LOGO

  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


The Markets in Review

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.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

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

  0.72    0.79 
   

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

  (8.24)     (17.68)   
   

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

  (6.86)     (15.68)   
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  (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


Table of Contents

 

 

     

Page

 

 

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     13  

Disclosure of Expenses

     13  

Schedules of Investments

     14  

Financial Statements:

  

Statements of Assets and Liabilities

     68  

Statements of Operations

     69  

Statements of Changes in Net Assets

     70  

Financial Highlights

     72  

Notes to Financial Statements

     76  

Report of Independent Registered Public Accounting Firm

     86  

Important Tax Information

     87  

Board Review and Approval of Investment Advisory Contract

     88  

Supplemental Information

     92  

Trustee and Officer Information

     94  

General Information

     97  

Glossary of Terms Used in this Report

     98  

 

 

 

 


Market Overview

 

 

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)

 

LOGO

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)

 

LOGO

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)

 

LOGO

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  

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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)

 

LOGO

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  

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About Fund Performance

 

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

 

 

A B O U T   F U N D   P E R F O R M A N C E / D I S C L O S U R E   OF   E X P E N S E S

  13


Schedule of Investments

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
(Call 11/14/22)(a)(b)

    7,059       6,809,288  

Vector Group Ltd., 10.50%, 11/01/26
(Call 12/01/22)(a)

    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
(Call 08/15/24)(a)

    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
(Call 10/15/25)(a)

    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
(Call 03/15/26)(b)

    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
(Call 09/08/26)(b)

    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
(Call 08/01/23)(a)

    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
(Call 12/01/22)(a)

    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
(Call 12/01/22)(a)(b)

    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
(Call 02/15/24)(a)

    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
(Call 02/15/27)(b)

    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
(Call 12/01/22)(a)

    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
(Call 12/01/22)(a)(b)

    5,085       4,677,522  

Methanex Corp., 5.13%, 10/15/27
(Call 04/15/27)(b)

    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
(Call 12/01/22)(a)(b)

    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
(Call 06/15/23)(a)(b)

        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
(Call 12/01/22)(a)(b)

    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
(Call 12/01/22)(a)

    6,750       6,302,070  

Aptim Corp., 7.75%, 06/15/25
(Call 11/16/22)(a)(b)

    5,280       3,653,948  

APX Group Inc., 6.75%, 02/15/27
(Call 02/15/23)(a)(b)

    8,314       7,991,832  

Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.75%, 07/15/27
(Call 12/01/22)(a)(b)

    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
(Call 12/01/22)(a)(b)

    6,605       3,946,487  

CoreCivic Inc., 8.25%, 04/15/26
(Call 04/15/24)(b)

    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
(Call 11/14/22)(a)(b)

    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
(Call 12/01/22)(a)

    16,480       15,594,200  

Hertz Corp. (The), 4.63%, 12/01/26
(Call 12/01/23)(a)(b)

    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
(Call 11/16/22)(a)

    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
(Call 11/01/23)(a)

    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
(Call 12/01/22)(a)(b)

  $ 5,960     $ 5,502,487  

Sotheby’s, 7.38%, 10/15/27
(Call 11/14/22)(a)(b)

    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
(Call 12/01/22)(a)

    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
(Call 11/16/22)(a)(b)

    8,099       6,052,383  

NCR Corp., 5.75%, 09/01/27
(Call 11/14/22)(a)(b)

    6,610       6,378,650  

Presidio Holdings Inc., 4.88%, 02/01/27
(Call 02/01/23)(a)

    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
(Call 09/15/23)(a)(b)

    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
(Call 12/01/22)(a)(b)

    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
(Call 10/21/25)(b)

    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
(Call 02/15/25)(a)

    10,285       10,131,753  

Enova International Inc., 8.50%, 09/15/25
(Call 12/01/22)(a)(b)

    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
(Call 12/01/22)(a)(b)

    7,899       7,436,277  

Home Point Capital Inc., 5.00%, 02/01/26
(Call 02/01/23)(a)

    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
(Call 02/01/24)(a)

    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
(Call 03/15/23)(a)(b)

    5,280       4,382,400  

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%, 10/15/26
(Call 10/15/23)(a)(b)

    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
(Call 05/01/24)(a)(b)

    6,730       6,097,342  
   

 

 

 
          268,639,150  
Electric — 1.9%            

Calpine Corp., 5.25%, 06/01/26
(Call 12/01/22)(a)(b)

    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
(Call 11/11/22)(a)

    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
(Call 04/15/27)(b)

    20,912       19,638,668  

InterGen NV, 7.00%, 06/30/23
(Call 12/01/22)(a)(b)

    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
(Call 11/16/22)(b)

    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
(Call 12/01/22)(a)(b)

    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
(Call 11/14/22)(a)(b)

  $ 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
(Call 09/01/23)(a)(b)

    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
(Call 02/04/23)(a)

    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
(Call 11/16/22)(a)(b)

    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
(Call 12/01/22)(a)(b)

    8,545       8,167,140  

Cinemark USA Inc., 5.88%, 03/15/26
(Call 03/15/23)(a)(b)

    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
(Call 12/01/22)(a)(b)

    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
(Call 12/01/22)(a)(b)

    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
(Call 12/01/22)(a)(b)

    8,555       8,512,225  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25
(Call 12/01/22)(a)(b)

    8,520       8,262,781  
   

 

 

 
          285,546,969  
Environmental Control — 0.7%            

Clean Harbors Inc., 4.88%, 07/15/27
(Call 12/01/22)(a)(b)

    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
(Call 12/01/22)(a)(b)

    6,455       4,580,791  

Stericycle Inc., 5.38%, 07/15/24
(Call 11/16/22)(a)(b)

    8,556       8,431,650  

Waste Pro USA Inc., 5.50%, 02/15/26
(Call 12/01/22)(a)(b)

    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
(Call 11/16/22)(a)(b)

    6,449       6,239,408  

Sigma Holdco BV, 7.88%, 05/15/26
(Call 11/11/22)(a)(b)

    2,522       1,545,406  

U.S. Foods Inc., 6.25%, 04/15/25
(Call 12/01/22)(a)(b)

    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
(Call 12/01/22)(a)

    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  



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  
Health Care - Services (continued)            

CHS/Community Health Systems Inc.

   

5.63%, 03/15/27 (Call 12/15/23)(a)(b)

  $ 25,495     $ 20,304,218  

8.00%, 03/15/26 (Call 12/01/22)(a)(b)

    28,303       24,411,337  

Encompass Health Corp., 5.75%, 09/15/25 (Call 12/01/22)(b)

    5,275       5,246,985  

Global Medical Response Inc., 6.50%, 10/01/25 (Call 11/03/22)(a)(b)

    8,054       6,307,960  

IQVIA Inc.

   

5.00%, 10/15/26 (Call 12/01/22)(a)(b)

        14,886       14,213,797  

5.00%, 05/15/27 (Call 12/01/22)(a)(b)

    14,850       14,111,241  

Legacy LifePoint Health LLC

   

4.38%, 02/15/27 (Call 12/01/22)(a)(b)

    8,095       6,366,539  

6.75%, 04/15/25 (Call 12/01/22)(a)(b)

    8,060       7,133,100  

ModivCare Inc., 5.88%, 11/15/25
(Call 12/01/22)(a)(b)

    7,164       6,827,466  

Prime Healthcare Services Inc., 7.25%, 11/01/25 (Call 12/01/22)(a)(b)

    11,614       10,122,298  

Quorum Health Corp., 11.63%, 04/15/23(c)(d)

    2,653        

RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)(a)

    19,866       15,837,722  

RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)(a)

    10,816       8,187,388  

Select Medical Corp., 6.25%, 08/15/26
(Call 12/01/22)(a)(b)

    16,486       15,699,618  

Surgery Center Holdings Inc.

   

6.75%, 07/01/25 (Call 12/01/22)(a)(b)

    5,404       5,102,487  

10.00%, 04/15/27 (Call 12/01/22)(a)(b)

    7,500       7,271,025  

Team Health Holdings Inc., 6.38%, 02/01/25 (Call 11/16/22)(a)(b)

    9,709       7,342,674  

Tenet Healthcare Corp.

   

4.63%, 07/15/24 (Call 12/01/22)(b)

    10,812       10,471,530  

4.63%, 09/01/24 (Call 11/16/22)(a)(b)

    9,441       9,134,167  

4.88%, 01/01/26 (Call 12/01/22)(a)

    27,488       25,976,160  

6.25%, 02/01/27 (Call 12/01/22)(a)(b)

    20,405       19,591,697  

U.S. Acute Care Solutions LLC, 6.38%, 03/01/26 (Call 03/01/23)(a)

    10,153       9,205,421  
   

 

 

 
          261,144,132  
Holding Companies - Diversified — 1.1%            

FS Energy & Power Fund, 7.50%, 08/15/23 (Call 05/15/23)(a)(b)

    6,917       6,931,037  

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

   

4.75%, 09/15/24 (Call 06/15/24)

    15,066       14,581,467  

5.25%, 05/15/27 (Call 11/15/26)

    19,950       18,429,810  

6.25%, 05/15/26 (Call 12/01/22)

    16,831       16,166,176  

6.38%, 12/15/25 (Call 12/01/22)(b)

    10,533       10,224,910  

Stena AB, 7.00%, 02/01/24(a)(b)

    3,662       3,482,562  

Stena International SA

   

5.75%, 03/01/24(a)(b)

    4,653       4,371,608  

6.13%, 02/01/25 (Call 11/11/22)(a)(b)

    5,425       5,101,308  
   

 

 

 
      79,288,878  
Home Builders — 0.8%            

Beazer Homes USA Inc., 5.88%, 10/15/27 (Call 11/16/22)(b)

    4,700       3,948,000  

Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 6.25%, 09/15/27 (Call 12/01/22)(a)

    8,372       7,304,570  

Century Communities Inc., 6.75%, 06/01/27 (Call 12/01/22)

    7,290       6,950,651  

Empire Communities Corp., 7.00%, 12/15/25 (Call 12/15/22)(a)(b)

    6,830       5,922,464  
Security  

Par

(000)

    Value  
Home Builders (continued)            

Forestar Group Inc., 3.85%, 05/15/26
(Call 05/15/23)(a)(b)

  $ 5,656     $ 4,861,144  

KB Home, 7.63%, 05/15/23 (Call 11/15/22)(b)

    1,693       1,697,336  

Meritage Homes Corp., 6.00%, 06/01/25
(Call 03/01/25)(b)

    5,830       5,655,100  

Taylor Morrison Communities Inc., 5.88%, 06/15/27 (Call 03/15/27)(a)

    7,040       6,601,760  

Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24 (Call 12/01/23)(a)(b)

    4,505       4,456,008  

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

    7,015       6,928,189  
   

 

 

 
      54,325,222  
Household Products & Wares — 0.2%            

Kronos Acquisition Holdings Inc./KIK Custom Products Inc., 5.00%, 12/31/26 (Call 06/30/23)(a)

    6,786       6,151,305  

Spectrum Brands Inc., 5.75%, 07/15/25 (Call 12/01/22)(b)

    6,544       6,454,053  
   

 

 

 
          12,605,358  
Housewares — 0.7%            

CD&R Smokey Buyer Inc., 6.75%, 07/15/25 (Call 12/01/22)(a)(b)

    9,651       9,174,627  

Newell Brands Inc.

   

4.45%, 04/01/26 (Call 01/01/26)

        26,470       24,599,122  

4.88%, 06/01/25 (Call 05/01/25)

    6,855       6,602,118  

6.38%, 09/15/27 (Call 06/15/27)(b)

    7,525       7,358,482  
   

 

 

 
      47,734,349  
Insurance — 1.3%            

Acrisure LLC/Acrisure Finance Inc.

   

7.00%, 11/15/25 (Call 12/01/22)(a)(b)

    12,750       12,064,890  

10.13%, 08/01/26 (Call 12/01/22)(a)(b)

    5,609       5,545,899  

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

   

4.25%, 10/15/27 (Call 10/15/23)(a)(b)

    9,525       8,613,775  

6.75%, 10/15/27 (Call 12/01/22)(a)(b)

    14,176       12,935,600  

AssuredPartners Inc., 7.00%, 08/15/25
(Call 12/01/22)(a)(b)

    7,430       7,112,367  

GTCR AP Finance Inc., 8.00%, 05/15/27
(Call 12/01/22)(a)(b)

    6,947       6,574,467  

Hub International Ltd., 7.00%, 05/01/26
(Call 11/14/22)(a)(b)

    23,453       23,159,837  

NMI Holdings Inc., 7.38%, 06/01/25
(Call 03/30/25)(a)

    5,946       5,954,585  

USI Inc./NY, 6.88%, 05/01/25 (Call 12/01/22)(a)

    8,945       8,747,372  
   

 

 

 
      90,708,792  
Internet — 1.8%            

Cablevision Lightpath LLC, 3.88%, 09/15/27 (Call 09/15/23)(a)(b)

    6,555       5,591,894  

Cogent Communications Group Inc.

   

3.50%, 05/01/26 (Call 02/01/26)(a)(b)

    7,125       6,445,479  

7.00%, 06/15/27 (Call 06/15/24)(a)

    6,560       6,229,266  

GrubHub Holdings Inc., 5.50%, 07/01/27
(Call 11/14/22)(a)(b)

    5,419       3,641,717  

Millennium Escrow Corp., 6.63%, 08/01/26
(Call 08/01/23)(a)(b)

    10,415       7,498,800  

Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 4.75%, 04/30/27 (Call 10/15/23)(a)(b)

    5,265       4,777,988  

NortonLifeLock Inc.

   

5.00%, 04/15/25 (Call 11/14/22)(a)

    14,889       14,489,622  

6.75%, 09/30/27 (Call 09/30/24)(a)(b)

    12,568       12,547,133  

 

 

18  

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  
Internet (continued)            

Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 12/01/22)(a)

  $ 10,772     $ 7,066,798  

TripAdvisor Inc., 7.00%, 07/15/25
(Call 11/14/22)(a)(b)

    7,184       7,136,810  

Uber Technologies Inc.

   

7.50%, 05/15/25 (Call 12/01/22)(a)

    14,009       14,005,498  

7.50%, 09/15/27 (Call 12/01/22)(a)

    17,511       17,528,122  

8.00%, 11/01/26 (Call 12/01/22)(a)

        20,080       20,154,296  
   

 

 

 
          127,113,423  
Iron & Steel — 0.5%            

Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26
(Call 12/01/22)(a)(b)

    8,030       7,350,573  

Cleveland-Cliffs Inc.

   

5.88%, 06/01/27 (Call 12/01/22)(b)

    7,279       6,769,470  

6.75%, 03/15/26 (Call 12/01/22)(a)(b)

    11,990       11,900,075  

Mineral Resources Ltd., 8.13%, 05/01/27 (Call 12/01/22)(a)

    9,955       9,905,225  
   

 

 

 
      35,925,343  
Leisure Time — 1.1%            

Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 12/01/22)(a)

    5,897       5,249,215  

Life Time Inc.

   

5.75%, 01/15/26 (Call 01/15/23)(a)(b)

    12,725       11,834,250  

8.00%, 04/15/26 (Call 02/01/23)(a)(b)

    6,520       5,719,373  

Lindblad Expeditions LLC, 6.75%, 02/15/27 (Call 02/15/24)(a)(b)

    4,527       4,059,021  

NCL Corp. Ltd.

   

3.63%, 12/15/24 (Call 11/14/22)(a)(b)

    7,748       6,679,745  

5.88%, 03/15/26 (Call 12/15/25)(a)

    18,342       14,930,388  

5.88%, 02/15/27 (Call 02/15/24)(a)

    13,867       12,369,364  

Viking Cruises Ltd.

   

5.88%, 09/15/27 (Call 12/01/22)(a)(b)

    10,775       8,615,510  

13.00%, 05/15/25 (Call 11/16/22)(a)(b)

    9,431       10,138,325  
   

 

 

 
      79,595,191  
Lodging — 3.5%            

Genting New York LLC, 3.30%, 02/15/26 (Call 01/15/26)(a)

    7,380       6,446,158  

Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25 (Call 11/14/22)(a)(b)

    7,495       7,382,575  

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22)(b)

    8,190       7,761,390  

Las Vegas Sands Corp.

   

2.90%, 06/25/25 (Call 05/25/25)(b)

    7,235       6,546,951  

3.20%, 08/08/24 (Call 07/08/24)

    21,880       20,777,686  

3.50%, 08/18/26 (Call 06/18/26)

    14,055       12,223,212  

Melco Resorts Finance Ltd.

   

4.88%, 06/06/25(a)(b)

    13,240       9,507,975  

5.25%, 04/26/26(a)(b)

    6,782       4,330,307  

5.63%, 07/17/27(a)

    7,720       4,691,984  

MGM China Holdings Ltd.

   

4.75%, 02/01/27 (Call 02/01/24)(a)(b)

    9,870       7,402,500  

5.25%, 06/18/25 (Call 11/11/22)(a)

    6,490       5,194,207  

5.38%, 05/15/24 (Call 11/11/22)(a)(b)

    11,049       9,337,786  

5.88%, 05/15/26 (Call 11/11/22)(a)(b)

    9,965       7,644,351  

MGM Resorts International

   

4.63%, 09/01/26 (Call 06/01/26)

    6,020       5,472,029  

5.50%, 04/15/27 (Call 01/15/27)(b)

    8,756       8,064,714  

5.75%, 06/15/25 (Call 03/15/25)(b)

    9,444       9,154,069  

6.00%, 03/15/23

    13,646       13,660,830  

6.75%, 05/01/25 (Call 12/01/22)(b)

    10,262       10,132,699  
Security  

Par

(000)

    Value  
Lodging (continued)            

Studio City Co. Ltd., 7.00%, 02/15/27
(Call 02/15/24)(a)(b)

  $ 5,029     $ 4,023,200  

Travel + Leisure Co.

   

3.90%, 03/01/23 (Call 12/01/22)

    4,483       4,449,130  

6.00%, 04/01/27 (Call 01/01/27)

    5,604       5,232,735  

6.60%, 10/01/25 (Call 07/01/25)

    5,260       5,148,225  

6.63%, 07/31/26 (Call 04/30/26)(a)

    9,565       9,337,831  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.

   

4.25%, 05/30/23 (Call 02/28/23)(a)(b)

    5,434       5,355,887  

5.25%, 05/15/27 (Call 02/15/27)(a)(b)

    12,525       10,912,406  

5.50%, 03/01/25 (Call 12/01/24)(a)(b)

        24,256       22,850,365  

Wynn Macau Ltd.

   

4.88%, 10/01/24 (Call 11/11/22)(a)(b)

    7,973       6,218,940  

5.50%, 01/15/26 (Call 12/01/22)(a)(b)

    13,120       9,118,400  

5.50%, 10/01/27 (Call 12/01/22)(a)

    7,950       5,125,922  
   

 

 

 
          243,504,464  
Machinery — 0.6%            

Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)(a)(b)

    5,600       5,614,000  

Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/22)(a)(b)

    8,915       7,297,373  

TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)(a)(b)

    21,610       19,350,854  

Weir Group PLC (The), 2.20%, 05/13/26
(Call 04/13/26)(a)(b)

    11,950       10,224,470  
   

 

 

 
      42,486,697  
Manufacturing — 0.7%            

Amsted Industries Inc., 5.63%, 07/01/27
(Call 12/01/22)(a)

    5,895       5,490,260  

EnPro Industries Inc., 5.75%, 10/15/26
(Call 12/01/22)(b)

    5,185       4,993,203  

FXI Holdings Inc.

   

7.88%, 11/01/24 (Call 12/01/22)(a)(b)

    7,177       6,233,224  

12.25%, 11/15/26 (Call 12/01/22)(a)(b)

    10,320       8,969,009  

Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 12/01/22)(a)(b)

    8,299       7,997,124  

Hillenbrand Inc.

   

5.00%, 09/15/26 (Call 07/15/26)

    5,110       4,833,208  

5.75%, 06/15/25 (Call 12/01/22)

    5,805       5,776,432  

Trinity Industries Inc., 4.55%, 10/01/24
(Call 07/01/24)

    5,350       5,047,190  
   

 

 

 
      49,339,650  
Media — 6.9%            

AMC Networks Inc.

   

4.75%, 08/01/25 (Call 12/01/22)(b)

    10,898       9,985,293  

5.00%, 04/01/24 (Call 12/01/22)(b)

    7,321       7,145,296  

CCO Holdings LLC/CCO Holdings Capital Corp.

   

4.00%, 03/01/23 (Call 11/16/22)(a)

    6,872       6,838,300  

5.13%, 05/01/27 (Call 12/01/22)(a)

    43,440       40,209,150  

5.50%, 05/01/26 (Call 12/01/22)(a)(b)

    11,025       10,580,784  

Cengage Learning Inc., 9.50%, 06/15/24
(Call 12/01/22)(a)(b)

    8,552       8,103,020  

CSC Holdings LLC

   

5.25%, 06/01/24(b)

    10,447       10,133,590  

5.50%, 04/15/27 (Call 12/01/22)(a)(b)

    17,785       16,700,115  

Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 12/01/22)(a)(b)

    5,680       4,928,460  

Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)(a)

    49,926       44,829,389  

DISH DBS Corp.

   

5.00%, 03/15/23(b)

    18,608       18,423,920  

 

 

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

    19  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Media (continued)            

5.25%, 12/01/26 (Call 06/01/26)(a)(b)

  $     37,412     $ 32,501,675  

5.88%, 11/15/24(b)

    27,438       25,345,852  

7.75%, 07/01/26

    27,058       22,901,215  

Gannett Holdings LLC, 6.00%, 11/01/26
(Call 11/01/23)(a)(b)

    3,384       2,536,943  

Gray Television Inc.

   

5.88%, 07/15/26 (Call 12/01/22)(a)

    9,985       9,406,338  

7.00%, 05/15/27 (Call 11/14/22)(a)(b)

    10,540       10,039,350  

iHeartCommunications Inc.

   

5.25%, 08/15/27 (Call 11/16/22)(a)(b)

    9,685       8,755,724  

6.38%, 05/01/26 (Call 11/16/22)

    11,355       10,868,154  

8.38%, 05/01/27 (Call 11/16/22)(b)

    18,355       16,519,821  

LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (Call 12/01/22)(a)

    14,775       13,777,688  

Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (Call 11/16/22)(a)(b)

    4,925       4,495,294  

Nexstar Media Inc., 5.63%, 07/15/27 (Call 11/14/22)(a)(b)

    23,941       22,552,422  

Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26 (Call 09/15/23)(a)(b)

    12,160       10,324,853  

Scripps Escrow Inc., 5.88%, 07/15/27 (Call 12/01/22)(a)(b)

    6,155       5,576,122  

Sirius XM Radio Inc.

   

3.13%, 09/01/26 (Call 09/01/23)(a)(b)

    13,806       12,337,042  

5.00%, 08/01/27 (Call 12/01/22)(a)(b)

    20,301       18,789,081  

TEGNA Inc., 4.75%, 03/15/26
(Call 03/15/23)(a)(b)

    7,335       7,235,420  

Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/23)(a)(b)

    7,515       7,095,588  

Univision Communications Inc.

   

5.13%, 02/15/25 (Call 11/14/22)(a)

    19,841       19,147,960  

6.63%, 06/01/27 (Call 06/01/23)(a)(b)

    20,955       20,661,630  

Videotron Ltd.

   

5.13%, 04/15/27 (Call 12/01/22)(a)(b)

    9,225       8,686,445  

5.38%, 06/15/24 (Call 03/15/24)(a)(b)

    8,845       8,766,778  

Ziggo Bond Co. BV, 6.00%, 01/15/27
(Call 12/01/22)(a)(b)

    9,045       8,086,230  
   

 

 

 
          484,284,942  
Metal Fabricate & Hardware — 0.1%            

Advanced Drainage Systems Inc., 5.00%, 09/30/27 (Call 11/16/22)(a)(b)

    4,875       4,517,382  
   

 

 

 
Mining — 0.8%            

Arconic Corp., 6.00%, 05/15/25
(Call 12/01/22)(a)

    10,270       10,139,715  

FMG Resources August 2006 Pty Ltd.

   

4.50%, 09/15/27 (Call 06/15/27)(a)(b)

    8,383       7,485,181  

5.13%, 05/15/24 (Call 02/15/24)(a)(b)

    10,989       10,763,618  

New Gold Inc., 7.50%, 07/15/27
(Call 07/15/23)(a)(b)

    5,817       5,006,997  

Novelis Corp., 3.25%, 11/15/26
(Call 11/15/23)(a)

    10,138       8,923,011  

Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 12/01/22)(a)(b)

    6,662       6,153,190  

Taseko Mines Ltd., 7.00%, 02/15/26
(Call 02/15/23)(a)(b)

    5,720       4,762,586  
   

 

 

 
      53,234,298  
Office & Business Equipment — 0.3%            

Pitney Bowes Inc., 6.88%, 03/15/27
(Call 03/15/24)(a)

    5,140       3,296,025  

Xerox Corp., 4.63%, 03/15/23 (Call 02/15/23)

    8,356       8,296,255  

Xerox Holdings Corp., 5.00%, 08/15/25
(Call 07/15/25)(a)(b)

    10,600       9,593,000  
   

 

 

 
      21,185,280  
Security  

Par

(000)

    Value  
Oil & Gas — 7.9%            

Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (Call 02/15/23)(a)(b)

  $     10,604     $     10,755,425  

Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26 (Call 12/01/22)(a)(b)

    8,555       8,426,675  

Baytex Energy Corp., 8.75%, 04/01/27
(Call 04/01/23)(a)(b)

    7,020       7,246,980  

Berry Petroleum Co. LLC, 7.00%, 02/15/26
(Call 12/01/22)(a)(b)

    5,618       5,110,695  

California Resources Corp., 7.13%, 02/01/26 (Call 02/01/23)(a)(b)

    8,421       8,268,757  

Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 12/01/22)(a)(b)

    6,955       7,241,700  

Centennial Resource Production LLC, 6.88%, 04/01/27 (Call 12/01/22)(a)(b)

    5,130       4,976,100  

Chesapeake Energy Corp., 5.50%, 02/01/26 (Call 02/05/23)(a)(b)

    7,050       6,811,005  

Citgo Holding Inc., 9.25%, 08/01/24
(Call 12/01/22)(a)(b)

    18,415       18,455,513  

CITGO Petroleum Corp.

   

6.38%, 06/15/26 (Call 06/15/23)(a)(b)

    9,227       9,066,782  

7.00%, 06/15/25(a)

    15,085       14,854,954  

Civitas Resources Inc., 5.00%, 10/15/26
(Call 10/15/23)(a)

    5,788       5,338,967  

CNX Resources Corp., 7.25%, 03/14/27
(Call 12/01/22)(a)(b)

    5,252       5,210,404  

CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 12/01/22)(a)(b)

    16,848       16,262,677  

CVR Energy Inc., 5.25%, 02/15/25
(Call 11/16/22)(a)

    8,667       8,355,421  

Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)(a)(b)

    7,485       7,081,484  

Energean Israel Finance Ltd.

   

4.50%, 03/30/24 (Call 12/30/23)(a)

    8,300       7,935,058  

4.88%, 03/30/26 (Call 12/30/25)(a)

    8,075       7,275,745  

Ensign Drilling Inc., 9.25%, 04/15/24
(Call 12/01/22)(a)

    5,294       4,791,070  

Gulfport Energy Corp., 8.00%, 05/17/26
(Call 05/17/24)(b)

    1,345       1,342,041  

Gulfport Energy Operating Corp., 8.00%, 05/17/26 (Call 05/17/24)(a)(b)

    7,002       6,986,596  

Harbour Energy PLC, 5.50%, 10/15/26
(Call 10/15/23)(a)(b)

    7,230       6,513,868  

Independence Energy Finance LLC, 7.25%, 05/01/26
(Call 05/01/23)(a)

    9,609       8,935,409  

Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)(a)

    9,090       8,952,014  

Laredo Petroleum Inc., 9.50%, 01/15/25
(Call 12/01/22)(b)

    8,588       8,604,102  

Leviathan Bond Ltd.

   

5.75%, 06/30/23 (Call 03/30/23)(a)

    6,882       6,840,786  

6.13%, 06/30/25 (Call 03/30/25)(a)

    7,741       7,363,626  

6.50%, 06/30/27 (Call 12/30/26)(a)

    7,640       7,107,683  

Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26
(Call 11/14/22)(a)(b)

    5,588       5,462,270  

Matador Resources Co., 5.88%, 09/15/26
(Call 11/16/22)(b)

    11,914       11,705,505  

MEG Energy Corp., 7.13%, 02/01/27
(Call 02/01/23)(a)(b)

    15,565       15,838,166  

Moss Creek Resources Holdings Inc.

   

7.50%, 01/15/26 (Call 12/01/22)(a)

    9,491       8,731,720  

10.50%, 05/15/27 (Call 12/01/22)(a)(b)

    7,107       6,842,170  

Murphy Oil Corp., 5.75%, 08/15/25
(Call 12/01/22)(b)

    6,823       6,766,369  

Nabors Industries Inc.

   

5.75%, 02/01/25 (Call 11/01/24)(b)

    7,256       6,964,853  

 

 

20  

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  
Oil & Gas (continued)            

7.38%, 05/15/27 (Call 05/15/24)(a)

  $ 9,481     $ 9,350,636  

Nabors Industries Ltd., 7.25%, 01/15/26
(Call 12/01/22)(a)(b)

    7,695       7,407,976  

Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 12/01/22)(a)(b)

    12,710           12,424,025  

Oasis Petroleum Inc., 6.38%, 06/01/26
(Call 06/01/23)(a)

    5,880       5,732,000  

Occidental Petroleum Corp.

   

2.90%, 08/15/24 (Call 07/15/24)

    1,150       1,106,906  

5.50%, 12/01/25 (Call 09/01/25)(b)

    10,035       10,058,846  

5.55%, 03/15/26 (Call 12/15/25)(b)

    14,460       14,658,825  

5.88%, 09/01/25 (Call 06/01/25)(b)

    10,810       10,891,075  

6.95%, 07/01/24(b)

    8,080       8,250,892  

8.00%, 07/15/25 (Call 04/15/25)

    6,928       7,313,266  

8.50%, 07/15/27 (Call 01/15/27)(b)

    6,840       7,436,790  

Parkland Corp., 5.88%, 07/15/27
(Call 12/01/22)(a)

    6,955       6,578,357  

PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25 (Call 12/01/22)

    8,810       8,721,900  

PDC Energy Inc., 5.75%, 05/15/26
(Call 12/01/22)

        10,265       9,850,807  

Penn Virginia Holdings LLC., 9.25%, 08/15/26 (Call 08/15/23)(a)(b)

    5,615       5,539,366  

Petrofac Ltd., 9.75%, 11/15/26
(Call 11/15/23)(a)(b)

    7,820       5,831,061  

Puma International Financing SA

   

5.00%, 01/24/26 (Call 11/11/22)(a)

    9,752       8,715,850  

5.13%, 10/06/24 (Call 11/11/22)(a)

    8,153       7,657,959  

Range Resources Corp.

   

4.88%, 05/15/25 (Call 02/15/25)(b)

    10,210       9,875,827  

5.00%, 03/15/23 (Call 12/15/22)(b)

    7,096       7,073,867  

SM Energy Co.

   

6.63%, 01/15/27 (Call 12/01/22)(b)

    6,100       5,967,020  

6.75%, 09/15/26 (Call 12/01/22)(b)

    5,970       5,878,211  

Southwestern Energy Co.

   

5.70%, 01/23/25 (Call 10/23/24)(b)

    6,019       5,938,264  

7.75%, 10/01/27 (Call 12/01/22)

    2,375       2,437,344  

Strathcona Resources Ltd., 6.88%, 08/01/26
(Call 08/01/23)(a)(b)

    6,785       5,737,283  

Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 (Call 12/01/22)

    8,720       8,543,856  

Talos Production Inc., 12.00%, 01/15/26
(Call 01/15/23)

    8,158       8,649,927  

Tap Rock Resources LLC, 7.00%, 10/01/26
(Call 10/01/23)(a)(b)

    6,960       6,672,610  

Transocean Guardian Ltd., 5.88%, 01/15/24
(Call 12/01/22)(a)

    3,925       3,815,636  

Transocean Inc.

   

7.25%, 11/01/25(a)(b)

    5,568       4,856,410  

7.50%, 01/15/26(a)

    6,797       5,798,181  

8.00%, 02/01/27 (Call 02/01/23)(a)(b)

    7,797       6,365,373  

11.50%, 01/30/27 (Call 07/30/23)(a)

    9,485       9,542,903  

Transocean Poseidon Ltd., 6.88%, 02/01/27
(Call 12/01/22)(a)(b)

    6,522       6,245,054  

Vantage Drilling International, 9.25%, 11/15/23 (Call 12/01/22)(a)

    3,995       3,911,771  

W&T Offshore Inc., 9.75%, 11/01/23
(Call 12/01/22)(a)(b)

    5,203       5,189,993  
   

 

 

 
      548,448,657  
Oil & Gas Services — 0.8%            

Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27
(Call 12/01/22)(a)(b)

    7,045       6,733,451  

CGG SA, 8.75%, 04/01/27 (Call 04/01/24)(a)(b)

    6,840       6,018,995  

CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 12/01/22)(a)(b)

    4,525       4,083,813  
Security  

Par

(000)

     Value  
Oil & Gas Services (continued)             

KCA Deutag UK Finance PLC, 9.88%, 12/01/25 (Call 12/01/22)(a)

  $ 5,468      $ 5,103,284  

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

    5,515        5,265,336  

USA Compression Partners LP/USA Compression Finance Corp.

    

6.88%, 04/01/26 (Call 12/01/22)

        10,350        9,934,655  

6.88%, 09/01/27 (Call 12/01/22)

    10,400        9,932,000  

Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/22)(a)(b)

    11,951        12,310,775  
    

 

 

 
           59,382,309  
Packaging & Containers — 3.1%             

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/27
(Call 06/15/24)(a)(b)

    8,190        7,863,628  

Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.

    

4.13%, 08/15/26 (Call 11/11/22)(a)

    15,856        13,636,160  

5.25%, 04/30/25 (Call 12/01/22)(a)

    9,074        8,571,690  

5.25%, 08/15/27 (Call 12/01/22)(a)

    11,070        7,776,675  

5.25%, 08/15/27 (Call 12/01/22)(a)(b)

    13,150        9,237,875  

Ball Corp.

    

4.00%, 11/15/23

    12,446        12,202,556  

4.88%, 03/15/26 (Call 12/15/25)(b)

    10,784        10,347,572  

5.25%, 07/01/25(b)

    13,897        13,716,478  

Berry Global Inc., 5.63%, 07/15/27
(Call 12/01/22)(a)(b)

    6,755        6,400,362  

Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26
(Call 03/31/26)

    5,192        4,815,580  

Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26
(Call 12/01/22)(b)

    12,215        11,677,627  

LABL Inc.

    

6.75%, 07/15/26 (Call 11/14/22)(a)

    9,881        9,405,702  

10.50%, 07/15/27 (Call 11/14/22)(a)(b)

    9,050        8,252,469  

Mauser Packaging Solutions Holding Co.

    

5.50%, 04/15/24 (Call 12/01/22)(a)(b)

    19,461        19,060,428  

7.25%, 04/15/25 (Call 12/01/22)(a)(b)

    18,723        16,880,236  

Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)(a)(b)

    8,609        8,267,076  

Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)(a)(b)

    12,900        11,416,500  

Sealed Air Corp.

    

5.13%, 12/01/24 (Call 09/01/24)(a)(b)

    5,948        5,900,664  

5.50%, 09/15/25 (Call 06/15/25)(a)(b)

    5,565        5,463,279  

Trivium Packaging Finance BV

    

5.50%, 08/15/26 (Call 12/01/22)(a)(b)

    14,185        13,054,314  

8.50%, 08/15/27 (Call 11/11/22)(a)(b)

    9,565        9,073,168  
    

 

 

 
       213,020,039  
Pharmaceuticals — 2.8%             

Bausch Health Cos. Inc.

    

5.50%, 11/01/25 (Call 12/01/22)(a)(b)

    20,835        16,703,976  

5.75%, 08/15/27 (Call 11/16/22)(a)

    4,250        2,705,338  

6.13%, 02/01/27 (Call 02/01/24)(a)

    11,700        7,665,767  

11.00%, 09/30/28(b)

    17,150        13,334,125  

14.00%, 10/15/30

    2,628        1,504,530  

Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)(a)

    8,203        7,737,526  

Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 12/01/22)(a)(b)

    8,415        8,084,711  

 

 

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

    21  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pharmaceuticals (continued)            

Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 10.00%, 04/15/25(a)(b)

  $ 7,025     $ 6,340,062  

P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (Call 12/01/22)(a)

    6,250       4,822,450  

Perrigo Finance Unlimited Co.
3.90%, 12/15/24 (Call 09/15/24)

    9,900       9,430,839  

4.38%, 03/15/26 (Call 12/15/25)

    10,071       9,440,455  

PRA Health Sciences Inc., 2.88%, 07/15/26
(Call 07/15/23)(a)(b)

    7,274       6,622,517  

Teva Pharmaceutical Finance Netherlands III BV

   

2.80%, 07/21/23(b)

        18,958       18,432,725  

3.15%, 10/01/26(b)

    47,092       39,792,740  

4.75%, 05/09/27 (Call 02/09/27)(b)

    13,190       11,607,200  

6.00%, 04/15/24 (Call 01/15/24)(b)

    17,435       17,260,650  

7.13%, 01/31/25 (Call 10/31/24)

    14,210       14,085,662  
   

 

 

 
          195,571,273  
Pipelines — 4.7%            

Antero Midstream Partners LP/Antero Midstream Finance Corp.

   

5.75%, 03/01/27 (Call 11/16/22)(a)

    9,241       8,800,204  

7.88%, 05/15/26 (Call 05/15/23)(a)(b)

    7,652       7,799,301  

Blue Racer Midstream LLC/Blue Racer Finance Corp.,

   

7.63%, 12/15/25 (Call 12/15/22)(a)(b)

    8,367       8,286,723  

Buckeye Partners LP

   

3.95%, 12/01/26 (Call 09/01/26)

    8,410       7,377,252  

4.13%, 03/01/25 (Call 02/01/25)(a)

    6,957       6,557,042  

4.15%, 07/01/23 (Call 04/01/23)(b)

    6,754       6,674,708  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.

   

5.63%, 05/01/27 (Call 11/16/22)(a)(b)

    8,445       7,965,277  

5.75%, 04/01/25 (Call 12/01/22)

    7,244       7,062,900  

EnLink Midstream Partners LP

   

4.15%, 06/01/25 (Call 03/01/25)

    6,215       5,864,785  

4.85%, 07/15/26 (Call 04/15/26)(b)

    6,895       6,493,366  

EQM Midstream Partners LP

   

4.00%, 08/01/24 (Call 05/01/24)

    1,750       1,657,425  

4.13%, 12/01/26 (Call 09/01/26)

    6,945       6,164,845  

6.00%, 07/01/25 (Call 04/01/25)(a)(b)

    6,130       5,944,874  

6.50%, 07/01/27 (Call 01/01/27)(a)

    12,375       12,047,062  

7.50%, 06/01/27 (Call 06/01/24)(a)(b)

    7,165       7,075,437  

FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (Call 06/01/25)(a)(b)

    7,030       6,892,915  

Genesis Energy LP/Genesis Energy Finance Corp.

   

6.50%, 10/01/25 (Call 12/01/22)(b)

    7,065       6,748,841  

8.00%, 01/15/27 (Call 01/15/24)

    13,733       13,338,176  

Global Partners LP/GLP Finance Corp., 7.00%, 08/01/27 (Call 11/16/22)(b)

    5,620       5,376,605  

Hess Midstream Operations LP, 5.63%, 02/15/26 (Call 12/01/22)(a)

    11,335       11,117,028  

Holly Energy Partners LP/Holly Energy Finance Corp., 6.38%, 04/15/27 (Call 04/15/24)(a)(b)

    5,595       5,408,966  

Howard Midstream Energy Partners LLC, 6.75%, 01/15/27 (Call 01/15/24)(a)(b)

    5,687       5,174,815  

New Fortress Energy Inc.

   

6.50%, 09/30/26 (Call 03/31/23)(a)

    20,555       19,938,350  

6.75%, 09/15/25 (Call 11/21/22)(a)

    16,855       16,479,976  

NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)(a)

    27,602       24,979,810  

NGL Energy Partners LP/NGL Energy Finance Corp. 6.13%, 03/01/25 (Call 12/01/22)(b)

    5,005       3,903,900  
Security  

Par

(000)

    Value  
Pipelines (continued)            

7.50%, 11/01/23 (Call 12/01/22)(b)

  $ 5,494     $ 5,356,650  

Northriver Midstream Finance LP, 5.63%, 02/15/26 (Call 12/01/22)(a)(b)

    7,348       6,946,285  

NuStar Logistics LP

   

5.63%, 04/28/27 (Call 01/28/27)

    6,910       6,389,447  

5.75%, 10/01/25 (Call 07/01/25)(b)

    8,455       8,198,898  

6.00%, 06/01/26 (Call 03/01/26)(b)

    8,423       8,162,609  

PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 12/01/22)(b)

    7,873       7,871,032  

Rattler Midstream LP, 5.63%, 07/15/25
(Call 11/01/22)(a)(b)

    5,787       5,941,224  

Rockies Express Pipeline LLC, 3.60%, 05/15/25 (Call 04/15/25)(a)

    5,572       5,200,865  

Southeast Supply Header LLC, 4.25%, 06/15/24 (Call 03/15/24)(a)

    3,855       3,473,837  

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26 (Call 10/15/23)(a)(b)

    9,820       9,421,799  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.

   

6.00%, 03/01/27 (Call 03/01/23)(a)(b)

    6,170       5,848,459  

7.50%, 10/01/25 (Call 12/01/22)(a)(b)

    8,594       8,698,675  

Western Midstream Operating LP

   

3.35%, 02/01/25 (Call 01/01/25)(b)

        10,365       9,851,622  

3.95%, 06/01/25 (Call 03/01/25)(b)

    6,459       6,124,941  

4.65%, 07/01/26 (Call 04/01/26)

    6,630       6,272,738  
   

 

 

 
          328,889,664  
Real Estate — 0.4%            

Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 12/01/22)(a)(b)

    8,437       7,051,570  

Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/22)(a)(b)

    7,593       7,335,597  

Newmark Group Inc., 6.13%, 11/15/23
(Call 10/15/23)

    7,458       7,430,033  

Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/23 (Call 11/17/22)(a)(b)

    715       718,172  

WeWork Companies Inc., 7.88%, 05/01/25(a)

    6,205       3,342,168  
   

 

 

 
      25,877,540  
Real Estate Investment Trusts — 3.7%            

Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)(a)(b)

    5,971       5,061,206  

Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL

   

4.50%, 04/01/27 (Call 10/01/23)(a)(b)

    10,642       9,019,095  

5.75%, 05/15/26 (Call 11/14/22)(a)(b)

    13,124       12,160,469  

Diversified Healthcare Trust, 9.75%, 06/15/25
(Call 12/01/22)(b)

    7,232       6,833,372  

HAT Holdings I LLC/HAT Holdings II LLC

   

3.38%, 06/15/26 (Call 03/15/26)(a)(b)

    13,927       11,280,870  

6.00%, 04/15/25 (Call 12/01/22)(a)(b)

    5,880       5,605,580  

Iron Mountain Inc., 4.88%, 09/15/27
(Call 11/14/22)(a)

    13,925       12,821,211  

iStar Inc.

   

4.25%, 08/01/25 (Call 05/01/25)(b)

    6,351       6,152,531  

4.75%, 10/01/24 (Call 07/01/24)(b)

    9,345       9,249,401  

5.50%, 02/15/26 (Call 12/01/22)(b)

    830       828,390  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27
(Call 02/01/23)(a)

    9,250       7,783,875  

MPT Operating Partnership LP/MPT Finance Corp.

   

5.00%, 10/15/27 (Call 12/01/22)(b)

    10,375       8,868,965  

5.25%, 08/01/26 (Call 12/01/22)(b)

    6,675       6,023,186  

 

 

22  

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  
Real Estate Investment Trusts (continued)            

New Residential Investment Corp., 6.25%, 10/15/25 (Call 12/01/22)(a)

  $ 7,550     $ 6,625,654  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/25
(Call 12/01/22)(a)

    9,290       9,313,225  

RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 (Call 12/01/22)

    9,000       8,307,360  

RLJ Lodging Trust LP, 3.75%, 07/01/26
(Call 07/01/23)(a)

    6,905       6,313,518  

SBA Communications Corp., 3.88%, 02/15/27 (Call 02/15/23)(b)

    21,096       19,091,880  

Service Properties Trust
4.35%, 10/01/24 (Call 09/01/24)

        10,672       9,811,570  

4.50%, 06/15/23 (Call 12/15/22)

    5,970       5,885,674  

4.50%, 03/15/25 (Call 09/15/24)

    4,974       4,401,990  

4.65%, 03/15/24 (Call 09/15/23)

    4,565       4,350,513  

4.75%, 10/01/26 (Call 08/01/26)

    6,090       4,963,350  

4.95%, 02/15/27 (Call 08/15/26)

    5,480       4,431,950  

5.25%, 02/15/26 (Call 08/15/25)

    5,180       4,480,700  

7.50%, 09/15/25 (Call 06/15/25)

    11,021       10,759,251  

Starwood Property Trust Inc.

   

3.63%, 07/15/26 (Call 01/15/26)(a)(b)

    5,119       4,454,810  

3.75%, 12/31/24 (Call 09/30/24)(a)(b)

    5,393       5,042,455  

4.38%, 01/15/27 (Call 07/15/26)(a)(b)

    7,501       6,574,627  

4.75%, 03/15/25 (Call 09/15/24)

    6,601       6,178,133  

Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%,
02/15/25 (Call 12/01/22)(a)

    30,497       30,237,471  

XHR LP, 6.38%, 08/15/25
(Call 11/14/22)(a)(b)

    7,055       6,937,752  
   

 

 

 
          259,850,034  
Retail — 3.3%            

1011778 BC ULC/New Red Finance Inc., 5.75%, 04/15/25 (Call 12/01/22)(a)(b)

    7,726       7,728,260  

1375209 BC Ltd., 9.00%, 01/30/28(b)

    9,439       9,203,025  

Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 11/16/22)(a)(b)

    5,050       4,748,052  

Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)(a)(b)

    5,659       5,486,859  

Carvana Co., 5.63%, 10/01/25
(Call 11/14/22)(a)(b)

    5,394       3,533,070  

CEC Entertainment LLC, 6.75%, 05/01/26 (Call 05/01/23)(a)

    9,136       8,582,084  

Dave & Buster’s Inc., 7.63%, 11/01/25
(Call 12/01/22)(a)(b)

    6,322       6,312,833  

eG Global Finance PLC

   

6.75%, 02/07/25 (Call 11/11/22)(a)(b)

    10,540       9,550,391  

8.50%, 10/30/25 (Call 12/01/22)(a)

    8,665       8,056,572  

Ferrellgas LP/Ferrellgas Finance Corp., 5.38%, 04/01/26 (Call 04/01/23)(a)(b)

    9,256       8,399,820  

Guitar Center Inc., 8.50%, 01/15/26
(Call 01/15/23)(a)

    7,373       6,474,416  

IRB Holding Corp., 7.00%, 06/15/25
(Call 12/01/22)(a)(b)

    10,470       10,484,396  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27 (Call 12/01/22)(a)(b)

    10,700       10,186,721  

LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26
(Call 02/15/23)(a)(b)

    11,015       10,032,777  

NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26
(Call 04/01/23)(a)(b)

    15,391       14,624,990  

Nordstrom Inc., 4.00%, 03/15/27
(Call 12/15/26)(b)

    5,180       4,425,695  

Penske Automotive Group Inc., 3.50%, 09/01/25 (Call 12/01/22)(b)

    7,989       7,451,526  

QVC Inc.

   

4.45%, 02/15/25 (Call 11/15/24)(b)

    7,902       6,911,247  
Security   Par
(000)
    Value  
Retail (continued)            

4.75%, 02/15/27 (Call 11/15/26)(b)

  $ 8,335     $ 6,603,320  

4.85%, 04/01/24(b)

    8,468       8,092,233  

Rite Aid Corp.

   

7.50%, 07/01/25 (Call 12/01/22)(a)(b)

    6,893       4,846,009  

8.00%, 11/15/26 (Call 01/15/23)(a)

    10,254       6,664,136  

Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/22)

    9,814       9,290,111  

Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25
(Call 12/01/22)(a)(b)

    4,955       4,354,206  

Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (Call 12/01/22)(a)(b)

    9,721       7,863,743  

Staples Inc.

   

7.50%, 04/15/26 (Call 12/01/22)(a)

        27,026       23,512,620  

10.75%, 04/15/27
(Call 12/01/22)(a)(b)

    13,085       9,507,626  

Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/27 (Call 12/01/22)

    5,220       4,965,264  
   

 

 

 
      227,892,002  
Semiconductors — 0.2%            

Amkor Technology Inc., 6.63%, 09/15/27 (Call 12/01/22)(a)(b)

    8,170       8,069,100  

ams-OSRAM AG, 7.00%, 07/31/25
(Call 12/01/22)(a)(b)

    6,500       5,832,938  
   

 

 

 
      13,902,038  
Software — 1.3%            

ACI Worldwide Inc., 5.75%, 08/15/26
(Call 12/01/22)(a)(b)

    5,310       5,138,753  

Boxer Parent Co. Inc.

   

7.13%, 10/02/25 (Call 12/01/22)(a)(b)

    8,270       8,133,958  

9.13%, 03/01/26 (Call 11/14/22)(a)(b)

    5,168       4,921,848  

Camelot Finance SA, 4.50%, 11/01/26
(Call 12/01/22)(a)(b)

    10,055       9,361,205  

CDK Global Inc., 4.88%, 06/01/27

    140       126,735  

CWT Travel Group Inc., 8.50%, 11/19/26 (Call 11/19/22)(a)(b)

    8,215       7,041,026  

Fair Isaac Corp., 5.25%, 05/15/26
(Call 02/15/26)(a)(b)

    6,028       5,871,272  

PTC Inc., 3.63%, 02/15/25
(Call 12/01/22)(a)

    7,297       6,921,248  

SS&C Technologies Inc., 5.50%, 09/30/27 (Call 12/01/22)(a)(b)

    27,402       25,461,522  

Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 12/01/22)(a)(b)

    23,540       19,714,750  
   

 

 

 
          92,692,317  
Telecommunications — 6.9%            

Altice France Holding SA, 10.50%, 05/15/27 (Call 11/14/22)(a)

    21,539       16,771,127  

Altice France SA/France, 8.13%, 02/01/27 (Call 11/14/22)(a)(b)

    23,745       21,774,165  

C&W Senior Financing DAC, 6.88%, 09/15/27(a)(b)

    16,275       14,153,554  

CommScope Inc.

   

6.00%, 03/01/26 (Call 12/01/22)(a)

    19,675       19,045,400  

8.25%, 03/01/27 (Call 12/01/22)(a)(b)

    13,370       11,867,643  

CommScope Technologies LLC

   

5.00%, 03/15/27 (Call 11/14/22)(a)(b)

    10,180       8,258,525  

6.00%, 06/15/25 (Call 11/14/22)(a)(b)

    17,787       16,658,415  

Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26
(Call 12/01/22)(a)

    28,750       27,025,000  

DKT Finance ApS, 9.38%, 06/17/23
(Call 11/14/22)(a)(b)

    5,214       5,028,258  

Frontier Communications Holdings LLC, 5.88%, 10/15/27
(Call 10/15/23)(a)(b)

    14,375       13,264,531  

Hughes Satellite Systems Corp.

   

5.25%, 08/01/26(b)

    10,599       10,111,022  

 

 

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

    23  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Telecommunications (continued)            

6.63%, 08/01/26(b)

  $ 10,745     $ 10,127,162  

Iliad Holding SASU, 6.50%, 10/15/26
(Call 10/15/23)(a)

    16,371       15,171,988  

Intrado Corp., 8.50%, 10/15/25
(Call 12/01/22)(a)(b)

    7,715       6,800,130  

Level 3 Financing Inc.

   

3.40%, 03/01/27 (Call 01/01/27)(a)(b)

    9,500       8,183,143  

4.63%, 09/15/27 (Call 12/01/22)(a)(b)

    13,486       11,714,960  

LogMeIn Inc., 5.50%, 09/01/27
(Call 09/01/23)(a)

    9,345       5,424,850  

Lumen Technologies Inc.

   

4.00%, 02/15/27 (Call 02/15/23)(a)(b)

    16,272       13,828,294  

5.13%, 12/15/26 (Call 12/15/22)(a)(b)

    12,615       10,801,594  

5.63%, 04/01/25 (Call 01/01/25)(b)

    5,169       4,967,086  

Maxar Technologies Inc., 7.75%, 06/15/27
(Call 06/15/24)(a)(b)

    6,950       6,845,750  

Nokia OYJ, 4.38%, 06/12/27(b)

    7,107       6,510,012  

Quebecor Media Inc., 5.75%, 01/15/23(b)

    10,370       10,358,947  

Sprint Communications LLC, 6.00%, 11/15/22

    22,775       22,777,505  

Sprint Corp.

   

7.13%, 06/15/24(b)

    32,944       33,256,968  

7.63%, 02/15/25 (Call 11/15/24)(b)

    20,075       20,717,079  

7.63%, 03/01/26 (Call 11/01/25)

    20,011       20,881,278  

7.88%, 09/15/23(b)

    54,952       55,862,923  

Telecom Italia SpA/Milano, 5.30%, 05/30/24(a)(b)

    21,014       19,805,695  

ViaSat Inc.

   

5.63%, 09/15/25 (Call 11/14/22)(a)

    9,970       9,195,331  

5.63%, 04/15/27 (Call 11/14/22)(a)

    8,675       8,019,170  

Zayo Group Holdings Inc., 4.00%, 03/01/27 (Call 12/01/22)(a)(b)

        20,323       15,699,517  
   

 

 

 
          480,907,022  
Toys, Games & Hobbies — 0.1%            

Mattel Inc., 3.38%, 04/01/26 (Call 04/01/23)(a)(b)

    8,531       7,801,460  
   

 

 

 
Transportation — 0.3%            

Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/27 (Call 06/15/23)(a)

    8,725       8,297,475  

Western Global Airlines LLC, 10.38%, 08/15/25 (Call 05/15/25)(a)(b)

    4,106       3,489,279  

XPO Escrow Sub LLC, 7.50%, 11/15/27

    1,115       1,112,212  

XPO Logistics Inc., 6.25%, 05/01/25
(Call 12/01/22)(a)(b)

    6,714       6,811,353  
   

 

 

 
      19,710,319  
Trucking & Leasing — 0.2%            

Fortress Transportation and Infrastructure Investors LLC

   

6.50%, 10/01/25 (Call 12/01/22)(a)

    8,926       8,580,118  

9.75%, 08/01/27 (Call 08/01/23)(a)(b)

    5,985       6,088,660  
   

 

 

 
      14,668,778  
Water — 0.1%            

Solaris Midstream Holdings LLC, 7.63%, 04/01/26 (Call 04/01/23)(a)(b)

    5,637       5,371,121  
   

 

 

 

Total Corporate Bonds & Notes — 97.6%
(Cost: $7,165,795,602)

      6,810,670,506  
   

 

 

 
Security   Shares
(000)
     Value  

Common Stocks

    

Health Care Technology — 0.0%

    

Quincy Health LLC(c)(d)

    26      $ 37,380  
    

 

 

 

Total Common Stocks — 0.0%
(Cost $2,673,769)

       37,380  
    

 

 

 

Warrants

    
Advertising — 0.0%             

Affinion Group Inc. (Expires 11/20/22)

    9        0  
    

 

 

 

Total Warrants — 0.0%
(Cost $0)

        
    

 

 

 

Total Long-Term Investments — 97.6%
(Cost: $7,168,469,371)

       6,810,707,886  
    

 

 

 

Short-Term Securities

    

Money Market Funds — 15.4%

    

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(e)(f)(g)

        1,015,702        1,015,499,020  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(e)(f)

    57,659        57,659,000  
    

 

 

 

Total Short-Term Securities — 15.4%
(Cost: $1,073,228,422)

       1,073,158,020  
    

 

 

 

Total Investments — 113.0%
(Cost: $8,241,697,793)

       7,883,865,906  

Liabilities in Excess of Other
Assets — (13.0)%

       (906,718,429
    

 

 

 

Net Assets — 100.0%

     $   6,977,147,477  
    

 

 

 

 

(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) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(d) 

Non-income producing security.

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

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

 

 

24  

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
       Affiliated Issuer   Value at
10/31/21
    Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/22
    Shares
Held at
10/31/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
       
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 527,959,918     $ 487,971,462 (a)    $     $ (199,165   $ (233,195   $ 1,015,499,020       1,015,702     $ 3,953,831 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    174,829,000             (117,170,000 )(a)                  57,659,000       57,659       382,363          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (199,165   $ (233,195   $ 1,073,158,020       $ 4,336,194     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information 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 instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 6,810,670,506        $        $ 6,810,670,506  

Common Stocks

                       37,380          37,380  

Warrants

                                 

Money Market Funds

     1,073,158,020                            1,073,158,020  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 1,073,158,020        $ 6,810,670,506        $     37,380        $ 7,883,865,906  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  25


Schedule of Investments  

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

Corporate Bonds & Notes

   
Advertising — 0.8%            

Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)(a)(b)

  $ 5,465     $ 4,648,857  

Clear Channel International BV, 6.63%, 08/01/25 (Call 11/14/22)(a)(b)

    2,450       2,334,691  

Clear Channel Outdoor Holdings Inc.

   

5.13%, 08/15/27 (Call 12/01/22)(a)(b)

    8,530       7,677,000  

7.50%, 06/01/29 (Call 06/01/24)(a)(b)

    7,253       5,701,221  

7.75%, 04/15/28 (Call 04/15/24)(a)(b)

    6,959       5,678,892  

Lamar Media Corp.

   

3.63%, 01/15/31 (Call 01/15/26)

    3,794       3,092,110  

3.75%, 02/15/28 (Call 02/15/23)(b)

    3,687       3,235,711  

4.00%, 02/15/30 (Call 02/15/25)(b)

    3,721       3,159,538  

4.88%, 01/15/29 (Call 01/15/24)(b)

    2,774       2,509,638  

National CineMedia LLC, 5.88%, 04/15/28 (Call 04/15/23)(a)(b)

    1,776       713,934  

Outfront Media Capital LLC/Outfront Media Capital Corp.

   

4.25%, 01/15/29 (Call 01/15/24)(a)(b)

    3,579       2,952,675  

4.63%, 03/15/30 (Call 03/15/25)(a)(b)

    3,420       2,829,058  

5.00%, 08/15/27 (Call 11/14/22)(a)(b)

    4,676       4,209,382  

6.25%, 06/15/25 (Call 12/01/22)(a)(b)

    1,460       1,439,721  

Stagwell Global LLC, 5.63%, 08/15/29
(Call 08/15/24)(a)(b)

    7,714       6,653,325  

Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 07/15/23)(a)

    2,790       2,220,313  

Terrier Media Buyer Inc., 8.88%, 12/15/27
(Call 12/15/22)(a)

    6,938       5,879,955  
   

 

 

 
          64,936,021  
Aerospace & Defense — 2.3%            

Bombardier Inc.

   

6.00%, 02/15/28 (Call 02/15/24)(a)(b)

    5,765       5,130,274  

7.13%, 06/15/26 (Call 06/15/23)(a)

    8,360       7,913,304  

7.45%, 05/01/34(a)

    3,418       3,195,146  

7.50%, 12/01/24 (Call 12/01/22)(a)(b)

    3,603       3,584,985  

7.50%, 03/15/25 (Call 12/01/22)(a)(b)

    7,493       7,364,682  

7.88%, 04/15/27 (Call 12/01/22)(a)

        13,268       12,601,018  

Hexcel Corp.

   

4.20%, 02/15/27 (Call 11/15/26)

    2,541       2,314,111  

4.95%, 08/15/25 (Call 05/15/25)(b)

    1,386       1,328,751  

Howmet Aerospace Inc.

   

3.00%, 01/15/29 (Call 11/15/28)(b)

    4,730       3,937,157  

5.13%, 10/01/24 (Call 07/01/24)(b)

    5,847       5,773,913  

5.90%, 02/01/27

    4,561       4,478,993  

5.95%, 02/01/37

    4,329       3,965,617  

6.75%, 01/15/28(b)

    2,410       2,406,216  

6.88%, 05/01/25 (Call 04/01/25)

    3,769       3,852,710  

Moog Inc., 4.25%, 12/15/27 (Call 12/15/22)(a)(b)

    3,654       3,269,819  

Rolls-Royce PLC

   

3.63%, 10/14/25 (Call 07/14/25)(a)

    6,421       5,648,553  

5.75%, 10/15/27 (Call 07/15/27)(a)

    7,420       6,714,877  

Spirit AeroSystems Inc.

   

3.85%, 06/15/26 (Call 03/15/26)(b)

    2,108       1,897,200  

4.60%, 06/15/28 (Call 03/15/28)(b)

    5,312       3,804,454  

5.50%, 01/15/25 (Call 12/01/22)(a)(b)

    2,221       2,143,265  

7.50%, 04/15/25 (Call 12/01/22)(a)

    8,267       8,031,721  

TransDigm Inc.

   

4.63%, 01/15/29 (Call 01/15/24)(b)

    8,669       7,381,914  

4.88%, 05/01/29 (Call 05/01/24)(b)

    5,167       4,393,268  
Security  

Par

(000)

     Value  
Aerospace & Defense (continued)             

5.50%, 11/15/27 (Call 12/01/22)

  $ 18,199      $ 16,601,128  

6.25%, 03/15/26 (Call 12/01/22)(a)

    27,639        27,263,386  

6.38%, 06/15/26 (Call 12/01/22)(b)

    6,814        6,575,510  

7.50%, 03/15/27 (Call 12/01/22)(b)

    4,224        4,162,245  

8.00%, 12/15/25 (Call 12/01/22)(a)

    6,182        6,290,185  

TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 12/01/22)(b)

    2,947        2,876,316  

Triumph Group Inc.

    

6.25%, 09/15/24 (Call 12/01/22)(a)(b)

    3,030        2,801,174  

7.75%, 08/15/25 (Call 12/01/22)(b)

    3,871        2,932,592  

8.88%, 06/01/24 (Call 02/01/23)(a)

    2,635        2,663,353  
    

 

 

 
       183,297,837  
Agriculture — 0.2%             

Darling Ingredients Inc.

    

5.25%, 04/15/27 (Call 11/14/22)(a)

    3,077        2,953,920  

6.00%, 06/15/30 (Call 06/15/25)(a)

    6,822        6,566,175  

Turning Point Brands Inc., 5.63%, 02/15/26 (Call 02/15/23)(a)

    1,781        1,556,907  

Vector Group Ltd.

    

5.75%, 02/01/29 (Call 02/01/24)(a)

    6,077        5,317,375  

10.50%, 11/01/26 (Call 12/01/22)(a)

    3,513        3,459,655  
    

 

 

 
       19,854,032  
Airlines — 1.6%             

Air Canada, 3.88%, 08/15/26
(Call 02/15/26)(a)

    8,489        7,511,237  

Allegiant Travel Co., 7.25%, 08/15/27 (Call 08/15/24)(a)

    4,285        4,028,087  

American Airlines Group Inc., 3.75%, 03/01/25(a)(b)

    3,281        2,886,821  

American Airlines Inc., 11.75%, 07/15/25(a)

        17,212        18,823,430  

American Airlines Inc./AAdvantage Loyalty IP Ltd.

    

5.50%, 04/20/26(a)

    23,641        22,513,838  

5.75%, 04/20/29(a)

    20,472        18,629,975  

Delta Air Lines Inc.

    

2.90%, 10/28/24 (Call 09/28/24)(b)

    5,203        4,916,835  

3.75%, 10/28/29 (Call 07/28/29)(b)

    3,322        2,735,934  

4.38%, 04/19/28 (Call 01/19/28)(b)

    3,113        2,776,765  

7.38%, 01/15/26 (Call 12/15/25)(b)

    5,107        5,214,196  

Hawaiian Brand Intellectual Property
Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)

    8,519        7,843,177  

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25
(Call 09/20/23)(a)(b)

    3,672        3,730,017  

United Airlines Holdings Inc.

    

4.88%, 01/15/25(b)

    3,129        2,987,444  

5.00%, 02/01/24(b)

    583        568,425  

United Airlines Inc.

    

4.38%, 04/15/26 (Call 10/15/25)(a)

    13,597        12,409,409  

4.63%, 04/15/29 (Call 10/15/28)(a)

    13,598        11,630,233  
    

 

 

 
           129,205,823  
Apparel — 0.3%             

Crocs Inc.

    

4.13%, 08/15/31 (Call 08/15/26)(a)(b)

    2,697        2,042,735  

4.25%, 03/15/29 (Call 03/15/24)(a)(b)

    2,359        1,881,303  

Hanesbrands Inc.

    

4.63%, 05/15/24 (Call 02/15/24)(a)(b)

    4,023        3,912,367  

4.88%, 05/15/26 (Call 02/15/26)(a)(b)

    6,305        5,784,837  

Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)(a)

    2,725        2,184,868  

Levi Strauss & Co., 3.50%, 03/01/31
(Call 03/01/26)(a)(b)

    3,437        2,749,445  

Under Armour Inc., 3.25%, 06/15/26
(Call 03/15/26)(b)

    4,193        3,616,463  

 

 

26  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Apparel (continued)            

William Carter Co. (The), 5.63%, 03/15/27 (Call 12/01/22)(a)(b)

  $ 2,600     $ 2,471,759  

Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)(a)(b)

    3,934       3,107,860  
   

 

 

 
          27,751,637  
Auto Manufacturers — 2.5%            

Allison Transmission Inc.

   

3.75%, 01/30/31 (Call 01/30/26)(a)

    6,712       5,354,536  

4.75%, 10/01/27 (Call 11/14/22)(a)(b)

    2,613       2,405,603  

5.88%, 06/01/29 (Call 06/01/24)(a)(b)

    3,121       2,910,333  

Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a)(b)

    9,575       9,178,329  

Ford Holdings LLC, 9.30%, 03/01/30(b)

    1,141       1,277,920  

Ford Motor Co.

   

3.25%, 02/12/32 (Call 11/12/31)(b)

        12,042       9,041,374  

4.35%, 12/08/26 (Call 09/08/26)(b)

    7,267       6,758,601  

4.75%, 01/15/43

    9,568       6,663,729  

5.29%, 12/08/46 (Call 06/08/46)(b)

    6,208       4,595,969  

6.10%, 08/19/32 (Call 05/19/32)(b)

    8,490       7,770,939  

6.63%, 10/01/28

    2,012       1,984,707  

7.40%, 11/01/46(b)

    1,910       1,758,671  

7.45%, 07/16/31(b)

    5,240       5,258,497  

9.63%, 04/22/30 (Call 01/22/30)(b)

    2,245       2,506,090  

Ford Motor Credit Co. LLC

   

2.30%, 02/10/25 (Call 01/10/25)

    5,930       5,363,685  

2.70%, 08/10/26 (Call 07/10/26)

    7,210       6,247,321  

2.90%, 02/16/28 (Call 12/16/27)(b)

    3,507       2,846,922  

2.90%, 02/10/29 (Call 12/10/28)

    3,780       2,963,291  

3.37%, 11/17/23

    2,475       2,388,851  

3.38%, 11/13/25 (Call 10/13/25)

    10,135       9,194,573  

3.63%, 06/17/31 (Call 03/17/31)

    4,805       3,736,728  

3.66%, 09/08/24

    3,165       3,000,119  

3.81%, 01/09/24 (Call 11/09/23)(b)

    2,205       2,129,210  

3.82%, 11/02/27 (Call 08/02/27)

    3,616       3,105,969  

4.00%, 11/13/30 (Call 08/13/30)(b)

    7,879       6,372,378  

4.06%, 11/01/24 (Call 10/01/24)(b)

    6,740       6,461,975  

4.13%, 08/04/25

    6,561       6,100,418  

4.13%, 08/17/27 (Call 06/17/27)(b)

    6,065       5,386,023  

4.27%, 01/09/27 (Call 11/09/26)

    4,327       3,906,805  

4.39%, 01/08/26(b)

    5,869       5,415,263  

4.54%, 08/01/26 (Call 06/01/26)

    3,900       3,589,170  

4.69%, 06/09/25 (Call 04/09/25)

    2,707       2,564,883  

4.95%, 05/28/27 (Call 04/28/27)

    7,160       6,554,694  

5.11%, 05/03/29 (Call 02/03/29)

    7,290       6,517,260  

5.13%, 06/16/25 (Call 05/16/25)

    8,085       7,800,408  

5.58%, 03/18/24 (Call 02/18/24)

    5,200       5,121,390  

Jaguar Land Rover Automotive PLC

   

4.50%, 10/01/27 (Call 07/01/27)(a)(b)

    3,201       2,268,947  

5.50%, 07/15/29 (Call 07/15/24)(a)

    3,505       2,477,895  

5.88%, 01/15/28 (Call 01/15/24)(a)

    4,295       3,177,076  

7.75%, 10/15/25 (Call 12/01/22)(a)

    4,940       4,557,348  

JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 12/01/22)(a)

    3,349       3,192,367  

Mclaren Finance PLC, 7.50%, 08/01/26
(Call 08/01/23)(a)

    4,450       3,526,759  

PM General Purchaser LLC, 9.50%, 10/01/28 (Call 10/01/23)(a)(b)

    4,139       3,558,350  
Security   Par
(000)
    Value  
Auto Manufacturers (continued)            

Wabash National Corp., 4.50%, 10/15/28
(Call 10/15/24)(a)(b)

  $ 2,727     $ 2,292,433  
   

 

 

 
      199,283,809  
Auto Parts & Equipment — 1.4%            

Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 12/01/22)(a)(b)

    5,022       4,494,690  

American Axle & Manufacturing Inc.

   

5.00%, 10/01/29 (Call 10/01/24)(b)

    3,990       3,239,371  

6.50%, 04/01/27 (Call 12/01/22)(b)

    3,401       3,128,920  

6.88%, 07/01/28 (Call 07/01/23)

    2,848       2,631,111  

Clarios Global LP, 6.75%, 05/15/25
(Call 12/01/22)(a)(b)

    2,219       2,220,132  

Clarios Global LP/Clarios US Finance Co.

   

6.25%, 05/15/26 (Call 12/01/22)(a)(b)

    5,235       5,064,862  

8.50%, 05/15/27 (Call 12/01/22)(a)(b)

        12,963       12,703,740  

Cooper-Standard Automotive Inc.

   

5.63%, 11/15/26 (Call 11/16/22)(a)(b)

    2,454       929,907  

13.00%, 06/01/24 (Call 12/01/22)(a)(b)

    1,068       1,093,703  

Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 12/01/22)(a)

    2,269       2,206,260  

Dana Inc.

   

4.25%, 09/01/30 (Call 05/01/26)(b)

    2,785       2,230,674  

4.50%, 02/15/32 (Call 02/15/27)

    2,303       1,760,841  

5.38%, 11/15/27 (Call 11/15/22)(b)

    2,852       2,581,060  

5.63%, 06/15/28 (Call 06/15/23)(b)

    2,674       2,419,970  

Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (Call 08/01/23)(a)(b)

    3,517       3,075,965  

Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29 (Call 10/15/24)(a)(b)

    4,520       3,077,588  

Goodyear Tire & Rubber Co. (The)

   

4.88%, 03/15/27 (Call 12/15/26)(b)

    4,804       4,371,640  

5.00%, 05/31/26 (Call 12/01/22)(b)

    6,385       6,149,968  

5.00%, 07/15/29 (Call 04/15/29)(b)

    5,712       4,953,161  

5.25%, 04/30/31 (Call 01/30/31)(b)

    3,732       3,140,329  

5.25%, 07/15/31 (Call 04/15/31)(b)

    4,125       3,494,700  

5.63%, 04/30/33 (Call 01/30/33)(b)

    2,967       2,483,630  

9.50%, 05/31/25 (Call 11/16/22)

    3,547       3,686,161  

IHO Verwaltungs GmbH

   

4.75%, 09/15/26 (Call 11/11/22), (5.50%
PIK)(a)(b)(c)

    3,121       2,628,248  

6.00%, 05/15/27 (Call 11/11/22), (6.75%
PIK)(a)(c)

    3,121       2,680,159  

6.38%, 05/15/29 (Call 05/15/24), (7.13% PIK)(a)(b)(c)

    2,752       2,348,364  

Real Hero Merger Sub 2 Inc., 6.25%, 02/01/29 (Call 02/01/24)(a)(b)

    3,945       2,828,270  

Tenneco Inc.

   

5.00%, 07/15/26 (Call 11/07/22)(b)

    4,878       4,865,000  

5.13%, 04/15/29 (Call 04/15/24)(a)

    3,820       3,776,214  

7.88%, 01/15/29 (Call 01/15/24)(a)

    2,228       2,201,053  

Titan International Inc., 7.00%, 04/30/28
(Call 04/30/24)

    2,929       2,738,117  

Wheel Pros Inc., 6.50%, 05/15/29
(Call 05/15/24)(a)(b)

    2,376       1,118,367  

ZF North America Capital Inc., 4.75%, 04/29/25(a)

    6,424       6,005,653  
   

 

 

 
          112,327,828  
Banks — 1.1%            

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

    8,450       7,862,511  

Deutsche Bank AG/New York NY

   

3.73%, 01/14/32 (Call 10/14/30), (SOFR + 2.757%)(d)

    5,516       3,885,577  

4.88%, 12/01/32 (Call 12/01/27)(d)

    6,306       5,000,175  

5.88%, 07/08/31 (Call 04/08/30), (SOFR + 5.438%)(d)

    2,265       1,861,834  

 

 

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

    27  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
     Value  
Banks (continued)             

Dresdner Funding Trust I, 8.15%, 06/30/31 (Call 06/30/29)(a)(b)

  $ 6,468      $ 6,605,445  

Freedom Mortgage Corp.

    

6.63%, 01/15/27 (Call 01/15/24)(a)(b)

    3,636        2,713,910  

7.63%, 05/01/26 (Call 05/01/23)(a)

    3,625        2,863,895  

8.13%, 11/15/24 (Call 12/01/22)(a)(b)

    2,309        2,031,343  

8.25%, 04/15/25 (Call 12/01/22)(a)(b)

    3,983        3,405,378  

Intesa Sanpaolo SpA

    

4.20%, 06/01/32 (Call 06/01/31)(a)(d)

    5,085        3,442,203  

4.95%, 06/01/42 (Call 06/01/41)(a)(d)

    5,170        3,025,658  

5.02%, 06/26/24(a)

    12,262        11,575,198  

5.71%, 01/15/26(a)(b)

      10,162        9,466,254  

Standard Chartered PLC, 7.01%,
(Call 07/30/37), (3 mo. LIBOR US + 1.460%)(a)(b)(d)(e)

    4,690        4,449,991  

Synovus Financial Corp., 5.90%, 02/07/29 (Call 02/07/24)(b)(d)

    875        856,471  

Texas Capital Bancshares Inc., 4.00%, 05/06/31 (Call 05/06/26)(b)(d)

    2,201        1,905,881  

UniCredit SpA

    

5.46%, 06/30/35 (Call 06/30/30)(a)(b)(d)

    10,170        7,577,470  

5.86%, 06/19/32 (Call 06/19/27)(a)(b)(d)

    6,695        5,547,025  

7.30%, 04/02/34 (Call 04/02/29)(a)(b)(d)

    8,605        7,300,825  
    

 

 

 
         91,377,044  
Beverages — 0.1%             

Primo Water Holdings Inc., 4.38%, 04/30/29 (Call 04/30/24)(a)

    5,220        4,373,681  

Triton Water Holdings Inc., 6.25%, 04/01/29 (Call 04/01/24)(a)(b)

    4,949        3,748,260  
    

 

 

 
       8,121,941  
Biotechnology — 0.1%             

Emergent BioSolutions Inc., 3.88%, 08/15/28 (Call 08/15/23)(a)

    3,170        1,900,542  

Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)(a)

    5,010        3,914,062  
    

 

 

 
       5,814,604  
Building Materials — 1.3%             

Boise Cascade Co., 4.88%, 07/01/30
(Call 07/01/25)(a)(b)

    2,751        2,301,294  

Builders FirstSource Inc.

    

4.25%, 02/01/32 (Call 08/01/26)(a)

    8,595        6,877,719  

5.00%, 03/01/30 (Call 03/01/25)(a)

    3,908        3,356,327  

6.38%, 06/15/32 (Call 06/15/27)(a)(b)

    4,900        4,506,530  

Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)(a)

    4,757        3,960,203  

Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 09/15/23)(a)(b)

    2,721        1,700,625  

CP Atlas Buyer Inc., 7.00%, 12/01/28 (Call 12/01/23)(a)(b)

    3,737        2,690,640  

Eco Material Technologies Inc., 7.88%, 01/31/27 (Call 01/31/24)(a)(b)

    3,406        3,183,111  

Griffon Corp., 5.75%, 03/01/28
(Call 03/01/23)

    6,545        5,995,351  

James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 01/15/23)(a)

    1,841        1,664,939  

Jeld-Wen Inc.

    

4.63%, 12/15/25 (Call 12/01/22)(a)(b)

    3,102        2,559,150  

4.88%, 12/15/27 (Call 12/15/22)(a)(b)

    2,659        1,983,295  

6.25%, 05/15/25 (Call 12/01/22)(a)(b)

    1,798        1,681,130  

Koppers Inc., 6.00%, 02/15/25
(Call 12/01/22)(a)(b)

    3,187        2,852,365  
Security   Par
(000)
     Value  
Building Materials (continued)             

Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)(a)

  $     2,245      $ 1,825,622  

Masonite International Corp.

    

3.50%, 02/15/30 (Call 08/15/29)(a)(b)

    2,076        1,649,797  

5.38%, 02/01/28 (Call 02/01/23)(a)(b)

    4,097        3,750,640  

MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/30
(Call 02/01/25)(a)(b)

    3,500        2,699,655  

New Enterprise Stone & Lime Co. Inc.

    

5.25%, 07/15/28 (Call 07/15/24)(a)(b)

    4,075        3,545,250  

9.75%, 07/15/28 (Call 07/15/23)(a)

    1,791        1,537,238  

Oscar AcquisitionCo LLC/Oscar Finance Inc., 9.50%, 04/15/30
(Call 04/15/25)(a)(b)

    3,971        3,362,700  

PGT Innovations Inc., 4.38%, 10/01/29 (Call 10/01/24)(a)(b)

    3,885        3,222,025  

SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)(a)

    7,665        6,438,600  

Standard Industries Inc./NJ

    

3.38%, 01/15/31 (Call 07/15/25)(a)

    7,438        5,565,112  

4.38%, 07/15/30 (Call 07/15/25)(a)

    10,885        8,801,067  

4.75%, 01/15/28 (Call 01/15/23)(a)(b)

    7,365        6,453,581  

5.00%, 02/15/27 (Call 12/01/22)(a)(b)

    5,054        4,573,870  

Summit Materials LLC/Summit Materials Finance Corp.

    

5.25%, 01/15/29 (Call 07/15/23)(a)(b)

    4,801        4,384,321  

6.50%, 03/15/27 (Call 11/14/22)(a)(b)

    1,310        1,256,988  

Victors Merger Corp., 6.38%, 05/15/29 (Call 05/15/24)(a)(b)

    3,720        1,912,340  
    

 

 

 
           106,291,485  
Chemicals — 2.4%             

Cerdia Finanz GmbH, 10.50%, 02/15/27 (Call 02/15/24)(a)

    3,945        3,193,647  

Ashland LLC

    

3.38%, 09/01/31 (Call 06/01/31)(a)(b)

    2,723        2,130,421  

6.88%, 05/15/43 (Call 02/15/43)

    1,828        1,720,514  

ASP Unifrax Holdings Inc

    

5.25%, 09/30/28 (Call 09/30/24)(a)

    5,385        4,279,734  

7.50%, 09/30/29 (Call 09/30/24)(a)(b)

    2,690        1,802,300  

Avient Corp.

    

5.75%, 05/15/25 (Call 12/01/22)(a)(b)

    3,556        3,481,040  

7.13%, 08/01/30 (Call 08/01/25)(a)

    5,135        4,910,446  

Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a)(b)

    4,602        3,782,269  

Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)(a)(b)

    3,355        3,057,153  

Cheever Escrow Issuer LLC, 7.13%, 10/01/27 (Call 10/01/24)(a)(b)

    2,225        2,042,550  

Chemours Co. (The)

    

4.63%, 11/15/29 (Call 11/15/24)(a)

    4,435        3,459,300  

5.38%, 05/15/27 (Call 02/15/27)(b)

    2,977        2,665,665  

5.75%, 11/15/28 (Call 11/15/23)(a)

    5,674        4,820,063  

Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 12/01/22)(a)(b)

    2,697        2,027,807  

CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28
(Call 06/15/24)(a)

    3,645        3,297,850  

Diamond BC BV, 4.63%, 10/01/29
(Call 10/01/24)(a)

    3,817        2,804,006  

Element Solutions Inc., 3.88%, 09/01/28 (Call 09/01/23)(a)(b)

    5,226        4,442,100  

EverArc Escrow Sarl, 5.00%, 10/30/29 (Call 10/30/24)(a)(b)

    4,912        4,017,377  

 

 

28  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Chemicals (continued)            

GPD Companies Inc., 10.13%, 04/01/26
(Call 12/01/22)(a)

  $ 3,289     $ 2,940,494  

HB Fuller Co.

   

4.00%, 02/15/27 (Call 11/15/26)(b)

    1,941       1,776,015  

4.25%, 10/15/28 (Call 10/15/23)(b)

    1,989       1,720,485  

Herens Holdco Sarl, 4.75%, 05/15/28
(Call 05/15/24)(a)(b)

        2,350           1,925,210  

Illuminate Buyer LLC/Illuminate Holdings IV Inc., 9.00%, 07/01/28 (Call 07/01/23)(a)

    3,186       2,690,736  

INEOS Quattro Finance 2 PLC., 3.38%, 01/15/26
(Call 01/15/23)(a)

    3,155       2,668,247  

Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)(a)

    4,056       3,423,735  

Innophos Holdings Inc., 9.38%, 02/15/28
(Call 02/15/23)(a)(b)

    2,366       2,252,574  

Iris Holdings Inc., 10.00%, 12/15/28 (Call 06/15/25)(a)

    3,100       2,635,000  

LSF11 A5 HoldCo LLC, 6.63%, 10/15/29
(Call 10/15/24)(a)(b)

    2,293       1,807,457  

Mativ Holdings Inc., 6.88%, 10/01/26
(Call 12/01/22)(a)(b)

    2,392       2,191,807  

Methanex Corp.

   

4.25%, 12/01/24 (Call 09/01/24)(b)

    1,304       1,261,920  

5.13%, 10/15/27 (Call 04/15/27)(b)

    4,763       4,343,856  

5.25%, 12/15/29 (Call 09/15/29)

    4,834       4,136,749  

5.65%, 12/01/44 (Call 06/01/44)

    1,948       1,339,250  

Minerals Technologies Inc., 5.00%, 07/01/28
(Call 07/01/23)(a)

    2,988       2,595,825  

NOVA Chemicals Corp.

   

4.25%, 05/15/29 (Call 05/15/24)(a)(b)

    4,154       3,387,731  

4.88%, 06/01/24 (Call 03/03/24)(a)(b)

    6,029       5,863,202  

5.00%, 05/01/25 (Call 01/31/25)(a)

    3,639       3,465,747  

5.25%, 06/01/27 (Call 03/03/27)(a)(b)

    7,240       6,462,279  

Nufarm Australia Ltd./Nufarm Americas Inc., 5.00%, 01/27/30 (Call 01/27/25)(a)

    2,495       2,110,545  

Olin Corp.

   

5.00%, 02/01/30 (Call 02/01/24)(b)

    3,376       3,055,280  

5.13%, 09/15/27 (Call 12/01/22)

    2,611       2,447,813  

5.63%, 08/01/29 (Call 08/01/24)(b)

    4,791       4,502,582  

Olympus Water U.S. Holding Corp.

   

4.25%, 10/01/28 (Call 10/01/24)(a)

    5,420       4,400,027  

6.25%, 10/01/29 (Call 10/01/24)(a)(b)

    2,705       1,873,091  

Polar U.S. Borrower LLC/Schenectady International Group Inc., 6.75%, 05/15/26 (Call 05/15/23)(a)(b)

    1,916       914,647  

Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 12/01/22)(a)

    4,035       3,460,012  

Rayonier AM Products Inc.

   

5.50%, 06/01/24 (Call 12/01/22)(a)(b)

    691       678,908  

7.63%, 01/15/26 (Call 01/15/24)(a)

    3,591       3,121,549  

SCIH Salt Holdings Inc.

   

4.88%, 05/01/28 (Call 05/01/24)(a)(b)

    7,404       6,426,635  

6.63%, 05/01/29 (Call 05/01/24)(a)(b)

    4,842       3,886,401  

SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26 (Call 11/01/23)(a)(b)

    5,010       3,982,599  

SPCM SA

   

3.13%, 03/15/27 (Call 03/15/24)(a)

    2,435       2,139,756  

3.38%, 03/15/30 (Call 03/15/25)(a)

    1,950       1,555,125  

Trinseo Materials Operating SCA/Trinseo Materials Finance Inc.

   

5.13%, 04/01/29 (Call 04/01/24)(a)(b)

    2,991       1,697,393  

5.38%, 09/01/25 (Call 12/01/22)(a)(b)

    3,814       2,951,082  

Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(a)(b)

    7,628       5,891,033  
Security  

Par

(000)

     Value  
Chemicals (continued)             

Valvoline Inc.

    

3.63%, 06/15/31 (Call 06/15/26)(a)(b)

  $     3,503      $ 2,763,867  

4.25%, 02/15/30 (Call 02/15/25)(a)(b)

    2,856        2,748,900  

Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25
(Call 12/01/22)(a)(b)

    2,492        822,360  

Vibrantz Technologies Inc., 9.00%, 02/15/30 (Call 02/15/25)(a)(b)

    5,202        3,427,589  

WR Grace Holdings LLC

    

4.88%, 06/15/27 (Call 06/15/23)(a)

    5,560        4,865,000  

5.63%, 10/01/24(a)

    1,321        1,294,844  

5.63%, 08/15/29 (Call 08/15/24)(a)(b)

    7,861        6,076,396  
    

 

 

 
           193,915,995  
Coal — 0.1%             

Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 12/01/22)(a)(b)

    1,123        1,101,904  

Coronado Finance Pty Ltd., 10.75%, 05/15/26 (Call 05/15/23)(a)(b)

    2,026        2,109,573  

SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)(a)(b)

    3,571        2,928,220  

Warrior Met Coal Inc., 7.88%, 12/01/28
(Call 12/01/24)(a)

    2,460        2,425,581  
    

 

 

 
       8,565,278  
Commercial Services — 4.3%             

ADT Security Corp. (The)

    

4.13%, 08/01/29 (Call 08/01/28)(a)

    6,937        5,948,547  

4.88%, 07/15/32(a)(b)

    5,031        4,280,526  

Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)(a)

    2,602        2,374,325  

Albion Financing 1 SARL/Aggreko Holdings Inc.

    

6.13%, 10/15/26 (Call 10/15/23)(a)

    3,770        3,218,780  

8.75%, 04/15/27 (Call 10/15/23)(a)

    3,190        2,679,600  

Allied Universal Holdco LLC/Allied Universal Finance Corp.

    

6.00%, 06/01/29 (Call 06/01/24)(a)(b)

    6,497        4,510,852  

6.63%, 07/15/26 (Call 12/01/22)(a)

    12,950        12,367,768  

9.75%, 07/15/27 (Call 12/01/22)(a)(b)

    7,130        6,198,893  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28
(Call 06/01/24)(a)

    13,715        11,371,997  

Alta Equipment Group Inc., 5.63%, 04/15/26 (Call 04/15/23)(a)(b)

    2,008        1,734,330  

AMN Healthcare Inc.

    

4.00%, 04/15/29 (Call 04/15/24)(a)

    2,679        2,305,221  

4.63%, 10/01/27 (Call 12/01/22)(a)

    3,178        2,973,305  

APi Escrow Corp., 4.75%, 10/15/29
(Call 10/15/24)(a)(b)

    2,050        1,728,329  

APi Group DE Inc., 4.13%, 07/15/29
(Call 07/15/24)(a)(b)

    2,509        2,012,193  

Aptim Corp., 7.75%, 06/15/25
(Call 11/16/22)(a)(b)

    3,362        2,309,358  

APX Group Inc.

    

5.75%, 07/15/29 (Call 07/15/24)(a)(b)

    5,635        4,436,717  

6.75%, 02/15/27 (Call 02/15/23)(a)(b)

    4,314        4,208,323  

ASGN Inc., 4.63%, 05/15/28
(Call 05/15/23)(a)(b)

    3,637        3,234,129  

Autopistas Metropolitanas de Puerto Rico LLC, 6.75%, 06/30/35(a)

    1,168        1,008,712  

Avis Budget Car Rental LLC/Avis Budget Finance Inc.

    

4.75%, 04/01/28 (Call 04/01/24)(a)(b)

    3,546        3,115,200  

5.38%, 03/01/29 (Call 03/01/24)(a)(b)

    4,207        3,644,416  

5.75%, 07/15/27 (Call 12/01/22)(a)(b)

    4,818        4,411,195  

 

 

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

    29  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Commercial Services (continued)            

Block Inc.

   

2.75%, 06/01/26 (Call 05/01/26)(b)

  $     6,384     $     5,693,507  

3.50%, 06/01/31 (Call 03/01/31)(b)

    6,757       5,439,385  

Brink’s Co. (The)

   

4.63%, 10/15/27 (Call 12/01/22)(a)(b)

    3,728       3,447,021  

5.50%, 07/15/25 (Call 12/01/22)(a)

    2,413       2,347,668  

Carriage Services Inc., 4.25%, 05/15/29
(Call 05/15/24)(a)(b)

    2,870       2,208,695  

Cimpress PLC, 7.00%, 06/15/26
(Call 12/01/22)(a)

    4,248       2,538,180  

CoreCivic Inc.

   

4.75%, 10/15/27 (Call 07/15/27)(b)

    1,707       1,416,402  

8.25%, 04/15/26 (Call 04/15/24)(b)

    4,055       4,114,306  

CoreLogic Inc., 4.50%, 05/01/28
(Call 05/01/24)(a)(b)

    5,281       3,552,489  

CPI CG Inc., 8.63%, 03/15/26 (Call 03/15/23)(a)

    2,121       2,000,351  

Deluxe Corp., 8.00%, 06/01/29
(Call 06/01/24)(a)(b)

    3,551       2,960,469  

Garda World Security Corp.

   

4.63%, 02/15/27 (Call 02/15/23)(a)

    3,754       3,333,967  

6.00%, 06/01/29 (Call 06/01/24)(a)(b)

    3,505       2,731,517  

9.50%, 11/01/27 (Call 12/01/22)(a)(b)

    4,172       3,765,230  

Gartner Inc.

   

3.63%, 06/15/29 (Call 06/15/24)(a)

    4,051       3,443,350  

3.75%, 10/01/30 (Call 10/01/25)(a)(b)

    5,437       4,567,057  

4.50%, 07/01/28 (Call 07/01/23)(a)

    4,675       4,332,463  

GEO Group Inc., 10.50%, 06/30/28 (Call 11/14/22)(b)

    1,471       1,471,000  

Graham Holdings Co., 5.75%, 06/01/26
(Call 11/14/22)(a)(b)

    1,548       1,509,300  

Grand Canyon University

   

4.13%, 10/01/24(b)

    3,090       2,896,875  

5.13%, 10/01/28 (Call 08/01/28)(b)

    2,750       2,457,812  

HealthEquity Inc., 4.50%, 10/01/29
(Call 10/01/24)(a)(b) .

    3,885       3,394,519  

Herc Holdings Inc., 5.50%, 07/15/27
(Call 12/01/22)(a)

    7,765       7,347,631  

Hertz Corp. (The)

   

4.63%, 12/01/26 (Call 12/01/23)(a)

    3,345       2,851,612  

5.00%, 12/01/29 (Call 12/01/24)(a)(b)

    6,916       5,478,509  

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

    2,636       2,397,864  

Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26
(Call 02/01/23)(a)(b)

    2,965       2,594,375  

Metis Merger Sub LLC, 6.50%, 05/15/29
(Call 05/15/24)(a)(b)

    5,061       4,061,554  

MoneyGram International Inc., 5.38%, 08/01/26
(Call 08/01/23)(a)

    2,430       2,386,386  

MPH Acquisition Holdings LLC

   

5.50%, 09/01/28 (Call 09/01/24)(a)

    6,980       6,025,490  

5.75%, 11/01/28 (Call 11/01/23)(a)(b)

    9,051       6,991,897  

NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)(a)

    6,480       5,680,174  

Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 06/15/29 (Call 06/15/24)(a)(b)

    2,983       2,132,845  

PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (Call 11/15/24)(a)(b)

    3,662       2,452,295  

Picasso Finance Sub Inc., 6.13%, 06/15/25
(Call 11/16/22)(a)(b)

    2,927       2,921,234  

Prime Security Services Borrower LLC/Prime Finance Inc.

   

3.38%, 08/31/27 (Call 08/31/26)(a)

    6,875       5,950,251  

5.25%, 04/15/24(a)

    3,330       3,314,216  

5.75%, 04/15/26(a)

    8,701       8,469,113  

6.25%, 01/15/28 (Call 01/15/23)(a)(b)

    9,055       8,321,411  
Security  

Par

(000)

     Value  
Commercial Services (continued)             

PROG Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)(a)(b)

  $ 4,175      $ 3,408,052  

Rent-A-Center Inc./TX, 6.38%, 02/15/29 (Call 02/15/24)(a)(b)

    3,208        2,499,128  

Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)(a)(b)

    2,158        2,125,630  

RR Donnelley & Sons Co.

    

6.13%, 11/01/26 (Call 11/01/23)(a)

    2,539        2,047,196  

8.25%, 07/01/27 (Call 07/01/23)

    979        857,687  

8.50%, 04/15/29(a)

    25        38,687  

Sabre GLBL Inc.

    

7.38%, 09/01/25 (Call 12/01/22)(a)(b)

    5,829        5,471,566  

9.25%, 04/15/25 (Call 03/16/25)(a)

    5,405        5,234,175  

Service Corp. International/U.S.

    

3.38%, 08/15/30 (Call 08/15/25)(b)

    5,553        4,482,516  

4.00%, 05/15/31 (Call 05/15/26)

    5,355        4,444,312  

4.63%, 12/15/27 (Call 12/15/22)(b)

    3,625        3,358,664  

5.13%, 06/01/29 (Call 06/01/24)(b)

    4,815        4,484,980  

Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26
(Call 12/01/22)(a)(b)

    3,240        2,986,729  

Signal Parent Inc., 6.13%, 04/01/29
(Call 04/01/24)(a)(b)

    1,895        815,986  

Sotheby’s, 7.38%, 10/15/27
(Call 11/14/22)(a)(b)

    4,919        4,759,132  

Sotheby’s/Bidfair Holdings Inc., 5.88%, 06/01/29 (Call 06/01/24)(a)

    2,305        1,926,440  

StoneMor Inc., 8.50%, 05/15/29
(Call 05/15/24)(a)

    2,960        2,497,500  

TriNet Group Inc., 3.50%, 03/01/29
(Call 03/01/24)(a)(b)

    3,717        3,080,464  

United Rentals North America Inc.

    

3.75%, 01/15/32 (Call 07/15/26)

    5,172        4,189,320  

3.88%, 02/15/31 (Call 08/15/25)(b)

    7,828        6,489,412  

4.00%, 07/15/30 (Call 07/15/25)(b)

    4,788        4,075,833  

4.88%, 01/15/28 (Call 01/15/23)

    10,823        10,065,390  

5.25%, 01/15/30 (Call 01/15/25)

    5,131        4,759,002  

5.50%, 05/15/27 (Call 12/01/22)(b)

    2,670        2,605,106  

Verscend Escrow Corp., 9.75%, 08/15/26 (Call 12/01/22)(a)

    6,902        6,922,982  

WASH Multifamily Acquisition Inc., 5.75%, 04/15/26 (Call 04/15/23)(a)(b)

    5,746        5,357,965  

Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(a)

    3,105        2,804,281  

WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)(a)(b)

    3,300        1,814,182  

ZipRecruiter Inc., 5.00%, 01/15/30
(Call 01/15/25)(a)

    4,161        3,404,322  
    

 

 

 
    

 

 

 

 

 

  346,077,775

 

 

 

Computers — 1.2%             

Ahead DB Holdings LLC, 6.63%, 05/01/28 (Call 05/01/24)(a)

    2,842        2,307,903  

Booz Allen Hamilton Inc.

    

3.88%, 09/01/28 (Call 09/01/23)(a)

    4,087        3,600,974  

4.00%, 07/01/29 (Call 07/01/24)(a)(b)

    3,233        2,826,001  

Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(a)(b)

        13,830        11,438,424  

Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)(a)(b)

    3,632        2,978,240  

Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24)(b)

    4,822        4,064,551  

Diebold Nixdorf Inc.

    

8.50%, 04/15/24 (Call 12/01/22)(b)

    2,407        1,208,067  

9.38%, 07/15/25 (Call 11/16/22)(a)(b)

    4,987        3,708,824  

 

 

30  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Computers (continued)            

Exela Intermediate LLC/Exela Finance Inc.,
11.50%, 07/15/26 (Call 12/01/22)(a)

  $  6,424     $ 1,702,360  

KBR Inc., 4.75%, 09/30/28 (Call 09/30/23)(a)(b)

    2,115       1,849,800  

NCR Corp.
5.00%, 10/01/28 (Call 10/01/23)(a)(b)

    4,662       3,917,475  

5.13%, 04/15/29 (Call 04/15/24)(a)(b)

    7,921       6,647,789  

5.25%, 10/01/30 (Call 10/01/25)(a)(b)

    3,418       2,760,035  

5.75%, 09/01/27 (Call 11/14/22)(a)(b)

    2,933       2,830,345  

6.13%, 09/01/29 (Call 09/01/24)(a)(b)

    2,831       2,698,192  

Presidio Holdings Inc.
4.88%, 02/01/27 (Call 02/01/23)(a)(b)

    2,978       2,749,885  

8.25%, 02/01/28 (Call 02/01/23)(a)(b)

    4,218       3,754,020  

Science Applications International Corp., 4.88%,
04/01/28 (Call 04/01/23)(a)(b)

    2,608       2,374,575  

Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)(b)

    3,610       2,669,342  

3.38%, 07/15/31 (Call 01/15/26)

    3,400       2,426,750  

4.09%, 06/01/29 (Call 03/01/29)

    3,863       3,093,606  

4.13%, 01/15/31 (Call 10/15/30)

    3,741       2,813,232  

4.75%, 01/01/25(b)

    3,171       3,060,110  

4.88%, 03/01/24 (Call 01/01/24)

    1,392       1,356,917  

4.88%, 06/01/27 (Call 03/01/27)(b)

    3,482       3,219,840  

5.75%, 12/01/34 (Call 06/01/34)(b)

    3,306       2,688,530  

Tempo Acquisition LLC/Tempo Acquisition Finance
Corp., 5.75%, 06/01/25 (Call 11/14/22)(a)(b)

    982       965,033  

Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)(a)(b)

    3,567       2,984,286  

Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)(a)(b)

    8,249       8,094,343  

Virtusa Corp., 7.13%, 12/15/28 (Call 12/15/23)(a)

    2,542       1,823,434  
   

 

 

 
      98,612,883  
Cosmetics & Personal Care — 0.3%            

Coty Inc.
5.00%, 04/15/26 (Call 04/15/23)(a)

    6,238       5,850,086  

6.50%, 04/15/26 (Call 12/01/22)(a)(b)

    3,566       3,395,902  

Coty Inc./HFC Prestige Products Inc./HFC Prestige
International U.S. LLC, 4.75%, 01/15/29
(Call 01/15/25)(a)(b)

    3,585       3,113,214  

Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)(a)

    3,325       2,839,733  

5.50%, 06/01/28 (Call 06/01/23)(a)(b)

    5,007       4,709,234  

Oriflame Investment Holding PLC, 5.13%, 05/04/26 (Call 05/15/23)(a)(b)

    2,675       1,602,325  
   

 

 

 
      21,510,494  
Distribution & Wholesale — 0.4%            

American Builders & Contractors Supply Co. Inc.
3.88%, 11/15/29 (Call 11/15/24)(a)(b)

    2,922       2,400,131  

4.00%, 01/15/28 (Call 01/15/23)(a)

    4,425       3,904,576  

BCPE Empire Holdings Inc., 7.63%, 05/01/27
(Call 05/01/23)(a)(b)

    4,783       4,369,023  

G-III Apparel Group Ltd., 7.88%, 08/15/25
(Call 12/01/22)(a)(b)

    2,705       2,561,987  

H&E Equipment Services Inc., 3.88%, 12/15/28
(Call 12/15/23)(a)

    8,458       7,146,756  

IAA Inc., 5.50%, 06/15/27 (Call 12/01/22)(a)

    2,710       2,536,010  

KAR Auction Services Inc., 5.13%, 06/01/25
(Call 12/01/22)(a)(b)

    1,848       1,779,551  

Resideo Funding Inc., 4.00%, 09/01/29
(Call 09/01/24)(a)(b)

    2,158       1,769,560  

Univar Solutions USA Inc., 5.13%, 12/01/27
(Call 12/01/22)(a)(b)

    2,862       2,647,350  
Security   Par
(000)
    Value  
Distribution & Wholesale (continued)            

Wesco Aircraft Holdings Inc.
8.50%, 11/15/24 (Call 12/01/22)(a)

  $ 2,885     $ 1,500,200  

9.00%, 11/15/26 (Call 12/01/22)(a)(b)

    4,414       2,780,820  
   

 

 

 
      33,395,964  
Diversified Financial Services — 3.6%            

Advisor Group Holdings Inc., 10.75%, 08/01/27
(Call 12/01/22)(a)(b)

    2,940       2,897,742  

AerCap Holdings NV, 5.88%, 10/10/79
(Call 10/10/24)(b)(d)

    5,300       4,768,410  

AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)(a)(b)

    3,343       3,110,084  

AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27
(Call 09/30/24)(a)

    3,430       3,442,862  

Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)(b)

    6,928       6,665,284  

Aretec Escrow Issuer Inc., 7.50%, 04/01/29
(Call 04/01/24)(a)

    2,906       2,382,920  

Armor Holdco Inc., 8.50%, 11/15/29
(Call 11/15/24)(a)(b)

    2,611       1,946,866  

Brightsphere Investment Group Inc., 4.80%, 07/27/26

    1,922       1,720,190  

Castlelake Aviation Finance DAC, 5.00%, 04/15/27
(Call 04/15/24)(a)(b)

    3,054       2,570,685  

Cobra AcquisitionCo LLC, 6.38%, 11/01/29
(Call 11/01/24)(a)

    2,585       1,719,025  

Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)(a)(b)

    6,943       4,538,034  

3.63%, 10/01/31 (Call 10/01/26)(a)(b)

    6,696       3,964,960  

Credit Acceptance Corp.
5.13%, 12/31/24 (Call 11/14/22)(a)(b)

    1,674       1,556,620  

6.63%, 03/15/26 (Call 11/14/22)(b)

    2,963       2,802,702  

Curo Group Holdings Corp., 7.50%, 08/01/28
(Call 08/01/24)(a)

    6,695       3,950,050  

Enact Holdings Inc., 6.50%, 08/15/25
(Call 02/15/25)(a)

    4,817       4,745,227  

Enova International Inc.
8.50%, 09/01/24 (Call 12/01/22)(a)

    785       734,094  

8.50%, 09/15/25 (Call 12/01/22)(a)

    2,606       2,337,850  

Finance of America Funding LLC, 7.88%, 11/15/25
(Call 12/01/22)(a)(b)

    2,469       1,493,745  

Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24
(Call 12/01/22), (7.25% PIK)(a)(b)(c)

    12,429       9,979,248  

goeasy Ltd.
4.38%, 05/01/26 (Call 05/01/23)(a)(b)

    1,925       1,650,687  

5.38%, 12/01/24 (Call 12/01/22)(a)(b)

    3,692       3,445,707  

GPS Hospitality Holding Co. LLC/GPS Finco Inc.,
7.00%, 08/15/28 (Call 08/15/24)(a)(b)

    2,975       2,089,937  

Hightower Holding LLC, 6.75%, 04/15/29
(Call 04/15/24)(a)(b)

    2,143       1,744,675  

Home Point Capital Inc., 5.00%, 02/01/26
(Call 02/01/23)(a)(b)

    3,810       2,252,053  

Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29 (Call 11/15/24)(a)(b)

    4,160       3,676,858  

Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%,
08/15/28 (Call 08/15/24)(a)

    6,875       5,397,081  

Jefferson Capital Holdings LLC, 6.00%, 08/15/26
(Call 08/15/23)(a)

    2,302       1,916,070  

LD Holdings Group LLC
6.13%, 04/01/28 (Call 04/01/24)(a)

    3,862       2,162,720  

6.50%, 11/01/25 (Call 12/01/22)(a)

    3,549       2,413,320  

LFS Topco LLC, 5.88%, 10/15/26 (Call 10/15/23)(a)

    2,314       1,808,210  

LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)(a)

    6,103       5,326,637  

4.38%, 05/15/31 (Call 05/15/26)(a)

    2,554       2,224,445  

4.63%, 11/15/27 (Call 12/01/22)(a)(b)

    2,152       1,981,930  

 

 

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

    31  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Diversified Financial Services (continued)            

Midcap Financial Issuer Trust
5.63%, 01/15/30 (Call 01/15/25)(a)(b)

  $ 2,730     $ 2,102,100  

6.50%, 05/01/28 (Call 05/01/24)(a)

    7,145       6,072,340  

Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)(a)

    4,417       3,302,747  

5.50%, 08/15/28 (Call 08/15/23)(a)

    6,275       5,089,715  

5.75%, 11/15/31 (Call 11/15/26)(a)(b)

    4,070       3,122,176  

6.00%, 01/15/27 (Call 01/15/23)(a)

    3,783       3,366,870  

Navient Corp.
4.88%, 03/15/28 (Call 06/15/27)

    3,767       2,994,991  

5.00%, 03/15/27 (Call 09/15/26)

    5,157       4,346,605  

5.50%, 03/15/29 (Call 06/15/28)

    5,167       4,099,388  

5.63%, 08/01/33

    4,157       2,929,001  

5.88%, 10/25/24

    2,660       2,572,406  

6.13%, 03/25/24

    4,277       4,197,725  

6.75%, 06/25/25

    3,091       2,958,798  

6.75%, 06/15/26(b)

    3,533       3,334,269  

NFP Corp.
4.88%, 08/15/28 (Call 08/15/23)(a)(b)

    3,930       3,390,452  

6.88%, 08/15/28 (Call 08/15/23)(a)(b)

    13,883       11,796,177  

7.50%, 10/01/30 (Call 10/01/25)(a)(b)

    1,910       1,818,822  

OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)

    5,585       4,577,542  

3.88%, 09/15/28 (Call 09/15/24)(b)

    4,118       3,206,687  

4.00%, 09/15/30 (Call 09/15/25)(b)

    5,595       4,224,225  

5.38%, 11/15/29 (Call 05/15/29)(b)

    5,363       4,397,660  

6.13%, 03/15/24 (Call 09/15/23)

    6,321       6,175,743  

6.63%, 01/15/28 (Call 07/15/27)(b)

    5,234       4,754,723  

6.88%, 03/15/25(b)

    8,379       8,127,630  

7.13%, 03/15/26

    10,806       10,406,178  

Oxford Finance LLC/Oxford Finance Co-Issuer II Inc.,
6.38%, 02/01/27 (Call 02/01/24)(a)

    3,090       2,827,350  

PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)

    4,020       3,045,150  

5.38%, 10/15/25 (Call 12/01/22)(a)(b)

    4,566       4,132,230  

5.75%, 09/15/31 (Call 09/15/26)(a)

    3,838       2,889,988  

PHH Mortgage Corp., 7.88%, 03/15/26
(Call 03/15/23)(a)(b)

    3,016       2,503,280  

PRA Group Inc.
5.00%, 10/01/29 (Call 10/01/24)(a)(b)

    2,362       1,893,143  

7.38%, 09/01/25 (Call 12/01/22)(a)(b)

    1,873       1,791,608  

Provident Funding Associates LP/PFG Finance Corp.,
6.38%, 06/15/25 (Call 12/01/22)(a)(b)

    2,050       1,783,500  

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. 2.88%, 10/15/26 (Call 10/15/23)(a)(b)

    7,496       6,254,887  

3.63%, 03/01/29 (Call 03/01/24)(a)(b)

    5,097       3,950,175  

3.88%, 03/01/31 (Call 03/01/26)(a)(b)

    8,654       6,434,249  

4.00%, 10/15/33 (Call 10/15/27)(a)(b)

    6,078       4,245,301  

SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)(b)

    3,301       2,895,208  

4.20%, 10/29/25 (Call 09/29/25)

    3,398       3,154,907  

StoneX Group Inc., 8.63%, 06/15/25
(Call 12/01/22)(a)(b)

    1,617       1,596,788  

United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 12/01/22)(a)

    5,226       4,718,895  

5.50%, 04/15/29 (Call 04/15/24)(a)(b)

    4,821       3,637,107  

5.75%, 06/15/27 (Call 06/15/24)(a)(b)

    3,696       3,028,872  

VistaJet Malta Finance PLC/XO Management
Holding Inc.

   

6.38%, 02/01/30 (Call 02/01/25)(a)(b)

    6,882       5,714,436  
Security   Par
(000)
    Value  
Diversified Financial Services (continued)            

7.88%, 05/01/27 (Call 05/01/24)(a)(b)

  $ 3,485     $ 3,141,547  

World Acceptance Corp., 7.00%, 11/01/26
(Call 11/01/23)(a)

    2,055       1,285,649  
   

 

 

 
      289,706,168  
Electric — 2.5%            

Algonquin Power & Utilities Corp., 4.75%, 01/18/82
(Call 01/18/27)(b)(d)

    5,230       4,211,327  

Atlantica Sustainable Infrastructure PLC, 4.13%,
06/15/28 (Call 06/15/25)(a)

    2,495       2,114,513  

Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)(a)(b)

    6,229       5,103,261  

4.50%, 02/15/28 (Call 02/15/23)(a)(b)

    8,274       7,435,783  

4.63%, 02/01/29 (Call 02/01/24)(a)

    4,357       3,660,857  

5.00%, 02/01/31 (Call 02/01/26)(a)

    5,875       4,963,923  

5.13%, 03/15/28 (Call 03/15/23)(a)(b)

    9,609       8,519,474  

5.25%, 06/01/26 (Call 12/01/22)(a)(b)

    2,214       2,100,819  

Clearway Energy Operating LLC
3.75%, 02/15/31 (Call 02/15/26)(a)(b)

    6,317       5,274,695  

3.75%, 01/15/32 (Call 01/15/27)(a)

    2,300       1,822,175  

4.75%, 03/15/28 (Call 03/15/23)(a)(b)

    5,534       5,111,740  

DPL Inc.
4.13%, 07/01/25 (Call 04/01/25)

    2,779       2,623,432  

4.35%, 04/15/29 (Call 01/15/29)

    2,740       2,342,700  

Drax Finco PLC, 6.63%, 11/01/25 (Call 11/11/22)(a)

    3,309       3,077,370  

Electricite de France SA, 5.63%,
(Call 01/22/24)(a)(b)(d)(e)

    10,205       8,973,971  

Emera Inc., Series 16-A, 6.75%, 06/15/76
(Call 06/15/26)(b)(d)

    7,886       7,350,714  

Enerflex Ltd., 9.00%, 10/15/27

    3,230       3,142,144  

FirstEnergy Corp.
2.05%, 03/01/25 (Call 02/01/25)

    560       514,781  

2.65%, 03/01/30 (Call 12/01/29)(b)

    4,548       3,676,694  

Series A, 1.60%, 01/15/26 (Call 12/15/25)

    2,350       2,043,727  

Series B, 2.25%, 09/01/30 (Call 06/01/30)(b)

    3,151       2,425,356  

Series B, 4.15%, 07/15/27 (Call 04/15/27)

    10,265       9,639,964  

Series C, 3.40%, 03/01/50 (Call 09/01/49)

    5,355       3,326,794  

Series C, 5.35%, 07/15/47 (Call 01/15/47)

    4,263       3,517,316  

Series C, 7.38%, 11/15/31(b)

    5,425       6,035,312  

Leeward Renewable Energy Operations LLC, 4.25%,
07/01/29 (Call 07/01/24)(a)(b)

    2,850       2,308,500  

NextEra Energy Operating Partners LP
3.88%, 10/15/26 (Call 07/15/26)(a)

    3,170       2,938,431  

4.25%, 07/15/24 (Call 04/15/24)(a)(b)

    3,614       3,503,845  

4.25%, 09/15/24 (Call 07/15/24)(a)

    226       212,937  

4.50%, 09/15/27 (Call 06/15/27)(a)

    3,762       3,498,660  

NRG Energy Inc.
3.38%, 02/15/29 (Call 02/15/24)(a)(b)

    3,445       2,869,585  

3.63%, 02/15/31 (Call 02/15/26)(a)(b)

    7,063       5,620,523  

3.88%, 02/15/32 (Call 02/15/27)(a)(b)

    7,794       6,145,179  

5.25%, 06/15/29 (Call 06/15/24)(a)(b)

    4,722       4,285,215  

5.75%, 01/15/28 (Call 01/15/23)(b)

    5,293       5,048,199  

6.63%, 01/15/27 (Call 11/16/22)(b)

    1,953       1,953,879  

Pattern Energy Operations LP/Pattern Energy
Operations Inc., 4.50%, 08/15/28
(Call 08/15/23)(a)(b)

    4,545       4,087,376  

PG&E Corp.
5.00%, 07/01/28 (Call 07/01/23)(b)

    6,681       6,021,552  

5.25%, 07/01/30 (Call 07/01/25)(b)

    6,846       6,062,099  

Pike Corp., 5.50%, 09/01/28 (Call 09/01/23)(a)(b)

    5,091       4,347,103  

 

 

32  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Electric (continued)            

Terraform Global Operating LP, 6.13%, 03/01/26
(Call 12/01/22)(a)

  $ 2,632     $ 2,422,519  

TransAlta Corp., 6.50%, 03/15/40

    1,853       1,591,517  

Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/01/24)(a)

    8,635       7,385,300  

5.00%, 07/31/27 (Call 11/14/22)(a)

    8,943       8,249,917  

5.50%, 09/01/26 (Call 11/14/22)(a)(b)

    5,846       5,612,160  

5.63%, 02/15/27 (Call 11/14/22)(a)(b)

    8,441       8,046,636  
   

 

 

 
      201,219,974  
Electrical Components & Equipment — 0.4%            

Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)(a)(b)

    5,405       4,327,189  

4.75%, 06/15/28 (Call 06/15/23)(a)

    4,121       3,421,749  

6.50%, 12/31/27 (Call 08/31/24)(a)(b)

    2,486       2,274,566  

EnerSys, 4.38%, 12/15/27 (Call 09/15/27)(a)(b)

    1,703       1,494,382  

WESCO Distribution Inc.
7.13%, 06/15/25 (Call 12/01/22)(a)

    9,145       9,233,706  

7.25%, 06/15/28 (Call 06/15/23)(a)(b)

    8,885       9,013,477  
   

 

 

 
      29,765,069  
Electronics — 0.6%            

Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)(a)

    2,836       2,297,160  

II-VI Inc., 5.00%, 12/15/29 (Call 12/14/24)(a)(b)

    6,763       5,801,842  

Imola Merger Corp., 4.75%, 05/15/29
(Call 05/15/24)(a) .

    13,590       11,717,298  

Likewize Corp., 9.75%, 10/15/25
(Call 11/14/22)(a)(b)

    3,083       2,789,357  

Sensata Technologies BV
4.00%, 04/15/29 (Call 04/15/24)(a)(b)

    6,982       5,880,240  

5.00%, 10/01/25(a)

    4,824       4,673,983  

5.63%, 11/01/24(a)(b)

    1,725       1,711,509  

5.88%, 09/01/30 (Call 09/01/25)(a)(b)

    3,195       3,035,250  

Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)

    5,099       4,060,079  

4.38%, 02/15/30 (Call 11/15/29)(a)

    2,921       2,512,673  

TTM Technologies Inc., 4.00%, 03/01/29
(Call 03/01/24)(a)(b)

    3,220       2,689,147  
   

 

 

 
      47,168,538  
Energy - Alternate Sources — 0.2%            

Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 12/01/22)(a)(b)

    4,555       4,373,802  

Sunnova Energy Corp., 5.88%, 09/01/26
(Call 09/01/23)(a)(b)

    3,085       2,714,800  

TerraForm Power Operating LLC
4.75%, 01/15/30 (Call 01/15/25)(a)(b)

    4,786       4,301,418  

5.00%, 01/31/28 (Call 07/31/27)(a)

    4,137       3,832,336  

Topaz Solar Farms LLC, 5.75%, 09/30/39(a)(b)

    3,513       3,337,687  
   

 

 

 
      18,560,043  
Engineering & Construction — 0.7%            

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

    6,507       6,160,632  

Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)(a)

    3,100       2,672,603  

Artera Services LLC, 9.03%, 12/04/25
(Call 02/04/23)(a)

    6,528       5,455,189  

ATP Tower Holdings LLC/Andean Tower Partners
Colombia SAS/Andean Telecom Par, 4.05%,
04/27/26 (Call 04/27/23)(a)(b)

    772       620,440  

Brand Industrial Services Inc., 8.50%, 07/15/25
(Call 12/01/22)(a)(b)

    6,790       4,881,780  

Brundage-Bone Concrete Pumping Holdings Inc.,
6.00%, 02/01/26 (Call 02/01/23)(a)(b)

    2,612       2,363,860  

Cellnex Finance Co. SA, 3.88%, 07/07/41
(Call 04/07/41)(a)

    3,905       2,390,251  
Security   Par
(000)
    Value  
Engineering & Construction (continued)            

Dycom Industries Inc., 4.50%, 04/15/29
(Call 04/15/24)(a)

  $ 2,747     $ 2,395,741  

Fluor Corp.
3.50%, 12/15/24 (Call 09/15/24)

    2,741       2,606,115  

4.25%, 09/15/28 (Call 06/15/28)(b)

    3,820       3,329,932  

Global Infrastructure Solutions Inc.
5.63%, 06/01/29 (Call 06/01/24)(a)

    2,849       2,106,680  

7.50%, 04/15/32 (Call 04/15/27)(a)

    2,120       1,568,823  

Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29
(Call 06/01/24)(a)(b)

    2,215       1,751,542  

INNOVATE Corp., 8.50%, 02/01/26 (Call 02/01/23)(a)

    2,540       1,879,600  

MasTec Inc., 6.63%, 08/15/29

    2,090       1,985,804  

Promontoria Holding 264 BV, 7.88%, 03/01/27
(Call 03/01/24)(a)(b)

    2,875       2,616,250  

Railworks Holdings LP/Railworks Rally Inc., 8.25%,
11/15/28 (Call 11/15/24)(a)(b)

    2,355       2,164,335  

TopBuild Corp.
3.63%, 03/15/29 (Call 03/15/24)(a)

    3,265       2,594,399  

4.13%, 02/15/32 (Call 10/15/26)(a)(b)

    3,233       2,531,353  

Tutor Perini Corp., 6.88%, 05/01/25 (Call 11/16/22)(a)(b)

    3,237       2,575,815  

VM Consolidated Inc., 5.50%, 04/15/29
(Call 04/15/24)(a)(b)

    2,360       2,060,174  

Weekley Homes LLC/Weekley Finance Corp., 4.88%,
09/15/28 (Call 09/15/23)(a)

    2,825       2,275,419  
   

 

 

 
      58,986,737  
Entertainment — 3.2%            

Affinity Gaming, 6.88%, 12/15/27 (Call 12/01/23)(a)(b)

    4,077       3,403,285  

Allen Media LLC/Allen Media Co-Issuer Inc., 10.50%,
02/15/28 (Call 02/15/23)(a)

    3,843       1,557,376  

AMC Entertainment Holdings Inc.
7.50%, 02/15/29 (Call 02/15/25)(a)

    6,549       4,502,437  

10.00%, 06/15/26 (Call 06/15/23),
(12.00% PIK)(a)(b)(c)

    9,398       4,981,197  

Banijay Entertainment SASU, 5.38%, 03/01/25
(Call 12/01/22)(a)(b)

    2,425       2,247,454  

Boyne USA Inc., 4.75%, 05/15/29 (Call 05/15/24)(a)

    4,790       4,191,250  

Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)(a)(b)

    8,442       6,753,600  

6.25%, 07/01/25 (Call 11/14/22)(a)

    21,667       21,141,190  

8.13%, 07/01/27 (Call 07/01/23)(a)(b)

    11,006       10,703,335  

Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/14/22)(a)(b)

    7,163       6,996,675  

CCM Merger Inc., 6.38%, 05/01/26 (Call 12/01/22)(a)(b)

    1,610       1,468,548  

CDI Escrow Issuer Inc., 5.75%, 04/01/30
(Call 04/01/25)(a)

    8,217       7,415,925  

Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(b)

    3,703       3,258,677  

Cedar Fair LP/Canada’s Wonderland Co./Magnum
Management Corp./Millennium Op

   

5.38%, 04/15/27 (Call 12/01/22)(b)

    2,682       2,527,785  

5.50%, 05/01/25 (Call 12/01/22)(a)

    5,327       5,286,994  

6.50%, 10/01/28 (Call 10/01/23)(b)

    2,235       2,094,207  

Churchill Downs Inc.
4.75%, 01/15/28 (Call 01/15/23)(a)

    5,347       4,725,251  

5.50%, 04/01/27 (Call 12/01/22)(a)(b)

    3,053       2,917,996  

Cinemark USA Inc.
5.25%, 07/15/28 (Call 07/15/24)(a)(b)

    5,285       4,012,293  

5.88%, 03/15/26 (Call 03/15/23)(a)

    2,891       2,433,673  

8.75%, 05/01/25 (Call 12/01/22)(a)(b)

    285       285,793  

Empire Resorts Inc., 7.75%, 11/01/26 (Call 11/01/23)(a)

    1,895       1,554,351  

Everi Holdings Inc., 5.00%, 07/15/29 (Call 07/15/24)(a)

    2,818       2,455,182  

 

 

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

    33  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Entertainment (continued)            

Golden Entertainment Inc., 7.63%, 04/15/26
(Call 12/01/22)(a)(b)

  $  1,853     $  1,820,573  

International Game Technology PLC
4.13%, 04/15/26 (Call 04/15/23)(a)

    4,485       4,162,080  

5.25%, 01/15/29 (Call 01/15/24)(a)(b)

    5,075       4,708,966  

6.25%, 01/15/27 (Call 07/15/26)(a)

    4,585       4,542,635  

6.50%, 02/15/25 (Call 08/15/24)(a)

    5,208       5,212,375  

Jacobs Entertainment Inc., 6.75%, 02/15/29
(Call 02/15/25)(a)(b)

    3,491       3,077,910  

Lions Gate Capital Holdings LLC, 5.50%, 04/15/29
(Call 04/15/24)(a)(b)

    7,109       5,395,660  

Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 01/15/24)(a)(b)

    3,391       2,951,047  

4.75%, 10/15/27 (Call 12/01/22)(a)(b)

    6,745       6,002,510  

4.88%, 11/01/24 (Call 12/01/22)(a)(b)

    3,126       3,036,127  

5.63%, 03/15/26 (Call 12/01/22)(a)(b)

    1,985       1,895,675  

6.50%, 05/15/27 (Call 05/15/23)(a)(b)

    8,271       8,226,438  

Merlin Entertainments Ltd., 5.75%, 06/15/26
(Call 03/17/26)(a)(b)

    2,255       2,096,913  

Midwest Gaming Borrower LLC, 4.88%, 05/01/29
(Call 05/01/24)(a)(b)

    5,250       4,439,598  

Mohegan Gaming & Entertainment
7.88%, 10/15/24 (Call 11/16/22)(a)(b)

    685       690,206  

8.00%, 02/01/26 (Call 02/01/23)(a)

    8,258       6,965,871  

Motion Bondco DAC, 6.63%, 11/15/27
(Call 12/01/22)(a)(b)

    3,355       2,806,726  

Odeon Finco PLC, 12.75%, 11/01/27

    2,775       2,479,851  

Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance Inc., 8.50%, 11/15/27
(Call 11/01/22)(a)(b)

    4,448       4,761,591  

Penn Entertainment Inc., 5.63%, 01/15/27
(Call 12/01/22)(a)(b)

    3,017       2,743,698  

Penn National Gaming Inc., 4.13%, 07/01/29
(Call 07/01/24)(a)(b)

    2,609       2,058,070  

Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.

   

5.63%, 09/01/29 (Call 09/01/24)(a)(b)

    5,100       3,774,000  

5.88%, 09/01/31 (Call 09/01/26)(a)

    5,480       3,883,240  

Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (Call 11/14/22)(a)(b)

    2,235       1,972,387  

Resorts World Las Vegas LLC, 4.63%, 04/06/31
(Call 01/06/31)(a)

    1,945       1,318,404  

Resorts World Las Vegas LLC/RWLV Capital Inc.,
4.63%, 04/16/29 (Call 01/16/29)(a)

    7,170       5,134,073  

Scientific Games Holdings LP/Scientific Games
U.S. FinCo Inc., 6.63%, 03/01/30
(Call 03/01/25)(a)(b)

    5,586       4,800,498  

Scientific Games International Inc.
7.00%, 05/15/28 (Call 05/15/23)(a)(b)

    4,740       4,587,040  

7.25%, 11/15/29 (Call 11/15/24)(a)(b)

    3,617       3,496,554  

8.63%, 07/01/25 (Call 12/01/22)(a)

    2,507       2,575,565  

SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29
(Call 08/15/24)(a)(b)

    5,298       4,557,041  

Six Flags Entertainment Corp.
4.88%, 07/31/24 (Call 12/01/22)(a)(b)

    4,986       4,827,694  

5.50%, 04/15/27 (Call 12/01/22)(a)(b)

    3,778       3,400,200  

Six Flags Theme Parks Inc., 7.00%, 07/01/25
(Call 12/01/22)(a)(b)

    2,511       2,535,558  

Speedway Motorsports LLC/Speedway Funding II Inc.,
4.88%, 11/01/27 (Call 12/01/22)(a)

    2,690       2,337,261  
Security   Par
(000)
    Value  
Entertainment (continued)            

Universal Entertainment Corp., 8.50%, 12/11/24
(Call 12/11/23)(a)(b)

  $  4,700     $ 4,286,776  

Vail Resorts Inc., 6.25%, 05/15/25 (Call 12/01/22)(a)(b)

    3,211       3,194,945  

WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)(a)

    5,260       4,104,851  

3.75%, 12/01/29 (Call 12/01/24)(a)(b)

    3,672       3,056,940  

3.88%, 07/15/30 (Call 07/15/25)(a)(b)

    3,700       3,161,964  

Wynn Resorts Finance LLC/Wynn Resorts
Capital Corp.

   

5.13%, 10/01/29 (Call 07/01/29)(a)(b)

    5,445       4,331,307  

7.75%, 04/15/25 (Call 12/01/22)(a)(b)

    3,546       3,457,456  
   

 

 

 
      261,782,748  
Environmental Control — 0.7%            

Clean Harbors Inc.
4.88%, 07/15/27 (Call 12/01/22)(a)(b)

    3,094       2,911,578  

5.13%, 07/15/29 (Call 07/15/24)(a)(b)

    1,574       1,459,350  

Covanta Holding Corp.
4.88%, 12/01/29 (Call 12/01/24)(a)(b)

    5,510       4,691,490  

5.00%, 09/01/30 (Call 09/01/25)(b)

    2,586       2,153,685  

GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)(a)

    4,987       4,228,078  

3.75%, 08/01/25 (Call 12/01/22)(a)

    4,575       4,323,375  

4.00%, 08/01/28 (Call 08/01/23)(a)(b)

    5,217       4,514,792  

4.25%, 06/01/25 (Call 12/01/22)(a)

    3,032       2,894,832  

4.38%, 08/15/29 (Call 08/15/24)(a)(b)

    3,732       3,160,892  

4.75%, 06/15/29 (Call 06/15/24)(a)(b)

    5,193       4,526,102  

5.13%, 12/15/26 (Call 12/15/22)(a)(b)

    3,488       3,320,157  

Harsco Corp., 5.75%, 07/31/27 (Call 12/01/22)(a)(b)

    3,328       2,361,715  

Madison IAQ LLC
4.13%, 06/30/28 (Call 06/30/24)(a)(b)

    4,733       3,916,558  

5.88%, 06/30/29 (Call 06/30/24)(a)

    7,155       4,901,175  

Stericycle Inc.
3.88%, 01/15/29 (Call 11/15/23)(a)(b)

    3,641       3,162,536  

5.38%, 07/15/24 (Call 11/16/22)(a)(b)

    2,902       2,858,470  

Waste Pro USA Inc., 5.50%, 02/15/26
(Call 12/01/22)(a)(b)

    3,289       3,043,674  
   

 

 

 
      58,428,459  
Food — 2.0%            

Albertsons Companies Inc./Safeway Inc./New
Albertsons LP/Albertsons LLC

   

3.25%, 03/15/26 (Call 12/01/22)(a)

    5,048       4,530,176  

3.50%, 03/15/29 (Call 09/15/23)(a)

    9,198       7,611,345  

4.63%, 01/15/27 (Call 01/15/23)(a)(b)

    8,953       8,296,835  

4.88%, 02/15/30 (Call 02/15/25)(a)(b)

    6,853       6,082,038  

5.88%, 02/15/28 (Call 12/01/22)(a)

    5,103       4,771,305  

7.50%, 03/15/26 (Call 12/01/22)(a)(b)

    3,590       3,679,750  

Aragvi Finance International DAC, 8.45%, 04/29/26
(Call 04/29/24)(a)

    600       416,928  

B&G Foods Inc.
5.25%, 04/01/25 (Call 12/01/22)(b)

    6,134       5,574,395  

5.25%, 09/15/27 (Call 12/01/22)(b)

    4,044       3,392,390  

C&S Group Enterprises LLC, 5.00%, 12/15/28
(Call 12/15/23)(a)(b)

    2,817       2,082,441  

Chobani LLC/Chobani Finance Corp. Inc.
4.63%, 11/15/28 (Call 11/15/23)(a)(b)

    2,598       2,256,567  

7.50%, 04/15/25 (Call 12/01/22)(a)(b)

    4,100       3,874,078  

FAGE International SA/FAGE USA Dairy Industry Inc.,
5.63%, 08/15/26 (Call 12/01/22)(a)(b)

    1,942       1,703,276  

 

 

34  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Food (continued)            

H-Food Holdings LLC/Hearthside Finance Co. Inc.,
8.50%, 06/01/26 (Call 11/14/22)(a)(b)

  $ 2,674     $ 1,559,804  

Ingles Markets Inc., 4.00%, 06/15/31
(Call 06/15/26)(a)(b)

    2,410       2,001,366  

Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)(a)

    6,630       5,787,791  

4.38%, 01/31/32 (Call 01/31/27)(a)

    4,829       4,146,904  

4.88%, 05/15/28 (Call 11/15/27)(a)

    3,149       2,927,210  

Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)(a)(b)

    7,147       6,054,795  

5.50%, 10/15/27 (Call 12/01/22)(a)(b)

    7,081       6,693,103  

6.88%, 05/01/25 (Call 12/01/22)(a)(b)

    664       662,440  

Pilgrim’s Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)(a)(b)

    5,940       4,548,436  

4.25%, 04/15/31 (Call 04/15/26)(a)

    6,814       5,674,778  

5.88%, 09/30/27 (Call 12/01/22)(a)

    5,141       5,025,019  

Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)(a)(b)

    8,552       7,074,214  

4.63%, 04/15/30 (Call 04/15/25)(a)

    10,146       8,561,347  

5.50%, 12/15/29 (Call 12/15/24)(a)

    8,358       7,521,531  

5.63%, 01/15/28 (Call 12/01/22)(a)

    6,298       5,888,000  

5.75%, 03/01/27 (Call 11/16/22)(a)(b)

    3,142       3,037,246  

Safeway Inc., 7.25%, 02/01/31(b)

    1,872       1,805,563  

SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/28
(Call 10/15/23)(a)(b)

    1,912       1,766,954  

Sigma Holdco BV, 7.88%, 05/15/26
(Call 11/11/22)(a)(b)

    3,262       1,998,856  

Simmons Foods Inc./Simmons Prepared
Foods Inc./Simmons Pet Food Inc./Simmons Feed,
4.63%, 03/01/29 (Call 03/01/24)(a)(b)

    5,977       4,987,407  

TreeHouse Foods Inc., 4.00%, 09/01/28
(Call 09/01/23)

    3,391       2,861,156  

U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)(a)(b)

    3,247       2,816,837  

4.75%, 02/15/29 (Call 02/15/24)(a)(b)

    6,235       5,525,769  

6.25%, 04/15/25 (Call 12/01/22)(a)

    5,509       5,482,503  

United Natural Foods Inc., 6.75%, 10/15/28
(Call 10/15/23)(a)

    3,257       3,145,839  
   

 

 

 
      161,826,392  
Food Service — 0.3%            

Aramark Services Inc.
5.00%, 04/01/25 (Call 12/01/22)(a)

    3,455       3,339,925  

5.00%, 02/01/28 (Call 02/01/23)(a)(b)

    8,001       7,289,751  

6.38%, 05/01/25 (Call 12/01/22)(a)(b)

    10,055       9,946,984  

TKC Holdings Inc.
6.88%, 05/15/28 (Call 05/15/24)(a)(b)

    3,164       2,626,120  

10.50%, 05/15/29 (Call 05/15/24)(a)(b)

    4,553       3,232,964  
   

 

 

 
      26,435,744  
Forest Products & Paper — 0.3%            

Ahlstrom-Munksjo Holding 3 Oy, 4.88%, 02/04/28
(Call 02/04/24)(a)

    1,860       1,480,773  

Clearwater Paper Corp.
4.75%, 08/15/28 (Call 08/15/23)(a)

    2,082       1,817,196  

5.38%, 02/01/25(a)(b)

    735       713,547  

Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)(a)

    4,420       3,755,781  

Glatfelter Corp., 4.75%, 11/15/29
(Call 11/01/24)(a)(b)

    3,490       2,246,688  

Mercer International Inc.
5.13%, 02/01/29 (Call 02/01/24)

    6,136       5,039,190  

5.50%, 01/15/26 (Call 12/01/22)

    1,507       1,411,840  
Security   Par
(000)
    Value  
Forest Products & Paper (continued)            

Resolute Forest Products Inc., 4.88%, 03/01/26
(Call 03/01/23)(a)(b)

  $ 2,525     $ 2,492,528  

Sylvamo Corp., 7.00%, 09/01/29 (Call 09/01/24)(a)(b)

    3,114       2,893,705  
   

 

 

 
      21,851,248  
Gas — 0.2%            

AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)

    4,661       4,463,886  

5.63%, 05/20/24 (Call 03/20/24)

    3,207       3,133,827  

5.75%, 05/20/27 (Call 02/20/27)

    3,798       3,502,440  

5.88%, 08/20/26 (Call 05/20/26)

    5,062       4,735,512  
   

 

 

 
      15,835,665  
Hand & Machine Tools — 0.0%            

Werner FinCo LP/Werner FinCo Inc., 8.75%, 07/15/25
(Call 11/14/22)(a)(b)

    1,730       1,461,850  
   

 

 

 
Health Care - Products — 0.8%            

Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)(a)(b)

    5,450       4,598,729  

4.63%, 07/15/28 (Call 07/15/23)(a)(b)

    10,266       9,277,487  

Garden Spinco Corp., 8.63%, 07/20/30
(Call 07/20/27)(a)

    2,900       2,982,810  

Hologic Inc.
3.25%, 02/15/29 (Call 09/28/23)(a)(b)

    6,109       5,191,428  

4.63%, 02/01/28 (Call 02/01/23)(a)(b)

    2,352       2,199,120  

Mozart Debt Merger Sub Inc.
3.88%, 04/01/29 (Call 10/01/24)(a)

    30,352       24,797,584  

5.25%, 10/01/29 (Call 10/01/24)(a)(b)

    17,214       13,405,402  

Teleflex Inc.
4.25%, 06/01/28 (Call 06/01/23)(a)

    3,062       2,770,498  

4.63%, 11/15/27 (Call 11/16/22)(b)

    3,138       2,957,094  
   

 

 

 
      68,180,152  
Health Care - Services — 4.5%            

Acadia Healthcare Co. Inc.
5.00%, 04/15/29 (Call 10/15/23)(a)(b)

    3,616       3,263,259  

5.50%, 07/01/28 (Call 07/01/23)(a)(b)

    3,119       2,893,808  

AHP Health Partners Inc., 5.75%, 07/15/29
(Call 07/15/24)(a)(b)

    2,210       1,690,650  

Air Methods Corp., 8.00%, 05/15/25
(Call 12/01/22)(a)(b)

    2,242       1,160,507  

Akumin Escrow Inc., 7.50%, 08/01/28
(Call 08/01/24)(a)

    2,624       1,885,445  

Akumin Inc., 7.00%, 11/01/25 (Call 12/01/22)(a)

    3,235       2,616,124  

Cano Health LLC, 6.25%, 10/01/28
(Call 10/01/24)(a)(b)

    2,205       1,770,784  

Catalent Pharma Solutions Inc.
3.13%, 02/15/29 (Call 02/15/24)(a)(b)

    3,659       2,994,160  

3.50%, 04/01/30 (Call 04/01/25)(a)(b)

    4,841       3,909,108  

5.00%, 07/15/27 (Call 12/01/22)(a)(b)

    3,074       2,890,083  

Centene Corp. 2.45%, 07/15/28 (Call 05/15/28)(b)

    14,272       11,738,720  

2.50%, 03/01/31 (Call 12/01/30)

    6,217       4,771,548  

2.63%, 08/01/31 (Call 05/01/31)

    7,765       5,942,011  

3.00%, 10/15/30 (Call 07/15/30)

    13,424       10,806,320  

3.38%, 02/15/30 (Call 02/15/25)

    12,346       10,257,057  

4.25%, 12/15/27 (Call 12/15/22)

    15,244       14,062,590  

4.63%, 12/15/29 (Call 12/15/24)

    4,050       3,665,250  

Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 03/15/24)(a)

    3,035       2,625,275  

4.00%, 03/15/31 (Call 03/15/26)(a)(b)

    3,250       2,733,989  

4.25%, 05/01/28 (Call 05/01/23)(a)(b)

    3,657       3,326,773  

 

 

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

    35  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Health Care - Services (continued)            

CHS/Community Health Systems Inc.
4.75%, 02/15/31 (Call 02/15/26)(a)

  $ 7,183     $ 4,812,107  

5.25%, 05/15/30 (Call 05/15/25)(a)(b)

    10,532       7,293,410  

5.63%, 03/15/27 (Call 12/15/23)(a)(b)

    12,960       10,327,435  

6.00%, 01/15/29 (Call 01/15/24)(a)(b)

    6,365       4,724,994  

6.13%, 04/01/30 (Call 04/01/25)(a)(b)

    8,750       3,587,500  

6.88%, 04/01/28 (Call 04/01/23)(a)(b)

    4,812       1,831,808  

6.88%, 04/15/29 (Call 04/15/24)(a)(b)

        11,208       4,510,086  

8.00%, 03/15/26 (Call 12/01/22)(a)(b)

    14,344           12,371,700  

8.00%, 12/15/27 (Call 12/15/22)(a)

    5,041       4,081,345  

DaVita Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)

    10,453       7,557,833  

4.63%, 06/01/30 (Call 06/01/25)(a)

    18,415       14,356,794  

Encompass Health Corp.
4.50%, 02/01/28 (Call 02/01/23)(b)

    5,895       5,275,435  

4.63%, 04/01/31 (Call 04/01/26)

    2,542       2,097,150  

4.75%, 02/01/30 (Call 02/01/25)(b)

    5,406       4,608,615  

5.75%, 09/15/25 (Call 12/01/22)(b)

    1,007       997,830  

Envision Healthcare Corp., 8.75%, 10/15/26
(Call 12/01/22)(a)

    3,500       1,050,000  

Global Medical Response Inc., 6.50%, 10/01/25
(Call 11/03/22)(a)(b)

    4,380       3,482,100  

Hadrian Merger Sub Inc., 8.50%, 05/01/26
(Call 12/01/22)(a)(b)

    2,099       1,910,090  

IQVIA Inc.
5.00%, 10/15/26 (Call 12/01/22)(a)(b)

    6,471       6,168,675  

5.00%, 05/15/27 (Call 12/01/22)(a)(b)

    7,083       6,749,249  

Legacy LifePoint Health LLC
4.38%, 02/15/27 (Call 12/01/22)(a)(b)

    4,402       3,470,876  

6.75%, 04/15/25 (Call 12/01/22)(a)(b)

    2,710       2,398,350  

Lifepoint Health Inc., 5.38%, 01/15/29
(Call 01/15/24)(a)(b)

    3,446       2,201,512  

ModivCare Escrow Issuer Inc., 5.00%, 10/01/29
(Call 10/01/24)(a)

    3,465       2,948,908  

ModivCare Inc., 5.88%, 11/15/25
(Call 12/01/22)(a)(b)

    3,390       3,220,247  

Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)(a)

    4,075       3,462,924  

3.88%, 05/15/32 (Call 02/15/32)(a)(b)

    5,162       4,305,108  

4.38%, 06/15/28 (Call 06/15/23)(a)(b)

    5,165       4,632,282  

Pediatrix Medical Group Inc., 5.38%, 02/15/30
(Call 02/15/25)(a)(b)

    3,029       2,604,940  

Prime Healthcare Services Inc., 7.25%, 11/01/25
(Call 12/01/22)(a)(b)

    6,150       5,360,094  

Quorum Health Corp., 11.63%, 04/15/23(f)(g)

    1,183        

Radiology Partners Inc., 9.25%, 02/01/28
(Call 02/01/23)(a)(b)

    4,881       2,582,049  

RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)(a)(b)

    9,827       7,835,067  

RP Escrow Issuer LLC, 5.25%, 12/15/25
(Call 12/15/22)(a)(b)

    5,279       3,947,318  

Select Medical Corp., 6.25%, 08/15/26
(Call 12/01/22)(a)(b)

    8,207       7,823,200  

Surgery Center Holdings Inc.
6.75%, 07/01/25 (Call 12/01/22)(a)(b)

    3,108       2,921,842  

10.00%, 04/15/27 (Call 12/01/22)(a)(b)

    2,689       2,609,123  

Syneos Health Inc., 3.63%, 01/15/29
(Call 01/15/24)(a)

    3,870       3,205,080  

Team Health Holdings Inc., 6.38%, 02/01/25
(Call 11/16/22)(a)(b)

    5,004       3,778,020  

Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)(a)(b)

    9,745       8,210,162  
Security   Par
(000)
    Value  
Health Care - Services (continued)            

4.38%, 01/15/30 (Call 12/01/24)(a)

  $ 9,860     $ 8,272,540  

4.63%, 07/15/24 (Call 12/01/22)(b)

    4,086       3,983,850  

4.63%, 09/01/24 (Call 11/16/22)(a)(b)

    3,513       3,391,204  

4.63%, 06/15/28 (Call 06/15/23)(a)(b)

    4,289       3,763,575  

4.88%, 01/01/26 (Call 12/01/22)(a)

    13,715       12,960,675  

5.13%, 11/01/27 (Call 12/01/22)(a)

    10,373       9,556,126  

6.13%, 10/01/28 (Call 10/01/23)(a)(b)

        16,935           14,657,242  

6.13%, 06/15/30 (Call 06/15/25)(a)

    13,699       12,646,095  

6.25%, 02/01/27 (Call 12/01/22)(a)(b)

    10,274       9,804,684  

6.88%, 11/15/31(b)

    2,558       2,171,103  

U.S. Acute Care Solutions LLC, 6.38%, 03/01/26
(Call 03/01/23)(a)

    4,817       4,367,429  

US Renal Care Inc., 10.63%, 07/15/27
(Call 12/01/22)(a)

    2,949       1,170,771  
   

 

 

 
      367,060,013  
Holding Companies - Diversified — 0.6%            

Compass Group Diversified Holdings LLC
5.00%, 01/15/32 (Call 01/15/27)(a)

    2,250       1,639,968  

5.25%, 04/15/29 (Call 04/15/24)(a)(b)

    6,661       5,728,460  

Icahn Enterprises LP/Icahn Enterprises Finance Corp.
4.38%, 02/01/29 (Call 08/01/28)(b)

    5,302       4,426,481  

4.75%, 09/15/24 (Call 06/15/24)

    6,576       6,399,303  

5.25%, 05/15/27 (Call 11/15/26)

    10,080       9,287,611  

6.25%, 05/15/26 (Call 12/01/22)

    8,688       8,344,824  

6.38%, 12/15/25 (Call 12/01/22)

    4,686       4,548,934  

Stena AB, 7.00%, 02/01/24(a)(b)

    1,706       1,602,150  

Stena International SA
5.75%, 03/01/24(a)

    1,289       1,208,439  

6.13%, 02/01/25 (Call 11/11/22)(a)(b)

    3,245       3,035,551  
   

 

 

 
      46,221,721  
Home Builders — 1.1%            

Ashton Woods USA LLC/Ashton Woods Finance Co.
4.63%, 08/01/29 (Call 08/01/24)(a)

    2,483       1,865,354  

4.63%, 04/01/30 (Call 04/01/25)(a)

    2,655       1,970,302  

6.63%, 01/15/28 (Call 01/15/23)(a)

    1,725       1,464,637  

Beazer Homes USA Inc.
5.88%, 10/15/27 (Call 11/16/22)(b)

    2,302       1,933,680  

7.25%, 10/15/29 (Call 10/15/24)(b)

    2,623       2,170,532  

Brookfield Residential Properties Inc./Brookfield
Residential U.S. LLC

   

4.88%, 02/15/30 (Call 02/15/25)(a)

    3,491       2,684,348  

5.00%, 06/15/29 (Call 06/15/24)(a)(b)

    2,591       1,951,619  

6.25%, 09/15/27 (Call 12/01/22)(a)(b)

    4,139       3,611,277  

Century Communities Inc.
3.88%, 08/15/29 (Call 02/15/29)(a)

    3,410       2,685,511  

6.75%, 06/01/27 (Call 12/01/22)

    3,497       3,338,236  

Empire Communities Corp., 7.00%, 12/15/25
(Call 12/15/22)(a)

    3,332       2,872,254  

Forestar Group Inc.
3.85%, 05/15/26 (Call 05/15/23)(a)

    2,735       2,328,087  

5.00%, 03/01/28 (Call 03/01/23)(a)(b)

    2,097       1,730,628  

Installed Building Products Inc., 5.75%, 02/01/28
(Call 02/01/23)(a)(b)

    2,286       2,020,252  

K Hovnanian Enterprises Inc., 10.50%, 02/15/26
(Call 12/01/22)(a)

    55       53,075  

KB Home
4.00%, 06/15/31 (Call 12/15/30)

    2,415       1,829,362  

4.80%, 11/15/29 (Call 05/15/29)(b)

    2,381       1,943,559  

6.88%, 06/15/27 (Call 12/15/26)(b)

    1,855       1,794,193  

 

 

36  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Home Builders (continued)            

7.25%, 07/15/30 (Call 07/15/25)

  $     2,777     $ 2,565,254  

LGI Homes Inc., 4.00%, 07/15/29
(Call 01/15/29)(a)

    2,364       1,812,739  

M/I Homes Inc.
3.95%, 02/15/30 (Call 08/15/29)

    2,381       1,768,098  

4.95%, 02/01/28 (Call 02/01/23)

    2,600       2,230,774  

Mattamy Group Corp.
4.63%, 03/01/30 (Call 03/01/25)(a)

    4,286       3,341,998  

5.25%, 12/15/27 (Call 12/15/22)(a)(b)

    3,056       2,611,199  

Meritage Homes Corp.
3.88%, 04/15/29 (Call 10/15/28)(a)(b)

    3,234       2,599,166  

5.13%, 06/06/27 (Call 12/06/26)

    2,208       1,977,051  

6.00%, 06/01/25 (Call 03/01/25)

    1,827       1,773,917  

New Home Co. Inc. (The), 7.25%, 10/15/25
(Call 12/01/22)(a)(b)

    2,090       1,618,739  

Shea Homes LP/Shea Homes Funding Corp.
4.75%, 02/15/28 (Call 02/15/23)(a)(b)

    3,090       2,606,384  

4.75%, 04/01/29 (Call 04/01/24)(a)(b)

    2,095       1,707,886  

Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)(a)(b)

    3,501       2,904,731  

5.75%, 01/15/28 (Call 10/15/27)(a)

    3,109       2,849,632  

5.88%, 06/15/27 (Call 03/15/27)(a)

    4,036       3,784,759  

Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%, 03/01/24 (Call 12/01/23)(a)(b)

    587       574,322  

Thor Industries Inc., 4.00%, 10/15/29
(Call 10/15/24)(a)

    3,717       3,006,235  

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

    1,964       1,930,198  

Tri Pointe Homes Inc.
5.25%, 06/01/27 (Call 12/01/26)(b)

    2,184       1,878,270  

5.70%, 06/15/28 (Call 12/15/27)

    2,607       2,258,653  

Winnebago Industries Inc., 6.25%, 07/15/28
(Call 07/15/23)(a)(b)

    2,290       2,130,966  
   

 

 

 
          86,177,877  
Home Furnishings — 0.1%            

Tempur Sealy International Inc.
3.88%, 10/15/31 (Call 10/15/26)(a)

    5,425       4,073,416  

4.00%, 04/15/29 (Call 04/15/24)(a)(b)

    5,290       4,254,035  
   

 

 

 
      8,327,451  
Household Products & Wares — 0.3%            

ACCO Brands Corp., 4.25%, 03/15/29
(Call 03/15/24)(a)(b)

    4,164       3,308,298  

Central Garden & Pet Co.
4.13%, 10/15/30 (Call 10/15/25)(b)

    3,415       2,822,741  

4.13%, 04/30/31 (Call 04/30/26)(a)

    2,690       2,232,700  

5.13%, 02/01/28 (Call 01/01/23)(b)

    1,855       1,697,127  

Kronos Acquisition Holdings Inc./KIK Custom Products Inc.

   

5.00%, 12/31/26 (Call 06/30/23)(a)

    3,355       3,041,207  

7.00%, 12/31/27 (Call 12/31/23)(a)(b)

    3,500       2,940,000  

Spectrum Brands Inc.
3.88%, 03/15/31 (Call 03/15/26)(a)(b)

    3,288       2,424,900  

5.00%, 10/01/29 (Call 10/01/24)(a)(b)

    2,366       1,940,120  

5.50%, 07/15/30 (Call 07/15/25)(a)(b)

    1,961       1,574,226  

5.75%, 07/15/25 (Call 12/01/22)(b)

    2,300       2,269,364  
   

 

 

 
      24,250,683  
Housewares — 0.5%            

American Greetings Corp., 8.75%, 04/15/25
(Call 12/01/22)(a)

    1,559       1,488,830  

CD&R Smokey Buyer Inc., 6.75%, 07/15/25
(Call 12/01/22)(a)(b)

    4,981       4,735,138  
Security   Par
(000)
    Value  
Housewares (continued)            

Newell Brands Inc.
4.45%, 04/01/26 (Call 01/01/26)

  $     13,123     $     12,211,608  

4.88%, 06/01/25 (Call 05/01/25)

    3,052       2,946,583  

5.63%, 04/01/36 (Call 10/01/35)

    2,880       2,392,992  

5.75%, 04/01/46 (Call 10/01/45)

    4,602       3,541,239  

6.38%, 09/15/27 (Call 06/15/27)

    3,385       3,307,992  

6.63%, 09/15/29 (Call 06/15/29)(b)

    3,500       3,421,250  

Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)(b)

    3,512       2,690,543  

4.38%, 02/01/32 (Call 08/01/26)

    3,108       2,352,242  

4.50%, 10/15/29 (Call 10/15/24)(b)

    2,666       2,160,913  

5.25%, 12/15/26 (Call 11/16/22)(b)

    574       533,820  

SWF Escrow Issuer Corp., 6.50%, 10/01/29
(Call 10/01/24)(a)

    4,296       2,470,200  
   

 

 

 
      44,253,350  
Insurance — 1.3%            

Acrisure LLC/Acrisure Finance Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)

    4,903       4,003,839  

6.00%, 08/01/29 (Call 08/01/24)(a)

    3,350       2,777,234  

7.00%, 11/15/25 (Call 12/01/22)(a)(b)

    6,908       6,492,825  

10.13%, 08/01/26 (Call 12/01/22)(a)(b)

    2,554       2,531,022  

Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer

   

4.25%, 10/15/27 (Call 10/15/23)(a)(b)

    4,962       4,466,395  

5.88%, 11/01/29 (Call 11/01/24)(a)

    3,415       2,877,237  

6.75%, 10/15/27 (Call 12/01/22)(a)(b)

    9,277       8,465,263  

AmWINS Group Inc., 4.88%, 06/30/29
(Call 06/30/24)(a)(b)

    5,500       4,701,626  

Assurant Inc., 7.00%, 03/27/48 (Call 03/27/28),
(3 mo. LIBOR US + 4.135%)(d)

    3,083       2,934,831  

AssuredPartners Inc.
5.63%, 01/15/29 (Call 12/15/23)(a)(b)

    3,908       3,214,330  

7.00%, 08/15/25 (Call 12/01/22)(a)

    3,155       3,023,036  

BroadStreet Partners Inc., 5.88%, 04/15/29
(Call 04/15/24)(a)(b)

    5,310       4,261,665  

Enstar Finance LLC
5.50%, 01/15/42 (Call 01/15/27)(b)(d)

    4,110       3,229,391  

5.75%, 09/01/40 (Call 09/01/25)(b)(d)

    1,633       1,447,462  

Genworth Holdings Inc., 6.50%, 06/15/34

    2,230       1,850,900  

Global Atlantic Fin Co., 4.70%, 10/15/51
(Call 07/15/26)(a)(d)

    4,855       3,576,170  

GTCR AP Finance Inc., 8.00%, 05/15/27
(Call 12/01/22)(a)(b)

    3,475       3,310,576  

Hub International Ltd.
5.63%, 12/01/29 (Call 12/01/24)(a)(b)

    4,275       3,665,770  

7.00%, 05/01/26 (Call 11/14/22)(a)(b)

    9,782       9,659,725  

Liberty Mutual Group Inc.
4.13%, 12/15/51 (Call 09/15/26)(a)(b)(d)

    3,520       2,640,000  

4.30%, 02/01/61 (Call 02/01/26)(a)(b)

    4,860       2,863,123  

7.80%, 03/07/87(a)(b)

    2,997       3,299,113  

MGIC Investment Corp., 5.25%, 08/15/28
(Call 08/15/23)

    4,797       4,351,982  

NMI Holdings Inc., 7.38%, 06/01/25
(Call 03/30/25)(a)(b)

    2,272       2,269,819  

Ohio National Financial Services Inc.
5.80%, 01/24/30 (Call 10/24/29)(a)

    2,850       2,570,350  

6.63%, 05/01/31(a)(b)

    1,650       1,549,861  

Ryan Specialty Group LLC, 4.38%, 02/01/30
(Call 02/01/25)(a)

    2,713       2,319,615  

 

 

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

    37  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Insurance (continued)            

USI Inc./NY, 6.88%, 05/01/25
(Call 12/01/22)(a)(b)

  $ 3,524     $ 3,418,224  
   

 

 

 
      101,771,384  
Internet — 1.7%            

Acuris Finance Us Inc./Acuris Finance SARL, 5.00%, 05/01/28 (Call 05/01/24)(a)

    2,870       2,324,700  

ANGI Group LLC, 3.88%, 08/15/28
(Call 08/15/23)(a)(b)

    3,623       2,653,956  

Arches Buyer Inc.
4.25%, 06/01/28 (Call 12/01/23)(a)

    6,925       5,680,993  

6.13%, 12/01/28 (Call 12/01/23)(a)(b)

    3,362       2,592,186  

Cablevision Lightpath LLC
3.88%, 09/15/27 (Call 09/15/23)(a)(b)

    2,991       2,543,051  

5.63%, 09/15/28 (Call 09/15/23)(a)(b)

    2,765       2,198,286  

Cars.com Inc., 6.38%, 11/01/28
(Call 11/01/23)(a)(b)

    2,939       2,546,585  

Cogent Communications Group Inc.
3.50%, 05/01/26 (Call 02/01/26)(a)(b)

    2,640       2,382,600  

7.00%, 06/15/27 (Call 06/15/24)(a)

    3,375       3,204,216  

Endurance International Group Holdings Inc., 6.00%, 02/15/29 (Call 02/15/24)(a)

    4,659       3,110,251  

Getty Images Inc., 9.75%, 03/01/27
(Call 11/16/22)(a)(b)

    1,998       1,976,961  

Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 03/01/24)(a)

    5,366       4,450,185  

5.25%, 12/01/27 (Call 12/01/22)(a)(b)

    3,449       3,229,018  

GrubHub Holdings Inc., 5.50%, 07/01/27
(Call 11/14/22)(a)

    3,612       2,421,187  

ION Trading Technologies Sarl, 5.75%, 05/15/28 (Call 05/15/24)(a)(b)

    3,310       2,663,160  

Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)(a)

    3,745       2,854,664  

4.13%, 08/01/30 (Call 05/01/25)(a)

    3,462       2,828,471  

4.63%, 06/01/28 (Call 06/01/23)(a)(b)

    3,292       2,925,370  

5.00%, 12/15/27 (Call 12/15/22)(a)(b)

    2,922       2,607,198  

5.63%, 02/15/29 (Call 02/15/24)(a)(b)

    1,894       1,678,137  

Millennium Escrow Corp., 6.63%, 08/01/26
(Call 08/01/23)(a)(b)

    5,559       4,002,480  

Northwest Fiber LLC/Northwest Fiber Finance Sub Inc.
4.75%, 04/30/27 (Call 10/15/23)(a)(b)

    2,530       2,274,315  

6.00%, 02/15/28 (Call 02/15/24)(a)(b)

    2,080       1,631,843  

10.75%, 06/01/28 (Call 06/01/23)(a)(b)

    1,665       1,563,019  

NortonLifeLock Inc.
5.00%, 04/15/25 (Call 11/14/22)(a)

    6,274       6,088,446  

6.75%, 09/30/27 (Call 09/30/24)(a)

    6,250       6,161,219  

7.13%, 09/30/30 (Call 09/30/25)(a)

    4,075       4,005,684  

Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 12/01/22)(a)

    5,209       3,427,887  

Rakuten Group Inc.
5.13%, (Call 04/22/26)(a)(b)(d)(e)

    5,150       3,746,110  

6.25%, (Call 04/22/31)(a)(b)(d)(e)

    6,975       4,692,082  

TripAdvisor Inc., 7.00%, 07/15/25
(Call 11/14/22)(a)(b)

    2,973       2,938,283  

Twitter Inc.
3.88%, 12/15/27 (Call 09/15/27)(a)

    4,228       4,264,995  

5.00%, 03/01/30 (Call 12/01/29)(a)

    6,208       6,242,053  

Uber Technologies Inc.
4.50%, 08/15/29 (Call 08/15/24)(a)(b)

        10,202       8,745,154  

6.25%, 01/15/28 (Call 09/15/23)(a)(b)

    3,419       3,248,050  

7.50%, 05/15/25 (Call 12/01/22)(a)

    5,601       5,603,800  

7.50%, 09/15/27 (Call 12/01/22)(a)(b)

    8,322       8,320,076  

Ziff Davis Inc., 4.63%, 10/15/30
(Call 10/15/25)(a)(b)

    3,213       2,715,692  
   

 

 

 
          136,542,363  
Security   Par
(000)
    Value  
Iron & Steel — 0.7%            

Allegheny Technologies Inc.
4.88%, 10/01/29 (Call 10/01/24)(b)

  $ 2,389     $ 2,008,730  

5.13%, 10/01/31 (Call 10/01/26)(b)

    2,380       1,962,096  

5.88%, 12/01/27 (Call 12/01/22)

    2,510       2,281,429  

Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26
(Call 12/01/22)(a)(b)

    3,830       3,479,372  

Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (Call 09/15/23)(a)(b)

    5,113       4,808,546  

Carpenter Technology Corp.
6.38%, 07/15/28 (Call 07/15/23)

    2,672       2,468,407  

7.63%, 03/15/30 (Call 03/15/25)(b)

    2,366       2,312,150  

Cleveland-Cliffs Inc.
4.63%, 03/01/29 (Call 03/01/24)(a)(b)

    2,950       2,540,098  

4.88%, 03/01/31 (Call 03/01/26)(a)(b)

    2,240       1,891,904  

5.88%, 06/01/27 (Call 12/01/22)(b)

    3,691       3,432,630  

6.75%, 03/15/26 (Call 12/01/22)(a)

    3,918       3,888,615  

Commercial Metals Co.
3.88%, 02/15/31 (Call 02/15/26)(b)

    1,978       1,602,180  

4.13%, 01/15/30 (Call 01/15/25)

    2,413       2,027,399  

4.38%, 03/15/32 (Call 03/15/27)

    1,810       1,475,814  

Infrabuild Australia Pty Ltd., 12.00%, 10/01/24
(Call 12/01/22)(a)(b)

    2,488       2,307,620  

Mineral Resources Ltd.
8.00%, 11/01/27 (Call 11/01/24)(a)

    4,155       4,087,315  

8.13%, 05/01/27 (Call 12/01/22)(a)

    4,159       4,138,205  

8.50%, 05/01/30 (Call 05/01/25)(a)(b)

    4,431       4,357,240  

TMS International Corp./DE, 6.25%, 04/15/29
(Call 04/15/24)(a)(b)

    2,664       1,868,327  

U.S. Steel Corp.
6.65%, 06/01/37(b)

    1,797       1,497,217  

6.88%, 03/01/29 (Call 03/01/24)(b)

    3,650       3,349,496  
   

 

 

 
      57,784,790  
Leisure Time — 2.4%            

Carnival Corp.
4.00%, 08/01/28 (Call 05/01/28)(a)

        16,509           13,300,889  

5.75%, 03/01/27 (Call 12/01/26)(a)(b)

    23,155       16,046,068  

6.00%, 05/01/29 (Call 11/01/24)(a)

    13,530       8,974,009  

7.63%, 03/01/26 (Call 03/01/24)(a)(b)

    9,765       7,342,792  

9.88%, 08/01/27 (Call 02/01/24)(a)

    6,093       5,681,722  

10.50%, 02/01/26 (Call 08/01/23)(a)(b)

    4,384       4,296,145  

10.50%, 06/01/30 (Call 06/01/25)(a)(b)

    6,949       5,385,475  

Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28

    13,525       13,695,144  

Constellation Merger Sub Inc., 8.50%, 09/15/25
(Call 12/01/22)(a)(b)

    2,984       2,640,840  

Life Time Inc.
5.75%, 01/15/26 (Call 01/15/23)(a)(b)

    6,477       6,023,610  

8.00%, 04/15/26 (Call 02/01/23)(a)(b)

    3,427       2,987,842  

Lindblad Expeditions LLC, 6.75%, 02/15/27
(Call 02/15/24)(a)(b)

    2,505       2,228,439  

MajorDrive Holdings IV LLC, 6.38%, 06/01/29
(Call 06/01/24)(a)

    3,705       2,610,914  

NCL Corp. Ltd.
3.63%, 12/15/24 (Call 11/14/22)(a)(b)

    3,447       2,990,987  

5.88%, 03/15/26 (Call 12/15/25)(a)

    9,834       8,051,587  

5.88%, 02/15/27 (Call 02/15/24)(a)(b)

    6,897       6,155,572  

7.75%, 02/15/29 (Call 11/15/28)(a)(b)

    4,115       3,278,132  

NCL Finance Ltd., 6.13%, 03/15/28
(Call 12/15/27)(a)(b)

    3,607       2,804,442  

Royal Caribbean Cruises Ltd.
3.70%, 03/15/28 (Call 12/15/27)(b)

    3,411       2,472,975  

4.25%, 07/01/26 (Call 01/01/26)(a)(b)

    4,217       3,352,726  

 

 

38  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Leisure Time (continued)            

5.38%, 07/15/27 (Call 10/15/26)(a)(b)

  $ 6,976     $ 5,422,556  

5.50%, 08/31/26 (Call 02/28/26)(a)(b)

    6,750       5,518,800  

5.50%, 04/01/28 (Call 10/01/27)(a)(b)

        10,320       7,946,400  

7.50%, 10/15/27(b)

    1,827       1,514,574  

8.25%, 01/15/29 (Call 04/01/25)(a)

    7,205       7,181,404  

9.25%, 01/15/29 (Call 04/01/25)(a)(b)

    6,725       6,825,875  

11.50%, 06/01/25 (Call 11/11/22)(a)(b)

    8,111       8,735,304  

11.63%, 08/15/27 (Call 08/15/24)(a)(b)

    8,820       8,457,851  

Viking Cruises Ltd.
5.88%, 09/15/27 (Call 12/01/22)(a)(b)

    5,553       4,388,241  

6.25%, 05/15/25 (Call 12/01/22)(a)(b)

    1,839       1,609,125  

7.00%, 02/15/29 (Call 02/15/24)(a)(b)

    3,402       2,698,997  

13.00%, 05/15/25 (Call 11/16/22)(a)(b)

    3,569       3,836,675  

Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (Call 02/15/24)(a)

    2,370       1,847,486  

Vista Outdoor Inc., 4.50%, 03/15/29
(Call 03/15/24)(a)

    3,472       2,712,812  

VOC Escrow Ltd., 5.00%, 02/15/28
(Call 02/15/23)(a)

    4,790       3,943,320  
   

 

 

 
          192,959,730  
Lodging — 1.9%            

Arrow Bidco LLC, 9.50%, 03/15/24
(Call 12/01/22)(a)(b)

    747       750,638  

Boyd Gaming Corp.
4.75%, 12/01/27 (Call 12/01/22)(b)

    6,715       6,186,664  

4.75%, 06/15/31 (Call 06/15/26)(a)(b)

    5,935       5,013,532  

Full House Resorts Inc., 8.25%, 02/15/28
(Call 02/15/24)(a)(b)

    3,118       2,712,660  

Genting New York LLC, 3.30%, 02/15/26
(Call 01/15/26)(a)

    3,676       3,222,725  

Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)(a)

    10,342       8,234,817  

3.75%, 05/01/29 (Call 05/01/24)(a)(b)

    5,441       4,635,215  

4.00%, 05/01/31 (Call 05/01/26)(a)

    7,475       6,248,708  

4.88%, 01/15/30 (Call 01/15/25)(b)

    6,806       6,099,877  

5.38%, 05/01/25 (Call 11/14/22)(a)

    1,949       1,919,765  

5.75%, 05/01/28 (Call 05/01/23)(a)(b)

    3,614       3,487,510  

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc

   

4.88%, 07/01/31 (Call 07/01/26)(a)(b)

    3,415       2,791,762  

5.00%, 06/01/29 (Call 06/01/24)(a)(b)

    6,160       5,283,001  

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22)(b)

    3,912       3,716,400  

Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 05/25/25)

    3,410       3,088,301  

3.20%, 08/08/24 (Call 07/08/24)

    11,535       10,983,412  

3.50%, 08/18/26 (Call 06/18/26)

    6,825       5,961,140  

3.90%, 08/08/29 (Call 05/08/29)

    5,232       4,228,967  

Marriott Ownership Resorts Inc.
4.50%, 06/15/29 (Call 06/15/24)(a)

    3,638       3,045,825  

4.75%, 01/15/28 (Call 12/01/22)(b)

    2,737       2,362,566  

6.13%, 09/15/25 (Call 12/01/22)(a)(b)

    669       661,420  

MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)(b)

    2,776       2,533,100  

4.75%, 10/15/28 (Call 07/15/28)(b)

    5,126       4,444,409  

5.50%, 04/15/27 (Call 01/15/27)

    4,674       4,304,988  

5.75%, 06/15/25 (Call 03/15/25)(b)

    4,291       4,162,270  

6.75%, 05/01/25 (Call 12/01/22)(b)

    4,305       4,250,025  

Station Casinos LLC
4.50%, 02/15/28 (Call 02/15/23)(a)

    4,507       3,882,780  

4.63%, 12/01/31 (Call 06/01/31)(a)(b)

    3,885       3,086,732  
Security   Par
(000)
    Value  
Lodging (continued)            

Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 12/01/22)(a)(b)

  $ 1,372     $ 1,282,723  

Travel + Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)(a)(b)

    4,775       3,891,625  

4.63%, 03/01/30 (Call 12/01/29)(a)

    2,361       1,905,834  

5.65%, 04/01/24 (Call 02/01/24)

    813       799,676  

6.00%, 04/01/27 (Call 01/01/27)(b)

    3,162       2,952,375  

6.60%, 10/01/25 (Call 07/01/25)

    2,213       2,163,318  

6.63%, 07/31/26 (Call 04/30/26)(a)

    4,348       4,233,691  

Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28
(Call 08/15/23)(a)(b)

    3,262       2,871,604  

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

    6,497       5,651,091  

5.50%, 03/01/25 (Call 12/01/24)(a)(b)

        11,856       11,221,467  
   

 

 

 
      154,272,613  
Machinery — 0.7%            

ATS Automation Tooling Systems Inc., 4.13%, 12/15/28 (Call 12/15/23)(a)(b)

    2,166       1,851,930  

BWX Technologies Inc.
4.13%, 06/30/28 (Call 06/30/23)(a)(b)

    2,179       1,906,625  

4.13%, 04/15/29 (Call 04/15/24)(a)(b)

    3,000       2,593,800  

GrafTech Finance Inc., 4.63%, 12/15/28
(Call 12/15/23)(a)(b)

    3,630       2,940,300  

Granite US Holdings Corp., 11.00%, 10/01/27
(Call 12/01/22)(a)(b)

    1,874       1,752,190  

Husky III Holding Ltd. , 13.00%, 02/15/25
(Call 11/14/22), (13.75% PIK)(a)(c)

    2,858       2,611,583  

Manitowoc Co. Inc. (The), 9.00%, 04/01/26
(Call 11/16/22)(a)(b)

    2,208       2,007,911  

Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/24 (Call 12/01/22)(a)

    1,702       1,637,784  

Mueller Water Products Inc., 4.00%, 06/15/29
(Call 06/15/24)(a)

    2,389       2,071,550  

OT Merger Corp., 7.88%, 10/15/29 (Call 10/15/24)(a)

    2,210       1,419,925  

SPX FLOW Inc., 8.75%, 04/01/30 (Call 04/01/25)(a)(b)

    3,430       2,786,875  

Stevens Holding Co. Inc., 6.13%, 10/01/26
(Call 10/01/23)(a)(b)

    1,620       1,622,106  

Terex Corp., 5.00%, 05/15/29
(Call 05/15/24)(a)(b)

    3,889       3,469,182  

Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/22)(a)(b)

    4,584       3,747,420  

TK Elevator Holdco GmbH, 7.63%, 07/15/28
(Call 07/15/23)(a)(b)

    2,956       2,443,208  

TK Elevator U.S. Newco Inc., 5.25%, 07/15/27
(Call 07/15/23)(a)

    10,306       9,236,752  

Vertiv Group Corp., 4.13%, 11/15/28
(Call 11/15/24)(a)(b)

    5,745       4,997,461  

Weir Group PLC (The), 2.20%, 05/13/26
(Call 04/13/26)(a)

    5,575       4,770,076  
   

 

 

 
      53,866,678  
Manufacturing — 0.3%            

Amsted Industries Inc.
4.63%, 05/15/30 (Call 05/15/25)(a)

    3,286       2,710,950  

5.63%, 07/01/27 (Call 12/01/22)(a)

    2,105       1,947,125  

EnPro Industries Inc., 5.75%, 10/15/26
(Call 12/01/22)

    2,088       1,994,040  

FXI Holdings Inc.
7.88%, 11/01/24 (Call 12/01/22)(a)(b)

    3,343       2,868,227  

12.25%, 11/15/26 (Call 12/01/22)(a)(b)

    5,150       4,466,080  

 

 

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

    39  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Manufacturing (continued)            

Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 12/01/22)(a)(b)

  $ 3,571     $ 3,428,160  

Hillenbrand Inc.
3.75%, 03/01/31 (Call 03/01/26)(b)

    2,386       1,908,800  

5.00%, 09/15/26 (Call 07/15/26)

    1,972       1,856,612  

5.75%, 06/15/25 (Call 12/01/22)

    1,724       1,711,070  

LSB Industries Inc., 6.25%, 10/15/28
(Call 10/15/24)(a)

    4,660       4,230,768  

Trinity Industries Inc., 4.55%, 10/01/24
(Call 07/01/24)

    1,522       1,443,130  
   

 

 

 
          28,564,962  
Media — 8.3%            

Altice Financing SA
5.00%, 01/15/28 (Call 01/15/23)(a)(b)

    8,191       6,476,286  

5.75%, 08/15/29 (Call 08/15/24)(a)

        14,065       11,037,649  

AMC Networks Inc.
4.25%, 02/15/29 (Call 02/15/24)(b)

    7,434       5,742,765  

4.75%, 08/01/25 (Call 12/01/22)(b)

    5,365       4,903,127  

5.00%, 04/01/24 (Call 12/01/22)

    1,335       1,295,978  

Audacy Capital Corp.
6.50%, 05/01/27 (Call 11/16/22)(a)

    2,719       802,105  

6.75%, 03/31/29 (Call 03/31/24)(a)

    2,981       847,747  

Beasley Mezzanine Holdings LLC, 8.63%, 02/01/26 (Call 02/01/23)(a)(b)

    2,003       1,437,153  

Block Communications Inc., 4.88%, 03/01/28
(Call 03/01/23)(a)

    1,893       1,645,074  

Cable One Inc., 4.00%, 11/15/30 (Call 11/15/25)(a)(b)

    4,456       3,626,738  

CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)(a)

    20,085       15,867,150  

4.25%, 01/15/34 (Call 01/15/28)(a)

    13,482       9,909,270  

4.50%, 08/15/30 (Call 02/15/25)(a)

    18,103       14,691,671  

4.50%, 05/01/32 (Call 05/01/26)

    19,370       15,302,300  

4.50%, 06/01/33 (Call 06/01/27)(a)

    11,867       8,998,872  

4.75%, 03/01/30 (Call 09/01/24)(a)

    20,885       17,551,754  

4.75%, 02/01/32 (Call 02/01/27)(a)(b)

    8,830       7,064,419  

5.00%, 02/01/28 (Call 11/16/22)(a)

    17,025       15,407,625  

5.13%, 05/01/27 (Call 12/01/22)(a)

    22,175       20,544,694  

5.38%, 06/01/29 (Call 06/01/24)(a)

    10,115       9,036,539  

5.50%, 05/01/26 (Call 12/01/22)(a)(b)

    4,907       4,722,988  

6.38%, 09/01/29 (Call 09/01/25)(a)

    9,762       8,995,541  

Cengage Learning Inc., 9.50%, 06/15/24
(Call 12/01/22)(a)(b)

    3,527       3,335,202  

CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)(a)(b)

    6,885       4,991,625  

4.13%, 12/01/30 (Call 12/01/25)(a)(b)

    7,378       5,804,789  

4.50%, 11/15/31 (Call 11/15/26)(a)

    10,160       7,902,194  

4.63%, 12/01/30 (Call 12/01/25)(a)(b)

    15,830       11,393,999  

5.00%, 11/15/31 (Call 11/15/26)(a)

    3,230       2,302,206  

5.25%, 06/01/24(b)

    3,728       3,616,160  

5.38%, 02/01/28 (Call 02/01/23)(a)

    6,720       6,199,200  

5.50%, 04/15/27 (Call 12/01/22)(a)(b)

    8,706       8,161,875  

5.75%, 01/15/30 (Call 01/15/25)(a)

    15,140       11,582,100  

6.50%, 02/01/29 (Call 02/01/24)(a)

    11,624       10,955,620  

7.50%, 04/01/28 (Call 04/01/23)(a)(b)

    7,018       6,080,185  

Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 12/01/22)(a)(b)

    2,869       2,427,106  

Diamond Sports Group LLC/Diamond Sports
Finance Co.

   

5.38%, 08/15/26 (Call 11/16/22)(a)(b)

    16,788       3,357,600  

6.63%, 08/15/27 (Call 11/16/22)(a)

    6,320       308,100  

Directv Financing LLC/Directv Financing
Co-Obligor Inc., 5.88%, 08/15/27
(Call 08/15/23)(a)

    25,196       22,691,518  
Security   Par
(000)
    Value  
Media (continued)            

DISH DBS Corp.
5.25%, 12/01/26 (Call 06/01/26)(a)(b)

  $     18,766     $     16,302,962  

5.75%, 12/01/28 (Call 12/01/27)(a)

    17,050       13,746,562  

5.88%, 11/15/24(b)

    13,462       12,409,272  

7.38%, 07/01/28 (Call 07/01/23)(b)

    6,994       5,295,297  

7.75%, 07/01/26

    13,503       11,393,696  

5.13%, 06/01/29

    10,173       6,832,677  

Gannett Holdings LLC, 6.00%, 11/01/26
(Call 11/01/23)(a)(b)

    2,404       1,798,210  

GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)(a)(b)

    4,297       3,617,644  

Gray Escrow II Inc., 5.38%, 11/15/31
(Call 11/15/26)(a)(b)

    9,001       7,223,302  

Gray Television Inc.
4.75%, 10/15/30 (Call 10/15/25)(a)(b)

    5,781       4,566,990  

5.88%, 07/15/26 (Call 12/01/22)(a)(b)

    4,415       4,161,138  

7.00%, 05/15/27 (Call 11/14/22)(a)(b)

    4,763       4,536,758  

iHeartCommunications Inc.
4.75%, 01/15/28 (Call 01/15/23)(a)(b)

    3,629       3,166,303  

5.25%, 08/15/27 (Call 11/16/22)(a)(b)

    5,301       4,824,811  

6.38%, 05/01/26 (Call 11/16/22)

    4,785       4,558,576  

8.38%, 05/01/27 (Call 11/16/22)(b)

    8,780       7,886,559  

LCPR Senior Secured Financing DAC
5.13%, 07/15/29 (Call 07/15/24)(a)

    5,415       4,562,138  

6.75%, 10/15/27 (Call 12/01/22)(a)

    7,952       7,415,240  

Liberty Interactive LLC
8.25%, 02/01/30

    3,340       2,085,062  

8.50%, 07/15/29(b)

    1,987       1,261,745  

McGraw-Hill Education Inc.
5.75%, 08/01/28 (Call 08/01/24)(a)(b)

    5,439       4,789,039  

8.00%, 08/01/29 (Call 08/01/24)(a)(b)

    5,282       4,496,303  

Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (Call 11/16/22)(a)(b)

    2,508       2,285,178  

News Corp.
3.88%, 05/15/29 (Call 05/15/24)(a)(b)

    6,414       5,512,833  

5.13%, 02/15/32 (Call 02/15/27)(a)(b)

    3,565       3,181,763  

Nexstar Media Inc.
4.75%, 11/01/28 (Call 11/01/23)(a)(b)

    6,710       5,888,696  

5.63%, 07/15/27 (Call 11/14/22)(a)(b)

    11,514       10,874,973  

Paramount Global
6.25%, 02/28/57 (Call 02/28/27)(d)

    4,596       3,848,056  

6.38%, 03/30/62 (Call 03/30/27)(d)

    6,980       5,901,025  

Radiate Holdco LLC/Radiate Finance Inc.
4.50%, 09/15/26 (Call 09/15/23)(a)(b)

    5,855       4,947,475  

6.50%, 09/15/28 (Call 09/15/23)(a)(b)

    7,127       4,490,010  

Scripps Escrow II Inc.
3.88%, 01/15/29 (Call 01/15/24)(a)(b)

    3,456       2,854,103  

5.38%, 01/15/31 (Call 01/15/26)(a)(b)

    2,795       2,270,938  

Scripps Escrow Inc., 5.88%, 07/15/27
(Call 12/01/22)(a)(b)

    3,436       3,112,844  

Sinclair Television Group Inc.
4.13%, 12/01/30 (Call 12/01/25)(a)

    5,351       4,120,698  

5.13%, 02/15/27 (Call 11/16/22)(a)(b)

    1,855       1,558,757  

5.50%, 03/01/30 (Call 12/01/24)(a)(b)

    3,394       2,537,932  

Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 09/01/23)(a)(b)

    6,489       5,798,570  

3.88%, 09/01/31 (Call 09/01/26)(a)

    10,313       8,250,400  

4.00%, 07/15/28 (Call 07/15/24)(a)(b)

    13,640       11,725,997  

4.13%, 07/01/30 (Call 07/01/25)(a)(b)

    10,025       8,203,344  

5.00%, 08/01/27 (Call 12/01/22)(a)(b)

    10,108       9,299,360  

5.50%, 07/01/29 (Call 07/01/24)(a)(b)

    8,563       7,897,655  

 

 

40  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Media (continued)            

Spanish Broadcasting System Inc., 9.75%, 03/01/26 (Call 09/01/23)(a)(b)

  $ 1,737     $ 1,067,578  

TEGNA Inc.

   

4.63%, 03/15/28 (Call 03/15/23)

    6,415       6,106,246  

4.75%, 03/15/26 (Call 03/15/23)(a)

    3,002       2,916,195  

5.00%, 09/15/29 (Call 09/15/24)(b)

    7,269       6,891,724  

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

    6,400       5,565,440  

Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/23)(a)

    4,029       3,804,142  

Univision Communications Inc.

   

4.50%, 05/01/29 (Call 05/01/24)(a)(b)

    7,284       6,132,254  

5.13%, 02/15/25 (Call 11/14/22)(a)

    8,802       8,504,932  

6.63%, 06/01/27 (Call 06/01/23)(a)(b)

        10,237       10,109,037  

7.38%, 06/30/30 (Call 06/30/25)(a)

    6,195       5,993,662  

UPC Broadband Finco BV, 4.88%, 07/15/31
(Call 07/15/26)(a)

    8,355       7,015,944  

UPC Holding BV, 5.50%, 01/15/28
(Call 11/11/22)(a)

    3,000       2,633,078  

Urban One Inc., 7.38%, 02/01/28
(Call 02/01/24)(a)(b)

    5,426       4,741,239  

Videotron Ltd.

   

3.63%, 06/15/29 (Call 06/15/24)(a)(b)

    3,666       3,087,065  

5.13%, 04/15/27 (Call 12/01/22)(a)(b)

    4,472       4,220,450  

5.38%, 06/15/24 (Call 03/15/24)(a)(b)

    2,061       2,047,562  

Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(b)

    6,015       4,820,347  

Virgin Media Secured Finance PLC

   

4.50%, 08/15/30 (Call 08/15/25)(a)(b)

    6,330       5,230,727  

5.50%, 05/15/29 (Call 05/15/24)(a)(b)

    9,448       8,585,587  

Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)(a)

    3,605       3,069,300  

VZ Secured Financing BV, 5.00%, 01/15/32 (Call 01/15/27)(a)

    10,310       8,217,998  

Ziggo Bond Co. BV

   

5.13%, 02/28/30 (Call 02/15/25)(a)(b)

    3,520       2,789,318  

6.00%, 01/15/27 (Call 12/01/22)(a)(b)

    3,979       3,579,902  

Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(a)

    6,835       5,736,991  
   

 

 

 
          671,374,533  
Metal Fabricate & Hardware — 0.1%            

Advanced Drainage Systems Inc.

   

5.00%, 09/30/27 (Call 11/16/22)(a)

    2,441       2,263,393  

6.38%, 06/15/30 (Call 07/15/25)(a)(b)

    2,907       2,809,296  

Park-Ohio Industries Inc., 6.63%, 04/15/27 (Call 12/01/22)(b)

    2,663       1,864,100  

Roller Bearing Co of America Inc., 4.38%, 10/15/29 (Call 10/15/24)(a)(b)

    3,838       3,367,768  
   

 

 

 
      10,304,557  
Mining — 1.2%            

Arconic Corp.

   

6.00%, 05/15/25 (Call 12/01/22)(a)

    3,502       3,467,645  

6.13%, 02/15/28 (Call 02/15/23)(a)(b)

    6,623       6,208,268  

Century Aluminum Co., 7.50%, 04/01/28
(Call 04/01/24)(a)(b)

    1,952       1,674,738  

Coeur Mining Inc., 5.13%, 02/15/29
(Call 02/15/24)(a)(b)

    2,736       2,106,894  

Compass Minerals International Inc.

   

4.88%, 07/15/24 (Call 05/15/24)(a)(b)

    666       631,081  

6.75%, 12/01/27 (Call 12/01/22)(a)(b)

    3,805       3,579,465  

Constellium SE

   

3.75%, 04/15/29 (Call 04/15/24)(a)(b)

    3,680       2,877,760  

5.63%, 06/15/28 (Call 06/15/23)(a)(b)

    2,095       1,838,446  
Security  

Par

(000)

    Value  
Mining (continued)            

5.88%, 02/15/26 (Call 12/01/22)(a)

  $ 1,609     $ 1,497,915  

Eldorado Gold Corp., 6.25%, 09/01/29
(Call 09/01/24)(a)

    3,335       2,697,515  

FMG Resources August 2006 Pty Ltd.

   

4.38%, 04/01/31 (Call 01/01/31)(a)(b)

    10,126       8,048,145  

4.50%, 09/15/27 (Call 06/15/27)(a)(b)

    4,297       3,844,956  

5.13%, 05/15/24 (Call 02/15/24)(a)(b)

    3,659       3,568,571  

FMG Resources August Pty. Ltd.

   

5.88%, 04/15/30 (Call 01/15/30)(a)

    4,973       4,462,273  

6.13%, 04/15/32 (Call 01/15/32)(a)(b)

    5,725       5,024,260  

Hecla Mining Co., 7.25%, 02/15/28
(Call 02/15/23)(b)

    3,582       3,398,692  

Hudbay Minerals Inc.

   

4.50%, 04/01/26 (Call 04/01/23)(a)

    2,971       2,606,354  

6.13%, 04/01/29 (Call 04/01/24)(a)

    4,721       3,906,627  

IAMGOLD Corp., 5.75%, 10/15/28
(Call 10/15/23)(a)

    3,001       2,010,670  

JW Aluminum Continuous Cast Co., 10.25%, 06/01/26 (Call 11/16/22)(a)(b)

    1,585       1,620,662  

Kaiser Aluminum Corp.

   

4.50%, 06/01/31 (Call 06/01/26)(a)(b)

    3,640       2,855,580  

4.63%, 03/01/28 (Call 03/01/23)(a)(b)

    3,627       3,172,900  

New Gold Inc., 7.50%, 07/15/27
(Call 07/15/23)(a)(b)

    2,875       2,451,760  

Novelis Corp.

   

3.25%, 11/15/26 (Call 11/15/23)(a)

    5,295       4,634,378  

3.88%, 08/15/31 (Call 08/15/26)(a)(b)

    5,175       4,009,124  

4.75%, 01/30/30 (Call 01/30/25)(a)(b)

        11,127       9,452,887  

Perenti Finance Pty Ltd., 6.50%, 10/07/25
(Call 12/01/22)(a)(b)

    3,135       2,827,895  

Taseko Mines Ltd., 7.00%, 02/15/26
(Call 02/15/23)(a)(b)

    2,961       2,463,789  
   

 

 

 
          96,939,250  
Office & Business Equipment — 0.2%            

Pitney Bowes Inc.

   

6.88%, 03/15/27 (Call 03/15/24)(a)(b)

    2,660       1,705,725  

7.25%, 03/15/29 (Call 03/15/24)(a)(b)

    2,573       1,648,161  

Xerox Corp.

   

3.80%, 05/15/24

    1,220       1,162,611  

4.80%, 03/01/35(b)

    1,972       1,218,206  

6.75%, 12/15/39(b)

    2,256       1,653,539  

Xerox Holdings Corp.

   

5.00%, 08/15/25 (Call 07/15/25)(a)

    4,999       4,513,247  

5.50%, 08/15/28 (Call 07/15/28)(a)

    5,288       4,177,520  
   

 

 

 
      16,079,009  
Office Furnishings — 0.0%            

Interface Inc., 5.50%, 12/01/28 (Call 12/01/23)(a)(b)

    2,060       1,625,466  

Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)(b)

    2,878       2,519,113  
   

 

 

 
      4,144,579  
Oil & Gas — 6.7%            

Aethon United BR LP/Aethon United Finance Corp.,

 

 

8.25%, 02/15/26 (Call 02/15/23)(a)(b)

    5,155       5,234,681  

Antero Resources Corp.

   

5.38%, 03/01/30 (Call 03/01/25)(a)(b)

    3,800       3,512,453  

7.63%, 02/01/29 (Call 02/01/24)(a)

    3,380       3,447,600  

Apache Corp.

   

4.25%, 01/15/30 (Call 10/15/29)(b)

    3,981       3,541,954  

4.38%, 10/15/28 (Call 07/15/28)

    1,860       1,662,172  

4.75%, 04/15/43 (Call 10/15/42)

    2,997       2,247,750  

5.10%, 09/01/40 (Call 03/01/40)(b)

    9,036       7,316,630  

5.25%, 02/01/42 (Call 08/01/41)

    2,675       2,146,688  

5.35%, 07/01/49 (Call 01/01/49)

    2,674       2,063,805  

 

 

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

    41  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

6.00%, 01/15/37

  $     3,040     $     2,736,000  

Ascent Resources Utica Holdings LLC/ARU Finance Corp.

   

5.88%, 06/30/29 (Call 09/01/24)(a)(b)

    2,845       2,496,488  

7.00%, 11/01/26 (Call 12/01/22)(a)

    3,331       3,281,035  

8.25%, 12/31/28 (Call 02/01/24)(a)(b)

    2,444       2,358,460  

9.00%, 11/01/27 (Call 11/01/26)(a)

    1,519       1,853,180  

Baytex Energy Corp., 8.75%, 04/01/27
(Call 04/01/23)(a)(b)

    2,810       2,873,225  

Berry Petroleum Co. LLC, 7.00%, 02/15/26
(Call 12/01/22)(a)

    2,939       2,630,405  

California Resources Corp., 7.13%, 02/01/26
(Call 02/01/23)(a)(b)

    3,839       3,765,330  

Callon Petroleum Co.

   

6.38%, 07/01/26 (Call 12/01/22)(b)

    1,126       1,079,755  

7.50%, 06/15/30 (Call 06/15/25)(a)(b)

    4,324       4,106,935  

8.00%, 08/01/28 (Call 08/01/24)(a)(b)

    4,385       4,368,819  

Calumet Specialty Products Partners LP/Calumet Finance Corp.

   

8.13%, 01/15/27 (Call 01/15/24)(a)(b)

    2,595       2,456,023  

11.00%, 04/15/25 (Call 12/01/22)(a)(b)

    2,959       3,075,922  

Centennial Resource Production LLC, 6.88%, 04/01/27 (Call 12/01/22)(a)

    1,457       1,413,290  

Chesapeake Energy Corp.

   

5.50%, 02/01/26 (Call 02/05/23)(a)

    3,210       3,111,292  

5.88%, 02/01/29 (Call 02/05/24)(a)

    3,739       3,532,607  

6.75%, 04/15/29 (Call 04/15/24)(a)

    6,557       6,422,405  

Citgo Holding Inc., 9.25%, 08/01/24
(Call 12/01/22)(a)

    8,122       8,129,513  

CITGO Petroleum Corp.

   

6.38%, 06/15/26 (Call 06/15/23)(a)(b)

    4,180       4,116,715  

7.00%, 06/15/25 (Call 12/01/22)(a)

    6,910       6,803,931  

Civitas Resources Inc., 5.00%, 10/15/26
(Call 10/15/23)(a)

    2,775       2,554,221  

CNX Resources Corp.

   

6.00%, 01/15/29 (Call 01/15/24)(a)(b)

    3,503       3,270,015  

7.25%, 03/14/27 (Call 12/01/22)(a)

    1,641       1,629,021  

7.38%, 01/15/31 (Call 01/15/26)(a)(b)

    3,415       3,389,968  

Colgate Energy Partners III LLC

   

5.88%, 07/01/29 (Call 07/01/24)(a)

    5,046       4,704,184  

7.75%, 02/15/26 (Call 02/15/24)(a)

    1,820       1,810,375  

Comstock Resources Inc.

   

5.88%, 01/15/30 (Call 01/15/25)(a)(b)

    6,737       6,079,604  

6.75%, 03/01/29 (Call 03/01/24)(a)

    8,287       7,934,802  

CrownRock LP/CrownRock Finance Inc.

   

5.00%, 05/01/29 (Call 05/01/24)(a)(b)

    2,502       2,272,882  

5.63%, 10/15/25 (Call 12/01/22)(a)

    7,082       6,849,710  

CVR Energy Inc.

   

5.25%, 02/15/25 (Call 11/16/22)(a)(b)

    3,838       3,698,201  

5.75%, 02/15/28 (Call 02/15/23)(a)

    2,866       2,593,730  

Earthstone Energy Holdings LLC, 8.00%, 04/15/27
(Call 04/15/24)(a)

    4,028       3,810,851  

Encino Acquisition Partners Holdings LLC, 8.50%,
05/01/28 (Call 05/01/24)(a)(b)

    4,945       4,632,918  

Endeavor Energy Resources LP/EER Finance Inc.,
5.75%, 01/30/28 (Call 01/30/23)(a)

    6,409       6,229,317  

Energean PLC, 6.50%, 04/30/27 (Call 10/30/23)(a)(b)

    3,130       2,765,292  

Energy Ventures Gom LLC/EnVen Finance Corp.,
11.75%, 04/15/26 (Call 04/15/23)(a)(b)

    2,139       2,196,389  

EnQuest PLC, 11.63%, 11/01/27

    2,100       2,053,170  

Ensign Drilling Inc., 9.25%, 04/15/24
(Call 12/01/22)(a)

    1,864       1,686,752  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

Global Marine Inc., 7.00%, 06/01/28

  $     1,722     $     1,102,080  

Gran Tierra Energy Inc., 7.75%, 05/23/27
(Call 05/23/23)(a)(b)

    1,554       1,204,070  

Gran Tierra Energy International Holdings Ltd.,
6.25%, 02/15/25(a)(b)

    1,324       1,127,321  

Gulfport Energy Operating Corp., 8.00%, 05/17/26
(Call 05/17/24)(a)

    2,331       2,323,839  

Harbour Energy PLC, 5.50%, 10/15/26
(Call 10/15/23)(a)(b)

    3,320       2,991,154  

Hilcorp Energy I LP/Hilcorp Finance Co.

   

5.75%, 02/01/29 (Call 02/01/24)(a)(b)

    4,458       4,079,070  

6.00%, 04/15/30 (Call 04/15/25)(a)

    3,333       3,018,045  

6.00%, 02/01/31 (Call 02/01/26)(a)(b)

    4,020       3,647,869  

6.25%, 11/01/28 (Call 11/01/23)(a)

    3,308       3,109,520  

6.25%, 04/15/32 (Call 05/15/27)(a)

    3,502       3,212,139  

Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)(a)(b)

    4,884       4,528,982  

Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)(a)

    4,290       4,235,002  

Laredo Petroleum Inc.

   

7.75%, 07/31/29 (Call 07/31/24)(a)(b)

    2,181       2,071,950  

9.50%, 01/15/25 (Call 12/01/22)(b)

    2,619       2,620,637  

10.13%, 01/15/28 (Call 01/15/23)(b)

    2,320       2,279,400  

Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 11/14/22)(a)(b)

    1,747       1,696,840  

Matador Resources Co., 5.88%, 09/15/26
(Call 11/16/22)(b)

    4,961       4,874,182  

MEG Energy Corp.

   

5.88%, 02/01/29 (Call 02/01/24)(a)

    3,503       3,344,139  

7.13%, 02/01/27 (Call 02/01/23)(a)

    6,304       6,414,635  

Moss Creek Resources Holdings Inc.

   

7.50%, 01/15/26 (Call 12/01/22)(a)(b)

    4,913       4,519,960  

10.50%, 05/15/27 (Call 12/01/22)(a)

    3,135       3,009,600  

Murphy Oil Corp.

   

5.75%, 08/15/25 (Call 12/01/22)(b)

    1,450       1,429,543  

5.88%, 12/01/27 (Call 12/01/22)(b)

    3,989       3,873,678  

6.13%, 12/01/42 (Call 06/01/42)

    2,391       1,885,743  

6.38%, 07/15/28 (Call 07/15/24)(b)

    4,006       3,919,462  

7.05%, 05/01/29

    1,080       1,064,089  

Nabors Industries Inc.

   

5.75%, 02/01/25 (Call 11/01/24)(b)

    3,316       3,191,650  

7.38%, 05/15/27 (Call 05/15/24)(a)

    4,475       4,396,553  

Nabors Industries Ltd.

   

7.25%, 01/15/26 (Call 12/01/22)(a)(b)

    3,783       3,650,595  

7.50%, 01/15/28 (Call 01/15/23)(a)(b)

    2,752       2,552,480  

Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 12/01/22)(a)

    4,835       4,696,194  

Northern Oil and Gas Inc., 8.13%, 03/01/28
(Call 03/01/24)(a)(b)

    5,245       5,087,650  

Oasis Petroleum Inc., 6.38%, 06/01/26
(Call 06/01/23)(a)(b)

    2,980       2,911,162  

Occidental Petroleum Corp.

   

2.90%, 08/15/24 (Call 07/15/24)(b)

    100       96,220  

3.40%, 04/15/26 (Call 01/15/26)(b)

    1,966       1,857,870  

3.50%, 08/15/29 (Call 05/15/29)(b)

    2,047       1,857,653  

4.10%, 02/15/47 (Call 08/15/46)(b)

    975       770,341  

4.30%, 08/15/39 (Call 02/15/39)(b)

    1,085       892,917  

4.40%, 04/15/46 (Call 10/15/45)(b)

    2,039       1,660,252  

4.40%, 08/15/49 (Call 02/15/49)

    375       302,815  

5.50%, 12/01/25 (Call 09/01/25)(b)

    5,137       5,152,411  

 

 

42  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Oil & Gas (continued)            

5.55%, 03/15/26 (Call 12/15/25)(b)

  $ 7,790     $ 7,906,850  

5.88%, 09/01/25 (Call 06/01/25)

    6,220       6,266,650  

6.13%, 01/01/31 (Call 07/01/30)(b)

    7,858       7,878,667  

6.20%, 03/15/40

    6,781       6,523,593  

6.38%, 09/01/28 (Call 03/01/28)(b)

    4,022       4,082,164  

6.45%, 09/15/36(b)

    12,453       12,353,127  

6.60%, 03/15/46 (Call 09/15/45)

    9,432       9,283,776  

6.63%, 09/01/30 (Call 03/01/30)(b)

    10,236       10,646,003  

6.95%, 07/01/24(b)

    2,948       3,020,550  

7.50%, 05/01/31

    5,945       6,390,875  

7.88%, 09/15/31(b)

    3,453       3,757,934  

7.95%, 06/15/39

    2,443       2,639,939  

8.00%, 07/15/25 (Call 04/15/25)

    3,003       3,169,997  

8.50%, 07/15/27 (Call 01/15/27)(b)

    3,468       3,770,583  

8.88%, 07/15/30 (Call 01/15/30)

    6,862       7,788,370  

Par Petroleum LLC/Par Petroleum Finance Corp.,

 

 

7.75%, 12/15/25 (Call 12/01/22)(a)

    1,765       1,685,575  

Parkland Corp.

   

4.50%, 10/01/29 (Call 10/01/24)(a)(b)

    5,372       4,523,117  

4.63%, 05/01/30 (Call 05/01/25)(a)

    5,370       4,466,847  

5.88%, 07/15/27 (Call 12/01/22)(a)(b)

    3,091       2,904,133  

Patterson-UTI Energy Inc.

   

3.95%, 02/01/28 (Call 11/01/27)(b)

    3,010       2,657,631  

5.15%, 11/15/29 (Call 08/15/29)(b)

    2,330       2,057,100  

PBF Holding Co. LLC/PBF Finance Corp.

   

6.00%, 02/15/28 (Call 02/15/23)

    5,747       5,222,586  

7.25%, 06/15/25 (Call 12/01/22)

    4,141       4,097,023  

PDC Energy Inc., 5.75%, 05/15/26
(Call 12/01/22)

    4,184       4,011,033  

Penn Virginia Holdings LLC., 9.25%, 08/15/26
(Call 08/15/23)(a)(b)

    2,462       2,428,837  

Permian Resources Operating LLC, 5.38%, 01/15/26 (Call 12/01/22)(a)

    2,171       2,005,461  

Petrofac Ltd., 9.75%, 11/15/26 (Call 11/15/23)(a)(b)

    4,139       3,067,525  

Precision Drilling Corp.

   

6.88%, 01/15/29 (Call 01/15/25)(a)(b)

        3,252           2,990,637  

7.13%, 01/15/26 (Call 11/16/22)(a)(b)

    1,224       1,202,470  

Range Resources Corp.

   

4.75%, 02/15/30 (Call 02/15/25)(a)(b)

    3,455       3,054,255  

4.88%, 05/15/25 (Call 02/15/25)

    4,223       4,073,485  

8.25%, 01/15/29 (Call 01/15/24)

    4,693       4,877,341  

Rockcliff Energy II LLC, 5.50%, 10/15/29
(Call 10/15/24)(a)(b)

    4,840       4,310,649  

SM Energy Co.

   

5.63%, 06/01/25 (Call 12/01/22)(b)

    1,465       1,423,113  

6.50%, 07/15/28 (Call 07/15/24)

    3,530       3,424,100  

6.63%, 01/15/27 (Call 12/01/22)

    1,388       1,360,240  

6.75%, 09/15/26 (Call 12/01/22)(b)

    2,982       2,937,270  

Southwestern Energy Co.

   

4.75%, 02/01/32 (Call 02/01/27)(b)

    7,917       6,833,954  

5.38%, 02/01/29 (Call 02/01/24)

    4,634       4,321,205  

5.38%, 03/15/30 (Call 03/15/25)(b)

    8,257       7,637,725  

5.70%, 01/23/25 (Call 10/23/24)

    1,812       1,780,756  

7.75%, 10/01/27 (Call 12/01/22)(b)

    1,749       1,799,144  

8.38%, 09/15/28 (Call 09/15/23)(b)

    2,432       2,515,634  

Strathcona Resources Ltd., 6.88%, 08/01/26
(Call 08/01/23)(a)(b)

    3,624       3,068,223  

Sunoco LP/Sunoco Finance Corp.

   

4.50%, 05/15/29 (Call 05/15/24)(b)

    5,705       4,900,024  

4.50%, 04/30/30 (Call 04/30/25)(b)

    5,796       4,928,976  

5.88%, 03/15/28 (Call 03/15/23)(b)

    2,704       2,574,142  
Security   Par
(000)
    Value  
Oil & Gas (continued)            

6.00%, 04/15/27 (Call 12/01/22)

  $ 3,174     $ 3,109,885  

Talos Production Inc., 12.00%, 01/15/26
(Call 01/15/23)

    4,056       4,301,185  

Tap Rock Resources LLC, 7.00%, 10/01/26
(Call 10/01/23)(a)(b)

    3,299       3,080,147  

Teine Energy Ltd., 6.88%, 04/15/29
(Call 04/15/24)(a)(b)

    2,910       2,595,662  

Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 12/01/22)(a)

    1,006       978,233  

Transocean Inc.

   

6.80%, 03/15/38

    3,959       2,405,093  

7.25%, 11/01/25 (Call 11/11/22)(a)

    3,055       2,696,037  

7.50%, 01/15/26 (Call 11/11/22)(a)

    4,088       3,454,360  

7.50%, 04/15/31

    2,631       1,716,728  

8.00%, 02/01/27 (Call 02/01/23)(a)

    4,189       3,394,779  

11.50%, 01/30/27 (Call 07/30/23)(a)

    4,744       4,765,680  

Transocean Pontus Ltd., 6.13%, 08/01/25
(Call 12/01/22)(a)

    1,833       1,764,312  

Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 12/01/22)(a)

        3,386       3,306,367  

Vantage Drilling International, 9.25%, 11/15/23 (Call 12/01/22)(a)(b)

    1,314       1,284,435  

Vermilion Energy Inc.

   

5.63%, 03/15/25 (Call 12/01/22)(a)(b)

    930       899,073  

6.88%, 05/01/30 (Call 05/01/25)(a)

    3,202       2,995,573  

Viper Energy Partners LP, 5.38%, 11/01/27
(Call 12/01/22)(a)(b)

    2,867       2,696,629  

W&T Offshore Inc., 9.75%, 11/01/23
(Call 12/01/22)(a)(b)

    2,827       2,798,966  
   

 

 

 
          541,468,610  
Oil & Gas Services — 0.6%            

Archrock Partners LP/Archrock Partners Finance Corp.

   

6.25%, 04/01/28 (Call 04/01/23)(a)

    5,254       4,885,695  

6.88%, 04/01/27 (Call 12/01/22)(a)

    3,247       3,092,768  

Bristow Group Inc., 6.88%, 03/01/28
(Call 03/01/24)(a)(b)

    2,796       2,588,031  

CGG SA, 8.75%, 04/01/27 (Call 04/01/24)(a)(b)

    3,565       3,152,102  

CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 12/01/22)(a)(b)

    2,074       1,847,605  

KLX Energy Services Holdings Inc.,

   

11.50%, 11/01/25 (Call 12/01/22)(a)

    1,585       1,296,982  

Nine Energy Service Inc., 8.75%, 11/01/23(a)

    1,532       1,336,532  

Oceaneering International Inc.

   

4.65%, 11/15/24 (Call 08/15/24)(b)

    1,985       1,899,923  

6.00%, 02/01/28 (Call 11/01/27)(b)

    2,062       1,839,696  

Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 12/01/22)(a)

    1,040       1,034,342  

Transocean Proteus Ltd., 6.25%, 12/01/24
(Call 12/01/22)(a)

    1,351       1,317,566  

USA Compression Partners LP/USA Compression Finance Corp.

   

6.88%, 04/01/26 (Call 12/01/22)

    4,723       4,533,466  

6.88%, 09/01/27 (Call 12/01/22)(b)

    5,084       4,855,220  

Weatherford International Ltd.

   

6.50%, 09/15/28 (Call 09/15/24)(a)(b)

    3,151       3,009,205  

8.63%, 04/30/30 (Call 10/30/24)(a)(b)

    11,282       10,633,285  

11.00%, 12/01/24 (Call 12/01/22)(a)(b)

    422       433,733  

Welltec International ApS, 8.25%, 10/15/26
(Call 10/15/23)(a)(b)

    2,645       2,563,640  
   

 

 

 
      50,319,791  

 

 

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

    43  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Packaging & Containers — 2.4%            

ARD Finance SA, 6.50%, 06/30/27
(Call 12/01/22), (7.25% PIK)(a)(c)

  $ 6,060     $ 4,348,050  

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC

   

3.25%, 09/01/28 (Call 05/15/24)(a)

        4,055           3,324,715  

4.00%, 09/01/29 (Call 05/15/24)(a)(b)

    7,260       5,507,363  

6.00%, 06/15/27 (Call 06/15/24)(a)(b)

    4,098       3,932,318  

Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.

   

4.13%, 08/15/26 (Call 11/11/22)(a)

    8,330       7,163,800  

5.25%, 04/30/25 (Call 12/01/22)(a)

    4,445       4,191,413  

5.25%, 08/15/27 (Call 12/01/22)(a)

    12,425       8,728,562  

Ball Corp.

   

2.88%, 08/15/30 (Call 05/15/30)(b)

    8,807       6,839,516  

3.13%, 09/15/31 (Call 06/15/31)(b)

    5,820       4,456,374  

4.00%, 11/15/23(b)

    3,651       3,575,187  

4.88%, 03/15/26 (Call 12/15/25)(b)

    5,106       4,899,360  

5.25%, 07/01/25(b)

    6,774       6,686,006  

Berry Global Inc.

   

4.50%, 02/15/26 (Call 12/01/22)(a)(b)

    1,612       1,499,160  

5.63%, 07/15/27 (Call 12/01/22)(a)(b)

    3,063       2,905,102  

Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28 (Call 01/15/23)(a)(b)

    2,802       2,396,410  

Clydesdale Acquisition Holdings Inc.

   

6.63%, 04/15/29 (Call 04/15/25)(a)(b)

    3,590       3,408,346  

8.75%, 04/15/30 (Call 04/15/25)(a)(b)

    7,389       6,493,084  

Crown Americas LLC, 5.25%, 04/01/30
(Call 01/01/30)(a)(b)

    3,660       3,348,488  

Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)

    2,341       2,162,616  

Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/22)(b)

    5,530       5,292,818  

Crown Cork & Seal Co. Inc., 7.38%, 12/15/26

    2,408       2,434,079  

Graham Packaging Co. Inc., 7.13%, 08/15/28 (Call 08/15/23)(a)

    3,622       2,968,640  

Graphic Packaging International LLC

   

3.50%, 03/15/28(a)

    3,426       2,962,241  

3.50%, 03/01/29 (Call 09/01/28)(a)(b)

    1,955       1,651,205  

3.75%, 02/01/30 (Call 08/01/29)(a)

    3,390       2,914,586  

4.13%, 08/15/24 (Call 05/15/24)(b)

    832       810,668  

4.75%, 07/15/27 (Call 04/15/27)(a)

    2,246       2,067,363  

Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28 (Call 12/01/22)(a)

    4,965       3,693,653  

LABL Inc.

   

5.88%, 11/01/28 (Call 11/01/24)(a)(b)

    3,787       3,289,615  

6.75%, 07/15/26 (Call 11/14/22)(a)

    4,499       4,274,050  

8.25%, 11/01/29 (Call 11/01/24)(a)

    3,080       2,453,251  

10.50%, 07/15/27 (Call 11/14/22)(a)(b)

    4,441       3,996,900  

Matthews International Corp., 5.25%, 12/01/25 (Call 12/01/22)(a)(b)

    2,424       2,230,080  

Mauser Packaging Solutions Holding Co.

   

5.50%, 04/15/24 (Call 12/01/22)(a)(b)

    8,201       8,036,980  

7.25%, 04/15/25 (Call 12/01/22)(a)(b)

    9,353       8,418,612  

OI European Group BV, 4.75%, 02/15/30
(Call 11/15/24)(a)

    2,568       2,157,120  

Owens-Brockway Glass Container Inc.

   

5.38%, 01/15/25(a)(b)

    1,839       1,737,855  

5.88%, 08/15/23(a)

    17       16,913  

6.38%, 08/15/25(a)(b)

    2,283       2,128,898  
Security   Par
(000)
    Value  
Packaging & Containers (continued)            

6.63%, 05/13/27 (Call 05/15/23)(a)(b)

  $     3,894     $ 3,718,707  

Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)(a)(b)

    6,448       5,706,480  

Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a)

    3,326       2,910,250  

Pactiv LLC, 7.95%, 12/15/25

    1,729       1,605,067  

Sealed Air Corp.

   

4.00%, 12/01/27 (Call 09/01/27)(a)(b)

    2,965       2,640,863  

5.00%, 04/15/29 (Call 04/15/25)(a)(b)

    3,320       3,028,338  

5.13%, 12/01/24 (Call 09/01/24)(a)(b)

    1,846       1,818,310  

5.50%, 09/15/25 (Call 06/15/25)(a)(b)

    2,399       2,351,020  

6.88%, 07/15/33(a)

    2,657       2,544,848  

Silgan Holdings Inc., 4.13%, 02/01/28
(Call 11/16/22)(b)

    3,408       3,118,320  

Trident TPI Holdings Inc.

   

6.63%, 11/01/25 (Call 11/14/22)(a)(b)

    1,871       1,611,116  

9.25%, 08/01/24 (Call 11/14/22)(a)(b)

    1,862       1,736,671  

TriMas Corp., 4.13%, 04/15/29
(Call 04/15/24)(a)(b)

    2,519       2,163,544  

Trivium Packaging Finance BV

   

5.50%, 08/15/26 (Call 12/01/22)(a)(b)

    6,704       6,165,669  

8.50%, 08/15/27 (Call 11/11/22)(a)(b)

    4,498       4,229,069  
   

 

 

 
          194,749,669  
Pharmaceuticals — 2.0%            

180 Medical Inc., 3.88%, 10/15/29
(Call 10/07/24)(a)(b)

    3,095       2,615,275  

AdaptHealth LLC

   

4.63%, 08/01/29 (Call 02/01/24)(a)(b)

    3,105       2,618,688  

5.13%, 03/01/30 (Call 03/01/25)(a)(b)

    4,026       3,492,555  

6.13%, 08/01/28 (Call 08/01/23)(a)(b)

    3,120       2,885,766  

Bausch Health Cos. Inc.

   

4.88%, 06/01/28 (Call 06/01/24)(a)

    10,601       6,493,112  

5.25%, 01/30/30 (Call 01/30/25)(a)(b)

    961       372,388  

5.50%, 11/01/25 (Call 12/01/22)(a)

    11,577       9,249,791  

5.75%, 08/15/27 (Call 11/16/22)(a)

    3,271       2,066,377  

6.13%, 02/01/27 (Call 02/01/24)(a)

    6,685       4,388,305  

11.00%, 09/30/28(b)

    24,651       18,981,270  

14.00%, 10/15/30(b)

    4,893       2,801,242  

BellRing Brands Inc., 7.00%, 03/15/30
(Call 03/15/27)(a)(b)

    5,725       5,406,117  

Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Call 01/15/24)(a)

    3,590       2,977,187  

Elanco Animal Health Inc., 6.40%, 08/28/28 (Call 05/28/28)

    5,199       4,651,129  

Embecta Corp., 5.00%, 02/15/30
(Call 02/15/27)(a)(b)

    3,580       3,068,991  

Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)(a)

    4,191       3,912,320  

HLF Financing Sarl LLC/Herbalife
International Inc.,

   

4.88%, 06/01/29 (Call 06/01/24)(a)

    4,275       3,175,132  

Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 12/01/22)(a)(b)

    3,055       2,940,437  

Jazz Securities DAC, 4.38%, 01/15/29
(Call 07/15/24)(a)(b)

    9,960       8,839,500  

Lannett Co. Inc., 7.75%, 04/15/26
(Call 04/15/23)(a)(b)

    1,850       575,813  

Mallinckrodt International Finance SA/Mallinckrodt CB LLC

   

10.00%, 04/15/25 (Call 11/14/22)(a)(b)

    2,150       1,451,250  

10.00%, 04/15/25 (Call 11/16/22)(a)

    3,325       2,984,187  

10.00%, 06/15/29 (Call 06/15/26)(a)(b)

    2,544       1,411,920  

11.50%, 12/15/28 (Call 06/15/27)(a)(b)

    4,580       4,168,281  

 

 

44  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

Option Care Health Inc., 4.38%, 10/31/29
(Call 10/31/24)(a)(b)

  $ 3,422     $ 2,955,171  

Organon & Co./Organon Foreign Debt
Co.-Issuer BV

   

4.13%, 04/30/28 (Call 04/30/24)(a)

        14,400       12,683,808  

5.13%, 04/30/31 (Call 04/30/26)(a)(b)

    13,745       11,673,216  

Owens & Minor Inc.

   

4.50%, 03/31/29 (Call 03/31/24)(a)(b)

    3,322       2,572,424  

6.63%, 04/01/30 (Call 04/01/25)(a)

    4,262       3,543,001  

P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (Call 12/01/22)(a)

    3,307       2,552,872  

Perrigo Finance Unlimited Co.

   

3.90%, 12/15/24 (Call 09/15/24)

    4,315       4,110,512  

4.38%, 03/15/26 (Call 12/15/25)(b)

    4,645       4,351,715  

4.40%, 06/15/30 (Call 03/15/30)(b)

    5,308       4,435,577  

4.90%, 12/15/44 (Call 06/15/44)

    1,955       1,284,325  

PRA Health Sciences Inc., 2.88%, 07/15/26
(Call 07/15/23)(a)(b)

    2,645       2,383,785  

Prestige Brands Inc.

   

3.75%, 04/01/31 (Call 04/01/26)(a)

    4,254       3,411,751  

5.13%, 01/15/28 (Call 01/15/23)(a)(b)

    2,452       2,278,570  
   

 

 

 
          159,763,760  
Pipelines — 4.9%            

Antero Midstream Partners LP/Antero Midstream Finance Corp.

   

5.38%, 06/15/29 (Call 06/15/24)(a)(b)

    5,147       4,695,608  

5.75%, 03/01/27 (Call 11/16/22)(a)

    4,775       4,547,232  

5.75%, 01/15/28 (Call 01/15/23)(a)

    4,683       4,412,042  

7.88%, 05/15/26 (Call 05/15/23)(a)

    3,152       3,215,040  

Blue Racer Midstream LLC/Blue Racer Finance Corp.

   

6.63%, 07/15/26 (Call 12/01/22)(a)

    1,896       1,801,200  

7.63%, 12/15/25 (Call 12/15/22)(a)(b)

    4,578       4,520,894  

Buckeye Partners LP

   

3.95%, 12/01/26 (Call 09/01/26)(b)

    4,413       3,871,084  

4.13%, 03/01/25 (Call 02/01/25)(a)(b)

    3,024       2,850,150  

4.13%, 12/01/27 (Call 09/01/27)

    3,068       2,664,988  

4.35%, 10/15/24 (Call 07/15/24)(b)

    1,446       1,376,924  

4.50%, 03/01/28 (Call 12/01/27)(a)(b)

    3,390       2,940,825  

5.60%, 10/15/44 (Call 04/15/44)(b)

    1,983       1,467,420  

5.85%, 11/15/43 (Call 05/15/43)

    2,735       2,052,130  

Cheniere Energy Inc., 4.63%, 10/15/28
(Call 10/15/23)

    10,637       9,812,632  

Cheniere Energy Partners LP

   

3.25%, 01/31/32 (Call 01/31/27)

    8,070       6,279,832  

4.00%, 03/01/31 (Call 03/01/26)

    10,261       8,650,895  

4.50%, 10/01/29 (Call 10/01/24)(b)

    10,222       9,025,515  

CNX Midstream Partners LP, 4.75%, 04/15/30 (Call 04/15/25)(a)(b)

    3,182       2,617,195  

CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)(a)

    9,385       8,329,187  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp.

   

5.63%, 05/01/27 (Call 11/16/22)(a)(b)

    4,063       3,821,564  

5.75%, 04/01/25 (Call 12/01/22)

    2,480       2,418,000  

6.00%, 02/01/29 (Call 02/01/24)(a)

    4,568       4,271,537  

8.00%, 04/01/29 (Call 04/01/24)(a)(b)

    3,215       3,215,000  

Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28
(Call 06/01/24)(a)

    2,914       2,609,331  

DT Midstream Inc.

   

4.13%, 06/15/29 (Call 06/15/24)(a)(b)

    7,491       6,475,969  

4.38%, 06/15/31 (Call 06/15/26)(a)

    6,636       5,590,830  
Security   Par
(000)
    Value  
Pipelines (continued)            

EnLink Midstream LLC

   

5.38%, 06/01/29 (Call 03/01/29)(b)

  $     3,450     $     3,185,040  

5.63%, 01/15/28 (Call 07/15/27)(a)(b)

    3,447       3,303,777  

6.50%, 09/01/30 (Call 03/01/30)(a)(b)

    4,785       4,701,262  

EnLink Midstream Partners LP

   

4.15%, 06/01/25 (Call 03/01/25)(b)

    3,766       3,548,626  

4.85%, 07/15/26 (Call 04/15/26)

    4,067       3,833,432  

5.05%, 04/01/45 (Call 10/01/44)

    2,885       2,094,856  

5.45%, 06/01/47 (Call 12/01/46)

    3,070       2,332,555  

5.60%, 04/01/44 (Call 10/01/43)

    2,451       1,910,734  

EQM Midstream Partners LP

   

4.00%, 08/01/24 (Call 05/01/24)

    2,027       1,919,772  

4.13%, 12/01/26 (Call 09/01/26)

    3,669       3,242,070  

4.50%, 01/15/29 (Call 07/15/28)(a)(b)

    5,302       4,506,700  

4.75%, 01/15/31 (Call 07/15/30)(a)

    7,566       6,322,906  

5.50%, 07/15/28 (Call 04/15/28)

    5,611       5,011,352  

6.00%, 07/01/25 (Call 04/01/25)(a)

    2,608       2,525,887  

6.50%, 07/01/27 (Call 01/01/27)(a)

    6,010       5,859,750  

6.50%, 07/15/48 (Call 01/15/48)(b)

    3,956       3,046,120  

7.50%, 06/01/27 (Call 06/01/24)(a)

    3,386       3,343,675  

7.50%, 06/01/30 (Call 12/01/29)(a)

    3,375       3,282,188  

FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (Call 06/01/25)(a)(b)

    3,573       3,503,327  

Genesis Energy LP/Genesis Energy Finance Corp.

   

5.63%, 06/15/24 (Call 12/01/22)

    1,133       1,107,508  

6.25%, 05/15/26 (Call 12/01/22)

    1,608       1,504,581  

6.50%, 10/01/25 (Call 12/01/22)(b)

    3,960       3,797,310  

7.75%, 02/01/28 (Call 02/01/23)(b)

    5,080       4,845,050  

8.00%, 01/15/27 (Call 01/15/24)(b)

    6,861       6,641,722  

Global Partners LP/GLP Finance Corp.

   

6.88%, 01/15/29 (Call 01/15/24)

    2,793       2,526,967  

7.00%, 08/01/27 (Call 11/16/22)(b)

    2,925       2,780,745  

Harvest Midstream I LP, 7.50%, 09/01/28
(Call 09/01/23)(a)(b)

    5,431       5,206,812  

Hess Midstream Operations LP

   

4.25%, 02/15/30 (Call 02/15/25)(a)

    4,975       4,254,371  

5.13%, 06/15/28 (Call 06/15/23)(a)(b)

    3,683       3,388,360  

5.50%, 10/15/30 (Call 10/15/25)(a)

    2,925       2,638,935  

5.63%, 02/15/26 (Call 12/01/22)(a)

    4,077       3,998,599  

Holly Energy Partners LP/Holly Energy Finance Corp.

   

5.00%, 02/01/28 (Call 02/01/23)(a)(b)

    3,839       3,469,670  

6.38%, 04/15/27 (Call 04/15/24)(a)(b)

    2,775       2,670,841  

Howard Midstream Energy Partners LLC, 6.75%, 01/15/27 (Call 01/15/24)(a)(b)

    2,938       2,665,536  

ITT Holdings LLC, 6.50%, 08/01/29
(Call 08/01/24)(a)

    8,570       6,886,038  

Kinetik Holdings LP, 5.88%, 06/15/30
(Call 06/15/25)(a)

    6,572       6,165,676  

Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/28/25
(Call 12/01/22)(a)(b)

    1,945       1,886,650  

New Fortress Energy Inc.

   

6.50%, 09/30/26 (Call 03/31/23)(a)

    9,988       9,688,360  

6.75%, 09/15/25 (Call 11/21/22)(a)

    8,405       8,251,239  

NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26
(Call 02/01/23)(a)

    14,130       12,782,542  

NGL Energy Partners LP/NGL Energy Finance Corp.

   

6.13%, 03/01/25 (Call 12/01/22)(b)

    2,801       2,184,780  

7.50%, 11/01/23 (Call 12/01/22)(b)

    806       785,850  

7.50%, 04/15/26 (Call 12/01/22)(b)

    2,447       1,783,496  

Northriver Midstream Finance LP, 5.63%, 02/15/26
(Call 12/01/22)(a)

    3,788       3,585,948  

 

 

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

    45  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Pipelines (continued)            

NuStar Logistics LP

   

5.63%, 04/28/27 (Call 01/28/27)

  $ 4,083     $ 3,788,228  

5.75%, 10/01/25 (Call 07/01/25)

    3,882       3,743,146  

6.00%, 06/01/26 (Call 03/01/26)

    3,206       3,108,538  

6.38%, 10/01/30 (Call 04/01/30)(b)

    3,820       3,540,338  

Rattler Midstream LP, 5.63%, 07/15/25
(Call 11/01/22)(a)(b)

    2,874       2,954,846  

Rockies Express Pipeline LLC

   

3.60%, 05/15/25 (Call 04/15/25)(a)

    2,182       2,029,260  

4.80%, 05/15/30 (Call 02/15/30)(a)

    2,456       2,075,320  

4.95%, 07/15/29 (Call 04/15/29)(a)

    3,834       3,363,519  

6.88%, 04/15/40(a)(b)

    3,228       2,635,341  

7.50%, 07/15/38(a)

    1,653       1,442,243  

Southeast Supply Header LLC, 4.25%,
06/15/24 (Call 03/15/24)(a)(b)

    2,570       2,313,000  

Summit Midstream Holdings LLC/Summit Midstream Finance Corp.

   

5.75%, 04/15/25 (Call 12/01/22)

    1,785       1,494,938  

8.50%, 10/15/26 (Call 10/15/23)(a)(b)

    4,889       4,693,440  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.

   

5.50%, 01/15/28 (Call 01/15/23)(a)

    5,216       4,676,874  

6.00%, 03/01/27 (Call 03/01/23)(a)

    2,817       2,658,323  

6.00%, 12/31/30 (Call 12/31/25)(a)

    4,951       4,481,744  

6.00%, 09/01/31 (Call 09/01/26)(a)(b)

    3,346       2,978,418  

7.50%, 10/01/25 (Call 12/01/22)(a)(b)

    2,992       3,021,770  

TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26 (Call 11/16/22)

    2,248       1,922,039  

Venture Global Calcasieu Pass LLC

   

3.88%, 11/01/33 (Call 05/01/33)(a)

    8,445       6,777,112  

3.88%, 08/15/29 (Call 02/15/29)(a)

    8,384       7,189,280  

4.13%, 08/15/31 (Call 02/15/31)(a)

    8,536       7,277,196  

Western Midstream Operating LP

   

3.35%, 02/01/25 (Call 01/01/25)(b)

    4,061       3,859,859  

3.95%, 06/01/25 (Call 03/01/25)

    2,230       2,114,664  

4.30%, 02/01/30 (Call 11/01/29)

    8,208       7,221,398  

4.50%, 03/01/28 (Call 12/01/27)

    2,690       2,468,142  

4.65%, 07/01/26 (Call 04/01/26)

    2,835       2,686,163  

4.75%, 08/15/28 (Call 05/15/28)

    2,631       2,427,098  

5.30%, 03/01/48 (Call 09/01/47)

    4,825       3,896,187  

5.45%, 04/01/44 (Call 10/01/43)

    4,188       3,396,335  

5.50%, 08/15/48 (Call 02/15/48)(b)

    2,370       1,911,523  

5.50%, 02/01/50 (Call 08/01/49)(b)

        6,906       5,376,187  
   

 

 

 
          400,027,108  
Real Estate — 0.6%            

Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28 (Call 05/15/23)(a)(b)

    4,599       4,373,419  

Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25
(Call 12/01/22)(a)(b)

    4,238       3,507,991  

Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/22)(a)

    3,579       3,459,282  

Howard Hughes Corp. (The)

   

4.13%, 02/01/29 (Call 02/01/24)(a)

    4,735       3,700,540  

4.38%, 02/01/31 (Call 02/01/26)(a)(b)

    3,951       2,968,781  

5.38%, 08/01/28 (Call 08/01/23)(a)

    5,595       4,786,209  

Hunt Cos. Inc., 5.25%, 04/15/29
(Call 04/15/24)(a)

    4,400       3,542,000  

Kennedy-Wilson Inc.

   

4.75%, 03/01/29 (Call 03/01/24)(b)

    4,240       3,438,358  

4.75%, 02/01/30 (Call 09/01/24)

    4,030       3,163,550  

5.00%, 03/01/31 (Call 03/01/26)(b)

    3,974       3,115,616  
Security  

Par

(000)

    Value  
Real Estate (continued)            

Newmark Group Inc., 6.13%, 11/15/23
(Call 10/15/23)

  $ 1,544     $ 1,538,967  

Realogy Group LLC/Realogy Co-Issuer Corp.

   

5.25%, 04/15/30 (Call 04/15/25)(a)(b)

    6,775       4,697,921  

5.75%, 01/15/29 (Call 01/15/24)(a)

    6,238       4,483,563  

WeWork Companies Inc., 7.88%, 05/01/25(a)

    4,192       2,287,532  

WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)(a)(b)

    3,918       1,959,000  
   

 

 

 
          51,022,729  
Real Estate Investment Trusts — 3.0%            

American Finance Trust Inc./American Finance Operating Partner LP, 4.50%, 09/30/28
(Call 06/30/28)(a)(b)

    3,432       2,505,360  

Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)(a)

    3,551       2,796,413  

Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)(a)(b)

    2,925       2,473,439  

Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL

   

4.50%, 04/01/27 (Call 10/01/23)(a)(b)

    5,412       4,604,746  

5.75%, 05/15/26 (Call 11/14/22)(a)(b)

    5,845       5,425,271  

CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)(a)(b)

    2,570       2,167,634  

Diversified Healthcare Trust

   

4.38%, 03/01/31 (Call 09/01/30)

    3,798       2,509,846  

4.75%, 05/01/24 (Call 11/01/23)(b)

    891       763,444  

4.75%, 02/15/28 (Call 08/15/27)(b)

    3,523       2,410,965  

9.75%, 06/15/25 (Call 12/01/22)

    3,198       3,015,010  

Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (Call 09/15/27)(a)(b)

    3,543       2,863,098  

HAT Holdings I LLC/HAT Holdings II LLC

   

3.38%, 06/15/26 (Call 03/15/26)(a)(b)

    7,119       5,787,889  

3.75%, 09/15/30(a)

    2,935       2,025,150  

6.00%, 04/15/25 (Call 12/01/22)(a)(b)

    1,982       1,889,500  

Iron Mountain Inc.

   

4.50%, 02/15/31 (Call 02/15/26)(a)(b)

    7,535       6,103,312  

4.88%, 09/15/27 (Call 11/14/22)(a)

    7,095       6,561,257  

4.88%, 09/15/29 (Call 09/15/24)(a)

    7,059       6,068,975  

5.00%, 07/15/28 (Call 07/15/23)(a)(b)

    3,631       3,248,293  

5.25%, 03/15/28 (Call 12/27/22)(a)(b)

    4,726       4,347,920  

5.25%, 07/15/30 (Call 07/15/25)(a)

    9,057       7,814,497  

5.63%, 07/15/32 (Call 07/15/26)(a)

    4,054       3,475,779  

Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(a)(b)

        5,197       4,285,966  

iStar Inc.

   

4.25%, 08/01/25 (Call 05/01/25)(b)

    3,945       3,816,985  

4.75%, 10/01/24 (Call 07/01/24)(b)

    3,688       3,641,531  

5.50%, 02/15/26 (Call 12/01/22)(b)

    1,706       1,701,087  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp.

   

4.25%, 02/01/27 (Call 02/01/23)(a)

    4,517       3,793,647  

4.75%, 06/15/29 (Call 06/15/24)(a)(b)

    4,875       3,880,346  

5.25%, 10/01/25 (Call 11/16/22)(a)

    2,044       1,885,038  

MPT Operating Partnership LP/MPT Finance Corp.

   

3.50%, 03/15/31 (Call 03/15/26)(b)

    8,704       5,981,062  

4.63%, 08/01/29 (Call 08/01/24)(b)

    6,379       5,053,635  

5.00%, 10/15/27 (Call 12/01/22)(b)

    9,929       8,497,040  

5.25%, 08/01/26 (Call 12/01/22)(b)

    3,161       2,850,969  

New Residential Investment Corp., 6.25%, 10/15/25 (Call 12/01/22)(a)

    3,875       3,400,584  

 

 

46  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)        

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer

   

4.88%, 05/15/29 (Call 05/15/24)(a)(b)

  $ 5,000     $ 4,263,477  

5.88%, 10/01/28 (Call 10/01/23)(a)

    5,146       4,669,995  

7.50%, 06/01/25 (Call 12/01/22)(a)

    3,110       3,117,775  

RHP Hotel Properties LP/RHP Finance Corp.

   

4.50%, 02/15/29 (Call 02/15/24)(a)(b)

    4,117       3,612,668  

4.75%, 10/15/27 (Call 12/01/22)

    4,444       4,101,990  

RLJ Lodging Trust LP

   

3.75%, 07/01/26 (Call 07/01/23)(a)

    3,040       2,776,074  

4.00%, 09/15/29 (Call 09/15/24)(a)(b)

    3,460       2,899,134  

SBA Communications Corp.

   

3.13%, 02/01/29 (Call 02/01/24)(b)

    10,514       8,497,730  

3.88%, 02/15/ 27 (Call 02/15/23)(b)

    9,590       8,631,000  

Service Properties Trust

   

3.95%, 01/15/28 (Call 07/15/27)

    2,968       2,181,554  

4.35%, 10/01/24 (Call 09/01/24)

    5,289       4,856,783  

4.38%, 02/15/30 (Call 08/15/29)(b)

    2,700       1,923,750  

4.50%, 03/15/25 (Call 09/15/24)

    2,455       2,172,675  

4.65%, 03/15/24 (Call 09/15/23)

    1,015       956,250  

4.75%, 10/01/26 (Call 08/01/26)

    2,925       2,377,330  

4.95%, 02/15/27 (Call 08/15/26)

    2,583       2,091,093  

4.95%, 10/01/29 (Call 07/01/29)

    3,101       2,249,458  

5.25%, 02/15/26 (Call 08/15/25)

    2,541       2,197,965  

5.50%, 12/15/27 (Call 09/15/27)

    3,405       2,936,472  

7.50%, 09/15/25 (Call 06/15/25)

    5,306       5,173,350  

Starwood Property Trust Inc.

   

3.63%, 07/15/26 (Call 01/15/26)(a)

    3,050       2,653,500  

3.75%, 12/31/24 (Call 09/30/24)(a)(b)

    2,485       2,323,053  

4.38%, 01/15/27 (Call 07/15/26)(a)(b)

    3,715       3,281,348  

4.75%, 03/15/25 (Call 09/15/24)

    2,809       2,631,599  

5.50%, 11/01/23 (Call 08/01/23)(a)

    110       108,600  

Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC

   

6.00%, 01/15/30 (Call 01/15/25)(a)(b)

    4,905       3,347,320  

7.88%, 02/15/25 (Call 12/01/22)(a)

        14,513       14,367,943  

Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC

   

4.75%, 04/15/28 (Call 04/15/24)(a)(b)

    3,863       3,157,793  

6.50%, 02/15/29 (Call 02/15/24)(a)(b)

    7,565       5,427,887  

XHR LP

   

4.88%, 06/01/29 (Call 06/01/24)(a)

    3,854       3,324,844  

6.38%, 08/15/25 (Call 11/14/22)(a)

    2,570       2,518,640  
   

 

 

 
          242,474,738  
Retail — 5.3%            

1011778 BC ULC/New Red Finance Inc.

   

3.50%, 02/15/29 (Call 02/15/24)(a)

    5,285       4,426,187  

3.88%, 01/15/28 (Call 12/01/22)(a)

    10,358       9,103,905  

4.00%, 10/15/30 (Call 10/15/25)(a)

    19,456       15,880,960  

4.38%, 01/15/28 (Call 12/01/22)(a)

    5,367       4,707,557  

5.75%, 04/15/25 (Call 12/01/22)(a)

    2,113       2,105,076  

1375209 BC Ltd., 9.00%, 01/30/28(b)

    13,881       13,429,867  

99 Escrow Issuer Inc., 7.50%, 01/15/26 (Call 01/15/23)(a)(b)

    2,250       1,282,403  

Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 11/16/22)(a)(b)

    2,299       2,172,670  

Academy Ltd., 6.00%, 11/15/27
(Call 11/15/23)(a)(b)

    3,020       2,835,025  

Arko Corp., 5.13%, 11/15/29
(Call 11/15/24)(a)(b)

    3,490       2,763,190  

Asbury Automotive Group Inc. 4.50%, 03/01/28 (Call 03/01/23)(b)

    2,582       2,238,478  
Security  

Par

(000)

    Value  
Retail (continued)            

4.63%, 11/15/29 (Call 11/15/24)(a)(b)

  $ 5,424     $ 4,461,240  

4.75%, 03/01/30 (Call 03/01/25)

    3,034       2,485,568  

5.00%, 02/15/32 (Call 11/15/26)(a)(b)

    4,060       3,273,375  

At Home Group Inc.

   

4.88%, 07/15/28 (Call 07/15/23)(a)(b)

    2,117       1,539,165  

7.13%, 07/15/29 (Call 07/15/24)(a)

    3,232       1,826,080  

Bath & Body Works Inc.

   

5.25%, 02/01/28(b)

    3,931       3,476,969  

6.63%, 10/01/30 (Call 10/01/25)(a)(b)

    7,014       6,274,830  

6.69%, 01/15/27

    1,676       1,579,630  

6.75%, 07/01/36(b)

    4,963       4,100,679  

6.88%, 11/01/35(b)

    6,648       5,584,320  

6.95%, 03/01/33(b)

    2,205       1,815,597  

7.50%, 06/15/29 (Call 06/15/24)(b)

    3,359       3,183,576  

9.38%, 07/01/25(a)(b)

    1,522       1,579,075  

BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27 (Call 04/01/23), (8.50% PIK)(a)(b)(c)

    2,856       1,891,357  

Beacon Roofing Supply Inc.

   

4.13%, 05/15/29 (Call 05/15/24)(a)(b)

    2,700       2,234,196  

4.50%, 11/15/26 (Call 12/01/22)(a)(b)

    2,291       2,090,784  

Bed Bath & Beyond Inc.

   

3.75%, 08/01/24 (Call 05/01/24)(b)

    1,984       410,420  

5.17%, 08/01/44 (Call 02/01/44)

    3,642       375,454  

Bloomin’ Brands Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29 (Call 04/15/24)(a)

    2,278       1,937,724  

BlueLinx Holdings Inc., 6.00%, 11/15/29
(Call 11/15/24)(a)

    2,375       1,935,625  

Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)(a)(b)

    1,433       1,388,891  

Carrols Restaurant Group Inc., 5.88%, 07/01/29 (Call 07/01/24)(a)(b)

    2,075       1,457,688  

Carvana Co.

   

4.88%, 09/01/29 (Call 09/01/24)(a)(b)

    4,975       2,201,438  

5.50%, 04/15/27 (Call 04/15/24)(a)(b)

    4,027       1,913,744  

5.63%, 10/01/25 (Call 11/14/22)(a)(b)

    3,684       2,413,020  

5.88%, 10/01/28 (Call 10/01/23)(a)(b)

    4,045       1,851,922  

10.25%, 05/01/30 (Call 05/01/27)(a)(b)

        22,240           13,344,000  

CEC Entertainment LLC, 6.75%, 05/01/26 (Call 05/01/23)(a)

    4,413       4,127,768  

Dave & Buster’s Inc., 7.63%, 11/01/25
(Call 12/01/22)(a)(b)

    2,839       2,832,215  

eG Global Finance PLC

   

6.75%, 02/07/25 (Call 11/11/22)(a)

    5,353       4,817,700  

8.50%, 10/30/25 (Call 12/01/22)(a)

    4,135       3,816,352  

Ferrellgas LP/Ferrellgas Finance Corp.

   

5.38%, 04/01/26 (Call 04/01/23)(a)(b)

    4,515       4,097,362  

5.88%, 04/01/29 (Call 04/01/24)(a)(b)

    5,905       4,948,390  

Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc.

   

4.63%, 01/15/29 (Call 01/15/25)(a)

    6,930       6,027,021  

6.75%, 01/15/30 (Call 01/15/25)(a)(b)

    8,507       6,677,995  

FirstCash Inc.

   

4.63%, 09/01/28 (Call 09/01/23)(a)

    3,162       2,721,338  

5.63%, 01/01/30 (Call 01/01/25)(a)

    3,960       3,490,716  

Foot Locker Inc., 4.00%, 10/01/29
(Call 10/01/24)(a)(b)

    3,025       2,312,522  

Foundation Building Materials Inc., 6.00%, 03/01/29 (Call 03/01/24)(a)

    3,001       2,073,252  

Gap Inc. (The)

   

3.63%, 10/01/29 (Call 10/01/24)(a)(b)

    5,505       3,857,546  

3.88%, 10/01/31 (Call 10/01/26)(a)(b)

    5,020       3,463,800  

 

 

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

    47  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Retail (continued)            

Group 1 Automotive Inc., 4.00%, 08/15/28
(Call 08/15/23)(a)

  $ 5,060     $ 4,161,293  

Guitar Center Inc., 8.50%, 01/15/26
(Call 01/15/23)(a)

    4,029       3,522,705  

GYP Holdings III Corp., 4.63%, 05/01/29
(Call 05/01/24)(a)

    2,321       1,832,956  

IRB Holding Corp., 7.00%, 06/15/25
(Call 12/01/22)(a)(b)

    4,440       4,437,647  

Ken Garff Automotive LLC, 4.88%, 09/15/28
(Call 09/15/23)(a)(b)

    3,127       2,596,106  

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27
(Call 12/01/22)(a)

    5,147       4,913,275  

LBM Acquisition LLC, 6.25%, 01/15/29
(Call 01/15/24)(a)

    5,706       3,991,233  

LCM Investments Holdings II LLC,
4.88%, 05/01/29 (Call 05/01/24)(a)

    6,603       5,569,763  

Lithia Motors Inc.

   

3.88%, 06/01/29 (Call 06/01/24)(a)(b)

    5,605       4,515,948  

4.38%, 01/15/31 (Call 10/15/25)(a)(b)

    3,843       3,120,247  

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

    2,015       1,793,150  

LSF9 Atlantis Holdings LLC/Victra Finance Corp.,
7.75%, 02/15/26 (Call 02/15/23)(a)(b)

    5,852       5,280,574  

Macy’s Retail Holdings LLC

   

4.30%, 02/15/43 (Call 08/15/42)

    1,539       901,365  

4.50%, 12/15/34 (Call 06/15/34)

    1,988       1,360,812  

5.13%, 01/15/42 (Call 07/15/41)

    2,049       1,301,119  

5.88%, 04/01/29 (Call 04/01/24)(a)(b)

    3,481       3,006,347  

5.88%, 03/15/30 (Call 03/15/25)(a)(b)

    3,245       2,724,356  

6.13%, 03/15/32 (Call 03/15/27)(a)(b)

    2,720       2,259,960  

Marks & Spencer PLC, 7.13%, 12/01/37(a)(b)

    1,860       1,602,375  

Michaels Companies Inc. (The)

   

5.25%, 05/01/28 (Call 11/01/23)(a)

    6,135       4,356,709  

7.88%, 05/01/29 (Call 05/01/24)(a)(b)

    8,573       4,779,447  

Murphy Oil USA Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(a)

    3,420       2,849,741  

4.75%, 09/15/29 (Call 09/15/24)

    3,214       2,892,600  

5.63%, 05/01/27 (Call 12/01/22)(b)

    1,348       1,293,581  

NMG Holding Co. Inc./Neiman Marcus Group LLC,
7.13%, 04/01/26 (Call 04/01/23)(a)

    7,280       6,917,674  

Nordstrom Inc.

   

2.30%, 04/08/24 (Call 11/16/22)(b)

    387       363,194  

4.00%, 03/15/27 (Call 12/15/26)(b)

    2,481       2,103,448  

4.25%, 08/01/31 (Call 05/01/31)

    2,950       2,141,700  

4.38%, 04/01/30 (Call 01/01/30)(b)

    3,755       2,881,963  

5.00%, 01/15/44 (Call 07/15/43)(b)

    6,499       4,111,267  

6.95%, 03/15/28(b)

    2,337       2,170,185  

Papa John’s International Inc., 3.88%, 09/15/29
(Call 09/15/24)(a)(b)

    2,886       2,344,681  

Park River Holdings Inc.

   

5.63%, 02/01/29 (Call 02/01/24)(a)(b)

    2,725       1,730,290  

6.75%, 08/01/29 (Call 08/01/24)(a)(b)

    2,035       1,338,478  

Party City Holdings Inc., 8.75%, 02/15/26
(Call 08/15/23)(a)(b)

    4,955       3,134,038  

Patrick Industries Inc.

   

4.75%, 05/01/29 (Call 05/01/24)(a)

    2,652       2,002,260  

7.50%, 10/15/27 (Call 12/01/22)(a)(b)

    1,592       1,458,546  

Penske Automotive Group Inc.

   

3.50%, 09/01/25 (Call 12/01/22)(b)

    3,454       3,210,768  

3.75%, 06/15/29 (Call 06/15/24)(b)

      3,475         2,852,801  
Security  

Par

(000)

    Value  
Retail (continued)            

PetSmart Inc./PetSmart Finance Corp.

   

4.75%, 02/15/28 (Call 02/15/24)(a)

  $ 7,905     $ 7,216,395  

7.75%, 02/15/29 (Call 02/15/24)(a)(b)

    7,835       7,356,752  

QVC Inc.

   

4.38%, 09/01/28 (Call 06/01/28)

    3,522       2,553,450  

4.45%, 02/15/25 (Call 11/15/24)(b)

    3,451       3,018,314  

4.75%, 02/15/27 (Call 11/15/26)(b)

    4,416       3,498,532  

4.85%, 04/01/24(b)

    2,795       2,676,772  

5.45%, 08/15/34 (Call 02/15/34)(b)

    2,688       1,693,440  

5.95%, 03/15/43

    2,006       1,223,660  

Rite Aid Corp.

   

7.50%, 07/01/25 (Call 12/01/22)(a)

    3,452       2,423,001  

8.00%, 11/15/26 (Call 01/15/23)(a)(b)

    5,635       3,649,339  

Sally Holdings LLC/Sally Capital Inc.,
5.63%, 12/01/25 (Call 12/01/22)

    3,995       3,765,287  

Sizzling Platter LLC/Sizzling Platter
Finance Corp., 8.50%, 11/28/25 (Call 12/01/22)(a)

    2,538       2,217,072  

Sonic Automotive Inc.

   

4.63%, 11/15/29 (Call 11/15/24)(a)(b)

    4,798       3,756,450  

4.88%, 11/15/31 (Call 11/15/26)(a)(b)

    3,244       2,447,345  

Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26
(Call 12/01/22)(a)(b)

    5,154       4,140,193  

SRS Distribution Inc.

   

4.63%, 07/01/28 (Call 07/01/24)(a)

    3,770       3,310,211  

6.00%, 12/01/29 (Call 12/01/24)(a)(b)

    5,800       4,729,030  

6.13%, 07/01/29 (Call 07/01/24)(a)(b)

    3,623       2,946,088  

Staples Inc.

   

7.50%, 04/15/26 (Call 12/01/22)(a)

    13,332       11,579,909  

10.75%, 04/15/27 (Call 12/01/22)(a)(b)

    6,785       4,941,216  

Suburban Propane Partners LP/Suburban Energy
Finance Corp.

   

5.00%, 06/01/31 (Call 06/01/26)(a)(b)

    4,670       3,925,742  

5.88%, 03/01/27 (Call 12/01/22)

    1,765       1,667,918  

Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)(a)(b)

    3,905       3,309,999  

TPro Acquisition Corp., 11.00%, 10/15/24
(Call 12/01/22)(a)(b)

    1,635       1,601,391  

Victoria’s Secret & Co., 4.63%, 07/15/29
(Call 07/15/24)(a)(b)

    3,990       3,174,045  

Vivo Energy Investments BV, 5.13%, 09/24/27
(Call 09/24/23)(a)(b)

    900       805,500  

White Cap Buyer LLC, 6.88%, 10/15/28
(Call 10/15/23)(a)(b)

    4,445       3,767,137  

White Cap Parent LLC, 8.25%, 03/15/26
(Call 12/01/22), (9.00% PIK)(a)(b)(c)

    2,025       1,711,125  

Yum! Brands Inc.

   

3.63%, 03/15/31 (Call 12/15/30)(b)

    6,923       5,555,707  

3.88%, 11/01/23 (Call 08/01/23)(b)

    30       29,475  

4.63%, 01/31/32 (Call 10/01/26)(b)

    7,557       6,461,462  

4.75%, 01/15/30 (Call 10/15/29)(a)

    5,015       4,482,156  

5.35%, 11/01/43 (Call 05/01/43)(b)

    2,048       1,628,160  

5.38%, 04/01/32 (Call 04/01/27)(b)

    6,965       6,229,984  

6.88%, 11/15/37(b)

    2,230       2,185,400  
   

 

 

 
      432,337,921  
Savings & Loans — 0.0%            

New York Community Bancorp Inc.,
5.90%, 11/06/28 (Call 11/06/23), (3 mo. LIBOR US + 2.780%)(b)(d)

    1,310       1,278,539  
   

 

 

 

 

 

48  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Semiconductors — 0.3%            

Amkor Technology Inc., 6.63%, 09/15/27
(Call 12/01/22)(a)(b)

  $ 3,198     $ 3,156,970  

ams-OSRAM AG, 7.00%, 07/31/25
(Call 12/01/22)(a)(b)

    3,135       2,799,868  

Entegris Escrow Corp., 5.95%, 06/15/30
(Call 06/15/25)(a)(b)

    5,945       5,424,813  

Entegris Inc.

   

3.63%, 05/01/29 (Call 05/01/24)(a)(b)

    2,951       2,407,573  

4.38%, 04/15/28 (Call 04/15/23)(a)

    2,395       2,106,522  

ON Semiconductor Corp., 3.88%, 09/01/28
(Call 09/01/23)(a)

    4,350       3,832,785  

Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)(a)(b)

    2,546       2,103,037  
   

 

 

 
      21,831,568  
Software — 2.3%            

ACI Worldwide Inc., 5.75%, 08/15/26
(Call 12/01/22)(a)

    2,519       2,393,050  

Boxer Parent Co. Inc.

   

7.13%, 10/02/25 (Call 12/01/22)(a)(b)

    3,462       3,401,917  

9.13%, 03/01/26 (Call 11/14/22)(a)(b)

    2,692       2,571,047  

Camelot Finance SA, 4.50%, 11/01/26
(Call 12/01/22)(a)(b)

    4,845       4,526,492  

Castle U.S. Holding Crop., 9.50%, 02/15/28
(Call 02/15/23)(a)

    2,219       1,006,871  

Central Parent Inc./CDK Global Inc.,
7.25%, 06/15/29
(Call 06/15/25)(a)(b)

    5,382       5,144,169  

Clarivate Science Holdings Corp.

   

3.88%, 07/01/28 (Call 06/30/24)(a)(b)

    6,504       5,577,697  

4.88%, 07/01/29 (Call 06/30/24)(a)(b)

    5,990       4,994,162  

Consensus Cloud Solutions Inc.

   

6.00%, 10/15/26 (Call 10/15/23)(a)(b)

    2,046       1,842,935  

6.50%, 10/15/28 (Call 10/15/26)(a)(b)

    3,757       3,316,233  

Dun & Bradstreet Corp. (The), 5.00%, 12/15/29
(Call 12/15/24)(a)(b)

    3,249       2,755,964  

Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)(a)(b)

    3,940       3,289,605  

Fair Isaac Corp.

   

4.00%, 06/15/28 (Call 12/15/22)(a)

    5,939       5,373,845  

5.25%, 05/15/26 (Call 02/15/26)(a)(b)

    1,938       1,918,039  

Helios Software Holdings Inc./ION Corporate
Solutions Finance Sarl, 4.63%, 05/01/28
(Call 05/01/24)(a)

    2,470       1,906,741  

MicroStrategy Inc., 6.13%, 06/15/28
(Call 06/15/24)(a)(b)

    3,563       3,053,028  

Minerva Merger Sub Inc., 6.50%, 02/15/30
(Call 02/15/25)(a)(b)

    15,889       12,393,420  

MSCI Inc.

   

3.25%, 08/15/33 (Call 08/15/27)(a)(b)

    4,935       3,814,993  

3.63%, 09/01/30 (Call 03/01/25)(a)

    6,263       5,233,363  

3.63%, 11/01/31 (Call 11/01/26)(a)(b)

    3,928       3,232,881  

3.88%, 02/15/31 (Call 06/01/25)(a)

    6,923       5,833,389  

4.00%, 11/15/29 (Call 11/15/24)(a)(b)

    6,069       5,269,834  

Open Text Corp.

   

3.88%, 02/15/28 (Call 02/15/23)(a)(b)

    6,096       5,217,810  

3.88%, 12/01/29 (Call 12/01/24)(a)(b)

    6,177       4,895,272  

Open Text Holdings Inc.

   

4.13%, 02/15/30 (Call 02/15/25)(a)(b)

    6,444       5,131,035  

4.13%, 12/01/31 (Call 12/01/26)(a)

    4,024       3,028,060  

Picard Midco Inc., 6.50%, 03/31/29
(Call 09/30/25)(a)(b)

    27,255       23,635,065  

Playtika Holding Corp., 4.25%, 03/15/29
(Call 03/15/24)(a)(b)

    3,870       3,223,594  

PTC Inc.

   

3.63%, 02/15/25 (Call 12/01/22)(a)

    2,624       2,500,751  

4.00%, 02/15/28 (Call 02/15/23)(a)

    3,156       2,858,501  
Security  

Par

(000)

    Value  
Software (continued)            

Rackspace Technology Global Inc.

   

3.50%, 02/15/28 (Call 02/15/24)(a)(b)

  $ 4,135     $ 2,730,599  

5.38%, 12/01/28 (Call 12/01/23)(a)(b)

    3,605       1,517,489  

ROBLOX Corp., 3.88%, 05/01/30
(Call 11/01/24)(a)(b)

    6,889       5,683,425  

Rocket Software Inc., 6.50%, 02/15/29
(Call 02/15/24)(a)(b)

    4,091       3,265,763  

Skillz Inc., 10.25%, 12/15/26 (Call 12/15/23)(a)(b)

    2,068       1,404,367  

SS&C Technologies Inc., 5.50%, 09/30/27
(Call 12/01/22)(a)(b)

    13,242       12,312,295  

Twilio Inc.

   

3.63%, 03/15/29 (Call 03/15/24)(b)

    3,806       3,142,843  

3.88%, 03/15/31 (Call 03/15/26)(b)

    3,358       2,738,617  

Veritas U.S. Inc./Veritas Bermuda Ltd.,
7.50%, 09/01/25 (Call 12/01/22)(a)

    11,634       9,793,857  

ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)(a)(b)

    4,155       3,471,725  
   

 

 

 
      185,400,743  
Telecommunications — 6.1%            

Altice France Holding SA

   

6.00%, 02/15/28 (Call 02/15/23)(a)(b)

    7,540       4,875,899  

10.50%, 05/15/27 (Call 11/14/22)(a)

    10,762       8,386,504  

Altice France SA, 5.50%, 10/15/29
(Call 10/15/24)(a)

    13,570       10,347,125  

Altice France SA/France

   

5.13%, 01/15/29 (Call 09/15/23)(a)

    3,125       2,351,563  

5.13%, 07/15/29 (Call 04/15/24)(a)

    16,660       12,547,895  

5.50%, 01/15/28 (Call 12/01/22)(a)

    7,655       6,047,450  

8.13%, 02/01/27 (Call 11/14/22)(a)

    11,929       10,917,063  

Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)(a)

    6,445       2,708,125  

British Telecommunications PLC

   

4.25%, 11/23/81 (Call 11/23/26)(a)(b)(d)

    3,735       3,113,455  

4.88%, 11/23/81 (Call 08/23/31)(a)(d)

    3,060       2,422,145  

C&W Senior Financing DAC, 6.88%, 09/15/27
(Call 11/11/22)(a)(b)

    7,858       6,814,314  

Ciena Corp., 4.00%, 01/31/30 (Call 01/31/25)(a)(b)

    2,742       2,316,990  

CommScope Inc.

   

4.75%, 09/01/29 (Call 09/01/24)(a)(b)

    8,720       7,375,674  

6.00%, 03/01/26 (Call 12/01/22)(a)

    10,151       9,791,165  

7.13%, 07/01/28 (Call 07/01/23)(a)(b)

    4,693       3,974,632  

8.25%, 03/01/27 (Call 12/01/22)(a)(b)

    6,840       6,072,563  

CommScope Technologies LLC

   

5.00%, 03/15/27 (Call 11/14/22)(a)(b)

    5,391       4,364,608  

6.00%, 06/15/25 (Call 11/14/22)(a)

    8,614       8,032,555  

Connect Finco Sarl/Connect U.S. Finco LLC,
6.75%, 10/01/26 (Call 12/01/22)(a)

    13,737       12,912,780  

Consolidated Communications Inc.

   

5.00%, 10/01/28 (Call 10/01/23)(a)

    3,027       2,345,486  

6.50%, 10/01/28 (Call 10/01/23)(a)(b)

    4,764       3,895,999  

Embarq Corp., 8.00%, 06/01/36

    9,691       3,896,945  

Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/01/24)(a)

    10,616       9,289,000  

5.88%, 10/15/27 (Call 10/15/23)(a)(b)

    7,587       6,978,722  

5.88%, 11/01/29 (Call 11/01/24)

    5,287       4,118,652  

6.00%, 01/15/30 (Call 10/15/24)(a)(b)

    7,132       5,577,224  

6.75%, 05/01/29 (Call 05/01/24)(a)(b)

    6,927       5,706,116  

8.75%, 05/15/30 (Call 05/15/25)(a)

    8,195       8,369,144  

Frontier Florida LLC, Series E, 6.86%, 02/01/28(b)

    932       867,541  

Hughes Satellite Systems Corp.

   

5.25%, 08/01/26

    5,078       4,847,408  

6.63%, 08/01/26(b)

    5,274       4,968,108  

 

 

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

    49  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
     Value  
Telecommunications (continued)             

Iliad Holding SASU

    

6.50%, 10/15/26 (Call 10/15/23)(a)

  $ 8,340      $ 7,723,841  

7.00%, 10/15/28 (Call 10/15/24)(a)

    6,040        5,466,200  

Intelsat Jackson Holdings SA,
6.50%, 03/15/30 (Call 03/15/25)(a)(b)

    20,215        18,552,518  

Intrado Corp., 8.50%, 10/15/25
(Call 12/01/22)(a)(b)

    4,447        3,887,855  

Level 3 Financing Inc.

    

3.40%, 03/01/27 (Call 01/01/27)(a)

    5,000        4,304,300  

3.63%, 01/15/29 (Call 01/15/24)(a)(b)

    6,300        4,803,750  

3.75%, 07/15/29 (Call 01/15/24)(a)(b)

    6,105        4,638,213  

3.88%, 11/15/29 (Call 08/15/29)(a)

    4,553        3,744,842  

4.25%, 07/01/28 (Call 07/01/23)(a)

    8,304        6,850,800  

4.63%, 09/15/27 (Call 12/01/22)(a)(b)

    6,912        5,997,957  

Ligado Networks LLC, 15.50%, 11/01/23,
(15.50% PIK)(a)(c)

    22,834        7,734,979  

LogMeIn Inc., 5.50%, 09/01/27
(Call 09/01/23)(a)

    6,760        3,919,042  

Lumen Technologies Inc.

    

4.00%, 02/15/27 (Call 02/15/23)(a)

    8,923        7,586,335  

4.50%, 01/15/29 (Call 01/15/24)(a)

    6,853        4,831,039  

5.13%, 12/15/26 (Call 12/15/22)(a)(b)

    3,669        3,141,581  

5.38%, 06/15/29 (Call 06/15/24)(a)(b)

    3,598        2,642,335  

5.63%, 04/01/25 (Call 01/01/25)(b)

    1,139        1,104,830  

Series P, 7.60%, 09/15/39(b)

    3,683        2,467,458  

Series U, 7.65%, 03/15/42(b)

    3,230        2,139,794  

Maxar Technologies Inc., 7.75%, 06/15/27
(Call 06/15/24)(a)(b)

    3,839        3,763,563  

Millicom International Cellular SA

    

4.50%, 04/27/31 (Call 04/27/26)(a)(b)

    5,451        4,086,446  

5.13%, 01/15/28(a)(b)

    2,657        2,265,792  

6.25%, 03/25/29(a)(b)

    4,231        3,702,825  

Nokia OYJ

    

4.38%, 06/12/27(b)

    3,062        2,815,907  

6.63%, 05/15/39(b)

    3,352        3,058,030  

Qwest Corp., 7.25%, 09/15/25

    1,857        1,875,310  

Sable International Finance Ltd.,
5.75%, 09/07/27(a)(b)

    3,306        2,930,108  

Sprint Capital Corp.

    

6.88%, 11/15/28

    16,616        17,147,380  

8.75%, 03/15/32(b)

    13,560        15,914,558  

Sprint Corp.

    

7.13%, 06/15/24

    16,350        16,529,049  

7.63%, 02/15/25 (Call 11/15/24)(b)

    9,941        10,214,377  

7.63%, 03/01/26 (Call 11/01/25)

    10,238        10,685,912  

Switch Ltd.

    

3.75%, 09/15/28 (Call 09/15/23)(a)

    2,565        2,590,650  

4.13%, 06/15/29 (Call 06/15/24)(a)

    2,030        2,031,015  

Telecom Italia Capital SA

    

6.00%, 09/30/34

    7,074        5,162,110  

6.38%, 11/15/33

    7,022        5,395,705  

7.20%, 07/18/36

    6,902        5,375,002  

7.72%, 06/04/38(b)

    6,391        5,080,845  

Telecom Italia SpA/Milano, 5.30%, 05/30/24(a)

    9,206        8,660,729  

Telesat Canada/Telesat LLC

    

4.88%, 06/01/27 (Call 12/01/22)(a)(b)

    2,388        1,050,004  

5.63%, 12/06/26 (Call 12/06/23)(a)(b)

    3,365        1,588,256  

6.50%, 10/15/27 (Call 11/16/22)(a)(b)

    2,501        871,987  

U.S. Cellular Corp., 6.70%, 12/15/33(b)

    3,672        3,497,323  

ViaSat Inc.

    

5.63%, 09/15/25 (Call 11/14/22)(a)

    5,198        4,794,115  

5.63%, 04/15/27 (Call 11/14/22)(a)

    3,776        3,491,214  

6.50%, 07/15/28 (Call 07/15/23)(a)(b)

    2,783        2,325,544  
Security   Par
(000)
     Value  
Telecommunications (continued)             

Viavi Solutions Inc., 3.75%, 10/01/29
(Call 10/01/24)(a)(b)

  $ 2,634      $ 2,199,100  

Vmed O2 UK Financing I PLC

    

4.25%, 01/31/31 (Call 01/31/26)(a)

    9,170        7,290,978  

4.75%, 07/15/31 (Call 07/15/26)(a)

    9,695        7,834,142  

Vodafone Group PLC

    

3.25%, 06/04/81 (Call 06/04/26)(d)

    3,635        2,914,434  

4.13%, 06/04/81 (Call 03/04/31)(b)(d)

    6,845        4,854,885  

5.13%, 06/04/81 (Call 12/04/50)(b)(d)

    6,311        4,361,153  

7.00%, 04/04/79 (Call 01/04/29)(d)

    13,548        12,870,600  

Windstream Escrow LLC/Windstream Escrow Finance Corp.,
7.75%, 08/15/28 (Call 08/15/23)(a)(b)

    9,731        8,420,234  

Zayo Group Holdings Inc.

    

4.00%, 03/01/27 (Call 12/01/22)(a)(b)

    9,949        7,685,602  

6.13%, 03/01/28 (Call 03/01/23)(a)(b)

    7,560        5,027,400  
    

 

 

 
       498,132,803  
Textiles — 0.0%             

Eagle Intermediate Global Holding BV/Eagle
U.S. Finance LLC, 7.50%, 05/01/25(a)(b)

    4,303        3,313,310  
    

 

 

 
Toys, Games & Hobbies — 0.2%             

Mattel Inc.

    

3.38%, 04/01/26 (Call 04/01/23)(a)(b)

    3,312        3,020,929  

3.75%, 04/01/29 (Call 04/01/24)(a)

    4,461        3,849,631  

5.45%, 11/01/41 (Call 05/01/41)(b)

    2,212        1,718,939  

5.88%, 12/15/27 (Call 12/15/22)(a)(b)

    3,075        2,983,919  

6.20%, 10/01/40(b)

    1,687        1,437,408  
    

 

 

 
       13,010,826  
Transportation — 0.3%             

Cargo Aircraft Management Inc.,
4.75%, 02/01/28
(Call 02/01/23)(a)(b)

    3,869        3,450,684  

Carriage Purchaser Inc., 7.88%, 10/15/29
(Call 10/15/24)(a)

    2,260        1,673,257  

Danaos Corp., 8.50%, 03/01/28
(Call 03/01/24)(a)

    2,025        1,862,727  

First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)(a)

    5,504        4,472,550  

Watco Cos. LLC/Watco Finance Corp.,
6.50%, 06/15/27 (Call 06/15/23)(a)

    4,016        3,779,649  

Western Global Airlines LLC,
10.38%, 08/15/25
(Call 05/15/25)(a)(b)

    2,968        2,493,120  

XPO CNW Inc., 6.70%, 05/01/34(b)

    2,286        2,045,970  

XPO Escrow Sub LLC, 7.50%, 11/15/27

    790        788,025  

XPO Logistics Inc., 6.25%, 05/01/25
(Call 12/01/22)(a)(b)

    2,362        2,386,100  
    

 

 

 
       22,952,082  
Trucking & Leasing — 0.2%             

AerCap Global Aviation Trust,
6.50%, 06/15/45 (Call 06/15/25)(a)(b)(d)

    3,293        3,004,862  

Fly Leasing Ltd., 7.00%, 10/15/24(a)

    2,174        1,715,580  

Fortress Transportation and Infrastructure
Investors LLC

    

5.50%, 05/01/28 (Call 05/01/24)(a)(b)

    6,934        5,797,761  

6.50%, 10/01/25 (Call 12/01/22)(a)

    3,482        3,341,449  

9.75%, 08/01/27 (Call 08/01/23)(a)

    3,117        3,173,371  
    

 

 

 
       17,033,023  

 

 

50  

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® Broad USD High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par/

Shares
(000)

    Value  
Water — 0.0%            

Solaris Midstream Holdings LLC,
7.63%, 04/01/26 (Call 04/01/23)(a)(b)

  $ 2,530     $ 2,409,825  
   

 

 

 

Total Corporate Bonds & Notes — 96.7%
(Cost: $9,010,307,189)

      7,849,971,825  
   

 

 

 

Common Stocks

   
Advertising — 0.0%            

Affinion Group Inc.(f)

    4        
   

 

 

 
Energy Equipment & Services — 0.0%            

Patterson-UTI Energy Inc.

    1       13,591  
   

 

 

 
Health Care Technology — 0.0%            

Quincy Health LLC(f)(g)

    12       16,668  
   

 

 

 

Total Common Stocks — 0.0%
(Cost $1,371,310)

      30,259  
   

 

 

 

Total Long-Term Investments — 96.7%
(Cost: $9,011,678,499)

      7,850,002,084  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 21.7%            

BlackRock Cash Funds: Institutional,
SL Agency Shares, 3.29%(h)(i)(j)

    1,604,584       1,604,262,705  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(h)(i)

    157,140       157,140,000  
   

 

 

 

Total Short-Term Securities — 21.7%
(Cost: $1,761,542,207)

      1,761,402,705  
   

 

 

 

Total Investments — 118.4%
(Cost: $10,773,220,706)

      9,611,404,789  

Liabilities in Excess of Other Assets — (18.4)%

 

    (1,496,745,902
   

 

 

 

Net Assets — 100.0%

    $   8,114,658,887  
   

 

 

 
(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) 

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.

(d) 

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.

(e) 

Perpetual security with no stated maturity date.

(f) 

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(g) 

Non-income producing security.

(h) 

Affiliate of the Fund.

(i) 

Annualized 7-day yield as of period end.

(j) 

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
       Affiliated Issuer  

Value at

10/31/21

    Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/22
    Shares
Held at
10/31/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
          
 

 

   

    

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 1,178,596,220     $ 426,494,374 (a)    $     $ (564,557   $ (263,332   $ 1,604,262,705       1,604,584     $ 6,385,261 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    44,140,000       113,000,000 (a)                        157,140,000       157,140       1,127,240          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ (564,557   $ (263,332   $ 1,761,402,705       $ 7,512,501     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

 

 

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

  51


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Broad USD High Yield Corporate Bond ETF

 

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1      Level 2      Level 3      Total  

 

 

Investments

           

Assets

           

Corporate Bonds & Notes

   $      $ 7,849,971,825      $      $ 7,849,971,825  

Common Stocks

     13,591               16,668        30,259  

Money Market Funds

     1,761,402,705                      1,761,402,705  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 1,761,416,296      $ 7,849,971,825      $            16,668      $ 9,611,404,789  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

52  

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

October 31, 2022

  

iShares® ESG Advanced High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Corporate Bonds & Notes            
Advertising — 1.3%            

Clear Channel Outdoor Holdings Inc.

   

5.13%, 08/15/27 (Call 12/01/22)(a)

  $  375     $ 337,462  

7.50%, 06/01/29 (Call 06/01/24)(a)(b)

    300       235,866  

7.75%, 04/15/28 (Call 04/15/24)(a)(b)

    285       232,512  

National CineMedia LLC, 5.88%, 04/15/28
(Call 04/15/23)(a)(b)

    125       50,236  

Outfront Media Capital LLC/Outfront Media Capital Corp.

   

4.25%, 01/15/29 (Call 01/15/24)(a)

    140       115,093  

4.63%, 03/15/30 (Call 03/15/25)(a)

    140       115,520  

5.00%, 08/15/27 (Call 11/14/22)(a)(b)

    195       175,658  

6.25%, 06/15/25 (Call 12/01/22)(a)

    110       108,881  

Stagwell Global LLC, 5.63%, 08/15/29
(Call 08/15/24)(a)

    310       266,659  
   

 

 

 
      1,637,887  
Aerospace & Defense — 3.6%            

Hexcel Corp., 4.20%, 02/15/27 (Call 11/15/26)

    100       90,938  

Howmet Aerospace Inc.

   

3.00%, 01/15/29 (Call 11/15/28)

    215       178,925  

5.13%, 10/01/24 (Call 07/01/24)

    305       301,181  

5.90%, 02/01/27

    150       148,790  

5.95%, 02/01/37(b)

    175       162,549  

6.88%, 05/01/25 (Call 04/01/25)

    180       184,023  

Spirit AeroSystems Inc.

   

4.60%, 06/15/28 (Call 03/15/28)(b)

    185       132,591  

5.50%, 01/15/25 (Call 12/01/22)(a)

    135       130,812  

7.50%, 04/15/25 (Call 12/01/22)(a)

    335       326,256  

TransDigm Inc.

   

4.63%, 01/15/29 (Call 01/15/24)

    275       234,377  

4.88%, 05/01/29 (Call 05/01/24)

    165       140,512  

5.50%, 11/15/27 (Call 12/01/22)(b)

    585       531,291  

6.25%, 03/15/26 (Call 12/01/22)(a)

    990       976,239  

6.38%, 06/15/26 (Call 12/01/22)(b)

    215       207,110  

7.50%, 03/15/27 (Call 12/01/22)

    130       128,197  

8.00%, 12/15/25 (Call 12/01/22)(a)

    250       254,385  

TransDigm UK Holdings PLC, 6.88%, 05/15/26
(Call 12/01/22)

    100       97,696  

Triumph Group Inc.

   

6.25%, 09/15/24 (Call 12/01/22)(a)

    150       139,160  

7.75%, 08/15/25 (Call 12/01/22)(b)

    130       98,612  

8.88%, 06/01/24 (Call 02/01/23)(a)

    160       161,688  
   

 

 

 
      4,625,332  
Agriculture — 0.3%            

Darling Ingredients Inc.

   

5.25%, 04/15/27 (Call 11/14/22)(a)

    125       120,302  

6.00%, 06/15/30 (Call 06/15/25)(a)

    302       290,663  
   

 

 

 
      410,965  
Airlines — 1.3%            

Allegiant Travel Co., 7.25%, 08/15/27 (Call 08/15/24)(a)

    160       150,781  

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.,
5.75%, 01/20/26 (Call 01/20/24)(a)

    350       322,906  

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd.,
8.00%, 09/20/25 (Call 09/20/23)(a)

    145       147,204  

United Airlines Inc.

   

4.38%, 04/15/26 (Call 10/15/25)(a)

    585       535,246  

4.63%, 04/15/29 (Call 10/15/28)(a)

    575       493,649  
   

 

 

 
      1,649,786  
Security   Par
(000)
    Value  
Apparel — 0.8%            

Hanesbrands Inc.

   

4.63%, 05/15/24 (Call 02/15/24)(a)(b)

  $  255     $ 247,896  

4.88%, 05/15/26 (Call 02/15/26)(a)(b)

    280       256,992  

Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)(a)

    114       91,740  

Levi Strauss & Co., 3.50%, 03/01/31 (Call 03/01/26)(a)(b)

    140       112,080  

Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)(b)

    170       146,125  

William Carter Co. (The), 5.63%, 03/15/27
(Call 12/01/22)(a)

    135       129,788  

Wolverine World Wide Inc., 4.00%, 08/15/29
(Call 08/15/24)(a)(b)

    150       119,528  
   

 

 

 
      1,104,149  
Auto Manufacturers — 0.3%            

Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25
(Call 11/01/24)(a)

    325       313,527  

Wabash National Corp., 4.50%, 10/15/28
(Call 10/15/24)(a)(b) .

    135       111,182  
   

 

 

 
      424,709  
Auto Parts & Equipment — 1.2%            

Adient Global Holdings Ltd., 4.88%, 08/15/26
(Call 12/01/22)(a)(b)

    200       178,684  

American Axle & Manufacturing Inc.

   

5.00%, 10/01/29 (Call 10/01/24)(b)

    175       142,317  

6.50%, 04/01/27 (Call 12/01/22)

    130       119,990  

6.88%, 07/01/28 (Call 07/01/23)

    125       115,550  

Cooper-Standard Automotive Inc., 5.63%, 11/15/26(a)

    120       45,131  

Dana Financing Luxembourg Sarl, 5.75%, 04/15/25
(Call 12/01/22)(a)

    95       92,828  

Dana Inc.

   

4.25%, 09/01/30 (Call 05/01/26)

    120       95,880  

5.38%, 11/15/27 (Call 11/15/22)

    110       99,594  

5.63%, 06/15/28 (Call 06/15/23)

    125       113,091  

Tenneco Inc.

   

5.00%, 07/15/26 (Call 11/07/22)

    110       109,572  

5.13%, 04/15/29 (Call 04/15/24)(a)

    275       272,723  

7.88%, 01/15/29 (Call 01/15/24)(a)

    165       163,946  
   

 

 

 
      1,549,306  
Banks — 0.2%            

Dresdner Funding Trust I, 8.15%, 06/30/31
(Call 06/30/29)(a)

    275       281,372  
   

 

 

 
Beverages — 0.1%            

Primo Water Holdings Inc., 4.38%, 04/30/29
(Call 04/30/24)(a).

    215       180,447  
   

 

 

 
Biotechnology — 0.2%            

Emergent BioSolutions Inc., 3.88%, 08/15/28
(Call 08/15/23)(a)

    135       81,115  

Grifols Escrow Issuer SA, 4.75%, 10/15/28
(Call 10/15/24)(a)

    190       148,566  
   

 

 

 
      229,681  
Building Materials — 1.5%            

Boise Cascade Co., 4.88%, 07/01/30 (Call 07/01/25)(a)

    120       100,409  

Builders FirstSource Inc.

   

4.25%, 02/01/32 (Call 08/01/26)(a)

    380       304,110  

5.00%, 03/01/30 (Call 03/01/25)(a)

    145       124,610  

6.38%, 06/15/32 (Call 06/15/27)(a)

    205       188,838  

Camelot Return Merger Sub Inc., 8.75%, 08/01/28
(Call 08/01/24)(a)

    210       175,006  

Cornerstone Building Brands Inc., 6.13%, 01/15/29
(Call 09/15/23)(a)

    140       87,492  

Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23)

    285       261,103  

James Hardie International Finance DAC,
5.00%, 01/15/28 (Call 01/15/23)(a)

    100       90,681  

Jeld-Wen Inc.

   

4.63%, 12/15/25 (Call 12/01/22)(a)(b)

    115       95,641  

 

 

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

    53  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® ESG Advanced High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Building Materials (continued)            

4.88%, 12/15/27 (Call 12/15/22)(a)(b)

  $     115     $ 85,731  

Masonite International Corp., 5.38%, 02/01/28 (Call 02/01/23)(a)

    130       119,086  

PGT Innovations Inc., 4.38%, 10/01/29 (Call 10/01/24)(a)(b)

    165       137,105  

Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a)

    225       206,075  
   

 

 

 
          1,975,887  
Chemicals — 1.7%            

Avient Corp.
5.75%, 05/15/25 (Call 12/01/22)(a)

    190       186,259  

7.13%, 08/01/30 (Call 08/01/25)(a)

    210       200,957  

Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a)

    200       165,166  

Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)(a)(b)

    150       137,319  

Diamond BC BV, 4.63%, 10/01/29 (Call 10/01/24)(a)

    150       109,992  

Element Solutions Inc., 3.88%, 09/01/28 (Call 09/01/23)(a)

    230       195,399  

Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)(a)(b)

    150       127,279  

Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)

    200       182,326  

5.25%, 12/15/29 (Call 09/15/29)

    200       172,478  

Rain CII Carbon LLC/CII Carbon Corp.,
7.25%, 04/01/25 (Call 12/01/22)(a)

    175       150,124  

Rayonier AM Products Inc., 7.63%, 01/15/26 (Call 01/15/24)(a)

    134       116,453  

Trinseo Materials Operating SCA/Trinseo Materials Finance Inc.

   

5.13%, 04/01/29 (Call 04/01/24)(a)

    125       71,215  

5.38%, 09/01/25 (Call 12/01/22)(a)(b)

    125       96,689  

Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(a)

    305       236,726  
   

 

 

 
      2,148,382  
Commercial Services — 7.7%            

ADT Security Corp. (The)
4.13%, 08/01/29 (Call 08/01/28)(a)(b)

    285       244,299  

4.88%, 07/15/32(a)

    210       178,618  

AMN Healthcare Inc., 4.63%, 10/01/27 (Call 12/01/22)(a)(b)

    140       130,967  

APX Group Inc.
5.75%, 07/15/29 (Call 07/15/24)(a)(b)

    230       181,488  

6.75%, 02/15/27 (Call 02/15/23)(a)

    175       171,043  

ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)(a)

    160       142,203  

Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 04/01/24)(a)(b)

    145       127,304  

5.38%, 03/01/29 (Call 03/01/24)(a)(b)

    170       147,091  

5.75%, 07/15/27 (Call 12/01/22)(a)

    110       100,650  

Block Inc.
2.75%, 06/01/26 (Call 05/01/26)(b)

    285       255,049  

3.50%, 06/01/31 (Call 03/01/31)

    285       229,445  

Brink’s Co. (The)
4.63%, 10/15/27 (Call 12/01/22)(a)

    168       154,584  

5.50%, 07/15/25 (Call 12/01/22)(a)

    120       116,875  

Carriage Services Inc., 4.25%, 05/15/29
(Call 05/15/24)(a)

    115       86,807  

Cimpress PLC, 7.00%, 06/15/26 (Call 12/01/22)(a)

    175       104,610  

Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)(a)(b)

    155       129,548  

Gartner Inc.
3.63%, 06/15/29 (Call 06/15/24)(a)

    171       147,366  

3.75%, 10/01/30 (Call 10/01/25)(a)

    235       198,728  

4.50%, 07/01/28 (Call 07/01/23)(a)(b)

    225       208,528  

Graham Holdings Co., 5.75%, 06/01/26 (Call 11/14/22)(a)

    120       117,035  
Security   Par
(000)
    Value  
Commercial Services (continued)            

Grand Canyon University
4.13%, 10/01/24

  $     142     $ 133,027  

5.13%, 10/01/28 (Call 08/01/28)

    115       103,638  

HealthEquity Inc., 4.50%, 10/01/29
(Call 10/01/24)(a)(b)

    168       146,812  

Herc Holdings Inc., 5.50%, 07/15/27
(Call 12/01/22)(a)

    330       312,253  

Hertz Corp. (The)
4.63%, 12/01/26 (Call 12/01/23)(a)

    150       127,812  

5.00%, 12/01/29 (Call 12/01/24)(a)

    285       226,817  

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

    100       90,857  

MoneyGram International Inc., 5.38%, 08/01/26 (Call 08/01/23)(a)

    125       124,741  

MPH Acquisition Holdings LLC
5.50%, 09/01/28 (Call 09/01/24)(a)

    295       255,954  

5.75%, 11/01/28 (Call 11/01/23)(a)(b)

    385       297,478  

Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 11/16/22)(a) .

    154       153,671  

Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)(a)

    275       238,838  

5.25%, 04/15/24(a)

    230       228,342  

5.75%, 04/15/26(a)

    400       391,044  

6.25%, 01/15/28 (Call 01/15/23)(a)(b)

    370       342,653  

Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 12/01/22)(a)(b)

    125       123,205  

RR Donnelley & Sons Co., 6.13%, 11/01/26 (Call 11/01/23)(a) .

    138       111,755  

Sabre GLBL Inc.
7.38%, 09/01/25 (Call 12/01/22)(a)(b)

    245       230,307  

9.25%, 04/15/25 (Call 03/16/25)(a)

    220       214,489  

Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)

    235       187,878  

4.00%, 05/15/31 (Call 05/15/26)

    245       204,016  

4.63%, 12/15/27 (Call 12/15/22)

    170       157,971  

5.13%, 06/01/29 (Call 06/01/24)(b)

    210       195,825  

Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26 (Call 12/01/22)(a)

    125       115,241  

Sotheby’s, 7.38%, 10/15/27 (Call 11/14/22)(a)

    225       217,701  

TriNet Group Inc., 3.50%, 03/01/29 (Call 03/01/24)(a)

    140       115,984  

United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)

    235       190,110  

3.88%, 02/15/31 (Call 08/15/25)(b)

    315       261,154  

4.00%, 07/15/30 (Call 07/15/25)(b)

    200       170,652  

4.88%, 01/15/28 (Call 01/15/23)

    490       455,700  

5.25%, 01/15/30 (Call 01/15/25)

    215       199,363  

5.50%, 05/15/27 (Call 12/01/22)(b)

    135       131,768  

Williams Scotsman International Inc.,
4.63%, 08/15/28 (Call 08/15/23)(a)

    156       141,216  

WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)(a)(b)

    140       77,701  

ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)(a)

    175       143,344  
   

 

 

 
          9,991,555  
Computers — 2.4%            

Booz Allen Hamilton Inc.
3.88%, 09/01/28 (Call 09/01/23)(a)

    200       176,244  

4.00%, 07/01/29 (Call 07/01/24)(a)

    155       135,326  

Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(a)(b).

    575       476,318  

Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24)

    210       178,057  

Diebold Nixdorf Inc.
8.50%, 04/15/24 (Call 12/01/22)(b)

    125       62,514  

9.38%, 07/15/25 (Call 11/16/22)(a)(b)

    190       141,723  

Exela Intermediate LLC/Exela Finance Inc.,
11.50%, 07/15/26 (Call 12/01/22)(a)

    347       98,270  

NCR Corp.
5.00%, 10/01/28 (Call 10/01/23)(a)

    185       156,819  

 

 

54  

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 ESG Advanced High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Computers (continued)            

5.13%, 04/15/29 (Call 04/15/24)(a)

  $     340     $ 285,073  

5.25%, 10/01/30 (Call 10/01/25)(a)

    135       109,045  

5.75%, 09/01/27 (Call 11/14/22)(a)(b)

    130       125,407  

6.13%, 09/01/29 (Call 09/01/24)(a)(b)

    145       138,898  

Seagate HDD Cayman
3.13%, 07/15/29 (Call 01/15/24)

    155       115,060  

3.38%, 07/15/31 (Call 01/15/26)

    145       103,595  

4.09%, 06/01/29 (Call 03/01/29)

    140       112,120  

4.13%, 01/15/31 (Call 10/15/30)

    140       105,307  

4.75%, 01/01/25

    120       115,896  

4.88%, 03/01/24 (Call 01/01/24)

    150       147,014  

4.88%, 06/01/27 (Call 03/01/27)

    150       138,735  

5.75%, 12/01/34 (Call 06/01/34)(b)

    140       113,807  

Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)(a)(b)

    140       117,550  
   

 

 

 
          3,152,778  
Cosmetics & Personal Care — 0.7%            

Coty Inc.
5.00%, 04/15/26 (Call 04/15/23)(a)

    250       235,522  

6.50%, 04/15/26 (Call 12/01/22)(a)(b)

    175       166,694  

Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a)

    150       130,127  

Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 04/01/24)(a)

    145       123,926  

5.50%, 06/01/28 (Call 06/01/23)(a)

    215       202,180  
   

 

 

 
      858,449  
Distribution & Wholesale — 0.2%            

IAA Inc., 5.50%, 06/15/27 (Call 12/01/22)(a)

    125       117,194  

Univar Solutions USA Inc., 5.13%, 12/01/27 (Call 12/01/22)(a)(b)

    140       129,573  
   

 

 

 
      246,767  
Diversified Financial Services — 4.9%            

Ally Financial Inc., 5.75%, 11/20/25
(Call 10/21/25)(b)

    310       299,187  

Burford Capital Global Finance LLC, 6.25%, 04/15/28 (Call 04/15/24)(a)(b)

    90       78,699  

Coinbase Global Inc.
3.38%, 10/01/28 (Call 10/01/24)(a)

    300       198,612  

3.63%, 10/01/31 (Call 10/01/26)(a)

    275       165,443  

Credit Acceptance Corp.
5.13%, 12/31/24 (Call 11/14/22)(a)(b)

    100       94,019  

6.63%, 03/15/26 (Call 11/14/22)(b)

    150       141,964  

Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24 (Call 12/01/22), (7.25% PIK)(a)(c)

    559       448,140  

goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/22)(a)

    150       141,016  

Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a)

    275       216,125  

LPL Holdings Inc.
4.00%, 03/15/29 (Call 03/15/24)(a)

    255       223,222  

4.38%, 05/15/31 (Call 05/15/26)(a)

    120       104,645  

4.63%, 11/15/27 (Call 12/01/22)(a)

    95       87,852  

Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)(a)

    190       143,627  

5.50%, 08/15/28 (Call 08/15/23)(a)

    238       194,110  

5.75%, 11/15/31 (Call 11/15/26)(a)

    170       130,540  

6.00%, 01/15/27 (Call 01/15/23)(a)

    170       152,410  

OneMain Finance Corp.
3.50%, 01/15/27 (Call 01/15/24)

    215       177,065  

3.88%, 09/15/28 (Call 09/15/24)

    160       124,925  

4.00%, 09/15/30 (Call 09/15/25)

    270       203,596  

5.38%, 11/15/29 (Call 05/15/29)(b)

    200       163,900  
Security   Par
(000)
    Value  
Diversified Financial Services (continued)            

6.13%, 03/15/24 (Call 09/15/23)

  $     355     $ 346,910  

6.63%, 01/15/28 (Call 07/15/27)

    225       204,640  

6.88%, 03/15/25

    345       334,622  

7.13%, 03/15/26

    475       457,292  

PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 02/15/24)(a)

    165       124,986  

5.38%, 10/15/25 (Call 12/01/22)(a)

    185       167,464  

5.75%, 09/15/31 (Call 09/15/26)(a)

    145       110,213  

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 10/15/23)(a)(b)

    325       272,340  

3.63%, 03/01/29 (Call 03/01/24)(a)

    220       170,487  

3.88%, 03/01/31 (Call 03/01/26)(a)(b)

    355       264,351  

4.00%, 10/15/33 (Call 10/15/27)(a)

    250       174,515  

SLM Corp.
3.13%, 11/02/26 (Call 10/02/26)

    125       109,621  

4.20%, 10/29/25 (Call 09/29/25)

    145       134,902  
   

 

 

 
          6,361,440  
Electrical Components & Equipment — 0.9%            

Energizer Holdings Inc.
4.38%, 03/31/29 (Call 09/30/23)(a)

    235       190,179  

4.75%, 06/15/28 (Call 06/15/23)(a)

    170       141,338  

WESCO Distribution Inc.
7.13%, 06/15/25 (Call 12/01/22)(a)

    425       429,254  

7.25%, 06/15/28 (Call 06/15/23)(a)

    370       375,254  
   

 

 

 
      1,136,025  
Electronics — 1.1%            

Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)(a)

    135       110,056  

II-VI Inc., 5.00%, 12/15/29 (Call 12/14/24)(a)(b)

    280       239,842  

Sensata Technologies BV
4.00%, 04/15/29 (Call 04/15/24)(a)

    275       231,426  

5.00%, 10/01/25(a)

    210       204,319  

5.63%, 11/01/24(a)

    125       124,260  

5.88%, 09/01/30 (Call 09/01/25)(a)

    150       142,478  

Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)(b)

    225       179,123  

4.38%, 02/15/30 (Call 11/15/29)(a)

    130       111,887  

TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)(a)(b)

    140       118,325  
   

 

 

 
      1,461,716  
Energy - Alternate Sources — 0.2%            

Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 12/01/22)(a)(b)

    125       119,904  

Sunnova Energy Corp., 5.88%, 09/01/26 (Call 09/01/23)(a)

    115       101,416  
   

 

 

 
      221,320  
Engineering & Construction — 0.7%            

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

    280       264,967  

Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)(a)

    120       103,836  

Cellnex Finance Co. SA, 3.88%, 07/07/41 (Call 04/07/41)(a)

    175       106,893  

Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)(a)

    145       126,768  

TopBuild Corp.
3.63%, 03/15/29 (Call 03/15/24)(a)

    115       92,213  

4.13%, 02/15/32 (Call 10/15/26)(a)(b)

    145       114,373  

Tutor Perini Corp., 6.88%, 05/01/25
(Call 11/16/22)(a)(b)

    125       100,230  
   

 

 

 
      909,280  
Entertainment — 2.3%            

AMC Entertainment Holdings Inc.
7.50%, 02/15/29 (Call 02/15/25)(a)

    270       185,695  

10.00%, 06/15/26 (Call 06/15/23),
(12.00% PIK)(a)(b)(c)

    400       212,592  

Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)

    144       126,687  

 

 

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

    55  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® ESG Advanced High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Entertainment (continued)            

Cedar Fair LP/Canada’s Wonderland Co./Magnum

   

Management Corp./Millennium Op

   

5.38%, 04/15/27 (Call 12/01/22)

  $ 145     $ 136,336  

5.50%, 05/01/25 (Call 12/01/22)(a)

        285       283,062  

Cinemark USA Inc.

   

5.25%, 07/15/28 (Call 07/15/24)(a)(b)

    225       172,674  

5.88%, 03/15/26 (Call 03/15/23)(a)(b)

    115       96,973  

Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)(a)(b)

    270       204,862  

Merlin Entertainments Ltd., 5.75%, 06/15/26
(Call 03/17/26)(a)

    120       111,602  

Motion Bondco DAC, 6.63%, 11/15/27
(Call 12/01/22)(a)(b)

    100       83,768  

Odeon Finco PLC, 12.75%, 11/01/27

    125       112,266  

SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29 (Call 08/15/24)(a)(b)

    230       199,847  

Six Flags Entertainment Corp.

   

4.88%, 07/31/24 (Call 12/01/22)(a)

    270       261,368  

5.50%, 04/15/27 (Call 12/01/22)(a)(b)

    160       143,925  

Vail Resorts Inc., 6.25%, 05/15/25
(Call 12/01/22)(a)

    175       174,129  

WMG Acquisition Corp.

   

3.00%, 02/15/31 (Call 02/15/26)(a)

    225       176,004  

3.75%, 12/01/29 (Call 12/01/24)(a)

    150       126,596  

3.88%, 07/15/30 (Call 07/15/25)(a)

    160       136,421  
   

 

 

 
          2,944,807  
Environmental Control — 0.3%            

Clean Harbors Inc., 4.88%, 07/15/27
(Call 12/01/22)(a)(b)

    154       145,034  

Covanta Holding Corp.

   

4.88%, 12/01/29 (Call 12/01/24)(a)

    220       187,968  

5.00%, 09/01/30 (Call 09/01/25)

    100       83,376  
   

 

 

 
      416,378  
Food — 2.5%            

B&G Foods Inc.

   

5.25%, 04/01/25 (Call 12/01/22)

    260       236,187  

5.25%, 09/15/27 (Call 12/01/22)(b)

    159       133,313  

Lamb Weston Holdings Inc.

   

4.13%, 01/31/30 (Call 01/31/25)(a)

    275       240,441  

4.38%, 01/31/32 (Call 01/31/27)(a)

    210       180,919  

4.88%, 05/15/28 (Call 11/15/27)(a)

    130       121,736  

Post Holdings Inc.

   

4.50%, 09/15/31 (Call 09/15/26)(a)

    385       318,391  

4.63%, 04/15/30 (Call 04/15/25)(a)

    455       384,625  

5.50%, 12/15/29 (Call 12/15/24)(a)

    355       319,610  

5.63%, 01/15/28 (Call 12/01/22)(a)

    282       263,865  

5.75%, 03/01/27 (Call 11/16/22)(a)(b)

    118       114,312  

TreeHouse Foods Inc., 4.00%, 09/01/28
(Call 09/01/23)

    150       126,588  

U.S. Foods Inc.

   

4.63%, 06/01/30 (Call 06/01/25)(a)(b)

    140       121,615  

4.75%, 02/15/29 (Call 02/15/24)(a)

    275       244,687  

6.25%, 04/15/25 (Call 12/01/22)(a)

    285       285,051  

United Natural Foods Inc., 6.75%, 10/15/28
(Call 10/15/23)(a)

    138       133,442  
   

 

 

 
      3,224,782  
Food Service — 0.7%            

Aramark Services Inc.

   

5.00%, 04/01/25 (Call 12/01/22)(a)

    175       170,007  

5.00%, 02/01/28 (Call 02/01/23)(a)

    325       296,277  

6.38%, 05/01/25 (Call 12/01/22)(a)

    425       420,750  
   

 

 

 
      887,034  
Forest Products & Paper — 0.3%            

Glatfelter Corp., 4.75%, 11/15/29
(Call 11/01/24)(a)(b)

    140       90,163  

Security   Par
(000)
    Value  
Forest Products & Paper (continued)            

Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)

  $  235     $ 195,837  

Sylvamo Corp., 7.00%, 09/01/29
(Call 09/01/24)(a)

    125       117,290  
   

 

 

 
      403,290  
Health Care - Products — 0.9%            

Avantor Funding Inc.

   

3.88%, 11/01/29 (Call 11/01/24)(a)(b)

    245       206,809  

4.63%, 07/15/28 (Call 07/15/23)(a)(b)

    430       388,423  

Hologic Inc.

   

3.25%, 02/15/29 (Call 09/28/23)(a)(b)

    260       221,034  

4.63%, 02/01/28 (Call 02/01/23)(a)

    125       116,843  

Teleflex Inc.

   

4.25%, 06/01/28 (Call 06/01/23)(a)(b)

    140       126,679  

4.63%, 11/15/27 (Call 11/16/22)

        125       117,735  
   

 

 

 
          1,177,523  
Health Care - Services — 4.4%            

Acadia Healthcare Co. Inc.

   

5.00%, 04/15/29 (Call 10/15/23)(a)(b)

    145       130,633  

5.50%, 07/01/28 (Call 07/01/23)(a)

    115       106,690  

Catalent Pharma Solutions Inc.

   

3.13%, 02/15/29 (Call 02/15/24)(a)(b)

    155       126,900  

3.50%, 04/01/30 (Call 04/01/25)(a)(b)

    180       145,364  

5.00%, 07/15/27 (Call 12/01/22)(a)(b)

    145       136,387  

Centene Corp.

   

2.45%, 07/15/28 (Call 05/15/28)

    248       203,987  

2.50%, 03/01/31 (Call 12/01/30)

    179       136,803  

2.63%, 08/01/31 (Call 05/01/31)

    158       120,813  

3.00%, 10/15/30 (Call 07/15/30)

    238       191,095  

3.38%, 02/15/30 (Call 02/15/25)

    105       87,187  

4.25%, 12/15/27 (Call 12/15/22)

    435       401,296  

4.63%, 12/15/29 (Call 12/15/24)

    120       108,580  

Charles River Laboratories International Inc.

   

3.75%, 03/15/29 (Call 03/15/24)(a)

    145       125,498  

4.00%, 03/15/31 (Call 03/15/26)(a)(b)

    150       126,230  

4.25%, 05/01/28 (Call 05/01/23)(a)

    139       126,443  

DaVita Inc.

   

3.75%, 02/15/31 (Call 02/15/26)(a)

    435       315,640  

4.63%, 06/01/30 (Call 06/01/25)(a)(b)

    785       612,049  

Encompass Health Corp.

   

4.50%, 02/01/28 (Call 02/01/23)

    225       201,184  

4.63%, 04/01/31

    110       90,743  

4.75%, 02/01/30 (Call 02/01/25)

    235       200,281  

IQVIA Inc.

   

5.00%, 10/15/26 (Call 12/01/22)(a)

    300       286,791  

5.00%, 05/15/27 (Call 12/01/22)(a)

    300       285,705  

ModivCare Inc., 5.88%, 11/15/25
(Call 12/01/22)(a)

    140       133,750  

Molina Healthcare Inc.

   

3.88%, 11/15/30 (Call 08/17/30)(a)

    210       180,014  

3.88%, 05/15/32 (Call 02/15/32)(a)

    215       179,136  

4.38%, 06/15/28 (Call 06/15/23)(a)

    225       202,244  

Pediatrix Medical Group Inc., 5.38%, 02/15/30 (Call 02/15/25)(a)

    110       94,956  

Select Medical Corp., 6.25%, 08/15/26
(Call 12/01/22)(a)(b)

    350       333,924  

Surgery Center Holdings Inc., 10.00%, 04/15/27 (Call 12/01/22)(a)(b)

    160       155,389  

Syneos Health Inc., 3.63%, 01/15/29
(Call 01/15/24)(a)

    175       144,307  
   

 

 

 
      5,690,019  
Holding Companies - Diversified — 0.2%        

Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a)

    285       244,918  
   

 

 

 

 

 

56  

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® ESG Advanced High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Home Builders — 0.8%            

Century Communities Inc.

   

3.88%, 08/15/29 (Call 02/15/29)(a)

  $ 145     $ 114,260  

6.75%, 06/01/27 (Call 12/01/22)

    160       152,848  

Meritage Homes Corp.

   

3.88%, 04/15/29 (Call 10/15/28)(a)

    130       105,386  

6.00%, 06/01/25 (Call 03/01/25)

    111       108,448  

Taylor Morrison Communities Inc.

   

5.13%, 08/01/30 (Call 02/01/30)(a)

    140       116,395  

5.75%, 01/15/28 (Call 10/15/27)(a)

    131       120,157  

5.88%, 06/15/27 (Call 03/15/27)(a)(b)

    140       131,650  

Thor Industries Inc., 4.00%, 10/15/29
(Call 10/15/24)(a)

    150       121,278  

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

    130       128,161  
   

 

 

 
          1,098,583  
Home Furnishings — 0.3%            

Tempur Sealy International Inc.

   

3.88%, 10/15/31 (Call 10/15/26)(a)

    225       169,396  

4.00%, 04/15/29 (Call 04/15/24)(a)

    230       185,518  
   

 

 

 
      354,914  
Household Products & Wares — 0.3%            

ACCO Brands Corp., 4.25%, 03/15/29
(Call 03/15/24)(a)(b)

    160       127,093  

Spectrum Brands Inc.

   

3.88%, 03/15/31 (Call 03/15/26)(a)(b)

    150       110,571  

5.75%, 07/15/25 (Call 12/01/22)(b)

    107       105,546  
   

 

 

 
      343,210  
Housewares — 0.9%            

Newell Brands Inc.

   

4.45%, 04/01/26 (Call 01/01/26)

    567       527,338  

4.88%, 06/01/25 (Call 05/01/25)

    140       135,073  

5.63%, 04/01/36 (Call 10/01/35)

    113       93,942  

5.75%, 04/01/46 (Call 10/01/45)

    195       149,951  

6.38%, 09/15/27 (Call 06/15/27)

    145       141,981  

6.63%, 09/15/29 (Call 06/15/29)(b)

        150       146,588  
   

 

 

 
      1,194,873  
Insurance — 0.7%            

Assurant Inc., 7.00%, 03/27/48 (Call 03/27/28),
(3 mo. LIBOR US + 4.135%)(d)

    120       114,139  

Enstar Finance LLC, 5.50%, 01/15/42
(Call 01/15/27)(d)

    125       96,853  

Liberty Mutual Group Inc.

   

4.13%, 12/15/51(a)(d)

    150       113,436  

4.30%, 02/01/61(a)

    230       133,094  

7.80%, 03/07/87(a)

    135       147,983  

MGIC Investment Corp., 5.25%, 08/15/28
(Call 08/15/23)

    180       163,298  

NMI Holdings Inc., 7.38%, 06/01/25
(Call 03/30/25)(a)(b)

    110       110,300  
   

 

 

 
      879,103  
Internet — 3.5%            

Cablevision Lightpath LLC

   

3.88%, 09/15/27 (Call 09/15/23)(a)(b)

    125       106,973  

5.63%, 09/15/28 (Call 09/15/23)(a)(b)

    125       99,291  

Cars.com Inc., 6.38%, 11/01/28 (Call 11/01/23)(a)

    115       99,660  

Cogent Communications Group Inc.

   

3.50%, 05/01/26 (Call 02/01/26)(a)

    165       149,401  

7.00%, 06/15/27 (Call 06/15/24)(a)

    129       123,297  

Go Daddy Operating Co. LLC/GD Finance Co. Inc.

   

3.50%, 03/01/29 (Call 03/01/24)(a)

    225       186,489  

5.25%, 12/01/27 (Call 12/01/22)(a)

    185       174,895  

GrubHub Holdings Inc., 5.50%, 07/01/27
(Call 11/14/22)(a)

    150       100,691  

Netflix Inc.

   

3.63%, 06/15/25 (Call 03/15/25)(a)

    125       118,966  
Security   Par
(000)
    Value  
Internet (continued)            

4.38%, 11/15/26

  $ 200     $ 190,764  

4.88%, 04/15/28

    450       427,738  

4.88%, 06/15/30 (Call 03/15/30)(a)(b)

    285       263,805  

5.38%, 11/15/29(a)

    250       239,367  

5.75%, 03/01/24(b)

    75       75,593  

5.88%, 02/15/25

    225       226,323  

5.88%, 11/15/28(b)

    520       516,547  

6.38%, 05/15/29(b)

    225       229,464  

NortonLifeLock Inc.

   

5.00%, 04/15/25 (Call 11/14/22)(a)

    300       291,675  

6.75%, 09/30/27 (Call 09/30/24)(a)

    260       256,487  

7.13%, 09/30/30 (Call 09/30/25)(a)(b)

    185       182,588  

Rakuten Group Inc.

   

5.13%, (Call 04/22/26)(a)(d)(e)

    200       147,798  

6.25%, (Call 04/22/31)(a)(b)(d)(e)

    300       204,495  

TripAdvisor Inc., 7.00%, 07/15/25
(Call 11/14/22)(a)(b)

    135       133,867  
   

 

 

 
      4,546,174  
Iron & Steel — 0.8%            

Carpenter Technology Corp., 6.38%, 07/15/28 (Call 07/15/23)

    125       116,921  

Cleveland-Cliffs Inc.

   

5.88%, 06/01/27 (Call 12/01/22)

    160       148,827  

6.75%, 03/15/26 (Call 12/01/22)(a)

    240       238,289  

Mineral Resources Ltd.

   

8.00%, 11/01/27 (Call 11/01/24)(a)

    190       186,825  

8.13%, 05/01/27 (Call 12/01/22)(a)

    200       199,036  

8.50%, 05/01/30 (Call 05/01/25)(a)

    175       173,488  
   

 

 

 
      1,063,386  
Leisure Time — 1.8%            

Royal Caribbean Cruises Ltd.

   

3.70%, 03/15/28 (Call 12/15/27)(b)

    140       100,874  

4.25%, 07/01/26 (Call 01/01/26)(a)(b)

    185       147,343  

5.38%, 07/15/27 (Call 10/15/26)(a)(b)

    272       213,436  

5.50%, 08/31/26 (Call 02/28/26)(a)

    265       216,415  

5.50%, 04/01/28 (Call 10/01/27)(a)(b)

    440       338,804  

8.25%, 01/15/29 (Call 04/01/25)(a)

    290       289,081  

9.25%, 01/15/29 (Call 04/01/25)(a)

    275       279,117  

11.50%, 06/01/25 (Call 11/11/22)(a)(b)

    405       436,027  

11.63%, 08/15/27 (Call 08/15/24)(a)

        390       378,994  
   

 

 

 
          2,400,091  
Lodging — 2.0%            

Hilton Domestic Operating Co. Inc.

   

3.63%, 02/15/32 (Call 08/15/26)(a)

    425       338,359  

3.75%, 05/01/29 (Call 05/01/24)(a)

    220       187,691  

4.00%, 05/01/31 (Call 05/01/26)(a)

    330       275,174  

4.88%, 01/15/30 (Call 01/15/25)

    302       271,525  

5.38%, 05/01/25 (Call 11/14/22)(a)

    130       128,014  

5.75%, 05/01/28 (Call 05/01/23)(a)(b)

    130       125,464  

Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc

   

4.88%, 07/01/31 (Call 07/01/26)(a)

    145       118,603  

5.00%, 06/01/29 (Call 06/01/24)(a)

    250       215,142  

Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/22)

    175       166,145  

Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)(a)

    145       121,366  

Studio City Finance Ltd.

   

5.00%, 01/15/29 (Call 01/15/24)(a)(b)

    250       106,935  

6.50%, 01/15/28 (Call 07/15/23)(a)

    275       115,888  

 

 

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

    57  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® ESG Advanced High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Lodging (continued)            

Travel + Leisure Co.

   

4.50%, 12/01/29 (Call 09/01/29)(a)

  $ 185     $ 150,607  

6.00%, 04/01/27 (Call 01/01/27)

    120       112,018  

6.63%, 07/31/26 (Call 04/30/26)(a)

        185       180,515  
   

 

 

 
          2,613,446  
Machinery — 0.7%            

Mueller Water Products Inc., 4.00%, 06/15/29
(Call 06/15/24)(a)

    126       109,437  

SPX FLOW Inc., 8.75%, 04/01/30
(Call 04/01/25)(a)(b)

    150       122,681  

Stevens Holding Co. Inc., 6.13%, 10/01/26
(Call 10/01/23)(a)

    125       125,303  

Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)(a)(b)

    170       151,638  

Vertiv Group Corp., 4.13%, 11/15/28
(Call 11/15/24)(a)(b)

    255       221,758  

Weir Group PLC (The), 2.20%, 05/13/26
(Call 04/13/26)(a)

    225       192,778  
   

 

 

 
      923,595  
Manufacturing — 0.3%            

Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 12/01/22)(a)(b)

    150       144,165  

Hillenbrand Inc., 5.75%, 06/15/25 (Call 12/01/22)

    120       119,525  

Trinity Industries Inc., 4.55%, 10/01/24
(Call 07/01/24)

    112       106,400  
   

 

 

 
      370,090  
Media — 11.7%            

Cable One Inc., 4.00%, 11/15/30
(Call 11/15/25)(a)(b)

    210       170,686  

CCO Holdings LLC/CCO Holdings Capital Corp.

   

4.25%, 01/15/34 (Call 01/15/28)(a)

    250       183,575  

4.50%, 06/01/33 (Call 06/01/27)(a)

    500       380,845  

4.75%, 03/01/30 (Call 09/01/24)(a)

    575       479,078  

4.75%, 02/01/32 (Call 02/01/27)(a)

    600       481,002  

5.13%, 05/01/27 (Call 12/01/22)(a)

    425       393,796  

6.38%, 09/01/29 (Call 09/01/25)(a)

    575       532,645  

CSC Holdings LLC
3.38%, 02/15/31 (Call 02/15/26)(a)

    225       163,204  

4.13%, 12/01/30 (Call 12/01/25)(a)(b)

    225       176,776  

4.50%, 11/15/31 (Call 11/15/26)(a)

    325       253,087  

4.63%, 12/01/30 (Call 12/01/25)(a)

    500       360,220  

5.00%, 11/15/31 (Call 11/15/26)(a)

    100       72,439  

5.25%, 06/01/24(b)

    170       164,922  

5.38%, 02/01/28 (Call 02/01/23)(a)(b)

    225       207,486  

5.50%, 04/15/27 (Call 12/01/22)(a)(b)

    275       259,012  

5.75%, 01/15/30 (Call 01/15/25)(a)

    500       385,000  

6.50%, 02/01/29 (Call 02/01/24)(a)

    375       353,081  

7.50%, 04/01/28 (Call 04/01/23)(a)(b)

    225       194,533  

Diamond Sports Group LLC/Diamond Sports Finance Co.

   

5.38%, 08/15/26(a)

    800       159,632  

6.63%, 08/15/27(a)

    120       6,121  

GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)(a)(b)

    165       139,343  

Gray Escrow II Inc., 5.38%, 11/15/31
(Call 11/15/26)(a)

    395       317,414  

Gray Television Inc.

   

4.75%, 10/15/30 (Call 10/15/25)(a)(b)

    235       185,601  

5.88%, 07/15/26 (Call 12/01/22)(a)

    205       193,514  

7.00%, 05/15/27 (Call 11/14/22)(a)(b)

    200       190,518  

iHeartCommunications Inc.

   

4.75%, 01/15/28 (Call 01/15/23)(a)(b)

    130       113,413  

5.25%, 08/15/27 (Call 11/16/22)(a)

    230       209,624  

6.38%, 05/01/26 (Call 11/16/22)

    230       218,645  

8.38%, 05/01/27 (Call 11/16/22)(b)

    360       323,651  

McGraw-Hill Education Inc.

   

5.75%, 08/01/28 (Call 08/01/24)(a)(b)

    275       242,094  

8.00%, 08/01/29 (Call 08/01/24)(a)

    200       170,320  
Security   Par
(000)
    Value  
Media (continued)            

Nexstar Media Inc.

   

4.75%, 11/01/28 (Call 11/01/23)(a)

  $ 290     $ 254,440  

5.63%, 07/15/27 (Call 11/14/22)(a)

    510       480,094  

Scripps Escrow II Inc.

   

3.88%, 01/15/29 (Call 01/15/24)(a)

    135       112,130  

5.38%, 01/15/31 (Call 01/15/26)(a)(b)

    140       113,788  

Scripps Escrow Inc., 5.88%, 07/15/27
(Call 12/01/22)(a)(b)

    125       113,221  

Sinclair Television Group Inc.

   

4.13%, 12/01/30 (Call 12/01/25)(a)

    215       166,115  

5.50%, 03/01/30 (Call 12/01/24)(a)

    140       104,686  

Sirius XM Radio Inc.

   

3.13%, 09/01/26 (Call 09/01/23)(a)

    270       241,296  

3.88%, 09/01/31 (Call 09/01/26)(a)

    430       343,794  

4.00%, 07/15/28 (Call 07/15/24)(a)

    580       500,644  

4.13%, 07/01/30 (Call 07/01/25)(a)

    430       352,106  

5.00%, 08/01/27 (Call 12/01/22)(a)

    425       391,000  

5.50%, 07/01/29 (Call 07/01/24)(a)

    360       331,974  

TEGNA Inc.

   

4.63%, 03/15/28 (Call 03/15/23)(b)

    285       271,203  

4.75%, 03/15/26 (Call 03/15/23)(a)

    175       172,730  

5.00%, 09/15/29 (Call 09/15/24)(b)

    310       295,966  

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

    400       351,184  

Univision Communications Inc.

   

4.50%, 05/01/29 (Call 05/01/24)(a)

    305       257,310  

5.13%, 02/15/25 (Call 11/14/22)(a)

    420       405,691  

6.63%, 06/01/27 (Call 06/01/23)(a)

    435       429,301  

7.38%, 06/30/30 (Call 06/30/25)(a)

    275       267,781  

UPC Broadband Finco BV, 4.88%, 07/15/31
(Call 07/15/26)(a)

    350       290,819  

Videotron Ltd.

   

3.63%, 06/15/29 (Call 06/15/24)(a)(b)

    140       117,401  

5.13%, 04/15/27 (Call 12/01/22)(a)

    170       160,081  

5.38%, 06/15/24 (Call 03/15/24)(a)

    175       173,548  

VZ Secured Financing BV, 5.00%, 01/15/32
(Call 01/15/27)(a)

    450       361,008  

Ziggo Bond Co. BV

   

5.13%, 02/28/30 (Call 02/15/25)(a)

    125       98,929  

6.00%, 01/15/27 (Call 12/01/22)(a)(b)

    175       158,333  

Ziggo BV, 4.88%, 01/15/30
(Call 10/15/24)(a)

        275       232,075  
   

 

 

 
          15,229,925  
Metal Fabricate & Hardware — 0.1%            

Advanced Drainage Systems Inc., 6.38%, 06/15/30
(Call 07/15/25)(a)

    155       149,780  
   

 

 

 
Mining — 1.6%            

Compass Minerals International Inc.,
6.75%, 12/01/27 (Call 12/01/22)(a)(b)

    145       137,389  

Constellium SE, 3.75%, 04/15/29
(Call 04/15/24)(a)(b)

    150       117,612  

FMG Resources August 2006 Pty Ltd.

   

4.38%, 04/01/31 (Call 01/01/31)(a)(b)

    430       341,820  

4.50%, 09/15/27 (Call 06/15/27)(a)

    180       161,557  

5.13%, 05/15/24 (Call 02/15/24)(a)

    205       200,992  

FMG Resources August Pty. Ltd.

   

5.88%, 04/15/30 (Call 01/15/30)(a)

    195       173,080  

6.13%, 04/15/32 (Call 01/15/32)(a)

    235       208,198  

Hecla Mining Co., 7.25%, 02/15/28
(Call 02/15/23)

    135       128,423  

Kaiser Aluminum Corp.

   

4.50%, 06/01/31 (Call 06/01/26)(a)(b)

    160       125,647  

4.63%, 03/01/28 (Call 03/01/23)(a)(b)

    140       122,479  

New Gold Inc., 7.50%, 07/15/27
(Call 07/15/23)(a)(b)

    115       99,465  

Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 12/01/22)(a)(b)

    125       114,931  

 

58  

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® ESG Advanced High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Mining (continued)            

Taseko Mines Ltd., 7.00%, 02/15/26
(Call 02/15/23)(a)

  $ 120     $ 99,242  
   

 

 

 
          2,030,835  
Office & Business Equipment — 0.3%            

Pitney Bowes Inc., 6.88%, 03/15/27
(Call 03/15/24)(a)

    115       73,754  

Xerox Holdings Corp.

   

5.00%, 08/15/25 (Call 07/15/25)(a)

    220       198,941  

5.50%, 08/15/28 (Call 07/15/28)(a)

        215       169,788  
   

 

 

 
      442,483  
Office Furnishings — 0.1%            

Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28)

    130       113,779  
   

 

 

 
Packaging & Containers — 2.5%            

Ball Corp.

   

2.88%, 08/15/30 (Call 05/15/30)(b)

    370       287,834  

3.13%, 09/15/31 (Call 06/15/31)

    255       195,542  

4.00%, 11/15/23

    270       264,619  

4.88%, 03/15/26 (Call 12/15/25)

    210       201,495  

5.25%, 07/01/25(b)

    285       281,153  

Berry Global Inc., 5.63%, 07/15/27
(Call 12/01/22)(a)(b)

    125       118,681  

Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28 (Call 01/15/23)(a)(b)

    125       106,891  

Graphic Packaging International LLC

   

3.50%, 03/15/28(a)

    130       112,603  

3.75%, 02/01/30 (Call 08/01/29)(a)

    115       98,840  

OI European Group BV, 4.75%, 02/15/30
(Call 11/15/24)(a)

    105       89,179  

Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)(a)

    185       176,914  

Sealed Air Corp.

   

4.00%, 12/01/27 (Call 09/01/27)(a)

    125       112,054  

5.00%, 04/15/29 (Call 04/15/25)(a)(b)

    105       95,861  

5.13%, 12/01/24 (Call 09/01/24)(a)

    110       108,780  

5.50%, 09/15/25 (Call 06/15/25)(a)(b)

    130       127,700  

6.88%, 07/15/33(a)

    135       129,447  

Silgan Holdings Inc., 4.13%, 02/01/28
(Call 11/16/22)

    175       160,288  

TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)(a)

    115       98,864  

Trivium Packaging Finance BV

   

5.50%, 08/15/26 (Call 12/01/22)(a)

    300       275,826  

8.50%, 08/15/27 (Call 11/11/22)(a)(b)

    200       189,748  
   

 

 

 
      3,232,319  
Pharmaceuticals — 3.0%            

180 Medical Inc., 3.88%, 10/15/29
(Call 10/07/24)(a)

    135       114,094  

AdaptHealth LLC

   

4.63%, 08/01/29 (Call 02/01/24)(a)

    150       127,761  

5.13%, 03/01/30 (Call 03/01/25)(a)

    170       147,415  

Elanco Animal Health Inc., 6.40%, 08/28/28
(Call 05/28/28)

    220       198,372  

Embecta Corp., 5.00%, 02/15/30
(Call 02/15/27)(a)(b)

    150       128,755  

Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)(a)

    170       158,906  

HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a)

    170       127,475  

Horizon Therapeutics USA Inc., 5.50%, 08/01/27 (Call 12/01/22)(a)(b)

    175       168,329  

Jazz Securities DAC, 4.38%, 01/15/29
(Call 07/15/24)(a)

    410       363,666  

Option Care Health Inc., 4.38%, 10/31/29
(Call 10/31/24)(a)(b)

    160       137,782  

Organon & Co./Organon Foreign Debt
Co.-Issuer BV

   

4.13%, 04/30/28 (Call 04/30/24)(a)

    600       528,102  

5.13%, 04/30/31 (Call 04/30/26)(a)

    575       488,215  
Security   Par
(000)
    Value  
Pharmaceuticals (continued)            

Owens & Minor Inc.

   

4.50%, 03/31/29 (Call 03/31/24)(a)(b)

  $ 140     $ 108,758  

6.63%, 04/01/30 (Call 04/01/25)(a)

    190       158,618  

Perrigo Finance Unlimited Co.

   

3.90%, 12/15/24 (Call 09/15/24)

    225       214,202  

4.38%, 03/15/26 (Call 12/15/25)

    200       187,462  

4.40%, 06/15/30 (Call 03/15/30)

    200       167,526  

PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 07/15/23)(a)(b)

    125       113,656  

Prestige Brands Inc.

   

3.75%, 04/01/31 (Call 04/01/26)(a)

    165       132,779  

5.13%, 01/15/28 (Call 01/15/23)(a)

        125       116,134  
   

 

 

 
          3,888,007  
Real Estate — 1.2%            

Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28 (Call 05/15/23)(a)(b)

    175       166,399  

Howard Hughes Corp. (The)

   

4.13%, 02/01/29 (Call 02/01/24)(a)

    185       146,509  

4.38%, 02/01/31 (Call 02/01/26)(a)

    175       131,357  

5.38%, 08/01/28 (Call 08/01/23)(a)

    225       194,049  

Kennedy-Wilson Inc.

   

4.75%, 03/01/29 (Call 03/01/24)

    155       125,387  

4.75%, 02/01/30 (Call 09/01/24)

    175       137,403  

5.00%, 03/01/31 (Call 03/01/26)

    180       140,996  

Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23)

    155       154,447  

Realogy Group LLC/Realogy Co-Issuer Corp.

   

5.25%, 04/15/30 (Call 04/15/25)(a)

    285       197,881  

5.75%, 01/15/29 (Call 01/15/24)(a)

    265       190,304  
   

 

 

 
      1,584,732  
Real Estate Investment Trusts — 5.8%            

Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)(a)

    139       109,337  

Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL

   

4.50%, 04/01/27 (Call 10/01/23)(a)

    215       183,391  

5.75%, 05/15/26 (Call 11/14/22)(a)

    280       260,445  

CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)(a)

    100       84,878  

HAT Holdings I LLC/HAT Holdings II LLC

   

3.38%, 06/15/26 (Call 03/15/26)(a)(b)

    300       244,626  

6.00%, 04/15/25 (Call 12/01/22)(a)(b)

    105       100,102  

Iron Mountain Inc.

   

4.50%, 02/15/31 (Call 02/15/26)(a)

    304       247,979  

4.88%, 09/15/27 (Call 11/14/22)(a)(b)

    265       244,497  

4.88%, 09/15/29 (Call 09/15/24)(a)

    285       245,613  

5.00%, 07/15/28 (Call 07/15/23)(a)

    145       129,658  

5.25%, 03/15/28 (Call 12/27/22)(a)(b)

    255       234,651  

5.25%, 07/15/30 (Call 07/15/25)(a)

    370       320,897  

5.63%, 07/15/32 (Call 07/15/26)(a)

    170       146,339  

Iron Mountain Information Management Services Inc., 5.00%, 07/15/32
(Call 07/15/27)(a)

    225       185,488  

iStar Inc.

   

4.25%, 08/01/25 (Call 05/01/25)(b)

    165       159,803  

4.75%, 10/01/24 (Call 07/01/24)

    205       203,317  

MPT Operating Partnership LP/MPT Finance Corp.

   

3.50%, 03/15/31 (Call 03/15/26)

    375       259,249  

4.63%, 08/01/29 (Call 08/01/24)

    260       207,722  

5.00%, 10/15/27 (Call 12/01/22)(b)

    400       342,008  

5.25%, 08/01/26 (Call 12/01/22)

    135       121,898  

 

 

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

    59  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® ESG Advanced High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Real Estate Investment Trusts (continued)        

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer

   

4.88%, 05/15/29 (Call 05/15/24)(a)

  $ 220     $ 188,043  

5.88%, 10/01/28 (Call 10/01/23)(a)

    215       195,065  

7.50%, 06/01/25 (Call 12/01/22)(a)

    180       180,473  

RHP Hotel Properties LP/RHP Finance Corp.

   

4.50%, 02/15/29 (Call 02/15/24)(a)(b)

    170       149,095  

4.75%, 10/15/27 (Call 12/01/22)

    197       181,882  

SBA Communications Corp.

   

3.13%, 02/01/29 (Call 02/01/24)

    425       344,369  

3.88%, 02/15/27 (Call 02/15/23)(b)

    425       384,102  

Starwood Property Trust Inc.

   

3.63%, 07/15/26 (Call 01/15/26)(a)

    110       95,940  

3.75%, 12/31/24 (Call 09/30/24)(a)

    95       88,876  

4.38%, 01/15/27 (Call 07/15/26)(a)

    155       137,008  

4.75%, 03/15/25 (Call 09/15/24)

    155       146,230  

Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC
6.00%, 01/15/30 (Call 01/15/25)(a)

    200       137,178  

7.88%, 02/15/25 (Call 12/01/22)(a)

    650       644,052  

Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC

   

4.75%, 04/15/28 (Call 04/15/24)(a)

    155       127,435  

6.50%, 02/15/29 (Call 02/15/24)(a)

    315       226,787  

XHR LP

   

4.88%, 06/01/29 (Call 06/01/24)(a)

    150       130,590  

6.38%, 08/15/25 (Call 11/14/22)(a)

        145       142,651  
   

 

 

 
          7,531,674  
Retail — 5.6%            

1011778 BC ULC/New Red Finance Inc.

   

3.50%, 02/15/29 (Call 02/15/24)(a)

    215       180,063  

3.88%, 01/15/28 (Call 12/01/22)(a)(b)

    435       382,696  

4.00%, 10/15/30 (Call 10/15/25)(a)

    840       685,474  

4.38%, 01/15/28 (Call 12/01/22)(a)

    220       193,398  

5.75%, 04/15/25 (Call 12/01/22)(a)

    130       129,984  

Asbury Automotive Group Inc.

   

4.50%, 03/01/28 (Call 03/01/23)

    110       95,440  

4.63%, 11/15/29 (Call 11/15/24)(a)

    240       197,357  

4.75%, 03/01/30 (Call 03/01/25)

    120       98,276  

5.00%, 02/15/32 (Call 11/15/26)(a)(b)

    170       137,057  

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

    215       22,519  

Carvana Co.

   

4.88%, 09/01/29 (Call 09/01/24)(a)

    225       99,558  

5.50%, 04/15/27 (Call 04/15/24)(a)

    175       84,665  

5.63%, 10/01/25 (Call 11/14/22)(a)(b)

    150       98,250  

5.88%, 10/01/28 (Call 10/01/23)(a)

    175       80,551  

10.25%, 05/01/30 (Call 05/01/27)(a)

    925       554,778  

Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 12/01/22)(a)

    119       119,000  

Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)(a)

    115       87,952  

Gap Inc. (The)

   

3.63%, 10/01/29 (Call 10/01/24)(a)(b)

    215       151,048  

3.88%, 10/01/31 (Call 10/01/26)(a)(b)

    220       151,802  

Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 08/15/23)(a)

    225       185,222  

KFC Holding Co./Pizza Hut Holdings LLC/Taco
Bell of America LLC, 4.75%, 06/01/27
(Call 12/01/22)(a)

    205       196,101  

Lithia Motors Inc.

   

3.88%, 06/01/29 (Call 06/01/24)(a)

    250       202,448  

4.38%, 01/15/31 (Call 10/15/25)(a)(b)

    170       138,341  

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

    100       90,160  

Macy’s Retail Holdings LLC

   

5.88%, 04/01/29 (Call 04/01/24)(a)(b)

    155       134,244  

5.88%, 03/15/30 (Call 03/15/25)(a)

    120       101,312  
Security   Par
(000)
    Value  
Retail (continued)            

6.13%, 03/15/32 (Call 03/15/27)(a)(b)

  $ 110     $ 91,450  

Michaels Companies Inc. (The)

   

5.25%, 05/01/28 (Call 11/01/23)(a)

    240       170,729  

7.88%, 05/01/29(a)

    370       207,270  

Nordstrom Inc.

   

4.25%, 08/01/31 (Call 05/01/31)(b)

    110       79,839  

4.38%, 04/01/30 (Call 01/01/30)(b)

    150       112,691  

5.00%, 01/15/44 (Call 07/15/43)

    275       173,855  

Party City Holdings Inc., 8.75%, 02/15/26 (Call 08/15/23)(a)

    210       132,871  

Rite Aid Corp.

   

7.50%, 07/01/25 (Call 12/01/22)(a)

    124       87,369  

8.00%, 11/15/26 (Call 01/15/23)(a)(b)

    235       152,644  

Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/22)

    205       194,225  

Sonic Automotive Inc.

   

4.63%, 11/15/29 (Call 11/15/24)(a)(b)

    175       137,737  

4.88%, 11/15/31 (Call 11/15/26)(a)

    160       121,890  

Yum! Brands Inc.

   

3.63%, 03/15/31 (Call 12/15/30)

    310       248,883  

4.63%, 01/31/32 (Call 10/01/26)

    335       286,053  

4.75%, 01/15/30 (Call 10/15/29)(a)

    230       205,487  

5.38%, 04/01/32 (Call 04/01/27)

        285       254,981  
   

 

 

 
          7,255,670  
Semiconductors — 0.6%            

ams-OSRAM AG, 7.00%, 07/31/25
(Call 12/01/22)(a)(b)

    125       112,051  

Entegris Escrow Corp., 5.95%, 06/15/30 (Call 06/15/25)(a)

    255       233,017  

Entegris Inc.

   

3.63%, 05/01/29 (Call 05/01/24)(a)

    125       102,196  

4.38%, 04/15/28 (Call 04/15/23)(a)

    105       92,298  

ON Semiconductor Corp., 3.88%, 09/01/28 (Call 09/01/23)(a)

    210       185,073  

Synaptics Inc., 4.00%, 06/15/29
(Call 06/15/24)(a)(b)

    115       95,311  
   

 

 

 
      819,946  
Software — 2.9%            

ACI Worldwide Inc., 5.75%, 08/15/26
(Call 12/01/22)(a)

    115       110,193  

Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(a)

    285       247,865  

Camelot Finance SA, 4.50%, 11/01/26
(Call 12/01/22)(a)

    200       186,758  

Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)(a)

    225       214,904  

Clarivate Science Holdings Corp.

   

3.88%, 07/01/28 (Call 06/30/24)(a)(b)

    255       220,871  

4.88%, 07/01/29 (Call 06/30/24)(a)(b)

    265       220,954  

Consensus Cloud Solutions Inc., 6.50%, 10/15/28 (Call 10/15/26)(a)(b)

    140       123,831  

Dun & Bradstreet Corp. (The), 5.00%, 12/15/29 (Call 12/15/24)(a)

    130       110,178  

Elastic NV, 4.13%, 07/15/29
(Call 07/15/24)(a)(b)

    160       133,699  

Fair Isaac Corp.

   

4.00%, 06/15/28 (Call 12/15/22)(a)

    260       235,149  

5.25%, 05/15/26 (Call 02/15/26)(a)

    100       98,653  

MicroStrategy Inc., 6.13%, 06/15/28
(Call 06/15/24)(a)(b)

    145       124,287  

Open Text Corp.

   

3.88%, 02/15/28 (Call 02/15/23)(a)

    255       218,780  

3.88%, 12/01/29 (Call 12/01/24)(a)

    255       202,110  

Open Text Holdings Inc.

   

4.13%, 02/15/30 (Call 02/15/25)(a)

    250       199,035  

4.13%, 12/01/31 (Call 12/01/26)(a)

    187       141,202  

 

 

60  

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® ESG Advanced High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

 

Par
(000)

    Value  
Software (continued)            

PTC Inc.

   

3.63%, 02/15/25 (Call 12/01/22)(a)(b)

  $ 134     $ 127,831  

4.00%, 02/15/28 (Call 02/15/23)(a)

    140       127,709  

Rackspace Technology Global Inc.

   

3.50%, 02/15/28 (Call 02/15/24)(a)(b)

    150       99,243  

5.38%, 12/01/28 (Call 12/01/23)(a)

    160       67,205  

ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a)

    285       233,942  

Twilio Inc.

   

3.63%, 03/15/29 (Call 03/15/24)

    140       115,524  

3.88%, 03/15/31 (Call 03/15/26)(b)

    140       114,065  

ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)(a)(b)

    185       155,816  
   

 

 

 
          3,829,804  
Telecommunications — 7.7%            

Avaya Inc., 6.13%, 09/15/28 (Call 09/15/23)(a)

    280       118,462  

Ciena Corp., 4.00%, 01/31/30 (Call 01/31/25)(a)

    110       92,426  

CommScope Inc.

   

4.75%, 09/01/29 (Call 09/01/24)(a)(b)

    355       300,547  

6.00%, 03/01/26 (Call 12/01/22)(a)

    435       420,663  

7.13%, 07/01/28 (Call 07/01/23)(a)(b)

    200       169,598  

8.25%, 03/01/27 (Call 12/01/22)(a)(b)

    290       258,028  

CommScope Technologies LLC

   

5.00%, 03/15/27 (Call 11/14/22)(a)

    230       186,516  

6.00%, 06/15/25 (Call 11/14/22)(a)

    376       353,925  

Consolidated Communications Inc.

   

5.00%, 10/01/28 (Call 10/01/23)(a)

    120       93,020  

6.50%, 10/01/28 (Call 10/01/23)(a)

    205       168,418  

Embarq Corp., 8.00%, 06/01/36

    410       165,923  

Hughes Satellite Systems Corp.

   

5.25%, 08/01/26

    230       219,519  

6.63%, 08/01/26(b)

    215       202,549  

Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a)

    860       790,521  

Level 3 Financing Inc.

   

3.40%, 03/01/27 (Call 01/01/27)(a)

    225       193,961  

3.63%, 01/15/29 (Call 01/15/24)(a)

    235       179,312  

3.75%, 07/15/29 (Call 01/15/24)(a)

    255       194,333  

3.88%, 11/15/29 (Call 08/15/29)(a)

    205       168,549  

4.25%, 07/01/28 (Call 07/01/23)(a)

    325       267,842  

4.63%, 09/15/27 (Call 12/01/22)(a)

    275       239,275  

Lumen Technologies Inc.

   

4.00%, 02/15/27 (Call 02/15/23)(a)

    350       297,903  

4.50%, 01/15/29 (Call 01/15/24)(a)

    285       201,307  

5.13%, 12/15/26 (Call 12/15/22)(a)(b)

    235       201,209  

5.38%, 06/15/29 (Call 06/15/24)(a)(b)

    150       110,100  

Series P, 7.60%, 09/15/39(b)

    145       100,195  

Series U, 7.65%, 03/15/42

    135       90,578  

Maxar Technologies Inc., 7.75%, 06/15/27
(Call 06/15/24)(a)(b)

    150       147,681  

Nokia OYJ

   

4.38%, 06/12/27

    127       116,860  

6.63%, 05/15/39

    155       141,417  

Switch Ltd.

   

3.75%, 09/15/28 (Call 09/15/23)(a)

    210       212,102  

4.13%, 06/15/29 (Call 06/15/24)(a)

    165       165,574  

Telecom Italia Capital SA
6.00%, 09/30/34

        285       207,731  
Security   Par/
Shares
(000)
    Value  
Telecommunications (continued)            

6.38%, 11/15/33

  $ 285     $ 218,820  

7.20%, 07/18/36

    285       223,665  

7.72%, 06/04/38

    290       230,048  

Telecom Italia SpA/Milano, 5.30%, 05/30/24(a)

    425       400,235  

U.S. Cellular Corp., 6.70%, 12/15/33

    155       147,317  

Viavi Solutions Inc., 3.75%, 10/01/29
(Call 10/01/24)(a)

    110       91,123  

Vodafone Group PLC

   

3.25%, 06/04/81 (Call 06/04/26)(d)

    140       111,308  

4.13%, 06/04/81(d)

    310       219,827  

5.13%, 06/04/81 (Call 12/04/50)(d)

    270       182,623  

7.00%, 04/04/79 (Call 01/04/29)(d)

    570       543,792  

Windstream Escrow LLC/Windstream Escrow Finance Corp.,
7.75%, 08/15/28 (Call 08/15/23)(a)

    400       346,252  

Zayo Group Holdings Inc.

   

4.00%, 03/01/27 (Call 12/01/22)(a)

    445       343,696  

6.13%, 03/01/28 (Call 03/01/23)(a)(b)

    310       206,097  
   

 

 

 
      10,040,847  
Transportation — 0.1%            

Cargo Aircraft Management Inc.,
4.75%, 02/01/28 (Call 02/01/23)(a)

    175       156,280  
   

 

 

 
Trucking & Leasing — 0.1%            

AerCap Global Aviation Trust, 6.50%, 06/15/45 (Call 06/15/25)(a)(d)

    150       136,975  
   

 

 

 

Total Long-Term Investments — 98.3%
(Cost: $149,373,045)

          127,776,505  
   

 

 

 

Short-Term Securities

   

Money Market Funds — 23.0%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(f)(g)(h)

        27,824       27,818,631  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(f)(g)

    2,105       2,105,000  
   

 

 

 

Total Short-Term Securities — 23.0%
(Cost: $29,924,119)

      29,923,631  
   

 

 

 

Total Investments — 121.3%
(Cost: $179,297,164)

      157,700,136  

Liabilities in Excess of Other Assets — (21.3)%

 

    (27,735,159
   

 

 

 

Net Assets — 100.0%

    $ 129,964,977  
   

 

 

 

 

(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) 

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.

(d) 

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.

(e) 

Perpetual security with no stated maturity date.

(f) 

Affiliate of the Fund.

(g) 

Annualized 7-day yield as of period end.

(h) 

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

 

 

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

    61  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® ESG Advanced High Yield Corporate Bond ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   Value at
10/31/21
    Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/22
    Shares
Held at
10/31/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 14,924,087     $ 12,908,398 (a)    $     $ (12,346   $ (1,508   $ 27,818,631       27,824     $ 100,684 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    2,065,000       40,000 (a)                         2,105,000       2,105       18,489        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (12,346   $ (1,508   $ 29,923,631       $ 119,173     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information 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 instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 127,776,505        $               —        $ 127,776,505  

Money Market Funds

     29,923,631                            29,923,631  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   29,923,631        $ 127,776,505        $        $ 157,700,136  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

62  

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  

October 31, 2022

  

iShares® Fallen Angels USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   

Aerospace & Defense — 6.1%

   

Bombardier Inc., 7.45%, 05/01/34(a)(b)

  $ 8,939     $ 8,373,340  

Hexcel Corp.

   

4.20%, 02/15/27 (Call 11/15/26)(b)

    7,060       6,420,223  

4.95%, 08/15/25 (Call 05/15/25)

    5,280       5,124,346  

Howmet Aerospace Inc.

   

5.13%, 10/01/24 (Call 07/01/24)(b)

    17,399       17,181,165  

5.90%, 02/01/27(b)

    9,921       9,840,937  

5.95%, 02/01/37(b)

    9,890       9,186,326  

6.75%, 01/15/28

    4,762       4,755,381  

6.88%, 05/01/25 (Call 04/01/25)

    9,552       9,765,487  

Leonardo U.S. Holdings Inc.,
6.25%, 01/15/40(a)(b)

    3,211       2,831,909  

Rolls-Royce PLC, 3.63%, 10/14/25
(Call 07/14/25)(a)

        17,564       15,503,040  

Spirit AeroSystems Inc.

   

3.85%, 06/15/26 (Call 03/15/26)(b)

    5,238       4,684,081  

4.60%, 06/15/28 (Call 03/15/28)(b)

    12,265       8,790,448  
   

 

 

 
          102,456,683  
Airlines — 3.9%            

American Airlines Pass Through Trust

   

Series 2013-1, Class A, 4.00%, 01/15/27

    4,024       3,401,375  

Series 2014-1, Class A, 3.70%, 04/01/28(b)

    9,027       7,519,759  

Series 2015-1, Class A, 3.38%, 11/01/28(b)

    13,005       10,491,701  

Series 2016-1, Class A, 4.10%, 07/15/29(b)

    3,247       2,510,304  

Series 2016-2, Class A, 3.65%, 12/15/29(b)

    3,324       2,487,080  

Delta Air Lines Inc.

   

2.90%, 10/28/24 (Call 09/28/24)(b)

    15,836       14,959,952  

3.75%, 10/28/29 (Call 07/28/29)(b)

    8,325       6,879,364  

4.38%, 04/19/28 (Call 01/19/28)(b)

    7,191       6,416,026  

Hawaiian Airlines Pass Through Certificates, Series 2013-1, Class A, 3.90%, 07/15/27

    3,258       2,658,636  

U.S. Airways Pass Through Trust

   

Series 2012-2, Class A, 4.63%, 12/03/26(b)

    2,530       2,248,635  

Series 2013-1, Class A, 3.95%, 05/15/27(b)

    5,718       5,081,135  
   

 

 

 
      64,653,967  
Apparel — 0.5%            

Under Armour Inc., 3.25%, 06/15/26
(Call 03/15/26)(b)

    10,536       9,056,324  
   

 

 

 

Auto Manufacturers — 2.9%

   

Ford Holdings LLC, 9.30%, 03/01/30(b)

    849       929,400  

Ford Motor Co.

   

4.35%, 12/08/26 (Call 09/08/26)(b)

    4,387       4,083,639  

4.75%, 01/15/43

    5,725       3,995,592  

5.29%, 12/08/46 (Call 06/08/46)

    3,658       2,707,652  

6.38%, 02/01/29

    576       553,012  

6.63%, 10/01/28(b)

    1,334       1,315,658  

7.40%, 11/01/46(b)

    1,150       1,051,606  

7.45%, 07/16/31(b)

    3,131       3,140,205  

Ford Motor Credit Co. LLC

   

3.66%, 09/08/24(b)

    2,238       2,122,586  

3.81%, 01/09/24 (Call 11/09/23)(b)

    1,888       1,825,583  

3.82%, 11/02/27 (Call 08/02/27)(b)

    2,236       1,939,842  

4.06%, 11/01/24 (Call 10/01/24)(b)

    4,454       4,264,527  

4.13%, 08/04/25(b)

    4,113       3,823,033  

4.27%, 01/09/27 (Call 11/09/26)

    2,588       2,338,957  

4.39%, 01/08/26(b)

    3,506       3,246,135  

4.54%, 08/01/26 (Call 06/01/26)

    2,242       2,068,895  

4.69%, 06/09/25 (Call 04/09/25)(b)

    1,748       1,656,195  

5.11%, 05/03/29 (Call 02/03/29)(b)

    4,376       3,909,606  
Security  

Par

(000)

    Value  
Auto Manufacturers (continued)            

5.58%, 03/18/24 (Call 02/18/24)(b)

  $ 4,441     $ 4,387,086  
   

 

 

 
      49,359,209  
Auto Parts & Equipment — 1.2%            

Goodyear Tire & Rubber Co. (The),
7.00%, 03/15/28(b)

    2,671       2,616,779  

ZF North America Capital Inc.,
4.75%, 04/29/25(a)(b)

        18,938       17,774,449  
   

 

 

 
          20,391,228  
Banks — 5.3%            

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

    4,000       3,717,880  

Dresdner Funding Trust I, 8.15%, 06/30/31
(Call 06/30/29)(a)(b)

    17,591       17,998,583  

Intesa Sanpaolo SpA, 5.02%, 06/26/24(a)

    35,221       33,627,250  

UniCredit SpA

   

5.86%, 06/19/32 (Call 06/19/27)(a)(b)(c)

    17,332       14,389,546  

7.30%, 04/02/34 (Call 04/02/29)(a)(c)

    21,625       18,568,523  
   

 

 

 
      88,301,782  
Chemicals — 1.4%            

HB Fuller Co., 4.00%, 02/15/27
(Call 11/15/26)(b)

    5,358       4,906,053  

Methanex Corp.

   

4.25%, 12/01/24 (Call 09/01/24)(b)

    5,240       5,070,853  

5.25%, 12/15/29 (Call 09/15/29)

    12,265       10,577,213  

5.65%, 12/01/44 (Call 06/01/44)

    5,274       3,632,362  
   

 

 

 
      24,186,481  
Computers — 2.7%            

Seagate HDD Cayman

   

4.09%, 06/01/29 (Call 03/01/29)

    8,707       6,973,088  

4.13%, 01/15/31 (Call 10/15/30)(b)

    8,656       6,510,956  

4.75%, 01/01/25(b)

    8,415       8,127,207  

4.88%, 03/01/24 (Call 01/01/24)(b)

    8,402       8,234,716  

4.88%, 06/01/27 (Call 03/01/27)(b)

    8,862       8,196,464  

5.75%, 12/01/34 (Call 06/01/34)(b)

    8,469       6,884,535  
   

 

 

 
      44,926,966  
Cosmetics & Personal Care — 0.2%            

Avon Products Inc., 8.45%, 03/15/43(b)

    3,802       3,437,160  
   

 

 

 

Diversified Financial Services — 0.7%

   

Brightsphere Investment Group Inc.,
4.80%, 07/27/26

    4,883       4,362,179  

Navient Corp., 5.63%, 08/01/33

    10,431       7,367,416  
   

 

 

 
      11,729,595  
Electric — 3.3%            

FirstEnergy Corp.

   

2.05%, 03/01/25 (Call 02/01/25)(b)

    3,223       2,957,103  

2.65%, 03/01/30 (Call 12/01/29)(b)

    6,411       5,186,435  

Series A, 1.60%, 01/15/26 (Call 12/15/25)

    3,206       2,791,176  

Series B, 2.25%, 09/01/30 (Call 06/01/30)(b)

    4,832       3,720,108  

Series B, 4.15%, 07/15/27 (Call 04/15/27)

    15,913       14,906,344  

Series C, 3.40%, 03/01/50 (Call 09/01/49)

    8,934       5,548,282  

Series C, 5.35%, 07/15/47 (Call 01/15/47)(b)

    7,505       6,190,874  

Series C, 7.38%, 11/15/31

    8,286       9,221,655  

Midland Cogeneration Venture LP,
6.00%, 03/15/25(a)(b)

    658       667,417  

Panoche Energy Center LLC,
6.89%, 07/31/29(a)(b)

    206       186,634  

TransAlta Corp., 6.50%, 03/15/40

    5,247       4,522,232  
   

 

 

 
      55,898,260  
Energy - Alternate Sources — 0.7%            

Topaz Solar Farms LLC, 5.75%, 09/30/39(a)(b)

    12,605       11,931,608  
   

 

 

 

 

 

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

    63  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Fallen Angels USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par (000)     Value  
Engineering & Construction — 0.9%            

Fluor Corp.

   

3.50%, 12/15/24 (Call 09/15/24)(b)

  $ 6,731     $ 6,386,642  

4.25%, 09/15/28 (Call 06/15/28)(b)

    10,547       9,192,027  
   

 

 

 
      15,578,669  
Entertainment — 1.0%            

Resorts World Las Vegas LLC

   

4.63%, 04/16/29 (Call 01/16/29)(d)

        17,300       11,993,052  

4.63%, 04/06/31 (Call 01/06/31)(a)(b)

    6,000       4,086,660  
   

 

 

 
          16,079,712  
Food — 0.3%            

Safeway Inc., 7.25%, 02/01/31(b)

    4,614       4,461,000  
   

 

 

 

Health Care - Services — 0.8%

   

Tenet Healthcare Corp., 6.88%, 11/15/31(b)

    6,343       5,396,878  

Toledo Hospital (The)

   

4.98%, 11/15/45 (Call 05/15/45)

    3,325       2,060,037  

6.02%, 11/15/48(b)

    5,950       3,942,530  

Series B, 5.33%, 11/15/28

    4,000       2,613,400  
   

 

 

 
      14,012,845  
Housewares — 3.0%            

Newell Brands Inc.

   

4.00%, 12/01/24 (Call 09/01/24)(b)

    3,477       3,373,803  

4.45%, 04/01/26 (Call 01/01/26)

    34,327       31,925,826  

5.63%, 04/01/36 (Call 10/01/35)

    7,190       5,977,335  

5.75%, 04/01/46 (Call 10/01/45)(b)

    11,378       8,749,454  
   

 

 

 
      50,026,418  
Insurance — 1.7%            

Genworth Holdings Inc., 6.50%, 06/15/34

    5,247       4,357,896  

Liberty Mutual Group Inc.,
7.80%, 03/07/87(a)(b)

    7,685       8,424,066  

MBIA Inc., 5.70%, 12/01/34(b)

    2,289       1,918,800  

Ohio National Financial Services Inc.

   

5.80%, 01/24/30 (Call 10/24/29)(a)(b)

    8,011       7,323,256  

6.63%, 05/01/31(a)(b)

    3,425       3,180,592  

Provident Financing Trust I, 7.41%, 03/15/38

    3,556       3,632,881  
   

 

 

 
      28,837,491  
Iron & Steel — 0.6%            

Allegheny Ludlum LLC, 6.95%, 12/15/25(b)

    2,705       2,639,161  

Cleveland-Cliffs Inc., 6.25%, 10/01/40(b)

    4,627       3,562,836  

U.S. Steel Corp., 6.65%, 06/01/37(b)

    4,790       4,011,146  
   

 

 

 
      10,213,143  
Leisure Time — 2.5%            

Carnival Corp., 6.65%, 01/15/28(b)

    3,507       2,248,267  

Carnival PLC, 7.88%, 06/01/27

    3,349       3,210,988  

Royal Caribbean Cruises Ltd.

   

3.70%, 03/15/28 (Call 12/15/27)(b)

    8,798       6,339,223  

7.50%, 10/15/27(b)

    5,235       4,376,460  

11.50%, 06/01/25 (Call 11/11/22)(a)(b)

    24,483       26,358,643  
   

 

 

 
      42,533,581  
Lodging — 7.6%            

Genting New York LLC, 3.30%, 02/15/26
(Call 01/15/26)(a)(b)

    9,168       8,051,613  

Las Vegas Sands Corp.

   

2.90%, 06/25/25 (Call 05/25/25)

    7,117       6,435,618  

3.20%, 08/08/24 (Call 07/08/24)

    24,916       23,694,618  

3.50%, 08/18/26 (Call 06/18/26)

    14,196       12,370,252  

3.90%, 08/08/29 (Call 05/08/29)(b)

    10,625       8,571,719  

Sands China Ltd.

   

4.30%, 01/08/26 (Call 12/08/25)

    9,540       7,741,233  
Security  

Par

(000)

    Value  
Lodging (continued)            

4.88%, 06/18/30 (Call 03/18/30)

  $ 8,140     $ 5,800,808  

5.63%, 08/08/25 (Call 06/08/25)

    21,394       18,923,849  

5.90%, 08/08/28 (Call 05/08/28)(b)

    22,701       17,886,118  

Travel + Leisure Co.

   

5.65%, 04/01/24 (Call 02/01/24)(b)

    5,242       5,157,761  

6.00%, 04/01/27 (Call 01/01/27)

    7,028       6,560,497  

6.60%, 10/01/25 (Call 07/01/25)

    6,184       6,049,127  
   

 

 

 
          127,243,213  
Manufacturing — 0.8%            

Hillenbrand Inc., 5.00%, 09/15/26
(Call 07/15/26)

    6,652       6,286,007  

Trinity Industries Inc., 4.55%, 10/01/24
(Call 07/01/24)(b)

    7,150       6,792,500  
   

 

 

 
      13,078,507  
Media — 1.0%            

Belo Corp.

   

7.25%, 09/15/27

    4,227       4,120,607  

7.75%, 06/01/27(b)

    3,491       3,440,450  

Liberty Interactive LLC

   

8.25%, 02/01/30

    8,746       5,469,136  

8.50%, 07/15/29(b)

    5,046       3,182,916  
   

 

 

 
      16,213,109  
Office & Business Equipment — 0.9%            

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

    4,107       3,784,970  

Xerox Corp.

   

3.80%, 05/15/24

    5,232       4,981,440  

4.80%, 03/01/35(b)

    4,359       2,669,277  

6.75%, 12/15/39(b)

    6,114       4,553,707  
   

 

 

 
      15,989,394  
Office Furnishings — 0.4%            

Steelcase Inc., 5.13%, 01/18/29
(Call 10/18/28)(b)

    7,932       6,942,245  
   

 

 

 

Oil & Gas — 8.6%

   

Apache Corp.

   

4.25%, 01/15/30 (Call 10/15/29)(b)

    7,814       6,940,864  

4.25%, 01/15/44 (Call 07/15/43)(b)

    2,854       2,022,972  

4.38%, 10/15/28 (Call 07/15/28)(b)

    4,360       3,913,187  

4.75%, 04/15/43 (Call 10/15/42)(b)

    5,712       4,294,396  

5.10%, 09/01/40 (Call 03/01/40)(b)

        17,480       14,152,507  

5.25%, 02/01/42 (Call 08/01/41)(b)

    5,249       4,210,170  

5.35%, 07/01/49 (Call 01/01/49)(b)

    5,053       3,942,603  

6.00%, 01/15/37(b)

    5,816       5,231,027  

7.38%, 08/15/47

    1,992       1,890,607  

7.75%, 12/15/29

    3,154       3,221,685  

Global Marine Inc., 7.00%, 06/01/28

    4,555       2,965,214  

Murphy Oil Corp.

   

6.13%, 12/01/42 (Call 06/01/42)

    6,125       4,869,742  

7.05%, 05/01/29

    4,403       4,367,160  

Occidental Petroleum Corp.

   

4.40%, 04/15/46 (Call 10/15/45)(b)

    1,015       831,295  

4.63%, 06/15/45 (Call 12/15/44)

    615       508,826  

5.55%, 03/15/26 (Call 12/15/25)(b)

    10,039       10,181,955  

6.20%, 03/15/40

    4,432       4,262,964  

6.45%, 09/15/36(b)

    8,723       8,662,986  

6.60%, 03/15/46 (Call 09/15/45)(b)

    9,086       8,955,162  

6.95%, 07/01/24(b)

    5,088       5,214,081  

7.50%, 05/01/31(b)

    4,480       4,815,821  

7.88%, 09/15/31(b)

    2,465       2,684,878  

7.95%, 06/15/39

    2,058       2,241,944  

Patterson-UTI Energy Inc.

   

3.95%, 02/01/28 (Call 11/01/27)(b)

    9,193       8,101,883  

 

 

64  

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® Fallen Angels USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

5.15%, 11/15/29 (Call 08/15/29)(b)

  $ 6,128     $ 5,400,177  

Southwestern Energy Co., 5.70%, 01/23/25 (Call 10/23/24)(b)

    6,959       6,857,816  

Transocean Inc.

   

6.80%, 03/15/38(b)

        10,538       6,437,137  

7.50%, 04/15/31(b)

    6,895       4,508,503  

9.35%, 12/15/41

    3,094       2,011,255  
   

 

 

 
          143,698,817  
Oil & Gas Services — 0.4%            

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

    7,161       6,853,578  
   

 

 

 

Packaging & Containers — 1.3%

   

Crown Cork & Seal Co. Inc., 7.38%, 12/15/26

    6,219       6,337,347  

Pactiv LLC

   

7.95%, 12/15/25

    4,817       4,465,263  

8.38%, 04/15/27(b)

    3,514       3,172,158  

Sealed Air Corp., 6.88%, 07/15/33(a)

    7,884       7,559,731  
   

 

 

 
      21,534,499  
Pharmaceuticals — 2.5%            

Owens & Minor Inc., 4.38%, 12/15/24
(Call 09/15/24)(b)

    4,411       4,226,885  

Perrigo Finance Unlimited Co.

   

3.90%, 12/15/24 (Call 09/15/24)

    12,288       11,698,299  

4.38%, 03/15/26 (Call 12/15/25)(b)

    12,304       11,532,662  

4.40%, 06/15/30 (Call 03/15/30)

    13,169       11,030,749  

4.90%, 12/15/44 (Call 06/15/44)

    5,278       3,508,973  
   

 

 

 
      41,997,568  
Pipelines — 11.0%            

Buckeye Partners LP

   

3.95%, 12/01/26 (Call 09/01/26)(b)

    10,535       9,236,456  

4.13%, 12/01/27 (Call 09/01/27)

    7,772       6,741,433  

4.35%, 10/15/24 (Call 07/15/24)

    5,306       5,074,446  

5.60%, 10/15/44 (Call 04/15/44)

    5,267       3,939,874  

5.85%, 11/15/43 (Call 05/15/43)

    7,718       5,819,758  

6.75%, 08/15/33(b)

    1,074       950,834  

EnLink Midstream Partners LP

   

4.15%, 06/01/25 (Call 03/01/25)(b)

    7,391       6,955,374  

4.85%, 07/15/26 (Call 04/15/26)(b)

    8,610       8,101,666  

5.05%, 04/01/45 (Call 10/01/44)

    7,780       5,650,770  

5.45%, 06/01/47 (Call 12/01/46)

    8,636       6,563,187  

5.60%, 04/01/44 (Call 10/01/43)

    6,064       4,771,155  

EQM Midstream Partners LP

   

4.00%, 08/01/24 (Call 05/01/24)(b)

    5,275       4,993,420  

4.13%, 12/01/26 (Call 09/01/26)(b)

    8,777       7,777,651  

5.50%, 07/15/28 (Call 04/15/28)

    14,708       13,163,219  

6.50%, 07/15/48 (Call 01/15/48)(b)

    9,481       7,303,688  

Rockies Express Pipeline LLC

   

3.60%, 05/15/25 (Call 04/15/25)(a)

    7,008       6,501,602  

4.80%, 05/15/30 (Call 02/15/30)(a)

    6,113       5,157,232  

4.95%, 07/15/29 (Call 04/15/29)(a)

    9,562       8,415,325  

6.88%, 04/15/40(a)

    8,603       7,083,968  

7.50%, 07/15/38(a)

    4,327       3,829,092  

Southeast Supply Header LLC,
4.25%, 06/15/24 (Call 03/15/24)(a)

    7,057       6,355,252  

Western Midstream Operating LP

   

3.35%, 02/01/25 (Call 01/01/25)

    6,790       6,454,099  

3.95%, 06/01/25 (Call 03/01/25)

    3,748       3,561,200  

4.30%, 02/01/30 (Call 11/01/29)(b)

    11,090       9,748,332  

4.50%, 03/01/28 (Call 12/01/27)

    3,714       3,408,449  
Security  

Par

(000)

    Value  
Pipelines (continued)            

4.65%, 07/01/26 (Call 04/01/26)

  $ 4,450     $ 4,206,896  

4.75%, 08/15/28 (Call 05/15/28)

    3,712       3,431,558  

5.30%, 03/01/48 (Call 09/01/47)(b)

    6,341       5,068,932  

5.45%, 04/01/44 (Call 10/01/43)

    5,417       4,385,387  

5.50%, 08/15/48 (Call 02/15/48)

    3,257       2,646,508  

5.50%, 02/01/50 (Call 08/01/49)(b)

    9,070       7,124,304  
   

 

 

 
          184,421,067  
Real Estate Investment Trusts — 3.7%            

Diversified Healthcare Trust

   

4.75%, 05/01/24 (Call 11/01/23)

    4,401       3,809,858  

4.75%, 02/15/28 (Call 08/15/27)(b)

    8,783       5,988,513  

Service Properties Trust

   

3.95%, 01/15/28 (Call 07/15/27)

    6,216       4,569,009  

4.35%, 10/01/24 (Call 09/01/24)

        12,796       11,751,462  

4.38%, 02/15/30 (Call 08/15/29)(b)

    6,140       4,377,267  

4.50%, 03/15/25 (Call 09/15/24)

    5,575       4,925,847  

4.65%, 03/15/24 (Call 09/15/23)

    5,947       5,661,782  

4.75%, 10/01/26 (Call 08/01/26)

    7,029       5,733,274  

4.95%, 02/15/27 (Call 08/15/26)(b)

    6,259       5,072,794  

4.95%, 10/01/29 (Call 07/01/29)(b)

    6,517       4,760,994  

5.25%, 02/15/26 (Call 08/15/25)(b)

    5,430       4,696,353  
   

 

 

 
      61,347,153  
Retail — 7.1%            

Bath & Body Works Inc.

   

6.95%, 03/01/33

    6,127       5,027,632  

7.60%, 07/15/37

    4,341       3,451,182  

Bed Bath & Beyond Inc.

   

3.75%, 08/01/24 (Call 05/01/24)

    5,076       1,079,310  

4.92%, 08/01/34 (Call 02/01/34)

    4,050       427,032  

5.17%, 08/01/44 (Call 02/01/44)

    12,003       1,257,194  

Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)(a)(b)

    6,309       6,098,973  

Macy’s Retail Holdings LLC

   

4.30%, 02/15/43 (Call 08/15/42)(b)

    4,313       2,558,989  

4.50%, 12/15/34 (Call 06/15/34)

    7,244       4,984,379  

5.13%, 01/15/42 (Call 07/15/41)

    4,299       2,748,652  

6.38%, 03/15/37(b)

    3,422       2,617,659  

6.70%, 07/15/34(a)(b)

    1,239       969,344  

Marks & Spencer PLC, 7.13%, 12/01/37(a)

    5,227       4,506,458  

Nordstrom Inc.

   

4.00%, 03/15/27 (Call 12/15/26)(b)

    6,152       5,253,562  

4.25%, 08/01/31 (Call 05/01/31)(b)

    7,361       5,342,687  

4.38%, 04/01/30 (Call 01/01/30)(b)

    8,658       6,504,496  

5.00%, 01/15/44 (Call 07/15/43)(b)

    16,653       10,528,027  

6.95%, 03/15/28(b)

    5,240       4,866,860  

QVC Inc.

   

4.45%, 02/15/25 (Call 11/15/24)(b)

    10,472       9,155,670  

4.75%, 02/15/27 (Call 11/15/26)(b)

    9,915       7,859,422  

4.85%, 04/01/24(b)

    10,554       10,140,494  

5.45%, 08/15/34 (Call 02/15/34)(b)

    6,887       4,336,262  

5.95%, 03/15/43(b)

    5,206       3,212,206  

Rite Aid Corp., 7.70%, 02/15/27(b)

    3,256       1,747,332  

Yum! Brands Inc.

   

3.88%, 11/01/23 (Call 08/01/23)

    5,275       5,200,148  

5.35%, 11/01/43 (Call 05/01/43)(b)

    4,805       3,832,804  

6.88%, 11/15/37(b)

    5,665       5,607,727  
   

 

 

 
      119,314,501  
Telecommunications — 12.4%            

Embarq Corp., 8.00%, 06/01/36

    24,881       10,069,092  

 

 

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

    65  


Schedule of Investments  (continued)

October 31, 2022

  

iShares® Fallen Angels USD Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Telecommunications (continued)            

Frontier Florida LLC, Series E,
6.86%, 02/01/28(b)

  $ 5,249     $ 4,886,766  

Frontier North Inc., Series G, 6.73%, 02/15/28(b)

    3,511       3,288,754  

Level 3 Financing Inc.

   

3.40%, 03/01/27 (Call 01/01/27)(a)

    12,050       10,387,702  

3.88%, 11/15/29 (Call 08/15/29)(a)

    10,908       8,968,449  

Lumen Technologies Inc.

   

Series G, 6.88%, 01/15/28(b)

    5,053       4,272,261  

Series P, 7.60%, 09/15/39(b)

    9,037       6,244,567  

Series U, 7.65%, 03/15/42(b)

    8,208       5,507,158  

Nokia OYJ, 6.63%, 05/15/39(b)

    8,789       8,018,820  

Qwest Corp., 7.25%, 09/15/25(b)

    4,492       4,538,762  

Sprint Capital Corp.

   

6.88%, 11/15/28(b)

    25,348       26,152,545  

8.75%, 03/15/32(b)

    20,475       24,020,860  

Telecom Italia Capital SA
6.00%, 09/30/34

    16,056       11,702,897  

6.38%, 11/15/33(b)

    16,039       12,314,584  

7.20%, 07/18/36

    16,063       12,606,082  

7.72%, 06/04/38

    16,047       12,729,604  

U.S. Cellular Corp., 6.70%, 12/15/33(b)

    9,544       9,070,904  

Vodafone Group PLC, 7.00%, 04/04/79
(Call 01/04/29)(b)(c)

    34,907       33,301,976  
   

 

 

 
      208,081,783  
Toys, Games & Hobbies — 0.5%            

Mattel Inc.

   

5.45%, 11/01/41 (Call 05/01/41)(b)

    5,236       4,116,491  

6.20%, 10/01/40(b)

    4,398       3,744,985  
   

 

 

 
      7,861,476  
Transportation — 0.3%            

XPO CNW Inc., 6.70%, 05/01/34

    5,245       4,697,160  
   

 

 

 

Total Long-Term Investments — 98.2%
(Cost: $2,057,112,523)

      1,647,346,192  
   

 

 

 
Security   Shares
(000)
    Value  

Short-Term Securities

   

Money Market Funds — 15.0%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(e)(f)(g)

    240,152     $ 240,104,458  

BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(e)(f)

    11,360       11,360,000  
   

 

 

 

Total Short-Term Securities — 15.0%
(Cost: $ 251,480,937)

      251,464,458  
   

 

 

 

Total Investments — 113.2%
(Cost: $ 2,308,593,460)

      1,898,810,650  

Liabilities in Excess of Other Assets — (13.2)%

 

    (221,337,986
   

 

 

 

Net Assets — 100.0%

    $ 1,677,472,664  
   

 

 

 

 

(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) 

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.

(d) 

This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

(e) 

Affiliate of the Fund.

(f) 

Annualized 7-day yield as of period end.

(g) 

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   Value at
10/31/21
    Purchases
at Cost
    Proceeds
from Sale
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/22
    Shares
Held at
10/31/22
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 405,262,007     $     $ (164,908,677 )(a)    $ (224,566   $ (24,306   $ 240,104,458       240,152     $ 2,281,874 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    68,250,000             (56,890,000 )(a)                  11,360,000       11,360       311,224        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (224,566   $ (24,306   $ 251,464,458       $ 2,593,098     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(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 fees and collateral investment expenses, and other payments to and from borrowers of securities.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

 

 

66  

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® Fallen Angels USD Bond ETF

 

Fair Value Hierarchy as of Period End (continued)

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1        Level 2                Level 3        Total  

 

 

Investments

                 

Assets

                 

Corporate Bonds & Notes

   $        $ 1,647,346,192        $        $ 1,647,346,192  

Money Market Funds

     251,464,458                            251,464,458  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   251,464,458        $ 1,647,346,192        $        $ 1,898,810,650  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  67


 

Statements of Assets and Liabilities

October 31, 2022

 

   

iShares

0-5 Year High Yield

Corporate Bond

ETF

   

iShares

Broad USD High

Yield Corporate

Bond ETF

   

iShares

ESG

Advanced

High Yield

Corporate

Bond ETF

   

iShares

Fallen Angels USD

Bond ETF

 

 

 

ASSETS

                       

Investments, at value — unaffiliated(a)(b)

    $ 6,810,707,886     $ 7,850,002,084     $ 127,776,505        $ 1,647,346,192  

Investments, at value — affiliated(c)

      1,073,158,020       1,761,402,705       29,923,631          251,464,458  

Cash

                  3,736          1,661  

Foreign currency, at value(d)

      1,561       171       73           

Receivables:

            

Investments sold

      3,998,967       28,783,184       1,215,876          7,151,145  

Securities lending income — affiliated

      557,487       920,099       13,126          220,022  

Capital shares sold

      41,519,842       925,012                251,486  

Dividends — affiliated

      90,199       346,186       4,388                73,837  

Interest — unaffiliated

      114,974,065       135,024,206       2,018,070          26,996,085  
   

 

 

   

 

 

   

 

 

      

 

 

 

Total assets

      8,045,008,027       9,777,403,647       160,955,405          1,933,504,886  
   

 

 

   

 

 

   

 

 

      

 

 

 

LIABILITIES

            

Bank overdraft

      23,590       286,798                 

Collateral on securities loaned, at value

      1,015,976,785       1,605,370,744       27,834,711          240,400,060  

Payables:

            

Investments purchased

      50,512,601       55,806,746       3,117,129          14,040,505  

Capital shares redeemed

            280,962                1,143,980  

Investment advisory fees

      1,347,574       999,510       38,588          447,677  
   

 

 

   

 

 

   

 

 

      

 

 

 

Total liabilities

      1,067,860,550       1,662,744,760       30,990,428          256,032,222  
   

 

 

   

 

 

   

 

 

      

 

 

 

NET ASSETS

    $ 6,977,147,477     $ 8,114,658,887     $ 129,964,977        $ 1,677,472,664  
   

 

 

   

 

 

   

 

 

      

 

 

 

NET ASSETS CONSIST OF

            

Paid-in capital

    $ 7,692,547,516     $ 9,353,828,059     $ 154,171,923        $ 2,139,195,753  

Accumulated loss

      (715,400,039     (1,239,169,172     (24,206,946        (461,723,089
   

 

 

   

 

 

   

 

 

      

 

 

 

NET ASSETS

    $ 6,977,147,477     $ 8,114,658,887     $ 129,964,977        $ 1,677,472,664  
   

 

 

   

 

 

   

 

 

      

 

 

 

NET ASSETVALUE

            

Shares outstanding

      170,900,000       235,300,000       3,000,000          69,300,000  
   

 

 

   

 

 

   

 

 

      

 

 

 

Net asset value

    $ 40.83     $ 34.49     $ 43.32        $ 24.21  
   

 

 

   

 

 

   

 

 

      

 

 

 

Shares authorized

      Unlimited       Unlimited       Unlimited          Unlimited  
   

 

 

   

 

 

   

 

 

      

 

 

 

Par value

      None       None       None          None  
   

 

 

   

 

 

   

 

 

      

 

 

 

(a) Investments, at cost — unaffiliated

    $ 7,168,469,371     $ 9,011,678,499     $ 149,373,045        $ 2,057,112,523  

(b) Securities loaned, at value

    $ 974,033,308     $ 1,534,945,818     $ 26,709,767        $ 232,682,780  

(c)  Investments, at cost — affiliated

    $ 1,073,228,422     $ 1,761,542,207     $ 29,924,119        $ 251,480,937  

(d) Foreign currency, at cost

    $ 1,640     $ 168     $ 77        $  

See notes to financial statements.

 

 

68  

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


Statements of Operations

Year Ended October 31, 2022

 

   

iShares

0-5 Year High

Yield

Corporate

Bond ETF

   

iShares

Broad USD High

Yield Corporate

Bond ETF

   

iShares

ESG

Advanced

High Yield
Corporate

Bond ETF

   

iShares

Fallen Angels
USD Bond

ETF

 

 

 

INVESTMENT INCOME

       

Dividends — unaffiliated

  $     $ 108     $     $  

Dividends — affiliated

    423,548       1,213,193       19,669       346,164  

Interest — unaffiliated

    261,305,476       422,080,083       6,983,145       143,077,325  

Securities lending income — affiliated — net

    3,912,646       6,299,308       99,504       2,246,934  

Other income — unaffiliated

    277,578       322,686       22,940       99,742  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total investment income

    265,919,248       429,915,378       7,125,258       145,770,165  
 

 

 

   

 

 

   

 

 

   

 

 

 

EXPENSES

       

Investment advisory

    15,341,651       16,993,921       511,540       8,532,989  

Professional

    217       217       217       217  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

    15,341,868       16,994,138       511,757       8,533,206  

Less:

       

Investment advisory fees waived

          (5,407,157            
 

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses after fees waived

    15,341,868       11,586,981       511,757       8,533,206  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    250,577,380       418,328,397       6,613,501       137,236,959  
 

 

 

   

 

 

   

 

 

   

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

       

Net realized gain (loss) from:

       

Investments — unaffiliated

    (60,755,256     (24,489,372     (2,626,361     (57,708,037

Investments — affiliated

    (199,165     (564,557     (12,346     (224,566

Foreign currency transactions

    (5                  

In-kind redemptions — unaffiliated(a)

    (35,545,016     (58,741,922     (3,400,027     (215,750,200
 

 

 

   

 

 

   

 

 

   

 

 

 
    (96,499,442     (83,795,851     (6,038,734     (273,682,803
 

 

 

   

 

 

   

 

 

   

 

 

 

Net change in unrealized appreciation (depreciation) on:

       

Investments — unaffiliated

    (431,716,448     (1,319,437,422     (21,946,112     (489,146,365

Investments — affiliated

    (233,195     (263,332     (1,508     (24,306

Foreign currency translations

    (79     3       (4      
 

 

 

   

 

 

   

 

 

   

 

 

 
    (431,949,722     (1,319,700,751     (21,947,624     (489,170,671
 

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized loss

    (528,449,164     (1,403,496,602     (27,986,358     (762,853,474
 

 

 

   

 

 

   

 

 

   

 

 

 

NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS

  $ (277,871,784   $ (985,168,205   $ (21,372,857   $ (625,616,515
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(a)

See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

 

 

F I N A N C I A L   S T A T E M E N T S

  69


 

Statements of Changes in Net Assets

 

   

iShares

0-5 Year High Yield Corporate Bond ETF

   

iShares

Broad USD High Yield Corporate Bond ETF

 
 

 

 

   

 

 

 
   

Year Ended

10/31/22

   

Year Ended

10/31/21

   

Year Ended

10/31/22

   

Year Ended

10/31/21

 

 

 

INCREASE (DECREASE) IN NET ASSETS

         

OPERATIONS

         

Net investment income

             $ 250,577,380     $ 236,245,878     $ 418,328,397     $ 378,419,431  

Net realized gain (loss)

      (96,499,442     122,567,123       (83,795,851     153,135,352  

Net change in unrealized appreciation (depreciation)

      (431,949,722     91,926,600       (1,319,700,751     169,317,978  
   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in net assets resulting from operations

      (277,871,784     450,739,601       (985,168,205     700,872,761  
   

 

 

   

 

 

   

 

 

   

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

         

Decrease in net assets resulting from distributions to shareholders

      (261,375,036     (250,267,859     (421,560,670     (391,636,803
   

 

 

   

 

 

   

 

 

   

 

 

 

CAPITAL SHARE TRANSACTIONS

         

Net increase in net assets derived from capital share transactions

      2,082,548,001       329,076,100       1,212,745,159       1,805,332,975  
   

 

 

   

 

 

   

 

 

   

 

 

 

NET ASSETS

         

Total increase (decrease) in net assets

      1,543,301,181       529,547,842       (193,983,716     2,114,568,933  

Beginning of year

      5,433,846,296       4,904,298,454       8,308,642,603       6,194,073,670  
   

 

 

   

 

 

   

 

 

   

 

 

 

End of year

    $ 6,977,147,477     $ 5,433,846,296     $ 8,114,658,887     $ 8,308,642,603  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

 

70  

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Statements of Changes in Net Assets (continued)

 

   

iShares

ESG Advanced High Yield Corporate Bond

ETF

    

iShares

Fallen Angels USD Bond ETF

 
 

 

    

 

 

 
   

Year Ended

10/31/22

     Year Ended
10/31/21
    

Year Ended

10/31/22

    

Year Ended

10/31/21

 

 

 

INCREASE (DECREASE) IN NET ASSETS

            

OPERATIONS

            

Net investment income

       $ 6,613,501      $ 3,759,193      $ 137,236,959      $ 73,573,961  

Net realized gain (loss)

      (6,038,734      777,813        (273,682,803      30,508,946  

Net change in unrealized appreciation (depreciation)

      (21,947,624      199,702        (489,170,671      60,024,689  
   

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) in net assets resulting from operations

      (21,372,857      4,736,708        (625,616,515      164,107,596  
   

 

 

    

 

 

    

 

 

    

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS(a)

            

Decrease in net assets resulting from distributions to shareholders

      (7,441,004      (4,106,362      (143,208,910      (66,582,989
   

 

 

    

 

 

    

 

 

    

 

 

 

CAPITAL SHARE TRANSACTIONS

            

Net increase (decrease) in net assets derived from capital share transactions

      34,212,910        62,700,777        (2,230,203,270      4,257,005,303  
   

 

 

    

 

 

    

 

 

    

 

 

 

NET ASSETS

            

Total increase (decrease) in net assets

      5,399,049        63,331,123        (2,999,028,695      4,354,529,910  

Beginning of year

      124,565,928        61,234,805        4,676,501,359        321,971,449  
   

 

 

    

 

 

    

 

 

    

 

 

 

End of year

    $ 129,964,977      $ 124,565,928      $ 1,677,472,664      $ 4,676,501,359  
   

 

 

    

 

 

    

 

 

    

 

 

 

 

(a)

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.    

See notes to financial statements.    

 

F I N A N C I A L   S T A T E M E N T S

  71


Financial Highlights 

(For a share outstanding throughout each period)

 

       iShares 0-5 Year High Yield Corporate Bond ETF  
    

 

 

 
       Year Ended
10/31/22
    Year Ended
10/31/21
    Year Ended
10/31/20
    Year Ended
10/31/19
    Year Ended
10/31/18
 

 

 

Net asset value, beginning of year

     $ 45.51     $ 43.75     $ 46.20     $ 46.19     $ 47.53  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

       2.10       2.09       2.26       2.55       2.56  

Net realized and unrealized gain (loss)(b)

       (4.58     1.90       (2.36     0.01       (1.38
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

       (2.48     3.99       (0.10     2.56       1.18  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions from net investment income(c)

       (2.20     (2.23     (2.35     (2.55     (2.52
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of year

     $ 40.83     $ 45.51     $ 43.75     $ 46.20     $ 46.19  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(d)

            

Based on net asset value

       (5.55 )%      9.25     (0.10 )%      5.71     2.55
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(e)

            

Total expenses

       0.30     0.30     0.30     0.30     0.30
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

       4.90     4.59     5.15     5.54     5.46
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

            

Net assets, end of year (000)

     $ 6,977,147     $ 5,433,846     $ 4,904,298     $ 3,349,716     $ 3,126,800  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(f)

       23     39     45     31     35
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.    

 

72  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

          iShares Broad USD High Yield Corporate Bond ETF  
   

 

 

 
 

 

Year Ended

 

    Year Ended       Year Ended       Year Ended       Year Ended  
    10/31/22       10/31/21       10/31/20          10/31/19 (a)         10/31/18 (a) 

 

 

Net asset value, beginning of year

             $ 41.21        $ 39.34        $ 40.61        $ 39.80        $ 41.67  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income(b)

      2.03          2.02          2.21          2.52          2.39  

Net realized and unrealized gain (loss)(c)

      (6.68        1.97          (1.23        0.74          (2.17
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net increase (decrease) from investment operations

      (4.65        3.99          0.98          3.26          0.22  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Distributions from net investment income(d)

      (2.07        (2.12        (2.25        (2.45        (2.09
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net asset value, end of year

    $ 34.49               $ 41.21               $ 39.34               $ 40.61               $ 39.80  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total Return(e)

                       

Based on net asset value

      (11.59 )%         10.31        2.61        8.48        0.55
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Ratios to Average Net Assets(f)

                       

Total expenses

      0.22        0.22        0.22        0.22        0.22
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Total expenses after fees waived

      0.15        0.15        0.15        0.16        0.22
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Net investment income

      5.42        4.91        5.67        6.23        5.89
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Supplemental Data

                       

Net assets, end of year (000)

    $ 8,114,659        $ 8,308,643        $ 6,194,074        $ 2,595,057        $ 255,533  
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

Portfolio turnover rate(g)

      12        24        21        19        15
   

 

 

      

 

 

      

 

 

      

 

 

      

 

 

 

 

(a) 

Per share amounts reflect a six-for-five stock split effective after the close of trading on April 18, 2019.

(b) 

Based on average shares outstanding.

(c) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(d) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(e) 

Where applicable, assumes the reinvestment of distributions.

(f) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(g) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

F I N A N C I A L   H I G H L I G H T S

  73


Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares ESG Advanced High Yield Corporate Bond ETF  
 

 

 

 
    Year Ended
10/31/22
    Year Ended
10/31/21
    Year Ended
10/31/20
    Year Ended
10/31/19
    Year Ended
10/31/18
 

 

 

Net asset value, beginning of year

  $ 51.90     $ 51.03     $ 51.81     $ 49.54     $ 51.90  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

    2.13       1.97       2.41       2.88       2.93  

Net realized and unrealized gain (loss)(b)

    (8.21     1.18       (0.73     2.34       (2.37
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    (6.08     3.15       1.68       5.22       0.56  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(c)

         

From net investment income

    (2.21     (2.07     (2.46     (2.95     (2.92

From net realized gain

    (0.29     (0.21                  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (2.50     (2.28     (2.46     (2.95     (2.92
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of year

  $ 43.32     $ 51.90     $ 51.03     $ 51.81     $ 49.54  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(d)

         

Based on net asset value

    (12.03 )%      6.25     3.42     10.88     1.13
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(e)

         

Total expenses

    0.35     0.35     0.47     0.50     0.50
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    4.53     3.78     4.78     5.70     5.80
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

         

Net assets, end of year (000)

  $ 129,965     $ 124,566     $ 61,235     $ 23,316     $ 9,908  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(f)

    23     43     85     24     24
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

74  

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Financial Highlights (continued)

(For a share outstanding throughout each period)

 

    iShares Fallen Angels USD Bond ETF  
 

 

 

 
    Year Ended
10/31/22
    Year Ended
10/31/21
    Year Ended
10/31/20
    Year Ended
10/31/19
    Year Ended
10/31/18
 

 

 

Net asset value, beginning of year

  $ 30.04     $ 27.29     $ 26.58     $ 25.90     $ 27.64  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income(a)

    1.10       1.06       1.54       1.50       1.50  

Net realized and unrealized gain (loss)(b)

    (5.79     2.83       0.65       0.67       (1.49
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) from investment operations

    (4.69     3.89       2.19       2.17       0.01  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributions(c)

         

From net investment income

    (1.14     (1.14     (1.48     (1.49     (1.42

From net realized gain

                            (0.33
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

    (1.14     (1.14     (1.48     (1.49     (1.75
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of year

  $ 24.21     $ 30.04     $ 27.29     $ 26.58     $ 25.90  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total Return(d)

         

Based on net asset value

    (15.88 )%      14.45     8.68     8.70     0.04
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Ratios to Average Net Assets(e)

         

Total expenses

    0.25     0.25     0.25     0.25     0.25
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

    4.02     3.57     5.84     5.73     5.65
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Supplemental Data

         

Net assets, end of year (000)

  $ 1,677,473     $ 4,676,501     $ 321,971     $ 143,525     $ 67,337  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate(f)

    26     21     51     23     29
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(a) 

Based on average shares outstanding.

(b) 

The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

(c) 

Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

(d) 

Where applicable, assumes the reinvestment of distributions.

(e) 

Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

(f) 

Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

 

F I N A N C I A L   H I G H L I G H T S

  75


Notes to Financial Statements  

 

 

1.

ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

 

   
iShares ETF  

Diversification    

Classification    

 

0-5 Year High Yield Corporate Bond

    Diversified      

Broad USD High Yield Corporate Bond

    Diversified      

ESG Advanced High Yield Corporate Bond

    Diversified      

Fallen Angels USD Bond

    Diversified      

 

2.

SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

 

3.

INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

 

76  

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Notes to Financial Statements  (continued)

 

 

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

 

   

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

 

   

Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value.

 

   

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

   

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

   

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

   

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

 

4.

SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

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Notes to Financial Statements  (continued)

 

 

securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

 

 

 

iShares ETF and Counterparty

 

   

 

Securities Loaned
at Value

 

 
 

 

    

 

Cash Collateral
Received

 

 
(a) 

 

   

 

Non-Cash Collateral
Received, at Fair Value

 

 
(a) 

 

   

 

Net Amount

 

 

 

 

 

0-5 Year High Yield Corporate Bond

        

 Barclays Bank PLC

  $ 65,796,855      $ (65,796,855   $     $  

 Barclays Capital, Inc.

    52,897,245        (52,897,245            

 BMO Capital Markets Corp.

    10,829,240        (10,829,240            

 BNP Paribas SA

    66,026,888        (66,026,888            

 BofA Securities, Inc.

    27,072,373        (27,072,373            

 Citadel Clearing LLC

    8,919,295        (8,919,295            

 Citigroup Global Markets, Inc.

    16,542,378        (16,542,378            

 Credit Suisse Securities (USA) LLC

    11,895,141        (11,895,141            

 Deutsche Bank Securities, Inc.

    19,379,867        (19,379,867            

 Goldman Sachs & Co. LLC

    288,028,226        (288,028,226            

 J.P. Morgan Securities LLC

    277,752,911        (277,752,911            

 Jefferies LLC

    14,644,490        (14,644,490            

 Mitsubishi UFJ Securities Holdings Co., Ltd.

    3,669,281        (3,669,281            

 Nomura Securities International, Inc.

    17,945,682        (17,945,682            

 Pershing LLC

    3,253,407        (3,253,407            

 RBC Capital Markets LLC

    42,171,606        (42,171,606            

 Scotia Capital (USA), Inc.

    15,824,829        (15,824,829            

 State Street Bank & Trust Co.

    5,345,136        (5,345,136            

 Wells Fargo Bank N.A.

    736,712        (736,712            

 Wells Fargo Securities LLC

    25,301,746        (25,301,746            
 

 

 

    

 

 

   

 

 

   

 

 

 
  $ 974,033,308      $ (974,033,308   $     $  
 

 

 

    

 

 

   

 

 

   

 

 

 

 

78  

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Notes to Financial Statements  (continued)

 

 

 

 

iShares ETF and Counterparty

   
Securities Loaned
at Value
 
 
      
Cash Collateral
Received
 
(a)  
    
Non-Cash Collateral
Received, at Fair Value
 
(a) 
       Net Amount  

 

 

Broad USD High Yield Corporate Bond

              

Barclays Bank PLC

  $ 121,553,553        $ (121,553,553    $        $  

Barclays Capital, Inc.

    73,777,719          (73,777,719                

BMO Capital Markets Corp.

    16,883,871          (16,883,871                

BNP Paribas SA

    8,324,119          (8,324,119                

BofA Securities, Inc.

    49,557,073          (49,557,073                

Citadel Clearing LLC

    35,301,106          (35,301,106                

Citigroup Global Markets, Inc.

    26,767,512          (26,767,512                

Credit Suisse Securities (USA) LLC

    13,871,168          (13,871,168                

Goldman Sachs & Co. LLC

    478,133,947          (478,133,947                

J.P. Morgan Securities LLC

    404,918,516          (404,918,516                

Jefferies LLC

    17,879,617          (17,879,617                

Morgan Stanley

    56,332,135          (56,332,135                

Nomura Securities International, Inc.

    26,558,246          (26,558,246                

Pershing LLC

    7,038,171          (7,038,171                

RBC Capital Markets LLC

    104,569,777          (104,569,777                

Scotia Capital (USA), Inc.

    11,991,046          (11,991,046                

State Street Bank & Trust Co.

    42,009,410          (42,009,410                

Toronto-Dominion Bank

    152,233          (152,233                

UBS AG

    1,412,996          (1,412,996                

UBS Securities LLC

    1,921,193          (1,921,193                

Wells Fargo Bank N.A.

    3,110,243          (3,110,243                

Wells Fargo Securities LLC

    32,882,167          (32,882,167                
 

 

 

      

 

 

    

 

 

      

 

 

 
  $ 1,534,945,818        $ (1,534,945,818    $        $  
 

 

 

      

 

 

    

 

 

      

 

 

 

ESG Advanced High Yield Corporate Bond

              

Barclays Bank PLC

  $ 2,490,705        $ (2,490,705    $        $  

Barclays Capital, Inc.

    2,801,021          (2,801,021                

BMO Capital Markets Corp.

    721,555          (721,555                

BNP Paribas SA

    5,914,721          (5,914,721                

Citadel Clearing LLC

    646,919          (646,919                

Citigroup Global Markets, Inc.

    478,575          (478,575                

Credit Suisse Securities (USA) LLC

    291,366          (291,366                

HSBC Securities (USA), Inc.

    88,946          (88,946                

J.P. Morgan Securities LLC

    6,395,487          (6,395,487                

Jefferies LLC

    408,824          (408,824                

Morgan Stanley

    1,133,748          (1,133,748                

Pershing LLC

    375,490          (375,490                

RBC Capital Markets LLC

    3,545,104          (3,545,104                

Scotia Capital (USA), Inc.

    171,369          (171,369                

State Street Bank & Trust Co.

    1,204,152          (1,204,152                

Toronto-Dominion Bank

    41,785          (41,785                
 

 

 

      

 

 

    

 

 

      

 

 

 
  $ 26,709,767        $ (26,709,767    $        $  
 

 

 

      

 

 

    

 

 

      

 

 

 

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

  79


Notes to Financial Statements  (continued)

 

 

 

 

iShares ETF and Counterparty

   

Securities Loaned

at Value

 

 

    

Cash Collateral

Received

 

(a)  

   

Non-Cash Collateral

Received, at Fair Value

 

(a) 

     Net Amount  

 

 

Fallen Angels USD Bond

         

 Barclays Bank PLC

  $ 27,318,064      $ (27,318,064   $      $  

 BMO Capital Markets Corp.

    2,253,805        (2,253,805             

 BNP Paribas SA

    18,969,361        (18,969,361             

 BofA Securities, Inc.

    1,496,621        (1,496,621             

 Citadel Clearing LLC

    2,137,296        (2,137,296             

 Citigroup Global Markets, Inc.

    7,142,465        (7,142,465             

 Credit Suisse Securities (USA) LLC

    4,718,369        (4,718,369             

 Goldman Sachs & Co. LLC

    66,608,399        (66,608,399             

 J.P. Morgan Securities LLC

    83,571,811        (83,571,811             

 Jefferies LLC

    1,182,835        (1,163,839            18,996  

 Morgan Stanley

    1,474,333        (1,474,333             

 Pershing LLC

    394,248        (394,248             

 RBC Capital Markets LLC

    9,811,832        (9,811,832             

 Scotia Capital (USA), Inc.

    216,209        (216,209             

 State Street Bank & Trust Co.

    4,006,722        (4,006,722             

 Toronto-Dominion Bank

    420,968        (420,968             

 Wells Fargo Securities LLC

    959,442        (959,442             
 

 

 

    

 

 

   

 

 

    

 

 

 
  $ 232,682,780      $ (232,663,784   $      $ 18,996  
 

 

 

    

 

 

   

 

 

    

 

 

 

 

  (a) 

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

 

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

 

5.

INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFAis entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

 

   
iShares ETF   Investment Advisory Fees  

0-5 Year High Yield Corporate Bond

    0.30

Broad USD High Yield Corporate Bond

    0.22  

ESG Advanced High Yield Corporate Bond

    0.35  

Fallen Angels USD Bond

    0.25  

Expense Waivers: The total of the investment advisory fee and any fund other expenses are a fund’s total annual operating expenses. For the iShares Broad USD High Yield Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee through February 28, 2023 in order to limit the Fund’s total annual operating expenses after fee waiver to 0.15% of average daily net assets.

This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2022, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

 

   
iShares ETF   Amounts Waived      

Broad USD High Yield Corporate Bond

  $ 5,407,157      

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational

 

80  

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Notes to Financial Statements  (continued)

 

costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

 

   
iShares ETF   Amounts    

0-5 Year High Yield Corporate Bond

  $   1,172,609    

Broad USD High Yield Corporate Bond

    1,937,945    

ESG Advanced High Yield Corporate Bond

    32,221    

Fallen Angels USD Bond

    630,275    

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

 

       
iShares ETF   Purchases      Sales      Net Realized  
Gain (Loss)  
 

0-5 Year High Yield Corporate Bond

  $   110,261,998      $ 81,006,228      $ (3,964,235)    

Broad USD High Yield Corporate Bond

    4,090,193          155,723,978        (8,242,241)    

ESG Advanced High Yield Corporate Bond

    133,956        4,041,303        (263,948)    

Fallen Angels USD Bond

    53,989,550        204,880,694        (13,832,662)    

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

 

6.

PURCHASES AND SALES

For the year ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

 

     
iShares ETF   Purchases          Sales    

0-5 Year High Yield Corporate Bond

  $   1,625,023,553          $   1,332,541,087    

Broad USD High Yield Corporate Bond

    1,061,209,294            1,124,459,560    

ESG Advanced High Yield Corporate Bond

    38,853,992            37,732,508    

Fallen Angels USD Bond

    962,406,389            959,746,286    

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

  81


Notes to Financial Statements  (continued)

 

For the year ended October 31, 2022, in-kind transactions were as follows:

 

     
iShares ETF  

In-kind    

Purchases    

    

In-kind  

Sales  

 

0-5 Year High Yield Corporate Bond

  $   3,861,564,341          $   1,891,803,019    

Broad USD High Yield Corporate Bond

    5,335,052,818            4,134,691,906    

ESG Advanced High Yield Corporate Bond

    67,741,384            34,007,443    

Fallen Angels USD Bond

    662,983,027            2,780,534,484    

 

7.

INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2022, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

 

     
iShares ETF   Paid-in Capital    

Accumulated  

Earnings (Loss)  

 

0-5 Year High Yield Corporate Bond

  $ (35,546,722   $ 35,546,722    

Broad USD High Yield Corporate Bond

    (58,812,920     58,812,920    

ESG Advanced High Yield Corporate Bond

    (3,400,668     3,400,668    

Fallen Angels USD Bond

    (219,933,443     219,933,443    

The tax character of distributions paid was as follows:

 

 

 
iShares ETF   Year Ended
10/31/22
    

Year Ended

10/31/21

 

 

 

0-5 Year High Yield Corporate Bond

    

Ordinary income

  $   261,375,036      $   250,267,859  
 

 

 

    

 

 

 

Broad USD High Yield Corporate Bond

    

Ordinary income

  $ 421,560,670      $ 391,636,803  
 

 

 

    

 

 

 

ESG Advanced High Yield Corporate Bond

    

Ordinary income

  $ 7,263,731      $ 4,106,362  

Long-term capital gains

    177,273         
 

 

 

    

 

 

 
 

 

$

 

7,441,004

 

 

  

 

$

 

4,106,362

 

 

 

 

 

    

 

 

 

Fallen Angels USD Bond

    

Ordinary income

  $ 143,208,910      $ 66,582,989  
 

 

 

    

 

 

 

As of October 31, 2022, the tax components of accumulated net earnings (losses) were as follows:

 

         

iShares ETF

   
Undistributed
Ordinary Income
 
 
    

Non-expiring

Capital Loss

Carryforwards

 

 

(a) 

   

Net Unrealized

Gains (Losses)

 

(b) 

    Total    

0-5 Year High Yield Corporate Bond

  $ 26,672,303      $ (364,443,138   $ (377,629,204   $ (715,400,039 )   

Broad USD High Yield Corporate Bond

    45,642,626        (99,978,755     (1,184,833,043     (1,239,169,172 )   

ESG Advanced High Yield Corporate Bond

    632,852        (2,769,620     (22,070,178     (24,206,946 )   

Fallen Angels USD Bond

    9,519,421        (57,985,093     (413,257,417     (461,723,089 )   

 

  (a) 

Amounts available to offset future realized capital gains.

 
  (b) 

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities.

 

 

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Notes to Financial Statements  (continued)

 

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

 

         
iShares ETF   Tax Cost     

Gross Unrealized

Appreciation

     Gross Unrealized
Depreciation
   

Net Unrealized  

Appreciation  

(Depreciation)  

 

0-5 Year High Yield Corporate Bond

  $ 8,261,495,031      $   35,640,416      $ (413,269,541   $ (377,629,125)    

Broad USD High Yield Corporate Bond

      10,796,237,835        24,928,230        (1,209,761,276     (1,184,833,046)    

ESG Advanced High Yield Corporate Bond

    179,770,310        565,615        (22,635,789     (22,070,174)    

Fallen Angels USD Bond

    2,312,068,067        3,388,838        (416,646,255     (413,257,417)    

 

8.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.

An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

  83


Notes to Financial Statements  (continued)

 

The Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.

The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low interest rates. The Federal Reserve has recently begun to raise the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

 

9.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

 

 

 
   

Year Ended

10/31/22

 

 

   

Year Ended

10/31/21

 

 

 

 

 

   

 

 

 

iShares ETF

    Shares       Amount       Shares       Amount  

 

 

0-5 Year High Yield Corporate Bond

       

Shares sold

    97,100,000     $ 4,016,331,811       46,000,000     $ 2,088,517,248  

Shares redeemed

    (45,600,000     (1,933,783,810     (38,700,000     (1,759,441,148
 

 

 

   

 

 

   

 

 

   

 

 

 
    51,500,000     $ 2,082,548,001       7,300,000     $ 329,076,100  
 

 

 

   

 

 

   

 

 

   

 

 

 

Broad USD High Yield Corporate Bond

       

Shares sold

    148,650,000     $ 5,434,474,901       82,100,000     $ 3,365,228,261  

Shares redeemed

    (114,950,000     (4,221,729,742     (37,950,000     (1,559,895,286
 

 

 

   

 

 

   

 

 

   

 

 

 
    33,700,000     $ 1,212,745,159       44,150,000     $ 1,805,332,975  
 

 

 

   

 

 

   

 

 

   

 

 

 

ESG Advanced High Yield Corporate Bond

       

Shares sold

    1,400,000     $ 69,430,603       1,200,000     $ 62,700,777  

Shares redeemed

    (800,000     (35,217,693            
 

 

 

   

 

 

   

 

 

   

 

 

 
    600,000     $ 34,212,910       1,200,000     $ 62,700,777  
 

 

 

   

 

 

   

 

 

   

 

 

 

Fallen Angels USD Bond

       

Shares sold

    24,050,000     $ 674,034,410       148,900,000     $ 4,404,003,308  

Shares redeemed

    (110,450,000     (2,904,237,680     (5,000,000     (146,998,005
 

 

 

   

 

 

   

 

 

   

 

 

 
    (86,400,000   $ (2,230,203,270     143,900,000     $ 4,257,005,303  
 

 

 

   

 

 

   

 

 

   

 

 

 

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

 

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Notes to Financial Statements  (continued)

 

10.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

 

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S

  85


Report of Independent Registered Public Accounting Firm

 

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations for the year ended October 31, 2022, the statements of changes in net assets for each of the two years in the period ended October 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2022 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2022 and each of the financial highlights for each of the five years in the period ended October 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

 

 

iShares 0-5 Year High Yield Corporate Bond ETF

iShares Broad USD High Yield Corporate Bond ETF

iShares ESG Advanced High Yield Corporate Bond ETF

iShares Fallen Angels USD Bond ETF

 

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

December 22, 2022

We have served as the auditor of one or more BlackRock investment companies since 2000.

 

 

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Important Tax Information (unaudited)

 

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate as noted below, for the fiscal year ended October 31, 2022:

 

   
iShares ETF  

20% Rate Long-Term   

Capital Gain Dividends   

 

ESG Advanced High Yield Corporate Bond

  $ 177,273     

The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2022:

 

   
iShares ETF   Federal Obligation   
Interest   
 

0-5 Year High Yield Corporate Bond

  $ 10,453     

Broad USD High Yield Corporate Bond

    17,068     

ESG Advanced High Yield Corporate Bond

    102     

Fallen Angels USD Bond

    605     

The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2022:

 

   
iShares ETF   Interest Dividends     

0-5 Year High Yield Corporate Bond

  $ 252,760,161     

Broad USD High Yield Corporate Bond

    410,394,293     

ESG Advanced High Yield Corporate Bond

    6,622,520     

Fallen Angels USD Bond

    136,442,357     

The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2022:

 

   
iShares ETF   Interest-Related   
Dividends   
 

0-5 Year High Yield Corporate Bond

  $ 196,640,120     

Broad USD High Yield Corporate Bond

    391,145,580     

ESG Advanced High Yield Corporate Bond

    5,261,371     

Fallen Angels USD Bond

    106,331,091     

 

 

I M P O R T A N T   T A X   I N F O R M A T I O N

  87


Board Review and Approval of Investment Advisory Contract  

 

iShares 0-5 Year High Yield Corporate Bond ETF, iShares Broad USD High Yield Corporate Bond ETF, iShares ESG Advanced High Yield Corporate Bond ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

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  89


Board Review and Approval of Investment Advisory Contract  (continued)

 

iShares Fallen Angels USD Bond ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares

 

 

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Board Review and Approval of Investment Advisory Contract  (continued)

 

funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

 

 

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  91


Supplemental Information (unaudited)

 

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

October 31, 2022

 

     
   

Total Cumulative Distributions

for the Fiscal Year

    

% Breakdown of the Total Cumulative

Distributions for the Fiscal Year

 
 

 

 

    

 

 

 

iShares ETF

 

 

Net
Investment
Income

 

    

Net Realized
Capital Gains

 

    

Return of

Capital

 

    

Total Per

Share

 

    

Net

Investment

Income

 

   

Net Realized

Capital Gains

 

   

Return of

Capital

 

   

Total Per

Share

 

 

0-5 Year High Yield Corporate Bond(a)

  $  2.198869      $      $ 0.000220      $   2.199089        100         0 %(b)      100

Broad USD High Yield Corporate Bond

    2.065783                      2.065783        100                   100  

ESG Advanced High Yield Corporate Bond

    2.211018        0.285111               2.496129        89       11             100  

Fallen Angels USD Bond

    1.144751                      1.144751        100                   100  

 

  (a) 

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

 
  (b) 

Rounds to less than 1%.

 

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive and the Alternative Investment Fund Managers Regulations 2013 (as amended) and the “Guidelines on sound remuneration policies under the AIFMD” issued by the European Securities and Markets Authority (together the “Regulations”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, non-EU and non-UK managers are only required to comply with certain disclosure, reporting and transparency obligations of the Regulations if such managers market a fund to EU investors.

The Company has registered the iShares Broad USD High Yield Corporate Bond ETF (the “Fund”) to be marketed to United Kingdom.

Report on Remuneration

The Company is required under the Regulations to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Fund.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area.As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

BlackRock has a clear and well defined pay-for-performance philosophy, and compensation programmes which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management, a significant percentage of variable remuneration is deferred over time. All employees are subject to a claw-back policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

 

 

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Supplemental Information (unaudited)  (continued)

 

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organisational structures which are independent of the business units. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Therefore, the figures disclosed are a sum of each individual’s portion of remuneration attributable to the Fund according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company. Accordingly the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of total & aggregate remuneration awarded by the Company to its staff which has been attributed to the Fund in respect of the Company’s financial year ending December 31, 2021 were as follows:

 

             

iShares ETF

 

 

Total
Remuneration

 

    

Fixed
Remuneration

 

     Variable
Remuneration
    

No. of
Beneficiaries

 

    

Senior Management
Remuneration

 

    

Risk Taker    
Remuneration    

 

 

Broad USD High Yield Corporate Bond

    $788,179        $368,525        $419,654        661        $96,475        $9,971      

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares Broad USD High Yield Corporate Bond ETF (the “Fund”) is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, Fund’s investments do not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation.

 

 

S U P P L E M E N T A L   I N F O R M A T I O N

  93


Trustee and Officer Information (unaudited)

 

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 379 funds as of October 31, 2022. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

 

          Interested Trustees     
       
  Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

Robert S.

Kapito(a) (65)

   Trustee (since 2009).    President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).    Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Salim Ramji(b) (52)    Trustee (since 2019).    Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014).    Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019).

 

(a) 

Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

(b) 

Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

 

          Independent Trustees     
       
  Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

John E.

Kerrigan (67)

   Trustee (since 2005); Independent Board Chair (since 2022).    Chief Investment Officer, Santa Clara University (since 2002).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).

Jane D.

Carlin (66)

   Trustee (since 2015); Risk Committee Chair (since 2016).    Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).    Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).

Richard L.

Fagnani (67)

   Trustee (since 2017); Audit Committee Chair (since 2019).   

Partner, KPMG LLP (2002-2016).

   Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

 

 

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Trustee and Officer Information (unaudited)  (continued)

 

 

     Independent Trustees (continued)     
       
  Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

   Other Directorships Held by Trustee

Cecilia H.

Herbert (73)

   Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).    Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020).    Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Trustee of Thrivent Church Loan and Income Fund (since 2019).

Drew E.

Lawton (63)

   Trustee (since 2017); 15(c) Committee Chair (since 2017).    Senior Managing Director of New York Life Insurance Company (2010-2015).    Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).

John E.

Martinez (61)

   Trustee (since 2003); Securities Lending Committee Chair (since 2019).    Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).    Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).

Madhav V.

Rajan (58)

   Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019).    Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).    Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
     Officers     
     
  Name (Age)    Position(s)   

Principal Occupation(s)

During Past 5 Years

Armando

Senra (51)

   President (since 2019).    Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Trent

Walker (48)

   Treasurer and Chief Financial Officer (since 2020).    Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.

Charles

Park (55)

   Chief Compliance Officer (since 2006).    Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Marisa

Rolland (42)

   Secretary (since 2022).    Director, BlackRock, Inc. (since 2018); Vice President, BlackRock, Inc. (2010-2017).

Rachel

Aguirre (40)

   Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019).

Jennifer

Hsui (46)

   Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

James

Mauro (52)

   Executive Vice President (since 2022).    Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

 

 

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N

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Trustee and Officer Information (unaudited)  (continued)

 

 

Effective March 18, 2022, Rachel Aguirre, Jennifer Hsui, and James Mauro have replaced Scott Radell, Alan Mason, and Marybeth Leithead as Executive Vice Presidents.

 

Effective June 15, 2022, Marisa Rolland replaced Deepa Damre Smith as Secretary.

 

 

 

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General Information

 

 

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

 

   

Go to icsdelivery.com.

   

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

 

 

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Glossary of Terms Used in this Report

 

 

Portfolio Abbreviation

LIBOR    London Interbank Offered Rate
PIK    Payment-in-kind
REIT    Real Estate Investment Trust
SOFR    Secured Overnight Financing Rate

 

 

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Want to know more?

iShares.com   |   1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited, ICE Data Indices, LLC, or Markit Indices Limited, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.

©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-1020-1022

 

 

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