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AUGUST 31, 2023 |
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2023 Semi-Annual Report (Unaudited)
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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
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.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of August 31, 2023 | ||||
6-Month | 12-Month | |||
U.S.
large cap equities |
14.50% | 15.94% | ||
U.S.
small cap equities |
0.99 | 4.65 | ||
International
equities |
4.75 | 17.92 | ||
Emerging
market equities |
3.62 | 1.25 | ||
3-month
Treasury bills |
2.47 | 4.25 | ||
U.S.
Treasury securities |
0.11 | (4.71) | ||
U.S.
investment grade bonds |
0.95 | (1.19) | ||
Tax-exempt
municipal bonds |
1.04 | 1.70 | ||
U.S.
high yield bonds |
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. |
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T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Semi-Annual Report: |
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Financial Statements |
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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 |
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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 | |||||||||||||||||||||||||||||||
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 |
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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 |
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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 3 I 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 | |||||||||||||||||||||||||||||||
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 | |||||||||||||||||||||||||||||||
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (03/01/23) |
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Ending Account Value |
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Expenses Paid During |
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Annualized Expense Ratio |
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$ 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 |
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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 |
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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 3 I 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 | |||||||||||||||||||||||||||||||
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 | |||||||||||||||||||||||||||||||
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (03/01/23) |
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Ending Account Value (08/31/23) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 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 3 I 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 |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S |
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 |
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 3 I 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 E O 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 3 I 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 E O 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 3 I 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 E O 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 3 I 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 |
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 |
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 E O 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 3 I 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 |