    865       765,593  

Bristol-Myers Squibb Co.

   

2.35%, 11/13/40 (Call 05/13/40)

    817       552,011  

2.55%, 11/13/50 (Call 05/13/50)

    1,343       823,655  

3.25%, 08/01/42

    491       366,871  

3.55%, 03/15/42 (Call 09/15/41)(a)

    1,095       871,361  

3.70%, 03/15/52 (Call 09/15/51)

    2,189       1,683,473  

3.90%, 03/15/62 (Call 09/15/61)

    1,362       1,032,154  

4.13%, 06/15/39 (Call 12/15/38)

    1,360       1,201,130  

4.25%, 10/26/49 (Call 04/26/49)

     2,776        2,346,215  

4.35%, 11/15/47 (Call 05/15/47)

    925       800,192  

4.50%, 03/01/44 (Call 09/01/43)

    55       48,638  

4.55%, 02/20/48 (Call 08/20/47)

    1,053       933,210  

4.63%, 05/15/44 (Call 11/15/43)

    697       631,808  

5.00%, 08/15/45 (Call 02/15/45)(a)

    310       298,820  

5.88%, 11/15/36(a)

    335       344,931  

Cardinal Health Inc.

   

4.37%, 06/15/47 (Call 12/15/46)

    531       425,221  

4.50%, 11/15/44 (Call 05/15/44)

    283       227,115  

4.60%, 03/15/43

    233       188,874  

4.90%, 09/15/45 (Call 03/15/45)

    444       371,735  

Cencora Inc.

   

4.25%, 03/01/45 (Call 09/01/44)

    437       353,063  

4.30%, 12/15/47 (Call 06/15/47)

    319       266,097  

Cigna Group (The)

   

3.20%, 03/15/40 (Call 09/15/39)

    602       447,881  

3.40%, 03/15/50 (Call 09/15/49)

    971       678,635  

3.40%, 03/15/51 (Call 09/15/50)

    1,465       1,025,081  

3.88%, 10/15/47 (Call 04/15/47)

    1,064       812,145  

4.80%, 08/15/38 (Call 02/15/38)

    1,998       1,841,793  

4.80%, 07/15/46 (Call 01/16/46)

    1,015       901,187  

4.90%, 12/15/48 (Call 06/15/48)

    2,544       2,268,556  

5.38%, 02/15/42 (Call 08/15/41)(a)

    271       249,897  

6.13%, 11/15/41

    224       231,049  

CVS Health Corp.

   

2.70%, 08/21/40 (Call 02/21/40)

    1,144       768,314  

4.13%, 04/01/40 (Call 10/01/39)

    845       688,495  

4.25%, 04/01/50 (Call 10/01/49)(a)

    678       535,620  

4.78%, 03/25/38 (Call 09/25/37)

    3,978       3,562,529  

4.88%, 07/20/35 (Call 01/20/35)

    589       548,015  

5.05%, 03/25/48 (Call 09/25/47)

    6,341       5,561,761  

5.13%, 07/20/45 (Call 01/20/45)

    2,917       2,598,508  

5.30%, 12/05/43 (Call 06/05/43)

    638       584,636  

5.63%, 02/21/53 (Call 08/21/52)

    1,231       1,164,992  

5.88%, 06/01/53 (Call 12/01/52)

    1,220       1,191,782  

 

 

232  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

6.00%, 06/01/63 (Call 12/01/62)

  $ 640     $ 626,867  

6.13%, 09/15/39

    726       735,603  

Eli Lilly & Co.

   

2.25%, 05/15/50 (Call 11/15/49)(a)

    1,343       828,937  

2.50%, 09/15/60 (Call 03/15/60)

    684       407,327  

3.70%, 03/01/45 (Call 09/01/44)(a)

    251       204,958  

3.95%, 05/15/47 (Call 11/15/46)(a)

    135       115,162  

3.95%, 03/15/49 (Call 09/15/48)

    940       809,036  

4.15%, 03/15/59 (Call 09/15/58)

    394       333,474  

4.88%, 02/27/53 (Call 08/27/52)

    1,041       1,023,828  

4.95%, 02/27/63 (Call 08/27/62)

    913       891,854  

5.55%, 03/15/37(a)

    385       406,021  

5.95%, 11/15/37

    215       230,633  

GlaxoSmithKline Capital Inc.

   

4.20%, 03/18/43(a)

    385       338,042  

5.38%, 04/15/34(a)

    996       1,054,820  

6.38%, 05/15/38

     2,113        2,403,942  

Johnson & Johnson

   

2.10%, 09/01/40 (Call 03/01/40)

    979       670,410  

2.25%, 09/01/50 (Call 03/01/50)(a)

    824       519,275  

2.45%, 09/01/60 (Call 03/01/60)(a)

    797       489,275  

3.40%, 01/15/38 (Call 07/15/37)

    838       711,597  

3.50%, 01/15/48 (Call 07/15/47)(a)

    478       389,502  

3.55%, 03/01/36 (Call 09/01/35)

    866       764,243  

3.63%, 03/03/37 (Call 09/03/36)

    1,053       931,522  

3.70%, 03/01/46 (Call 09/01/45)

    1,683       1,400,866  

3.75%, 03/03/47 (Call 09/03/46)

    726       613,449  

4.38%, 12/05/33 (Call 06/05/33)

    468       462,256  

4.50%, 09/01/40

    427       408,083  

4.50%, 12/05/43 (Call 06/05/43)

    264       253,666  

4.85%, 05/15/41(a)

    666       656,743  

5.85%, 07/15/38(a)

    1,132       1,238,495  

5.95%, 08/15/37

    795       880,651  

McKesson Corp., 4.88%, 03/15/44 (Call 09/15/43)

    395       345,143  

Mead Johnson Nutrition Co.

   

4.60%, 06/01/44 (Call 12/01/43)

    186       164,626  

5.90%, 11/01/39(a)

    510       520,109  

Merck & Co. Inc.

   

2.35%, 06/24/40 (Call 12/24/39)

    1,134       793,808  

2.45%, 06/24/50 (Call 12/24/49)

    1,103       685,526  

2.75%, 12/10/51 (Call 06/10/51)

    1,635       1,072,944  

2.90%, 12/10/61 (Call 06/10/61)

    1,190       747,401  

3.60%, 09/15/42 (Call 03/15/42)(a)

    587       480,515  

3.70%, 02/10/45 (Call 08/10/44)

    956       780,106  

3.90%, 03/07/39 (Call 09/07/38)(a)

    657       574,863  

4.00%, 03/07/49 (Call 09/07/48)

    1,283       1,085,155  

4.15%, 05/18/43

    1,074       952,405  

4.90%, 05/17/44 (Call 11/17/43)

    730       708,329  

5.00%, 05/17/53 (Call 11/17/52)

    1,300       1,269,734  

5.15%, 05/17/63 (Call 11/17/62)

    675       658,885  

6.50%, 12/01/33(a)

    320       358,757  

6.55%, 09/15/37

    1,145       1,284,001  

Merck Sharp & Dohme Corp.

   

5.75%, 11/15/36

    245       257,133  

5.85%, 06/30/39

    250       258,000  

Mylan Inc.

   

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

    640       498,063  

5.40%, 11/29/43 (Call 05/29/43)

    425       352,901  

Novartis Capital Corp.

   

2.75%, 08/14/50 (Call 02/14/50)(a)

    781       535,665  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

3.70%, 09/21/42

  $ 771     $ 635,954  

4.00%, 11/20/45 (Call 05/20/45)

    1,118       963,195  

4.40%, 05/06/44

    1,350       1,248,587  

Pfizer Inc.

   

2.55%, 05/28/40 (Call 11/28/39)

    1,752       1,255,569  

2.70%, 05/28/50 (Call 11/28/49)

    1,138       771,841  

3.90%, 03/15/39 (Call 09/15/38)

    1,298       1,125,554  

4.00%, 12/15/36

    803       728,687  

4.00%, 03/15/49 (Call 09/15/48)(a)

    1,656       1,422,777  

4.10%, 09/15/38 (Call 03/15/38)

    1,051       942,020  

4.13%, 12/15/46

    1,501       1,298,676  

4.20%, 09/15/48 (Call 03/15/48)

    1,221       1,079,943  

4.30%, 06/15/43

    1,628       1,467,607  

4.40%, 05/15/44

    905       823,976  

5.60%, 09/15/40

    1,195       1,235,027  

7.20%, 03/15/39

    2,633       3,182,732  

Pfizer Investment Enterprises Pte Ltd.

   

5.11%, 05/19/43 (Call 11/19/42)

    691       672,561  

5.30%, 05/19/53 (Call 11/19/52)

    6,027       6,029,193  

5.34%, 05/19/63 (Call 11/19/62)

    425       418,763  

Takeda Pharmaceutical Co. Ltd.

   

3.03%, 07/09/40 (Call 01/09/40)(a)

    1,416       1,029,196  

3.18%, 07/09/50 (Call 01/09/50)

    1,911       1,283,279  

3.38%, 07/09/60 (Call 01/09/60)

    849       554,227  

Utah Acquisition Sub Inc., 5.25%, 06/15/46
(Call 12/15/45)

    839       662,925  

Viatris Inc.

   

3.85%, 06/22/40 (Call 12/22/39)

    1,188       831,488  

4.00%, 06/22/50 (Call 12/22/49)

    1,780       1,179,076  

Wyeth LLC

   

5.95%, 04/01/37

    2,261       2,423,765  

6.00%, 02/15/36

    1,145       1,227,977  

6.50%, 02/01/34

    555       619,736  

Zoetis Inc.

   

3.00%, 05/15/50 (Call 11/15/49)

    515       350,166  

3.95%, 09/12/47 (Call 03/12/47)

    442       351,831  

4.45%, 08/20/48 (Call 02/20/48)

    357       307,436  

4.70%, 02/01/43 (Call 08/01/42)

     1,090       988,209  
   

 

 

 
       143,367,069  
Pipelines — 4.5%            

Abu Dhabi Crude Oil Pipeline LLC,
4.60%, 11/02/47(a)(b)

    1,311       1,165,151  

Cameron LNG LLC

   

3.30%, 01/15/35 (Call 09/15/34)(b)

    821       679,585  

3.40%, 01/15/38 (Call 07/15/37)(b)

    525       429,490  

3.70%, 01/15/39 (Call 07/15/38)(b)

    764       614,446  

Cheniere Corpus Christi Holdings LLC,
2.74%, 12/31/39 (Call 07/04/39)(a)

    477       369,195  

Colonial Pipeline Co.

   

4.20%, 04/15/43 (Call 10/15/42)(a)(b)

    105       83,398  

4.25%, 04/15/48 (Call 10/15/47)(a)(b)

    742       599,535  

6.38%, 08/01/37(b)

    70       70,945  

Columbia Pipeline Group Inc., 5.80%, 06/01/45 (Call 12/01/44)

    364       337,092  

Columbia Pipelines Operating Co. LLC

   

6.50%, 08/15/43 (Call 02/15/43)(b)

    555       562,544  

6.54%, 11/15/53 (Call 05/15/53)(b)

    845       863,763  

6.71%, 08/15/63 (Call 02/15/63)(b)

    750       766,653  

DCP Midstream Operating LP

   

5.60%, 04/01/44 (Call 10/01/43)

    345       321,844  

 

 

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

  233


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

6.45%, 11/03/36(b)

  $ 545     $ 555,251  

6.75%, 09/15/37(a)(b)

    420       443,288  

Eastern Gas Transmission & Storage Inc.

   

3.90%, 11/15/49 (Call 05/15/49)

    323       225,553  

4.60%, 12/15/44 (Call 06/15/44)

    327       267,514  

4.80%, 11/01/43 (Call 05/01/43)

    293       248,000  

EIG Pearl Holdings Sarl

   

3.55%, 08/31/36(b)

    240       199,200  

4.39%, 11/30/46(a)(b)

    805       607,226  

Enbridge Energy Partners LP

   

5.50%, 09/15/40 (Call 03/15/40)(a)

    797       743,028  

7.38%, 10/15/45 (Call 04/15/45)

    447       504,192  

Series B, 7.50%, 04/15/38

    485       534,682  

Enbridge Inc.

   

3.40%, 08/01/51 (Call 02/01/51)(a)

    840       563,089  

4.00%, 11/15/49 (Call 05/15/49)(a)

    428       320,998  

4.50%, 06/10/44 (Call 12/10/43)(a)

    454       371,076  

5.50%, 12/01/46 (Call 06/01/46)(a)

    530       489,968  

Energy Transfer LP

   

4.90%, 03/15/35 (Call 09/15/34)

    294       268,757  

4.95%, 01/15/43 (Call 07/15/42)

    415       337,733  

5.00%, 05/15/44 (Call 11/15/43)

    360       293,125  

5.00%, 05/15/50 (Call 11/15/49)

    1,591       1,309,607  

5.15%, 02/01/43 (Call 08/01/42)

    561       471,842  

5.15%, 03/15/45 (Call 09/15/44)

    727       612,925  

5.30%, 04/01/44 (Call 10/01/43)

    588       500,932  

5.30%, 04/15/47 (Call 10/15/46)

    771       653,842  

5.35%, 05/15/45 (Call 11/15/44)

    725       619,636  

5.40%, 10/01/47 (Call 04/01/47)

    1,333       1,148,178  

5.95%, 10/01/43 (Call 04/01/43)

    360       328,734  

6.00%, 06/15/48 (Call 12/15/47)

    845       781,106  

6.05%, 06/01/41 (Call 12/01/40)

    940       887,488  

6.10%, 02/15/42

    370       347,549  

6.13%, 12/15/45 (Call 06/15/45)

    751       705,283  

6.25%, 04/15/49 (Call 10/15/48)(a)

    1,312       1,255,985  

6.50%, 02/01/42 (Call 08/01/41)

    866       862,521  

6.63%, 10/15/36

    341       348,719  

6.85%, 02/15/40(a)

    165       164,351  

7.50%, 07/01/38

    566       613,619  

Series 20Y, 5.80%, 06/15/38 (Call 12/15/37)

    300       284,371  

Enterprise Products Operating LLC

   

3.20%, 02/15/52 (Call 08/15/51)(a)

    858       579,568  

3.30%, 02/15/53 (Call 08/15/52)(a)

    812       555,263  

3.70%, 01/31/51 (Call 07/31/50)

    924       676,366  

3.95%, 01/31/60 (Call 07/31/59)

    839       618,651  

4.20%, 01/31/50 (Call 07/31/49)

    1,178       941,226  

4.25%, 02/15/48 (Call 08/15/47)

    1,145       933,173  

4.45%, 02/15/43 (Call 08/15/42)

    1,021       868,445  

4.80%, 02/01/49 (Call 08/01/48)

    966       848,762  

4.85%, 08/15/42 (Call 02/15/42)

    625       561,071  

4.85%, 03/15/44 (Call 09/15/43)

     1,138        1,015,912  

4.90%, 05/15/46 (Call 11/15/45)

    853       757,832  

4.95%, 10/15/54 (Call 04/15/54)

    343       304,432  

5.10%, 02/15/45 (Call 08/15/44)

    939       861,683  

5.70%, 02/15/42

    571       562,813  

5.95%, 02/01/41

    470       480,995  

6.13%, 10/15/39

    495       513,824  

6.45%, 09/01/40

    510       543,509  

7.55%, 04/15/38

    512       586,293  

Series H, 6.65%, 10/15/34

    241       261,045  
Security  

Par

(000)

    Value  
Pipelines (continued)            

Series J, 5.75%, 03/01/35

  $ 75     $ 73,019  

Fermaca Enterprises S de RL de CV,
6.38%, 03/30/38 (Call 09/30/37)(b)

    154       148,579  

Flex Intermediate Holdco LLC, 4.32%, 12/30/39 (Call 06/30/39)(b)

    382       273,284  

FLNG Liquefaction 2 LLC, 4.13%, 03/31/38(b)

    424       372,276  

Galaxy Pipeline Assets Bidco Ltd.

   

2.16%, 03/31/34(b)

    177       148,925  

2.63%, 03/31/36(b)

    682       539,003  

2.94%, 09/30/40(b)

    1,814       1,427,450  

3.25%, 09/30/40(a)(b)

    875       654,564  

Greensaif Pipelines Bidco Sarl

   

6.13%, 02/23/38(b)

    600       601,978  

6.51%, 02/23/42(b)

    1,000       1,011,771  

Gulfstream Natural Gas System LLC,
5.95%, 10/15/45 (Call 04/15/45)(b)

    252       218,477  

Kinder Morgan Energy Partners LP

   

4.70%, 11/01/42 (Call 05/01/42)

    481       392,158  

5.00%, 08/15/42 (Call 02/15/42)

    405       339,923  

5.00%, 03/01/43 (Call 09/01/42)

    612       518,466  

5.40%, 09/01/44 (Call 03/01/44)

    500       434,590  

5.50%, 03/01/44 (Call 09/01/43)

    614       547,752  

5.63%, 09/01/41

    414       376,035  

5.80%, 03/15/35

    485       473,794  

6.38%, 03/01/41

    404       398,924  

6.50%, 02/01/37

    366       367,579  

6.50%, 09/01/39

    663       667,818  

6.55%, 09/15/40

    464       461,003  

6.95%, 01/15/38

    950       1,017,130  

7.50%, 11/15/40

    355       385,770  

Kinder Morgan Inc.

   

3.25%, 08/01/50 (Call 02/01/50)

    427       268,802  

3.60%, 02/15/51 (Call 08/15/50)

    904       607,513  

5.05%, 02/15/46 (Call 08/15/45)

    662       557,767  

5.20%, 03/01/48 (Call 09/01/47)

    673       579,572  

5.30%, 12/01/34 (Call 06/01/34)

    724       688,605  

5.45%, 08/01/52 (Call 02/01/52)(a)

    680       607,324  

5.55%, 06/01/45 (Call 12/01/44)

     1,318        1,191,147  

Magellan Midstream Partners LP

   

3.95%, 03/01/50 (Call 09/01/49)

    655       458,848  

4.20%, 12/01/42 (Call 06/01/42)

    266       194,228  

4.20%, 03/15/45 (Call 09/15/44)

    195       137,884  

4.20%, 10/03/47 (Call 04/03/47)

    363       267,103  

4.25%, 09/15/46 (Call 03/15/46)

    391       288,269  

4.85%, 02/01/49 (Call 08/01/48)

    480       388,787  

5.15%, 10/15/43 (Call 04/15/43)

    384       324,329  

6.40%, 05/01/37(a)

    260       255,858  

MPLX LP

   

4.50%, 04/15/38 (Call 10/15/37)

    1,262       1,069,184  

4.70%, 04/15/48 (Call 10/15/47)

    1,251       1,003,914  

4.90%, 04/15/58 (Call 10/15/57)

    438       348,291  

4.95%, 03/14/52 (Call 09/14/51)

    1,368       1,127,335  

5.20%, 03/01/47 (Call 09/01/46)

    880       757,567  

5.20%, 12/01/47 (Call 06/01/47)

    406       347,862  

5.50%, 02/15/49 (Call 08/15/48)

    1,296       1,154,759  

5.65%, 03/01/53 (Call 09/01/52)

    445       403,202  

NGPL PipeCo LLC, 7.77%, 12/15/37(b)

    583       614,465  

Northern Natural Gas Co.

   

3.40%, 10/16/51 (Call 04/16/51)(b)

    301       197,891  

4.10%, 09/15/42 (Call 03/15/42)(b)

    290       214,283  

 

 

234  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

4.30%, 01/15/49 (Call 07/15/48)(b)

  $ 637     $ 500,081  

ONEOK Inc.

   

4.45%, 09/01/49 (Call 03/01/49)

    521       391,497  

4.50%, 03/15/50 (Call 09/15/49)

    368       276,214  

4.95%, 07/13/47 (Call 01/06/47)

    569       467,776  

5.20%, 07/15/48 (Call 01/15/48)

    876       749,121  

6.00%, 06/15/35

    379       372,680  

6.63%, 09/01/53 (Call 03/01/53)(a)

    1,350       1,361,498  

7.15%, 01/15/51 (Call 07/15/50)

    319       338,203  

ONEOK Partners LP

   

6.13%, 02/01/41 (Call 08/01/40)

    568       551,301  

6.20%, 09/15/43 (Call 03/15/43)

    244       236,342  

6.65%, 10/01/36

    430       443,820  

6.85%, 10/15/37

    478       500,361  

Plains All American Pipeline LP/PAA Finance Corp.

   

4.30%, 01/31/43 (Call 07/31/42)

    484       360,009  

4.70%, 06/15/44 (Call 12/15/43)

    576       450,211  

4.90%, 02/15/45 (Call 08/15/44)

    380       304,319  

5.15%, 06/01/42 (Call 12/01/41)

    559       461,313  

6.65%, 01/15/37

    424       429,806  

Sabal Trail Transmission LLC

   

4.68%, 05/01/38 (Call 11/01/37)(b)

    370       330,786  

4.83%, 05/01/48 (Call 11/01/47)(b)

    409       341,985  

Sabine Pass Liquefaction LLC, 5.90%, 09/15/37 (Call 03/15/37)

    195       195,707  

Southern Natural Gas Co. LLC, 4.80%, 03/15/47 (Call 09/15/46)(b)

    662       537,942  

Spectra Energy Partners LP

   

4.50%, 03/15/45 (Call 09/15/44)(a)

    546       439,271  

5.95%, 09/25/43 (Call 03/25/43)

    255       243,998  

Targa Resources Corp.

   

4.95%, 04/15/52 (Call 10/15/51)

    725       588,407  

6.25%, 07/01/52 (Call 01/01/52)

    470       451,332  

6.50%, 02/15/53 (Call 08/15/52)

    653       653,330  

Tennessee Gas Pipeline Co. LLC, 7.63%, 04/01/37

    140       160,953  

Texas Eastern Transmission LP, 4.15%, 01/15/48 (Call 07/15/47)(b)

    319       244,131  

TransCanada PipeLines Ltd.

   

4.63%, 03/01/34 (Call 12/01/33)

    989       894,610  

4.75%, 05/15/38 (Call 11/15/37)

    309       270,304  

4.88%, 05/15/48 (Call 11/15/47)

    679       576,744  

5.00%, 10/16/43 (Call 04/16/43)

    575       497,957  

5.10%, 03/15/49 (Call 09/15/48)(a)

    783       687,498  

5.60%, 03/31/34

    365       354,187  

5.85%, 03/15/36

    570       565,142  

6.10%, 06/01/40

    655       659,832  

6.20%, 10/15/37

    856       869,580  

7.25%, 08/15/38

    655       729,282  

7.63%, 01/15/39(a)

     1,080        1,223,486  

Transcontinental Gas Pipe Line Co. LLC

   

3.95%, 05/15/50 (Call 11/15/49)

    445       332,420  

4.45%, 08/01/42 (Call 02/01/42)

    475       395,129  

4.60%, 03/15/48 (Call 09/15/47)

    435       363,006  

5.40%, 08/15/41 (Call 02/15/41)

    501       468,296  

Western Midstream Operating LP

   

5.25%, 02/01/50 (Call 08/01/49)

    875       708,155  

5.30%, 03/01/48 (Call 09/01/47)

    550       450,889  

5.45%, 04/01/44 (Call 10/01/43)

    460       386,431  

5.50%, 08/15/48 (Call 02/15/48)(a)

    370       307,784  
Security  

Par

(000)

    Value  
Pipelines (continued)            

Williams Companies Inc. (The)

   

3.50%, 10/15/51 (Call 04/15/51)

  $ 685     $ 459,718  

4.85%, 03/01/48 (Call 09/01/47)

    491       417,945  

4.90%, 01/15/45 (Call 07/15/44)

    599       511,023  

5.10%, 09/15/45 (Call 03/15/45)

    890       784,072  

5.30%, 08/15/52 (Call 02/15/52)

    657       591,555  

5.40%, 03/04/44 (Call 09/04/43)

    445       401,122  

5.75%, 06/24/44 (Call 12/24/43)

    463       438,136  

5.80%, 11/15/43 (Call 05/15/43)

    262       251,238  

6.30%, 04/15/40

    820       840,393  
   

 

 

 
      91,927,257  
Private Equity — 0.1%            

Apollo Management Holdings LP, 5.00%, 03/15/48 (Call 09/15/47)(a)(b)

    195       163,837  

Carlyle Finance LLC, 5.65%, 09/15/48 (Call 03/15/48)(b)

    530       456,107  

Carlyle Holdings II Finance LLC, 5.63%, 03/30/43(b)

    444       386,622  

KKR Group Finance Co. III LLC, 5.13%, 06/01/44 (Call 12/01/43)(b)

    698       603,329  

KKR Group Finance Co. VII LLC, 3.63%, 02/25/50 (Call 08/25/49)(a)(b)

    608       406,478  

KKR Group Finance Co. VIII LLC, 3.50%, 08/25/50 (Call 02/25/50)(b)

    521       344,119  

KKR Group Finance Co. X LLC, 3.25%, 12/15/51 (Call 06/15/51)(a)(b)

    531       334,755  
   

 

 

 
       2,695,247  
Real Estate — 0.0%            

CBRE Services Inc., 5.95%, 08/15/34
(Call 05/15/34)

    227       224,533  

Sinochem Overseas Capital Co. Ltd.,
6.30%, 11/12/40(b)

    100       100,763  
   

 

 

 
      325,296  
Real Estate Investment Trusts — 1.3%            

Alexandria Real Estate Equities Inc.

   

2.95%, 03/15/34 (Call 12/15/33)

    545       431,338  

3.00%, 05/18/51 (Call 11/18/50)

    649       391,938  

3.55%, 03/15/52 (Call 09/15/51)

    815       556,167  

4.00%, 02/01/50 (Call 08/01/49)

    567       424,922  

4.75%, 04/15/35 (Call 01/15/35)(a)

    655       605,810  

4.85%, 04/15/49 (Call 10/15/48)

    292       238,241  

5.15%, 04/15/53 (Call 10/15/52)

    540       480,854  

American Homes 4 Rent LP

   

3.38%, 07/15/51 (Call 01/15/51)

    210       134,152  

4.30%, 04/15/52 (Call 10/15/51)

    275       212,454  

American Tower Corp.

   

2.95%, 01/15/51 (Call 07/15/50)(a)

     1,029       622,820  

3.10%, 06/15/50 (Call 12/15/49)

    952       594,014  

3.70%, 10/15/49 (Call 04/15/49)(a)

    624       434,603  

AvalonBay Communities Inc.

   

3.90%, 10/15/46 (Call 04/15/46)

    291       219,921  

4.15%, 07/01/47 (Call 01/01/47)

    255       203,138  

4.35%, 04/15/48 (Call 10/18/47)

    243       196,353  

Boston Properties LP

   

2.45%, 10/01/33 (Call 07/01/33)

    490       346,882  

6.50%, 01/15/34 (Call 10/15/33)(a)

    235       234,189  

Camden Property Trust, 3.35%, 11/01/49 (Call 05/01/49)(a)

    195       138,201  

Corporate Office Properties LP, 2.90%, 12/01/33 (Call 09/01/33)(a)

    188       135,792  

 

 

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

  235


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

Crown Castle Inc.

   

2.90%, 04/01/41 (Call 10/01/40)(a)

  $ 1,092     $ 735,911  

3.25%, 01/15/51 (Call 07/15/50)(a)

    747       484,880  

4.75%, 05/15/47 (Call 11/15/46)

    287       236,730  

Crown Castle International Corp.

   

4.00%, 11/15/49 (Call 05/15/49)

    373       275,314  

4.15%, 07/01/50 (Call 01/01/50)

    548       413,578  

5.20%, 02/15/49 (Call 08/15/48)

    471       418,590  

Equinix Inc.

   

2.95%, 09/15/51 (Call 03/15/51)

    428       266,353  

3.00%, 07/15/50 (Call 01/15/50)

    439       276,338  

3.40%, 02/15/52 (Call 08/15/51)

    397       268,913  

ERP Operating LP

   

4.00%, 08/01/47 (Call 02/01/47)

    160       121,661  

4.50%, 07/01/44 (Call 01/01/44)

    759       645,116  

4.50%, 06/01/45 (Call 12/01/44)

    282       229,269  

Essex Portfolio LP

   

2.65%, 09/01/50 (Call 03/01/50)

    354       197,762  

4.50%, 03/15/48 (Call 09/15/47)

    235       183,650  

Estee Lauder Cos. Inc. (The), 5.15%, 05/15/53 (Call 11/15/52)(a)

    360       348,966  

Federal Realty Investment Trust

   

3.63%, 08/01/46 (Call 02/01/46)

    319       207,903  

4.50%, 12/01/44 (Call 06/01/44)(a)

    467       362,382  

Goodman U.S. Finance Four LLC, 4.50%, 10/15/37 (Call 04/15/37)(b)

    364       297,648  

Healthpeak Properties Inc., 6.75%, 02/01/41 (Call 08/01/40)

    257        266,597  

Invitation Homes Operating Partnership LP, 2.70%, 01/15/34 (Call 10/15/33)

    175       132,906  

Kilroy Realty LP, 2.65%, 11/15/33 (Call 08/15/33)(a)

    325       225,652  

Kimco Realty Corp.

   

3.70%, 10/01/49 (Call 04/01/49)(a)

    279       194,666  

4.13%, 12/01/46 (Call 06/01/46)(a)

    291       213,527  

4.25%, 04/01/45 (Call 10/01/44)(a)

    360       276,628  

4.45%, 09/01/47 (Call 03/01/47)(a)

    333       262,295  

Mid-America Apartments LP, 2.88%, 09/15/51
(Call 03/15/51)

    185       116,071  

NNN REIT Inc.

   

3.00%, 04/15/52 (Call 10/15/51)(a)

    370       224,152  

3.10%, 04/15/50 (Call 10/15/49)

    269       164,918  

3.50%, 04/15/51 (Call 10/15/50)

    413       278,282  

4.80%, 10/15/48 (Call 04/15/48)

    336       275,370  

Prologis LP

   

2.13%, 10/15/50 (Call 04/15/50)

    460       248,191  

3.00%, 04/15/50 (Call 10/15/49)

    614       403,614  

3.05%, 03/01/50 (Call 09/01/49)

    300       198,744  

4.38%, 09/15/48 (Call 03/15/48)

    249       206,028  

5.13%, 01/15/34 (Call 10/15/33)

    375       369,153  

5.25%, 06/15/53 (Call 12/15/52)

    890       848,741  

Public Storage Operating Co., 5.35%, 08/01/53 (Call 02/01/53)

    770       752,682  

Realty Income Corp.

   

4.65%, 03/15/47 (Call 09/15/46)

    572       496,669  

5.88%, 03/15/35(a)

    160       157,433  

Regency Centers LP

   

4.40%, 02/01/47 (Call 08/01/46)

    522       407,044  

4.65%, 03/15/49 (Call 09/15/48)

    214       173,411  

Simon Property Group LP

   

3.25%, 09/13/49 (Call 03/13/49)(a)

     1,038       678,195  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)            

3.80%, 07/15/50 (Call 01/15/50)(a)

  $ 584     $ 421,767  

4.25%, 10/01/44 (Call 04/01/44)

    237       185,523  

4.25%, 11/30/46 (Call 05/30/46)

    485       373,138  

4.75%, 03/15/42 (Call 09/15/41)

    570       484,028  

5.85%, 03/08/53 (Call 09/03/52)

    555       544,045  

6.75%, 02/01/40 (Call 11/01/39)

    548       588,214  

Trust Fibra Uno

   

6.39%, 01/15/50 (Call 07/15/49)(b)

    475       382,670  

6.95%, 01/30/44 (Call 07/30/43)(b)

    445       387,323  

UDR Inc., 3.10%, 11/01/34 (Call 08/01/34)

    160       126,127  

Ventas Realty LP

   

4.38%, 02/01/45 (Call 08/01/44)

    225       172,251  

4.88%, 04/15/49 (Call 10/15/48)

    289       236,377  

5.70%, 09/30/43 (Call 03/30/43)

    309       282,206  

VICI Properties LP, 5.63%, 05/15/52 (Call 11/15/51)(a)

    615       541,093  

WEA Finance LLC, 4.63%, 09/20/48 (Call 03/20/48)(b)

    475       311,647  

WEA Finance LLC/Westfield UK & Europe Finance PLC, 4.75%, 09/17/44
(Call 03/17/44)(b)

    397       270,048  

Welltower Inc.

   

5.13%, 03/15/43 (Call 09/15/42)

    280       236,451  

6.50%, 03/15/41 (Call 09/15/40)

    366       374,527  

Welltower OP LLC, 4.95%, 09/01/48 (Call 03/01/48)(a)

    274       238,519  

Weyerhaeuser Co.

   

4.00%, 03/09/52 (Call 09/09/51)(a)

    330       256,102  

6.88%, 12/15/33

    432       469,099  
   

 

 

 
       27,024,877  
Retail — 3.0%            

7-Eleven Inc.

   

2.50%, 02/10/41 (Call 08/10/40)(b)

    703       454,697  

2.80%, 02/10/51 (Call 08/02/50)(b)

     1,175       716,043  

Alimentation Couche-Tard Inc.

   

3.44%, 05/13/41 (Call 11/13/40)(b)

    481       335,731  

3.63%, 05/13/51 (Call 11/13/50)(b)

    315       207,461  

3.80%, 01/25/50 (Call 07/25/49)(a)(b)

    453       313,457  

4.50%, 07/26/47 (Call 01/26/47)(b)

    495       382,904  

CK Hutchison International 20 Ltd., 3.38%, 05/08/50 (Call 11/08/49)(a)(b)

    430       307,246  

CK Hutchison International 21 Ltd., 3.13%, 04/15/41 (Call 10/15/40)(a)(b)

    605       449,393  

Darden Restaurants Inc., 4.55%, 02/15/48 (Call 08/15/47)(a)

    189       153,785  

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

    635       412,426  

Dollar General Corp.

   

4.13%, 04/03/50 (Call 10/03/49)

    464       343,750  

5.50%, 11/01/52 (Call 05/01/52)

    510       462,117  

Dollar Tree Inc., 3.38%, 12/01/51 (Call 06/01/51)

    432       278,491  

Home Depot Inc. (The)

   

2.38%, 03/15/51 (Call 09/15/50)(a)

    1,394       830,092  

2.75%, 09/15/51 (Call 03/15/51)

    790       509,332  

3.13%, 12/15/49 (Call 06/15/49)

    1,315       921,019  

3.30%, 04/15/40 (Call 10/15/39)

    1,006       792,849  

3.35%, 04/15/50 (Call 10/15/49)

    1,395       1,021,210  

3.50%, 09/15/56 (Call 03/15/56)

    760       557,548  

3.63%, 04/15/52 (Call 10/15/51)

    1,300       989,900  

3.90%, 06/15/47 (Call 12/15/46)

    1,132       921,301  

4.20%, 04/01/43 (Call 10/01/42)

    1,154       1,006,105  

4.25%, 04/01/46 (Call 10/01/45)

    1,104       946,581  

4.40%, 03/15/45 (Call 09/15/44)

    947       828,572  

4.50%, 12/06/48 (Call 06/06/48)

    1,099       982,118  

 

 

236  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Retail (continued)            

4.88%, 02/15/44 (Call 08/15/43)

  $ 690     $ 651,328  

4.95%, 09/15/52 (Call 03/15/52)(a)

    830       791,201  

5.40%, 09/15/40 (Call 03/15/40)

    541       543,084  

5.88%, 12/16/36(a)

    2,525       2,708,963  

5.95%, 04/01/41 (Call 10/01/40)

    652       697,289  

Lowe’s Companies Inc.

   

2.80%, 09/15/41 (Call 03/15/41)

    955       655,925  

3.00%, 10/15/50 (Call 04/15/50)(a)

    1,551       984,075  

3.50%, 04/01/51 (Call 10/01/50)

    491       336,631  

3.70%, 04/15/46 (Call 10/15/45)

    1,074       805,127  

4.05%, 05/03/47 (Call 11/03/46)

    1,127       881,221  

4.25%, 04/01/52 (Call 10/01/51)

    1,420       1,123,345  

4.38%, 09/15/45 (Call 03/15/45)(a)

    329       268,049  

4.45%, 04/01/62 (Call 10/01/61)

    1,110       865,671  

4.55%, 04/05/49 (Call 10/05/48)

    432       360,353  

4.65%, 04/15/42 (Call 10/15/41)(a)

    524       456,816  

5.00%, 04/15/40 (Call 10/15/39)

    260       240,770  

5.00%, 09/15/43 (Call 03/15/43)(a)

    30       27,190  

5.13%, 04/15/50 (Call 10/15/49)

    260       236,258  

5.50%, 10/15/35(a)

    482       485,382  

5.63%, 04/15/53 (Call 10/15/52)

     1,335        1,296,526  

5.75%, 07/01/53 (Call 01/01/53)

    390       385,489  

5.80%, 10/15/36

    215       218,350  

5.80%, 09/15/62 (Call 03/15/62)

    790       763,655  

5.85%, 04/01/63 (Call 10/01/62)

    593       579,918  

McDonald’s Corp.

   

3.63%, 05/01/43

    406       317,027  

3.63%, 09/01/49 (Call 03/01/49)

    1,413       1,065,486  

3.70%, 02/15/42(a)

    598       474,103  

4.20%, 04/01/50 (Call 10/01/49)

    564       468,283  

4.45%, 03/01/47 (Call 09/01/46)

    1,135       979,978  

4.45%, 09/01/48 (Call 03/01/48)

    611       531,938  

4.60%, 05/26/45 (Call 11/26/44)

    589       522,464  

4.70%, 12/09/35 (Call 06/09/35)

    216       206,383  

4.88%, 07/15/40

    284       261,634  

4.88%, 12/09/45 (Call 06/09/45)

    1,201       1,109,244  

5.15%, 09/09/52 (Call 03/09/52)(a)

    715       684,958  

5.45%, 08/14/53 (Call 02/14/53)

    700       700,465  

5.70%, 02/01/39

    522       530,126  

6.30%, 10/15/37

    773       840,358  

6.30%, 03/01/38

    557       606,865  

Starbucks Corp.

   

3.35%, 03/12/50 (Call 09/12/49)

    437       306,645  

3.50%, 11/15/50 (Call 05/15/50)

    991       718,793  

3.75%, 12/01/47 (Call 06/01/47)

    515       393,145  

4.30%, 06/15/45 (Call 12/15/44)

    307       256,858  

4.45%, 08/15/49 (Call 02/15/49)

    1,008       856,211  

4.50%, 11/15/48 (Call 05/15/48)

    790       676,986  

Target Corp.

   

2.95%, 01/15/52 (Call 07/15/51)

    1,175       785,059  

3.63%, 04/15/46(a)

    527       408,374  

3.90%, 11/15/47 (Call 05/15/47)

    663       541,000  

4.00%, 07/01/42

    510       442,916  

4.80%, 01/15/53 (Call 07/15/52)(a)

    890       820,130  

6.50%, 10/15/37

    611       676,367  

7.00%, 01/15/38(a)

    530       616,753  

Tiffany & Co., 4.90%, 10/01/44 (Call 04/01/44)(a)

    230       209,373  

TJX Companies Inc. (The), 4.50%, 04/15/50 (Call 10/15/49)

    304       272,857  

Walgreen Co., 4.40%, 09/15/42

    250       188,146  
Security  

Par

(000)

    Value  
Retail (continued)            

Walgreens Boots Alliance Inc.

   

4.10%, 04/15/50 (Call 10/15/49)

  $ 905     $ 618,007  

4.65%, 06/01/46 (Call 12/01/45)(a)

    175       136,426  

4.80%, 11/18/44 (Call 05/18/44)

    475       371,662  

Walmart Inc.

   

2.50%, 09/22/41 (Call 03/22/41)

    960       685,177  

2.65%, 09/22/51 (Call 03/22/51)(a)

    1,255       845,055  

2.95%, 09/24/49 (Call 03/24/49)

    440       311,908  

3.63%, 12/15/47 (Call 06/15/47)

    664       536,021  

3.95%, 06/28/38 (Call 12/28/37)

    385       345,805  

4.00%, 04/11/43 (Call 10/11/42)

    455       398,649  

4.05%, 06/29/48 (Call 12/29/47)(a)

    1,225       1,077,503  

4.30%, 04/22/44 (Call 10/22/43)(a)

    245       220,738  

4.50%, 09/09/52 (Call 03/09/52)

    1,310       1,217,861  

4.50%, 04/15/53

    1,255       1,167,836  

4.88%, 07/08/40(a)

    200       191,434  

5.00%, 10/25/40(a)

    310       313,455  

5.25%, 09/01/35

     1,215       1,270,508  

5.63%, 04/01/40(a)

    365       393,614  

5.63%, 04/15/41(a)

    40       42,796  

6.20%, 04/15/38(a)

    650       738,329  

6.50%, 08/15/37

    860       991,472  
   

 

 

 
       60,829,925  
Semiconductors — 2.5%            

Advanced Micro Devices Inc., 4.39%, 06/01/52 (Call 12/01/51)

    445       390,197  

Analog Devices Inc.

   

2.80%, 10/01/41 (Call 04/01/41)

    670       475,800  

2.95%, 10/01/51 (Call 04/01/51)

    898       603,500  

5.30%, 12/15/45 (Call 06/15/45)(a)

    230       220,740  

Applied Materials Inc.

   

2.75%, 06/01/50 (Call 12/01/49)(a)

    636       433,076  

4.35%, 04/01/47 (Call 10/01/46)

    797       719,719  

5.10%, 10/01/35 (Call 04/01/35)

    369       374,177  

5.85%, 06/15/41

    486       518,400  

Broadcom Inc.

   

3.14%, 11/15/35 (Call 08/15/35)(b)

    2,798       2,135,561  

3.19%, 11/15/36 (Call 08/15/36)(b)

    2,291       1,721,770  

3.47%, 04/15/34 (Call 01/15/34)(b)

    2,704       2,209,461  

3.50%, 02/15/41 (Call 08/15/40)(b)

    2,549       1,867,336  

3.75%, 02/15/51 (Call 08/15/50)(b)

    1,509       1,082,181  

4.93%, 05/15/37 (Call 02/15/37)(a)(b)

    2,099       1,890,839  

Foundry JV Holdco LLC, 5.88%, 01/25/34(a)(b)

    690       680,470  

Intel Corp.

   

2.80%, 08/12/41 (Call 02/12/41)

    920       638,468  

3.05%, 08/12/51 (Call 02/12/51)

    1,360       880,656  

3.10%, 02/15/60 (Call 08/15/59)(a)

    861       536,051  

3.20%, 08/12/61 (Call 02/12/61)

    690       432,137  

3.25%, 11/15/49 (Call 05/15/49)

    1,713       1,168,532  

3.73%, 12/08/47 (Call 06/08/47)

    1,626       1,233,949  

4.10%, 05/19/46 (Call 11/19/45)

    1,076       879,908  

4.10%, 05/11/47 (Call 11/11/46)

    654       530,559  

4.25%, 12/15/42

    947       794,925  

4.60%, 03/25/40 (Call 09/25/39)(a)

    599       544,860  

4.75%, 03/25/50 (Call 09/25/49)

    1,800       1,581,400  

4.80%, 10/01/41

    533       484,518  

4.90%, 07/29/45 (Call 01/29/45)

    581       562,460  

4.90%, 08/05/52 (Call 02/05/52)

    1,470       1,324,840  

4.95%, 03/25/60 (Call 09/25/59)(a)

    673       600,452  

5.05%, 08/05/62 (Call 02/05/62)

    780       692,858  

 

 

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

  237


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Semiconductors (continued)            

5.63%, 02/10/43 (Call 08/10/42)

  $ 870     $ 865,926  

5.70%, 02/10/53 (Call 08/10/52)(a)

    1,685       1,668,645  

5.90%, 02/10/63 (Call 08/10/62)(a)

    991       996,119  

KLA Corp.

   

3.30%, 03/01/50 (Call 08/28/49)

    801       575,690  

4.95%, 07/15/52 (Call 01/15/52)

    1,185       1,119,708  

5.00%, 03/15/49 (Call 09/15/48)

    431       407,060  

5.25%, 07/15/62 (Call 01/15/62)

    608       590,126  

5.65%, 11/01/34 (Call 07/01/34)(a)

    150       152,006  

Lam Research Corp.

   

2.88%, 06/15/50 (Call 12/15/49)(a)

    528       352,737  

3.13%, 06/15/60 (Call 12/15/59)

    483       317,081  

4.88%, 03/15/49 (Call 09/15/48)

    585       548,946  

Micron Technology Inc.

   

3.37%, 11/01/41 (Call 05/01/41)

    570       395,084  

3.48%, 11/01/51 (Call 05/01/51)

    623       402,321  

NVIDIA Corp.

   

3.50%, 04/01/40 (Call 10/01/39)

    676       562,704  

3.50%, 04/01/50 (Call 10/01/49)

    1,791       1,410,398  

3.70%, 04/01/60 (Call 10/01/59)

    453       359,562  

NXP BV/NXP Funding LLC/NXP USA Inc.

   

3.13%, 02/15/42 (Call 08/15/41)

    385       263,545  

3.25%, 05/11/41 (Call 11/11/40)

    827       589,000  

3.25%, 11/30/51 (Call 05/30/51)

    490       316,404  

QUALCOMM Inc.

   

3.25%, 05/20/50 (Call 11/20/49)(a)

    482       352,788  

4.30%, 05/20/47 (Call 11/20/46)

    1,338       1,157,568  

4.50%, 05/20/52 (Call 11/20/51)

    1,005       877,074  

4.65%, 05/20/35 (Call 11/20/34)(a)

    846       830,869  

4.80%, 05/20/45 (Call 11/20/44)

    1,304       1,230,628  

6.00%, 05/20/53 (Call 11/20/52)

    1,250       1,346,608  

Texas Instruments Inc.

   

2.70%, 09/15/51 (Call 03/15/51)

    494       325,565  

3.88%, 03/15/39 (Call 09/15/38)

    769       666,279  

4.10%, 08/16/52 (Call 02/16/52)

    320       269,536  

4.15%, 05/15/48 (Call 11/15/47)

    1,212       1,050,179  

5.00%, 03/14/53 (Call 09/14/52)

    603       586,226  

5.05%, 05/18/63 (Call 11/18/62)

    955       914,970  

TSMC Arizona Corp.

   

3.13%, 10/25/41 (Call 04/25/41)

    290       223,419  

3.25%, 10/25/51 (Call 04/25/51)

     1,085       785,745  

4.50%, 04/22/52 (Call 10/22/51)

    975       898,302  
   

 

 

 
       51,618,618  
Software — 2.8%            

Activision Blizzard Inc.

   

2.50%, 09/15/50 (Call 03/15/50)

    1,641       1,043,512  

4.50%, 06/15/47 (Call 12/15/46)

    583       537,089  

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

    535       346,351  

Fidelity National Information Services Inc.

   

3.10%, 03/01/41 (Call 09/01/40)

    773       536,894  

4.50%, 08/15/46 (Call 02/15/46)

    185       145,906  

5.63%, 07/15/52 (Call 01/15/52)

    552       523,843  

Series 30Y, 4.75%, 05/15/48 (Call 11/15/47)

    309       248,448  

Fiserv Inc., 4.40%, 07/01/49 (Call 01/01/49)

    1,623       1,326,583  

Microsoft Corp.

   

2.53%, 06/01/50 (Call 12/01/49)

    5,127       3,389,197  

2.68%, 06/01/60 (Call 12/01/59)

    3,186       2,049,390  

2.92%, 03/17/52 (Call 09/17/51)

    4,847       3,437,146  

3.04%, 03/17/62 (Call 09/17/61)

    1,626       1,125,738  

3.45%, 08/08/36 (Call 02/08/36)

    1,630       1,449,787  
Security  

Par

(000)

    Value  
Software (continued)            

3.50%, 02/12/35 (Call 08/12/34)

  $ 1,482     $ 1,349,587  

3.50%, 11/15/42

    582       487,431  

3.70%, 08/08/46 (Call 02/08/46)

    1,544       1,309,530  

3.75%, 02/12/45 (Call 08/12/44)

    432       368,576  

3.95%, 08/08/56 (Call 02/08/56)

    446       378,973  

4.00%, 02/12/55 (Call 08/12/54)(a)

    256       223,806  

4.10%, 02/06/37 (Call 08/06/36)

    822       780,996  

4.20%, 11/03/35 (Call 05/03/35)

    753       727,059  

4.25%, 02/06/47 (Call 08/06/46)

    974       904,065  

4.45%, 11/03/45 (Call 05/03/45)(a)

    765       726,839  

4.50%, 10/01/40(a)

    593       577,008  

4.50%, 02/06/57 (Call 08/06/56)

    660       621,266  

4.75%, 11/03/55 (Call 05/03/55)(a)

    221       212,917  

5.20%, 06/01/39

    156       162,716  

5.30%, 02/08/41(a)

    596       631,101  

Oracle Corp.

   

3.60%, 04/01/40 (Call 10/01/39)

    2,547       1,927,552  

3.60%, 04/01/50 (Call 10/01/49)

    3,851       2,661,673  

3.65%, 03/25/41 (Call 09/25/40)

    1,722       1,300,098  

3.80%, 11/15/37 (Call 05/15/37)

    1,574       1,269,333  

3.85%, 07/15/36 (Call 01/15/36)

    1,153       953,760  

3.85%, 04/01/60 (Call 10/01/59)

    2,952       2,006,251  

3.90%, 05/15/35 (Call 11/15/34)

    1,105       943,531  

3.95%, 03/25/51 (Call 09/25/50)

    2,426       1,773,117  

4.00%, 07/15/46 (Call 01/15/46)

    2,527       1,901,367  

4.00%, 11/15/47 (Call 05/15/47)

    1,783       1,330,041  

4.10%, 03/25/61 (Call 09/25/60)

    1,234       876,646  

4.13%, 05/15/45 (Call 11/15/44)

    1,576       1,218,195  

4.30%, 07/08/34 (Call 01/08/34)

    1,478       1,325,262  

4.38%, 05/15/55 (Call 11/15/54)

    1,130       868,178  

4.50%, 07/08/44 (Call 01/08/44)

    879       719,960  

5.38%, 07/15/40

    1,875       1,747,693  

5.55%, 02/06/53 (Call 08/06/52)

    1,886       1,753,199  

6.13%, 07/08/39

    1,086       1,102,493  

6.50%, 04/15/38

    1,196       1,261,588  

6.90%, 11/09/52 (Call 05/09/52)

    2,095       2,281,647  

salesforce.com Inc.

   

2.70%, 07/15/41 (Call 01/15/41)

    1,184       845,480  

2.90%, 07/15/51 (Call 01/15/51)

    1,713       1,147,120  

3.05%, 07/15/61 (Call 01/15/61)(a)

     1,020       661,132  
   

 

 

 
       57,497,070  
Telecommunications — 5.8%            

America Movil SAB de CV

   

4.38%, 07/16/42(a)

    857       732,764  

4.38%, 04/22/49 (Call 10/22/48)(a)

    579       490,431  

6.13%, 11/15/37

    601       626,797  

6.13%, 03/30/40

    1,666       1,738,994  

6.38%, 03/01/35

    1,393       1,501,332  

AT&T Inc.

   

2.55%, 12/01/33 (Call 09/01/33)

    2,456       1,873,992  

3.10%, 02/01/43 (Call 08/01/42)(a)

    376       261,849  

3.30%, 02/01/52 (Call 08/01/51)(a)

    904       589,442  

3.50%, 06/01/41 (Call 12/01/40)

    2,082       1,527,008  

3.50%, 09/15/53 (Call 03/15/53)

    6,308       4,151,956  

3.50%, 02/01/61 (Call 08/01/60)

    585       374,753  

3.55%, 09/15/55 (Call 03/15/55)

    6,328       4,130,089  

3.65%, 06/01/51 (Call 12/01/50)

    2,557       1,753,799  

3.65%, 09/15/59 (Call 03/15/59)

    5,355       3,465,600  

3.80%, 12/01/57 (Call 06/01/57)

    5,068       3,417,860  

3.85%, 06/01/60 (Call 12/01/59)

    1,294       882,372  

 

 

238  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Telecommunications (continued)            

4.30%, 12/15/42 (Call 06/15/42)

  $ 1,413     $ 1,144,641  

4.35%, 06/15/45 (Call 12/15/44)(a)

    922       728,540  

4.50%, 05/15/35 (Call 11/15/34)

    2,254       2,003,147  

4.50%, 03/09/48 (Call 09/09/47)

    1,502       1,198,853  

4.55%, 03/09/49 (Call 09/09/48)

    890       710,096  

4.65%, 06/01/44 (Call 12/01/43)

    435       360,928  

4.75%, 05/15/46 (Call 11/15/45)

    1,564       1,305,683  

4.80%, 06/15/44 (Call 12/15/43)

    503       423,092  

4.85%, 03/01/39 (Call 09/01/38)

    909       807,597  

4.85%, 07/15/45 (Call 01/15/45)

    255       215,294  

4.90%, 08/15/37 (Call 02/14/37)

    581       526,226  

5.15%, 03/15/42(a)

    321       285,836  

5.15%, 11/15/46 (Call 05/15/46)

    615       540,361  

5.15%, 02/15/50 (Call 08/14/49)

    487       428,016  

5.25%, 03/01/37 (Call 09/01/36)

    1,008       955,480  

5.35%, 09/01/40(a)

    513       477,694  

5.40%, 02/15/34 (Call 11/15/33)(a)

    2,470       2,398,616  

5.45%, 03/01/47 (Call 09/01/46)(a)

    435       399,408  

5.55%, 08/15/41

    287       270,566  

5.65%, 02/15/47 (Call 08/15/46)(a)

    600       576,672  

5.70%, 03/01/57 (Call 09/01/56)(a)

    285       267,097  

6.00%, 08/15/40 (Call 05/15/40)

    422       420,204  

6.15%, 09/15/34

    120       120,201  

6.25%, 03/29/41(a)

    216       217,949  

6.30%, 01/15/38

    519       529,049  

6.38%, 03/01/41

    306       313,669  

6.55%, 02/15/39

    330       343,554  

Bell Telephone Co. of Canada or Bell Canada (The)

   

3.65%, 08/15/52 (Call 02/15/52)

    670       479,089  

4.30%, 07/29/49 (Call 01/29/49)

    596       475,556  

4.46%, 04/01/48 (Call 10/01/47)

    1,150       946,427  

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

    344       246,692  

Series US-6, 3.20%, 02/15/52 (Call 08/15/51)(a)

    581       380,587  

British Telecommunications PLC, 4.25%, 11/08/49 (Call 05/08/49)(b)

    356       264,032  

Cisco Systems Inc.

   

5.50%, 01/15/40

     1,634        1,695,728  

5.90%, 02/15/39

    1,753       1,900,913  

Corning Inc.

   

3.90%, 11/15/49 (Call 05/15/49)

    361       271,067  

4.38%, 11/15/57 (Call 05/15/57)(a)

    598       483,789  

4.70%, 03/15/37

    685       625,741  

4.75%, 03/15/42(a)

    491       438,426  

5.35%, 11/15/48 (Call 05/15/48)

    217       203,980  

5.45%, 11/15/79 (Call 05/19/79)

    754       676,045  

5.75%, 08/15/40

    465       458,424  

5.85%, 11/15/68 (Call 05/15/68)(a)

    139       132,581  

7.25%, 08/15/36 (Call 08/15/26)

    270       281,399  

Deutsche Telekom AG, 3.63%, 01/21/50 (Call 07/21/49)(a)(b)

    566       412,475  

Deutsche Telekom International Finance BV

   

4.75%, 06/21/38 (Call 12/21/37)(b)

    906       817,438  

4.88%, 03/06/42(b)

    742       664,599  

Juniper Networks Inc., 5.95%, 03/15/41

    371       352,716  

Motorola Solutions Inc., 5.50%, 09/01/44

    272       249,643  

Nokia OYJ, 6.63%, 05/15/39(a)

    470       447,592  

Ooredoo International Finance Ltd., 4.50%, 01/31/43(b)

    368       340,371  

Orange SA

   

5.38%, 01/13/42

    1,430       1,369,226  

5.50%, 02/06/44 (Call 08/06/43)

    199       194,266  
Security  

Par

(000)

    Value  
Telecommunications (continued)            

Rogers Communications Inc.

   

3.70%, 11/15/49 (Call 05/15/49)(a)

  $ 801     $ 544,263  

4.30%, 02/15/48 (Call 08/15/47)(a)

    500       374,791  

4.35%, 05/01/49 (Call 11/01/48)

    990       749,048  

4.50%, 03/15/42 (Call 09/15/41)

    567       458,440  

4.50%, 03/15/43 (Call 09/15/42)

    316       252,599  

4.55%, 03/15/52 (Call 09/15/51)

    1,557       1,206,445  

5.00%, 03/15/44 (Call 09/15/43)

    858       731,011  

5.45%, 10/01/43 (Call 04/01/43)

    446       398,494  

7.50%, 08/15/38

    818       883,607  

SES Global Americas Holdings Inc., 5.30%, 03/25/44(a)(b)

    389       277,125  

SES SA, 5.30%, 04/04/43(a)(b)

    300       209,956  

Telefonica Emisiones SA

   

4.67%, 03/06/38(a)

    694       573,905  

4.90%, 03/06/48

    1,037       828,038  

5.21%, 03/08/47

    2,184       1,830,420  

5.52%, 03/01/49 (Call 09/01/48)

    968       844,978  

7.05%, 06/20/36

    1,865       1,987,157  

TELUS Corp.

   

4.30%, 06/15/49 (Call 12/15/48)

    433       337,111  

4.60%, 11/16/48 (Call 05/16/48)

    674       553,104  

T-Mobile USA Inc.

   

3.00%, 02/15/41 (Call 08/15/40)

    1,707       1,205,722  

3.30%, 02/15/51 (Call 08/15/50)

    2,338       1,569,705  

3.40%, 10/15/52 (Call 04/15/52)

    2,077       1,407,717  

3.60%, 11/15/60 (Call 05/15/60)

    1,530       1,024,627  

4.38%, 04/15/40 (Call 10/15/39)

    1,419       1,219,474  

4.50%, 04/15/50 (Call 10/15/49)

    2,486       2,053,480  

5.65%, 01/15/53 (Call 07/15/52)

    1,429       1,393,917  

5.75%, 01/15/54 (Call 07/15/53)

     1,714       1,695,018  

5.80%, 09/15/62 (Call 03/15/62)

    748       727,089  

Verizon Communications Inc.

   

2.65%, 11/20/40 (Call 05/20/40)

    2,694        1,798,861  

2.85%, 09/03/41 (Call 03/03/41)

    934       637,748  

2.88%, 11/20/50 (Call 05/20/50)

    2,421       1,484,723  

2.99%, 10/30/56 (Call 04/30/56)

    3,186       1,903,849  

3.00%, 11/20/60 (Call 05/20/60)

    1,744       1,024,076  

3.40%, 03/22/41 (Call 09/22/40)

    3,040       2,257,405  

3.55%, 03/22/51 (Call 09/22/50)(a)

    3,629       2,543,568  

3.70%, 03/22/61 (Call 09/22/60)(a)

    2,608       1,776,783  

3.85%, 11/01/42 (Call 05/01/42)

    747       579,666  

3.88%, 03/01/52 (Call 09/01/51)(a)

    1,143       856,668  

4.00%, 03/22/50 (Call 09/22/49)

    1,232       943,708  

4.13%, 08/15/46

    595       472,999  

4.40%, 11/01/34 (Call 05/01/34)

    1,836       1,663,471  

4.52%, 09/15/48

    977       822,449  

4.67%, 03/15/55(a)

    694       585,090  

4.75%, 11/01/41

    573       514,835  

4.81%, 03/15/39

    940       853,773  

4.86%, 08/21/46(a)

    1,857       1,634,219  

5.01%, 04/15/49(a)

    465       417,039  

5.01%, 08/21/54

    230       203,617  

5.25%, 03/16/37

    797       776,393  

5.50%, 03/16/47(a)

    538       518,836  

5.85%, 09/15/35(a)

    350       349,038  

6.55%, 09/15/43

    722       802,061  

Vodafone Group PLC

   

4.25%, 09/17/50(a)

    1,331       1,025,792  

4.38%, 02/19/43

    1,095       891,877  

 

 

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

  239


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Telecommunications (continued)            

4.88%, 06/19/49

  $ 1,926     $ 1,633,086  

5.00%, 05/30/38(a)

    415       385,960  

5.13%, 06/19/59

    302       257,170  

5.25%, 05/30/48(a)

    936       845,633  

5.63%, 02/10/53 (Call 08/10/52)

    800       754,890  

5.75%, 02/10/63 (Call 08/10/62)

    325       302,103  

6.15%, 02/27/37

     1,364       1,397,361  

Xiaomi Best Time International Ltd., 4.10%, 07/14/51 (Call 01/14/51)(b)

    210       125,230  
   

 

 

 
       118,673,527  
Toys, Games & Hobbies — 0.1%            

Hasbro Inc.

   

5.10%, 05/15/44 (Call 11/15/43)

    247       214,822  

6.35%, 03/15/40

    442       445,891  

Mattel Inc.

   

5.45%, 11/01/41 (Call 05/01/41)

    275       236,718  

6.20%, 10/01/40(a)

    300       280,528  
   

 

 

 
      1,177,959  
Transportation — 3.4%            

Burlington Northern Santa Fe LLC

   

2.88%, 06/15/52 (Call 12/15/51)(a)

    481       317,483  

3.05%, 02/15/51 (Call 08/15/50)

    447       305,645  

3.30%, 09/15/51 (Call 03/15/51)

    756       543,109  

3.55%, 02/15/50 (Call 08/15/49)

    685       524,158  

3.90%, 08/01/46 (Call 02/01/46)

    577       461,841  

4.05%, 06/15/48 (Call 12/15/47)

    698       573,608  

4.13%, 06/15/47 (Call 12/15/46)

    545       452,491  

4.15%, 04/01/45 (Call 10/01/44)

    783       661,792  

4.15%, 12/15/48 (Call 06/15/48)

    757       633,341  

4.38%, 09/01/42 (Call 03/01/42)

    520       456,691  

4.40%, 03/15/42 (Call 09/15/41)

    488       429,916  

4.45%, 03/15/43 (Call 09/15/42)

    548       484,665  

4.45%, 01/15/53 (Call 07/15/52)(a)

    805       717,310  

4.55%, 09/01/44 (Call 03/01/44)

    808       723,704  

4.70%, 09/01/45 (Call 03/01/45)

    440       396,561  

4.90%, 04/01/44 (Call 10/01/43)

    745       700,708  

4.95%, 09/15/41 (Call 03/15/41)

    243       231,581  

5.05%, 03/01/41 (Call 09/01/40)

    393       378,988  

5.15%, 09/01/43 (Call 03/01/43)

    501       486,344  

5.20%, 04/15/54 (Call 10/15/53)

    1,350       1,328,285  

5.40%, 06/01/41 (Call 12/01/40)

    597       596,031  

5.75%, 05/01/40 (Call 11/01/39)

    664       693,177  

6.15%, 05/01/37

    790       859,837  

6.20%, 08/15/36

    245       268,238  

Canadian National Railway Co.

   

2.45%, 05/01/50 (Call 11/01/49)

    430       263,192  

3.20%, 08/02/46 (Call 02/02/46)

    342       245,775  

3.50%, 11/15/42 (Call 05/15/42)(a)

    365       270,985  

3.65%, 02/03/48 (Call 08/03/47)

    493       386,659  

4.40%, 08/05/52 (Call 02/05/52)

    650       574,558  

4.45%, 01/20/49 (Call 07/20/48)

    361       317,107  

4.50%, 11/07/43 (Call 05/07/43)

    55       46,659  

6.20%, 06/01/36

    720       782,152  

6.25%, 08/01/34

    425       460,584  

6.38%, 11/15/37(a)

    471       514,355  

6.71%, 07/15/36

    167       182,345  

Canadian Pacific Railway Co.

   

3.00%, 12/02/41 (Call 06/02/41)(a)

    866       718,116  

3.10%, 12/02/51 (Call 06/02/51)

    1,525       1,035,216  
Security  

Par

(000)

    Value  
Transportation (continued)            

3.50%, 05/01/50

  $ 430     $ 316,247  

4.20%, 11/15/69

    336       261,058  

4.30%, 05/15/43

    511       430,055  

4.70%, 05/01/48

    447       392,396  

4.80%, 09/15/35 (Call 03/15/35)

    190       182,231  

4.80%, 08/01/45 (Call 02/01/45)

    521       466,563  

4.95%, 08/15/45

    317       289,471  

5.75%, 01/15/42

    595       582,586  

5.95%, 05/15/37

    581       602,743  

6.13%, 09/15/2115 (Call 03/15/2115)

    394       408,762  

Central Japan Railway Co., 4.25%, 11/24/45 (Call 05/24/45)(b)

    40       33,602  

CSX Corp.

   

2.50%, 05/15/51 (Call 11/15/50)

    388       235,503  

3.35%, 09/15/49 (Call 03/15/49)

    525       372,371  

3.80%, 11/01/46 (Call 05/01/46)

    653       510,685  

3.80%, 04/15/50 (Call 10/15/49)

    377       291,774  

3.95%, 05/01/50 (Call 11/01/49)

    577       458,063  

4.10%, 03/15/44 (Call 09/15/43)

    657       546,322  

4.25%, 11/01/66 (Call 05/01/66)(a)

    453       363,222  

4.30%, 03/01/48 (Call 09/01/47)

    912       767,837  

4.40%, 03/01/43 (Call 09/01/42)(a)

    197       168,920  

4.50%, 03/15/49 (Call 09/15/48)

    349       301,725  

4.50%, 11/15/52 (Call 05/15/52)(a)

     1,080       939,056  

4.50%, 08/01/54 (Call 02/01/54)

    236       202,819  

4.65%, 03/01/68 (Call 09/01/67)

    320       274,356  

4.75%, 05/30/42 (Call 11/30/41)

    441       398,551  

4.75%, 11/15/48 (Call 05/15/48)

    594       529,795  

5.50%, 04/15/41 (Call 10/15/40)

    347       344,379  

6.00%, 10/01/36

    359       373,186  

6.15%, 05/01/37

    521       555,227  

6.22%, 04/30/40

    504       539,998  

Empresa de los Ferrocarriles del Estado

   

3.07%, 08/18/50 (Call 02/18/50)(b)

    295        175,864  

3.83%, 09/14/61 (Call 03/14/61)(b)

    455       294,142  

Empresa de Transporte de Pasajeros Metro SA

   

3.69%, 09/13/61 (Call 03/13/61)(b)

    515       328,747  

4.70%, 05/07/50 (Call 11/07/49)(a)(b)

    758       615,677  

5.00%, 01/25/47 (Call 07/25/46)(b)

    282       240,201  

ENA Master Trust, 4.00%, 05/19/48 (Call 02/19/48)(b)

    215       157,488  

FedEx Corp.

   

3.25%, 05/15/41 (Call 11/15/40)

    622       452,173  

3.88%, 08/01/42

    622       494,224  

3.90%, 02/01/35

    234       203,689  

4.05%, 02/15/48 (Call 08/15/47)

    1,001       779,550  

4.10%, 04/15/43

    622       492,234  

4.10%, 02/01/45

    476       375,944  

4.40%, 01/15/47 (Call 07/15/46)

    735       604,464  

4.50%, 02/01/65(a)

    174       129,921  

4.55%, 04/01/46 (Call 10/01/45)

    1,163       974,883  

4.75%, 11/15/45 (Call 05/15/45)

    947       816,491  

4.90%, 01/15/34

    175       169,029  

4.95%, 10/17/48 (Call 04/17/48)

    771       689,658  

5.10%, 01/15/44

    605       551,117  

5.25%, 05/15/50 (Call 11/15/49)

    1,027       955,207  

Norfolk Southern Corp.

   

2.90%, 08/25/51 (Call 02/25/51)

    481       306,018  

3.05%, 05/15/50 (Call 11/15/49)

    848       565,298  

3.16%, 05/15/55 (Call 11/15/54)

    580       382,373  

3.40%, 11/01/49 (Call 05/01/49)

    387       273,610  

 

 

240  

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® 10+ Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
Transportation (continued)            

3.70%, 03/15/53 (Call 09/15/52)(a)

  $ 410     $ 304,679  

3.94%, 11/01/47 (Call 05/01/47)

    581       460,470  

3.95%, 10/01/42 (Call 04/01/42)

    520       417,135  

4.05%, 08/15/52 (Call 02/15/52)

    674       535,121  

4.10%, 05/15/49 (Call 11/15/48)

    359       291,361  

4.10%, 05/15/2121 (Call 11/15/2120)

    290       203,913  

4.15%, 02/28/48 (Call 08/28/47)

    590       484,864  

4.45%, 06/15/45 (Call 12/15/44)

    380       321,271  

4.55%, 06/01/53 (Call 12/01/52)

    860       743,482  

4.65%, 01/15/46 (Call 07/15/45)

    506       440,556  

4.80%, 08/15/43 (Call 02/15/43)

    230       196,859  

4.84%, 10/01/41

    705       641,041  

5.10%, 08/01/2118 (Call 02/01/2118)

    55       46,115  

5.35%, 08/01/54

    550       534,679  

Polar Tankers Inc., 5.95%, 05/10/37(b)

    1,330       1,334,087  

TTX Co.

   

3.90%, 02/01/45 (Call 08/01/44)(b)

    240       187,384  

4.20%, 07/01/46 (Call 01/01/46)(b)

    340       276,298  

4.60%, 02/01/49 (Call 08/01/48)(b)

    320       278,807  

4.65%, 06/15/44(b)

    205       171,661  

5.65%, 12/01/52 (Call 06/01/52)(b)

    290       296,530  

Union Pacific Corp.

   

2.89%, 04/06/36 (Call 01/06/36)

    450       355,397  

2.95%, 03/10/52 (Call 09/10/51)

    962       642,860  

2.97%, 09/16/62 (Call 03/16/62)

    825       507,302  

3.20%, 05/20/41 (Call 11/20/40)

    788       600,386  

3.25%, 02/05/50 (Call 08/05/49)

     1,462        1,056,525  

3.35%, 08/15/46 (Call 02/15/46)

    334       238,359  

3.38%, 02/01/35 (Call 08/01/34)

    251       211,940  

3.38%, 02/14/42 (Call 08/14/41)

    380       296,661  

3.50%, 02/14/53 (Call 08/14/52)

    1,140       847,451  

3.55%, 08/15/39 (Call 02/15/39)

    427       346,442  

3.55%, 05/20/61 (Call 11/20/60)(a)

    500       352,938  

3.60%, 09/15/37 (Call 03/15/37)(a)

    292       244,235  

3.75%, 02/05/70 (Call 08/05/69)

    515       374,630  

3.80%, 10/01/51 (Call 04/01/51)

    1,043       823,762  

3.80%, 04/06/71 (Call 10/06/70)

    691       507,470  

3.84%, 03/20/60 (Call 09/20/59)

    1,593       1,220,170  

3.85%, 02/14/72 (Call 08/14/71)

    360       266,530  

3.88%, 02/01/55 (Call 08/01/54)

    285       221,262  

3.95%, 08/15/59 (Call 02/15/59)

    360       279,056  

4.00%, 04/15/47 (Call 10/15/46)

    475       383,643  

4.05%, 11/15/45 (Call 05/15/45)

    441       357,788  

4.05%, 03/01/46 (Call 09/01/45)(a)

    625       509,001  

4.10%, 09/15/67 (Call 03/15/67)

    459       364,207  

4.30%, 03/01/49 (Call 09/01/48)

    748       639,906  

4.50%, 09/10/48 (Call 03/10/48)

    470       412,043  

4.95%, 09/09/52 (Call 03/09/52)

    495       478,416  

4.96%, 05/15/53 (Call 11/15/52)(a)

    530       508,976  

5.15%, 01/20/63 (Call 07/20/62)

    365       349,595  

United Parcel Service Inc.

   

3.40%, 11/15/46 (Call 05/15/46)(a)

    335       250,761  

3.40%, 09/01/49 (Call 03/01/49)(a)

    337       257,253  

3.63%, 10/01/42(a)

    535       434,622  

3.75%, 11/15/47 (Call 05/15/47)

    909       735,184  

4.25%, 03/15/49 (Call 09/15/48)

    708       610,509  

4.88%, 11/15/40 (Call 05/15/40)(a)

    355       341,561  

5.05%, 03/03/53 (Call 09/03/52)

    930       908,411  

5.20%, 04/01/40 (Call 10/01/39)

    401       400,858  

5.30%, 04/01/50 (Call 10/01/49)(a)

    1,052       1,067,604  
Security  

Par/

Shares

(000)

    Value  

 

 
Transportation (continued)            

6.20%, 01/15/38

  $ 1,161     $ 1,297,768  
   

 

 

 
      70,058,507  
Trucking & Leasing — 0.0%            

GATX Corp.

   

3.10%, 06/01/51 (Call 12/01/50)(a)

    379       235,013  

4.50%, 03/30/45 (Call 09/30/44)(a)

    140       108,406  

5.20%, 03/15/44 (Call 09/15/43)

    224       195,123  

5.45%, 09/15/33 (Call 06/15/33)(a)

    65       63,610  
   

 

 

 
      602,152  
Water — 0.2%            

American Water Capital Corp.

   

3.25%, 06/01/51 (Call 12/01/50)(a)

    400       280,050  

3.45%, 05/01/50 (Call 11/01/49)

    405       293,492  

3.75%, 09/01/47 (Call 03/01/47)

    484       375,548  

4.00%, 12/01/46 (Call 06/01/46)

    375       296,639  

4.15%, 06/01/49 (Call 12/01/48)

    570       471,421  

4.20%, 09/01/48 (Call 03/01/48)

    849       702,837  

4.30%, 12/01/42 (Call 06/01/42)

    281       240,113  

4.30%, 09/01/45 (Call 03/01/45)

    116       96,144  

6.59%, 10/15/37

    532       590,814  

Essential Utilities Inc.

   

3.35%, 04/15/50 (Call 10/15/49)

    466       309,140  

4.28%, 05/01/49 (Call 11/01/48)

    475       369,707  

5.30%, 05/01/52 (Call 11/01/51)(a)

    420       380,950  
   

 

 

 
      4,406,855  
   

 

 

 

Total Corporate Bonds & Notes — 98.0%
(Cost: $2,466,247,854)

 

     2,016,681,823  
   

 

 

 

Foreign Government Obligations

 

South Korea — 0.0%            

Korea Electric Power Corp., 5.13%, 04/23/34(a)(b)

    250       247,049  
   

 

 

 

Total Foreign Government Obligations — 0.0%
(Cost: $264,436)

 

    247,049  
   

 

 

 

Total Long-Term Investments — 98.0%
(Cost: $2,466,512,290)

 

    2,016,928,872  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 9.6%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.52%(g)(h)(i)

     188,966       189,022,482  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(g)(h)

    7,450       7,450,000  
   

 

 

 

Total Short-Term Securities — 9.6%
(Cost: $196,406,588)

 

    196,472,482  
   

 

 

 

Total Investments — 107.6%
(Cost: $2,662,918,878)

 

    2,213,401,354  

Liabilities in Excess of Other Assets — (7.6)%

 

    (155,560,645
   

 

 

 

Net Assets — 100.0%

    $ 2,057,840,709  
   

 

 

 

 

(a)

All or a portion of this security is on loan.

(b) 

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

 

 

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

  241


Schedule of Investments (unaudited) (continued)

August 31, 2023

  

iShares® 10+ Year Investment Grade Corporate Bond ETF

 

(c) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(d) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(e) 

Perpetual security with no stated maturity date.

(f) 

Zero-coupon bond.

(g) 

Affiliate of the Fund.

(h) 

Annualized 7-day yield as of period end.

(i) 

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
      Affiliated Issuer  

Value at

02/28/23

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

08/31/23

   

Shares

Held at

08/31/23

(000)

    Income    

Capital Gain

Distributions from

Underlying Funds

   

  

 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 124,087,027     $ 64,974,965 (a)    $     $ (11,293   $ (28,217   $ 189,022,482       188,966     $ 336,197 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    14,420,000             (6,970,000 )(a)                  7,450,000       7,450       193,988          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (11,293   $ (28,217   $ 196,472,482       $ 530,185     $     —    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

(a) 

Represents net amount purchased (sold).

(b) 

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
    Level 1      Level 2      Level 3      Total  

 

 

Assets

          

Investments

          

Long-Term Investments

          

Corporate Bonds & Notes

  $      $ 2,016,681,823      $      $ 2,016,681,823  

Foreign Government Obligations

           247,049               247,049  

Short-Term Securities

          

Money Market Funds

    196,472,482                      196,472,482  
 

 

 

    

 

 

    

 

 

    

 

 

 
  $ 196,472,482      $ 2,016,928,872      $      —      $ 2,213,401,354  
 

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

242  

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


Statements of Assets and Liabilities (unaudited)

August 31, 2023

 

    

iShares

BBB Rated

Corporate

Bond ETF

    

iShares

Broad USD

Investment Grade

Corporate Bond

ETF

    

iShares

1-5 Year Investment

Grade Corporate

Bond ETF

    

iShares

5-10 Year

Investment Grade
Corporate Bond

ETF

 

 

 

ASSETS

           

Investments, at value — unaffiliated(a)(b)

   $ 23,943,727      $ 9,128,781,400      $ 22,577,347,671      $ 11,271,222,105  

Investments, at value — affiliated(c)

     2,623,085        926,375,022        1,498,536,001        1,400,130,705  

Cash

     3,212        104,936        352,398        50,170  

Foreign currency, at value(d)

            83        55         

Receivables:

           

Investments sold

     159,697        9,127,417        11,181,297        6,748,197  

Securities lending income — affiliated

     699        323,296        484,213        504,425  

Capital shares sold

            1,653,981        5,717,060        3,521,416  

Dividends — affiliated

     3,727        180,402        447,669        129,880  

Interest — unaffiliated

     298,130        108,966,445        223,906,837        130,659,527  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

     27,032,277        10,175,512,982        24,317,973,201        12,812,966,425  
  

 

 

    

 

 

    

 

 

    

 

 

 

LIABILITIES

           

Collateral on securities loaned, at value

     1,715,372        870,634,839        1,266,527,077        1,344,538,737  

Payables:

           

Investments purchased

     358,503        3,357,118        138,061,755        32,008,132  

Capital shares redeemed

            31,439        2,591,474        104,622  

Investment advisory fees

     3,144        315,145        788,563        383,504  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     2,077,019        874,338,541        1,407,968,869        1,377,034,995  
  

 

 

    

 

 

    

 

 

    

 

 

 

Commitments and contingent liabilities

           

NET ASSETS

   $ 24,955,258      $ 9,301,174,441      $ 22,910,004,332      $ 11,435,931,430  
  

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS CONSIST OF

           

Paid-in capital

   $ 29,979,002      $ 10,507,282,431      $ 24,395,061,582      $ 13,203,550,110  

Accumulated loss

     (5,023,744      (1,206,107,990      (1,485,057,250      (1,767,618,680
  

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS

   $ 24,955,258      $ 9,301,174,441      $ 22,910,004,332      $ 11,435,931,430  
  

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSET VALUE

           

Shares outstanding

     300,000        187,900,000        456,150,000        228,250,000  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net asset value

   $ 83.18      $ 49.50      $ 50.22      $ 50.10  
  

 

 

    

 

 

    

 

 

    

 

 

 

Shares authorized

     Unlimited        Unlimited        Unlimited        Unlimited  
  

 

 

    

 

 

    

 

 

    

 

 

 

Par value

     None        None        None        None  
  

 

 

    

 

 

    

 

 

    

 

 

 

(a) Investments, at cost — unaffiliated

   $ 27,313,680      $ 10,256,082,206      $ 23,689,729,434      $ 12,607,488,685  

(b) Securities loaned, at value

   $ 1,657,734      $ 842,310,134      $ 1,224,376,685      $ 1,300,264,354  

(c)  Investments, at cost — affiliated

   $ 2,622,481      $ 926,111,020      $ 1,497,969,082      $ 1,399,698,430  

(d) Foreign currency, at cost

   $      $ 78      $ 53      $  

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T S

  243


Statements of Assets and Liabilities (unaudited) (continued)

August 31, 2023

 

    

iShares

10+ Year

Investment Grade

Corporate Bond

ETF

 

 

 

ASSETS

    

Investments, at value — unaffiliated(a)(b)

            $ 2,016,928,872  

Investments, at value — affiliated(c)

       196,472,482  

Cash

       287,401  

Receivables:

    

Investments sold

       3,899,938  

Securities lending income — affiliated

       66,549  

Capital shares sold

       871,900  

Dividends — affiliated

       29,186  

Interest — unaffiliated

       30,373,599  
    

 

 

 

Total assets

       2,248,929,927  
    

 

 

 

LIABILITIES

    

Collateral on securities loaned, at value

       189,017,030  

Payables:

    

Investments purchased

       1,888,164  

Capital shares redeemed

       115,967  

Investment advisory fees

       68,057  
    

 

 

 

Total liabilities

       191,089,218  
    

 

 

 

Commitments and contingent liabilities

    

NET ASSETS

     $ 2,057,840,709  
    

 

 

 
    

NET ASSETS CONSIST OF

    

Paid-in capital

     $ 2,568,418,737  

Accumulated loss

       (510,578,028
    

 

 

 

NET ASSETS

     $ 2,057,840,709  
    

 

 

 

NET ASSETVALUE

    

Shares outstanding

       41,200,000  
    

 

 

 

Net asset value

     $ 49.95  
    

 

 

 

Shares authorized

       Unlimited  
    

 

 

 

Par value

       None  
    

 

 

 

(a) Investments, at cost — unaffiliated

     $ 2,466,512,290  

(b) Securities loaned, at value

     $ 182,412,009  

(c)  Investments, at cost — affiliated

     $ 196,406,588  
    

See notes to financial statements.

 

 

244  

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


Statements of Operations (unaudited)

Six Months Ended August 31, 2023

 

   

iShares

BBB Rated

Corporate
Bond ETF

   

iShares

Broad USD

Investment

Grade
Corporate

Bond ETF

   

iShares

1-5 Year

Investment

Grade

Corporate

Bond ETF

   

iShares

5-10 Year

Investment
Grade

Corporate

Bond ETF

 

 

 

INVESTMENT INCOME

       

Dividends — affiliated

  $ 24,944     $ 1,588,164     $ 1,598,963     $ 1,346,554  

Interest — unaffiliated

    544,739       179,150,361       378,361,684       219,784,676  

Securities lending income — affiliated — net

    3,875       1,901,655       3,233,195       3,036,709  

Other income — unaffiliated

    337       28,925       27,384       14,967  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

    573,895       182,669,105       383,221,226       224,182,906  
 

 

 

   

 

 

   

 

 

   

 

 

 

EXPENSES

       

Investment advisory

    20,621       1,795,192       4,753,244       2,299,346  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    20,621       1,795,192       4,753,244       2,299,346  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    553,274       180,873,913       378,467,982       221,883,560  
 

 

 

   

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

       

Net realized gain (loss) from:

       

Investments — unaffiliated

    (217,877     (28,371,343     (119,829,739     (152,025,399

Investments — affiliated

    195       (39,124     71,266       (90,521

In-kind redemptions — unaffiliated(a)

    (996,690     (3,631,317     (103,169,961     (10,328,196
 

 

 

   

 

 

   

 

 

   

 

 

 
    (1,214,372     (32,041,784     (222,928,434     (162,444,116
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — unaffiliated

    1,311,493       24,276,600       381,109,543       214,518,689  

Investments — affiliated

    (633     (186,779     (475,028     (302,842

Foreign currency translations

          2       1        
 

 

 

   

 

 

   

 

 

   

 

 

 
    1,310,860       24,089,823       380,634,516       214,215,847  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss)

    96,488       (7,951,961     157,706,082       51,771,731  
 

 

 

   

 

 

   

 

 

   

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 649,762     $ 172,921,952     $ 536,174,064     $ 273,655,291  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T S

  245


Statements of Operations (unaudited) (continued)

Six Months Ended August 31, 2023

 

   

iShares

10+ Year

Investment

Grade

Corporate

Bond ETF

 

 

 

INVESTMENT INCOME

 

Dividends — affiliated

  $ 193,988  

Interest — unaffiliated

    42,840,880  

Securities lending income — affiliated — net

    336,197  

Other income — unaffiliated

    6,725  
 

 

 

 

Total investment income

    43,377,790  
 

 

 

 

EXPENSES

 

Investment advisory

    361,275  
 

 

 

 

Total expenses

    361,275  
 

 

 

 

Net investment income

    43,016,515  
 

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) from:

 

Investments — unaffiliated

    (17,362,275

Investments — affiliated

    (11,293

In-kind redemptions — unaffiliated(a)

    (1,795,422
 

 

 

 
    (19,168,990
 

 

 

 

Net change in unrealized appreciation (depreciation) on:

 

Investments — unaffiliated

    (3,335,118

Investments — affiliated

    (28,217
 

 

 

 
    (3,363,335
 

 

 

 

Net realized and unrealized loss

    (22,532,325
 

 

 

 

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ 20,484,190  
 

 

 

 

 

(a) 

See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

 

 

246  

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Statements of Changes in Net Assets

 

   

iShares

BBB Rated Corporate Bond ETF

         

iShares

Broad USD Investment Grade Corporate

Bond ETF

 
 

 

 

     

 

 

 
   

Six Months Ended

08/31/23
(unaudited)

         

Year Ended

02/28/23

               

Six Months Ended
08/31/23

(unaudited)

         

Year Ended

02/28/23

 

 

 

INCREASE (DECREASE) IN NET ASSETS

                 

OPERATIONS

                 

Net investment income

    $ 553,274           $ 1,292,119         $ 180,873,913           $ 226,482,444  

Net realized loss

      (1,214,372       (7,788,010         (32,041,784       (149,612,711

Net change in unrealized appreciation (depreciation)

      1,310,860         (1,172,525         24,089,823         (770,111,027
   

 

 

     

 

 

       

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

      649,762         (7,668,416         172,921,952         (693,241,294
   

 

 

     

 

 

       

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

                 

Decrease in net assets resulting from distributions to shareholders

      (540,167       (1,613,872         (174,758,796       (216,611,047
   

 

 

     

 

 

       

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

                 

Net increase (decrease) in net assets derived from capital share transactions

      12,182         (37,800,662         1,062,576,204         2,568,216,178  
   

 

 

     

 

 

       

 

 

     

 

 

 

NET ASSETS

                 

Total increase (decrease) in net assets

      121,777         (47,082,950         1,060,739,360         1,658,363,837  

Beginning of period

      24,833,481         71,916,431           8,240,435,081         6,582,071,244  
   

 

 

     

 

 

       

 

 

     

 

 

 

End of period

           $ 24,955,258       $ 24,833,481         $ 9,301,174,441       $ 8,240,435,081  
   

 

 

     

 

 

       

 

 

     

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T S

  247


Statements of Changes in Net Assets (continued)

 

   

iShares

1-5 Year Investment Grade Corporate Bond ETF

         

iShares

5-10 Year Investment Grade Corporate Bond

ETF

 
 

 

 

     

 

 

 
   

Six Months Ended

08/31/23

(unaudited)

      

Year Ended

02/28/23

         

Six Months Ended

08/31/23

(unaudited)

      

Year Ended

02/28/23

 

 

 

INCREASE (DECREASE) IN NET ASSETS

                 

OPERATIONS

                     

Net investment income

    $ 378,467,982        $ 485,018,271       $ 221,883,560        $ 307,490,313  

Net realized loss

      (222,928,434        (294,233,741       (162,444,116        (410,662,939

Net change in unrealized appreciation (depreciation)

      380,634,516          (890,572,813       214,215,847          (967,731,868
   

 

 

      

 

 

     

 

 

      

 

 

 

Net increase (decrease) in net assets resulting from operations

      536,174,064          (699,788,283       273,655,291          (1,070,904,494
   

 

 

      

 

 

     

 

 

      

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

                 

Decrease in net assets resulting from distributions to shareholders

      (377,546,475        (471,445,863       (219,346,279        (299,895,987
   

 

 

      

 

 

     

 

 

      

 

 

 

CAPITAL SHARE TRANSACTIONS

                 

Net increase (decrease) in net assets derived from capital share transactions

      (1,496,734,527        2,983,143,833             354,934,618          1,208,588,801  
   

 

 

      

 

 

     

 

 

      

 

 

 

NET ASSETS

                 

Total increase (decrease) in net assets

      (1,338,106,938        1,811,909,687         409,243,630          (162,211,680

Beginning of period

      24,248,111,270          22,436,201,583         11,026,687,800          11,188,899,480  
   

 

 

      

 

 

     

 

 

      

 

 

 

End of period

    $ 22,910,004,332        $ 24,248,111,270       $ 11,435,931,430        $ 11,026,687,800  
   

 

 

      

 

 

     

 

 

      

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

248  

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Statements of Changes in Net Assets (continued)

 

   

iShares

10+ Year Investment Grade Corporate Bond

ETF

 
 

 

 

 
   

Six Months Ended

08/31/23

(unaudited)

   

Year Ended

02/28/23

 

 

 

INCREASE (DECREASE) IN NET ASSETS

       

OPERATIONS

           

Net investment income

    $ 43,016,515       $ 62,875,908  

Net realized loss

      (19,168,990       (116,278,064

Net change in unrealized appreciation (depreciation)

      (3,363,335       (245,428,510
   

 

 

     

 

 

 

Net increase (decrease) in net assets resulting from operations

      20,484,190         (298,830,666
   

 

 

     

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

       

Decrease in net assets resulting from distributions to shareholders

      (40,731,889       (63,136,970
   

 

 

     

 

 

 

CAPITAL SHARE TRANSACTIONS

       

Net increase (decrease) in net assets derived from capital share transactions

      477,253,580         (28,613,305
   

 

 

     

 

 

 

NET ASSETS

       

Total increase (decrease) in net assets

      457,005,881         (390,580,941

Beginning of period

          1,600,834,828         1,991,415,769  
   

 

 

     

 

 

 

End of period

    $ 2,057,840,709       $ 1,600,834,828  
   

 

 

     

 

 

 

 

(a) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

 

F I N A N C I A L  S T A T E M E N T S

  249


Financial Highlights

(For a share outstanding throughout each period)

 

    iShares BBB Rated Corporate Bond ETF  
 

 

 

 
    Six Months Ended                 Period From  
    08/31/23       Year Ended         05/18/21 (a) 
    (unaudited)           02/28/23     to 02/28/22  

 

 

Net asset value, beginning of period

    $ 82.78       $ 95.89       $ 100.00  
   

 

 

     

 

 

     

 

 

 

Net investment income(b)

      1.70         2.48         1.70  

Net realized and unrealized gain (loss)(c)

      0.40         (12.15       (4.28
   

 

 

     

 

 

     

 

 

 

Net increase (decrease) from investment operations

      2.10         (9.67       (2.58
   

 

 

     

 

 

     

 

 

 

Distributions(d)

           

From net investment income

      (1.70       (2.71       (1.53

From net realized gain

                         (0.73            
   

 

 

     

 

 

     

 

 

 

Total distributions

      (1.70       (3.44       (1.53
   

 

 

     

 

 

     

 

 

 

Net asset value, end of period

    $ 83.18       $ 82.78       $ 95.89  
   

 

 

     

 

 

     

 

 

 

Total Return(e)

           

Based on net asset value

      2.55 %(f)        (10.14 )%        (2.66 )%(f) 
   

 

 

     

 

 

     

 

 

 

Ratios to Average Net Assets(g)

           

Total expenses

      0.15 %(h)        0.15       0.15 %(h) 
   

 

 

     

 

 

     

 

 

 

Net investment income

      4.02 %(h)        2.85       2.14 %(h) 
   

 

 

     

 

 

     

 

 

 

Supplemental Data

           

Net assets, end of period (000)

        $ 24,955       $ 24,833       $ 71,916  
   

 

 

     

 

 

     

 

 

 

Portfolio turnover rate(i)

      9       10       19 %(f) 
   

 

 

     

 

 

     

 

 

 

 

(a) 

Commencement of operations.

(b) 

Based on average shares outstanding.

(c) 

The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

250  

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


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

              iShares Broad USD Investment Grade Corporate Bond ETF  
   

 

 
    Six Months Ended

 

         
        08/31/23       Year Ended       Year Ended       Year Ended       Year Ended       Year Ended  
        (unaudited)       02/28/23       02/28/22       02/28/21       02/29/20       02/28/19 (a) 

 

 

Net asset value, beginning of period

         $ 49.43     $ 56.64     $ 60.09     $ 60.20     $ 53.97     $ 54.46  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(b)

        1.01       1.66       1.36       1.67       1.97       1.95  

Net realized and unrealized gain (loss)(c)

        0.04       (7.28     (3.43     (0.06     6.21       (0.59
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

        1.05       (5.62     (2.07     1.61       8.18       1.36  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions from net investment income(d)

        (0.98     (1.59     (1.38     (1.72     (1.95     (1.85
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

      $ 49.50     $ 49.43     $ 56.64     $ 60.09     $ 60.20     $ 53.97  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(e)

               

Based on net asset value

        2.13 %(f)      (9.99 )%      (3.51 )%      2.70     15.41     2.59
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(g)

               

Total expenses

        0.04 %(h)      0.04     0.04     0.06     0.06     0.08
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

        4.03 %(h)      3.27     2.27     2.77     3.44     3.65
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

               

Net assets, end of period (000)

      $ 9,301,174     $ 8,240,435     $ 6,582,071     $ 5,913,258     $ 4,277,259     $ 2,679,484  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(i)

        5     11     12     13     13     27
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Per share amounts reflect a two-for-one stock split effective after the close of trading on August 7, 2018.

(b) 

Based on average shares outstanding.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L  H I G H L I G H T S

  251


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

              iShares 1-5 Year Investment Grade Corporate Bond ETF  
   

 

 
    Six Months Ended

 

         
        08/31/23       Year Ended       Year Ended       Year Ended       Year Ended       Year Ended  
        (unaudited)       02/28/23       02/28/22       02/28/21       02/29/20       02/28/19 (a) 

 

 

Net asset value, beginning of period

         $ 49.89     $ 52.72     $ 54.88     $ 54.36     $ 52.28     $ 51.95  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(b)

        0.80       1.11       0.81       1.19       1.64       1.37  

Net realized and unrealized gain(c)

        0.33       (2.86     (2.02     0.60       2.08       0.29  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase from investment operations

        1.13       (1.75     (1.21     1.79       3.72       1.66  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(d)

               

From net investment income

        (0.80     (1.07     (0.86     (1.27     (1.64     (1.33

From net realized gain

              (0.01     (0.09                  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

        (0.80     (1.08     (0.95     (1.27     (1.64     (1.33
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

      $ 50.22     $ 49.89     $ 52.72     $ 54.88     $ 54.36     $ 52.28  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(e)

               

Based on net asset value

        2.29 %(f)      (3.32 )%      (2.20 )%      3.32     7.21     3.26
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(g)

               

Total expenses

        0.04 %(h)      0.05     0.06     0.06     0.06     0.10
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

        0.04 %(h)      0.05     0.06     0.06     0.06     0.09
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

        3.18 %(h)      2.21     1.50     2.18     3.08     2.64
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

               

Net assets, end of period (000)

      $ 22,910,004     $ 24,248,111     $ 22,436,202     $ 22,726,686     $ 14,260,460     $ 10,287,885  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(i)

        11     26     30     29     38     80
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Per share amounts reflect a two-for-one stock split effective after the close of trading on August 7, 2018.

(b)

Based on average shares outstanding.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e)

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

                iShares 5-10 Year Investment Grade Corporate Bond ETF  
   

 

 

 
      Six Months Ended            
        08/31/23       Year Ended       Year Ended       Year Ended       Year Ended       Year Ended  
        (unaudited)       02/28/23       02/28/22       02/28/21       02/29/20       02/28/19 (a) 

 

 

Net asset value, beginning of period

             $ 49.83     $ 56.71     $ 60.34     $ 59.76     $ 53.88     $ 53.64  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(b)

        0.98       1.57       1.34       1.58       2.00       1.83  

Net realized and unrealized gain
(loss)(c)

        0.26       (6.91     (3.49     0.65       5.86       0.26  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

        1.24       (5.34     (2.15     2.23       7.86       2.09  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(d)

               

From net investment income

        (0.97     (1.54     (1.35     (1.65     (1.98     (1.85

From net realized gain

                    (0.13                  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

        (0.97     (1.54     (1.48     (1.65     (1.98     (1.85
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

      $ 50.10     $ 49.83     $ 56.71     $ 60.34     $ 59.76     $ 53.88  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(e)

               

Based on net asset value

        2.50 %(f)      (9.47 )%      (3.62 )%      3.79     14.83     4.01
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(g)

               

Total expenses

        0.04 %(h)      0.05     0.06     0.06     0.06     0.11
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

        0.04 %(h)      0.05     0.06     0.06     0.06     0.10
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

        3.86 %(h)      3.07     2.24     2.64     3.49     3.45
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

               

Net assets, end of period (000)

      $ 11,435,931     $ 11,026,688     $ 11,188,899     $ 11,063,433     $ 9,387,751     $ 5,543,811  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(i)

        10     24     27     23     26     86
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Per share amounts reflect a two-for-one stock split effective after the close of trading on August 7, 2018.

(b) 

Based on average shares outstanding.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Not annualized.

(g) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(h) 

Annualized.

(i) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

F I N A N C I A L  H I G H L I G H T S

  253


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

                iShares 10+ Year Investment Grade Corporate Bond ETF  
   

 

 

 
      Six Months Ended              
        08/31/23       Year Ended       Year Ended       Year Ended       Year Ended    

 

Year Ended

 

        (unaudited)       02/28/23       02/28/22       02/28/21       02/29/20         02/28/19  

 

 

Net asset value, beginning of period

          $ 50.34     $ 63.42     $ 68.68     $ 70.27     $ 57.73       $ 60.06  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Net investment income(a)

        1.22       2.27       2.18       2.31       2.54         2.56  

Net realized and unrealized gain (loss)(b)

        (0.44     (13.06     (5.24     (1.57     12.48         (2.31
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Net increase (decrease) from investment operations

        0.78       (10.79     (3.06     0.74       15.02         0.25  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Distributions from net investment income(c)

        (1.17     (2.29     (2.20     (2.33     (2.48       (2.58
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Net asset value, end of period

      $ 49.95     $ 50.34     $ 63.42     $ 68.68     $ 70.27       $ 57.73  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Total Return(d)

                 

Based on net asset value

        1.53 %(e)      (17.18 )%      (4.62 )%      1.05     26.50       0.53
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Ratios to Average Net Assets(f)

                 

Total expenses

        0.04 %(g)      0.05     0.06     0.06     0.06       0.11
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Total expenses after fees waived

        0.04 %(g)      0.05     0.06     0.06     0.06       0.10
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Net investment income

        4.76 %(g)      4.26     3.18     3.32     3.89       4.44
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Supplemental Data

                 

Net assets, end of period (000)

      $ 2,057,841     $ 1,600,835     $ 1,991,416     $ 2,403,908     $ 2,122,014       $ 588,888  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

Portfolio turnover rate(h)

        2     9     9     10     15       24
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

     

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Not annualized.

(f) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Annualized.

(h) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

 

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Notes to Financial Statements (unaudited)

 

1.

ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

 

   
iShares ETF    Diversification
Classification
 

BBB Rated Corporate Bond

     Non-diversified  

Broad USD Investment Grade Corporate Bond

     Diversified  

1-5 Year Investment Grade Corporate Bond

     Diversified  

5-10 Year Investment Grade Corporate Bond

     Diversified  

10+ Year Investment Grade Corporate Bond

     Diversified  

 

2.

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

  255


Notes to Financial Statements (unaudited) (continued)

 

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

 

   

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

 

   

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

 

4.

SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

 

 

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Notes to Financial Statements (unaudited) (continued)

 

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

 

 

 
iShares ETF and Counterparty    

Securities Loaned

at Value

 

 

    

Cash Collateral

Received

 

(a) 

   

Non-Cash Collateral

Received, at Fair Value


(a) 

    Net Amount  

 

 

BBB Rated Corporate Bond

        

Barclays Capital, Inc.

  $ 120,808      $ (120,808   $     $  

BMO Capital Markets Corp.

    14,616        (14,616            

BNP Paribas SA

    880,708        (880,708            

BofA Securities, Inc.

    143,048        (143,048            

HSBC Securities (USA), Inc.

    21,777        (21,777            

J.P. Morgan Securities LLC

    320,159        (320,159            

Jefferies Financial Group Inc.

    22,666        (22,666            

Nomura Securities International, Inc.

    30,163        (30,163            

RBC Capital Markets LLC

    59,430        (59,430            

State Street Bank & Trust Co.

    44,359        (44,359            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 1,657,734      $ (1,657,734   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

Broad USD Investment Grade Corporate Bond

        

Barclays Bank PLC

  $ 125,280,997      $   (125,280,997   $     $  

Barclays Capital, Inc.

    22,432,865        (22,432,865            

BMO Capital Markets Corp.

    6,460,593        (6,460,593            

BNP Paribas SA

    121,980,083        (121,980,083            

BofA Securities, Inc.

    59,087,354        (59,087,354            

Citadel Clearing LLC

    1,857,545        (1,857,545            

Citigroup Global Markets, Inc.

    21,622,776        (21,622,776            

Credit Suisse Securities (USA) LLC

    1,878,188        (1,878,188            

Deutsche Bank Securities, Inc.

    23,882,292        (23,882,292            

Goldman Sachs & Co. LLC

    96,553,607        (96,553,607            

HSBC Securities (USA), Inc.

    6,244,629        (6,244,629            

J.P. Morgan Securities LLC

    143,764,496        (143,764,496            

Jefferies Group LLC

    6,639,203        (6,639,203            

Mitsubishi UFJ Securities Holdings Co., Ltd.

    9,374,798        (9,374,798            

Morgan Stanley

    64,491,780        (64,491,780            

Nomura Securities International, Inc.

    20,188,902        (20,188,902            

Pershing LLC

    36,783,116        (36,783,116            

RBC Capital Markets LLC

    22,142,187        (22,142,187            

Scotia Capital (USA), Inc.

    5,938,310        (5,938,310            

State Street Bank & Trust Co.

    16,156,520        (16,156,520            

Toronto-Dominion Bank (The)

    3,245,794        (3,245,794            

UBS AG

    787,223        (787,223            

UBS Securities LLC

    313,419        (313,419            

Wells Fargo Bank N.A

    3,122,728        (3,122,728            

Wells Fargo Securities LLC

    22,080,729        (22,080,729            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $   842,310,134      $ (842,310,134   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

  257


Notes to Financial Statements (unaudited) (continued)

 

 

 
iShares ETF and Counterparty    

Securities Loaned

at Value

 

 

    

Cash Collateral

Received

 

(a) 

   

Non-Cash Collateral

Received, at Fair Value

 

(a) 

    Net Amount  

 

 

1-5 Year Investment Grade Corporate Bond

        

Barclays Bank PLC

  $ 149,749,314      $ (149,749,314   $     $  

Barclays Capital, Inc.

    26,909,668        (26,909,668            

BMO Capital Markets Corp.

    18,876,217        (18,876,217            

BNP Paribas SA

    157,884,923        (157,884,923            

BofA Securities, Inc.

    141,807,187        (141,807,187            

Citigroup Global Markets, Inc.

    33,878,144        (33,878,144            

Deutsche Bank Securities, Inc.

    41,992,682        (41,992,682            

Goldman Sachs & Co. LLC

    169,101,132        (169,101,132            

HSBC Securities (USA), Inc.

    8,298,778        (8,298,778            

J.P. Morgan Securities LLC

    202,520,022        (202,520,022            

Jefferies LLC

    9,535,905        (9,535,905            

Mitsubishi UFJ Securities Holdings Co., Ltd.

    16,191,004        (16,191,004            

Morgan Stanley & Co. LLC

    91,524,393        (91,524,393            

Nomura Securities International, Inc.

    19,347,107        (19,347,107            

Pershing LLC

    51,106,242        (51,106,242            

RBC Capital Markets LLC

    19,406,134        (19,406,134            

Scotia Capital (USA), Inc.

    12,639,754        (12,639,754            

State Street Bank & Trust Co.

    6,564,751        (6,564,751            

Toronto-Dominion Bank

    20,878,935        (20,878,935            

UBS Securities LLC

    388,728        (388,728            

Wells Fargo Securities LLC

    25,775,665        (25,775,665            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 1,224,376,685      $ (1,224,376,685   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

5-10 Year Investment Grade Corporate Bond

        

Barclays Bank PLC

  $ 212,404,715      $ (212,404,715   $     $  

Barclays Capital, Inc.

    51,402,012        (51,402,012            

BMO Capital Markets Corp.

    25,642,900        (25,642,900            

BNP Paribas SA

    163,150,457        (163,150,457            

BofA Securities, Inc.

    79,974,832        (79,974,832            

Citadel Clearing LLC

    8,476,490        (8,476,490            

Citigroup Global Markets, Inc.

    31,197,450        (31,197,450            

Credit Suisse Securities (USA) LLC

    890,309        (890,309            

Deutsche Bank Securities, Inc.

    33,746,142        (33,746,142            

Goldman Sachs & Co. LLC

    131,134,894        (131,134,894            

HSBC Securities (USA), Inc.

    11,497,177        (11,497,177            

J.P. Morgan Securities LLC

    178,099,787        (178,099,787            

Jefferies LLC

    18,212,238        (18,212,238            

Mitsubishi UFJ Securities Holdings Co., Ltd.

    18,603,131        (18,603,131            

Morgan Stanley

    81,985,583        (81,985,583            

National Financial Services LLC

    82,489        (82,489            

Nomura Securities International, Inc.

    49,883,073        (49,883,073            

Pershing LLC

    43,154,594        (43,154,594            

RBC Capital Markets LLC

    57,200,279        (57,200,279            

Scotia Capital (USA), Inc.

    11,268,955        (11,268,955            

State Street Bank & Trust Co.

    23,697,013        (23,697,013            

Toronto-Dominion Bank

    5,244,196        (5,244,196            

UBS AG

    4,276,919        (4,276,919            

UBS Securities LLC

    2,236,431        (2,236,431            

Wells Fargo Bank N.A

    166,523        (166,523            

Wells Fargo Securities LLC

    56,635,765        (56,635,765            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 1,300,264,354      $ (1,300,264,354   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

 

258  

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


Notes to Financial Statements (unaudited) (continued)

 

 

 
iShares ETF and Counterparty    

Securities Loaned

at Value

 

 

    

Cash Collateral

Received

 

(a) 

   
Non-Cash Collateral
Received, at Fair Value
 
(a) 
    Net Amount  

 

 

10+ Year Investment Grade Corporate Bond

        

Barclays Bank PLC

  $ 27,838,123      $ (27,838,123   $     $  

BMO Capital Markets Corp.

    103,981        (103,981            

BNP Paribas SA

    37,051,666        (37,051,666            

BofA Securities, Inc.

    13,172,352        (13,172,352            

Citadel Clearing LLC

    76,973        (76,973            

Citigroup Global Markets, Inc.

    5,186,857        (5,186,857            

Deutsche Bank Securities, Inc.

    4,383,304        (4,383,304            

Goldman Sachs & Co. LLC

    22,326,303        (22,326,303            

HSBC Securities (USA), Inc.

    1,028,260        (1,028,260            

J.P. Morgan Securities LLC

    27,862,784        (27,862,784            

Jefferies LLC

    3,007,966        (3,007,966            

Mitsubishi UFJ Securities Holdings Co., Ltd.

    428,608        (428,608            

Morgan Stanley

    14,328,020        (14,328,020            

Nomura Securities International, Inc.

    3,623,708        (3,623,708            

Pershing LLC

    6,087,010        (6,087,010            

RBC Capital Markets LLC

    1,786,331        (1,786,331            

Scotia Capital (USA), Inc.

    2,683,147        (2,683,147            

State Street Bank & Trust Co.

    4,676,543        (4,676,543            

UBS AG

    537,789        (537,789            

Wells Fargo Bank N.A

    1,639,992        (1,639,992            

Wells Fargo Securities LLC

    4,582,292        (4,582,292            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 182,412,009      $ (182,412,009   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

  (a) 

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

 

5.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

 

   
iShares ETF   Investment Advisory Fees  

BBB Rated Corporate Bond

    0.15 %  

Broad USD Investment Grade Corporate Bond

    0.04  

1-5 Year Investment Grade Corporate Bond

    0.04  

5-10 Year Investment Grade Corporate Bond

    0.04  

10+ Year Investment Grade Corporate Bond

    0.04  

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

  259


Notes to Financial Statements (unaudited) (continued)

 

fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended August 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:

 

   
iShares ETF   Amounts    

BBB Rated Corporate Bond

  $ 1,127    

Broad USD Investment Grade Corporate Bond

     583,131    

1-5 Year Investment Grade Corporate Bond

    992,602    

5-10 Year Investment Grade Corporate Bond

    944,969    

10+ Year Investment Grade Corporate Bond

    103,214    

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

6.

PURCHASES AND SALES

For the six months ended August 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

 

     
iShares ETF   Purchases      Sales    

BBB Rated Corporate Bond

  $ 2,849,756      $ 2,314,720    

Broad USD Investment Grade Corporate Bond

    486,646,471        441,476,757    

1-5 Year Investment Grade Corporate Bond

     2,395,241,684         2,468,133,189    

5-10 Year Investment Grade Corporate Bond

    1,249,111,698        1,181,783,654    

10+ Year Investment Grade Corporate Bond

    48,135,913        33,539,033    

For the six months ended August 31, 2023, in-kind transactions were as follows:

 

     
iShares ETF  

In-kind

Purchases

    

In-kind  

Sales  

 

BBB Rated Corporate Bond

  $ 52,193,144      $ 52,838,097    

Broad USD Investment Grade Corporate Bond

    1,479,048,311        447,396,978    

1-5 Year Investment Grade Corporate Bond

    4,375,053,122         5,135,392,068    

5-10 Year Investment Grade Corporate Bond

     2,176,902,755        1,846,061,866    

10+ Year Investment Grade Corporate Bond

    279,180,927        144,193,993    

 

7.

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of August 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

 

 

260  

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Notes to Financial Statements (unaudited) (continued)

 

As of February 28, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

 

   
iShares ETF  

Non-Expiring  

 Capital Loss  

Carryforwards(a)  

 

BBB Rated Corporate Bond

  $ (507,250)    

Broad USD Investment Grade Corporate Bond

    (74,831,628)    

1-5 Year Investment Grade Corporate Bond

    (191,027,043)    

5-10 Year Investment Grade Corporate Bond

    (297,485,519)    

10+ Year Investment Grade Corporate Bond

    (49,738,805)    

 

  (a) 

Amounts available to offset future realized capital gains.

 

As of August 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

         
iShares ETF   Tax Cost     

Gross Unrealized

Appreciation

    

Gross Unrealized

Depreciation

   

Net Unrealized  

Appreciation  

(Depreciation)  

 

BBB Rated Corporate Bond

  $ 29,948,415      $ 23,115      $ (3,404,718   $ (3,381,603)    

Broad USD Investment Grade Corporate Bond

    11,187,284,567        8,569,897        (1,140,698,042     (1,132,128,145)    

1-5 Year Investment Grade Corporate Bond

    25,210,138,551        33,687,883        (1,167,942,762     (1,134,254,879)    

5-10 Year Investment Grade Corporate Bond

    14,015,816,331        14,600,938        (1,359,064,459     (1,344,463,521)    

10+ Year Investment Grade Corporate Bond

    2,663,640,791        795,496        (451,034,933     (450,239,437)    

 

8.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

  261


Notes to Financial Statements (unaudited) (continued)

 

securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

Financials Sector Risk: Certain Funds invest a significant portion of their assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted, but may negatively impact the Funds.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The Funds may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

9.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

 

 

 
   

Six Months Ended

08/31/23

    

Year Ended

02/28/23

 
 

 

 

    

 

 

 
iShares ETF   Shares      Amount      Shares      Amount  

 

 

BBB Rated Corporate Bond

          

Shares sold

    650,000      $ 55,043,351        300,000      $ 23,989,448  

Shares redeemed

    (650,000      (55,031,169      (750,000      (61,790,110
 

 

 

    

 

 

    

 

 

    

 

 

 
         $ 12,182        (450,000    $ (37,800,662
 

 

 

    

 

 

    

 

 

    

 

 

 

Broad USD Investment Grade Corporate Bond

          

Shares sold

    30,500,000      $ 1,521,829,768        82,800,000      $ 4,226,077,150  

Shares redeemed

    (9,300,000      (459,253,564      (32,300,000      (1,657,860,972
 

 

 

    

 

 

    

 

 

    

 

 

 
    21,200,000      $ 1,062,576,204        50,500,000      $ 2,568,216,178  
 

 

 

    

 

 

    

 

 

    

 

 

 

1-5 Year Investment Grade Corporate Bond

          

Shares sold

    99,000,000      $ 4,972,621,654        161,150,000      $ 8,066,556,091  

Shares redeemed

    (128,900,000      (6,469,356,181      (100,650,000      (5,083,412,258
 

 

 

    

 

 

    

 

 

    

 

 

 
    (29,900,000    $ (1,496,734,527      60,500,000      $ 2,983,143,833  
 

 

 

    

 

 

    

 

 

    

 

 

 

5-10 Year Investment Grade Corporate Bond

          

Shares sold

    44,450,000      $ 2,244,481,931        68,800,000      $ 3,532,921,534  

Shares redeemed

    (37,500,000      (1,889,547,313      (44,800,000      (2,324,332,733
 

 

 

    

 

 

    

 

 

    

 

 

 
    6,950,000      $ 354,934,618        24,000,000      $ 1,208,588,801  
 

 

 

    

 

 

    

 

 

    

 

 

 

10+ Year Investment Grade Corporate Bond

          

Shares sold

    16,600,000      $ 842,496,820        16,200,000      $ 857,334,969  

Shares redeemed

    (7,200,000      (365,243,240      (15,800,000      (885,948,274
 

 

 

    

 

 

    

 

 

    

 

 

 
    9,400,000      $ 477,253,580        400,000      $ (28,613,305
 

 

 

    

 

 

    

 

 

    

 

 

 

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units

 

 

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Notes to Financial Statements (unaudited) (continued)

 

may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

 

 

N O T E ST O  F I N A N C I A L  S T A T E M E N T S

  263


Board Review and Approval of Investment Advisory Contract

 

iShares BBB Rated Corporate Bond ETF, iShares Broad USD Investment Grade Corporate Bond ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA

 

 

264  

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Board Review and Approval of Investment Advisory Contract (continued)

 

and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

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

  265


Board Review and Approval of Investment Advisory Contract (continued)

 

iShares 10+Year Investment Grade Corporate Bond ETF, iShares 1-5Year Investment Grade Corporate Bond ETF, iShares 5-10Year Investment Grade Corporate Bond ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

 

 

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Board Review and Approval of Investment Advisory Contract (continued)

 

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately

 

 

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

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Board Review and Approval of Investment Advisory Contract (continued)

 

large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

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Supplemental Information (unaudited)

 

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

 

 

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

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General Information

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

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Glossary of Terms Used in this Report

 

Portfolio Abbreviation
CMT    Constant Maturity Treasury
JSC    Joint Stock Company
LIBOR    London Interbank Offered Rate
PJSC    Public Joint Stock Company
REIT    Real Estate Investment Trust
SOFR    Secured Overnight Financing Rate
ST    Special Tax

 

 

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Want to know more?

iShares.com |  1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited, or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-SAR-212-0823

 

 

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