LOGO

  OCTOBER 31, 2023

 

   2023 Annual Report

 

iShares Trust

· iShares 0-5 Year Investment Grade Corporate Bond ETF | SLQD | NASDAQ

· iShares Aaa  - A Rated Corporate Bond ETF | QLTA | NYSE Arca

· iShares BB Rated Corporate Bond ETF | HYBB | NYSE Arca

· iShares Convertible Bond ETF | ICVT | Cboe BZX

· iShares Floating Rate Bond ETF | FLOT | Cboe BZX

· iShares USD Green Bond ETF | BGRN | NASDAQ

 

 

 


The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

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

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

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

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

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

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2023

 

 
     
      6-Month       12-Month   
   

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

    1.39%       10.14%  
   

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

    (5.29)         (8.56)    
   

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

    (7.88)         14.40     
   

Emerging market equities
(MSCI Emerging Markets Index)

    (4.78)         10.80     
   

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

    2.63          4.77     
   

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

    (9.70)         (3.25)    
   

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

    (6.13)         0.36     
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

    (4.65)         2.64     
   

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

    0.02          6.23     
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

 

2  

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


Table of Contents

 

     Page  

 

 

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     17  

Disclosure of Expenses

     17  

Schedules of Investments

     18  

Financial Statements

  

Statements of Assets and Liabilities

     110  

Statements of Operations

     112  

Statements of Changes in Net Assets

     114  

Financial Highlights

     117  

Notes to Financial Statements

     123  

Report of Independent Registered Public Accounting Firm

     133  

Important Tax Information

     134  

Board Review and Approval of Investment Advisory Contract

     135  

Supplemental Information

     142  

Trustee and Officer Information

     143  

General Information

     146  

Glossary of Terms Used in this Report

     147  


Market Overview

 

iShares Trust

U.S. Bond Market Overview

The U.S. fixed-income market, as measured by the Bloomberg U.S. Aggregate Bond Index, posted a return of 0.36% for the 12 months ended October 31, 2023 (the “reporting period”). The benefit of income outweighed the effect of falling prices, leading to a narrow gain.

Several factors played a role in the weak showing for bonds. When the reporting period began, the market was seeing support from a decline in inflation from the peak reached in the months following the outbreak of war in Ukraine. The easing of price pressures fueled expectations that the U.S. Federal Reserve (Fed) could be nearing the end of its long series of interest rate hikes, leading to positive market performance in late 2022. As 2023 progressed, however, the combination of persistent inflation and communications from Fed officials made it clear that although rate hikes were indeed winding down, interest rates were likely to remain “higher for longer.” Continued strength in economic growth, together with elevated housing prices and robust employment, reinforced the notion that the Fed would need to maintain high rates to prevent a reacceleration of inflation. The Fed ultimately raised rates six times over the course of the 12-month period, bringing the benchmark fed funds rate from a range of 3.0-3.25% to 5.25%-5.50%. More important, however, was the fact that the markets continued to push out expectations for the central bank’s first rate cut. At the beginning of the period, the futures markets were indicating the initial rate reduction would occur in the second half of 2023. In contrast, the expected timing had shifted to late 2024 by the end of October.

In this environment, U.S. Treasury yields moved higher across the maturity spectrum (as prices fell). The two-year note climbed 4.48% to 5.09% over the course of the 12-month period, while the 10-year yield rose from 4.05% to 4.93%. Both issues finished October 2023 near their highest levels since 2007. The government bond market, in addition to being affected by rising interest rates, was further pressured by worries that the need for increased Treasury issuance would create an imbalance of supply and demand in the market.

The volatility in U.S. Treasuries, together with lower mortgage pre-payments and the Fed’s efforts to reduce the fixed-income holdings on its balance sheet, caused mortgage-backed securities to finish with a negative return. Conversely, the other major segments of the securitized category—asset-backed securities and commercial mortgage-backed securities—posted gains. Investment-grade corporate bonds also produced positive returns and outpaced Treasuries. The asset class benefited from a larger contribution from income and a decline in its yield spreads versus government issues.

Bonds with maturities of ten years and above, which are most sensitive to rate movements, trailed the broader market. On the other hand, issues in the three- to- seven-year maturity range outperformed. Higher-rated investment-grade bonds, whose performance is dictated more by interest-rate trends than credit developments, generally lagged lower-rated securities.

 

 

4  

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


Fund Summary as of October 31, 2023    iShares® 0-5 Year Investment Grade Corporate Bond  ETF

 

Investment Objective

The iShares 0-5 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 of less than five years, as represented by the Markit iBoxx® USD Liquid Investment Grade 0-5 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    4.32      1.75      1.59       4.32      9.05      17.08

Fund Market

    4.19        1.73        1.58         4.19        8.95        16.95  

Index

    4.35        1.79        1.66               4.35        9.29        17.95  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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

Expense Example

 

Actual           Hypothetical 5% Return                    

 

 

     

 

 

           
 

Beginning
Account Value
(05/01/23)
 
 
 
      


Ending

Account Value
(10/31/23)

 


 

      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
                 

Annualized
Expense
Ratio
 
 
 
                 
  $        1,000.00          $          1,001.20          $       0.30               $       1,000.00          $       1,024.90          $       0.31                     0.06

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of October 31, 2023  (continued)    iShares® 0-5 Year Investment Grade Corporate Bond ETF

 

Portfolio Management Commentary

High quality corporate bonds with shorter maturities experienced meaningful positive returns over the 12-month period, despite the continued rise in Treasury yields which weighed on broader bond market performance.

Given continued strength in economic growth and inflation that remained above its 2% target, the U.S. Federal Reserve (the Fed) raised its benchmark overnight lending rate six times over the course of the 12-month period, bringing the fed funds target from a range of 3.0-3.25% to 5.25%-5.50%. In addition, the Fed indicated that rates were likely to stay “higher for longer”. The U.S. government’s mounting debt load and need for greater Treasury issuance also weighed on bond market sentiment. Against this backdrop, Treasury yields finished the period higher across the maturity spectrum. To illustrate, the two-year Treasury yield rose from 4.48% to 5.09% while the 10-year yield rose from 4.05% to 4.93%

Investment grade corporate bonds experienced positive returns in aggregate, as the sector is less interest rate-sensitive relative to Treasuries. In addition, corporate issues trade at a yield advantage versus Treasuries and their prices broadly were supported by a narrowing in spreads over the period.

Returns for investment grade corporate bonds with maturities of five years or less exceeded those for their longer-term counterparts given their lower interest rate sensitivity. In addition, an inverted yield curve eliminated the traditional income advantage for longer maturity bonds. In terms of credit quality, lower-rated issues in the Moody’s A and Baa rating categories led performance within the Index and accounted for the great majority of the positive return due to their significant weights within the Index. All maturity segments within the Index finished well into positive territory, with positive contributions led by the 1 to 3 year segment which comprises the largest weight within the Index.

Portfolio Information

 

CREDIT QUALITY ALLOCATION  

Moody’s Credit Rating*

   
Percent of
Total Investments
 
(a) 

Aaa

    2.1

Aa

    5.3  

A

    49.7  

Baa

    40.9  

Ba

    1.0  

Not Rated

    1.0  
MATURITY ALLOCATION  

Maturity

   
Percent of
Total Investments
 
(a) 

0-1 Year

    15.1

1-5 Years

    84.6  

5-10 Years

    0.3  

 

  *

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

 
  (a) 

Excludes money market funds.

 

 

 

6  

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


Fund Summary as of October 31, 2023    iShares® Aaa - A Rated Corporate Bond ETF

 

Investment Objective

The iShares Aaa - A Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of Aaa to A, or equivalently rated, fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporations, as represented by the Bloomberg U.S. Corporate Aaa - A Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    1.92      0.34      1.38       1.92      1.73      14.72

Fund Market

    1.97        0.34        1.38         1.97        1.73        14.68  

Index

    1.99        0.45        1.50               1.99        2.26        16.05  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

 

LOGO

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $        1,000.00          $          936.80          $       0.73               $        1,000.00          $        1,024.40          $       0.77          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of October 31, 2023  (continued)    iShares® Aaa - A Rated Corporate Bond ETF

 

Portfolio Management Commentary

Despite the backdrop of rising interest rates, returns for corporate bonds rated Aaa to A were positive for the reporting period.

Given continued strength in economic growth and inflation that remained above its 2% target, the U.S. Federal Reserve (the Fed) raised its benchmark overnight lending rate six times over the course of the 12-month period, bringing the fed funds target from a range of 3.0-3.25% to 5.25%-5.50%. In addition, the Fed indicated that rates were likely to stay “higher for longer”. The U.S. government’s mounting debt load and need for greater Treasury issuance also weighed on bond market sentiment. Against this backdrop, Treasury yields finished the period higher across the maturity spectrum. To illustrate, the two-year Treasury yield rose from 4.48% to 5.09% while the 10-year yield rose from 4.05% to 4.93%

Performance for corporate bonds generally benefited as the sector is less interest rate-sensitive relative to Treasuries. In addition, corporate issues trade at a yield advantage versus Treasuries and their prices broadly were supported by a narrowing in spreads over the period.

Bonds rated A accounted for the great majority of the Index’s positive return as they outperformed their higher-rated counterparts and also constitute the heaviest weight within the Index by a wide margin. In terms of maturities, bonds with maturities in the 2-7 year range led contributions given their lower interest rate sensitivity. In addition, an inverted yield curve eliminated the traditional income advantage for longer maturity bonds. Bonds with maturities greater than 10 years were the biggest laggards given the rise in Treasury yields seen during the period.

Portfolio Information

 

MATURITY ALLOCATION  

Maturity

   
Percent of
Total Investments
 
(a) 

1-5 Years

    41.2

5-10 Years

    26.2  

10-15 Years

    6.1  

15-20 Years

    6.5  

More than 20 Years

    20.0  
TEN LARGEST HOLDINGS  

Security

   
Percent of
Total Investments
 
(a) 
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 4.90%, 02/01/46     0.4
Pfizer Investment Enterprises Pte Ltd., 5.30%, 05/19/53     0.2  
Pfizer Investment Enterprises Pte Ltd., 4.75%, 05/19/33     0.2  
Microsoft Corp., 2.40%, 08/08/26     0.2  
Microsoft Corp., 2.92%, 03/17/52     0.2  
Anheuser-Busch InBev Worldwide Inc., 5.55%, 01/23/49     0.2  
Visa Inc., 3.15%, 12/14/25     0.2  
Morgan Stanley, 6.34%, 10/18/33     0.2  
Comcast Corp., 4.15%, 10/15/28     0.2  
Goldman Sachs Group Inc. (The), 3.10%, 02/24/33     0.1  

 

  (a) 

Excludes money market funds.

 

 

 

8  

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


Fund Summary as of October 31, 2023    iShares® BB Rated Corporate Bond ETF

 

Investment Objective

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

Performance

 

        Average Annual Total Returns           Cumulative Total Returns    
 

 

 

   

 

 

 
     1 Year     

Since

Inception

    1 Year     

Since

Inception

 

Fund NAV

    4.75      0.07     4.75      0.22

Fund Market

    4.82        0.17       4.82        0.53  

Index

    4.70        0.20       4.70        0.62  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

 

LOGO

The inception date of the Fund was October 6, 2020. The first day of secondary market trading was October 8, 2020.

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $        1,000.00          $          990.40          $        0.75               $        1,000.00          $        1,024.40          $        0.77          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  9


Fund Summary as of October 31, 2023  (continued)   

iShares® BB Rated Corporate Bond ETF

 

Portfolio Management Commentary

Given continued strength in economic growth and inflation that remained above its 2% target, the U.S. Federal Reserve (the Fed) raised its benchmark overnight lending rate six times over the course of the 12-month period, bringing the fed funds target from a range of 3.0-3.25% to 5.25%-5.50%. In addition, the Fed indicated that rates were likely to stay “higher for longer”. The U.S. government’s mounting debt load and need for greater Treasury issuance also weighed on bond market sentiment. Against this backdrop, Treasury yields finished the period higher across the maturity spectrum. To illustrate, the two-year Treasury yield rose from 4.51% to 5.07% while the 10-year yield rose from 4.10% to 4.88%.

Investment grade and high yield corporate bonds experienced positive returns in aggregate over the period, as performance for both sectors was supported by a relative lack of interest rate sensitivity. In addition, corporate bonds trade at a yield advantage versus Treasuries and their prices broadly were supported by a narrowing of spreads over the period. BB-rated bonds outperformed their higher quality, investment grade counterparts due to their higher yields and lower interest rate sensitivity in a rising rate environment. In sector terms, positive contributions to Index performance were led by industrials, most notably the consumer cyclical and energy segments. All maturity segments within the Index contributed positively to performance, led by bonds with maturities in the 7-10 year range.

Portfolio Information

 

MATURITY ALLOCATION  
   

Maturity

   
Percent of
Total Investments
 
(a) 

1-5 Years

    48.5

5-10 Years

    46.2  

10-15 Years

    1.5  

15-20 Years

    0.6  

More than 20 Years

    3.2  
TEN LARGEST HOLDINGS  
   

Security

   
Percent of
Total Investments
 
(a) 
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27     0.6
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26     0.5  
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29     0.5  
Intelsat Jackson Holdings SA, 6.50%, 03/15/30     0.5  
Venture Global LNG Inc., 8.38%, 06/01/31     0.4  
Emerald Debt Merger Sub LLC, 6.63%, 12/15/30     0.4  
Western Digital Corp., 4.75%, 02/15/26     0.4  
Venture Global LNG Inc., 8.13%, 06/01/28     0.4  
GTCR W-2 Merger Sub LLC, 7.50%, 01/15/31     0.4  
Carnival Corp., 4.00%, 08/01/28     0.4  

 

  (a) 

Excludes money market funds.

 

 

 

10  

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


Fund Summary as of October 31, 2023    iShares® Convertible Bond ETF

 

Investment Objective

The iShares Convertible Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated convertible securities, specifically cash pay bonds, with outstanding issue sizes greater than $250 million, as represented by the Bloomberg U.S. Convertible Cash Pay Bond greater than $250MM Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

           1 Year      5 Years     

Since

Inception

 

Fund NAV

    2.35      9.22      8.01       2.35      55.46      91.32

Fund Market

    2.28        9.16        7.97         2.28        54.99        90.70  

Index

    2.67        9.72        8.53               2.67        59.01        99.14  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

 

LOGO

The inception date of the Fund was June 2, 2015. The first day of secondary market trading was June 4, 2015.

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value

(05/01/23)

 
 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized
Expense
Ratio
 
 
 
  $        1,000.00          $          1,001.90          $       1.01               $        1,000.00          $        1,024.20          $       1.02          0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  11


Fund Summary as of October 31, 2023  (continued)    iShares® Convertible Bond ETF

 

Portfolio Management Commentary

U.S. dollar-denominated convertible bonds experienced modest positive performance over the reporting period, supported by a rise in equity prices. Convertible bonds are hybrid securities that have features of both debt and equity. The bonds represented in the Index pay interest on a periodic basis, similar to standard corporate bonds, but they also have an equity conversion feature and can be redeemed for shares of the issuer’s stock. Due to their convertibility feature, these securities are correlated with stocks but may have less volatility given their fixed-income component.

Given continued strength in economic growth and inflation that remained above its 2% target, the U.S. Federal Reserve (the Fed) raised its benchmark overnight lending rate six times over the course of the 12-month period, bringing the fed funds target from a range of 3.0-3.25% to 5.25%-5.50%. In addition, the Fed indicated that rates were likely to stay “higher for longer”. The U.S. government’s mounting debt load and need for greater Treasury issuance also weighed on bond market sentiment. Against this backdrop, Treasury yields finished the period higher across the maturity spectrum. To illustrate, the two-year Treasury yield rose from 4.48% to 5.09% while the 10-year yield rose from 4.05% to 4.93%.

Throughout the period, the shifting outlook for interest rate policy led to significant volatility for risk assets including convertible securities. The prospect of a higher interest rate regime for an extended period constrained performance for assets with more distant cash flows, such the type of growth company heavily represented in the convertible market. Nonetheless, convertibles managed to post a modest positive return for the 12 months.

Much of the convertible universe is unrated, and unrated issues accounted for the great majority of the Index’s positive return. In sector terms, technology issues are the largest Index constituent and the sector accounted for nearly half of the Index return. The leisure and retail segments within the consumer cyclical sector were also significant sources of strength as consumer spending remained robust. Finally, energy issues contributed meaningfully as well as oil and gas prices rose over the second half of the period..

Portfolio Information

 

MATURITY ALLOCATION  
   
Maturity    
Percent of
Total Investments
 
(a) 

0-1 Year

    3.3

1-5 Years

    85.8  

5-10 Years

    8.3  

More than 20 Years

    2.6  
TEN LARGEST HOLDINGS  
   
Security    
Percent of
Total Investments
 
(a) 

Palo Alto Networks Inc., 0.38%, 06/01/25

    2.4

Ford Motor Co. , 03/15/26

    1.1  

Royal Caribbean Cruises Ltd., 6.00%, 08/15/25

    1.1  

Pinduoduo Inc. , 12/01/25

    1.0  

MongoDB Inc., 0.25%, 01/15/26

    1.0  

Airbnb Inc. , 03/15/26

    0.9  

Southern Co. (The), 3.88%, 12/15/25

    0.9  

Duke Energy Corp., 4.13%, 04/15/26

    0.9  

Sea Ltd., 0.25%, 09/15/26

    0.8  

Rivian Automotive Inc., 4.63%, 03/15/29

    0.8  

 

  (a) 

Excludes money market funds.

 

 

 

12  

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


Fund Summary as of October 31, 2023    iShares® Floating Rate Bond ETF

 

Investment Objective

The iShares Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade floating rate bonds with remaining maturities between one month and five years, as represented by the Bloomberg US Floating Rate Note<5 Years Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    6.47      2.26      1.70       6.47      11.81      18.42

Fund Market

    6.79        2.27        1.71         6.79        11.87        18.48  

Index

    6.57        2.50        1.96               6.57        13.13        21.37  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

 

LOGO

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $        1,000.00          $        1,034.30          $       0.77               $        1,000.00          $        1,024.40          $       0.77          0.15

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  13


Fund Summary as of October 31, 2023  (continued)    iShares® Floating Rate Bond ETF

 

Portfolio Management Commentary

Investment-grade floating-rate bonds posted a strong positive performance for the reporting period, as investors benefited from their relative price stability in a rising interest rate environment and their coupons adjusted upwards with changes in short-term rates.

Given continued strength in economic growth and inflation that remained above its 2% target, the U.S. Federal Reserve (the Fed) raised its benchmark overnight lending rate six times over the course of the 12-month period, bringing the fed funds target from a range of 3.0-3.25% to 5.25%-5.50%. In addition, the Fed indicated that rates were likely to stay “higher for longer”. The U.S. government’s mounting debt load and need for greater Treasury issuance also weighed on bond market sentiment. Against this backdrop, Treasury yields finished the period higher across the maturity spectrum. To illustrate, the two-year Treasury yield rose from 4.48% to 5.09% while the 10-year yield rose from 4.05% to 4.93%.

The Index principally comprises U.S. dollar-denominated bonds with coupons that reset periodically. Floating rate bonds are generally attractive to investors in a rising interest-rate environment because their coupon rates adjust to reflect shifts in short-term interest rates. As a result their prices are not as sensitive to changing interest rates. That said, prices for floating rate bonds can fluctuate based on changes in the economic outlook and credit sentiment, as a weaker economy can impact the ability of companies to service their debts.

In quality terms, bonds rated A led positive contributions to Index return as this segment comprises the largest weight within the Index and benefited from higher yields and a narrowing of credit spreads.

Portfolio Information

 

CREDIT QUALITY ALLOCATION  
   

Moody’s Credit Rating*

   
Percent of
Total Investments
 
(a) 

Aaa

    21.3

Aa

    16.9  

A

    50.4  

Baa

    8.9  

Ba

    0.4  

Not Rated

    2.1  
MATURITY ALLOCATION  
   

Maturity

   
Percent of
Total Investments
 
(a) 

0-1 Year

    28.2

1-5 Years

    71.8  

 

  *

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.

 

 

 

14  

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


Fund Summary as of October 31, 2023    iShares® USD Green Bond ETF

 

Investment Objective

The iShares USD Green Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S.dollar-denominated investment-grade green bonds that are issued by U.S. and non-U.S. issuers to fund environmental projects, as represented by Bloomberg MSCI USD Green Bond Select Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index

Performance

 

        Average Annual Total Returns           Cumulative Total Returns    
 

 

 

   

 

 

 
     1 Year     

Since

Inception

    1 Year      Since
Inception
 

Fund NAV

    2.59      (0.05 )%      2.59      (0.25 )% 

Fund Market

    2.64        (0.03     2.64        (0.13

Index

    2.74        0.12       2.74        0.58  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

 

LOGO

The inception date of the Fund was 11/13/18. The first day of secondary market trading was 11/15/18.

Index performance through February 28, 2022 reflects the performance of the Bloomberg MSCI Global Green Bond Select (USD Hedged) Index. Index performance beginning on March 1, 2022 reflects the performance of the Bloomberg MSCI USD Green Bond Select Index.

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 


Beginning

Account Value
(05/01/23)

 


 

      

Ending

Account Value

(10/31/23)

 

 

 

      


Expenses

Paid During
the Period

 


(a) 

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 958.10        $ 0.99             $ 1,000.00        $ 1,024.20        $ 1.02          0.20

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  15


Fund Summary as of October 31, 2023  (continued)    iShares® USD Green Bond ETF

 

Portfolio Management Commentary

The proceeds of green bonds are exclusively applied to projects or activities that promote climate or other environmental sustainability purposes. Projects financed using green bonds can include investments in climate change mitigation, climate change adaptation, natural resource conservation, biodiversity conservation, and pollution prevention and control, among other project categories as outlined by ICMA Green Bond Principles.

After plummeting in the second half of 2022, green bond issuance was robust during the period. To illustrate, sales of green bonds in the first half of 2023 were more than 20% higher compared to the same period in 2022, and exceeded the previous record for any half calendar year. Both corporate and sovereign issuances staged a recovery. According to data from Climate Bonds Initiative, green bond issuance is expected to exceed US$500 billion in 2023, with USD green bonds comprising ~US$120 billion of this issuance. This surpasses the 2022 USD green bond issuance at ~US$113 billion

The Index had a positive return for the period despite a volatile geopolitical backdrop, U.S. Federal Reserve interest rate hikes and a rise in U.S. Treasury yields. Given continued strength in economic growth and inflation that remained above its 2% target, the U.S. Federal Reserve (the Fed) raised its benchmark overnight lending rate six times over the course of the 12-month period, bringing the fed funds target from a range of 3.0-3.25% to 5.25%-5.50%, and indicated that rates were likely to stay “higher for longer”. The U.S. government’s mounting debt load and need for greater Treasury issuance also weighed on bond market sentiment. Against this backdrop, Treasury yields finished the period higher across the maturity spectrum.

The index is less interest rate-sensitive relative to a comparable Treasury index. In addition, corporate issues offer additional spread above Treasury yields and their prices broadly were supported by a narrowing in this spread over the period. Viewed by credit quality, holdings of bonds rated Baa by Moody’s, the lowest investment grade rating, had the biggest positive impact on return given the narrowing of credit spreads. In terms of bond maturities, all segments were comfortably in positive territory except for issues with maturities of 10 years which had an essentially flat return.

Portfolio Information

 

CREDIT QUALITY ALLOCATION  

Moody’s Credit Rating*

   
Percent of
Total Investments
 
(a) 

Aaa

    14.6

Aa

    14.2  

A

    32.5  

Baa

    30.3  

Ba

    0.3  

Not Rated

    8.1  

MATURITY ALLOCATION  

Maturity

   
Percent of
Total Investments
 
(a) 

0-1 Year

    7.1

1-5 Years

    46.7  

5-10 Years

    32.7  

10-15 Years

    3.0  

15-20 Years

    0.7  

More than 20 Years

    9.8  

 

  *

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.

 

 

 

16  

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


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

  17


Schedule of Investments  

October 31, 2023

  

iShares® 0-5 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)

  $ 1,450     $ 1,373,264  

3.65%, 11/01/24 (Call 08/01/24)

    867       845,803  
   

 

 

 
      2,219,067  
Aerospace & Defense — 1.7%            

Boeing Co. (The)

   

1.43%, 02/04/24 (Call 11/13/23)

    2,612       2,578,841  

1.95%, 02/01/24

                  842                 833,279  

2.20%, 02/04/26 (Call 11/13/23)

    5,177       4,758,493  

2.70%, 02/01/27 (Call 12/01/26)(a)

    530       477,370  

2.75%, 02/01/26 (Call 01/01/26)

    1,500       1,396,201  

3.10%, 05/01/26 (Call 03/01/26)

    710       661,238  

3.25%, 02/01/28 (Call 12/01/27)

    1,100       982,637  

4.88%, 05/01/25 (Call 04/01/25)

    3,363       3,303,556  

5.04%, 05/01/27 (Call 03/01/27)

    2,220       2,150,234  

General Dynamics Corp.

   

1.15%, 06/01/26 (Call 05/01/26)

    645       578,500  

2.13%, 08/15/26 (Call 05/15/26)

    335       307,603  

2.38%, 11/15/24 (Call 09/15/24)

    545       526,291  

2.63%, 11/15/27 (Call 08/15/27)

    65       58,196  

3.25%, 04/01/25 (Call 03/01/25)

    718       695,324  

3.50%, 05/15/25 (Call 03/15/25)

    773       750,063  

3.50%, 04/01/27 (Call 02/01/27)(a)

    945       886,731  

3.75%, 05/15/28 (Call 02/15/28)

    1,500       1,396,545  

HEICO Corp., 5.25%, 08/01/28 (Call 07/01/28)

    530       511,159  

Howmet Aerospace Inc.,
5.90%, 02/01/27

    500       493,285  

L3Harris Technologies Inc.

   

3.83%, 04/27/25 (Call 01/27/25)

    794       768,370  

3.85%, 12/15/26 (Call 09/15/26)

    610       574,907  

4.40%, 06/15/28 (Call 03/15/28)

    1,560       1,457,352  

5.40%, 01/15/27

    1,160       1,140,771  

Lockheed Martin Corp.

   

3.55%, 01/15/26 (Call 10/15/25)

    1,023       984,267  

4.45%, 05/15/28 (Call 04/15/28)(a)

    505       484,376  

4.95%, 10/15/25 (Call 09/15/25)

    570       565,830  

5.10%, 11/15/27 (Call 10/15/27)

    585       578,747  

Northrop Grumman Corp.

   

2.93%, 01/15/25 (Call 11/15/24)

    1,584       1,529,579  

3.20%, 02/01/27 (Call 11/01/26)

    223       206,579  

3.25%, 01/15/28 (Call 10/15/27)

    1,780       1,625,745  

RTX Corp.

   

2.65%, 11/01/26 (Call 08/01/26)

    225       205,758  

3.13%, 05/04/27 (Call 02/04/27)

    549       500,205  

3.20%, 03/15/24 (Call 01/15/24)

    751       743,261  

3.50%, 03/15/27 (Call 12/15/26)

    2,095       1,938,077  

3.95%, 08/16/25 (Call 06/16/25)(a)

    1,526       1,475,708  

5.00%, 02/27/26 (Call 01/27/26)

    355       348,897  
   

 

 

 
      38,473,975  
Agriculture — 1.3%            

Altria Group Inc.

   

2.35%, 05/06/25 (Call 04/06/25)

    881       833,989  

2.63%, 09/16/26 (Call 06/16/26)(a)

    479       440,671  

4.00%, 01/31/24

    455       452,556  

4.40%, 02/14/26 (Call 12/14/25)

    1,060       1,025,504  

6.20%, 11/01/28 (Call 10/01/28)

    325       325,795  

Archer-Daniels-Midland Co.,
2.50%, 08/11/26 (Call 05/11/26)

    1,140       1,057,422  

BAT Capital Corp.
2.26%, 03/25/28 (Call 01/25/28)(a)

    1,655       1,387,404  
Security  

Par

(000)

    Value  
Agriculture (continued)            

2.79%, 09/06/24 (Call 08/06/24)(a)

  $ 1,025     $ 997,212  

3.22%, 08/15/24 (Call 06/15/24)

    1,651       1,614,598  

3.22%, 09/06/26 (Call 07/06/26)

    953       882,847  

3.56%, 08/15/27 (Call 05/15/27)

    1,047       949,522  

4.70%, 04/02/27 (Call 02/02/27)

    929       884,627  

BAT International Finance PLC

   

1.67%, 03/25/26 (Call 02/25/26)

    1,454       1,309,057  

4.45%, 03/16/28 (Call 02/16/28)

                  815                 751,265  

Bunge Ltd. Finance Corp.

   

1.63%, 08/17/25 (Call 07/17/25)

    712       659,337  

3.25%, 08/15/26 (Call 05/15/26)

    785       731,484  

3.75%, 09/25/27 (Call 06/25/27)

    110       101,810  

Philip Morris International Inc.

   

0.88%, 05/01/26 (Call 04/01/26)

    793       706,498  

1.50%, 05/01/25 (Call 04/01/25)

    750       704,806  

2.75%, 02/25/26 (Call 11/25/25)

    762       714,226  

2.88%, 05/01/24 (Call 04/01/24)

    936       922,322  

3.13%, 08/17/27 (Call 05/17/27)

    35       32,033  

3.13%, 03/02/28 (Call 12/02/27)

    190       170,471  

3.25%, 11/10/24

    672       656,138  

3.38%, 08/11/25 (Call 05/11/25)

    743       713,716  

3.60%, 11/15/23

    320       319,780  

4.88%, 02/13/26

    1,605       1,576,419  

4.88%, 02/15/28 (Call 01/15/28)

    2,705       2,598,500  

5.00%, 11/17/25

    645       637,054  

5.13%, 11/15/24

    960       953,144  

5.13%, 11/17/27 (Call 10/17/27)

    1,260       1,228,703  

5.25%, 09/07/28 (Call 08/07/28)(a)

    725       705,029  

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

    1,732       1,689,130  
   

 

 

 
      28,733,069  
Airlines — 0.1%            

Southwest Airlines Co.

   

5.13%, 06/15/27 (Call 04/15/27)(a)

    1,745       1,683,486  

5.25%, 05/04/25 (Call 04/04/25)

    1,450       1,429,530  
   

 

 

 
      3,113,016  
Apparel — 0.2%            

NIKE Inc.

   

2.38%, 11/01/26 (Call 08/01/26)

    980       901,809  

2.40%, 03/27/25 (Call 02/27/25)

    1,123       1,078,549  

2.75%, 03/27/27 (Call 01/27/27)

    967       890,928  

VF Corp.

   

2.40%, 04/23/25 (Call 03/23/25)

    822       773,914  

2.80%, 04/23/27 (Call 02/23/27)

    500       439,387  
   

 

 

 
      4,084,587  
Auto Manufacturers — 3.2%            

American Honda Finance Corp.

   

0.55%, 07/12/24

    809       780,381  

0.75%, 08/09/24(a)

    960       923,229  

1.00%, 09/10/25

    868       797,222  

1.20%, 07/08/25

    774       719,092  

1.30%, 09/09/26

    807       716,519  

1.50%, 01/13/25

    465       442,603  

2.00%, 03/24/28

    705       604,763  

2.15%, 09/10/24

    747       726,050  

2.30%, 09/09/26

    270       246,390  

2.35%, 01/08/27

    435       393,311  

2.40%, 06/27/24

    503       491,899  

2.90%, 02/16/24

    390       386,647  

3.50%, 02/15/28

    470       430,722  

 

 

18  

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


Schedule of Investments  (continued)

October 31, 2023

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

3.55%, 01/12/24(a)

  $ 348     $ 346,610  

4.70%, 01/12/28

    330       317,100  

4.75%, 01/12/26

    200       196,527  

5.00%, 05/23/25(a)

    630       624,454  

5.13%, 07/07/28

    730       711,177  

5.25%, 07/07/26(a)

    885       878,265  

5.80%, 10/03/25

    450       450,982  

Series A, 4.60%, 04/17/25

    840       827,867  

Cummins Inc., 0.75%, 09/01/25 (Call 08/01/25)

                  734                 674,252  

General Motors Co.

   

4.00%, 04/01/25(a)

    619       600,014  

4.20%, 10/01/27 (Call 07/01/27)

    550       509,458  

5.00%, 10/01/28 (Call 07/01/28)

    5       4,713  

6.13%, 10/01/25 (Call 09/01/25)

    1,948       1,944,679  

6.80%, 10/01/27 (Call 08/01/27)

    965       979,954  

General Motors Financial Co. Inc.

   

1.05%, 03/08/24

    720       707,218  

1.20%, 10/15/24

    910       866,623  

1.25%, 01/08/26 (Call 12/08/25)(a)

    1,596       1,429,741  

1.50%, 06/10/26 (Call 05/10/26)

    1,380       1,217,882  

2.35%, 02/26/27 (Call 01/26/27)

    1,060       931,736  

2.40%, 04/10/28 (Call 02/10/28)

    990       834,707  

2.70%, 08/20/27 (Call 06/20/27)

    925       807,392  

2.75%, 06/20/25 (Call 05/20/25)

    1,243       1,173,652  

2.90%, 02/26/25 (Call 01/26/25)

    1,260       1,203,168  

3.50%, 11/07/24 (Call 09/07/24)

    851       827,642  

3.80%, 04/07/25

    1,155       1,115,243  

3.95%, 04/13/24 (Call 02/13/24)

    1,126       1,113,417  

4.00%, 01/15/25 (Call 10/15/24)

    1,130       1,098,809  

4.00%, 10/06/26 (Call 07/06/26)

    610       570,318  

4.30%, 07/13/25 (Call 04/13/25)

    890       860,150  

4.35%, 04/09/25 (Call 02/09/25)

    1,083       1,053,044  

4.35%, 01/17/27 (Call 10/17/26)(a)

    1,150       1,079,379  

5.00%, 04/09/27 (Call 03/09/27)

    1,220       1,164,780  

5.10%, 01/17/24 (Call 12/17/23)

    1,036       1,033,240  

5.25%, 03/01/26 (Call 12/01/25)

    1,550       1,510,564  

5.40%, 04/06/26

    720       704,434  

5.80%, 06/23/28 (Call 05/23/28)

    1,465       1,419,527  

6.00%, 01/09/28 (Call 12/09/27)

    970       951,802  

6.05%, 10/10/25

    1,220       1,214,563  

Honda Motor Co. Ltd.

   

2.27%, 03/10/25 (Call 02/10/25)

    1,065       1,017,880  

2.53%, 03/10/27 (Call 02/10/27)

    990       895,337  

Toyota Motor Corp.

   

0.68%, 03/25/24 (Call 02/25/24)(a)

    1,310       1,283,900  

1.34%, 03/25/26 (Call 02/25/26)

    1,031       936,317  

2.36%, 07/02/24(a)

    605       591,713  

3.67%, 07/20/28(a)

    495       459,224  

5.12%, 07/13/28 (Call 06/13/28)

    400       394,885  

5.28%, 07/13/26 (Call 06/13/26)(a)

    320       318,914  

Toyota Motor Credit Corp.

   

0.50%, 06/18/24(a)

    1,055       1,021,912  

0.63%, 09/13/24(a)

    1,045       999,762  

0.80%, 10/16/25

    1,104       1,007,643  

0.80%, 01/09/26

    799       721,593  

1.13%, 06/18/26

    1,025       916,012  

1.15%, 08/13/27(a)

    25       21,353  

1.45%, 01/13/25

    1,130       1,075,766  

1.80%, 02/13/25

    526       501,315  

1.90%, 01/13/27(a)

    858       765,206  

1.90%, 04/06/28(a)

    300       258,668  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

2.00%, 10/07/24

  $ 681     $ 657,526  

2.50%, 03/22/24(a)

    580       572,995  

2.90%, 04/17/24(a)

    697       688,104  

3.00%, 04/01/25

    1,327       1,280,003  

3.05%, 03/22/27

    1,005       925,923  

3.05%, 01/11/28

    175       159,435  

3.20%, 01/11/27(a)

    1,464       1,358,765  

3.40%, 04/14/25

    524       507,091  

3.65%, 08/18/25

    940       909,640  

3.95%, 06/30/25

                  950                 925,370  

4.40%, 09/20/24

    1,265       1,250,673  

4.45%, 05/18/26

    890       868,560  

4.55%, 09/20/27

    2,390       2,308,894  

4.63%, 01/12/28

    645       624,610  

4.80%, 01/10/25

    685       679,054  

5.00%, 08/14/26

    800       789,951  

5.25%, 09/11/28

    800       787,040  

5.40%, 11/10/25

    700       698,826  

5.45%, 11/10/27

    320       319,164  

5.60%, 09/11/25

    275       275,143  
   

 

 

 
      71,388,078  
Auto Parts & Equipment — 0.2%            

Aptiv PLC, 2.40%, 02/18/25 (Call 11/13/23)

    805       767,589  

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

    980       870,542  

Lear Corp., 3.80%, 09/15/27 (Call 06/15/27)

    480       439,416  

Magna International Inc.

   

3.63%, 06/15/24 (Call 03/15/24)

    823       813,045  

4.15%, 10/01/25 (Call 07/01/25)

    723       702,288  
   

 

 

 
      3,592,880  
Banks — 34.9%            

Australia & New Zealand Banking Group Ltd.
3.70%, 11/16/25

    728       701,337  

5.09%, 12/08/25

    225       222,512  

5.38%, 07/03/25

    335       333,521  

5.67%, 10/03/25

    600       600,846  

Banco Bilbao Vizcaya Argentaria SA
1.13%, 09/18/25

    1,185       1,079,359  

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

    500       493,537  

Banco Santander SA

   

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

    1,145       992,531  

1.85%, 03/25/26

    1,900       1,697,815  

2.71%, 06/27/24(a)

    1,781       1,741,395  

2.75%, 05/28/25

    1,543       1,454,193  

3.50%, 03/24/25

    1,500       1,442,497  

3.80%, 02/23/28

    1,000       889,629  

3.89%, 05/24/24

    1,585       1,564,823  

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

    1,500       1,373,072  

4.25%, 04/11/27

    950       879,773  

4.38%, 04/12/28

    1,400       1,272,040  

5.15%, 08/18/25

    735       715,729  

5.29%, 08/18/27

    2,200       2,102,287  

5.59%, 08/08/28

    1,300       1,251,889  

5.74%, 06/30/24,
(1-year CMT + 0.450%)(b)

    385       383,741  

6.53%, 11/07/27 (Call 11/07/26),
(1-year CMT + 1.650%)(b)

    800       801,620  

6.61%, 11/07/28

    800       801,053  

 

 

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

  19


Schedule of Investments  (continued)

October 31, 2023

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

Bank of America Corp.

   

0.98%, 04/22/25 (Call 04/22/24),
(1-day SOFR + 0.690%)(b)

  $ 2,096     $ 2,037,952  

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

    1,840       1,751,058  

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

    2,275       2,054,851  

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

    2,548       2,343,921  

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

    1,730       1,634,039  

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

    5,150       4,542,782  

1.84%, 02/04/25 (Call 02/04/24),
(1-day SOFR + 0.670%)(a)(b)

    1,685       1,662,598  

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

    1,395       1,314,401  

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

    1,847       1,775,427  

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

    2,105       1,860,722  

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

    1,537       1,489,417  

3.25%, 10/21/27 (Call 10/21/26)

    1,030       931,290  

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

    1,785       1,715,913  

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

    2,180       2,088,575  

3.46%, 03/15/25 (Call 03/15/24),
(3-mo. SOFR + 1.232%)(b)

                  965                 953,475  

3.50%, 04/19/26(a)

    2,152       2,031,142  

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

    1,850       1,727,897  

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

    2,045       1,850,715  

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

    2,050       1,873,386  

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

    2,155       1,986,643  

3.84%, 04/25/25 (Call 04/25/24),
(1-day SOFR + 1.110%)(b)

    1,955       1,930,450  

3.88%, 08/01/25

    1,662       1,608,844  

4.00%, 04/01/24(a)

    1,956       1,943,584  

4.00%, 01/22/25

    2,210       2,150,839  

4.13%, 01/22/24

    1,956       1,949,781  

4.20%, 08/26/24

    1,615       1,588,731  

4.25%, 10/22/26

    1,740       1,643,296  

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

    2,120       1,978,900  

4.45%, 03/03/26

    1,716       1,642,673  

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

    1,720       1,676,056  

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

    2,838       2,697,788  

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

    1,705       1,659,903  

5.93%, 09/15/27 (Call 09/15/26),
(1-day SOFR + 1.340%)(b)

    1,400       1,384,891  

Series L, 3.95%, 04/21/25

    2,212       2,137,412  

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

    2,475       2,274,593  
Security  

Par

(000)

    Value  

Banks (continued)

   

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

  $ 2,475     $ 2,214,424  

Bank of America NA
5.53%, 08/18/26 (Call 07/18/26)

    1,500       1,491,145  

5.65%, 08/18/25 (Call 07/18/25)

    1,695       1,689,295  

Bank of Montreal
0.45%, 12/08/23(a)

    722       718,132  

0.63%, 07/09/24(a)

    1,195       1,151,419  

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

    1,015       905,124  

1.25%, 09/15/26

    1,167       1,022,934  

1.50%, 01/10/25

    1,425       1,351,447  

1.85%, 05/01/25(a)

    1,565       1,472,130  

2.15%, 03/08/24(a)

    1,295       1,279,589  

2.50%, 06/28/24(a)

    1,060       1,038,793  

2.65%, 03/08/27

    1,210       1,082,361  

3.70%, 06/07/25

    1,305       1,257,585  

5.20%, 12/12/24

    1,085       1,074,988  

5.20%, 02/01/28 (Call 01/01/28)

    1,055       1,016,629  

5.30%, 06/05/26

    460       452,773  

5.72%, 09/25/28 (Call 08/25/28)

                  925                 906,768  

5.92%, 09/25/25

    750       747,900  

Series E, 3.30%, 02/05/24(a)

    877       870,703  

Series H, 4.25%, 09/14/24

    705       693,532  

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

    265       252,079  

Bank of New York Mellon Corp. (The)
0.50%, 04/26/24 (Call 03/26/24)

    613       598,279  

0.75%, 01/28/26 (Call 12/28/25)

    789       707,626  

1.05%, 10/15/26 (Call 09/15/26)(a)

    455       398,356  

1.60%, 04/24/25 (Call 03/24/25)

    1,242       1,165,584  

2.05%, 01/26/27 (Call 12/26/26)(a)

    710       628,550  

2.10%, 10/24/24(a)

    1,010       973,681  

2.45%, 08/17/26 (Call 05/17/26)(a)

    920       841,888  

2.80%, 05/04/26 (Call 02/04/26)

    705       655,841  

3.00%, 10/30/28 (Call 07/30/28)

    500       429,169  

3.25%, 09/11/24 (Call 08/11/24)

    480       469,229  

3.25%, 05/16/27 (Call 02/16/27)

    585       536,161  

3.40%, 05/15/24 (Call 04/15/24)

    478       472,619  

3.40%, 01/29/28 (Call 10/29/27)

    65       59,065  

3.85%, 04/28/28

    65       60,262  

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

    625       604,743  

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

    250       246,658  

Series 12, 3.65%, 02/04/24 (Call 01/05/24)

    733       729,341  

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

    787       757,391  

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

    735       700,156  

Bank of Nova Scotia (The)
0.65%, 07/31/24

    1,060       1,018,409  

0.70%, 04/15/24

    1,235       1,208,454  

1.05%, 03/02/26

    1,127       1,005,208  

1.30%, 06/11/25

    1,052       975,546  

1.30%, 09/15/26 (Call 06/15/26)

    1,035       908,153  

1.35%, 06/24/26

    955       846,228  

1.45%, 01/10/25

    1,230       1,165,659  

1.95%, 02/02/27

    885       780,713  

2.20%, 02/03/25

    1,285       1,225,703  

2.44%, 03/11/24

    820       809,709  

2.70%, 08/03/26

    345       317,626  

2.95%, 03/11/27

    885       803,636  

3.40%, 02/11/24(a)

    881       874,268  

 

 

20  

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


Schedule of Investments  (continued)

October 31, 2023

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

3.45%, 04/11/25

  $ 1,660     $ 1,599,532  

4.50%, 12/16/25

    1,371       1,321,609  

4.75%, 02/02/26

    630       613,516  

5.25%, 12/06/24

    85       84,181  

5.25%, 06/12/28

    825       789,817  

5.45%, 06/12/25(a)

    870       861,131  

Barclays Bank PLC, 3.75%, 05/15/24(a)

    570       564,137  

Barclays PLC

   

1.01%, 12/10/24 (Call 12/10/23),
(1-year CMT + 0.800%)(a)(b)

                  500                 496,913  

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

    1,520       1,329,309  

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

    1,722       1,624,194  

3.65%, 03/16/25

    2,076       1,997,733  

3.93%, 05/07/25 (Call 05/07/24),
(3-mo. LIBOR US + 1.610%)(b)

    1,957       1,930,388  

4.34%, 01/10/28 (Call 01/10/27)

    1,195       1,091,085  

4.38%, 09/11/24(a)

    1,379       1,350,068  

4.38%, 01/12/26

    2,576       2,458,986  

4.84%, 05/09/28 (Call 05/07/27)

    1,980       1,779,003  

5.20%, 05/12/26

    1,792       1,711,458  

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

    1,240       1,210,239  

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

    1,450       1,375,046  

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

    2,125       2,076,072  

6.50%, 09/13/27 (Call 09/13/26),
(1-day SOFR + 1.880%)(b)

    200       198,178  

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

    1,565       1,581,631  

BNP Paribas SA, 4.25%, 10/15/24

    213       208,035  

BPCE SA
3.38%, 12/02/26

    250       230,238  

4.00%, 04/15/24(a)

    1,164       1,155,169  

Canadian Imperial Bank of Commerce
0.50%, 12/14/23

    659       655,029  

0.95%, 10/23/25

    168       152,477  

1.00%, 10/18/24(a)

    495       472,208  

1.25%, 06/22/26 (Call 05/22/26)

    52       46,071  

2.25%, 01/28/25

    688       656,286  

3.10%, 04/02/24(a)

    913       903,300  

3.30%, 04/07/25

    975       938,133  

3.45%, 04/07/27 (Call 03/07/27)

    615       562,899  

3.95%, 08/04/25

    935       902,403  

5.00%, 04/28/28 (Call 03/28/28)

    1,060       1,007,320  

5.14%, 04/28/25

    795       784,295  

5.93%, 10/02/26

    450       449,108  

5.99%, 10/03/28 (Call 09/03/28)

    650       641,948  

Citibank NA
3.65%, 01/23/24 (Call 12/23/23)(a)

    1,985       1,975,279  

5.80%, 09/29/28 (Call 08/29/28)

    2,250       2,221,293  

5.86%, 09/29/25 (Call 08/29/25)(a)

    1,250       1,249,643  

Citigroup Inc.

   

0.98%, 05/01/25 (Call 05/01/24),
(1-day SOFR + 0.669%)(b)

    1,865       1,809,754  

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

    2,569       2,283,277  

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

    1,410       1,334,501  
Security  

Par

(000)

    Value  

Banks (continued)

   

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

  $ 2,760     $ 2,429,267  

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

    2,155       2,035,376  

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

    2,520       2,267,518  

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

    3,108       2,966,004  

3.20%, 10/21/26 (Call 07/21/26)

    2,905       2,678,159  

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

    1,815       1,737,747  

3.30%, 04/27/25(a)

    1,661       1,597,863  

3.35%, 04/24/25 (Call 04/24/24),
(3-mo. SOFR + 1.158%)(b)

    2,663       2,621,968  

3.40%, 05/01/26

    2,160       2,031,714  

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

    2,000       1,797,891  

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

    2,445       2,220,143  

3.70%, 01/12/26

    2,132       2,025,851  

3.75%, 06/16/24

    661       651,984  

3.88%, 03/26/25

    1,188       1,145,758  

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

    2,365       2,193,064  

4.00%, 08/05/24(a)

                  780                 769,923  

4.13%, 07/25/28

    2,120       1,900,955  

4.14%, 05/24/25 (Call 05/24/24),
(1-day SOFR + 1.372%)(a)(b)

    1,375       1,357,932  

4.30%, 11/20/26

    1,065       1,001,590  

4.40%, 06/10/25

    2,352       2,275,708  

4.45%, 09/29/27

    3,729       3,444,045  

4.60%, 03/09/26

    1,570       1,505,290  

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

    1,605       1,519,013  

5.50%, 09/13/25

    1,631       1,607,139  

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

    2,055       2,028,276  

6.03%, 10/30/24 (Call 09/30/24),
(1-day SOFR + 0.686%)(b)

    686       686,000  

Citizens Bank NA
2.25%, 04/28/25 (Call 03/28/25)

    417       386,365  

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

    620       549,922  

Citizens Bank NA/Providence RI
3.75%, 02/18/26 (Call 11/18/25)

    265       243,745  

4.12%, 05/23/25 (Call 05/23/24),
(1-day SOFR + 1.395%)(b)

    500       480,293  

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

    310       296,254  

Citizens Financial Group Inc.,
2.85%, 07/27/26 (Call 04/27/26)

    213       189,485  

Comerica Bank,
2.50%, 07/23/24

    428       409,281  

Commonwealth Bank of Australia,
5.50%, 09/12/25(a)

    500       499,117  

Commonwealth Bank of Australia/New York NY
5.08%, 01/10/25

    115       114,462  

5.32%, 03/13/26

    250       248,470  

Cooperatieve Rabobank UA
3.75%, 07/21/26

    466       433,056  

4.38%, 08/04/25

    1,489       1,430,392  

4.63%, 12/01/23

    105       104,871  

 

 

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

  21


Schedule of Investments  (continued)

October 31, 2023

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Banks (continued)

   

5.50%, 10/05/26

  $ 500     $ 496,226  

Cooperatieve Rabobank UA/NY
0.38%, 01/12/24

    355       351,459  

1.38%, 01/10/25

    1,145       1,086,207  

3.38%, 05/21/25

    1,135       1,092,495  

3.88%, 08/22/24

    570       560,834  

5.00%, 01/13/25

    255       252,317  

Credit Suisse AG/New York NY
0.50%, 02/02/24

    760       747,627  

1.25%, 08/07/26(a)

    1,130       983,141  

2.95%, 04/09/25

    1,266       1,201,902  

3.63%, 09/09/24

    3,048       2,972,600  

3.70%, 02/21/25

    1,775       1,709,396  

4.75%, 08/09/24

    1,225       1,208,769  

5.00%, 07/09/27(a)

    1,141       1,089,278  

7.50%, 02/15/28

    2,410       2,494,519  

7.95%, 01/09/25

                  905                 918,291  

Deutsche Bank AG, 4.50%, 04/01/25(a)

    1,260       1,206,577  

Deutsche Bank AG/London,
3.70%, 05/30/24(a)

    825       810,333  

Deutsche Bank AG/New York NY
0.90%, 05/28/24

    985       954,590  

1.45%, 04/01/25 (Call 04/01/24),
(1-day SOFR + 1.131%)(b)

    585       571,077  

1.69%, 03/19/26

    695       626,252  

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

    1,320       1,190,845  

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

    1,755       1,518,124  

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

    1,200       1,037,630  

3.70%, 05/30/24

    834       820,998  

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

    1,726       1,665,233  

4.16%, 05/13/25

    315       305,787  

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

    1,075       1,058,319  

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

    780       779,047  

Series E, 0.96%, 11/08/23

    1,325       1,323,739  

Discover Bank
2.45%, 09/12/24 (Call 08/12/24)

    1,008       969,549  

3.45%, 07/27/26 (Call 04/27/26)

    630       568,943  

4.65%, 09/13/28 (Call 06/13/28)

    810       711,873  

Fifth Third Bancorp.

   

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

    385       328,343  

2.38%, 01/28/25 (Call 12/28/24)

    604       575,502  

2.55%, 05/05/27 (Call 04/05/27)

    345       298,027  

3.65%, 01/25/24 (Call 12/25/23)

    1,689       1,677,393  

3.95%, 03/14/28 (Call 02/14/28)

    125       111,827  

4.30%, 01/16/24 (Call 12/16/23)(a)

    508       505,621  

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

    535       520,591  

Fifth Third Bank NA
2.25%, 02/01/27 (Call 01/01/27)(a)

    425       370,343  

3.85%, 03/15/26 (Call 02/15/26)

    280       258,049  

3.95%, 07/28/25 (Call 06/28/25)

    705       675,813  

5.85%, 10/27/25 (Call 10/27/24),
(1-day SOFR + 1.230%)(b)

    660       642,886  
Security  

Par

(000)

    Value  

Banks (continued)

   

Goldman Sachs Group Inc. (The)

   

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

  $ 800     $ 741,938  

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

    1,340       1,195,782  

1.22%, 12/06/23 (Call 11/06/23)

    505       502,732  

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

    2,485       2,207,077  

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

    3,100       2,695,841  

1.76%, 01/24/25 (Call 01/24/24),
(1-day SOFR + 0.730%)(b)

    1,190       1,175,452  

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

    4,430       3,883,333  

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

    3,165       2,804,218  

3.00%, 03/15/24

    1,990       1,967,859  

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

    951       922,896  

3.50%, 01/23/25 (Call 10/23/24)

    1,985       1,922,130  

3.50%, 04/01/25 (Call 03/01/25)

    3,633       3,496,469  

3.50%, 11/16/26 (Call 11/16/25)(a)

    2,665       2,470,936  

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

    3,525       3,228,037  

3.63%, 02/20/24 (Call 01/20/24)

    1,999       1,983,957  

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

    2,405       2,194,402  

3.75%, 05/22/25 (Call 02/22/25)

    2,276       2,193,850  

3.75%, 02/25/26 (Call 11/25/25)

    1,617       1,532,229  

3.85%, 07/08/24 (Call 04/08/24)

    1,616       1,592,164  

3.85%, 01/26/27 (Call 01/26/26)

    3,460       3,227,391  

4.00%, 03/03/24

    878       871,694  

4.25%, 10/21/25

    1,916       1,836,334  

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

    675       644,684  

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

    2,420       2,265,573  

5.70%, 11/01/24

    1,275       1,269,902  

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

    1,375       1,361,267  

5.83%, 10/21/24 (Call 09/21/24),
(1-day SOFR + 0.486%)(b)

    100       100,000  

5.85%, 09/10/24 (Call 08/10/24),
(1-day SOFR + 0.505%)(b)

    1,930       1,925,963  

5.95%, 01/15/27

                  825                 813,564  

HSBC Holdings PLC

   

0.98%, 05/24/25 (Call 05/24/24),
(1-day SOFR + 0.708%)(b)

    1,962       1,896,783  

1.16%, 11/22/24 (Call 11/22/23),
(1-day SOFR + 0.580%)(b)

    800       796,983  

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

    2,075       1,828,002  

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

    2,086       1,939,115  

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

    2,015       1,692,060  

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

    2,055       1,913,544  

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

    2,770       2,429,427  

 

 

22  

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


Schedule of Investments  (continued)

October 31, 2023

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

   

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

  $ 2,065     $ 1,983,716  

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

                  365                 348,352  

3.80%, 03/11/25 (Call 03/11/24),
(3-mo. SOFR + 1.472%)(a)(b)

    2,072       2,050,216  

3.90%, 05/25/26

    2,560       2,415,516  

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

    2,640       2,425,272  

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

    1,350       1,314,657  

4.25%, 03/14/24

    1,954       1,936,933  

4.25%, 08/18/25

    1,522       1,457,717  

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

    1,250       1,200,026  

4.30%, 03/08/26

    3,053       2,925,020  

4.38%, 11/23/26

    990       934,277  

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

    2,195       2,054,229  

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

    2,490       2,375,903  

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

    2,350       2,309,324  

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

    810       793,107  

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

    1,915       1,946,183  

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

    810       830,947  

HSBC USA Inc.
3.50%, 06/23/24

    844       830,306  

3.75%, 05/24/24(a)

    1,040       1,027,746  

5.63%, 03/17/25

    920       913,453  

Huntington Bancshares Inc.,
4.44%, 08/04/28 (Call 08/04/27),
(1-day SOFR + 1.970%)(b)

    505       461,365  

Huntington Bancshares Inc./OH
2.63%, 08/06/24 (Call 07/06/24)

    997       966,079  

4.00%, 05/15/25 (Call 04/15/25)(a)

    350       335,059  

Huntington National Bank (The)

   

4.01%, 05/16/25 (Call 05/16/24),
(1-day SOFR + 1.205%)(a)(b)

    385       373,119  

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

    310       300,867  

ING Groep NV

   

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

    535       477,901  

3.55%, 04/09/24

    822       812,848  

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

    350       337,186  

3.95%, 03/29/27

    1,185       1,096,601  

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

    960       883,225  

4.55%, 10/02/28

    1,150       1,061,740  

6.08%, 09/11/27 (Call 09/11/26),
(1-day SOFR + 1.560%)(b)

    850       841,994  

Intesa Sanpaolo SpA, 5.25%, 01/12/24(a)

    737       734,967  

JPMorgan Chase & Co.

   

0.56%, 02/16/25 (Call 02/16/24),
(1-day SOFR + 0.420%)(b)

    950       931,723  

0.77%, 08/09/25 (Call 08/09/24),
(1-day SOFR + 0.490%)(b)

    1,380       1,318,444  
Security   Par
(000)
    Value  

Banks (continued)

   

0.82%, 06/01/25 (Call 06/01/24),
(3-mo. SOFR + 0.540%)(b)

  $ 2,090     $ 2,019,593  

0.97%, 06/23/25 (Call 06/23/24),
(3-mo. SOFR + 0.580%)(b)

    2,020       1,945,944  

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

    1,225       1,090,460  

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

    1,895       1,704,661  

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

    3,135       2,732,129  

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

    2,230       2,110,832  

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

    3,275       2,922,317  

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

    1,842       1,738,330  

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

    2,662       2,501,545  

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

    1,445       1,255,176  

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

    1,987       1,912,343  

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

    1,330       1,267,493  

2.95%, 10/01/26 (Call 07/01/26)

    2,790       2,580,347  

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

    1,875       1,688,075  

3.13%, 01/23/25 (Call 10/23/24)

    2,459       2,378,595  

3.20%, 06/15/26 (Call 03/15/26)

    1,705       1,598,146  

3.22%, 03/01/25 (Call 03/01/24),
(3-mo. SOFR + 1.417%)(b)

    1,641       1,623,571  

3.30%, 04/01/26 (Call 01/01/26)

    2,520       2,375,094  

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

    2,535       2,318,308  

3.63%, 05/13/24(a)

    1,854       1,831,588  

3.63%, 12/01/27 (Call 12/01/26)

    1,050       959,642  

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

    2,635       2,445,364  

3.85%, 06/14/25 (Call 06/14/24),
(1-day SOFR + 0.980%)(a)(b)

    1,535       1,511,435  

3.88%, 02/01/24(a)

    1,137       1,131,491  

3.88%, 09/10/24

    1,719       1,686,025  

3.90%, 07/15/25 (Call 04/15/25)

    1,530       1,482,436  

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

    1,355       1,291,593  

4.02%, 12/05/24 (Call 12/05/23),
(3-mo. SOFR + 1.262%)(b)

    2,190       2,184,475  

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

    2,107       2,042,116  

4.13%, 12/15/26

    985       930,416  

4.25%, 10/01/27

                  470                 443,280  

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

    2,740       2,573,563  

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

    4,315       4,124,417  

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

    2,470       2,450,431  

6.07%, 10/22/27 (Call 10/22/26),
(1-day SOFR + 1.330%)(a)(b)

    1,740       1,736,311  

7.63%, 10/15/26

    330       344,255  

8.00%, 04/29/27

    655       696,445  

 

 

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

  23


Schedule of Investments  (continued)

October 31, 2023

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

   

KeyBank NA,
4.70%, 01/26/26 (Call 12/26/25)

  $ 260     $ 241,574  

KeyBank NA/Cleveland OH
3.30%, 06/01/25

    735       686,543  

3.40%, 05/20/26

    325       286,368  

4.15%, 08/08/25

    1,045       971,456  

5.85%, 11/15/27 (Call 10/16/27)

    1,250       1,151,688  

KeyCorp
2.25%, 04/06/27

    255       211,454  

3.88%, 05/23/25 (Call 05/23/24),
(1-day SOFR + 1.250%)(b)

    505       483,640  

4.10%, 04/30/28

    110       93,842  

4.15%, 10/29/25

    225       209,506  

Lloyds Banking Group PLC

   

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

    865       766,364  

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

    1,066       1,010,869  

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

    1,010       967,786  

3.75%, 01/11/27

    1,115       1,025,317  

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

    805       733,332  

3.87%, 07/09/25 (Call 07/09/24),
(1-year CMT + 3.500%)(a)(b)

    1,513       1,486,477  

3.90%, 03/12/24

    939       931,279  

4.38%, 03/22/28

    1,450       1,331,091  

4.45%, 05/08/25

    1,475       1,432,712  

4.50%, 11/04/24

    1,107       1,081,465  

4.55%, 08/16/28

    1,175       1,080,443  

4.58%, 12/10/25

    843       802,009  

4.65%, 03/24/26

    1,142       1,081,874  

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

    1,225       1,186,933  

M&T Bank Corp.,
4.55%, 08/16/28 (Call 08/16/27),
(1-day SOFR + 1.780%)(b)

    105       95,466  

Manufacturers & Traders Trust Co.
2.90%, 02/06/25 (Call 01/06/25)

                  290                 276,438  

3.40%, 08/17/27

    60       51,090  

4.65%, 01/27/26 (Call 12/27/25)

    1,190       1,123,339  

4.70%, 01/27/28 (Call 12/27/27)

    1,540       1,396,476  

5.40%, 11/21/25 (Call 10/21/25)

    385       371,814  

Mitsubishi UFJ Financial Group Inc.

   

0.95%, 07/19/25 (Call 07/19/24),
(1-year CMT + 0.550%)(b)

    1,820       1,750,534  

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

    825       783,314  

1.41%, 07/17/25

    1,584       1,464,548  

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

    2,210       1,953,066  

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

    635       556,441  

2.19%, 02/25/25

    2,332       2,215,378  

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

    1,410       1,246,348  

2.76%, 09/13/26

    162       147,587  

2.80%, 07/18/24

    1,020       996,999  

3.29%, 07/25/27

    1,210       1,103,103  

3.41%, 03/07/24(a)

    1,416       1,403,729  

3.68%, 02/22/27(a)

    110       102,527  

3.78%, 03/02/25

    681       660,133  
Security   Par
(000)
    Value  

Banks (continued)

   

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

  $ 470     $ 454,102  

3.85%, 03/01/26

    2,113       2,014,725  

3.96%, 03/02/28

    1,040       963,488  

4.05%, 09/11/28

    1,160       1,067,302  

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

    955       889,389  

4.79%, 07/18/25 (Call 07/18/24),
(1-year CMT + 1.700%)(b)

    1,425       1,408,694  

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

    1,315       1,260,018  

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

    2,350       2,323,866  

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

    1,035       1,001,650  

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

    430       425,155  

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

    1,415       1,406,193  

Mizuho Financial Group Inc.

   

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

    1,280       1,128,497  

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

    767       677,682  

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

    465       436,109  

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

    970       938,805  

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

    220       207,730  

2.84%, 07/16/25 (Call 07/16/24),
(3-mo. SOFR + 1.242%)(b)

    405       394,543  

2.84%, 09/13/26(a)

    455       416,345  

3.17%, 09/11/27

    1,010       907,609  

3.66%, 02/28/27

    505       467,539  

4.02%, 03/05/28

    1,010       929,136  

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

                  860                 833,325  

Morgan Stanley

   

0.79%, 01/22/25 (Call 01/22/24),
(1-day SOFR + 0.509%)(b)

    1,088       1,071,629  

0.79%, 05/30/25 (Call 05/30/24),
(1-day SOFR + 0.525%)(b)

    2,790       2,690,841  

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

    2,255       2,006,430  

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

    840       793,988  

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

    3,235       2,840,825  

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

    3,385       3,008,360  

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

    1,827       1,718,391  

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

    2,155       1,909,121  

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

    1,100       1,046,955  

2.72%, 07/22/25 (Call 07/22/24),
(1-day SOFR + 1.152%)(a)(b)

    1,944       1,891,488  

3.13%, 07/27/26

    2,125       1,966,496  

3.59%, 07/22/28 (Call 07/22/27)(b)

    2,945       2,670,545  

 

 

24  

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


Schedule of Investments  (continued)

October 31, 2023

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

   

3.62%, 04/17/25 (Call 04/17/24),
(1-day SOFR + 1.160%)(a)(b)

  $ 1,660     $ 1,638,559  

3.63%, 01/20/27

    3,730       3,467,436  

3.70%, 10/23/24(a)

    2,416       2,360,702  

3.88%, 01/27/26

    2,310       2,202,331  

3.95%, 04/23/27

    2,815       2,590,811  

4.00%, 07/23/25

    2,894       2,801,101  

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

    2,915       2,718,962  

4.35%, 09/08/26

    2,730       2,579,687  

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

    1,285       1,248,505  

5.00%, 11/24/25

    2,280       2,226,336  

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

    1,105       1,079,028  

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

    310       309,076  

6.25%, 08/09/26

    1,005       1,006,152  

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

    1,905       1,901,152  

Series F, 3.88%, 04/29/24

    2,237       2,216,553  

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

    819       773,207  

Morgan Stanley Bank NA
4.75%, 04/21/26 (Call 03/21/26)

    500       486,818  

5.48%, 07/16/25 (Call 06/16/25)

    1,010       1,005,514  

5.88%, 10/30/26 (Call 09/30/26)

    1,500       1,499,337  

National Australia Bank Ltd./New York
2.50%, 07/12/26

                  850                 784,694  

3.38%, 01/14/26

    920       876,546  

3.50%, 06/09/25

    255       246,651  

3.91%, 06/09/27

    645       605,519  

4.90%, 06/13/28(a)

    995       958,232  

4.94%, 01/12/28

    1,040       1,006,523  

4.97%, 01/12/26

    260       256,637  

5.20%, 05/13/25

    350       347,704  

National Bank of Canada

   

0.55%, 11/15/24 (Call 12/01/23),
(1-year CMT + 0.400%)(b)

    250       249,435  

0.75%, 08/06/24

    310       298,576  

3.75%, 06/09/25 (Call 06/09/24),
(1-day SOFR + 1.009%)(b)

    245       240,722  

5.25%, 01/17/25

    460       455,968  

NatWest Group PLC

   

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

    1,070       942,870  

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

    790       698,615  

4.27%, 03/22/25 (Call 03/22/24),
(3-mo. LIBOR US + 1.762%)(b)

    2,041       2,020,404  

4.80%, 04/05/26

    1,283       1,235,918  

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

    855       817,731  

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

    825       810,589  

6.00%, 12/19/23

    90       89,901  

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

    1,280       1,303,447  

Northern Trust Corp.
3.65%, 08/03/28 (Call 05/03/28)

    35       31,987  

4.00%, 05/10/27 (Call 04/10/27)

    480       450,998  
Security  

Par

(000)

    Value  

Banks (continued)

   

PNC Bank NA
2.95%, 02/23/25 (Call 01/24/25)

  $ 735     $ 704,888  

3.10%, 10/25/27 (Call 09/25/27)(a)

    845       752,161  

3.25%, 06/01/25 (Call 05/02/25)

    862       822,505  

3.25%, 01/22/28 (Call 12/23/27)

    670       597,450  

3.30%, 10/30/24 (Call 09/30/24)

    546       531,798  

3.88%, 04/10/25 (Call 03/10/25)

    700       675,886  

4.05%, 07/26/28

    1,195       1,064,858  

4.20%, 11/01/25 (Call 10/02/25)

    270       258,748  

2.50%, 08/27/24 (Call 07/27/24)

    791       768,191  

PNC Financial Services Group Inc. (The)
1.15%, 08/13/26 (Call 07/13/26)

    330       289,892  

2.20%, 11/01/24 (Call 10/02/24)(a)

    868       834,471  

2.60%, 07/23/26 (Call 05/23/26)

    675       620,610  

3.15%, 05/19/27 (Call 04/19/27)(a)

    420       379,365  

3.50%, 01/23/24 (Call 12/23/23)

    1,007       1,001,538  

3.90%, 04/29/24 (Call 03/29/24)

    690       681,889  

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

    1,040       999,897  

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

    835       826,436  

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

    837       826,314  

6.62%, 10/20/27 (Call 10/20/26),
(1-day SOFR + 1.730%)(b)

    900       902,418  

Regions Financial Corp.
1.80%, 08/12/28 (Call 06/12/28)

    10       7,817  

2.25%, 05/18/25 (Call 04/18/25)

    4       3,676  

Royal Bank of Canada
0.43%, 01/19/24(a)

                  884                 873,752  

0.65%, 07/29/24

    855       822,276  

0.75%, 10/07/24

    970       924,551  

0.88%, 01/20/26

    1,174       1,051,674  

1.15%, 06/10/25

    1,396       1,297,155  

1.15%, 07/14/26

    737       649,173  

1.20%, 04/27/26

    1,542       1,374,569  

1.40%, 11/02/26

    815       714,673  

1.60%, 01/21/25

    830       788,551  

2.05%, 01/21/27

    369       326,554  

2.25%, 11/01/24

    1,484       1,431,173  

2.55%, 07/16/24(a)

    1,228       1,199,330  

3.38%, 04/14/25

    1,440       1,389,184  

3.63%, 05/04/27

    1,065       986,345  

3.97%, 07/26/24

    1,395       1,376,410  

4.24%, 08/03/27

    1,075       1,010,044  

4.65%, 01/27/26

    1,269       1,228,851  

4.88%, 01/12/26

    945       924,881  

4.90%, 01/12/28

    710       681,883  

4.95%, 04/25/25

    800       788,096  

5.20%, 07/20/26

    840       826,661  

5.20%, 08/01/28

    955       921,893  

5.66%, 10/25/24

    650       647,887  

6.00%, 11/01/27

    1,170       1,170,278  

Santander Holdings USA Inc.

   

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

    1,085       933,114  

3.24%, 10/05/26 (Call 08/05/26)

    660       592,564  

3.45%, 06/02/25 (Call 05/02/25)

    763       721,443  

3.50%, 06/07/24 (Call 05/07/24)

    1,150       1,127,076  

4.26%, 06/09/25 (Call 06/09/24),
(1-day SOFR + 1.380%)(b)

    335       327,678  

 

 

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

  25


Schedule of Investments  (continued)

October 31, 2023

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

   

4.40%, 07/13/27 (Call 04/14/27)

  $ 555     $ 510,027  

4.50%, 07/17/25 (Call 04/17/25)(a)

    886       850,490  

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

    50       48,956  

Santander UK Group Holdings PLC

   

1.09%, 03/15/25 (Call 03/15/24),
(1-day SOFR + 0.787%)(b)

    200       195,314  

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

    762       689,718  

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

    605       527,890  

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

    1,025       885,282  

4.80%, 11/15/24 (Call 11/15/23),
(3-mo. LIBOR US + 1.570%)(b)

    901       900,503  

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

    560       559,093  

Santander UK PLC, 4.00%, 03/13/24(a)

    887       880,455  

State Street Corp.
2.65%, 05/19/26(a)

    270       250,963  

3.30%, 12/16/24

    743       720,663  

3.55%, 08/18/25

    1,046       1,004,219  

3.70%, 11/20/23(a)

    636       635,232  

Sumitomo Mitsui Banking Corp.
3.40%, 07/11/24

    690       677,864  

3.65%, 07/23/25(a)

    40       38,454  

3.95%, 01/10/24

    535       532,950  

Sumitomo Mitsui Financial Group Inc.
0.51%, 01/12/24

                  365                 361,119  

0.95%, 01/12/26

    1,124       1,007,981  

1.40%, 09/17/26

    1,910       1,677,723  

1.47%, 07/08/25

    2,010       1,861,682  

1.90%, 09/17/28

    1,915       1,565,463  

2.17%, 01/14/27

    490       433,746  

2.35%, 01/15/25

    1,054       1,007,730  

2.45%, 09/27/24(a)

    1,030       997,343  

2.63%, 07/14/26

    2,200       2,016,522  

2.70%, 07/16/24

    2,060       2,013,024  

3.01%, 10/19/26

    1,100       1,008,906  

3.35%, 10/18/27(a)

    440       396,957  

3.36%, 07/12/27

    1,540       1,400,592  

3.45%, 01/11/27

    1,135       1,047,567  

3.54%, 01/17/28

    815       735,035  

3.78%, 03/09/26

    1,545       1,467,320  

3.94%, 07/19/28

    500       454,642  

4.31%, 10/16/28

    500       460,826  

5.46%, 01/13/26

    760       750,076  

5.52%, 01/13/28

    2,225       2,166,890  

5.72%, 09/14/28

    1,400       1,369,734  

5.80%, 07/13/28

    590       579,625  

5.88%, 07/13/26

    645       642,133  

Svenska Handelsbanken AB, 3.90%, 11/20/23

    1,186       1,184,877  

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

    660       630,373  

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

    670       612,088  

Toronto-Dominion Bank (The)
0.55%, 03/04/24

    597       586,961  

0.70%, 09/10/24

    935       895,447  

0.75%, 09/11/25

    915       832,744  

0.75%, 01/06/26(a)

    1,169       1,045,176  

1.15%, 06/12/25

    836       774,535  
Security   Par
(000)
    Value  

Banks (continued)

   

1.20%, 06/03/26

  $ 1,250     $ 1,107,884  

1.25%, 12/13/24

    495       469,800  

1.25%, 09/10/26

    1,325       1,166,919  

1.45%, 01/10/25(a)

    705       670,024  

1.95%, 01/12/27

    710       627,303  

2.35%, 03/08/24

    1,380       1,364,814  

2.65%, 06/12/24

    1,436       1,406,143  

2.80%, 03/10/27

    1,025       923,614  

3.25%, 03/11/24

    990       981,853  

3.77%, 06/06/25

    1,365       1,319,114  

4.11%, 06/08/27

    1,355       1,270,766  

4.29%, 09/13/24

    1,450       1,428,714  

4.69%, 09/15/27

    1,300       1,237,273  

5.10%, 01/09/26

    815       802,103  

5.16%, 01/10/28

    1,415       1,363,672  

5.52%, 07/17/28

    945       920,665  

5.53%, 07/17/26

    915       905,258  

Truist Bank
1.50%, 03/10/25 (Call 02/10/25)

    1,290       1,206,995  

2.15%, 12/06/24 (Call 11/05/24)

    1,232       1,176,437  

3.20%, 04/01/24 (Call 03/01/24)(a)

    1,497       1,476,502  

3.30%, 05/15/26 (Call 04/15/26)

    620       567,715  

3.63%, 09/16/25 (Call 08/16/25)

    1,115       1,051,690  

3.80%, 10/30/26 (Call 09/30/26)

                  775                 709,249  

4.05%, 11/03/25 (Call 09/03/25)

    438       419,167  

Truist Financial Corp.
1.13%, 08/03/27 (Call 06/03/27)

    130       107,258  

1.20%, 08/05/25 (Call 07/03/25)

    736       671,939  

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

    1,178       1,032,093  

2.50%, 08/01/24 (Call 07/01/24)

    1,198       1,165,041  

2.85%, 10/26/24 (Call 09/26/24)

    1,146       1,109,739  

3.70%, 06/05/25 (Call 05/05/25)

    1,032       990,265  

3.75%, 12/06/23 (Call 11/13/23)(a)

    557       555,702  

4.00%, 05/01/25 (Call 03/01/25)

    897       861,832  

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

    840       764,041  

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

    1,405       1,346,035  

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

    460       424,561  

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

    635       624,274  

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

    715       701,093  

U.S. Bancorp.
1.45%, 05/12/25 (Call 04/11/25)

    1,375       1,281,824  

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

    1,260       1,096,963  

2.40%, 07/30/24 (Call 06/28/24)

    1,289       1,255,525  

3.10%, 04/27/26 (Call 03/27/26)(a)

    825       759,672  

3.38%, 02/05/24 (Call 01/05/24)

    1,280       1,272,819  

3.60%, 09/11/24 (Call 08/11/24)(a)

    1,061       1,035,349  

3.70%, 01/30/24 (Call 12/29/23)(a)

    595       591,928  

3.90%, 04/26/28 (Call 03/24/28)

    890       808,696  

3.95%, 11/17/25 (Call 10/17/25)

    645       616,415  

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

    1,465       1,358,885  

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

    1,130       1,113,359  

 

 

26  

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


Schedule of Investments  (continued)

October 31, 2023

  

iShares® 0-5 Year Investment Grade Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Banks (continued)

   

6.79%, 10/26/27 (Call 10/26/26),
(1-day SOFR + 1.880%)(a)(b)

  $ 350     $ 352,683  

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

    839       761,421  

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

    1,110       1,001,718  

U.S. Bank NA/Cincinnati OH
2.05%, 01/21/25 (Call 12/20/24)

    846       804,767  

2.80%, 01/27/25 (Call 12/27/24)

    923       885,387  

UBS AG
5.65%, 09/11/28

    1,350       1,322,060  

5.80%, 09/11/25

    600       596,640  

UBS Group AG
3.75%, 03/26/25

    1,324       1,275,024  

4.55%, 04/17/26

    1,360       1,308,265  

Wells Fargo & Co.

   

0.81%, 05/19/25 (Call 05/19/24),
(1-day SOFR + 0.510%)(b)

    1,170       1,133,096  

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

    3,501       3,311,697  

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

    2,833       2,665,324  

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

    3,445       3,000,612  

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

    1,214       1,164,810  

3.00%, 02/19/25

    1,911       1,838,122  

3.00%, 04/22/26

    1,093       1,015,556  

3.00%, 10/23/26

    3,075       2,817,997  

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

    2,780       2,569,742  

3.30%, 09/09/24

    2,131       2,083,135  

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

    4,025       3,669,796  

3.55%, 09/29/25

    2,655       2,534,496  

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

    3,045       2,772,126  

3.75%, 01/24/24 (Call 12/22/23)

    2,853       2,838,006  

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

    2,745       2,646,801  

4.10%, 06/03/26

    2,177       2,064,236  

4.30%, 07/22/27

    2,090       1,948,933  

4.48%, 01/16/24(a)

    498       496,296  

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

    2,035       1,971,767  

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

    3,035       2,869,317  

Wells Fargo Bank NA
5.45%, 08/07/26 (Call 07/07/26)

    2,910       2,881,590  

5.55%, 08/01/25 (Call 07/01/25)(a)

    2,000       1,992,041  

Westpac Banking Corp.
1.02%, 11/18/24

    1,180       1,123,412  

1.15%, 06/03/26

    1,055       942,891  

2.35%, 02/19/25(a)

    1,316       1,262,517  

2.70%, 08/19/26(a)

                  675                 624,239  

2.85%, 05/13/26

    1,065       998,115  

3.30%, 02/26/24

    1,172       1,162,274  

3.35%, 03/08/27

    800       741,526  

3.40%, 01/25/28

    985       903,548  

3.74%, 08/26/25

    345       333,926  

4.04%, 08/26/27(a)

    735       697,964  

5.35%, 10/18/24(a)

    475       473,078  
Security   Par
(000)
    Value  

Banks (continued)

   

5.46%, 11/18/27

  $ 1,190     $ 1,181,234  
   

 

 

 
      779,992,669  
Beverages — 1.3%            

Anheuser-Busch InBev Worldwide Inc.
3.65%, 02/01/26 (Call 11/01/25)

    1,664       1,599,980  

4.00%, 04/13/28 (Call 01/13/28)

    2,205       2,072,766  

Coca-Cola Co. (The)
1.00%, 03/15/28

    1,180       990,683  

1.45%, 06/01/27

    1,290       1,132,860  

1.50%, 03/05/28(a)

    670       574,545  

1.75%, 09/06/24

    1,086       1,055,887  

2.90%, 05/25/27

    450       414,996  

3.38%, 03/25/27

    1,105       1,042,963  

Constellation Brands Inc.
3.50%, 05/09/27 (Call 02/09/27)

    515       476,381  

3.60%, 05/09/24

    405       400,788  

3.60%, 02/15/28 (Call 11/15/27)

    570       521,145  

3.70%, 12/06/26 (Call 09/06/26)

    624       585,530  

4.35%, 05/09/27 (Call 04/09/27)

    615       586,831  

4.40%, 11/15/25 (Call 09/15/25)(a)

    584       567,741  

5.00%, 02/02/26 (Call 02/02/24)

    520       510,830  

Diageo Capital PLC
1.38%, 09/29/25 (Call 08/29/25)

    835       772,782  

2.13%, 10/24/24 (Call 09/24/24)

    717       692,616  

5.20%, 10/24/25

    450       448,041  

5.30%, 10/24/27 (Call 09/24/27)

    800       793,456  

5.38%, 10/05/26 (Call 09/05/26)

    300       300,030  

Keurig Dr Pepper Inc.
0.75%, 03/15/24 (Call 11/13/23)

    960