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2026 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
iShares Trust
• iShares iBoxx $ High Yield Corporate Bond ETF | HYG | NYSE Arca
• iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | NYSE Arca
AUGUST 31, 2026
BNM1026U-6054792-19277014
Page 2
Page Schedules of Investments ............................................................................................................................... .................... 3 Statements of Assets and Liabilities ............................................................................................................................... . . . . . . . . . . . 53 Statements of Operations ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . 54 Statements of Changes in Net Assets ............................................................................................................................... . . . . . . . . . 55 Financial Highlights ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . . . 56 Notes to Financial Statements ............................................................................................................................... . . . . . . . . . . . . . . . . 58 Additional Information ............................................................................................................................... . . . . . . . . . . . . . . . . . . . . . . . . 66 Board Review and Approval of Investment Advisory Contract . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 Glossary of Terms Used in these Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73
Table of Contents
2 BNM1026U-6054792-19277014
Page 3
Security
Par (000) Value
Corporate Bonds & Notes Advertising — 1.2% Clear Channel Outdoor Holdings, Inc. 7.13%, 02/15/31 (a) .......................... $ 14,763 $ 15,196,648 7.50%, 06/01/29 (a)(b) ........................ 1 1,428 11,419,715 7.50%, 03/15/33 (a)(b) ........................ 10,727 11,298,465 7.75%, 04/15/28 (a) .......................... 10,584 10,579,204 7.88%, 04/01/30 (a) .......................... 12,524 12,991,706 Lamar Media Corp. 3.63%, 01/15/31 (b) .......................... 6,745 6,280,041 3.75%, 02/15/28 ............................ 7,093 6,946,917 4.00%, 02/15/30 (b) .......................... 7,304 6,962,358 4.88%, 01/15/29 (b) .......................... 3,941 3,903,812 5.38%, 11/01/33 (a) .......................... 4,613 4,486,233 Neptune Bidco U.S., Inc. 9.29%, 04/15/29 (a) .......................... 33,956 34,757,681 9.50%, 02/15/33 (a) .......................... 19,386 19,912,910 10.38%, 05/15/31 (a) ......................... 15,367 16,140,908 Outfront Media Capital LLC/Outfront Media Capital Corp. 4.25%, 01/15/29 (a) .......................... 5,289 5,150,267 4.63%, 03/15/30 (a)(b) ........................ 7,427 7,194,281 6.00%, 06/15/34 (a) .......................... 5,538 5,467,902 7.38%, 02/15/31 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 5,117 5,302,833 Stagwell Global LLC, 5.63%, 08/15/29 (a)(b) ...... 13,274 12,924,849 196,916,730 Aerospace & Defense — 2.0% ATI, Inc. 5.88%, 06/15/33 ............................ 4,854 4,900,409 7.25%, 08/15/30 ............................ 4,141 4,290,188 Bombardier, Inc. 5.88%, 01/15/35 (a)(b) ........................ 5,691 5,643,984 6.75%, 06/15/33 (a)(b) ........................ 10,502 10,838,945 7.00%, 06/01/32 (a)(b) ........................ 9,686 10,014,860 7.25%, 07/01/31 (a)(b) ........................ 8,969 9,370,658 8.75%, 11/15/30 (a) .......................... 9,143 9,622,802 Incora Top Holdco LLC, 6.00%, 01/31/33 (c)(d)(e) . 4,292 1,235,354 TransDigm, Inc. 4.63%, 01/15/29 ............................ 14,835 14,570,194 4.88%, 05/01/29 (b) .......................... 9,257 9,118,380 6.00%, 01/15/33 (a) .......................... 20,530 20,526,664 6.13%, 07/31/34 (a)(b) ........................ 22,720 22,448,042 6.25%, 01/31/34 (a)(b) ........................ 5,649 5,706,259 6.38%, 03/01/29 (a) .......................... 35,403 35,865,983 6.38%, 05/31/33 (a) .......................... 35,821 35,911,777 6.63%, 03/01/32 (a) .......................... 29,743 30,363,885 6.75%, 08/15/28 (a) .......................... 27,530 27,743,531 6.75%, 01/31/34 (a) .......................... 25,101 25,495,377 6.88%, 12/15/30 (a) .......................... 18,973 19,427,978 7.13%, 12/01/31 (a) .......................... 12,924 13,342,771 316,438,041 Agriculture — 0.1% Darling Ingredients, Inc., 6.00%, 06/15/30 (a)(b) . . 12,543 12,598,602
Airlines — 0.8% Alaska Airlines, Inc., 6.50%, 06/01/31 (a)(b) ...... 6,846 6,836,303 American Airlines, Inc., 7.25%, 02/15/28 (a)(b) .... 10,057 10,150,644 American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 (a)(b) ................... 34,984 34,938,585 JetBlue Airways Corp./JetBlue Loyalty LP, 9.88%, 09/20/31 (a)(b) ........................ 25,611 21,951,465
Security
Par (000) Value
Airlines (continued) United Airlines Holdings, Inc. 4.88%, 03/01/29 . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12 ,862 $ 12,675,029 5.38%, 03/01/31 (b) .......................... 12,419 12,303,938 VistaJet Malta Finance PLC/Vista Management Holding, Inc. 6.38%, 02/01/30 (a)(b) ........................ 12,005 11,572,246 8.75%, 01/15/32 (a)(b) ........................ 6,704 6,806,236 9.50%, 06/01/28 (a)(b) ........................ 5,533 5,648,115 122,882,561 Apparel — 0.3% Beach Acquisition Bidco LLC, 10.00%, 07/15/33, (10.00% PIK) (a)(f) .................. 29,371 31,581,219 VF Corp., 2.95%, 04/23/30 (b) ................... 12,179 11,060,555 42,641,774 Auto Manufacturers — 1.3% Allison Transmission, Inc. 3.75%, 01/30/31 (a)(b) ........................ 12,335 11,484,317 4.75%, 10/01/27 (a) .......................... 2,872 2,862,837 5.88%, 06/01/29 (a)(b) ........................ 5,402 5,421,697 5.88%, 12/01/33 (a)(b) ........................ 6,939 6,878,443 Aston Martin Capital Holdings Ltd., 10.00%, 03/31/29 (a) ................................. 14,542 8,514,341 Jaguar Land Rover Automotive PLC 4.50%, 10/01/27 (a)(b) ........................ 5,178 5,131,871 5.50%, 07/15/29 (a)(b) ........................ 4,842 4,793,397 5.88%, 01/15/28 (a) .......................... 6,933 6,918,172 Nissan Motor Acceptance Co. LLC 2.75%, 03/09/28 (a) .......................... 7,556 7,215,152 5.30%, 09/13/27 (a) .......................... 4,018 4,009,976 5.63%, 09/29/28 (a)(b) ........................ 8,715 8,677,101 6.13%, 09/30/30 (a)(b) ........................ 16,517 16,219,063 7.05%, 09/15/28 (a) .......................... 8,940 9,114,544 Nissan Motor Co. Ltd. 4.35%, 09/17/27 (a) .......................... 31,493 31,172,870 4.81%, 09/17/30 (a)(b) ........................ 34,657 32,274,255 7.50%, 07/17/30 (a) .......................... 12,566 12,899,772 7.75%, 07/17/32 (a) .......................... 9,082 9,407,295 8.13%, 07/17/35 (a)(b) ........................ 16,757 17,804,912 200,800,015 Auto Parts & Equipment — 1.9% Adient Global Holdings Ltd. 7.50%, 02/15/33 (a)(b) ........................ 10,416 10,777,494 8.25%, 04/15/31 (a) .......................... 5,809 6,041,568 American Axle & Manufacturing, Inc. 5.00%, 10/01/29 (b) .......................... 8,487 8,282,265 6.38%, 10/15/32 (a) .......................... 13,661 13,657,219 7.75%, 10/15/33 (a)(b) ........................ 16,882 16,949,094 Aptiv Swiss Holdings Ltd., 6.88%, 12/15/54, (5-year CMT + 3.39%) (g) .................... 6,377 6,423,461 Clarios Global LP/Clarios U.S. Finance Co. 6.75%, 05/15/28 (a) .......................... 8,994 9,116,515 6.75%, 02/15/30 (a)(b) ........................ 12,251 12,610,720 6.75%, 09/15/32 (a) .......................... 15,897 16,158,256 Cooper-Standard Automotive, Inc., 9.25%, 03/01/31 (a)(b) ............................... 15,835 16,065,697 Cyprium Corp./Cyprium Holdings Luxembourg SARL 6.13%, 04/15/31 (a) .......................... 10,860 10,848,687 6.38%, 04/15/34 (a)(b) ........................ 13,200 13,079,285
Schedule of Investments (unaudited) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
3 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277014
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Security
Par (000) Value
Auto Parts & Equipment (continued) Forvia SE 6.75%, 09/15/33 (a)(b) ........................ $ 6,760 $ 6,762,853 8.00%, 06/15/30 (a)(b) ........................ 6,143 6,441,489 Goodyear Tire & Rubber Co. (The) 5.00%, 07/15/29 (b) .......................... 12,266 11,716,143 5.25%, 04/30/31 (b) .......................... 6,975 6,257,174 5.25%, 07/15/31 (b) .......................... 7,419 6,594,605 5.63%, 04/30/33 (b) .......................... 5,214 4,528,246 6.63%, 07/15/30 ............................ 6,108 5,906,799 8.88%, 07/15/32 (b) .......................... 13,244 13,504,981 IHO Verwaltungs GmbH 6.38%, 05/15/29, (6.38% Cash or 7.13% PIK) (a)(b)(f) ............................... 4,164 4,197,735 7.38%, 05/15/33, (7.38% PIK) (a)(b)(f) ......... 7,595 7,904,969 7.75%, 11/15/30, (7.75% Cash or 8.50% PIK) (a)(f) ................................. 5,466 5,676,831 8.00%, 11/15/32, (8.00% Cash or 8.75% PIK) (a)(f) ................................. 4,886 5,158,639 Tenneco, Inc., 8.00%, 11/17/28 (a)(b) ............. 23,902 23,966,641 ZF North America Capital, Inc. 6.75%, 04/23/30 (a)(b) ........................ 1 1,032 11,123,835 6.88%, 04/14/28 (a) .......................... 7,787 7,923,511 6.88%, 04/23/32 (a)(b) ........................ 10,510 10,539,515 7.13%, 04/14/30 (a)(b) ........................ 7,090 7,211,527 7.50%, 03/24/31 (a)(b) ........................ 19,708 20,204,110 305,629,864 Banks — 0.0% Freedom Mortgage Corp., 12.25%, 10/01/30 (a) . . 5,711 6,085,755
Beverages — 0.1% Primo Water Holdings, Inc./Triton Water Holdings, Inc. 4.38%, 04/30/29 (a) .......................... 8,610 8,430,080 6.25%, 04/01/29 (a)(b) ........................ 7,920 7,935,593 16,365,673 Biotechnology — 0.2% Genmab A/S/Genmab Finance LLC 6.25%, 12/15/32 (a) .......................... 18,555 18,824,537 7.25%, 12/15/33 (a)(b) ........................ 1 1,948 12,451,856 31,276,393 Building Materials — 2.0% Builders FirstSource, Inc. 4.25%, 02/01/32 (a) .......................... 19,836 18,234,412 5.00%, 03/01/30 (a) .......................... 6,966 6,786,502 6.38%, 06/15/32 (a)(b) ........................ 8,844 8,874,926 6.38%, 03/01/34 (a) .......................... 13,377 13,240,444 6.75%, 05/15/35 (a)(b) ........................ 10,141 10,133,687 Camelot Return Merger Sub, Inc., 8.75%, 08/01/28 (a) ................................. 10,008 5,230,987 Cornerstone Building Brands, Inc., 9.50%, 08/15/29 (a) ................................. 6,812 3,560,671 CP Atlas Buyer, Inc. 9.75%, 07/15/30 (a) .......................... 6,500 5,713,500 12.75%, 01/15/31, (12.75% PIK) (a)(f) ......... 2,943 1,953,784 EMRLD Borrower LP/Emerald Co-Issuer, Inc. 6.63%, 12/15/30 (a)(b) ........................ 36,800 37,530,241 6.75%, 07/15/31 (a)(b) ........................ 5,764 5,934,818 Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC, 6.75%, 04/01/32 (a)(b) ......... 8,591 8,509,572
Security
Par (000) Value
Building Materials (continued) MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/30 (a)(b) ........................ $ 5,524 $ 5,203,694 Quikrete Holdings, Inc. 6.38%, 03/01/32 (a) .......................... 51,203 51,859,806 6.75%, 03/01/33 (a)(b) ........................ 21,413 21,727,758 Smyrna Ready Mix Concrete LLC 6.00%, 11/01/28 (a) .......................... 13,369 13,368,031 8.88%, 11/15/31 (a) .......................... 13,386 13,999,413 Standard Building Solutions, Inc. 5.88%, 03/15/34 (a)(b) ........................ 7,876 7,612,582 6.25%, 08/01/33 (a)(b) ........................ 16,679 16,550,917 6.50%, 08/15/32 (a)(b) ........................ 14,848 14,907,685 Standard Industries, Inc./New York 3.38%, 01/15/31 (a) .......................... 15,693 14,150,152 4.38%, 07/15/30 (a) .......................... 19,890 18,906,809 4.75%, 01/15/28 (a) .......................... 13,360 13,305,295 317,295,686 Chemicals — 2.9% ARC Falcon I, Inc./Arclin USA LLC/New Arclin U.S. Holding Corp., 9.75%, 03/01/33 (a)(b) ..... 13,737 13,761,040 Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/31 (a) .......................... 5,675 5,869,794 Axalta Coating Systems LLC, 3.38%, 02/15/29 (a)(b) ............................... 8,250 7,903,155 Celanese U.S. Holdings LLC 6.50%, 04/15/30 . ........................... 9,966 10,146,744 6.75%, 04/15/33 (b) .......................... 13,438 13,675,252 7.00%, 02/15/31 (b) .......................... 6,754 6,939,992 7.33%, 07/15/29 (b) .......................... 8,651 9,018,115 7.35%, 11/15/28 (b) .......................... 9,019 9,375,136 7.38%, 07/15/32 (b) .......................... 12,895 13,502,582 7.38%, 02/15/34 (b) .......................... 12,204 12,608,410 7.55%, 11/15/30 (b) .......................... 12,370 13,097,347 7.70%, 11/15/33 (b) .......................... 13,995 14,941,851 Chemours Co. (The) 4.63%, 11/15/29 (a)(b) ........................ 9,863 9,333,480 5.75%, 11/15/28 (a)(b) ........................ 8,346 8,262,853 7.88%, 03/15/34 (a)(b) ........................ 8,932 8,718,327 8.00%, 01/15/33 (a) .......................... 8,480 8,357,179 FMC Corp. 3.45%, 10/01/29 (b) .......................... 8,314 7,719,335 5.65%, 05/18/33 (b) .......................... 8,028 7,357,290 8.45%, 11/01/55, (5-year CMT + 4.37%) (g) . . . 8,409 6,221,582 Huntsman International LLC 2.95%, 06/15/31 . ........................... 5,435 4,725,775 4.50%, 05/01/29 . ........................... 1 1,889 11,485,491 INEOS Finance PLC 6.75%, 05/15/28 (a)(b) ........................ 5,416 5,413,874 7.50%, 04/15/29 (a)(b) ........................ 8,848 8,775,950 Methanex Corp. 5.13%, 10/15/27 . ........................... 7,848 7,844,128 5.25%, 12/15/29 (b) .......................... 8,488 8,432,927 Methanex U.S. Operations, Inc., 6.25%, 03/15/32 (a)(b) ............................... 8,802 8,915,051 Olin Corp. 5.00%, 02/01/30 (b) .......................... 7,193 6,960,914 5.63%, 08/01/29 (b) .......................... 10,361 10,299,539 6.63%, 04/01/33 (a)(b) ........................ 9,834 9,659,416 Olympus Water U.S. Holding Corp. 4.25%, 10/01/28 (a)(b) ........................ 1 1,671 11,325,655 6.25%, 10/01/29 (a)(b) ........................ 4,039 4,015,848
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 4 BNM1026U-6054792-19277014
Page 5
Security
Par (000) Value
Chemicals (continued) 6.75%, 08/01/32 (a) .......................... $ 16,905 $ 16,656,841 7.25%, 06/15/31 (a) .......................... 12,442 12,642,721 Series 144*, 7.25%, 02/15/33 (a) ............. 19,665 19,642,562 Perimeter Holdings LLC 5.00%, 10/30/29 (a)(b) ........................ 10,225 9,986,919 6.25%, 01/15/34 (a) .......................... 8,927 8,832,870 Qnity Electronics, Inc. 5.75%, 08/15/32 (a)(b) ........................ 12,616 12,535,106 6.25%, 08/15/33 (a)(b) ........................ 1 1,365 11,440,686 SCIH Salt Holdings, Inc. 6.63%, 08/15/31 (a)(b) ........................ 1 1,995 12,114,804 8.00%, 08/15/32 (a)(b) ........................ 6,660 6,732,731 Solstice Advanced Materials, Inc., 5.63%, 09/30/33 (a)(b) ............................... 15,578 15,281,679 Tronox, Inc. 4.63%, 03/15/29 (a)(b) ........................ 12,934 8,636,174 9.13%, 09/30/30 (a)(b) ........................ 4,120 4,127,665 WR Grace Holdings LLC 5.63%, 08/15/29 (a) .......................... 14,648 13,899,183 6.63%, 08/15/32 (a)(b) ........................ 10,985 10,583,093 7.00%, 08/01/33 (a)(b) ........................ 6,481 6,274,170 454,051,236 Commercial Services — 5.3% ADT Security Corp. (The) 4.13%, 08/01/29 (a)(b) ........................ 14,944 14,372,299 5.88%, 10/15/33 (a)(b) ........................ 15,120 14,772,769 Albion Financing 1 SARL/Aggreko Holdings, Inc., 7.00%, 05/21/30 (a) ..................... 18,559 19,175,888 Allied Universal Holdco LLC, 7.88%, 02/15/31 (a)(b) ............................... 33,050 34,360,076 Allied Universal Holdco LLC/Allied Universal Finance Corp. 6.00%, 06/01/29 (a)(b) ........................ 1 1,562 11,533,673 6.88%, 06/15/30 (a)(b) ........................ 14,566 14,887,544 Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.63%, 06/01/28 (a) ................................. 23,798 23,429,514 APi Group DE, Inc., 5.75%, 06/01/34 (a) ......... 7,548 7,408,067 Avis Budget Car Rental LLC/Avis Budget Finance, Inc. 4.75%, 04/01/28 (a) .......................... 5,684 5,610,321 5.38%, 03/01/29 (a)(b) ........................ 7,870 7,730,175 8.00%, 02/15/31 (a)(b) ........................ 1 1,547 11,681,480 8.25%, 01/15/30 (a)(b) ........................ 8,159 8,380,292 8.38%, 06/15/32 (a)(b) ........................ 7,461 7,589,302 Belron U.K. Finance PLC, 5.75%, 10/15/29 (a) . . . 14,236 14,298,772 Block, Inc. 3.50%, 06/01/31 (b) .......................... 14,482 13,265,570 5.63%, 08/15/30 (a) .......................... 14,783 14,801,711 6.00%, 08/15/33 (a) .......................... 15,403 15,369,916 6.50%, 05/15/32 ............................ 25,302 25,684,956 Brink's Co. (The) 4.63%, 10/15/27 (a) .......................... 6,534 6,490,993 6.50%, 06/15/29 (a) .......................... 4,092 4,156,737 6.75%, 06/15/32 (a)(b) ........................ 5,229 5,304,915 Carrix, Inc., 6.13%, 08/01/33 (a) ................. 33,414 33,397,333 Clarivate Science Holdings Corp. 3.88%, 07/01/28 (a) .......................... 12,273 11,911,822 4.88%, 07/01/29 (a)(b) ........................ 14,157 13,309,881 EquipmentShare.com, Inc. 7.13%, 07/01/34 (a)(b) ........................ 18,196 17,898,677
Security
Par (000) Value
Commercial Services (continued) 8.00%, 03/15/33 (a)(b) ........................ $ 5,553 $ 5,700,078 8.63%, 05/15/32 (a)(b) ........................ 6,788 7,052,093 9.00%, 05/15/28 (a) .......................... 13,339 13,618,236 Garda World Security Corp. 6.00%, 06/01/29 (a)(b) ........................ 5,628 5,561,956 6.50%, 01/15/31 (a)(b) ........................ 8,615 8,738,282 7.75%, 02/15/28 (a)(b) ........................ 4,152 4,212,883 8.25%, 08/01/32 (a)(b) ........................ 10,063 10,288,549 8.38%, 11/15/32 (a) .......................... 12,802 13,099,705 GEO Group, Inc. (The) 8.63%, 04/15/29 . ........................... 7,560 7,854,502 10.25%, 04/15/31 ........................... 7,847 8,438,957 Herc Holdings, Inc. 5.75%, 03/15/31 (a)(b) ........................ 7,017 6,993,809 6.00%, 03/15/34 (a)(b) ........................ 8,420 8,297,664 6.63%, 06/15/29 (a)(b) ........................ 9,714 9,892,531 7.00%, 06/15/30 (a)(b) ........................ 20,885 21,596,729 7.25%, 06/15/33 (a)(b) ........................ 13,772 14,228,357 Hertz Corp. (The) 5.00%, 12/01/29 (a) .......................... 12,132 4,179,474 12.63%, 07/15/29 (a)(b) ....................... 16,134 10,904,043 ION Platform Finance U.S., Inc., 7.88%, 09/30/32 (a)(b) ............................... 19,003 15,005,529 Prime Security Services Borrower LLC/Prime Finance, Inc., 3.38%, 08/31/27 (a) ............ 1 1,474 11,249,641 Raven Acquisition Holdings LLC, 6.88%, 11/15/31 (a)(b) ................................ 18,020 17,950,463 RR Donnelley & Sons Co. 9.50%, 08/01/29 (a)(b) ........................ 12,750 13,280,531 10.88%, 08/01/29 (a) ......................... 5,530 5,726,862 11.00%, 06/01/31, (5.50% Cash and 5.50% PIK) (a)(f) ................................. 10,590 10,210,536 Service Corp. International/U.S. 3.38%, 08/15/30 . ........................... 9,929 9,212,188 4.00%, 05/15/31 . ........................... 10,907 10,241,586 4.63%, 12/15/27 . ........................... 5,834 5,808,115 5.13%, 06/01/29 (b) .......................... 9,545 9,499,467 5.75%, 10/15/32 (b) .......................... 10,851 10,842,406 Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc., 6.75%, 08/15/32 (a)(b) .............. 25,501 25,171,124 Sotheby's, 8.25%, 04/15/31 (a) .................. 1 1,750 11,897,529 Synergy Infrastructure Holdings LLC 7.00%, 07/15/34 (a) .......................... 5,150 5,238,141 7.88%, 12/01/30 (a)(b) ........................ 5,414 5,701,096 United Rentals North America, Inc. 3.75%, 01/15/32 (b) .......................... 8,932 8,185,095 3.88%, 11/15/27 . ........................... 9,475 9,367,190 3.88%, 02/15/31 (b) .......................... 14,588 13,656,712 4.00%, 07/15/30 (b) .......................... 8,993 8,547,508 4.88%, 01/15/28 . ........................... 22,254 22,146,079 5.25%, 01/15/30 (b) .......................... 9,966 9,927,062 5.38%, 11/15/33 (a) .......................... 20,046 19,518,351 6.13%, 03/15/34 (a)(b) ........................ 14,798 15,002,525 Valvoline, Inc., 6.13%, 08/15/34 (a) .............. 5,886 5,875,183 Wand NewCo 3, Inc., 7.63%, 01/30/32 (a) ....... 18,858 19,167,426 Williams Scotsman, Inc. 4.63%, 08/15/28 (a) .......................... 5,779 5,719,595 6.63%, 06/15/29 (a) .......................... 6,170 6,266,880 6.63%, 04/15/30 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,119 6,249,832 7.38%, 10/01/31 (a)(b) ........................ 5,232 5,404,959 839,550,142
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
5 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277014
Page 6
Security
Par (000) Value
Computers — 0.7% Amentum Holdings, Inc., 7.25%, 08/01/32 (a)(b) . . $ 16,200 $ 16,684,873 CACI International, Inc., 6.38%, 06/15/33 (a)(b) . . . 22,294 22,592,940 McAfee Corp., 7.38%, 02/15/30 (a)(b) ............ 21,893 19,762,934 NCR Atleos Corp., 9.50%, 04/01/29 (a) .......... 16,533 17,504,922 NCR Voyix Corp. 5.00%, 10/01/28 (a)(b) ........................ 8,023 7,873,307 5.13%, 04/15/29 (a)(b) ........................ 4,617 4,508,395 Seagate Data Storage Technology Pte Ltd. 4.09%, 06/01/29 (b) .......................... 5,742 5,549,643 5.88%, 07/15/30 (b) .......................... 3,527 3,578,264 9.63%, 12/01/32 (b) .......................... 9,248 10,175,799 108,231,077 Cosmetics & Personal Care — 0.4% Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International U.S. LLC 4.75%, 01/15/29 (a) .......................... 5,475 5,356,607 5.60%, 01/15/31 (a) .......................... 1,822 1,773,263 6.63%, 07/15/30 (a) .......................... 2,775 2,781,852 Edgewell Personal Care Co. 4.13%, 04/01/29 (a)(b) ........................ 5,444 5,269,249 5.50%, 06/01/28 (a) .......................... 9,828 9,825,718 Opal Bidco SAS, 6.50%, 03/31/32 (a)(b) .......... 13,339 13,462,842 Perrigo Finance Unlimited Co. 5.15%, 06/15/30 (b) .......................... 10,699 10,324,105 6.13%, 09/30/32 (b) .......................... 9,019 8,836,350 Prestige Brands, Inc. 3.75%, 04/01/31 (a)(b) ........................ 8,566 7,883,821 6.25%, 07/15/34 (a)(b) ........................ 3,853 3,863,867 69,377,674 Distribution & Wholesale — 0.3% American Builders & Contractors Supply Co., Inc. 3.88%, 11/15/29 (a)(b) ........................ 4,245 4,037,783 4.00%, 01/15/28 (a) .......................... 8,186 8,067,218 RB Global Holdings, Inc. 6.75%, 03/15/28 (a) .......................... 6,054 6,112,598 7.75%, 03/15/31 (a) .......................... 9,840 10,161,959 Veritiv Operating Co., 10.50%, 11/30/30 (a) ...... 12,727 13,279,004 41,658,562 Diversified Financial Services — 5.1% Ally Financial, Inc. 6.65%, 01/17/40, (5-year CMT + 2.45%) (g) . . . 7,762 7,595,719 6.70%, 02/14/33 (b) .......................... 6,644 6,758,778 Aretec Group, Inc. 7.50%, 04/01/29 (a)(b) ........................ 4,085 4,067,342 10.00%, 08/15/30 (a) ......................... 8,396 8,816,178 Azorra Finance Ltd. 6.25%, 02/15/34 (a)(b) ........................ 7,907 7,823,716 7.25%, 01/15/31 (a) .......................... 8,448 8,747,712 7.75%, 04/15/30 (a) .......................... 7,570 7,864,693 Burford Capital Global Finance LLC 6.25%, 04/15/28 (a)(b) ........................ 4,457 4,404,850 7.50%, 07/15/33 (a)(b) ........................ 6,914 6,084,839 8.50%, 01/15/34 (a)(b) ........................ 6,504 5,883,593 9.25%, 07/01/31 (a)(b) ........................ 8,600 8,587,480 CI Financial Holdings Ltd., 7.63%, 07/23/56, (5-year CMT + 3.25%) (a)(g) .................. 6,581 6,655,493 Coinbase Global, Inc. 3.38%, 10/01/28 (a)(b) ........................ 1 1,936 11,381,284 3.63%, 10/01/31 (a)(b) ........................ 1 1,216 9,892,402
Security
Par (000) Value
Diversified Financial Services (continued) Credit Acceptance Corp. 6.63%, 03/15/30 (a)(b) ........................ $ 8,501 $ 8,542,684 9.25%, 12/15/28 (a) .......................... 8,874 9,177,829 CrossCountry Intermediate HoldCo LLC 6.50%, 10/01/30 (a) .......................... 15,458 15,034,913 6.75%, 12/01/32 (a)(b) ........................ 9,978 9,557,109 7.75%, 08/15/31 (a) .......................... 3,630 3,631,933 Encore Capital Group, Inc. 6.63%, 04/15/31 (a) .......................... 6,660 6,677,816 6.63%, 06/01/32 (a)(b) ........................ 1 1,147 11,166,979 8.50%, 05/15/30 (a)(b) ........................ 7,056 7,476,330 Focus Financial Partners LLC 6.75%, 09/15/31 (a) .......................... 13,820 13,742,416 7.25%, 09/15/31 (a)(b) ........................ 4,900 4,955,759 Freedom Mortgage Holdings LLC 6.88%, 05/01/31 (a) .......................... 1 1,483 11,000,330 7.88%, 04/01/33 (a)(b) ........................ 5,312 5,112,172 8.00%, 02/01/32 (a) .......................... 6,502 6,423,790 8.38%, 04/01/32 (a)(b) ........................ 8,128 8,158,345 9.13%, 05/15/31 (a) .......................... 9,334 9,621,020 9.25%, 02/01/29 (a) .......................... 13,648 14,091,475 GGAM Finance Ltd. 5.88%, 03/15/30 (a) .......................... 4,837 4,851,375 6.88%, 04/15/29 (a)(b) ........................ 5,037 5,127,584 8.00%, 06/15/28 (a)(b) ........................ 7,131 7,368,997 goeasy Ltd. 6.88%, 02/15/31 (a)(b) ........................ 5,035 4,506,135 7.38%, 10/01/30 (a)(b) ........................ 4,300 3,980,546 7.63%, 07/01/29 (a) .......................... 7,411 7,092,878 9.25%, 12/01/28 (a)(b) ........................ 6,827 6,831,840 Series 144*, 6.88%, 05/15/30 (a)(b) ........... 5,411 4,914,224 Jefferies Finance LLC/JFIN Co-Issuer Corp. 5.00%, 08/15/28 (a) .......................... 1 1,836 11,454,726 6.63%, 10/15/31 (a)(b) ........................ 6,059 5,990,318 Jefferson Capital Holdings LLC, 8.25%, 05/15/30 (a) ................................. 6,500 6,801,777 Navient Corp. 4.88%, 03/15/28 (b) .......................... 7,085 7,002,392 5.50%, 03/15/29 (b) .......................... 12,470 12,193,529 7.88%, 06/15/32 (b) .......................... 6,311 6,122,459 9.38%, 07/25/30 (b) .......................... 6,245 6,554,986 9.38%, 10/15/31 (b) .......................... 5,695 5,832,775 11.50%, 03/15/31 (b) ......................... 5,947 6,420,924 OneMain Finance Corp. 3.88%, 09/15/28 (b) .......................... 6,845 6,634,340 4.00%, 09/15/30 . ........................... 10,201 9,422,483 5.38%, 11/15/29 (b) .......................... 8,929 8,778,874 6.13%, 05/15/30 . ........................... 8,709 8,669,708 6.50%, 03/15/33 (b) .......................... 13,395 13,106,314 6.63%, 01/15/28 (b) .......................... 9,757 9,845,688 6.63%, 05/15/29 . ........................... 12,850 13,042,015 6.75%, 03/15/32 . ........................... 9,437 9,457,251 6.75%, 09/15/33 . ........................... 12,914 12,733,819 7.13%, 11/15/31 (b) .......................... 10,691 10,845,335 7.13%, 09/15/32 . ........................... 10,616 10,757,052 7.13%, 03/15/34 . ........................... 5,580 5,579,330 7.50%, 05/15/31 . ........................... 8,748 8,967,793 7.88%, 03/15/30 . ........................... 8,950 9,283,064 Osaic Holdings, Inc. 6.75%, 08/01/32 (a) .......................... 14,454 14,537,878 8.00%, 08/01/33 (a) .......................... 9,829 10,054,524
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 6 BNM1026U-6054792-19277014
Page 7
Security
Par (000) Value
Diversified Financial Services (continued) PennyMac Financial Services, Inc. 4.25%, 02/15/29 (a) .......................... $ 10,023 $ 9,557,687 5.75%, 09/15/31 (a) .......................... 7,558 7,059,360 6.75%, 02/15/34 (a) .......................... 8,897 8,236,401 6.88%, 05/15/32 (a) .......................... 10,550 10,138,874 6.88%, 02/15/33 (a)(b) ........................ 1 1,980 11,367,491 7.13%, 11/15/30 (a) .......................... 8,955 8,983,879 7.88%, 12/15/29 (a) .......................... 1 1,446 11,811,531 PRA Group, Inc. 8.38%, 02/01/28 (a)(b) ........................ 4,721 4,778,347 8.88%, 01/31/30 (a)(b) ........................ 8,085 8,381,760 Rocket Companies, Inc. 6.13%, 08/01/30 (a)(b) ........................ 25,283 25,613,545 6.38%, 08/01/33 (a)(b) ........................ 27,360 27,690,629 Rocket Cos, Inc. 6.13%, 08/01/31 (a)(b) ........................ 12,357 12,510,443 6.50%, 08/01/29 (a) .......................... 8,565 8,708,013 6.50%, 06/15/34 (a)(b) ........................ 7,945 8,072,696 7.13%, 02/01/32 (a)(b) ........................ 12,916 13,335,739 Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. 3.63%, 03/01/29 (a) .......................... 8,776 8,444,911 3.88%, 03/01/31 (a)(b) ........................ 15,085 14,061,214 4.00%, 10/15/33 (a)(b) ........................ 1 1,624 10,392,316 SLM Corp. 6.50%, 01/31/30 ............................ 3,000 3,054,995 6.50%, 05/15/32, (1-day SOFR Index + 2.71%) (g) ................................ 7,532 7,562,572 Stonebriar ABF Issuer LLC 7.00%, 08/15/31 (a) .......................... 5,344 5,202,115 8.13%, 12/15/30 (a)(b) ........................ 8,771 8,854,440 Stonex Escrow Issuer LLC, 6.88%, 07/15/32 (a)(b) ............................... 8,629 8,776,569 StoneX Group, Inc., 7.88%, 03/01/31 (a) ......... 6,333 6,587,563 Synchrony Financial, 7.25%, 02/02/33 (b) ........ 1 1,693 12,092,633 UWM Holdings LLC 6.25%, 03/15/31 (a)(b) ........................ 12,940 11,568,580 6.63%, 02/01/30 (a) .......................... 9,847 9,206,755 805,748,970 Electric — 3.5% AES Corp. (The) 6.95%, 07/15/55, (5-year CMT + 2.89%) (g) . . . 5,839 5,744,595 7.60%, 01/15/55, (5-year CMT + 3.20%) (g) . . . 11,816 12,047,992 Alpha Generation LLC 6.25%, 01/15/34 (a)(b) ........................ 1 1,750 11,502,935 6.75%, 10/15/32 (a) .......................... 15,160 15,250,172 California Buyer Ltd./Atlantica Sustainable Infrastructure PLC, 6.38%, 02/15/32 (a) ....... 15,936 15,670,858 Clearway Energy Operating LLC 3.75%, 02/15/31 (a)(b) ........................ 14,224 13,107,466 4.75%, 03/15/28 (a) .......................... 12,358 12,240,485 5.75%, 01/15/34 (a) .......................... 9,549 9,220,952 DPL LLC, 4.35%, 04/15/29 ..................... 4,240 4,118,166 Edison International 7.88%, 06/15/54, (5-year CMT + 3.66%) (b)(g) . 5,049 5,119,989 8.13%, 06/15/53, (5-year CMT + 3.86%) (b)(g) . 5,492 5,536,581 Electricite de France SA, 9.13%, (5-year CMT + 5.41%) (a)(g)(h) ............................... 18,477 21,177,484 EUSHI Finance, Inc. 6.25%, 04/01/56, (5-year CMT + 2.51%) (g) . . . 8,702 8,549,495 7.63%, 12/15/54, (5-year CMT + 3.14%) (g) . . . 5,461 5,643,232
Security
Par (000) Value
Electric (continued) NRG Energy, Inc. 3.38%, 02/15/29 (a) .......................... $ 5,281 $ 5,024,775 3.63%, 02/15/31 (a) .......................... 12,189 11,225,134 3.88%, 02/15/32 (a) .......................... 6,715 6,142,546 5.25%, 06/15/29 (a) .......................... 9,174 9,113,700 5.75%, 01/15/28 (b) .......................... 9,579 9,589,477 5.75%, 07/15/29 (a) .......................... 10,045 10,027,369 5.75%, 01/15/34 (a) .......................... 15,672 15,254,653 5.88%, 05/15/34 (a) .......................... 13,481 13,132,608 6.00%, 02/01/33 (a)(b) ........................ 1 1,121 11,060,266 6.00%, 01/15/36 (a) .......................... 34,633 33,657,870 6.13%, 05/15/36 (a)(b) ........................ 14,824 14,520,873 6.25%, 11/01/34 (a)(b) ........................ 13,042 12,985,403 PacifiCorp 7.13%, 08/15/56, (5-year CMT + 3.29%) (g) . . . 13,451 13,244,764 7.38%, 09/15/55, (5-year CMT + 3.32%) (g) . . . 12,792 12,773,618 PG&E Corp. 5.00%, 07/01/28 (b) .......................... 12,148 11,961,447 5.25%, 07/01/30 (b) .......................... 12,161 11,805,473 6.85%, 09/15/56, (5-year CMT + 3.23%) (b)(g) . 12,183 11,939,779 7.38%, 03/15/55, (5-year CMT + 3.88%) (g) . . . 20,027 20,129,278 Puget Energy, Inc. 7.00%, 09/15/56, (5-year CMT + 2.96%) (g) . . . 4,858 4,870,626 7.25%, 09/15/56, (5-year CMT + 2.85%) (g) . . . 6,179 6,190,639 Talen Energy Supply LLC 6.13%, 05/01/31, (Acquired 05/29/26, Cost: $21,027,168) (a)(i) ......................... 21,024 20,953,080 6.25%, 02/01/34 (a)(b) ........................ 20,357 19,987,026 6.38%, 05/01/33, (Acquired 05/29/26, Cost: $34,220,933) (a)(i) ......................... 34,364 33,927,553 6.50%, 02/01/36 (a) .......................... 18,380 18,025,922 VoltaGrid LLC, 7.38%, 11/01/30 (a)(b) . . . . . . . . . . . . 26,179 26,300,214 XPLR Infrastructure Operating Partners LP 4.50%, 09/15/27 (a)(b) ........................ 5,841 5,794,394 7.25%, 01/15/29 (a)(b) ........................ 9,635 9,952,782 7.75%, 04/15/34 (a)(b) ........................ 1 1,942 12,645,313 8.38%, 01/15/31 (a)(b) ........................ 10,612 11,297,823 8.63%, 03/15/33 (a)(b) ........................ 1 1,567 12,389,020 560,853,827 Electrical Components & Equipment — 0.5% Energizer Holdings, Inc. 4.38%, 03/31/29 (a)(b) ........................ 9,333 9,036,510 4.75%, 06/15/28 (a)(b) ........................ 6,847 6,772,243 6.00%, 09/15/33 (a)(b) ........................ 5,667 5,434,455 WESCO Distribution, Inc. 5.25%, 04/15/31 (a) .......................... 7,651 7,553,249 5.50%, 04/15/34 (a)(b) ........................ 10,046 9,791,425 6.38%, 03/15/29 (a) .......................... 1 1,608 11,794,702 6.38%, 03/15/33 (a) .......................... 10,146 10,300,639 6.63%, 03/15/32 (a)(b) ........................ 12,627 12,895,829 73,579,052 Electronics — 0.3% Ingram Micro, Inc., 4.75%, 05/15/29 (a) .......... 26,212 25,622,206 Sensata Technologies BV, 5.88%, 09/01/30 (a)(b) . 5,439 5,468,338 Sensata Technologies, Inc. 3.75%, 02/15/31 (a)(b) ........................ 8,968 8,353,159 4.38%, 02/15/30 (a) .......................... 5,413 5,225,701 6.63%, 07/15/32 (a)(b) ........................ 6,225 6,373,412 51,042,816
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
7 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277014
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Security
Par (000) Value
Energy - Alternate Sources — 0.1% TerraForm Power Operating LLC 4.75%, 01/15/30 (a)(b) ........................ $ 9,818 $ 9,429,969 5.00%, 01/31/28 (a)(b) ........................ 1 1,515 11,384,611 20,814,580 Engineering & Construction — 0.3% AECOM, 6.00%, 08/01/33 (a)(b) ................. 16,205 16,136,378 Brand Industrial Services, Inc., 10.38%, 08/01/30 (a)(b) ............................... 20,000 17,522,500 Global Infrastructure Solutions, Inc. 5.63%, 06/01/29 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 750 748,941 6.38%, 07/15/34 (a) .......................... 7,027 7,072,096 41,479,915 Entertainment — 2.6% Brightstar Lottery PLC, 5.25%, 01/15/29 (a) ...... 9,075 8,998,231 Brightstar Lottery PLC/Brightstar Global Solutions Corp., 5.75%, 01/15/33 (a)(b) ........ 12,021 11,685,614 Caesars Entertainment, Inc. 4.63%, 10/15/29 (a)(b) ........................ 16,609 15,906,982 6.00%, 10/15/32 (a)(b) ........................ 14,977 13,449,645 6.50%, 02/15/32 (a)(b) ........................ 19,897 19,236,040 7.00%, 02/15/30 (a) .......................... 25,721 25,841,595 Churchill Downs, Inc. 4.75%, 01/15/28 (a)(b) ........................ 8,882 8,824,874 5.75%, 04/01/30 (a)(b) ........................ 16,510 16,507,400 6.75%, 05/01/31 (a)(b) ........................ 8,631 8,760,273 Cinemark USA, Inc. 5.25%, 07/15/28 (a) .......................... 9,042 9,008,586 7.00%, 08/01/32 (a)(b) ........................ 5,382 5,543,289 Light & Wonder International, Inc. 6.25%, 10/01/33 (a)(b) ........................ 15,827 15,760,210 7.25%, 11/15/29 (a) .......................... 5,446 5,526,328 7.50%, 09/01/31 (a)(b) ........................ 6,384 6,618,421 Live Nation Entertainment, Inc. 3.75%, 01/15/28 (a) .......................... 5,302 5,205,017 4.75%, 10/15/27 (a)(b) ........................ 1 1,068 11,003,197 Merlin Entertainments Group U.S. Holdings, Inc., 7.38%, 02/15/31 (a) ..................... 5,485 4,157,027 Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC 8.25%, 04/15/30 (a)(b) ........................ 10,305 10,751,258 11.88%, 04/15/31 (a)(b) ....................... 8,736 9,472,736 Motion Bondco DAC, 6.63%, 11/15/27 (a) ........ 3,614 3,405,092 Motion Finco SARL, 8.38%, 02/15/32 (a) ......... 4,864 3,663,435 Muvico LLC, 15.00%, 02/19/29, (9.00% Cash and 6.00% PIK) (a)(b)(f) ....................... 9,915 11,330,463 Penn Entertainment, Inc. 4.13%, 07/01/29 (a) .......................... 5,107 4,894,421 6.75%, 04/01/31 (a)(b) ........................ 9,700 9,727,313 Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. 5.63%, 09/01/29 (a) .......................... 10,223 7,510,685 5.88%, 09/01/31 (a) .......................... 10,338 6,956,673 Resorts World Las Vegas LLC/RWLV Capital, Inc. 4.63%, 04/16/29 (a)(b) ........................ 12,262 11,165,065 8.45%, 07/27/30 (a)(b) ........................ 4,976 4,973,327 Rivers Enterprise Borrower LLC, 6.25%, 10/15/30 (a)(b) ............................... 8,266 8,363,067
Security
Par (000) Value
Entertainment (continued) Rivers Enterprise Borrower LLC/Rivers Enterprise Finance Corp., 6.63%, 02/01/33 (a)(b) ............................... $ 9,286 $ 9,400,223 Six Flags Entertainment Corp., 7.25%, 05/15/31 (a)(b) ............................... 9,331 9,225,355 Six Flags Entertainment Corp./Canada's Wonderland Co./Magnum Management Corp., 5.25%, 07/15/29 (b) ................... 6,683 6,481,346 Six Flags Entertainment Corp./Canada's Wonderland Co/Millennium Operations LLC, 8.63%, 01/15/32 (a)(b) ........................ 13,111 13,306,026 Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co., 6.63%, 05/01/32 (a)(b) ........................ 10,134 10,249,634 Vail Resorts, Inc. 5.63%, 07/15/30 (a)(b) ........................ 6,285 6,282,727 6.50%, 05/15/32 (a)(b) ........................ 7,173 7,266,955 Voyager Parent LLC, 9.25%, 07/01/32 (a) . . . . . . . . 23,284 24,907,419 Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. 5.13%, 10/01/29 (a)(b) ........................ 9,060 8,999,881 6.25%, 03/15/33 (a)(b) ........................ 10,171 10,161,600 7.13%, 02/15/31 (a)(b) ........................ 14,168 14,882,790 405,410,220 Environmental Control — 0.6% Clean Harbors, Inc. 5.75%, 10/15/33 (a)(b) ........................ 9,199 9,194,356 6.38%, 02/01/31 (a)(b) ........................ 5,453 5,518,996 GFL Environmental Holdings U.S., Inc. 5.50%, 02/01/34 (a) .......................... 15,106 14,157,020 5.63%, 07/01/31 (a) .......................... 9,594 9,368,929 GFL Environmental, Inc. 4.00%, 08/01/28 (a)(b) ........................ 9,876 9,676,626 4.38%, 08/15/29 (a) .......................... 6,100 5,888,216 4.75%, 06/15/29 (a) .......................... 8,864 8,659,905 6.75%, 01/15/31 (a) .......................... 12,619 12,827,111 Madison IAQ LLC 4.13%, 06/30/28 (a) .......................... 8,556 8,429,799 5.88%, 06/30/29 (a) .......................... 12,456 12,433,387 Wrangler Holdco Corp., 6.63%, 04/01/32 (a)(b) . . . 5,502 5,549,987 101,704,332 Food — 2.4% Albertsons Companies, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/29 (a) .......................... 16,857 16,008,474 4.88%, 02/15/30 (a)(b) ........................ 1 1,901 11,460,653 5.50%, 03/31/31 (a) .......................... 8,721 8,442,960 5.63%, 03/31/32 (a) .......................... 14,754 14,189,770 5.75%, 03/31/34 (a)(b) ........................ 23,275 21,842,645 6.25%, 03/15/33 (a)(b) ........................ 7,827 7,678,874 6.50%, 02/15/28 (a) .......................... 9,368 9,434,329 B&G Foods, Inc. 8.00%, 09/15/28 (a)(b) ........................ 10,512 10,438,439 11.00%, 06/15/31 (a)(b) ....................... 6,563 5,697,001 Chobani LLC/Chobani Finance Corp., Inc. 4.63%, 11/15/28 (a) .......................... 2,319 2,293,108 6.38%, 04/15/34 (a)(b) ........................ 1 1,825 11,947,668 7.63%, 07/01/29 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,111 6,277,834
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 8 BNM1026U-6054792-19277014
Page 9
Security
Par (000) Value
Food (continued) KeHE Distributors LLC/KeHE Finance Corp./NextWave Distribution, Inc. 7.00%, 08/15/34 (a)(b) . . . . . . . . . . . . . . . . . . . . . . . . $ 6,110 $ 6,167,422 7.13%, 04/30/33 (a)(b) ........................ 12,846 13,122,126 Lamb Weston Holdings, Inc. 4.13%, 01/31/30 (a) .......................... 1 1,982 11,476,946 4.38%, 01/31/32 (a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 9,117 8,569,281 4.88%, 05/15/28 (a)(b) ........................ 5,574 5,543,520 Performance Food Group, Inc. 4.25%, 08/01/29 (a) .......................... 12,494 12,128,745 5.63%, 03/01/34 (a)(b) ........................ 13,287 12,903,934 6.13%, 09/15/32 (a) .......................... 1 1,927 11,957,581 Pilgrim's Pride Corp. 3.50%, 03/01/32 (b) .......................... 10,823 9,796,064 4.25%, 04/15/31 ............................ 12,572 11,998,794 6.25%, 07/01/33 (b) .......................... 8,176 8,450,570 6.88%, 05/15/34 (b) .......................... 6,723 7,194,733 Post Holdings, Inc. 4.50%, 09/15/31 (a)(b) ........................ 1 1,669 10,853,852 4.63%, 04/15/30 (a)(b) ........................ 17,235 16,606,334 6.25%, 02/15/32 (a) .......................... 12,159 12,273,340 6.25%, 10/15/34 (a)(b) ........................ 15,456 14,884,399 6.38%, 03/01/33 (a)(b) ........................ 14,586 14,329,534 6.50%, 03/15/36 (a)(b) ........................ 18,951 18,352,181 U.S. Foods, Inc. 4.63%, 06/01/30 (a) .......................... 5,960 5,803,628 4.75%, 02/15/29 (a) .......................... 1 1,824 11,659,748 5.75%, 04/15/33 (a) .......................... 7,089 7,040,390 6.88%, 09/15/28 (a) .......................... 6,148 6,259,541 7.25%, 01/15/32 (a) .......................... 5,666 5,845,388 Viking Baked Goods Acquisition Corp., 8.63%, 11/01/31 (a)(b) ................................ 14,243 14,300,392 383,230,198 Food Service — 0.2% Aramark Services, Inc., 5.00%, 02/01/28 (a) ..... 13,943 13,903,254 TKC Holdings, Inc. 8.50%, 08/15/30 (a)(b) ........................ 13,308 13,827,132 12.00%, 02/15/31 (a) ......................... 7,757 8,320,856 36,051,242 Forest Products & Paper — 0.1% Magnera Corp. 4.75%, 11/15/29 (a)(b) ........................ 5,613 5,296,497 7.25%, 11/15/31 (a)(b) ........................ 10,754 10,577,150 Mercer International, Inc. 5.13%, 02/01/29 ............................ 9,872 2,954,608 12.88%, 10/01/28 (a) ......................... 4,986 1,778,756 20,607,011 Gas — 0.1% AmeriGas Partners LP/AmeriGas Finance Corp. 6.88%, 06/01/31 (a)(b) ........................ 6,848 6,834,421 9.50%, 06/01/30 (a)(b) ........................ 7,126 7,564,826 14,399,247 Health Care - Products — 0.6% Avantor Funding, Inc. 3.88%, 11/01/29 (a) .......................... 10,207 9,826,591 4.63%, 07/15/28 (a) .......................... 22,406 22,223,501 Bausch & Lomb Corp., 8.38%, 10/01/28 (a) ...... 19,901 20,408,957 Dentsply Sirona, Inc., 8.38%, 09/12/55, (5-year CMT + 4.38%) (b)(g) .......................... 6,184 6,143,846 Medline Borrower LP, 5.25%, 10/01/29 (a)(b) ..... 31,177 30,977,240
Security
Par (000) Value
Health Care - Products (continued) Teleflex, Inc. 4.25%, 06/01/28 (a) .......................... $ 6,018 $ 5,901,055 5.88%, 01/15/32 (a)(b) ........................ 5,856 5,862,307 101,343,497 Health Care - Services — 5.4% Acadia Healthcare Co., Inc. 5.00%, 04/15/29 (a)(b) ........................ 5,502 5,401,046 5.50%, 07/01/28 (a) .......................... 4,728 4,718,903 7.38%, 03/15/33 (a)(b) ........................ 8,203 8,546,761 Centene Corp. 2.50%, 03/01/31 . ........................... 32,450 28,306,268 2.63%, 08/01/31 . ........................... 20,546 17,896,053 3.00%, 10/15/30 . ........................... 34,441 31,067,122 3.38%, 02/15/30 . ........................... 31,434 29,172,412 4.63%, 12/15/29 . ........................... 42,424 41,317,463 Charles River Laboratories International, Inc. 3.75%, 03/15/29 (a) .......................... 7,534 7,263,176 4.00%, 03/15/31 (a)(b) ........................ 7,913 7,443,896 4.25%, 05/01/28 (a)(b) ........................ 6,032 5,954,079 CHS/Community Health Systems, Inc. 4.75%, 02/15/31 (a)(b) ........................ 8,580 7,815,930 5.25%, 05/15/30 (a)(b) ........................ 18,930 17,633,409 6.00%, 01/15/29 (a)(b) ........................ 7,578 7,490,019 6.13%, 04/01/30 (a)(b) ........................ 15,688 13,454,421 6.88%, 04/15/29 (a)(b) ........................ 15,823 15,173,078 9.75%, 01/15/34 (a)(b) ........................ 22,432 22,874,987 10.88%, 01/15/32 (a)(b) ....................... 19,165 20,342,135 DaVita, Inc. 3.75%, 02/15/31 (a) .......................... 20,620 19,042,692 4.63%, 06/01/30 (a) .......................... 34,476 33,222,690 6.75%, 07/15/33 (a)(b) ........................ 13,635 13,951,628 6.88%, 09/01/32 (a)(b) ........................ 12,896 13,207,986 Encompass Health Corp. 4.50%, 02/01/28 (b) .......................... 4,456 4,425,784 4.63%, 04/01/31 . ........................... 4,304 4,162,197 4.75%, 02/01/30 (b) .......................... 9,774 9,634,288 5.88%, 06/01/34 (a)(b) ........................ 8,125 8,072,803 Global Medical Response, Inc., 7.38%, 10/01/32 (a) ................................. 13,287 13,751,399 Humana, Inc., 6.63%, 09/15/56, (5-year CMT + 2.89%) (b)(g) ................................. 12,094 11,966,722 IQVIA, Inc. 6.25%, 06/01/32 (a)(b) ........................ 27,648 28,168,855 6.50%, 05/15/30 (a) .......................... 5,857 5,977,252 LifePoint Health, Inc. 5.38%, 01/15/29 (a)(b) ........................ 5,362 5,190,968 7.00%, 05/01/34 (a) .......................... 20,930 19,671,035 8.38%, 02/15/32 (a)(b) ........................ 8,052 8,128,917 9.88%, 08/15/30 (a) .......................... 1 1,238 11,815,043 10.00%, 06/01/32 (a)(b) ....................... 9,453 9,149,876 Molina Healthcare, Inc. 3.88%, 11/15/30 (a) .......................... 7,667 7,115,504 3.88%, 05/15/32 (a)(b) ........................ 8,899 8,027,896 4.38%, 06/15/28 (a)(b) ........................ 9,325 9,169,586 6.25%, 01/15/33 (a) .......................... 12,397 12,317,978 6.50%, 02/15/31 (a)(b) ........................ 9,930 10,080,608 MPH Acquisition Holdings LLC 5.75%, 12/31/30 (a)(b) ........................ 10,179 8,727,455 6.75%, 03/31/31, (6.00% Cash and 0.75% PIK) (a)(f) ................................. 8,202 5,720,182
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
9 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277014
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Security
Par (000) Value
Health Care - Services (continued) 11.50%, 12/31/30, (6.50% Cash and 5.00% PIK) (a)(b)(f) ............................... $ 7,986 $ 7,893,407 National Mentor Holdings, Inc., 10.50%, 12/15/30 (a) ................................. 15,706 16,709,648 Prime Healthcare Services, Inc., 9.38%, 09/01/29 (a) ................................. 19,076 19,780,364 Radiology Partners, Inc. 8.50%, 07/15/32 (a) .......................... 1 1,655 11,916,191 9.78%, 02/15/30, (9.78% PIK) (a)(f) ........... 7,482 7,334,363 Star Parent, Inc., 9.00%, 10/01/30 (a)(b) .......... 17,100 17,950,027 Surgery Center Holdings, Inc., 7.25%, 04/15/32 (a)(b) ............................... 16,533 16,623,098 Team Health Holdings, Inc. 8.38%, 06/30/28 (a) .......................... 4,901 4,904,614 13.50%, 06/30/28, (9.00% Cash and 4.50% PIK) (a)(b)(f) ............................... 8,576 8,793,739 Tenet Healthcare Corp. 4.25%, 06/01/29 (b) .......................... 17,667 17,207,328 4.38%, 01/15/30 ............................ 19,674 19,054,462 4.63%, 06/15/28 ............................ 6,869 6,812,319 5.13%, 11/01/27 ............................ 17,917 17,909,892 5.50%, 11/15/32 (a) .......................... 18,816 18,556,010 6.00%, 11/15/33 (a)(b) ........................ 9,052 9,071,125 6.13%, 10/01/28 (b) .......................... 20,431 20,448,893 6.13%, 06/15/30 ............................ 24,995 25,168,850 6.75%, 05/15/31 (b) .......................... 16,543 16,900,105 U.S. Acute Care Solutions LLC, 9.75%, 05/15/29 (a)(b) ............................... 1 1,985 11,735,136 847,340,073 Holding Companies - Diversified — 0.8% Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (a)(b) ........................ 13,442 12,829,274 FS KKR Capital Corp. 3.13%, 10/12/28 (b) .......................... 1 1,888 11,241,709 6.13%, 01/15/30 (b) .......................... 8,545 8,370,937 6.13%, 01/15/31 ............................ 5,878 5,711,179 6.88%, 08/15/29 ............................ 8,370 8,438,293 7.50%, 08/01/31 ............................ 10,252 10,432,738 7.88%, 01/15/29 (b) .......................... 5,975 6,143,752 HA Sustainable Infrastructure Capital, Inc. 7.13%, 11/15/56, (5-year CMT + 3.48%) (g) . . . 6,364 6,404,039 8.00%, 06/01/56, (5-year CMT + 4.30%) (g) . . . 6,074 6,384,655 Icahn Enterprises LP/Icahn Enterprises Finance Corp. 4.38%, 02/01/29 ............................ 7,454 6,348,391 9.00%, 06/15/30 (b) .......................... 9,430 8,713,037 9.75%, 01/15/29 (b) .......................... 8,743 8,379,728 10.00%, 11/15/29 (a) ......................... 12,023 11,621,628 Stena International SA 7.25%, 01/15/31 (a) .......................... 9,901 10,137,818 7.63%, 02/15/31 (a) .......................... 4,129 4,264,052 125,421,230 Home Builders — 0.4% Ashton Woods USA LLC/Ashton Woods Finance Co. 4.63%, 04/01/30 (a) .......................... 4,062 3,874,411 6.88%, 08/01/33 (a) .......................... 6,326 6,349,008 Beazer Homes USA, Inc., 8.00%, 01/15/32 (a)(b) . 4,343 4,446,011
Security
Par (000) Value
Home Builders (continued) Brookfield Residential Properties, Inc./Brookfield Residential U.S. LLC 4.88%, 02/15/30 (a)(b) ........................ $ 5,259 $ 4,961,361 6.25%, 09/15/27 (a) .......................... 6,589 6,592,733 Century Communities, Inc. 3.88%, 08/15/29 (a) .......................... 5,371 5,118,162 6.63%, 09/15/33 (a)(b) ........................ 6,641 6,718,019 LGI Homes, Inc. 7.00%, 11/15/32 (a)(b) ........................ 4,054 4,010,609 8.75%, 12/15/28 (a)(b) ........................ 4,141 4,258,876 Mattamy Group Corp. 4.63%, 03/01/30 (a) .......................... 6,688 6,421,013 6.00%, 12/15/33 (a) .......................... 5,171 5,014,306 57,764,509 Home Furnishings — 0.5% FXI Holdings, Inc. 11.00%, 11/15/30 (a)(b) ....................... 9,638 8,345,312 14.00%, 11/15/29, (16.00% PIK) (a)(f) ......... 5,392 1,331,848 Somnigroup International, Inc. 3.88%, 10/15/31 (a)(b) ........................ 13,117 12,031,568 4.00%, 04/15/29 (a)(b) ........................ 10,291 9,899,824 Whirlpool Corp. 4.75%, 02/26/29 . ........................... 8,983 8,517,735 6.13%, 06/15/30 (b) .......................... 7,365 6,921,977 6.50%, 06/15/33 (b) .......................... 7,865 6,794,782 7.50%, 07/01/31 (a)(b) ........................ 12,098 12,128,312 7.88%, 07/01/34 (a)(b) ........................ 12,679 12,421,971 78,393,329 Household Products & Wares — 0.1% Kronos Acquisition Holdings, Inc. 8.25%, 06/30/31 (a) .......................... 7,674 5,943,682 10.75%, 06/30/32 (a) ......................... 6,311 2,504,599 8,448,281 Housewares — 0.5% Central Garden & Pet Co. 4.13%, 10/15/30 (b) .......................... 7,523 7,128,797 4.13%, 04/30/31 (a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 7,110 6,681,659 Newell Brands, Inc. 6.25%, 08/15/31 (a)(b) ........................ 5,490 5,502,659 6.38%, 05/15/30 (b) .......................... 9,041 9,165,785 6.63%, 09/15/29 (b) .......................... 6,210 6,327,728 6.63%, 05/15/32 (b) .......................... 7,055 7,207,549 8.50%, 06/01/28 (a) .......................... 17,458 18,184,969 Scotts Miracle-Gro Co. (The) 4.00%, 04/01/31 (b) .......................... 5,220 4,855,012 4.38%, 02/01/32 (b) .......................... 4,860 4,518,100 4.50%, 10/15/29 (b) .......................... 4,340 4,255,574 73,827,832 Insurance — 3.0% Acrisure LLC/Acrisure Finance, Inc. 4.25%, 02/15/29 (a) .......................... 9,224 8,427,471 6.00%, 08/01/29 (a) .......................... 5,643 4,784,398 6.75%, 07/01/32 (a)(b) ........................ 7,279 6,225,032 7.50%, 11/06/30 (a) .......................... 14,358 13,219,011 8.25%, 02/01/29 (a)(b) ........................ 1 1,303 10,313,133 8.50%, 06/15/29 (a) .......................... 6,787 6,152,741 Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer 4.25%, 10/15/27 (a) .......................... 8,399 8,314,758 5.88%, 11/01/29 (a)(b) ........................ 4,751 4,715,473
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 10 BNM1026U-6054792-19277014
Page 11
Security
Par (000) Value
Insurance (continued) 6.50%, 10/01/31 (a) .......................... $ 14,418 $ 14,472,080 6.75%, 04/15/28 (a) .......................... 15,102 15,222,348 7.00%, 01/15/31 (a)(b) ........................ 19,777 20,056,141 7.38%, 10/01/32 (a)(b) ........................ 10,454 10,574,629 American National Group, Inc., 7.00%, 12/01/55, (5-year CMT + 3.18%) (b)(g) ......... 5,299 5,063,283 AmWINS Group, Inc. 4.88%, 06/30/29 (a) .......................... 1 1,591 11,260,291 6.38%, 02/15/29 (a) .......................... 10,755 10,848,509 Ardonagh Finco Ltd., 7.75%, 02/15/31 (a)(b) ...... 19,197 19,576,621 Ardonagh Group Finance Ltd., 8.88%, 02/15/32 (a)(b) ............................... 20,296 20,360,148 Asurion LLC/Asurion Co-Issuer, Inc. 8.00%, 12/31/32 (a)(b) ........................ 48,063 47,777,544 8.38%, 02/01/34 (a)(b) ........................ 42,358 38,250,333 CRC Insurance Group LLC, 7.13%, 06/01/31 (a)(b) ............................... 45,149 45,183,011 Global Atlantic Fin Co. 7.25%, 03/01/56, (5-year CMT + 3.55%) (a)(b)(g) ............................ 7,013 6,758,836 7.95%, 10/15/54, (5-year CMT + 3.61%) (a)(b)(g) ............................ 6,766 6,739,892 Howden U.K. Refinance PLC/Howden U.K. Refinance 2 PLC/Howden U.S. Refinance LLC 7.25%, 02/15/31 (a) .......................... 14,832 14,658,688 8.13%, 02/15/32 (a) .......................... 14,392 13,540,351 HUB International Ltd. 5.63%, 12/01/29 (a)(b) ........................ 6,004 5,981,585 7.25%, 06/15/30 (a) .......................... 44,806 46,113,224 7.38%, 01/31/32 (a)(b) ........................ 23,882 24,524,775 Jones Deslauriers Insurance Management, Inc. 6.88%, 10/01/33 (a)(b) ........................ 4,020 3,787,478 8.50%, 03/15/30 (a) .......................... 9,746 10,026,036 Ryan Specialty LLC 4.38%, 02/01/30 (a) .......................... 4,029 3,895,364 5.88%, 08/01/32 (a)(b) ........................ 15,825 15,688,145 472,511,329 Internet — 1.6% Arches Buyer, Inc. 4.25%, 06/01/28 (a) .......................... 1 1,881 11,629,271 6.13%, 12/01/28 (a)(b) ........................ 7,268 7,182,403 9.00%, 08/15/31 (a) .......................... 6,778 7,079,359 Gen Digital, Inc. 6.25%, 04/01/33 (a) .......................... 12,864 12,870,775 6.75%, 09/30/27 (a)(b) ........................ 10,345 10,373,687 7.13%, 09/30/30 (a)(b) ........................ 6,698 6,810,215 Getty Images, Inc., 11.25%, 02/21/30 (a) ......... 5,546 4,106,369 Go Daddy Operating Co. LLC/GD Finance Co., Inc. 3.50%, 03/01/29 (a)(b) ........................ 9,839 9,319,202 5.25%, 12/01/27 (a) .......................... 7,263 7,255,295 ION Platform Finance U.S., Inc./ION Platform Finance SARL 5.75%, 05/15/28 (a)(b) ........................ 4,734 4,451,475 9.00%, 08/01/29 (a)(b) ........................ 5,715 5,216,062 9.50%, 05/30/29 (a)(b) ........................ 10,214 9,477,911 Series 144@, 8.75%, 05/01/29 (a) ............ 8,998 8,224,496 Match Group Holdings II LLC 3.63%, 10/01/31 (a)(b) ........................ 6,612 5,950,965 4.13%, 08/01/30 (a) .......................... 6,281 5,914,317
Security
Par (000) Value
Internet (continued) 4.63%, 06/01/28 (a)(b) ........................ $ 5,324 $ 5,259,454 5.00%, 12/15/27 (a) .......................... 4,622 4,611,063 6.13%, 09/15/33 (a) .......................... 10,268 10,103,224 Photo Holdings LLC, 12.00%, 07/01/31 (a) ....... 15,556 15,984,473 Rakuten Group, Inc. 6.25%, (5-year CMT + 4.96%) (a)(b)(g)(h) ....... 12,811 12,144,900 8.13%, (5-year CMT + 4.25%) (a)(b)(g)(h) ....... 6,157 6,318,919 9.75%, 04/15/29 (a) .......................... 25,410 27,687,963 Snap, Inc. 6.88%, 03/01/33 (a)(b) ........................ 18,487 18,092,256 6.88%, 03/15/34 (a)(b) ........................ 7,172 6,984,632 Wayfair LLC 6.75%, 11/15/32 (a)(b) ........................ 12,168 12,526,722 7.13%, 05/31/34 (a)(b) ........................ 4,305 4,457,415 7.25%, 10/31/29 (a) .......................... 9,928 10,270,516 7.75%, 09/15/30 (a) .......................... 10,011 10,528,862 260,832,201 Iron & Steel — 1.2% Cleveland-Cliffs, Inc. 6.75%, 04/15/30 (a) .......................... 9,561 9,626,250 6.88%, 11/01/29 (a)(b) ........................ 10,787 10,937,923 7.00%, 03/15/32 (a)(b) ........................ 19,638 19,848,806 7.38%, 05/01/33 (a)(b) ........................ 12,441 12,675,658 7.50%, 09/15/31 (a) .......................... 1 1,402 11,713,594 7.63%, 01/15/34 (a)(b) ........................ 15,398 15,703,587 Commercial Metals Co. 5.75%, 11/15/33 (a) .......................... 12,831 12,617,640 6.00%, 12/15/35 (a)(b) ........................ 15,150 14,945,475 Fortescue Treasury Pty. Ltd. 4.38%, 04/01/31 (a) .......................... 13,154 12,411,609 4.50%, 09/15/27 (a) .......................... 6,424 6,370,350 5.88%, 04/15/30 (a) .......................... 5,275 5,293,902 6.13%, 04/15/32 (a)(b) ........................ 10,394 10,518,734 Mineral Resources Ltd. 6.00%, 05/01/32 (a) .......................... 9,239 9,113,518 6.25%, 05/01/34 (a)(b) ........................ 8,048 7,869,458 7.00%, 04/01/31 (a)(b) ........................ 8,867 9,129,765 8.50%, 05/01/30 (a)(b) ........................ 6,932 7,148,759 9.25%, 10/01/28 (a) .......................... 9,362 9,620,333 185,545,361 Leisure Time — 0.9% Gaia Purchaser, Inc., 7.63%, 07/15/33 (a) . . . . . . . . 11,306 11,539,120 NCL Corp. Ltd. 5.88%, 01/15/31 (a)(b) ........................ 14,584 13,981,571 6.25%, 09/15/33 (a)(b) ........................ 12,190 11,393,514 6.75%, 02/01/32 (a) .......................... 22,791 22,163,696 7.75%, 02/15/29 (a)(b) ........................ 7,248 7,546,083 NCL Finance Ltd., 6.13%, 03/15/28 (a) ........... 6,144 6,180,065 Sabre Financial Borrower LLC, 11.13%, 06/15/29 (a) ................................. 12,475 13,234,416 Sabre GLBL, Inc. 10.75%, 11/15/29 (a) ......................... 5,635 5,566,338 10.75%, 03/15/30 (a)(b) ....................... 5,705 5,580,823 11.13%, 07/15/30 (a)(b) ....................... 16,796 16,519,845 Viking Cruises Ltd. 5.88%, 10/15/33 (a) .......................... 21,056 20,858,705 7.00%, 02/15/29 (a)(b) ........................ 5,368 5,378,582 9.13%, 07/15/31 (a) .......................... 9,787 10,262,434 150,205,192
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
11 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277014
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Security
Par (000) Value
Lodging — 2.6% Boyd Gaming Corp. 4.75%, 12/01/27 ............................ $ 12,042 $ 12,007,330 4.75%, 06/15/31 (a)(b) ........................ 10,648 10,202,555 Hilton Domestic Operating Co., Inc. 3.63%, 02/15/32 (a)(b) ........................ 19,095 17,350,338 3.75%, 05/01/29 (a)(b) ........................ 10,035 9,651,655 4.00%, 05/01/31 (a)(b) ........................ 14,588 13,705,420 4.88%, 01/15/30 (b) .......................... 12,822 12,673,757 5.50%, 09/15/31 (a) .......................... 13,796 13,739,616 5.50%, 03/31/34 (a)(b) ........................ 14,318 14,061,994 5.75%, 09/15/33 (a) .......................... 13,385 13,360,182 5.88%, 04/01/29 (a) .......................... 6,553 6,602,251 5.88%, 03/15/33 (a) .......................... 12,481 12,508,593 6.13%, 04/01/32 (a)(b) ........................ 5,358 5,418,235 Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. 4.88%, 07/01/31 (a)(b) ........................ 8,483 7,844,385 5.00%, 06/01/29 (a) .......................... 1 1,064 10,773,261 6.63%, 01/15/32 (a)(b) ........................ 12,288 12,380,339 Marriott Ownership Resorts, Inc. 4.50%, 06/15/29 (a)(b) ........................ 6,646 6,425,017 6.50%, 10/01/33 (a)(b) ........................ 9,396 9,349,715 Melco Resorts Finance Ltd. 5.38%, 12/04/29 (a)(b) ........................ 15,054 14,635,625 5.75%, 07/21/28 (a) .......................... 9,905 9,864,439 6.50%, 09/24/33 (a)(b) ........................ 8,516 8,271,165 7.63%, 04/17/32 (a)(b) ........................ 9,597 9,826,738 MGM China Holdings Ltd. 6.25%, 05/15/33 (a) .......................... 12,626 12,241,147 7.13%, 06/26/31 (a)(b) ........................ 5,452 5,647,606 MGM Resorts International 4.75%, 10/15/28 (b) .......................... 9,408 9,335,859 6.13%, 09/15/29 (b) .......................... 10,018 10,120,695 6.50%, 04/15/32 (b) .......................... 9,213 9,196,863 Station Casinos LLC 4.50%, 02/15/28 (a)(b) ........................ 8,165 8,075,408 4.63%, 12/01/31 (a)(b) ........................ 8,637 8,139,984 6.63%, 03/15/32 (a)(b) ........................ 7,097 7,185,268 Studio City Finance Ltd., 5.00%, 01/15/29 (a)(b) . . 13,326 12,812,674 Travel and Leisure Co. 4.50%, 12/01/29 (a) .......................... 7,377 7,125,675 6.13%, 09/01/33 (a)(b) ........................ 8,523 8,391,426 6.25%, 06/01/31 (a) .......................... 13,601 13,691,772 Wyndham Hotels & Resorts, Inc. 4.38%, 08/15/28 (a)(b) ........................ 5,703 5,592,148 5.63%, 03/01/33 (a) .......................... 8,498 8,319,143 Wynn Macau Ltd. 5.13%, 12/15/29 (a)(b) ........................ 1 1,803 11,522,974 5.50%, 10/01/27 (a)(b) ........................ 8,596 8,572,688 5.63%, 08/26/28 (a) .......................... 16,594 16,513,731 6.75%, 02/15/34 (a) .......................... 15,373 15,208,386 408,346,057 Machinery — 0.3% Esab Corp. 5.63%, 04/01/31 (a) .......................... 12,007 11,930,245 6.25%, 04/15/29 (a)(b) ........................ 8,406 8,510,681 Solaris Energy Infrastructure LLC, 6.38%, 05/15/31 (a)(b) ............................... 17,768 17,653,332
Security
Par (000) Value
Machinery (continued) Terex Corp. 5.00%, 05/15/29 (a) .......................... $ 7,653 $ 7,587,964 6.25%, 10/15/32 (a)(b) ........................ 8,699 8,768,105 54,450,327 Manufacturing — 0.3% Avient Corp. 6.25%, 11/01/31 (a)(b) ........................ 8,738 8,858,980 7.13%, 08/01/30 (a)(b) ........................ 9,410 9,563,877 Axon Enterprise, Inc. 6.13%, 03/15/30 (a) .......................... 12,747 12,953,629 6.25%, 03/15/33 (a) .......................... 9,678 9,855,200 41,231,686 Media — 8.5% AMC Global Media, Inc., 10.50%, 07/15/32 (a) . . . 18,293 19,289,557 CCO Holdings LLC/CCO Holdings Capital Corp. 4.25%, 02/01/31 (a)(b) ........................ 37,924 34,214,054 4.25%, 01/15/34 (a)(b) ........................ 27,747 23,127,652 4.50%, 08/15/30 (a) .......................... 34,961 32,509,776 4.50%, 05/01/32 (b) .......................... 37,118 32,613,953 4.50%, 06/01/33 (a)(b) ........................ 22,182 19,182,577 4.75%, 03/01/30 (a) .......................... 38,830 36,764,279 4.75%, 02/01/32 (a)(b) ........................ 15,002 13,421,739 5.00%, 02/01/28 (a) .......................... 32,728 32,379,110 5.38%, 06/01/29 (a) .......................... 21,030 20,658,215 6.38%, 09/01/29 (a) .......................... 18,398 18,423,704 7.00%, 02/01/33 (a)(b) ........................ 22,121 21,618,993 7.38%, 03/01/31 (a)(b) ........................ 13,261 13,439,603 7.38%, 02/01/36 (a)(b) ........................ 18,104 17,504,859 CSC Holdings LLC 3.38%, 02/15/31 (a) .......................... 12,986 6,772,160 4.13%, 12/01/30 (a) .......................... 15,514 8,104,126 4.50%, 11/15/31 (a) .......................... 20,783 10,802,899 4.63%, 12/01/30 (a) .......................... 30,452 6,505,309 5.00%, 11/15/31 (a) .......................... 4,796 1,011,141 5.38%, 02/01/28 (a) .......................... 12,980 7,054,630 5.75%, 01/15/30 (a) .......................... 27,330 5,778,245 6.50%, 02/01/29 (a) .......................... 23,464 12,469,431 7.50%, 04/01/28 (a) .......................... 13,246 3,070,456 11.25%, 05/15/28 (a) ......................... 12,812 7,146,598 11.75%, 01/31/29 (a) ......................... 26,593 14,639,446 Directv Financing LLC, 8.88%, 02/01/30 (a) . . . . . . 29,834 30,497,952 Directv Financing LLC/Directv Financing Co-Obligor, Inc. 9.25%, 06/01/32 (a)(b) ........................ 18,580 19,399,398 10.00%, 02/15/31 (a)(b) ....................... 26,277 27,803,875 Discovery Communications LLC 3.63%, 05/15/30 (b) .......................... 1 1,929 11,189,984 4.13%, 05/15/29 (b) .......................... 8,044 7,924,033 6.35%, 06/01/40 . ........................... 5,341 4,352,862 3.95%, 03/20/28 . ........................... 16,821 16,611,390 5.00%, 09/20/37 . ........................... 5,065 3,916,309 Discovery Global Holdings, Inc. 4.28%, 03/15/32 (b) .......................... 38,507 35,219,611 4.05%, 03/15/29 . ........................... 17,915 17,737,045 DISH DBS Corp. 5.75%, 12/01/28 (a) .......................... 36,369 35,813,056 7.38%, 07/01/28 . ........................... 15,347 15,112,418 5.13%, 06/01/29 . ........................... 19,800 18,282,306
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 12 BNM1026U-6054792-19277014
Page 13
Security
Par (000) Value
Media (continued) EchoStar Corp. 6.75%, 11/30/30, (6.00% Cash and 0.75% PIK) (f) ................................... $ 28,977 $ 29,394,244 10.75%, 11/30/29 ........................... 64,711 69,951,582 EW Scripps Co. (The), 9.88%, 08/15/30 (a)(b) . . . . 9,116 8,240,226 Gray Media, Inc. 4.75%, 10/15/30 (a) .......................... 9,870 8,110,080 5.38%, 11/15/31 (a)(b) ........................ 15,134 11,780,521 7.25%, 08/15/33 (a)(b) ........................ 10,240 10,241,433 7.50%, 09/15/34 (a) .......................... 8,995 8,987,769 9.63%, 07/15/32 (a)(b) ........................ 14,182 14,554,049 10.50%, 07/15/29 (a)(b) ....................... 6,249 6,598,832 iHeartCommunications, Inc. 7.75%, 08/15/30 (a)(b) ........................ 7,558 6,309,502 9.13%, 05/01/29 (a)(b) ........................ 8,433 7,588,554 10.88%, 05/01/30 (a)(b) ....................... 8,813 6,193,899 LCPR Senior Secured Financing DAC 5.13%, 07/15/29 (a) .......................... 10,134 5,677,016 6.75%, 10/15/27 (a) .......................... 14,681 8,474,149 McGraw-Hill Education, Inc. 5.75%, 08/01/28 (a) .......................... 10,615 10,581,416 7.38%, 09/01/31 (a) .......................... 7,424 7,609,860 8.00%, 08/01/29 (a)(b) ........................ 8,618 8,630,824 Nexstar Media, Inc. 4.75%, 11/01/28 (a) .......................... 1 1,923 11,732,159 6.50%, 09/15/33 (a) .......................... 43,651 43,828,498 7.25%, 04/15/34 (a)(b) ........................ 22,134 22,417,796 Paramount Global 3.38%, 02/15/28 ............................ 5,575 5,445,353 3.70%, 06/01/28 ............................ 5,622 5,471,916 4.20%, 06/01/29 ............................ 7,790 7,467,824 4.20%, 05/19/32 ............................ 1 1,943 10,388,074 4.95%, 01/15/31 ............................ 15,689 14,618,378 Scripps Escrow II, Inc., 3.88%, 01/15/29 (a)(b) .... 5,627 5,261,108 Sinclair Television Group, Inc. 5.50%, 03/01/30 (a)(b) ........................ 5,680 5,035,342 8.13%, 02/15/33 (a)(b) ........................ 18,436 19,163,319 9.75%, 02/15/33 (a)(b) ........................ 4,492 5,031,040 Sirius XM Radio LLC 3.88%, 09/01/31 (a)(b) ........................ 19,152 17,444,657 4.00%, 07/15/28 (a) .......................... 25,570 24,928,109 4.13%, 07/01/30 (a) .......................... 18,244 17,146,206 5.00%, 08/01/27 (a)(b) ........................ 4,464 4,454,436 5.50%, 07/01/29 (a)(b) ........................ 16,363 16,320,047 5.88%, 04/15/32 (a)(b) ........................ 15,743 15,527,012 Sunrise FinCo I BV, 4.88%, 07/15/31 (a)(b) ....... 16,609 15,629,069 Telenet Finance Luxembourg Notes SARL, 5.50%, 03/01/28 (a) .......................... 6,866 6,769,809 Univision Communications, Inc. 4.50%, 05/01/29 (a) .......................... 14,072 13,402,079 7.38%, 06/30/30 (a)(b) ........................ 10,689 10,729,560 8.50%, 07/31/31 (a) .......................... 16,158 16,284,483 8.88%, 04/15/33 (a) .......................... 19,431 19,183,983 9.38%, 08/01/32 (a) .......................... 18,633 18,990,819 Versant Media Group, Inc., 7.25%, 01/30/31 (a) . . 15,032 15,571,694 Virgin Media Finance PLC, 5.00%, 07/15/30 (a)(b) ............................... 1 1,874 7,322,577 Virgin Media O2 Vendor Financing Notes VI DAC, 8.50%, 03/15/33 (a)(b) .................. 6,122 4,147,152
Security
Par (000) Value
Media (continued) Virgin Media Secured Finance PLC 4.50%, 08/15/30 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 12 ,265 $ 10,166,550 5.50%, 05/15/29 (a) .......................... 18,017 16,647,722 VZ Secured Financing BV 5.00%, 01/15/32 (a) .......................... 20,051 16,927,916 7.50%, 01/15/33 (a) .......................... 14,466 13,101,976 Ziggo Bond Co. BV, 5.13%, 02/28/30 (a)(b) . . . . . . . 5,229 4,431,787 Ziggo BV, 4.88%, 01/15/30 (a) ................... 12,628 11,633,066 1,343,908,223 Metal Fabricate & Hardware — 0.1% Advanced Drainage Systems, Inc. 5.38%, 03/01/34 (a) .......................... 5,582 5,415,443 6.38%, 06/15/30 (a)(b) ........................ 5,465 5,504,771 10,920,214 Mining — 0.8% Alcoa Nederland Holding BV 4.13%, 03/31/29 (a) .......................... 5,547 5,364,487 7.13%, 03/15/31 (a)(b) ........................ 9,712 10,038,138 Alumina Pty. Ltd. 6.13%, 03/15/30 (a) .......................... 5,957 6,018,733 6.38%, 09/15/32 (a)(b) ........................ 6,293 6,372,921 Arcosa, Inc. 4.38%, 04/15/29 (a)(b) ........................ 4,375 4,292,236 6.88%, 08/15/32 (a)(b) ........................ 7,750 8,024,126 Arsenal AIC Parent LLC 8.00%, 10/01/30 (a) .......................... 8,039 8,359,446 11.50%, 10/01/31 (a) ......................... 6,134 6,517,038 Constellium SE, 3.75%, 04/15/29 (a)(b) ........... 5,814 5,578,894 Kaiser Aluminum Corp. 4.50%, 06/01/31 (a)(b) ........................ 6,030 5,725,023 5.88%, 03/01/34 (a) .......................... 6,179 6,045,467 Novelis Corp. 3.88%, 08/15/31 (a)(b) ........................ 8,588 7,858,595 4.75%, 01/30/30 (a) .......................... 20,093 19,401,767 6.38%, 08/15/33 (a)(b) ........................ 1 1,402 11,426,229 6.88%, 01/30/30 (a) .......................... 8,652 8,884,541 119,907,641 Office & Business Equipment — 0.1% Xerox Corp. 10.25%, 10/15/30 (a) ......................... 5,066 4,447,695 13.50%, 04/15/31 (a) ......................... 6,355 4,178,412 Xerox Holdings Corp. 5.50%, 08/15/28 (a) .......................... 4,010 2,222,984 8.88%, 11/30/29 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 6,114 2,369,633 13,218,724 Oil & Gas — 4.7% Aethon United BR LP/Aethon United Finance Corp., 7.50%, 10/01/29 (a) ................... 12,472 12,942,874 Ascent Resources Utica Holdings LLC/ARU Finance Corp. 5.88%, 06/30/29 (a)(b) ........................ 4,460 4,456,525 6.63%, 10/15/32 (a) .......................... 9,091 9,168,901 6.63%, 07/15/33 (a) .......................... 7,440 7,509,862 California Resources Corp. 7.00%, 01/15/34 (a) .......................... 1 1,323 11,302,482 7.25%, 01/15/35 (a)(b) ........................ 7,077 7,092,701 Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.75%, 02/15/31 (a) ................................. 7,526 8,154,801
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
13 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277014
Page 14
Security
Par (000) Value
Oil & Gas (continued) Caturus Energy LLC 7.13%, 05/15/31 (a) .......................... $ 10,892 $ 10,904,052 8.50%, 02/15/30 (a) .......................... 7,335 7,637,340 Chord Energy Corp. 6.00%, 10/01/30 (a) .......................... 8,692 8,783,269 6.75%, 03/15/33 (a) .......................... 9,031 9,221,886 CITGO Petroleum Corp., 8.38%, 01/15/29 (a) .... 13,718 14,070,381 CNX Resources Corp. 5.88%, 03/01/34 (a)(b) ........................ 8,703 8,482,562 7.25%, 03/01/32 (a)(b) ........................ 6,745 6,944,015 7.38%, 01/15/31 (a) .......................... 6,273 6,417,995 Comstock Resources, Inc. 5.88%, 01/15/30 (a) .......................... 13,457 12,885,979 6.75%, 03/01/29 (a) .......................... 22,809 22,562,714 Crescent Energy Finance LLC 7.38%, 01/15/33 (a)(b) ........................ 12,107 12,349,266 7.63%, 04/01/32 (a) .......................... 13,499 13,862,277 7.88%, 04/15/32 (a)(b) ........................ 14,027 14,490,197 8.38%, 01/15/34 (a)(b) ........................ 9,104 9,601,983 CVR Energy, Inc. 7.50%, 02/15/31 (a) .......................... 9,728 9,996,313 7.88%, 02/15/34 (a) .......................... 6,157 6,384,396 Energian Israel Finance Ltd. 5.38%, 03/30/28 (a)(j) ......................... 7,200 7,159,226 5.88%, 03/30/31 (a)(j) ......................... 8,012 7,693,531 8.50%, 09/30/33 (a)(j) ......................... 8,861 9,297,679 Hilcorp Energy I LP/Hilcorp Finance Co. 5.75%, 02/01/29 (a) .......................... 7,745 7,747,580 6.00%, 04/15/30 (a) .......................... 5,421 5,401,422 6.00%, 02/01/31 (a)(b) ........................ 6,630 6,543,495 6.25%, 11/01/28 (a)(b) ........................ 7,205 7,187,888 6.25%, 04/15/32 (a) .......................... 6,530 6,395,844 6.88%, 05/15/34 (a)(b) ........................ 5,489 5,439,473 7.25%, 02/15/35 (a)(b) ........................ 14,785 14,856,264 8.38%, 11/01/33 (a) .......................... 8,414 8,919,854 Matador Resources Co. 6.00%, 04/15/34 (a)(b) ........................ 10,726 10,488,920 6.25%, 04/15/33 (a)(b) ........................ 9,333 9,329,629 6.50%, 04/15/32 (a) .......................... 10,706 10,798,923 Murphy Oil Corp. 6.00%, 10/01/32 ............................ 2,918 2,905,699 6.50%, 02/15/34 ............................ 9,303 9,259,442 Nabors Industries, Inc. 7.63%, 11/15/32 (a)(b) ........................ 10,269 10,589,158 8.88%, 08/15/31 (a) .......................... 6,508 6,804,557 9.13%, 01/31/30 (a)(b) ........................ 6,262 6,565,171 Noble Finance II LLC 6.25%, 06/15/34 (a) .......................... 8,035 7,884,132 8.00%, 04/15/30 (a) .......................... 15,442 15,965,454 Northern Oil & Gas, Inc. 7.50%, 09/01/34 (a) .......................... 3,080 3,103,624 7.88%, 10/15/33 (a)(b) ........................ 1 1,492 11,820,001 8.75%, 06/15/31 (a)(b) ........................ 5,488 5,708,100 PBF Holding Co. LLC/PBF Finance Corp. 7.25%, 06/01/34 (a)(b) ........................ 5,365 5,509,661 7.88%, 09/15/30 (a) .......................... 5,797 6,000,698 9.88%, 03/15/30 (a)(b) ........................ 10,090 10,770,470 SM Energy Co. 6.50%, 07/15/28 ............................ 4,182 4,187,364 6.63%, 04/15/34 (a)(b) ........................ 14,173 14,256,823 6.75%, 08/01/29 (a) .......................... 1 1,099 11,346,538
Security
Par (000) Value
Oil & Gas (continued) 7.00%, 08/01/32 (a)(b) ........................ $ 9,024 $ 9,224,662 8.63%, 11/01/30 (a) .......................... 13,742 14,425,788 8.75%, 07/01/31 (a)(b) ........................ 19,048 19,888,104 9.63%, 06/15/33 (a) .......................... 1 1,602 12,760,363 Sunoco LP 4.50%, 10/01/29 (a) .......................... 9,391 9,138,441 4.63%, 05/01/30 (a) .......................... 10,052 9,728,673 5.38%, 07/15/31 (a)(b) ........................ 6,791 6,701,757 5.63%, 03/15/31 (a) .......................... 12,966 12,886,242 5.63%, 07/15/34 (a) .......................... 8,884 8,624,939 5.88%, 03/15/34 (a) .......................... 13,055 12,852,204 6.25%, 07/01/33 (a) .......................... 13,594 13,666,501 6.63%, 08/15/32 (a) .......................... 6,196 6,292,843 7.00%, 05/01/29 (a)(b) ........................ 9,328 9,561,377 7.25%, 05/01/32 (a)(b) ........................ 9,218 9,532,897 Sunoco LP/Sunoco Finance Corp. 4.50%, 05/15/29 . ........................... 9,525 9,309,966 4.50%, 04/30/30 (b) .......................... 10,447 10,130,371 5.88%, 03/15/28 . ........................... 4,584 4,586,683 7.00%, 09/15/28 (a) .......................... 5,923 6,027,289 Talos Production, Inc. 8.00%, 07/15/34 (a)(b) ........................ 9,252 9,568,653 9.38%, 02/01/31 (a)(b) ........................ 7,138 7,579,959 Transocean International Ltd. 7.88%, 10/15/32 (a) .......................... 7,706 8,093,106 8.25%, 05/15/29 (a)(b) ........................ 10,649 11,057,120 8.50%, 05/15/31 (a)(b) ........................ 10,662 11,210,597 8.75%, 02/15/30 (a)(b) ........................ 8,853 9,213,889 Valaris Ltd., 8.38%, 04/30/30 (a) ................. 13,331 13,845,147 741,066,962 Oil & Gas Services — 0.8% Archrock Partners LP/Archrock Partners Finance Corp., 6.63%, 09/01/32 (a) ........... 10,102 10,281,316 Archrock Services LP/Archrock Partners Finance Corp., 6.00%, 02/01/34 (a) ........... 12,276 12,056,659 Kodiak Gas Services LLC 5.88%, 04/01/31 (a) .......................... 13,519 13,490,176 6.50%, 10/01/33 (a)(b) ........................ 9,852 9,936,050 6.75%, 10/01/35 (a)(b) ........................ 9,065 9,231,471 USA Compression Partners LP/USA Compression Finance Corp. 6.25%, 10/01/33 (a)(b) ........................ 10,879 10,772,476 7.13%, 03/15/29 (a) .......................... 12,721 13,038,241 WBI Operating LLC 6.25%, 10/15/30 (a) .......................... 12,107 12,135,815 6.50%, 10/15/33 (a)(b) ........................ 1 1,168 11,213,589 Weatherford International Ltd., 6.75%, 10/15/33 (a)(b) ............................... 18,766 19,105,036 121,260,829 Packaging & Containers — 1.9% Ardagh Group SA 9.50%, 12/01/30 (a) .......................... 19,085 19,947,673 11.00%, 12/01/30, (5.50% Cash + 6.50% PIK) (a)(f) ................................. 15,852 15,185,629 Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.25%, 09/01/28 (a)(b) ........................ 7,538 7,327,690 4.00%, 09/01/29 (a) .......................... 12,720 12,200,388 6.25%, 01/30/31 (a) .......................... 8,007 8,036,639
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 14 BNM1026U-6054792-19277014
Page 15
Security
Par (000) Value
Packaging & Containers (continued) Ball Corp. 2.88%, 08/15/30 (b) .......................... $ 16,457 $ 14,990,270 3.13%, 09/15/31 (b) .......................... 10,770 9,689,410 5.50%, 09/15/33 (b) .......................... 10,316 10,233,172 6.00%, 06/15/29 ............................ 12,564 12,702,903 Clydesdale Acquisition Holdings, Inc. 6.63%, 04/15/29 (a) .......................... 7,890 7,905,165 6.75%, 04/15/32 (a)(b) ........................ 19,054 18,593,613 6.88%, 01/15/30 (a) .......................... 6,158 6,157,579 8.75%, 04/15/30 (a)(b) ........................ 14,112 13,979,799 Crown Americas LLC 5.25%, 04/01/30 (b) .......................... 5,795 5,787,091 5.88%, 06/01/33 ............................ 9,224 9,226,306 Graphic Packaging International LLC 3.50%, 03/15/28 (a)(b) ........................ 4,725 4,596,716 3.75%, 02/01/30 (a)(b) ........................ 5,015 4,704,515 6.38%, 07/15/32 (a)(b) ........................ 5,615 5,677,701 Mauser Packaging Solutions Holding Co. 7.88%, 04/15/30 (a) .......................... 33,646 34,306,303 9.25%, 04/15/30 (a)(b) ........................ 16,392 16,329,360 OI European Group BV, 4.75%, 02/15/30 (a)(b) . . . 5,183 4,684,104 Owens-Brockway Glass Container, Inc. 7.25%, 05/15/31 (a)(b) ........................ 8,612 7,974,949 9.50%, 06/01/33 (a)(b) ........................ 6,131 5,999,462 Sword Purchaser LLC 8.25%, 04/15/33 (a)(b) ........................ 23,955 24,781,364 10.50%, 04/15/34 (a)(b) ....................... 5,808 6,050,968 Trivium Packaging Finance BV 8.25%, 07/15/30 (a) .......................... 6,720 7,105,224 12.25%, 01/15/31 (a) ......................... 7,025 7,775,579 301,949,572 Pharmaceuticals — 2.1% 1261229 B.C. Ltd., 10.00%, 04/15/32 (a) ......... 77,965 80,987,117 Accendra Health, Inc., 9.75%, 06/15/33 (a)(b) ..... 6,888 3,120,913 AdaptHealth LLC 4.63%, 08/01/29 (a)(b) ........................ 5,615 5,287,692 5.13%, 03/01/30 (a)(b) ........................ 8,803 8,234,429 Bausch Health Companies, Inc. 4.88%, 06/01/28 (a) .......................... 9,383 8,951,569 5.00%, 01/30/28 (a) .......................... 5,369 4,971,828 5.00%, 02/15/29 (a) .......................... 5,573 4,409,200 5.25%, 01/30/30 (a) .......................... 9,785 6,971,016 5.25%, 02/15/31 (a) .......................... 6,491 4,196,026 6.25%, 02/15/29 (a) .......................... 10,031 8,269,014 11.00%, 09/30/28 (a) ......................... 10,563 11,144,079 CVS Health Corp. 6.75%, 12/10/54, (5-year CMT + 2.52%) (b)(g) . 9,935 10,171,275 7.00%, 03/10/55, (5-year CMT + 2.89%) (g) . . . 28,489 29,358,254 Endo Finance Holdings LP, 8.50%, 04/15/31 (a)(b) ............................... 1 1,924 12,555,018 Gainwell Acquisition Corp., 9.00%, 09/01/31 (a)(b) ............................... 21,905 22,843,257 HLF Financing SARL LLC/Herbalife International, Inc. 4.88%, 06/01/29 (a)(b) ........................ 7,779 7,329,378 7.75%, 05/01/33 (a) .......................... 9,280 9,376,021 Jazz Securities DAC, 4.38%, 01/15/29 (a)(b) ...... 19,477 19,094,164 Organon & Co./Organon Foreign Debt Co-Issuer BV 4.13%, 04/30/28 (a) .......................... 25,975 25,703,540 5.13%, 04/30/31 (a)(b) ........................ 22,533 22,476,634
Security
Par (000) Value
Pharmaceuticals (continued) 6.75%, 05/15/34 (a) .......................... $ 5,854 $ 6,137,158 7.88%, 05/15/34 (a)(b) ........................ 7,350 7,867,946 Teva Pharmaceutical Finance Netherlands III BV 5.13%, 05/09/29 (b) .......................... 4,605 4,606,172 6.75%, 03/01/28 . ........................... 7,546 7,715,719 Teva Pharmaceutical Finance Netherlands IV BV, 5.75%, 12/01/30 . . . . . . .................. 1,820 1,848,326 333,625,745 Pipelines — 5.1% Antero Midstream Partners LP/Antero Midstream Finance Corp. 5.38%, 06/15/29 (a) .......................... 8,031 8,030,652 5.75%, 10/15/33 (a) .......................... 9,436 9,305,665 5.75%, 07/01/34 (a)(b) ........................ 7,573 7,431,006 6.63%, 02/01/32 (a) .......................... 6,957 7,099,257 Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.00%, 07/15/29 (a) .......................... 5,608 5,762,531 7.25%, 07/15/32 (a) .......................... 6,039 6,241,069 Buckeye Partners LP 4.13%, 12/01/27 (b) .......................... 4,743 4,672,315 4.50%, 03/01/28 (a) .......................... 5,680 5,611,487 6.75%, 02/01/30 (a)(b) ........................ 5,681 5,833,855 6.88%, 07/01/29 (a) .......................... 7,846 8,021,338 CQP Holdco LP/BIP-V Chinook Holdco LLC 5.50%, 06/15/31 (a) .......................... 17,213 16,819,879 7.50%, 12/15/33 (a)(b) ........................ 5,625 5,898,359 Delek Logistics Partners LP/Delek Logistics Finance Corp. 6.88%, 06/01/34 (a)(b) ........................ 1 1,231 11,328,281 7.38%, 06/30/33 (a)(b) ........................ 8,278 8,514,771 8.63%, 03/15/29 (a) .......................... 7,987 8,274,543 Energy Transfer LP 6.50%, 02/15/56, (5-year CMT + 2.68%) (g) . . . 14,926 14,968,726 6.70%, 01/15/57, (5-year CMT + 2.22%) (b)(g) . 15,934 15,774,775 6.75%, 02/15/56, (5-year CMT + 2.48%) (g) . . . 10,104 10,060,502 7.13%, 10/01/54, (5-year CMT + 2.83%) (g) . . . 4,084 4,188,666 8.00%, 05/15/54, (5-year CMT + 4.02%) (g) . . . 10,492 10,988,325 Series ., 6.55%, 01/15/57, (5-year CMT + 2.34%) (g) ................................ 7,157 7,111,570 Genesis Energy LP/Genesis Energy Finance Corp. 6.75%, 03/15/34 (b) .......................... 1 1,130 11,203,366 7.88%, 05/15/32 . ........................... 8,670 8,980,386 8.00%, 05/15/33 (b) .......................... 7,194 7,535,980 8.25%, 01/15/29 . ........................... 6,735 6,936,708 8.88%, 04/15/30 (b) .......................... 5,593 5,839,784 Global Partners LP/GLP Finance Corp. 7.13%, 07/01/33 (a)(b) ........................ 5,069 5,201,989 8.25%, 01/15/32 (a)(b) ........................ 4,726 4,940,967 Harvest Midstream I LP 6.75%, 05/15/34 (a)(b) ........................ 12,184 12,358,407 7.50%, 05/15/32 (a) .......................... 5,462 5,662,611 Hess Midstream Operations LP 4.25%, 02/15/30 (a) .......................... 9,012 8,680,960 5.13%, 06/15/28 (a)(b) ........................ 7,017 7,000,264 5.50%, 10/15/30 (a)(b) ........................ 4,086 4,071,361 5.88%, 03/01/28 (a) .......................... 10,345 10,423,803 6.50%, 06/01/29 (a) .......................... 7,440 7,579,411
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
15 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277014
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Security
Par (000) Value
Pipelines (continued) Howard Midstream Energy Partners LLC 6.63%, 01/15/34 (a)(b) ........................ $ 10,064 $ 10,167,508 6.63%, 01/15/35 (a) .......................... 6,840 6,868,972 7.38%, 07/15/32 (a) .......................... 7,442 7,680,256 ITT Holdings LLC, 6.50%, 08/01/29 (a) .......... 14,886 14,836,199 Kinetik Holdings LP 5.88%, 06/15/30 (a)(b) ........................ 12,066 12,123,410 6.63%, 12/15/28 (a)(b) ........................ 13,201 13,425,887 NGL Energy Operating LLC/NGL Energy Finance Corp. 8.13%, 02/15/29 (a) .......................... 10,811 11,138,606 8.38%, 02/15/32 (a)(b) ........................ 15,675 16,415,285 Rockies Express Pipeline LLC 4.95%, 07/15/29 (a) .......................... 7,164 7,081,658 6.75%, 03/15/33 (a) .......................... 6,168 6,283,674 South Bow Canadian Infrastructure Holdings Ltd. 7.50%, 03/01/55, (5-year CMT + 3.67%) (b)(g) . 8,538 8,950,725 7.63%, 03/01/55, (5-year CMT + 3.95%) (g) . . . 4,825 5,011,282 Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. 5.50%, 01/15/28 (a) .......................... 8,887 8,888,389 6.00%, 12/31/30 (a) .......................... 8,330 8,321,254 6.00%, 09/01/31 (a) .......................... 6,052 5,978,040 6.75%, 03/15/34 (a) .......................... 10,381 10,463,250 7.38%, 02/15/29 (a) .......................... 9,833 10,092,020 Venture Global Calcasieu Pass LLC 3.88%, 11/01/33 (a)(b) ........................ 17,778 15,754,149 6.00%, 05/01/36 (a) .......................... 1 1,073 11,017,327 6.25%, 01/15/30 (a) .......................... 13,943 14,231,021 3.88%, 08/15/29 (a) .......................... 17,967 17,204,031 4.13%, 08/15/31 (a) .......................... 17,434 16,280,560 Venture Global LNG, Inc. 6.38%, 12/15/34 (a) .......................... 15,574 15,455,627 6.63%, 06/15/36 (a)(b) ........................ 15,902 15,959,769 7.00%, 01/15/30 (a)(b) ........................ 18,327 18,838,965 8.38%, 06/01/31 (a)(b) ........................ 29,252 30,418,777 9.50%, 02/01/29 (a) .......................... 38,237 41,087,951 9.88%, 02/01/32 (a)(b) ........................ 26,009 27,684,476 Venture Global Plaquemines LNG LLC 6.13%, 12/15/30 (a) .......................... 22,961 23,435,661 6.50%, 01/15/34 (a) .......................... 25,290 26,132,003 6.50%, 06/15/34 (a)(b) ........................ 17,529 18,131,466 6.75%, 01/15/36 (a)(b) ........................ 27,021 28,424,403 7.50%, 05/01/33 (a) .......................... 18,596 20,188,786 7.75%, 05/01/35 (a)(b) ........................ 17,994 19,994,573 812,319,529 Real Estate — 0.7% Anywhere Real Estate Group LLC/Anywhere Co-Issuer Corp., 7.00%, 04/15/30 (a) ......... 8,014 8,057,668 Anywhere Real Estate Group LLC/Realogy Co-Issuer Corp. 5.25%, 04/15/30 (a) .......................... 4,894 4,728,563 5.75%, 01/15/29 (a)(b) ........................ 7,936 7,849,365 9.75%, 04/15/30 (a) .......................... 5,550 5,943,142 CoreLogic, Inc. 9.00%, 08/01/31 (a)(b) ........................ 22,901 22,787,887 12.00%, 02/01/32 (a)(b) ....................... 9,708 9,283,992 Howard Hughes Corp. (The) 4.13%, 02/01/29 (a) .......................... 8,266 7,988,345 4.38%, 02/01/31 (a)(b) ........................ 8,807 8,306,538
Security
Par (000) Value
Real Estate (continued) 5.88%, 03/01/32 (a) .......................... $ 6,835 $ 6,720,246 6.13%, 03/01/34 (a)(b) ........................ 8,605 8,446,693 Kennedy-Wilson, Inc. 7.00%, 06/01/31 (a) .......................... 15,174 15,513,872 7.25%, 06/01/33 (a)(b) ........................ 12,077 12,296,756 117,923,067 Real Estate Investment Trusts — 3.0% Brandywine Operating Partnership LP 3.95%, 11/15/27 . ........................... 5,491 5,374,948 8.88%, 04/12/29 (b) .......................... 1 1,075 11,696,962 Diversified Healthcare Trust 4.38%, 03/01/31 . ........................... 7,569 6,903,201 4.75%, 02/15/28 (b) .......................... 6,846 6,696,600 Hudson Pacific Properties LP 3.25%, 01/15/30 (b) .......................... 5,155 4,584,883 3.95%, 11/01/27 . ........................... 4,066 3,967,819 4.65%, 04/01/29 (b) .......................... 5,493 5,207,284 Iron Mountain Information Management Services, Inc., 5.00%, 07/15/32 (a) ............ 8,914 8,498,601 Iron Mountain, Inc. 4.50%, 02/15/31 (a) .......................... 13,056 12,405,164 4.88%, 09/15/27 (a) .......................... 1 1,671 11,642,931 4.88%, 09/15/29 (a) .......................... 1 1,988 11,727,640 5.00%, 07/15/28 (a) .......................... 5,802 5,748,383 5.25%, 03/15/28 (a)(b) ........................ 10,685 10,656,204 5.25%, 07/15/30 (a) .......................... 15,926 15,620,055 5.63%, 07/15/32 (a)(b) ........................ 8,667 8,513,897 6.25%, 01/15/33 (a)(b) ........................ 17,399 17,520,757 6.25%, 01/15/35 (a) .......................... 22,708 22,463,321 7.00%, 02/15/29 (a) .......................... 13,115 13,334,520 Millrose Properties, Inc. 6.25%, 09/15/32 (a) .......................... 8,597 8,624,590 6.38%, 08/01/30 (a)(b) ........................ 15,235 15,448,925 MPT Operating Partnership LP/MPT Finance Corp. 5.00%, 10/15/27 . ........................... 2,300 2,258,412 8.50%, 02/15/32 (a) .......................... 19,822 20,095,627 9.25%, 02/15/32 (a) .......................... 36,882 36,051,922 Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer 4.88%, 05/15/29 (a)(b) ........................ 8,927 8,754,197 5.88%, 10/01/28 (a) .......................... 9,680 9,659,497 7.00%, 02/01/30 (a)(b) ........................ 6,090 6,230,666 RHP Hotel Properties LP/RHP Finance Corp. 4.50%, 02/15/29 (a) .......................... 7,351 7,218,452 5.75%, 03/15/34 (a) .......................... 13,012 12,815,775 6.25%, 02/15/35 (a) .......................... 3,910 3,929,545 6.50%, 04/01/32 (a)(b) ........................ 13,169 13,398,779 6.50%, 06/15/33 (a)(b) ........................ 8,179 8,340,116 7.25%, 07/15/28 (a) .......................... 4,352 4,427,404 Rithm Capital Corp. 8.00%, 04/01/29 (a) .......................... 9,399 9,506,792 8.00%, 07/15/30 (a) .......................... 6,733 6,761,052 8.50%, 06/01/31 (a) .......................... 6,187 6,251,879 SBA Communications Corp., 3.13%, 02/01/29 . . 17,775 16,990,074 Service Properties Trust 3.95%, 01/15/28 . ........................... 4,566 4,425,755 4.38%, 02/15/30 . ........................... 5,437 4,976,214 4.95%, 10/01/29 (b) .......................... 4,513 4,269,888 8.63%, 11/15/31 (a) .......................... 13,202 13,842,033 8.88%, 06/15/32 (b) .......................... 8,285 8,516,330
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 16 BNM1026U-6054792-19277014
Page 17
Security
Par (000) Value
Real Estate Investment Trusts (continued) Starwood Property Trust, Inc. 5.25%, 10/15/28 (a) .......................... $ 6,570 $ 6,515,978 5.75%, 01/15/31 (a) .......................... 7,969 7,896,307 5.88%, 08/15/29 (a)(b) ........................ 3,833 3,846,471 6.00%, 04/15/30 (a) .......................... 6,918 6,950,644 6.13%, 06/01/31 (a)(b) ........................ 9,586 9,606,747 6.50%, 07/01/30 (a) .......................... 8,324 8,469,583 6.50%, 10/15/30 (a) .......................... 7,773 7,893,870 7.25%, 04/01/29 (a) .......................... 7,253 7,476,654 Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 01/15/30 (a)(b) ........... 8,002 7,704,106 481,717,454 Retail — 4.6% Advance Auto Parts, Inc. 3.90%, 04/15/30 (b) .......................... 6,459 6,078,082 7.00%, 08/01/30 (a)(b) ........................ 14,026 14,332,091 7.38%, 08/01/33 (a)(b) ........................ 14,778 15,156,676 Asbury Automotive Group, Inc. 4.50%, 03/01/28 ............................ 4,198 4,158,560 4.63%, 11/15/29 (a)(b) ........................ 1 1,456 11,137,614 4.75%, 03/01/30 (b) .......................... 7,174 6,984,429 5.00%, 02/15/32 (a)(b) ........................ 10,540 10,050,319 Bath & Body Works, Inc. 5.25%, 02/01/28 ............................ 5,173 5,181,052 6.63%, 10/01/30 (a)(b) ........................ 1 1,981 12,199,360 7.50%, 06/15/29 (b) .......................... 4,088 4,139,562 Burger King (Restaurant Brands International, Inc.)/New Red Finance, Inc. 3.50%, 02/15/29 (a)(b) ........................ 9,016 8,674,312 3.88%, 01/15/28 (a)(b) ........................ 20,132 19,790,765 4.00%, 10/15/30 (a) .......................... 41,838 39,459,070 4.38%, 01/15/28 (a)(b) ........................ 9,446 9,343,823 5.63%, 09/15/29 (a) .......................... 6,039 6,064,482 6.13%, 06/15/29 (a) .......................... 15,271 15,449,953 Carvana Co., 9.00%, 06/01/31, (9.00 % Cash) (a)(b)(f) ................................. 23,507 25,923,422 Ferrellgas LP/Ferrellgas Finance Corp. 5.88%, 04/01/29 (a)(b) ........................ 9,657 9,522,821 9.25%, 01/15/31 (a)(b) ........................ 7,339 7,763,732 Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. 4.63%, 01/15/29 (a)(b) ........................ 12,061 11,753,477 6.75%, 01/15/30 (a)(b) ........................ 15,237 14,904,172 FirstCash, Inc. 4.63%, 09/01/28 (a) .......................... 8,283 8,115,959 5.63%, 01/01/30 (a)(b) ........................ 6,990 6,916,081 6.13%, 05/01/34 (a) .......................... 1 1,528 11,393,722 6.88%, 03/01/32 (a) .......................... 7,936 8,092,001 Gap, Inc. (The) 3.63%, 10/01/29 (a) .......................... 8,646 8,163,488 3.88%, 10/01/31 (a)(b) ........................ 1 1,888 10,900,226 Global Auto Holdings Ltd./AAG FH U.K. Ltd. 8.38%, 01/15/29 (a) .......................... 6,877 6,885,000 8.75%, 01/15/32 (a)(b) ........................ 7,572 7,429,019 11.50%, 08/15/29 (a) ......................... 8,435 8,915,412 Group 1 Automotive, Inc. 4.00%, 08/15/28 (a)(b) ........................ 9,007 8,779,255 6.38%, 01/15/30 (a) .......................... 6,720 6,768,442 Kohl's Corp., 5.13%, 05/01/31 .................. 1,308 1,179,625
Security
Par (000) Value
Retail (continued) LBM Acquisition LLC 6.25%, 01/15/29 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 11,175 $ 7,057,361 9.50%, 06/15/31 (a) .......................... 12,719 10,555,816 LCM Investments Holdings II LLC 4.88%, 05/01/29 (a) .......................... 13,715 13,386,481 8.25%, 08/01/31 (a) .......................... 1 1,488 11,936,215 Lithia Motors, Inc. 3.88%, 06/01/29 (a)(b) ........................ 9,679 9,294,663 4.38%, 01/15/31 (a)(b) ........................ 7,429 7,076,510 4.63%, 12/15/27 (a)(b) ........................ 3,253 3,233,902 5.50%, 10/01/30 (a) .......................... 9,447 9,374,233 Macy's Retail Holdings LLC 6.13%, 03/15/32 (a)(b) ........................ 4,621 4,629,424 7.38%, 08/01/33 (a)(b) ........................ 6,819 7,101,704 Michaels Companies, Inc. (The) 8.50%, 03/15/33 (a)(b) ........................ 26,807 26,545,286 11.00%, 03/15/34 (a)(b) ....................... 8,684 8,414,176 Murphy Oil USA, Inc. 3.75%, 02/15/31 (a) .......................... 5,522 5,145,183 4.75%, 09/15/29 . ........................... 5,315 5,221,925 5.88%, 06/01/34 (a) .......................... 7,083 7,031,080 Nordstrom, Inc. 4.25%, 08/01/31 (b) .......................... 5,600 5,170,520 4.38%, 04/01/30 (b) .......................... 7,790 7,417,731 Park River Holdings, Inc. 8.00%, 03/15/31 (a) .......................... 10,089 10,116,114 8.75%, 12/31/30 (a)(b) ........................ 5,842 5,542,036 PetSmart LLC/PetSmart Finance Corp. 7.50%, 09/15/32 (a)(b) ........................ 26,431 26,659,335 10.00%, 09/15/33 (a) ......................... 9,792 9,783,432 QXO Building Products, Inc. 6.50%, 07/15/31 (a)(b) ........................ 20,361 20,554,698 6.75%, 04/30/32 (a)(b) ........................ 29,399 30,057,755 6.88%, 07/15/34 (a)(b) ........................ 18,629 18,846,579 SAKS Global, 11.00%, 12/15/29 (b)(c)(d)(e) . . . . . . . . 23,484 2 Sonic Automotive, Inc. 4.63%, 11/15/29 (a)(b) ........................ 7,842 7,657,398 4.88%, 11/15/31 (a)(b) ........................ 8,631 8,239,570 Staples, Inc. 10.75%, 09/01/29 (a) ......................... 31,328 30,092,972 12.75%, 01/15/30 (a) ......................... 9,488 7,493,269 Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/31 (a) .... 7,309 6,906,362 Yum! Brands, Inc. 3.63%, 03/15/31 . ........................... 13,996 12,938,077 4.63%, 01/31/32 (b) .......................... 13,529 12,871,928 4.75%, 01/15/30 (a) .......................... 9,276 9,091,487 5.38%, 04/01/32 (b) .......................... 12,775 12,631,355 729,680,583 Semiconductors — 0.2% Entegris, Inc. 3.63%, 05/01/29 (a)(b) ........................ 4,328 4,150,638 4.38%, 04/15/28 (a)(b) ........................ 4,259 4,207,692 4.75%, 04/15/29 (a) .......................... 20,668 20,364,673 5.95%, 06/15/30 (a)(b) ........................ 10,879 10,952,303 39,675,306 Software — 3.4% AthenaHealth Group, Inc. 6.50%, 02/15/30 (a) .......................... 31,062 30,359,365 7.50%, 02/15/32 (a) .......................... 4,072 4,184,879
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
17 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277014
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Security
Par (000) Value
Software (continued) CDK Steerco 7.25%, 06/15/29 (d) .......................... $ 12,032 $ 8,181,760 8.00%, 06/15/29 (d) .......................... 12,198 8,294,640 Cloud Software Group LLC 6.63%, 08/15/33 (a)(b) ........................ 12,364 11,250,467 8.25%, 06/30/32 (a)(b) ........................ 23,223 22,747,105 9.00%, 09/30/29 (a)(b) ........................ 48,896 48,898,200 Cloud Software Group, Inc., 6.50%, 03/31/29 (a) . 51,541 51,291,619 CoreWeave, Inc. 9.00%, 02/01/31 (a)(b) ........................ 23,230 20,791,126 9.25%, 06/01/30 (a)(b) ........................ 25,922 24,070,360 9.63%, 07/15/32 (a)(b) ........................ 16,044 14,168,857 9.75%, 10/01/31 (a)(b) ........................ 34,829 31,093,555 Fair Isaac Corp. 4.00%, 06/15/28 (a)(b) ........................ 10,489 10,239,108 6.00%, 05/15/33 (a)(b) ........................ 20,915 20,561,629 6.25%, 09/15/34 (a) .......................... 14,292 13,988,894 OAK-Eagle Acquireco, Inc. 7.25%, 07/01/33 (a) .......................... 40,058 41,665,596 8.75%, 07/01/34 (a) .......................... 33,527 35,582,326 Open Text Corp. 3.88%, 02/15/28 (a)(b) ........................ 1 1,698 11,436,832 3.88%, 12/01/29 (a) .......................... 10,795 10,081,311 Open Text Holdings, Inc. 4.13%, 02/15/30 (a)(b) ........................ 12,521 11,665,682 4.13%, 12/01/31 (a)(b) ........................ 9,286 8,278,864 ROBLOX Corp., 3.88%, 05/01/30 (a) ............ 12,030 11,328,877 Rocket Software, Inc. 6.50%, 02/15/29 (a)(b) ........................ 6,379 6,253,493 9.00%, 11/28/28 (a)(b) ........................ 9,532 9,729,527 SS&C Technologies, Inc. 5.50%, 09/30/27 (a)(b) ........................ 23,693 23,698,682 6.50%, 06/01/32 (a)(b) ........................ 10,596 10,725,327 Twilio, Inc. 3.63%, 03/15/29 (b) .......................... 6,652 6,412,304 3.88%, 03/15/31 (b) .......................... 5,589 5,247,816 UKG, Inc., 6.88%, 02/01/31 (a)(b) ................ 31,544 31,092,637 543,320,838 Telecommunications — 7.2% Altice Financing SA 5.00%, 01/15/28 (a) .......................... 17,891 10,941,837 5.75%, 08/15/29 (a) .......................... 26,388 16,098,065 Altice France Lux 3/Altice Holdings 1, 10.00%, 01/15/33 (a) ................................. 13,556 13,161,462 Altice France SA 6.50%, 04/15/32 (a) .......................... 26,283 25,552,194 6.88%, 10/15/30 (a) .......................... 10,943 10,713,145 6.88%, 07/15/32 (a) .......................... 19,540 19,134,418 9.50%, 11/01/29 (a) .......................... 16,440 16,631,924 APLD ComputeCo 2 LLC, 6.75%, 03/15/31 (a)(b) . 30,759 29,534,395 APLD ComputeCo 3 LLC, 7.00%, 06/15/31 (a)(b) . 19,447 18,725,841 APLD ComputeCo LLC, 9.25%, 12/15/30 (a)(b) . . . 31,990 33,694,530 Bell Telephone Co. of Canada or Bell Canada 6.88%, 09/15/55, (5-year CMT + 2.39%) (b)(g) . 14,071 14,247,865 7.00%, 09/15/55, (5-year CMT + 2.36%) (g) . . . 17,048 17,193,418 Black Pearl Compute LLC, 6.13%, 02/15/31 (a)(b) ............................... 30,375 30,413,567 British Telecommunications Ltd., 4.88%, 11/23/81, (5-year CMT + 3.49%) (a)(g) ......... 5,360 5,124,740 Cipher Compute LLC, 7.13%, 11/15/30 (a)(b) ..... 23,163 23,469,518
Security
Par (000) Value
Telecommunications (continued) Connect Finco SARL/Connect U.S. Finco LLC, 9.00%, 09/15/29 (a)(b) . . . . . . . . . . . . . . . . . . . . . . . . $ 24 ,965 $ 26,123,386 Connect Holding II LLC, 10.50%, 04/03/31 (a) . . . . 28,422 25,439,466 Core Scientific Finance I LLC, 7.75%, 05/15/31 (a) ................................. 42,982 41,707,584 Edged Compute LLC, 7.50%, 04/30/31 (a) . . . . . . . 15,864 15,042,294 Fibercop SpA Series 2033, 6.38%, 11/15/33 (a)(b) ........... 7,062 6,996,924 Series 2034, 6.00%, 09/30/34 (a)(b) ........... 7,170 6,862,168 Series 2036, 7.20%, 07/18/36 (a) ............. 7,384 7,451,157 Series 2038, 7.72%, 06/04/38 (a) ............. 7,160 7,429,461 Flash Compute LLC, 7.25%, 12/31/30 (a)(b) . . . . . . 15,832 15,903,462 Galaxy Helios Data Centers II LLC, 9.88%, 08/01/31 (a) ................................. 49,000 48,506,580 Iliad Holding SAS 7.00%, 10/15/28 (a) .......................... 10,841 10,848,163 7.00%, 04/15/32 (a) .......................... 1 1,233 11,317,055 8.50%, 04/15/31 (a) .......................... 1 1,312 11,850,847 Level 3 Financing, Inc. 6.88%, 06/30/33 (a)(b) ........................ 25,965 26,390,424 7.00%, 03/31/34 (a)(b) ........................ 31,096 31,797,404 7.50%, 02/15/37 (a)(b) ........................ 1 1,891 11,783,493 8.50%, 01/15/36 (a)(b) ........................ 24,326 25,405,610 Meridian Arc Holdco LLC, 6.25%, 04/30/31 (a) . . . 76,032 72,209,255 PR RNO Property Owner 1 LLC, 6.50%, 05/01/31 (a) ................................. 59,166 54,742,785 Rogers Communications, Inc. 6.88%, 07/31/56, (5-year CMT + 2.84%) (g) . . . 4,770 4,780,306 7.00%, 04/15/55, (5-year CMT + 2.65%) (g) . . . 15,173 15,275,060 7.13%, 04/15/55, (5-year CMT + 2.62%) (g) . . . 15,086 15,156,557 SV RNO Property Owner 1 LLC, 5.88%, 03/01/31 (a) ................................. 49,186 45,134,013 TELUS Corp. 6.63%, 10/15/55, (5-year CMT + 2.77%) (g) . . . 9,353 9,270,371 7.00%, 10/15/55, (5-year CMT + 2.71%) (g) . . . 10,329 10,250,890 Series ., 6.38%, 06/09/56, (5-year CMT + 2.69%) (g) ................................ 10,486 10,301,648 Series ..., 6.63%, 06/09/56, (5-year CMT + 2.52%) (g) ................................ 9,494 9,138,524 Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC 4.75%, 04/15/28 (a)(b) . . . . . . . . . . . . . . . . . . . . . . . . 797 794 ,565 6.50%, 02/15/29 (a) .......................... 13,424 13,250,457 8.63%, 06/15/32 (a)(b) ........................ 19,757 20,321,102 Uniti Services LLC, 7.50%, 10/15/33 (a)(b) . . . . . . . 19,744 20,364,092 Viasat, Inc. 6.50%, 07/15/28 (a) .......................... 5,363 5,350,341 7.50%, 05/30/31 (a)(b) ........................ 8,500 8,524,302 Vmed O2 U.K. Financing I PLC 4.25%, 01/31/31 (a) .......................... 17,221 13,950,445 4.75%, 07/15/31 (a) .......................... 18,232 14,792,229 6.75%, 01/15/33 (a) .......................... 10,737 8,936,405 7.75%, 04/15/32 (a)(b) ........................ 9,378 8,091,113 Vodafone Group PLC 4.13%, 06/04/81, (5-year CMT + 2.77%) (g) . . . 11,853 10,887,591 7.00%, 04/04/79, (5-year USD Swap + 4.87%) (b)(g) .............................. 25,422 26,072,549 Windstream Services LLC/Windstream Escrow Finance Corp., 8.25%, 10/01/31 (a) ........... 31,026 32,355,076 WULF Compute LLC, 7.75%, 10/15/30 (a) ....... 41,179 42,793,503
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
S CHEDULE OF I NVESTMENTS 18 BNM1026U-6054792-19277014
Page 19
Security
Par (000) Value
Telecommunications (continued) Zayo Group Holdings, Inc. 9.25%, 03/09/30, (5.75% Cash and 0.50% PIK) (a)(f) ................................. $ 9,096 $ 9,102,045 13.75%, 09/09/30, (7.13% Cash and 1.88% PIK) (a)(b)(f) ............................... 10,424 10,353,725 Zenith Arc LLC, 8.88%, 08/31/31 (a) ............. 25,499 24,592,579 1,132,283,925 Transportation — 0.1% Brightline East LLC, 11.00%, 01/31/30 (a)(c)(e) .... 1 1,898 584,489 XPO, Inc. 7.13%, 06/01/31 (a)(b) ........................ 5,288 5,442,937 7.13%, 02/01/32 (a)(b) ........................ 6,947 7,171,736 13,199,162 Trucking & Leasing — 0.3% FTAI Aviation Investors LLC 5.50%, 05/01/28 (a) .......................... 1 1,880 11,854,844 5.88%, 04/15/33 (a)(b) ........................ 7,321 7,211,136 7.00%, 05/01/31 (a) .......................... 9,056 9,323,278 7.00%, 06/15/32 (a) .......................... 12,776 13,101,146 7.88%, 12/01/30 (a) .......................... 6,184 6,457,549 47,947,953
Total Corporate Bonds & Notes — 97.1% (Cost: $16,006,598,938) ....................................... 15,366,307,826
Shares
Common Stocks Aerospace & Defense — 0.0% Incora Top Holdco LLC, NVS (a)(b)(d) ............. 10,656 76,616 Incora Top Holdco LLC, NVS (d) ................. 192,451 1,383,723 1,460,339
Total Common Stocks — 0.0% (Cost $20,944,591) ............................................ 1,460,339
Preferred Stocks Broadline Retail — 0.2% SAKS Global Holdings (d) ....................... 28,987,658 28,987,658
Total Preferred Stocks — 0.2% (Cost $28,987,658) ............................................ 28,987,658 Total Long-Term Investments — 97.3% (Cost: $16,056,531,187) ....................................... 15,396,755,823
Security Shares Value
Short-Term Securities Money Market Funds — 14.6% BlackRock Cash Funds: Institutional, SL Agency Shares, 3.84% (k)(l)(m) ........................ 2,096,930,436 $ 2,097,559,516 BlackRock Cash Funds: Treasury, SL Agency Shares, 3.65% (k)(l) .......................... 213,060,000 213,060,000
Total Short-Term Securities — 14.6% (Cost: $2,309,585,946) ........................................ 2,310,619,516
Total Investments — 111.9% (Cost: $18,366,117,133) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,707,375 ,339 Liabilities in Excess of Other Assets — (11.9)% . . . . . . . . . . . . . . . . . (1,879,634,803)
Net Assets — 100.0% ........................................... $ 15,827,740,536 (a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. (b) All or a portion of this security is on loan. (c) Issuer filed for bankruptcy and/or is in default. (d) Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. (e) Non-income producing security. (f) Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. (g) Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. (h) Perpetual security with no stated maturity date. (i) Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $54,880,633, representing 0.4% of its net assets as of period end, and an original cost of $55,248,101. (j) This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. (k) Affiliate of the Fund. (l) Annualized 7-day yield as of period end. (m) All or a portion of this security was purchased with the cash collateral from loaned securities.
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets)
19 2026 I S HARES S EMI -A NNUAL F INANCIAL S TATEMENTS AND A DDITIONAL I NFORMATION BNM1026U-6054792-19277014
Page 20
Affiliates Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2026 for purposes of Section 2(a)(3) of the Inve stment Company Act of 1940, as amended, were as follows:
Affiliated Issuer
Value at 02/28/26
Purchases at Cost
Proceeds from Sales
Net Realized Gain (Loss)
Change in Unrealized Appreciation (Depreciation)
Value at 08/31/26
Shares Held at 08/31/26 Income
Capital Gain Distributions from Underlying Funds BlackRock Cash Funds: Institu tional, SL Agency Shares .... $2,564,745,622 $ — $ (466,687,398) (a) $ (7,442) $ (491,266) $2,097,559,516 2,096,930,436 $ 5,077,777 (b) $— BlackRock Cash Funds: Trea sury, SL Agency Shares ..... 207,610,000 5,450,000 (a) — — — 213,060,000 213,060,000 2,038,333 — $ (7,442) $ (491,266) $2,310,619,516 $ 7,116,110 $ —
(a) Represents net amount purchased (sold). (b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of collateral inve stment fees, and other payments to and from borrowers of securities.
Fair Value Hiera rchy as of P eriod End Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and infor mation about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial inst ruments into major categories is disclosed in the Schedule of Investments above.
Level 1 Level 2 Level 3 Total Assets Investments Long-Term Investments Corporate Bonds & Notes ............................................................ $ — $15,348,596,070 $ 17,711,756 $15,366,307,826 Common Stocks ..................................................................... — — 1,460,339 1,460,339 Preferred Stocks .................................................................... — — 28,987,658 28,987,658 Short-Term Securities Money Market Funds ................................................................ 2,310,619,516 — — 2,310,619,516 $ 2,310,619,516 $15,348,596,070 $ 48,159,753 $17,707,375,339
See notes to financial statements.
Schedule of Investments (unaudited) (continued) August 31, 2026
iShares iBoxx $ High Yield Corporate Bond ETF
S CHEDULE OF I NVESTMENTS 20 BNM1026U-6054792-19277014
Page 21
Security
Par (000) Value
Corporate Bonds & Notes Advertising — 0.0% Omnicom Group, Inc., 2.60%, 08/01/31 (a) ....... $ 6,140 $ 5,450,430
Aerospace & Defense — 2.4% Boeing Co. (The) 2.95%, 02/01/30 ............................ 8,050 7,523,990 3.25%, 02/01/35 ............................ 8,352 7,083,492 3.60%, 05/01/34 (a) .......................... 6,359 5,618,409 3.63%, 02/01/31 (a) .......................... 7,540 7,098,628 3.75%, 02/01/50 (a) .......................... 1 1,207 7,785,064 3.90%, 05/01/49 ............................ 7,156 5,103,809 3.95%, 08/01/59 ............................ 8,005 5,352,201 5.15%, 05/01/30 ............................ 35,886 35,960,524 5.71%, 05/01/40 ............................ 25,039 24,568,650 5.81%, 05/01/50 (a) .......................... 46,056 43,379,345 5.93%, 05/01/60 ............................ 27,886 26,007,588 6.39%, 05/01/31 ............................ 6,531 6,852,063 6.53%, 05/01/34 ............................ 17,381 18,532,020 6.86%, 05/01/54 ............................ 21,617 23,139,602 7.01%, 05/01/64 ............................ 12,380 13,355,384 GE Capital International Funding Co. Unlimited Co., 4.42%, 11/15/35 ........................ 9,924 9,272,798 General Dynamics Corp. 3.63%, 04/01/30 (a) .......................... 5,545 5,319,354 4.25%, 04/01/40 ............................ 5,158 4,481,506 4.25%, 04/01/50 ............................ 4,635 3,700,360 4.95%, 08/15/35 (a) .......................... 8,708 8,509,552 General Electric Co. 4.30%, 07/29/30 ............................ 6,921 6,786,641 4.90%, 01/29/36 (a) .......................... 8,330 8,098,049 5.88%, 01/14/38 ............................ 7,751 8,050,680 6.75%, 03/15/32 ............................ 1 1,109 12,058,683 Honeywell Aerospace, Inc. 4.30%, 03/16/31 ............................ 15,408 14,974,747 4.60%, 03/16/33 (a) .......................... 14,633 14,145,579 4.95%, 03/16/36 ............................ 26,419 25,357,659 5.62%, 03/16/46 ............................ 10,350 9,871,345 5.73%, 03/16/56 (a) .......................... 28,929 27,478,705 5.85%, 03/16/66 (a) .......................... 13,009 12,356,799 L3Harris Technologies, Inc. 5.25%, 06/01/31 ............................ 6,169 6,208,438 5.35%, 06/01/34 (a) .......................... 6,440 6,411,866 5.40%, 07/31/33 (a) .......................... 9,774 9,810,771 Lockheed Martin Corp. 2.80%, 06/15/50 (a) .......................... 7,421 4,456,393 3.80%, 03/01/45 ............................ 9,270 7,089,422 3.90%, 06/15/32 (a) .......................... 8,498 8,072,467 4.07%, 12/15/42 (a) .......................... 10,551 8,645,353 4.09%, 09/15/52 ............................ 1 1,538 8,678,117 4.15%, 06/15/53 ............................ 8,176 6,189,915 4.40%, 08/15/30 (a) .......................... 5,659 5,577,005 4.70%, 05/15/46 ............................ 12,002 10,314,526 4.75%, 02/15/34 (a) .......................... 7,305 7,118,382 5.00%, 08/15/35 (a) .......................... 7,638 7,502,568 5.20%, 02/15/55 (a) .......................... 8,239 7,379,632 5.20%, 02/15/64 (a) .......................... 6,159 5,392,244 5.25%, 01/15/33 (a) .......................... 7,163 7,286,086 5.70%, 11/15/54 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . 8,114 7,799,224 5.90%, 11/15/63 (a) .......................... 5,769 5,650,639 Northrop Grumman Corp. 4.03%, 10/15/47 ............................ 22,434 17,062,242
Security
Par (000) Value
Aerospace & Defense (continued) 4.40%, 05/01/30 . ........................... $ 9,351 $ 9,202,802 4.70%, 03/15/33 . ........................... 9,142 8,914,328 4.75%, 06/01/43 . ........................... 7,425 6,543,082 4.90%, 06/01/34 (a) .......................... 6,175 6,021,637 4.95%, 03/15/53 (a) .......................... 8,516 7,289,446 5.20%, 06/01/54 (a) .......................... 9,069 8,060,417 5.25%, 05/01/50 (a) .......................... 8,857 7,966,953 RTX Corp. 1.90%, 09/01/31 . ........................... 8,954 7,745,325 2.25%, 07/01/30 . ........................... 9,687 8,796,096 2.38%, 03/15/32 . ........................... 7,238 6,315,680 2.82%, 09/01/51 . ........................... 9,157 5,413,413 3.03%, 03/15/52 (a) .......................... 8,246 5,064,504 3.13%, 07/01/50 . ........................... 7,067 4,500,926 3.75%, 11/01/46 . ........................... 10,171 7,582,592 4.15%, 05/15/45 . ........................... 8,415 6,709,696 4.35%, 04/15/47 . ........................... 9,823 7,923,378 4.45%, 11/16/38 . ........................... 8,495 7,653,410 4.50%, 06/01/42 (a) .......................... 26,748 23,135,188 4.63%, 11/16/48 . ........................... 14,419 11,951,896 5.15%, 02/27/33 . ........................... 9,275 9,274,981 5.38%, 02/27/53 (a) .......................... 1 1,644 10,646,573 6.00%, 03/15/31 (a) .......................... 6,589 6,858,144 6.10%, 03/15/34 (a) .......................... 12,297 12,919,560 6.40%, 03/15/54 (a) .......................... 13,927 14,557,154 765,515,697 Agriculture — 1.5% Altria Group, Inc. 2.45%, 02/04/32 (a) .......................... 13,384 11,646,575 3.40%, 05/06/30 . ........................... 6,145 5,816,910 3.40%, 02/04/41 . ........................... 9,950 7,344,995 3.70%, 02/04/51 . ........................... 8,795 5,856,732 3.88%, 09/16/46 . ........................... 1 1,088 7,912,762 4.00%, 02/04/61 . ........................... 8,414 5,582,133 4.25%, 08/09/42 . ........................... 8,150 6,479,521 5.38%, 01/31/44 . ........................... 13,933 12,541,093 5.80%, 02/14/39 (a) .......................... 18,428 18,117,724 5.95%, 02/14/49 (a) .......................... 19,620 18,515,492 Archer-Daniels-Midland Co. 2.70%, 09/15/51 (a) .......................... 5,997 3,455,368 2.90%, 03/01/32 (a) .......................... 5,209 4,682,859 3.25%, 03/27/30 . ........................... 6,576 6,224,089 BAT Capital Corp. 2.73%, 03/25/31 . ........................... 10,915 9,862,260 4.39%, 08/15/37 . ........................... 18,214 16,170,619 4.54%, 08/15/47 . ........................... 17,097 13,505,585 4.63%, 03/22/33 . ........................... 7,040 6,744,010 4.74%, 03/16/32 (a) .......................... 7,379 7,218,058 4.76%, 09/06/49 . ........................... 8,415 6,752,325 4.91%, 04/02/30 (a) .......................... 5,394 5,368,829 5.30%, 08/05/33 . ........................... 5,501 5,467,665 5.35%, 08/15/32 . ........................... 8,160 8,197,782 5.55%, 08/05/36 . ........................... 8,691 8,602,223 5.63%, 08/15/35 (a) .......................... 7,729 7,769,944 5.83%, 02/20/31 . ........................... 8,078 8,296,251 6.00%, 02/20/34 . ...........................
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