|
OCTOBER 31, 2022 |
|
2022 Annual Report
|
iShares Trust
· iShares 0-5 Year High Yield Corporate Bond ETF | SHYG | NYSE Arca
· iShares Broad USD High Yield Corporate Bond ETF | USHY | Cboe BZX
· iShares ESG Advanced High Yield Corporate Bond ETF | HYXF | NASDAQ
· iShares Fallen Angels USD Bond ETF | FALN | NASDAQ
Dear Shareholder,
Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.
The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.
In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of October 31, 2022 | ||||
6-Month | 12-Month | |||
U.S. large cap equities (S&P 500® Index) |
(5.50)% | (14.61)% | ||
U.S. small cap equities (Russell 2000® Index) |
(0.20) | (18.54) | ||
International equities (MSCI Europe, Australasia, Far East Index) |
(12.70) | (23.00) | ||
Emerging market equities (MSCI Emerging Markets Index) |
(19.66) | (31.03) | ||
3-month Treasury bills |
0.72 | 0.79 | ||
U.S.
Treasury securities |
(8.24) | (17.68) | ||
U.S.
investment grade bonds |
(6.86) | (15.68) | ||
Tax-exempt municipal
bonds |
(4.43) | (11.98) | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
(4.71) | (11.76) | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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iShares Trust
U.S. Bond Market Overview
The U.S. bond market experienced a considerable decline for the 12 months ended October 31, 2022 (the “reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -15.68%.
The U.S. Federal Reserve’s (Fed’s) shift toward tighter monetary policy was the primary factor driving the market downturn. Annualized consumer price inflation, which had been under 3.0% for over a decade, began to rise throughout 2021 and ultimately climbed above 6.0% in the year’s fourth calendar quarter. The inflation picture soon grew even more challenging following Russia’s invasion of Ukraine in early 2022, which—together with the resulting sanctions—further snarled global supply chains and contributed to a spike in energy prices. Inflation exceeded 8.0% in March 2022 and remained above that level through the end of the reporting period, with a peak of 9.1% in June.
The Fed moved aggressively in an effort to calm price pressures, ending its stimulative quantitative easing program and boosting interest rates from a range of 0.0%-0.25% to 3.0-3.25% in five separate increases from March to September 2022. This marked the largest move in such a short interval since 1980. In addition, the Fed appeared set to continue raising rates until inflation showed signs of returning closer to its longer-term target of 2%. Some evidence began to emerge later in the period that the Fed’s rate hikes had begun to reduce activity in certain segments of the economy, but there was still no sign that consumer price inflation had started to decline in a meaningful fashion. As a result, market prices at the end of October indicated that the central bank would not stop tightening until rates reached the 4.5-5.0% range.
These circumstances weighed heavily on bond market performance. The yield on the two-year U.S. Treasury note rose from 0.50% at the beginning of the period to 4.48% by the end of October 2022, while the 10-year yield climbed from 1.55% to 4.05%. The yield curve inverted significantly as result, meaning that short-term yields were higher those on longer-term debt. In late September, the yield curve moved to its largest inversion since 1982.
The surge in U.S. Treasury yields, together with investors’ increased aversion to risk, fueled weakness across all sectors of the bond market. Mortgage-backed securities, which were hurt by concerns about the housing market and the loss of demand stemming from Fed’s decision to end its quantitative easing policy, posted negative returns. Still, the category held up better than the broader index.
Investment-grade corporate bonds were among the worst-performing segments of the market. In addition to being adversely affected by rising Treasury yields, the asset class was pressured by a pronounced increase in yield spreads. The latter trend reflected concerns that weaker economic growth could lead to a slowdown in corporate earnings. Notably, the yield on corporate bonds—as gauged by the ICE BofA US Corporate Index—closed the period at the highest level since 2009.
High yield bonds also experienced sizable losses. As was the case with investment-grade corporates, a rise in both prevailing yields and yield spreads weighed heavily on performance. However, the category outperformed the investment-grade market due to its lower interest-rate sensitivity and higher weighting in the energy sector. Higher-rated issuers in the category—which are seen as having the least vulnerability to slowing growth—generally outperformed their lower-quality counterparts.
4 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 2022 | iShares® 0-5 Year High Yield Corporate Bond ETF |
Investment Objective
The iShares 0-5 Year High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds with remaining maturities of less than five years, as represented by the Markit iBoxx® USD Liquid High Yield 0-5 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
(5.55 | )% | 2.24 | % | 2.95 | % | (5.55 | )% | 11.74 | % | 30.14 | % | ||||||||||||||||
Fund Market |
(5.61 | ) | 2.17 | 2.95 | (5.61 | ) | 11.35 | 30.04 | ||||||||||||||||||||
Index |
(5.27 | ) | 2.63 | 3.29 | (5.27 | ) | 13.86 | 33.99 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was October 15, 2013. The first day of secondary market trading was October 17, 2013.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
|
Beginning Account Value (05/01/22) |
|
|
Ending Account Value (10/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/22) |
|
|
Ending Account Value (10/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||||
|
$ 1,000.00
|
|
|
$ 980.10
|
|
|
$ 1.50
|
|
|
$ 1,000.00
|
|
|
$ 1,023.70
|
|
|
$ 1.53
|
|
|
0.30%
|
|
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
5 |
Fund Summary as of October 31, 2022 (continued) | iShares® 0-5 Year High Yield Corporate Bond ETF |
Portfolio Management Commentary
Short-term high yield corporate bonds experienced a sizable decline during the reporting period. The bond market, in general, came under pressure from the combination of rising inflation and the U.S. Federal Reserve’s (the Fed’s) aggressive tightening of monetary policy. The Fed wound down its stimulative quantitative easing program, and it raised interest rates by three full percentage points to a range of 3.0% to 3.25%. These developments fueled a sharp decline in U.S. Treasury yields, pressuring all segments of the bond market. High yield bonds were further pressured by an increase in spreads over U.S. Treasuries, which was brought about by both increasing investor risk aversion and concerns that tighter Fed policy could drive the economy into a recession.
While short-term high yield corporate issues lost ground, they outperformed the larger high yield category due to their lower duration (interest-rate sensitivity). In addition, the category outpaced the broader fixed-income market thanks to a greater contribution from income and its higher weighting in the strong-performing energy sector.
Of the three major sectors in the Index, Industrials posted the smallest decline as investors gravitated to issuers seen as having the most reliable cash flows. However, the performance impact on the larger asset class was still negative due to the sector’s large Index weighting. Utility and Financials experienced the largest decline. Within Industrials, Energy issues gained ground in the annual period and were one of only two industry groups to finish with a positive total return. Capital goods issues, while suffering losses in absolute terms, also outpaced the overall sector. The benefit was counterbalanced by underperformance for the basic industries, consumer non-cyclicals and technology industries. Although brokerages held up well in the downturn, finance companies and banks posted much weaker returns.
Portfolio Information
CREDIT QUALITY ALLOCATION |
| |||
Moody’s Credit Rating* | |
Percent
of Total Investments |
(a) | |
Aaa |
0.2 | % | ||
A |
0.2 | |||
Baa |
4.5 | |||
Ba |
39.8 | |||
B |
43.3 | |||
Caa |
10.9 | |||
Ca |
0.2 | |||
Not Rated |
0.9 |
MATURITY ALLOCATION |
| |||
Maturity | |
Percent
of Total Investments |
(a) | |
0-1 Year |
4.7 | % | ||
1-2 Years |
8.8 | |||
2-3 Years |
25.2 | |||
3-4 Years |
30.4 | |||
4-5 Years |
30.6 | |||
5-6 Years |
0.3 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
6 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 2022 | iShares® Broad USD High Yield Corporate Bond ETF |
Investment Objective
The iShares Broad USD High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the ICE BofA U.S. High Yield Constrained Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
(11.59 | )% | 1.77 | % | 1.76 | % | (11.59 | )% | 9.15 | % | 9.15 | % | ||||||||||||||||
Fund Market |
(11.79 | ) | 1.69 | 1.74 | (11.79 | ) | 8.74 | 9.07 | ||||||||||||||||||||
Index |
(11.43 | ) | 1.88 | 1.88 | (11.43 | ) | 9.78 | 9.80 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSETVALUE)
The inception date of the Fund was October 25, 2017. The first day of secondary market trading was October 26, 2017.
On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA US High Yield Constrained Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA US High Yield Constrained Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US High Yield Constrained Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
|
Beginning Account Value (05/01/22) |
|
|
Ending Account Value (10/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/22) |
|
|
Ending Account Value (10/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||||
|
$ 1,000.00
|
|
|
$ 953.20
|
|
|
$ 0.74
|
|
|
$ 1,000.00
|
|
|
$ 1,024.40
|
|
|
$ 0.77
|
|
|
0.15
|
%
|
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
7 |
Fund Summary as of October 31, 2022 (continued) | iShares® Broad USD High Yield Corporate Bond ETF |
Portfolio Management Commentary
High-yield bonds lost considerable ground in the annual period. A surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates. The Fed hiked rates by a total of three percentage points over the 12-month period, bringing the benchmark fed funds rate to a range of 3.0% to 3.25%.
High yield bonds were also pressured by rising yield spreads relative to U.S. Treasuries. At their peak in early July, spreads stood at their highest level in nearly two years. The spread widening was the result of an increase investor risk aversion that was driven, in part, by Russia’s invasion of Ukraine and elevated volatility in the equity market. In addition, investors became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023. High yield bond funds experienced significant outflows as a result, further weighing on prices. Higher-rated bonds in the Index generally outpaced lower-rated securities amid investors’ search for relative “safe havens.”
Of the three major sectors in the Index, utilities posted the smallest decline as investors gravitated to issuers seen as having the most reliable cash flows. However, the performance impact on the larger asset class was relatively limited due to the sector’s small Index weighting. Industrials, the largest sector in the Index, finished behind utilities. Energy issues, while losing ground, outperformed in relative terms thanks to rising energy prices. Transportation and capital goods issues also outpaced the overall sector. The positive relative performance for these market segments was counterbalanced by a poor showing for basic industries, consumer non-cyclicals and communications. Financials were the worst performer of the three major sectors. While the insurance and real estate industries held up well in the downturn, banks posted much weaker returns.
Portfolio Information
CREDIT QUALITY ALLOCATION |
| |||
|
||||
Moody’s Credit Rating* |
Percent of Total Investments(a) |
|||
|
||||
Aaa |
0.2% | |||
A |
0.5 | |||
Baa |
2.9 | |||
Ba |
41.2 | |||
B |
42.6 | |||
Caa |
11.3 | |||
Ca |
0.2 | |||
Not Rated |
1.1 | |||
|
MATURITY ALLOCATION |
| |||
|
||||
Maturity |
Percent of Total Investments(a) |
|||
|
||||
1-5 Years |
41.3% | |||
5-10 Years |
53.9 | |||
10-15 Years |
1.7 | |||
15-20 Years |
0.8 | |||
More than 20 Years |
2.3 | |||
|
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
8 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 2022 | iShares® ESG Advanced High Yield Corporate Bond ETF |
Investment Objective
The iShares ESG Advanced HighYield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated high yield corporate bonds from issuers with a favorable environmental, social and governance rating as identified by the index provider, while applying extensive screens for involvement in controversial activities, as represented by the Bloomberg MSCI US High Yield Choice ESG Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
1 Year |
5 Years |
Since Inception |
1 Year |
5 Years |
Since Inception |
|||||||||||||||||||||
Fund NAV |
(12.03 | )% | 1.62 | % | 3.23 | % | (12.03 | )% | 8.39 | % | 22.49 | % | ||||||||||||||
Fund Market |
(12.42 | ) | 1.56 | 3.18 | (12.42 | ) | 8.03 | 22.11 | ||||||||||||||||||
Index |
(12.26 | ) | 1.78 | 3.51 | (12.26 | ) | 9.21 | 24.57 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSETVALUE)
The inception date of the Fund was June 14, 2016. The first day of secondary market trading was June 16, 2016.
Index performance through September 14, 2020 reflects the performance of the Markit iBoxx USD Liquid High Yield ex-Oil & Gas Index. Index performance beginning on September 15, 2020 reflects the performance of the Bloomberg MSCI US High Yield Choice ESG Screened Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual |
Hypothetical 5% Return | |||||||||||||||||||||||||||||
Beginning Account Value (05/01/22) |
|
Ending Account Value (10/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/22) |
|
|
Ending Account Value (10/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||||
$ 1,000.00
|
|
$ 957.00
|
|
|
$ 1.73
|
|
|
$ 1,000.00
|
|
|
$ 1,023.40
|
|
|
$ 1.79
|
|
|
0.35
|
%
|
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
9 |
Fund Summary as of October 31, 2022 (continued) | iShares® ESG Advanced High Yield Corporate Bond ETF |
Portfolio Management Commentary
High-yield corporate bonds experienced a sizable downturn in the annual period. A surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates, which weighed on returns across the bond market. High yield bonds were also pressured by rising yield spreads relative to U.S. Treasuries. The spread widening was the result of an increase in investor risk aversion that was driven, in part, by Russia’s invasion of Ukraine and elevated volatility in the equity market. In addition, investors became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023.
Higher-rated bonds in the Index generally outperformed lower-rated securities amid investors’ search for relatively better credit quality within the high yield sector. The energy industry was one of the top performing segments of the market in the past year due to the strong gains in the prices of oil and natural gas as a result of the Russia-Ukraine conflict.
Of the three major sectors by weight in the Index, utilities posted the smallest decline as investors gravitated to issuers seen as having the most reliable cash flows during periods of high inflation. However, the performance impact on the Index was relatively limited due to the sector’s small Index weighting. Industrials, the largest sector in the Index, finished behind utilities. Within Industrials, capital goods and transportation outperformed, while the consumer non-cyclical and communications industries lagged. Financials were the weakest performer of the three sectors, with banking and brokerage/asset management posting the largest declines.
Portfolio Information
CREDIT QUALITY ALLOCATION |
| |||
|
||||
Moody’s Credit Rating* |
Percent of Total Investments(a) |
|||
|
||||
Aaa |
0.1% | |||
Baa |
1.7 | |||
Ba |
50.9 | |||
B |
40.1 | |||
Caa |
6.5 | |||
Ca |
0.1 | |||
Not Rated |
0.6 | |||
|
MATURITY ALLOCATION |
| |||
|
||||
Maturity | Percent
of Total Investments(a) |
|||
|
||||
1-5 Years |
36.3% | |||
5-10 Years |
59.5 | |||
10-15 Years |
1.7 | |||
15-20 Years |
0.6 | |||
More than 20 Years |
1.9 | |||
|
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
10 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 2022 | iShares® Fallen Angels USD Bond ETF |
Investment Objective
The iShares Fallen Angels USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds that were previously rated investment grade, as represented by the Bloomberg U.S. High Yield Fallen Angel 3% Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
(15.88 | )% | 2.61 | % | 4.98 | % | (15.88 | )% | 13.77 | % | 36.33 | % | ||||||||||||||||
Fund Market |
(16.46 | ) | 2.41 | 4.89 | (16.46 | ) | 12.63 | 35.63 | ||||||||||||||||||||
Index |
(15.68 | ) | 3.30 | 5.56 | (15.68 | ) | 17.62 | 41.18 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSETVALUE)
The inception date of the Fund was June 14, 2016. The first day of secondary market trading was June 16, 2016.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||||
|
Beginning Account Value (05/01/22) |
|
|
Ending Account Value (10/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/22) |
|
|
Ending Account Value (10/31/22) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||||
|
$ 1,000.00
|
|
|
$ 935.60
|
|
|
$ 1.22
|
|
|
$ 1,000.00
|
|
|
$ 1,023.90
|
|
|
$ 1.28
|
|
|
0.25
|
%
|
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
F U N D S U M M A R Y |
11 |
Fund Summary as of October 31, 2022 (continued) | iShares® Fallen Angels USD Bond ETF |
Portfolio Management Commentary
High-yield corporate bonds experienced a sizable downturn in the annual period. A surge in inflation prompted the U.S. Federal Reserve (Fed) to tighten monetary policy by winding down its stimulative quantitative easing program and beginning to raise interest rates, which weighed on returns across the bond market. High yield bonds were also pressured by rising yield spreads relative to U.S. Treasuries. The spread widening was the result of an increase investor risk aversion that was driven, in part, by Russia’s invasion of Ukraine and elevated volatility in the equity market. In addition, investors became more cautious on corporate credit given the prospect of slowing economic growth and a concurrent downturn in corporate earnings in 2023.
Fallen angels; i.e., the high yield bonds of companies formerly rated as investment grade, underperformed in the annual period. The category tends to have more interest rate risk than traditional high yield bonds. Since they started out as investment-grade credits, fallen angels’ bonds tend to have longer maturities—and thus higher interest rate sensitivity— versus debt originally issued as high yield. That can be beneficial in an environment of falling rates, but it has hindered the performance of fallen angels since the Fed started raising rates in March 2022. On the positive side, the Index benefited from its relatively high weighting of over 20% in the strong-performing energy sector.
The universe of fallen angel bonds has decreased from the highs of late 2020. The shutdown of the economy following the emergence of COVID-19 led to a wave of downgrades that caused the dollar value of fallen angels to double from its pre-shutdown levels. More recently, rating agencies have been upgrading more issuers back to investment grade as the economy has recovered. In the first half of 2022, in fact, about $69 billion of high yield bonds were upgraded to investment grade.
Portfolio Information
CREDIT QUALITY ALLOCATION | ||||
Moody’s Credit Rating* | |
Percent
of Total Investments |
(a) | |
Baa |
16.8 | % | ||
Ba |
62.5 | |||
B |
14.4 | |||
Caa |
2.3 | |||
Ca |
0.8 | |||
C |
0.1 | |||
Not Rated |
3.1 |
MATURITY ALLOCATION | ||||
Maturity | |
Percent
of Total Investments |
(a) | |
1-5 Years |
42.3 | % | ||
5-10 Years |
27.9 | |||
10-15 Years |
10.6 | |||
15-20 Years |
7.8 | |||
More than 20 Years |
11.4 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
12 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E OF E X P E N S E S |
13 |
October 31, 2022 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Advertising — 0.6% | ||||||||
Clear Channel International BV, 6.63%, 08/01/25 (Call 11/14/22)(a)(b) |
$ | 5,815 | $ | 5,505,061 | ||||
Clear Channel Outdoor Holdings Inc., 5.13%, 08/15/27 (Call 12/01/22)(a)(b) |
16,730 | 15,057,000 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. |
||||||||
5.00%, 08/15/27 (Call 11/14/22)(a)(b) |
9,100 | 8,212,750 | ||||||
6.25%, 06/15/25 (Call 12/01/22)(a)(b) |
5,678 | 5,627,781 | ||||||
Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 07/15/23)(a) |
6,150 | 4,921,538 | ||||||
|
|
|||||||
39,324,130 | ||||||||
Aerospace & Defense — 3.8% | ||||||||
Bombardier Inc. |
||||||||
7.13%, 06/15/26 (Call 06/15/23)(a) |
15,865 | 14,994,170 | ||||||
7.50%, 12/01/24 (Call 12/01/22)(a) |
7,813 | 7,804,226 | ||||||
7.50%, 03/15/25 (Call 12/01/22)(a)(b) |
17,973 | 17,699,271 | ||||||
7.88%, 04/15/27 (Call 12/01/22)(a)(b) |
25,840 | 24,538,956 | ||||||
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (Call 11/14/22)(a)(b) |
6,535 | 5,179,921 | ||||||
Hexcel Corp., 4.20%, 02/15/27 (Call 11/15/26) |
5,418 | 4,933,480 | ||||||
Howmet Aerospace Inc. |
||||||||
5.13%, 10/01/24 (Call 07/01/24) |
14,882 | 14,695,975 | ||||||
6.88%, 05/01/25 (Call 04/01/25)(b) |
8,527 | 8,716,385 | ||||||
Rolls-Royce PLC |
||||||||
3.63%, 10/14/25 (Call 07/14/25)(a) |
13,861 | 12,228,173 | ||||||
5.75%, 10/15/27 (Call 07/15/27)(a) |
12,900 | 11,693,334 | ||||||
Spirit AeroSystems Inc. |
||||||||
5.50%, 01/15/25 (Call 12/01/22)(a)(b) |
6,900 | 6,642,975 | ||||||
7.50%, 04/15/25 (Call 12/01/22)(a)(b) |
16,578 | 16,163,550 | ||||||
TransDigm Inc. |
||||||||
6.25%, 03/15/26 (Call 12/01/22)(a)(b) |
56,930 | 56,165,715 | ||||||
6.38%, 06/15/26 (Call 12/01/22)(b) |
12,462 | 12,015,860 | ||||||
7.50%, 03/15/27 (Call 12/01/22) |
9,289 | 9,172,888 | ||||||
8.00%, 12/15/25 (Call 12/01/22)(a)(b) |
14,720 | 14,977,600 | ||||||
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 12/01/22) |
7,482 | 7,308,137 | ||||||
Triumph Group Inc. |
||||||||
6.25%, 09/15/24 (Call 12/01/22)(a) |
7,524 | 6,969,105 | ||||||
7.75%, 08/15/25 (Call 12/01/22)(b) |
6,811 | 5,160,354 | ||||||
8.88%, 06/01/24 (Call 02/01/23)(a) |
6,023 | 6,087,807 | ||||||
|
|
|||||||
263,147,882 | ||||||||
Agriculture — 0.2% | ||||||||
Darling
Ingredients Inc., 5.25%, 04/15/27 |
7,059 | 6,809,288 | ||||||
Vector
Group Ltd., 10.50%, 11/01/26 |
7,925 | 7,819,994 | ||||||
|
|
|||||||
14,629,282 | ||||||||
Airlines — 2.8% | ||||||||
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a) |
16,997 | 14,985,009 | ||||||
Allegiant
Travel Co., 7.25%, 08/15/27 |
7,417 | 6,981,251 | ||||||
American Airlines Group Inc., 3.75%, 03/01/25(a)(b) |
7,683 | 6,737,530 | ||||||
American Airlines Inc., 11.75%, 07/15/25(a)(b) |
33,633 | 36,828,387 | ||||||
American Airlines Inc./AAdvantage Loyalty IP Ltd., |
|
|||||||
5.50%, 04/20/26(a) |
48,166 | 45,757,700 | ||||||
Delta Air Lines Inc. |
||||||||
2.90%, 10/28/24 (Call 09/28/24)(b) |
12,400 | 11,703,838 | ||||||
3.80%, 04/19/23 (Call 03/19/23) |
3,332 | 3,313,277 | ||||||
7.38%, 01/15/26 (Call 12/15/25)(b) |
12,386 | 12,652,299 | ||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)(b) |
16,909 | 15,620,685 |
Security |
Par (000) |
Value | ||||||
Airlines (continued) | ||||||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)(a) |
$ | 6,810 | $ | 6,913,747 | ||||
United Airlines Holdings Inc., 4.88%, 01/15/25(b) |
5,148 | 4,901,872 | ||||||
United
Airlines Inc., 4.38%, 04/15/26 |
28,064 | 25,643,587 | ||||||
|
|
|||||||
192,039,182 | ||||||||
Apparel — 0.5% | ||||||||
Hanesbrands Inc. |
||||||||
4.63%, 05/15/24 (Call 02/15/24)(a)(b) |
12,113 | 11,752,724 | ||||||
4.88%, 05/15/26 (Call 02/15/26)(a)(b) |
12,750 | 11,698,125 | ||||||
Under
Armour Inc., 3.25%, 06/15/26 |
8,562 | 7,341,059 | ||||||
William Carter Co. (The), 5.63%, 03/15/27 (Call 12/01/22)(a)(b) |
7,050 | 6,762,584 | ||||||
|
|
|||||||
37,554,492 | ||||||||
Auto Manufacturers — 3.5% | ||||||||
Allison Transmission Inc., 4.75%, 10/01/27 (Call 11/14/22)(a) |
5,575 | 5,122,037 | ||||||
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a)(b) |
15,523 | 14,902,080 | ||||||
Ford
Motor Co., 4.35%, 12/08/26 |
13,750 | 12,819,015 | ||||||
Ford Motor Credit Co. LLC |
||||||||
2.30%, 02/10/25 (Call 01/10/25)(b) |
11,270 | 10,193,715 | ||||||
2.70%, 08/10/26 (Call 07/10/26) |
14,021 | 12,096,337 | ||||||
3.10%, 05/04/23 |
2,500 | 2,464,288 | ||||||
3.35%, 11/01/22 |
7,930 | 7,930,000 | ||||||
3.37%, 11/17/23(b) |
7,810 | 7,556,175 | ||||||
3.38%, 11/13/25 (Call 10/13/25) |
18,431 | 16,740,509 | ||||||
3.66%, 09/08/24 |
7,275 | 6,911,250 | ||||||
3.81%, 01/09/24 (Call 11/09/23) |
7,258 | 7,033,609 | ||||||
4.06%, 11/01/24 (Call 10/01/24)(b) |
12,542 | 12,023,388 | ||||||
4.13%, 08/04/25 |
11,996 | 11,156,280 | ||||||
4.13%, 08/17/27 (Call 06/17/27) |
10,790 | 9,585,296 | ||||||
4.14%, 02/15/23 (Call 01/15/23)(b) |
1,000 | 997,450 | ||||||
4.27%, 01/09/27 (Call 11/09/26) |
8,008 | 7,247,240 | ||||||
4.38%, 08/06/23(b) |
5,410 | 5,340,222 | ||||||
4.39%, 01/08/26(b) |
11,327 | 10,523,203 | ||||||
4.54%, 08/01/26 (Call 06/01/26) |
6,311 | 5,808,644 | ||||||
4.69%, 06/09/25 (Call 04/09/25) |
5,571 | 5,278,523 | ||||||
4.95%, 05/28/27 (Call 04/28/27)(b) |
14,027 | 12,850,965 | ||||||
5.13%, 06/16/25 (Call 05/16/25) |
15,025 | 14,496,120 | ||||||
5.58%, 03/18/24 (Call 02/18/24)(b) |
14,021 | 13,849,393 | ||||||
Jaguar Land Rover Automotive PLC |
||||||||
4.50%, 10/01/27 (Call 07/01/27)(a)(b) |
6,700 | 4,840,750 | ||||||
5.63%, 02/01/23 (Call 12/01/22)(a)(b) |
5,624 | 5,549,079 | ||||||
7.75%, 10/15/25 (Call 12/01/22)(a) |
9,640 | 8,909,577 | ||||||
JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 12/01/22)(a)(b) |
7,770 | 7,409,394 | ||||||
Mclaren
Finance PLC, 7.50%, 08/01/26 |
8,165 | 6,589,301 | ||||||
Navistar International Corp., 9.50%, 05/01/25(a) |
0 | — | ||||||
|
|
|||||||
246,223,840 | ||||||||
Auto Parts & Equipment — 1.6% | ||||||||
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 12/01/22)(a)(b) |
11,202 | 9,976,314 | ||||||
American Axle & Manufacturing Inc., 6.50%, 04/01/27 (Call 12/01/22)(b) |
7,013 | 6,466,004 | ||||||
Clarios
Global LP, 6.75%, 05/15/25 |
5,658 | 5,641,705 | ||||||
Clarios Global LP/Clarios US Finance Co. |
||||||||
6.25%, 05/15/26 (Call 12/01/22)(a)(b) |
12,081 | 11,724,510 | ||||||
8.50%, 05/15/27 (Call 12/01/22)(a)(b) |
23,685 | 23,255,709 |
14 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2022 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Auto Parts & Equipment (continued) | ||||||||
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)(a)(b) |
$ | 5,590 | $ | 5,449,624 | ||||
Goodyear Tire & Rubber Co. (The) |
||||||||
4.88%, 03/15/27 (Call 12/15/26)(b) |
9,503 | 8,646,712 | ||||||
5.00%, 05/31/26 (Call 12/01/22)(b) |
13,150 | 12,622,028 | ||||||
9.50%, 05/31/25 (Call 11/16/22) |
10,990 | 11,451,456 | ||||||
Tenneco Inc., 5.00%, 07/15/26 (Call 11/07/22)(b) |
5,787 | 5,765,299 | ||||||
ZF North America Capital Inc., 4.75%, 04/29/25(a)(b) |
14,401 | 13,555,157 | ||||||
|
|
|||||||
114,554,518 | ||||||||
Banks — 1.4% | ||||||||
Commerzbank AG, 8.13%, 09/19/23(a) |
13,823 | 13,787,146 | ||||||
Deutsche Bank AG, 4.50%, 04/01/25(b) |
14,483 | 13,470,059 | ||||||
Freedom Mortgage Corp. |
||||||||
6.63%, 01/15/27 (Call 01/15/24)(a)(b) |
9,105 | 6,741,494 | ||||||
7.63%, 05/01/26 (Call 05/01/23)(a) |
8,580 | 6,764,729 | ||||||
8.13%, 11/15/24 (Call 12/01/22)(a) |
5,741 | 5,058,567 | ||||||
8.25%, 04/15/25 (Call 12/01/22)(a)(b) |
7,340 | 6,294,833 | ||||||
Intesa Sanpaolo SpA |
||||||||
5.02%, 06/26/24(a) |
27,902 | 26,662,094 | ||||||
5.71%, 01/15/26(a)(b) |
19,640 | 18,112,959 | ||||||
|
|
|||||||
96,891,881 | ||||||||
Building Materials — 0.4% | ||||||||
Eco Material Technologies Inc., 7.88%, 01/31/27 (Call 01/31/24)(a)(b) |
7,399 | 6,918,065 | ||||||
Jeld-Wen Inc., 4.63%, 12/15/25 |
5,122 | 4,262,328 | ||||||
Koppers Inc., 6.00%, 02/15/25 (Call 12/01/22)(a) |
6,822 | 6,213,989 | ||||||
Standard Industries Inc./NJ, 5.00%, 02/15/27 (Call 12/01/22)(a)(b) |
11,891 | 10,819,247 | ||||||
|
|
|||||||
28,213,629 | ||||||||
Chemicals — 2.1% | ||||||||
Cerdia
Finanz GmbH, 10.50%, 02/15/27 |
8,275 | 6,702,750 | ||||||
Avient Corp. |
||||||||
5.25%, 03/15/23 |
5,036 | 5,040,869 | ||||||
5.75%, 05/15/25 (Call 12/01/22)(a)(b) |
9,888 | 9,637,504 | ||||||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)(a)(b) |
6,755 | 6,171,162 | ||||||
Chemours
Co. (The), 5.38%, 05/15/27 |
6,521 | 5,834,665 | ||||||
Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 12/01/22)(a)(b) |
5,943 | 4,468,393 | ||||||
GPD
Companies Inc., 10.13%, 04/01/26 |
7,026 | 6,262,625 | ||||||
INEOS Quattro Finance 2 PLC., 3.38%, 01/15/26 (Call 01/15/23)(a) |
7,098 | 5,997,496 | ||||||
Mativ
Holdings Inc., 6.88%, 10/01/26 |
5,085 | 4,677,522 | ||||||
Methanex
Corp., 5.13%, 10/15/27 |
9,650 | 8,800,800 | ||||||
NOVA Chemicals Corp. |
||||||||
4.88%, 06/01/24 (Call 03/03/24)(a)(b) |
14,569 | 14,118,728 | ||||||
5.00%, 05/01/25 (Call 01/31/25)(a)(b) |
7,177 | 6,818,150 | ||||||
5.25%, 06/01/27 (Call 03/03/27)(a)(b) |
14,360 | 12,852,200 | ||||||
Olin Corp., 5.13%, 09/15/27 (Call 12/01/22) |
6,825 | 6,398,437 | ||||||
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 12/01/22)(a)(b) |
7,685 | 6,589,887 | ||||||
Rayonier AM Products Inc. |
||||||||
5.50%, 06/01/24 (Call 12/01/22)(a) |
2,447 | 2,404,178 | ||||||
7.63%, 01/15/26 (Call 01/15/24)(a)(b) |
6,725 | 5,845,841 | ||||||
SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26 (Call 11/01/23)(a) |
10,055 | 7,992,418 |
Security |
Par (000) |
Value | ||||||
Chemicals (continued) | ||||||||
SPCM SA, 3.13%, 03/15/27 (Call 03/15/24)(a) |
$ | 4,975 | $ | 4,371,781 | ||||
Trinseo
Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%,
09/01/25 |
6,583 | 5,093,596 | ||||||
Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25 (Call 12/01/22)(a) |
0 | — | ||||||
WR
Grace Holdings LLC, 4.88%, 06/15/27 |
10,303 | 9,015,125 | ||||||
|
|
|||||||
145,094,127 | ||||||||
Coal — 0.1% | ||||||||
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 12/01/22)(a)(b) |
5,215 | 5,110,280 | ||||||
|
|
|||||||
Commercial Services — 4.4% | ||||||||
ADT Security Corp. (The), 4.13%, 06/15/23(b) |
9,248 | 9,185,384 | ||||||
Ahern
Rentals Inc., 7.38%, 05/15/23 |
5,095 | 3,586,516 | ||||||
Albion Financing 1 SARL/Aggreko Holdings Inc. |
||||||||
6.13%, 10/15/26 (Call 10/15/23)(a) |
7,795 | 6,594,570 | ||||||
8.75%, 04/15/27 (Call 10/15/23)(a)(b) |
6,231 | 5,358,037 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp. |
||||||||
6.63%, 07/15/26 (Call 12/01/22)(a) |
26,365 | 25,211,531 | ||||||
9.75%, 07/15/27 (Call 12/01/22)(a)(b) |
14,575 | 12,671,651 | ||||||
AMN
Healthcare Inc., 4.63%, 10/01/27 |
6,750 | 6,302,070 | ||||||
Aptim
Corp., 7.75%, 06/15/25 |
5,280 | 3,653,948 | ||||||
APX
Group Inc., 6.75%, 02/15/27 |
8,314 | 7,991,832 | ||||||
Avis
Budget Car Rental LLC/Avis Budget Finance Inc., 5.75%, 07/15/27 |
10,280 | 9,398,161 | ||||||
Block Inc., 2.75%, 06/01/26 (Call 05/01/26)(b) |
12,390 | 11,089,185 | ||||||
Brink’s Co. (The) |
||||||||
4.63%, 10/15/27 (Call 12/01/22)(a) |
7,775 | 7,141,532 | ||||||
5.50%, 07/15/25 (Call 12/01/22)(a) |
5,784 | 5,622,684 | ||||||
Cimpress
PLC, 7.00%, 06/15/26 |
6,605 | 3,946,487 | ||||||
CoreCivic
Inc., 8.25%, 04/15/26 |
9,455 | 9,600,945 | ||||||
Garda World Security Corp., 4.63%, 02/15/27 (Call 02/15/23)(a) |
8,038 | 7,171,454 | ||||||
Graham
Holdings Co., 5.75%, 06/01/26 |
6,374 | 6,224,618 | ||||||
Grand Canyon University, 4.13%, 10/01/24(b) |
6,124 | 5,741,250 | ||||||
Herc
Holdings Inc., 5.50%, 07/15/27 |
16,480 | 15,594,200 | ||||||
Hertz
Corp. (The), 4.63%, 12/01/26 |
7,005 | 5,960,087 | ||||||
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26 (Call 02/01/23)(a)(b) |
5,662 | 4,921,693 | ||||||
MoneyGram International Inc., 5.38%, 08/01/26 (Call 08/01/23)(a)(b) |
6,130 | 6,025,407 | ||||||
Picasso
Finance Sub Inc., 6.13%, 06/15/25 |
7,571 | 7,556,085 | ||||||
Prime Security Services Borrower LLC/Prime Finance Inc. |
||||||||
3.38%, 08/31/27 (Call 08/31/26)(a)(b) |
13,820 | 12,002,463 | ||||||
5.25%, 04/15/24(a)(b) |
10,784 | 10,675,621 | ||||||
5.75%, 04/15/26(a) |
18,595 | 18,135,133 | ||||||
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)(a)(b) |
6,504 | 6,415,607 | ||||||
RR
Donnelley & Sons Co., 6.13%, 11/01/26 |
4,234 | 3,442,393 | ||||||
Sabre GLBL Inc. |
||||||||
7.38%, 09/01/25 (Call 12/01/22)(a)(b) |
11,548 | 10,612,612 | ||||||
9.25%, 04/15/25 (Call 03/16/25)(a)(b) |
10,549 | 10,273,061 |
S C H E D U L E O F I N V E S T M E N T S |
15 |
Schedule of Investments (continued) October 31, 2022 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Commercial Services (continued) | ||||||||
Shift4
Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26 |
$ | 5,960 | $ | 5,502,487 | ||||
Sotheby’s,
7.38%, 10/15/27 |
10,470 | 10,129,725 | ||||||
United Rentals North America Inc., 5.50%, 05/15/27 (Call 12/01/22)(b) |
7,320 | 7,114,967 | ||||||
Verscend
Escrow Corp., 9.75%, 08/15/26 |
15,490 | 15,531,591 | ||||||
WASH Multifamily Acquisition Inc., 5.75%, 04/15/26 (Call 04/15/23)(a) |
12,035 | 11,252,725 | ||||||
|
|
|||||||
307,637,712 | ||||||||
Computers — 0.9% | ||||||||
Diebold
Nixdorf Inc., 9.38%, 07/15/25 |
8,099 | 6,052,383 | ||||||
NCR
Corp., 5.75%, 09/01/27 |
6,610 | 6,378,650 | ||||||
Presidio
Holdings Inc., 4.88%, 02/01/27 |
7,643 | 7,057,546 | ||||||
Seagate HDD Cayman |
||||||||
4.75%, 06/01/23 |
5,850 | 5,790,562 | ||||||
4.75%, 01/01/25(b) |
6,735 | 6,476,039 | ||||||
4.88%, 03/01/24 (Call 01/01/24) |
8,303 | 8,137,079 | ||||||
4.88%, 06/01/27 (Call 03/01/27)(b) |
7,300 | 6,734,250 | ||||||
Vericast
Corp., 11.00%, 09/15/26 |
16,317 | 15,970,626 | ||||||
|
|
|||||||
62,597,135 | ||||||||
Cosmetics & Personal Care — 0.3% | ||||||||
Coty Inc. |
||||||||
5.00%, 04/15/26 (Call 04/15/23)(a) |
12,310 | 11,595,091 | ||||||
6.50%, 04/15/26 (Call 12/01/22)(a)(b) |
7,665 | 7,299,379 | ||||||
|
|
|||||||
18,894,470 | ||||||||
Distribution & Wholesale — 0.5% | ||||||||
BCPE Empire Holdings Inc., 7.63%, 05/01/27 (Call 05/01/23)(a)(b) |
9,018 | 8,206,380 | ||||||
G-III Apparel Group Ltd., 7.88%,
08/15/25 |
5,713 | 5,413,068 | ||||||
IAA Inc., 5.50%, 06/15/27 (Call 12/01/22)(a)(b) |
7,230 | 6,778,125 | ||||||
KAR Auction Services Inc., 5.13%, 06/01/25 (Call 12/01/22)(a)(b) |
5,670 | 5,473,322 | ||||||
Wesco Aircraft Holdings Inc. |
||||||||
8.50%, 11/15/24 (Call 12/01/22)(a) |
5,948 | 3,125,922 | ||||||
9.00%, 11/15/26 (Call 12/01/22)(a)(b) |
9,254 | 5,844,826 | ||||||
|
|
|||||||
34,841,643 | ||||||||
Diversified Financial Services — 3.8% | ||||||||
Advisor Group Holdings Inc., 10.75%, 08/01/27 (Call 12/01/22)(a)(b) |
4,615 | 4,607,370 | ||||||
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 (Call 09/30/24)(a)(b) |
7,026 | 7,052,348 | ||||||
Ally
Financial Inc., 5.75%, 11/20/25 |
14,788 | 14,314,784 | ||||||
Castlelake Aviation Finance DAC, 5.00%, 04/15/27 (Call 04/15/24)(a)(b) |
5,720 | 4,861,796 | ||||||
Credit Acceptance Corp. |
||||||||
5.13%, 12/31/24(a)(b) |
5,529 | 5,190,570 | ||||||
6.63%, 03/15/26 (Call 11/14/22)(b) |
5,550 | 5,239,311 | ||||||
Enact
Holdings Inc., 6.50%, 08/15/25 |
10,285 | 10,131,753 | ||||||
Enova
International Inc., 8.50%, 09/15/25 |
5,315 | 4,820,483 | ||||||
Finance of America Funding LLC, 7.88%, 11/15/25 (Call 12/01/22)(a) |
3,298 | 1,991,168 | ||||||
goeasy
Ltd., 5.38%, 12/01/24 |
7,899 | 7,436,277 | ||||||
Home
Point Capital Inc., 5.00%, 02/01/26 |
4,839 | 2,861,059 |
Security |
Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
Nationstar Mortgage Holdings Inc., 6.00%, 01/15/27 (Call 01/15/23)(a) |
$ | 8,721 | $ | 7,766,869 | ||||
Navient Corp. |
||||||||
5.00%, 03/15/27 (Call 09/15/26)(b) |
9,408 | 7,964,642 | ||||||
5.50%, 01/25/23(b) |
11,160 | 11,141,638 | ||||||
5.88%, 10/25/24 |
6,490 | 6,311,493 | ||||||
6.13%, 03/25/24 |
11,502 | 11,342,949 | ||||||
6.75%, 06/25/25 |
7,277 | 6,948,516 | ||||||
6.75%, 06/15/26(b) |
7,542 | 7,111,729 | ||||||
OneMain Finance Corp. |
||||||||
3.50%, 01/15/27 (Call 01/15/24)(b) |
10,590 | 8,691,848 | ||||||
5.63%, 03/15/23(b) |
9,630 | 9,631,579 | ||||||
6.13%, 03/15/24 (Call 09/15/23) |
17,337 | 16,925,303 | ||||||
6.88%, 03/15/25(b) |
16,729 | 16,227,130 | ||||||
7.13%, 03/15/26 |
21,661 | 20,859,543 | ||||||
Oxford
Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%,
02/01/27 |
5,215 | 4,828,904 | ||||||
PennyMac Financial Services Inc., 5.38%, 10/15/25 (Call 12/01/22)(a)(b) |
9,069 | 8,196,109 | ||||||
PHH
Mortgage Corp., 7.88%, 03/15/26 |
5,280 | 4,382,400 | ||||||
Rocket
Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%,
10/15/26 |
15,614 | 13,057,207 | ||||||
SLM Corp. |
||||||||
3.13%, 11/02/26 (Call 10/02/26) |
7,103 | 6,229,828 | ||||||
4.20%, 10/29/25 (Call 09/29/25) |
7,269 | 6,743,815 | ||||||
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (Call 12/01/22)(a) |
4,096 | 3,949,158 | ||||||
United Wholesale Mortgage LLC |
||||||||
5.50%, 11/15/25 (Call 12/01/22)(a)(b) |
11,501 | 10,397,479 | ||||||
5.75%, 06/15/27 (Call 06/15/24)(a)(b) |
6,500 | 5,326,750 | ||||||
VistaJet
Malta Finance PLC/XO Management Holding Inc., 7.88%, 05/01/27 |
6,730 | 6,097,342 | ||||||
|
|
|||||||
268,639,150 | ||||||||
Electric — 1.9% | ||||||||
Calpine
Corp., 5.25%, 06/01/26 |
6,090 | 5,800,421 | ||||||
DPL Inc., 4.13%, 07/01/25 (Call 04/01/25)(b) |
6,114 | 5,762,445 | ||||||
Drax
Finco PLC, 6.63%, 11/01/25 |
6,580 | 6,119,400 | ||||||
Enerflex Ltd., 9.00%, 10/15/27 |
8,610 | 8,382,792 | ||||||
FirstEnergy
Corp., Series B, 4.15%, 07/15/27 |
20,912 | 19,638,668 | ||||||
InterGen
NV, 7.00%, 06/30/23 |
4,509 | 4,440,275 | ||||||
NextEra Energy Operating Partners LP |
||||||||
3.88%, 10/15/26 (Call 07/15/26)(a)(b) |
6,135 | 5,684,614 | ||||||
4.25%, 07/15/24 (Call 04/15/24)(a)(b) |
10,297 | 9,999,405 | ||||||
4.25%, 09/15/24 (Call 07/15/24)(a) |
5 | 4,653 | ||||||
4.50%, 09/15/27 (Call 06/15/27)(a) |
7,834 | 7,288,313 | ||||||
NRG
Energy Inc., 6.63%, 01/15/27 |
6,153 | 6,135,590 | ||||||
Terraform Global Operating LP, 6.13%, 03/01/26 (Call 12/01/22)(a) |
5,730 | 5,273,949 | ||||||
TransAlta Corp., 4.50%, 11/15/22(b) |
4,522 | 4,516,046 | ||||||
Vistra Operations Co. LLC |
||||||||
5.00%, 07/31/27 (Call 11/14/22)(a)(b) |
17,764 | 16,390,251 | ||||||
5.50%, 09/01/26 (Call 11/14/22)(a) |
13,890 | 13,312,022 | ||||||
5.63%, 02/15/27 (Call 11/14/22)(a)(b) |
16,341 | 15,577,549 | ||||||
|
|
|||||||
134,326,393 | ||||||||
Electrical Components & Equipment — 0.3% | ||||||||
WESCO
Distribution Inc., 7.13%, 06/15/25 |
20,202 | 20,397,959 | ||||||
|
|
16 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2022 |
iShares® 0-5 Year High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Electronics — 0.3% | ||||||||
Likewize
Corp., 9.75%, 10/15/25 |
$ | 5,624 | $ | 5,106,037 | ||||
Sensata Technologies BV |
||||||||
5.00%, 10/01/25(a)(b) |
9,181 | 8,915,577 | ||||||
5.63%, 11/01/24(a)(b) |
5,122 | 5,104,045 | ||||||
|
|
|||||||
19,125,659 | ||||||||
Energy - Alternate Sources — 0.2% | ||||||||
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 12/01/22)(a)(b) |
10,452 | 10,023,689 | ||||||
Sunnova
Energy Corp., 5.88%, 09/01/26 |
5,145 | 4,535,800 | ||||||
|
|
|||||||
14,559,489 | ||||||||
Engineering & Construction — 0.7% | ||||||||
AECOM, 5.13%, 03/15/27 (Call 12/15/26)(b) |
13,338 | 12,630,686 | ||||||
Artera
Services LLC, 9.03%, 12/04/25 |
10,115 | 8,461,619 | ||||||
Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 12/01/22)(a)(b) |
13,148 | 9,466,560 | ||||||
Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 02/01/23)(a)(b) |
5,033 | 4,599,882 | ||||||
Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24) |
5,713 | 5,421,923 | ||||||
Promontoria Holding 264 BV, 7.88%, 03/01/27 (Call 03/01/24)(a)(b) |
5,840 | 5,299,800 | ||||||
Tutor
Perini Corp., 6.88%, 05/01/25 |
6,679 | 5,360,432 | ||||||
|
|
|||||||
51,240,902 | ||||||||
Entertainment — 4.1% | ||||||||
Banijay Entertainment SASU, 5.38%, 03/01/25 (Call 12/01/22)(a)(b) |
6,405 | 5,947,427 | ||||||
Caesars Entertainment Inc. |
||||||||
6.25%, 07/01/25 (Call 11/14/22)(a) |
46,476 | 45,372,195 | ||||||
8.13%, 07/01/27 (Call 07/01/23)(a)(b) |
24,453 | 23,766,279 | ||||||
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/14/22)(a)(b) |
14,757 | 14,388,813 | ||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op |
||||||||
5.38%, 04/15/27 (Call 12/01/22)(b) |
7,235 | 6,832,553 | ||||||
5.50%, 05/01/25 (Call 12/01/22)(a) |
13,667 | 13,581,581 | ||||||
Churchill
Downs Inc., 5.50%, 04/01/27 |
8,545 | 8,167,140 | ||||||
Cinemark
USA Inc., 5.88%, 03/15/26 |
5,565 | 4,674,044 | ||||||
International Game Technology PLC |
||||||||
4.13%, 04/15/26 (Call 04/15/23)(a)(b) |
10,505 | 9,746,889 | ||||||
6.25%, 01/15/27 (Call 07/15/26)(a)(b) |
10,870 | 10,769,561 | ||||||
6.50%, 02/15/25 (Call 08/15/24)(a)(b) |
9,127 | 9,134,667 | ||||||
Live Nation Entertainment Inc. |
||||||||
4.75%, 10/15/27 (Call 12/01/22)(a) |
12,275 | 10,924,750 | ||||||
4.88%, 11/01/24 (Call 12/01/22)(a)(b) |
8,381 | 8,140,046 | ||||||
6.50%, 05/15/27 (Call 05/15/23)(a)(b) |
16,780 | 16,696,100 | ||||||
Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)(a)(b) |
5,840 | 5,444,523 | ||||||
Mohegan Gaming & Entertainment |
||||||||
7.88%, 10/15/24 (Call 11/16/22)(a)(b) |
5,749 | 5,786,728 | ||||||
8.00%, 02/01/26 (Call 02/01/23)(a)(b) |
16,511 | 13,921,745 | ||||||
Odeon Finco PLC, 12.75%, 11/01/27(b) |
4,000 | 3,575,000 | ||||||
Penn
Entertainment Inc., 5.63%, 01/15/27 |
5,495 | 5,022,716 | ||||||
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (Call 11/14/22)(a)(b) |
4,875 | 4,334,484 | ||||||
Scientific Games International Inc., 8.63%, 07/01/25 (Call 12/01/22)(a)(b) |
8,021 | 8,276,049 |
Security |
Par (000) |
Value | ||||||
Entertainment (continued) | ||||||||
Six Flags Entertainment Corp. |
||||||||
4.88%, 07/31/24 (Call 12/01/22)(a)(b) |
$ | 12,650 | $ | 12,245,684 | ||||
5.50%, 04/15/27 (Call 12/01/22)(a)(b) |
7,181 | 6,462,900 | ||||||
Six
Flags Theme Parks Inc., 7.00%, 07/01/25 |
6,122 | 6,160,263 | ||||||
Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)(a)(b) |
10,280 | 9,399,826 | ||||||
Vail
Resorts Inc., 6.25%, 05/15/25 |
8,555 | 8,512,225 | ||||||
Wynn
Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25 |
8,520 | 8,262,781 | ||||||
|
|
|||||||
285,546,969 | ||||||||
Environmental Control — 0.7% | ||||||||
Clean
Harbors Inc., 4.88%, 07/15/27 |
7,580 | 7,136,949 | ||||||
GFL Environmental Inc. |
||||||||
3.75%, 08/01/25 (Call 12/01/22)(a)(b) |
10,291 | 9,724,995 | ||||||
4.25%, 06/01/25 (Call 12/01/22)(a)(b) |
7,204 | 6,861,810 | ||||||
5.13%, 12/15/26 (Call 12/15/22)(a)(b) |
7,108 | 6,770,370 | ||||||
Harsco
Corp., 5.75%, 07/31/27 |
6,455 | 4,580,791 | ||||||
Stericycle
Inc., 5.38%, 07/15/24 |
8,556 | 8,431,650 | ||||||
Waste
Pro USA Inc., 5.50%, 02/15/26 |
7,065 | 6,501,213 | ||||||
|
|
|||||||
50,007,778 | ||||||||
Food — 1.7% | ||||||||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |
||||||||
3.25%, 03/15/26 (Call 12/01/22)(a)(b) |
10,791 | 9,711,900 | ||||||
3.50%, 02/15/23 (Call 12/15/22)(a) |
7,855 | 7,805,906 | ||||||
4.63%, 01/15/27 (Call 01/15/23)(a)(b) |
17,712 | 16,383,600 | ||||||
7.50%, 03/15/26 (Call 12/01/22)(a)(b) |
8,709 | 8,920,299 | ||||||
B&G Foods Inc. |
||||||||
5.25%, 04/01/25 (Call 12/01/22) |
13,140 | 11,952,525 | ||||||
5.25%, 09/15/27 (Call 12/01/22)(b) |
7,036 | 5,905,033 | ||||||
Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 12/01/22)(a)(b) |
7,745 | 7,355,039 | ||||||
H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, 06/01/26 (Call 11/14/22)(a) |
3,801 | 2,216,843 | ||||||
Performance Food Group Inc., 5.50%, 10/15/27 (Call 12/01/22)(a)(b) |
12,525 | 11,836,125 | ||||||
Pilgrim’s Pride Corp., 5.88%, 09/30/27(a) |
11,595 | 11,339,860 | ||||||
Post
Holdings Inc., 5.75%, 03/01/27 |
6,449 | 6,239,408 | ||||||
Sigma
Holdco BV, 7.88%, 05/15/26 |
2,522 | 1,545,406 | ||||||
U.S.
Foods Inc., 6.25%, 04/15/25 |
14,799 | 14,748,000 | ||||||
|
|
|||||||
115,959,944 | ||||||||
Food Service — 0.4% | ||||||||
Aramark Services Inc. |
||||||||
5.00%, 04/01/25 (Call 12/01/22)(a) |
8,423 | 8,139,364 | ||||||
6.38%, 05/01/25 (Call 12/01/22)(a)(b) |
20,602 | 20,429,458 | ||||||
|
|
|||||||
28,568,822 | ||||||||
Gas — 0.5% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. |
||||||||
5.50%, 05/20/25 (Call 02/20/25) |
9,905 | 9,507,413 | ||||||
5.63%, 05/20/24 (Call 03/20/24)(b) |
9,700 | 9,479,209 | ||||||
5.75%, 05/20/27 (Call 02/20/27) |
7,115 | 6,553,932 | ||||||
5.88%, 08/20/26 (Call 05/20/26) |
9,644 | 9,024,710 | ||||||
|
|
|||||||
34,565,264 | ||||||||
Health Care - Services — 3.7% | ||||||||
Akumin
Inc., 7.00%, 11/01/25 |
6,770 | 5,482,752 | ||||||
Catalent Pharma Solutions Inc., 5.00%, 07/15/27 (Call 12/01/22)(a)(b) |
7,240 | 6,796,550 |
S C H E D U L E O F I N V E S T M E N T S |
17 |