NPORT-EX 2 NPORT_11028596879187982.htm iShares Edge High Yield Defensive Bond ETF

Schedule of Investments  (unaudited)

May 31, 2020

   

iShares® Edge High Yield Defensive Bond ETF

(Percentages shown are based on Net Assets)

 

Security

  

Par

(000)

     Value  

Corporate Bonds & Notes

    

Aerospace & Defense — 3.1%

    

Bombardier Inc., 5.75%, 03/15/22(a)

   $ 200     $ 133,000  

Signature Aviation U.S. Holdings Inc.,
5.38%, 05/01/26 (Call 05/01/21)(a)

     150       143,844  

SSL Robotics LLC,
9.75%, 12/31/23 (Call 12/15/21)(a)

     275       298,375  

TransDigm Inc.

    

6.25%, 03/15/26 (Call 03/15/22)(a)

     175       178,937  

6.38%, 06/15/26 (Call 06/15/21)

     250       232,500  

6.50%, 07/15/24 (Call 06/29/20)

     100       98,000  

6.50%, 05/15/25 (Call 06/29/20)

     75       72,563  
   

 

 

  
      1,157,219  
Agriculture — 2.0%            

JBS Investments II GmbH,
7.00%, 01/15/26 (Call 01/15/22)(a)

     400       425,180  

Vector Group Ltd.

    

6.13%, 02/01/25 (Call 06/29/20)(a)

     240       234,600  

10.50%, 11/01/26 (Call 11/01/21)(a)

     75       75,750  
   

 

 

  
      735,530  
Airlines — 0.2%            

American Airlines Group Inc.,
5.00%, 06/01/22(a)

     100       58,000  
   

 

 

  
Auto Manufacturers — 4.1%            

Allison Transmission Inc.

    

5.00%, 10/01/24 (Call 06/09/20)(a)

     250       251,875  

5.88%, 06/01/29 (Call 06/01/24)(a)

     100       101,000  

Ford Motor Co.

    

8.50%, 04/21/23

     100       103,500  

9.00%, 04/22/25 (Call 03/22/25)

     275       287,375  

9.63%, 04/22/30 (Call 01/22/30)

     275       305,250  

Jaguar Land Rover Automotive PLC

    

4.50%, 10/01/27 (Call 07/01/27)(a)

     200       136,500  

5.63%, 02/01/23 (Call 06/29/20)(a)(b)

     100       84,000  

Navistar International Corp.,
6.63%, 11/01/25 (Call 11/01/20)(a)

     300       280,500  
   

 

 

  
      1,550,000  
Auto Parts & Equipment — 0.3%            

Meritor Inc., 6.25%, 02/15/24 (Call 06/29/20)

     100       99,500  
   

 

 

  
Banks — 1.1%            

Intesa Sanpaolo SpA

    

5.02%, 06/26/24(a)

     200       200,542  

5.71%, 01/15/26(a)

     200       205,697  
   

 

 

  
      406,239  
Building Materials — 0.4%            

Builders FirstSource Inc.

    

5.00%, 03/01/30 (Call 03/01/25)(a)

     20       18,500  

6.75%, 06/01/27 (Call 06/01/22)(a)

     68       71,570  

Norbord Inc., 5.75%, 07/15/27 (Call 07/15/22)(a)

     50       49,313  
   

 

 

  
      139,383  
Chemicals — 3.3%            

GCP Applied Technologies Inc.,
5.50%, 04/15/26 (Call 04/15/21)(a)

     25       24,635  

OCI NV

    

5.25%, 11/01/24 (Call 11/01/21)(a)

     200       196,000  

6.63%, 04/15/23 (Call 06/29/20)(a)

     200       204,000  

PolyOne Corp., 5.25%, 03/15/23

     150       161,281  

Rain CII Carbon LLC/CII Carbon Corp.,
7.25%, 04/01/25 (Call 06/29/20)(a)

     170       154,700  

Sasol Financing USA LLC,
5.88%, 03/27/24 (Call 02/27/24)

     400       335,000  
Security  

Par

(000)

     Value  
Chemicals (continued)            

Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%, 09/01/25 (Call 09/01/20)(a)(b)

   $ 160     $ 152,800  
   

 

 

  
      1,228,416  
Commercial Services — 4.4%            

Adani Abbot Point Terminal Pty Ltd.,
4.45%, 12/15/22(a)

     200       170,108  

Brink’s Co. (The), 4.63%, 10/15/27 (Call 10/15/22)(a)(b)

     175       163,677  

Capitol Investment Merger Sub 2 LLC, 10.00%, 08/01/24 (Call 08/01/21)(a)

     125       118,438  

Cimpress PLC, 7.00%, 06/15/26 (Call 06/15/21)(a)

     150       144,750  

Graham Holdings Co., 5.75%, 06/01/26
(Call 06/01/21)(a)

     50       51,125  

Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)(a)

     75       68,625  

Nielsen Finance LLC/Nielsen Finance Co., 5.00%, 04/15/22 (Call 06/29/20)(a)

     200       199,690  

Prime Security Services Borrower LLC/Prime Finance Inc.

    

5.25%, 04/15/24(a)

     175       182,437  

5.75%, 04/15/26(a)(b)

     225       231,750  

Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 06/29/20)(a)

     150       154,500  

United Rentals North America Inc., 4.88%, 01/15/28 (Call 01/15/23)

     150       154,545  
   

 

 

  
      1,639,645  
Computers — 1.6%            

Booz Allen Hamilton Inc., 5.13%, 05/01/25 (Call 06/09/20)(a)

     75       75,863  

NCR Corp.

    

5.00%, 07/15/22 (Call 06/29/20)

     90       90,086  

6.38%, 12/15/23 (Call 06/29/20)(b)

     100       102,239  

Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)

     310       326,275  
   

 

 

  
      594,463  
Cosmetics & Personal Care — 0.3%            

Edgewell Personal Care Co., 4.70%, 05/24/22(b)

     125       128,750  
   

 

 

  
Distribution & Wholesale — 0.6%            

KAR Auction Services Inc., 5.13%, 06/01/25 (Call 06/29/20)(a)

     250       236,198  
   

 

 

  
Diversified Financial Services — 3.5%            

Credit Acceptance Corp., 6.63%, 03/15/26 (Call 03/15/22)(b)

     75       70,500  

Curo Group Holdings Corp., 8.25%, 09/01/25 (Call 09/01/21)(a)

     215       170,656  

goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/21)(a)

     150       140,625  

Jefferies Finance LLC/JFIN Co-Issuer Corp., 6.25%, 06/03/26 (Call 06/01/22)(a)

     100       90,625  

LPL Holdings Inc., 5.75%, 09/15/25 (Call 06/09/20)(a)

     225       233,919  

Springleaf Finance Corp.

    

6.63%, 01/15/28 (Call 07/15/27)

     50       47,750  

6.88%, 03/15/25(b)

     300       296,160  

7.13%, 03/15/26

     250       246,250  
   

 

 

  
      1,296,485  
Electric — 2.3%            

Clearway Energy Operating LLC, 5.75%, 10/15/25 (Call 10/15/21)

     150       159,672  

Drax Finco PLC, 6.63%, 11/01/25 (Call 05/01/21)(a)

     200       210,250  

NRG Energy Inc.

    

5.75%, 01/15/28 (Call 01/15/23)

     150       163,125  

7.25%, 05/15/26 (Call 05/15/21)

     200       215,184  

Vistra Operations Co. LLC, 5.63%, 02/15/27 (Call 02/15/22)(a)

     100       106,271  
   

 

 

  
      854,502  
 

 

 

     1  

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

iShares® Edge High Yield Defensive Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Electrical Components & Equipment — 0.8%            

Energizer Holdings Inc.

    

5.50%, 06/15/25 (Call 06/29/20)(a)

   $ 175     $ 179,120  

6.38%, 07/15/26 (Call 07/15/21)(a)

     125       131,875  
   

 

 

  
      310,995  
Electronics — 0.3%            

Sensata Technologies BV, 4.88%, 10/15/23(a)

     125       128,438  
   

 

 

  
Engineering & Construction — 0.7%            

AECOM, 5.13%, 03/15/27 (Call 12/15/26)

     250       265,265  
   

 

 

  
Entertainment — 1.5%            

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/24 (Call 06/29/20)

     50       47,510  

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (Call 05/01/22)(a)

     65       65,975  

Cinemark USA Inc., 4.88%, 06/01/23 (Call 06/29/20)(b)

     175       152,250  

Eldorado Resorts Inc., 6.00%, 04/01/25 (Call 06/29/20)

     25       25,526  

Six Flags Entertainment Corp.

    

4.88%, 07/31/24 (Call 06/29/20)(a)

     250       235,000  

5.50%, 04/15/27 (Call 04/15/22)(a)

     50       46,500  
   

 

 

  
      572,761  
Environmental Control — 1.0%            

Covanta Holding Corp., 5.88%, 07/01/25 (Call 07/01/20)

     75       74,078  

Stericycle Inc., 5.38%, 07/15/24 (Call 07/15/21)(a)

     150       153,375  

Tervita Corp., 7.63%, 12/01/21 (Call 06/29/20)(a)

     175       135,188  
   

 

 

  
      362,641  
Food — 3.3%            

B&G Foods Inc., 5.25%, 04/01/25 (Call 06/29/20)

     250       256,875  

BRF GmbH, 4.35%, 09/29/26(a)(b)

     200       189,752  

Kraft Heinz Foods Co.

    

4.88%, 10/01/49 (Call 04/01/49)(a)

     200       198,807  

6.88%, 01/26/39

     100       122,040  

Pilgrim’s Pride Corp.

    

5.75%, 03/15/25 (Call 06/29/20)(a)

     125       127,813  

5.88%, 09/30/27 (Call 09/30/22)(a)

     180       187,200  

Post Holdings Inc., 5.75%, 03/01/27 (Call 03/01/22)(a)

     150       156,375  
   

 

 

  
      1,238,862  
Gas — 1.0%            

AmeriGas Partners LP/AmeriGas Finance Corp.

    

5.63%, 05/20/24 (Call 03/20/24)

     200       209,000  

5.75%, 05/20/27 (Call 02/20/27)

     125       132,837  

5.88%, 08/20/26 (Call 05/20/26)

     25       26,513  
   

 

 

  
      368,350  
Health Care – Services — 2.8%            

Centene Corp., 5.25%, 04/01/25 (Call 06/15/20)(a)

     300       308,811  

DaVita Inc.

    

5.00%, 05/01/25 (Call 06/15/20)

     250       256,562  

5.13%, 07/15/24 (Call 07/15/20)

     125       127,549  

HCA Inc., 5.38%, 02/01/25

     150       164,654  

Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)

     175       181,221  
   

 

 

  
      1,038,797  
Holding Companies - Diversified — 1.3%            

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

    

6.25%, 02/01/22 (Call 06/29/20)

     75       75,375  

6.25%, 05/15/26 (Call 05/15/22)

     125       125,650  

6.38%, 12/15/25 (Call 12/15/20)

     225       227,270  

6.75%, 02/01/24 (Call 06/29/20)(b)

     75       76,125  
   

 

 

  
      504,420  
Security  

Par

(000)

     Value  
Home Builders — 1.2%            

Forestar Group Inc., 8.00%, 04/15/24 (Call 04/15/21)(a)

   $ 50     $ 51,625  

MDC Holdings Inc., 6.00%, 01/15/43 (Call 10/15/42)(b)

     75       79,500  

PulteGroup Inc., 5.50%, 03/01/26 (Call 12/01/25)

     175       193,375  

TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24

    125       125,742  
   

 

 

  
      450,242  
Insurance — 1.1%            

Genworth Holdings Inc.

    

4.80%, 02/15/24(b)

     75       60,000  

4.90%, 08/15/23

     75       62,625  

7.63%, 09/24/21

     175       161,698  

Radian Group Inc., 4.88%, 03/15/27 (Call 09/15/26)

     125       116,610  
   

 

 

  
      400,933  
Internet — 2.6%            

GrubHub Holdings Inc., 5.50%, 07/01/27
(Call 07/01/22)(a)

     150       145,875  

Netflix Inc.

    

4.88%, 04/15/28

     100       106,750  

5.88%, 02/15/25

     200       224,042  

6.38%, 05/15/29

     150       175,875  

NortonLifeLock Inc., 5.00%, 04/15/25 (Call 06/09/20)(a)

     250       255,000  

Uber Technologies Inc., 8.00%, 11/01/26 (Call 11/01/21)(a)

     30       30,431  

VeriSign Inc., 4.63%, 05/01/23 (Call 06/29/20)

     25       25,120  
   

 

 

  
      963,093  
Iron & Steel — 1.6%            

Cleveland-Cliffs Inc.

    

5.88%, 06/01/27 (Call 06/01/22)

     50       34,750  

9.88%, 10/17/25 (Call 10/17/22)(a)

     267       275,635  

Commercial Metals Co., 5.75%, 04/15/26 (Call 04/15/21)

     75       76,875  

Mineral Resources Ltd., 8.13%, 05/01/27 (Call 05/01/22)(a)

     200       209,838  
   

 

 

  
      597,098  
Leisure Time — 1.2%            

Royal Caribbean Cruises Ltd., 5.25%, 11/15/22

     225       186,750  

Sabre GLBL Inc.

    

5.25%, 11/15/23 (Call 06/29/20)(a)(b)

     175       165,375  

5.38%, 04/15/23 (Call 06/29/20)(a)

     125       118,125  
   

 

 

  
      470,250  
Lodging — 0.6%            

Marriott Ownership Resorts Inc./ILG LLC, 6.50%, 09/15/26 (Call 09/15/21)

     200       198,500  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (Call 02/15/27)(a)

     50       46,375  
   

 

 

  
      244,875  
Machinery — 1.0%            

Mueller Water Products Inc., 5.50%, 06/15/26 (Call 06/15/21)(a)(b)

     100       103,000  

RBS Global Inc./Rexnord LLC, 4.88%, 12/15/25 (Call 12/15/20)(a)

     125       124,375  

Terex Corp., 5.63%, 02/01/25 (Call 06/19/20)(a)

     150       139,500  
   

 

 

  
      366,875  
Media — 5.3%            

CCO Holdings LLC/CCO Holdings Capital Corp.

    

5.88%, 04/01/24 (Call 06/29/20)(a)

     50       51,563  

5.88%, 05/01/27 (Call 05/01/21)(a)

     250       261,250  

Diamond Sports Group LLC/Diamond Sports Finance Co.

    

5.38%, 08/15/26 (Call 08/15/22)(a)

     275       218,625  

6.63%, 08/15/27 (Call 08/15/22)(a)

     170       102,510  

DISH DBS Corp.

    

5.00%, 03/15/23

     275       273,889  

7.75%, 07/01/26(b)

     275       285,312  
 

 

 

2   

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

iShares® Edge High Yield Defensive Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)		     Value  
Media (continued)            

GCI LLC, 6.88%, 04/15/25 (Call 06/29/20)

   $   125     $ 129,844  

Meredith Corp., 6.88%, 02/01/26 (Call 02/01/21)

     40       37,050  

Telenet Finance Luxembourg Note Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a)

     200       208,000  

Virgin Media Secured Finance PLC

    

5.50%, 08/15/26 (Call 08/15/21)(a)

     200       208,500  

5.50%, 05/15/29 (Call 05/15/24)(a)

     200       210,000  
   

 

 

  
      1,986,543  
Mining — 2.8%            

Arconic Corp., 6.13%, 02/15/28 (Call 02/15/23)(a)

     115       111,837  

First Quantum Minerals Ltd., 7.25%, 04/01/23 (Call 06/29/20)(a)

    400       369,880  

FMG Resources August 2006 Pty Ltd.

    

5.13%, 03/15/23 (Call 12/15/22)(a)(b)

     125       129,062  

5.13%, 05/15/24 (Call 02/15/24)(a)

     200       206,500  

Freeport-McMoRan Inc.

    

3.88%, 03/15/23 (Call 12/15/22)

     100       100,792  

5.40%, 11/14/34 (Call 05/14/34)

     25       24,750  

5.45%, 03/15/43 (Call 09/15/42)

     50       49,415  

IAMGOLD Corp., 7.00%, 04/15/25 (Call 06/29/20)(a)

     75       76,625  
   

 

 

  
      1,068,861  
Office & Business Equipment — 0.2%            

Pitney Bowes Inc., 4.63%, 03/15/24 (Call 12/15/23)(b)

     137       93,160  
   

 

 

  
Oil & Gas — 8.3%            

Antero Resources Corp.

    

5.13%, 12/01/22 (Call 06/29/20)

     175       122,500  

5.63%, 06/01/23 (Call 06/29/20)

     350       203,000  

Cenovus Energy Inc.

    

3.00%, 08/15/22 (Call 05/15/22)

     175       166,243  

3.80%, 09/15/23 (Call 06/15/23)

     150       142,831  

Continental Resources Inc./OK, 5.00%, 09/15/22 (Call 06/29/20)

     50       47,535  

CVR Energy Inc., 5.25%, 02/15/25 (Call 02/15/22)(a)

     175       157,500  

EQT Corp., 6.13%, 02/01/25 (Call 01/01/25)

     400       408,828  

Jagged Peak Energy LLC, 5.88%, 05/01/26 (Call 05/01/21)

     150       150,639  

Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 08/01/21)(a)

     65       61,100  

Occidental Petroleum Corp.

    

3.13%, 02/15/22 (Call 11/15/21)

     275       257,042  

3.50%, 06/15/25 (Call 03/15/25)

     300       233,813  

5.55%, 03/15/26 (Call 12/15/25)

     375       318,750  

6.95%, 07/01/24

     200       181,060  

Parkland Corp., 6.00%, 04/01/26 (Call 04/01/21)(a)

     150       151,125  

Southwestern Energy Co., 7.50%, 04/01/26 (Call 04/01/21)

     200       184,000  

Sunoco LP/Sunoco Finance Corp.

    

4.88%, 01/15/23 (Call 06/29/20)

     250       253,672  

5.50%, 02/15/26 (Call 02/15/21)

     65       65,325  
   

 

 

  
      3,104,963  
Oil & Gas Services — 0.0%            

Oceaneering International Inc., 4.65%, 11/15/24 (Call 08/15/24)

    25       19,314  
   

 

 

  
Packaging & Containers — 0.9%            

Berry Global Inc.

    

4.50%, 02/15/26 (Call 02/15/21)(a)

     125       125,661  

5.63%, 07/15/27 (Call 07/15/22)(a)(b)

     10       10,500  

Klabin Austria GmbH, 7.00%, 04/03/49
(Call 10/03/48)(a)

     200       204,002  
   

 

 

  
      340,163  
Security   Par
(000)		     Value  
Pharmaceuticals — 3.5%            

Bausch Health Americas Inc.

    

8.50%, 01/31/27 (Call 07/31/22)(a)

  $   200     $ 218,570  

9.25%, 04/01/26 (Call 04/01/22)(a)(b)

     225       249,833  

Bausch Health Companies Inc.

    

5.00%, 01/30/28 (Call 01/30/23)(a)

     15       14,493  

5.25%, 01/30/30 (Call 01/30/25)(a)

     15       14,775  

7.00%, 03/15/24 (Call 06/29/20)(a)

     50       51,740  

9.00%, 12/15/25 (Call 12/15/21)(a)

     225       246,661  

Endo Dac/Endo Finance LLC/Endo Finco Inc., 6.00%, 07/15/23 (Call 06/29/20)(a)

     400       308,000  

Par Pharmaceutical Inc., 7.50%, 04/01/27 (Call 04/01/22)(a)(b)

     200       203,738  
   

 

 

  
      1,307,810  
Pipelines — 1.9%            

EnLink Midstream Partners LP

    

4.15%, 06/01/25 (Call 03/01/25)

     275       221,375  

4.40%, 04/01/24 (Call 01/01/24)

     225       180,562  

EQM Midstream Partners LP, 4.75%, 07/15/23 (Call 06/15/23)

     300       296,877  
   

 

 

  
      698,814  
Real Estate — 1.7%            

Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 11/15/20)(a)

     175       171,535  

Howard Hughes Corp. (The), 5.38%, 03/15/25 (Call 06/29/20)(a)

    250       237,500  

Kennedy-Wilson Inc., 5.88%, 04/01/24 (Call 06/29/20)

     250       236,875  
   

 

 

  
      645,910  
Real Estate Investment Trusts — 3.5%            

Brookfield Property REIT Inc./BPR Cumulus LLC/BPR

    

Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)(a)(b)

     300       228,000  

ESH Hospitality Inc.

    

4.63%, 10/01/27 (Call 10/01/22)(a)

     50       47,313  

5.25%, 05/01/25 (Call 06/29/20)(a)

     175       170,187  

Iron Mountain Inc.

    

5.25%, 03/15/28 (Call 12/27/22)(a)

     50       50,750  

5.75%, 08/15/24 (Call 06/09/20)

     260       260,244  

Starwood Property Trust Inc., 5.00%, 12/15/21 (Call 09/15/21)

     150       147,000  

Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.13%, 12/15/24 (Call 06/29/20)(a)

     40       36,151  

Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 8.25%, 10/15/23 (Call 06/29/20)

     300       281,910  

Washington Prime Group LP, 6.45%, 08/15/24 (Call 06/15/24)

     175       103,348  
   

 

 

  
      1,324,903  
Retail — 5.3%            

1011778 BC ULC/New Red Finance Inc.

    

4.25%, 05/15/24 (Call 06/29/20)(a)

     150       151,738  

5.00%, 10/15/25 (Call 10/15/20)(a)

     300       303,207  

5.75%, 04/15/25 (Call 04/15/22)(a)

     40       42,488  

Bed Bath & Beyond Inc., 5.17%, 08/01/44 (Call 02/01/44)

     150       76,312  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC

    

5.00%, 06/01/24 (Call 06/29/20)(a)

     225       230,308  

5.25%, 06/01/26 (Call 06/01/21)(a)

     50       52,000  

L Brands Inc.

    

6.75%, 07/01/36

     160       133,360  

6.88%, 11/01/35

     350       290,500  

Macy’s Retail Holdings Inc., 2.88%, 02/15/23 (Call 11/15/22)

     250       190,000  

PetSmart Inc.

    

5.88%, 06/01/25 (Call 06/29/20)(a)

     275       275,000  

8.88%, 06/01/25 (Call 06/09/20)(a)

     75       74,437  
 

 

 

     3  

Schedule of Investments  (unaudited) (continued)

May 31, 2020

   

iShares® Edge High Yield Defensive Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

    

Par
(000)

     Value  
Retail (continued)            

Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.50%, 06/01/24 (Call 06/29/20)

   $ 150     $ 151,500  

Yum! Brands Inc., 4.75%, 01/15/30 (Call 10/15/29)(a)

     10       10,388  
   

 

 

  
      1,981,238  
Semiconductors — 0.6%            

Sensata Technologies UK Financing Co. PLC, 6.25%, 02/15/26 (Call 02/15/21)(a)

     200       210,500  
   

 

 

  
Software — 1.2%            

CDK Global Inc.

    

5.00%, 10/15/24 (Call 07/15/24)

     100       106,250  

5.88%, 06/15/26 (Call 06/15/21)

     10       10,525  

j2 Cloud Services LLC/j2 Global Co-Obligor Inc.,
6.00%, 07/15/25 (Call 07/15/20)(a)

     50       52,062  

MSCI Inc.

    

4.00%, 11/15/29 (Call 11/15/24)(a)

     25       26,125  

5.75%, 08/15/25 (Call 06/17/20)(a)

     150       155,712  

Open Text Corp., 5.88%, 06/01/26 (Call 06/01/21)(a)

     100       103,250  
   

 

 

  
      453,924  
Telecommunications — 9.6%            

Altice France Holding SA, 10.50%, 05/15/27 (Call 05/15/22)(a)

     200       221,500  

Altice France SA/France

    

7.38%, 05/01/26 (Call 05/01/21)(a)

     300       315,750  

8.13%, 02/01/27 (Call 02/01/22)(a)

     100       110,000  

CenturyLink Inc.

    

Series P, 7.60%, 09/15/39

     125       128,750  

Series U, 7.65%, 03/15/42

     75       77,468  

Series Y, 7.50%, 04/01/24 (Call 01/01/24)(b)

     200       220,000  

Embarq Corp., 8.00%, 06/01/36

     200       213,422  

GTT Communications Inc., 7.88%, 12/31/24 (Call 06/29/20)(a)

     225       124,875  

Hughes Satellite Systems Corp.

    

5.25%, 08/01/26

     150       155,250  

6.63%, 08/01/26(b)

     175       182,604  

Millicom International Cellular SA, 6.00%, 03/15/25 (Call 06/09/20)(a)

     200       202,500  

Sprint Capital Corp., 8.75%, 03/15/32

     185       266,807  

Sprint Corp.

    

7.13%, 06/15/24

     225       255,105  

7.63%, 02/15/25 (Call 11/15/24)

     250       291,825  

7.63%, 03/01/26 (Call 11/01/25)

     25       29,875  

7.88%, 09/15/23

     105       119,175  

Telecom Italia Capital SA, 7.72%, 06/04/38(b)

     100       121,380  

Telesat Canada/Telesat LLC, 4.88%, 06/01/27 (Call 12/01/22)(a)

    100       99,750  

T-Mobile USA Inc., 5.13%, 04/15/25 (Call 06/09/20)

     150       153,000  

ViaSat Inc.

    

5.63%, 09/15/25 (Call 09/15/20)(a)

     125       121,849  

5.63%, 04/15/27 (Call 04/15/22)(a)

     200       201,000  
   

 

 

  
      3,611,885  
Security  

Par/

Shares

(000)

     Value  
Toys, Games & Hobbies — 0.7%            

Mattel Inc., 6.75%, 12/31/25 (Call 12/31/20)(a)

   $ 250     $ 260,625  
   

 

 

  
Transportation — 0.7%            

XPO Logistics Inc.

    

6.13%, 09/01/23 (Call 06/29/20)(a)

     50       50,625  

6.75%, 08/15/24 (Call 08/15/21)(a)

     200       208,000  
   

 

 

  
      258,625  
Trucking & Leasing — 0.8%            

Fortress Transportation & Infrastructure Investors LLC

    

6.50%, 10/01/25 (Call 10/01/21)(a)

     125       104,688  

6.75%, 03/15/22 (Call 06/29/20)(a)

     225       208,255  
   

 

 

  
      312,943  
   

 

 

  

Total Corporate Bonds & Notes — 96.2%
(Cost: $36,285,686)

       36,088,406  
   

 

 

  

Short-Term Investments

    
Money Market Funds — 9.9%            

BlackRock Cash Funds: Institutional,
SL Agency Shares,
    0.69%(c)(d)(e)

     3,381       3,386,191  

BlackRock Cash Funds: Treasury,
SL Agency Shares,
    0.16%(c)(d)

     311       311,000  
   

 

 

  
      3,697,191  
   

 

 

  

Total Short-Term Investments — 9.9%
(Cost: $3,691,770)

       3,697,191  
   

 

 

  

Total Investments in Securities — 106.1%
(Cost: $39,977,456)

       39,785,597  

Other Assets, Less Liabilities — (6.1)%

       (2,294,988 ) 
   

 

 

  

Net Assets — 100.0%

     $  37,490,609  
   

 

 

  

 

(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)

Affiliate of the Fund.

(d)

Annualized 7-day yield as of period-end.

(e)

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

 

 

 

4   

Schedule of Investments  (unaudited) (continued)

May 31, 2020

    iShares® Edge High Yield Defensive Bond ETF

 

Affiliates

Investments in issuers considered to be affiliates of the Fund during the period ended May 31, 2020, for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer     

 Shares

Held at

02/29/20

(000)

  

 

 

 

     

 Net Activity

(000)

  

 

     

 Shares

Held at

05/31/20

(000)

  

 

 

 

     

 Value at

05/31/20

  

 

      Income       

 Net Realized

Gain (Loss)

  

(a) 

     

 Change in

Unrealized

Appreciation

(Depreciation)

  

 

 

 

BlackRock Cash Funds: Institutional,
SL Agency Shares

      6,039        (2,658 )       3,381      $ 3,386,191      $ 11,290 (b)     $ (1,758 )     $ 3,113  

BlackRock Cash Funds: Treasury,
SL Agency Shares

      1,466        (1,155 )       311        311,000        1,416        —        —  
           

 

 

     

 

 

     

 

 

     

 

 

  
            $ 3,697,191      $ 12,706      $ (1,758 )     $ 3,113  
           

 

 

     

 

 

     

 

 

     

 

 

  

 

  (a) 

Includes realized capital gain distributions from an affiliated fund, if any.

 
  (b) 

Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

 

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of May 31, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

 

                                                                               
      Level 1        Level 2        Level 3        Total  

Investments

                  

Assets

                  

Corporate Bonds & Notes

    $ —        $ 36,088,406        $ —        $ 36,088,406  

Money Market Funds

      3,697,191          —          —          3,697,191  
  

 

 

       

 

 

       

 

 

       

 

 

  
   $ 3,697,191        $ 36,088,406        $ —        $ 39,785,597  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

 

     5