OCTOBER 31, 2022 |
2022 Annual Report
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iShares Trust
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iShares iBonds 2022 Term High Yield and Income ETF | IBHB | Cboe BZX |
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iShares iBonds 2023 Term High Yield and Income ETF | IBHC | Cboe BZX |
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iShares iBonds 2024 Term High Yield and Income ETF | IBHD | Cboe BZX |
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iShares iBonds 2025 Term High Yield and Income ETF | IBHE | Cboe BZX |
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iShares iBonds 2026 Term High Yield and Income ETF | IBHF | Cboe BZX |
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iShares iBonds 2027 Term High Yield and Income ETF | IBHG | Cboe BZX |
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iShares iBonds 2028 Term High Yield and Income ETF | IBHH | Cboe BZX |
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iShares iBonds 2029 Term High Yield and Income ETF | IBHI | Cboe BZX |
Dear Shareholder,
Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.
The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.
In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of October 31, 2022
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||||||||
6-Month | 12-Month | |||||||
U.S.
large cap equities |
(5.50)% | (14.61)% | ||||||
U.S.
small cap equities |
(0.20) | (18.54) | ||||||
International
equities |
(12.70) | (23.00) | ||||||
Emerging
market equities |
(19.66) | (31.03) | ||||||
3-month
Treasury bills |
0.72 | 0.79 | ||||||
U.S.
Treasury securities |
(8.24) | (17.68) | ||||||
U.S. investment grade bonds |
(6.86) | (15.68) | ||||||
Tax-exempt municipal bonds |
(4.43) | (11.98) | ||||||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
(4.71) | (11.76) | ||||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
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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
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Annual Report: |
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22 | ||||
Financial Statements: |
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iShares Trust
U.S. Corporate Bond Market Overview
U.S. high-yield corporate bonds posted a negative returns for the 12 months ended October 31, 2022 (“reporting period”). The Markit iBoxx USD Liquid High Yield Index, a broad measure of U.S. high-yield corporate bond performance, returned -10.82%.
A variety of factors weighed on the high-yield bond market during the period. First, and most important, 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%. This marked the largest move in such a short interval since 1980. Investors expected that the Fed would continue to raise rates until inflation showed signs of moving back to its longer-term 2% target, with market prices indicating the central bank would not stop tightening until rates reached the 4.5-5.0% range. These developments led to a spike in U.S. Treasury yields, with the 10-year note soaring from 1.55% at the start of the period to 4.05% by October 31, 2022.
High yield bonds were also pressured by rising 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. Investors also 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. Together, these factors caused high-yield corporates to finish the 12-month period with a loss. However, the asset class outperformed investment-grade corporates due in part to its lower degree of interest-rate sensitivity.
While the market performed poorly, one notable outcome of the sell-off was that yields—as gauged by the ICE BofA US High Yield Index—climbed to the upper end of the range that has been in place since the 2008 global financial crisis. At the same time, the default rate remained well below the historical average. In addition, high-yield companies’ earlier efforts to refinance their debt at lower yields reduced the risk that a wave of maturing bonds would need to be replaced at higher yields.
At the industry level, banking and communications issues were the weakest performers in the annual period. On the other hand, energy—while posting a loss in absolute terms—strongly outperformed the larger category on the strength of rising oil prices. The transportation and capital goods industries also delivered positive relative performance. Higher-rated bonds in the asset class generally outpaced lower-rated securities amid investors’ search for relative “safe havens.”
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® iBonds® 2022 Term High Yield and Income ETF |
Investment Objective
The iShares iBonds 2022 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2022, as represented by the Bloomberg 2022 Term High Yield and Income Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
Fund NAV |
1.23 | % | 2.61 | % | 1.23 | % | 9.41 | % | ||||||||||||
Fund Market |
1.03 | 2.62 | 1.03 | 9.45 | ||||||||||||||||
Index |
1.58 | 3.17 | 1.58 | 11.47 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
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Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ | 1,000.00 | $ | 1,011.30 | $ | 1.67 | $ | 1,000.00 | $ | 1,023.50 | $ | 1.68 | 0.33 | % |
(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® iBonds® 2022 Term High Yield and Income ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* |
|
Percent of Net Assets |
(a) | |
A |
2.3 | % | ||
Baa |
29.4 | |||
Ba |
4.1 | |||
Not Rated |
2.0 | |||
Short-Term and Other Assets |
62.2 |
FIVE LARGEST HOLDINGS
Security(a) |
|
Percent of Net Assets |
| |
Morgan Stanley, 4.88%, 11/01/22 |
3.0 | % | ||
Natwest Group PLC, 6.13%, 12/15/22 |
2.0 | |||
Sprint Communications LLC, 6.00%, 11/15/22 |
1.9 | |||
TransAlta Corp., 4.50%, 11/15/22 |
1.9 | |||
Deutsche Bank AG/New York NY, 3.30%, 11/16/22 |
1.7 |
* |
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® iBonds® 2023 Term High Yield and Income ETF |
Investment Objective
The iShares iBonds 2023 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2023, as represented by the Bloomberg 2023 Term High Yield and Income Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
Fund NAV |
(1.86 | )% | 2.67 | % | (1.86 | )% | 9.62 | % | ||||||||||||
Fund Market |
(1.80 | ) | 2.71 | (1.80 | ) | 9.76 | ||||||||||||||
Index |
(1.49 | ) | 3.62 | (1.49 | ) | 13.17 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.
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 |
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Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 1,003.30 | $ | 1.77 | $ | 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 |
7 |
Fund Summary as of October 31, 2022 (continued) | iShares® iBonds® 2023 Term High Yield and Income ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* |
|
Percent of Net Assets |
(a) | |
A |
1.7 | % | ||
Baa |
53.6 | |||
Ba |
20.3 | |||
B |
11.5 | |||
Caa |
3.7 | |||
Not Rated |
3.6 | |||
Short-Term and Other Assets |
5.6 |
FIVE LARGEST HOLDINGS
Security(a) |
|
Percent of Net Assets |
| |
Sprint Corp., 7.88%, 09/15/23 |
1.5 | % | ||
Ball Corp., 4.00%, 11/15/23 |
1.5 | |||
MGM Resorts International, 6.00%, 03/15/23 |
1.3 | |||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 3.50%, 02/15/23 |
1.2 | |||
Commerzbank AG, 8.13%, 09/19/23 |
1.2 |
* |
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® iBonds® 2024 Term High Yield and Income ETF |
Investment Objective
The iShares iBonds 2024 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2024, as represented by the Bloomberg 2024 Term High Yield and Income Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
Fund NAV |
(4.21 | )% | 2.00 | % | (4.21 | )% | 7.16 | % | ||||||||||||
Fund Market |
(4.29 | ) | 2.03 | (4.29 | ) | 7.26 | ||||||||||||||
Index |
(5.08 | ) | 2.33 | (5.08 | ) | 8.35 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.
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 |
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Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 995.10 | $ | 1.76 | $ | 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® iBonds® 2024 Term High Yield and Income ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* |
|
Percent of Net Assets |
(a) | |
Baa |
7.4 | % | ||
Ba |
41.0 | |||
B |
36.3 | |||
Caa |
9.6 | |||
Ca |
0.2 | |||
Not Rated |
1.9 | |||
Short-Term and Other Assets |
3.6 |
FIVE LARGEST HOLDINGS
Security(a) |
|
Percent of Net Assets |
| |
Las Vegas Sands Corp., 3.20%, 08/08/24 |
3.0 | % | ||
Intesa Sanpaolo SpA, 5.02%, 06/26/24 |
2.9 | |||
DISH DBS Corp., 5.88%, 11/15/24 |
2.9 | |||
Sprint Corp., 7.13%, 06/15/24 |
2.9 | |||
Mauser
Packaging Solutions Holding Co., |
2.8 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
10 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 2022 | iShares® iBonds® 2025 Term High Yield and Income ETF |
Investment Objective
The iShares iBonds 2025 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2025, as represented by the Bloomberg 2025 Term High Yield and Income Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
Fund NAV |
(4.77 | )% | 2.33 | % | (4.77 | )% | 8.38 | % | ||||||||||||
Fund Market |
(4.89 | ) | 2.35 | (4.89 | ) | 8.43 | ||||||||||||||
Index |
(4.36 | ) | 2.79 | (4.36 | ) | 10.07 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.
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 | |||||||||||||||||||||||||||||
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Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22) |
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|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 980.00 | $ | 1.75 | $ | 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 |
11 |
Fund Summary as of October 31, 2022 (continued) | iShares® iBonds® 2025 Term High Yield and Income ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* |
|
Percent of Net Assets |
(a) | |
A |
0.2 | % | ||
Baa |
4.5 | |||
Ba |
38.5 | |||
B |
39.9 | |||
Caa |
12.3 | |||
Ca |
0.3 | |||
Not Rated |
0.7 | |||
Short-Term and Other Assets |
3.6 |
FIVE LARGEST HOLDINGS
Security(a) | Percent of Net Assets |
|||
Caesars Entertainment Inc., 6.25%, 07/01/25 |
2.3 | % | ||
American Airlines Inc., 11.75%, 07/15/25 |
1.9 | |||
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25 |
1.6 | |||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25 |
1.2 | |||
Sands China Ltd., 5.63%, 08/08/25 |
1.1 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
12 |
2 0 2 2 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 2022 | iShares® iBonds® 2026 Term High Yield and Income ETF |
Investment Objective
The iShares iBonds 2026 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2026, as represented by the Bloomberg 2026 Term High Yield and Income Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
1 Year |
Since Inception |
1 Year | Since Inception |
|||||||||||||||||
Fund NAV |
(7.52 | )% | (1.10 | )% | (7.52 | )% | (2.16 | )% | ||||||||||||
Fund Market |
(7.72 | ) | (1.12 | ) | (7.72 | ) | (2.19 | ) | ||||||||||||
Index |
(7.45 | ) | (0.82 | ) | (7.45 | ) | (1.61 | ) |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was November 10, 2020. The first day of secondary market trading was November 12, 2020.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (05/01/22) |
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Ending Account Value (10/31/22) |
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Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 967.60 | $ | 1.74 | $ | 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 |
13 |
Fund Summary as of October 31, 2022 (continued) | iShares® iBonds® 2026 Term High Yield and Income ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* |
|
Percent of Net Assets |
(a) | |
Baa |
3.3 | % | ||
Ba |
37.0 | |||
B |
45.7 | |||
Caa |
9.3 | |||
Ca |
0.1 | |||
Not Rated |
1.5 | |||
Short-Term and Other Assets |
3.1 |
FIVE LARGEST HOLDINGS
Security(a) | Percent of Net Assets |
|||
TransDigm Inc., 6.25%, 03/15/26 |
2.2 | % | ||
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26 |
2.1 | |||
DISH DBS Corp., 5.25%, 12/01/26 |
1.4 | |||
Tenet Healthcare Corp., 4.88%, 01/01/26 |
1.2 | |||
Newell Brands Inc., 4.45%, 04/01/26 |
1.1 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
14 |
2 0 2 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® iBonds® 2027 Term High Yield and Income ETF |
Investment Objective
The iShares iBonds 2027 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2027, as represented by the Bloomberg 2027 Term High Yield and Income Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
Fund NAV |
(9.71 | )% | (7.34 | )% | (9.71 | )% | (9.58 | )% | ||||||||||||
Fund Market |
(9.70 | ) | (7.34 | ) | (9.70 | ) | (9.57 | ) | ||||||||||||
Index |
(9.36 | ) | (7.00 | ) | (9.36 | ) | (9.10 | ) |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was July 7, 2021. The first day of secondary market trading was July 9, 2021.
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 | $ | 957.20 | $ | 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 |
15 |
Fund Summary as of October 31, 2022 (continued) | iShares® iBonds® 2027 Term High Yield and Income ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | |
Percent of Net Assets |
(a) | |
Baa |
0.8 | % | ||
Ba |
36.1 | |||
B |
48.8 | |||
Caa |
12.7 | |||
Ca |
0.2 | |||
Not Rated |
0.3 | |||
Short-Term and Other Assets |
1.1 |
FIVE LARGEST HOLDINGS
Security(a) | Percent of Net Assets |
|||
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 |
1.9 | % | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27 |
1.7 | |||
Carnival Corp., 5.75%, 03/01/27 |
1.4 | |||
TransDigm Inc., 5.50%, 11/15/27 |
1.3 | |||
Centene Corp., 4.25%, 12/15/27 |
1.3 |
* |
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. |
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 |
Fund Summary as of October 31, 2022 | iShares® iBonds® 2028 Term High Yield and Income ETF |
Investment Objective
The iShares iBonds 2028 Term HighYield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2028, as represented by the Bloomberg 2028 Term High Yield and Income 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
Cumulative Total Returns | ||||
Since Inception |
||||
Fund NAV |
(8.10 | )% | ||
Fund Market |
(8.14 | ) | ||
Index |
(8.17 | ) |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was March 8, 2022. The first day of secondary market trading was March 10, 2022.
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 | $ | 949.30 | $ | 1.72 | $ | 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 |
17 |
Fund Summary as of October 31, 2022 (continued) | iShares® iBonds® 2028 Term High Yield and Income ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | |
Percent of Net Assets |
(a) | |
A |
1.9 | % | ||
Baa |
3.5 | |||
Ba |
36.7 | |||
B |
47.1 | |||
Caa |
8.4 | |||
Not Rated |
1.4 | |||
Short-Term and Other Assets |
1.0 |
FIVE LARGEST HOLDINGS
Security(a) | Percent of Net Assets |
|||
Sprint Capital Corp., 6.88%, 11/15/28 |
1.4 | % | ||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28 |
1.2 | |||
Tenet Healthcare Corp., 6.13%, 10/01/28 |
1.2 | |||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 |
1.1 | |||
DISH DBS Corp., 5.75%, 12/01/28 |
1.1 |
* |
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. |
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 |
Fund Summary as of October 31, 2022 | iShares® iBonds® 2029 Term High Yield and Income ETF |
Investment Objective
The iShares iBonds 2029 Term High Yield and Income ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield and other income generating corporate bonds maturing in 2029, as represented by the Bloomberg 2029 Term High Yield and Income 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
Cumulative Total Returns | ||||
Since Inception |
||||
Fund NAV |
(10.06 | )% | ||
Fund Market |
(10.03 | ) | ||
Index |
(10.13 | ) |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was March 8, 2022. The first day of secondary market trading was March 10, 2022.
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 | $ | 939.20 | $ | 1.71 | $ | 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 |
19 |
Fund Summary as of October 31, 2022 (continued) | iShares® iBonds® 2029 Term High Yield and Income ETF |
Portfolio Information
CREDIT QUALITY ALLOCATION
Moody’s Credit Ratings* | |
Percent of Net Assets |
(a) | |
Aaa |
0.1 | % | ||
Baa |
1.1 | |||
Ba |
37.6 | |||
B |
46.0 | |||
Caa |
12.5 | |||
Not Rated |
1.1 | |||
Short-Term and Other Assets |
1.6 |
FIVE LARGEST HOLDINGS
Security(a) | Percent of Net Assets |
|||
Mozart Debt Merger Sub Inc., 3.88%, 04/01/29 |
1.8 | % | ||
Picard Midco Inc., 6.50%, 03/31/29 |
1.7 | |||
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 |
1.3 | |||
Mozart Debt Merger Sub Inc., 5.25%, 10/01/29 |
0.9 | |||
Altice France SA/France, 5.13%, 07/15/29 |
0.9 |
* |
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. |
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 |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S |
21 |
October 31, 2022 |
iShares® iBonds® 2022 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security |
Par |
Value | ||||||
Corporate Bonds & Notes |
| |||||||
Airlines — 0.6% |
| |||||||
Southwest Airlines Co., 2.75%, 11/16/22(a) |
$ | 650 | $ | 648,947 | ||||
|
|
|||||||
Auto Manufacturers — 0.9% |
| |||||||
Ford Motor Credit Co. LLC, 3.35%, 11/01/22 |
955 | 955,000 | ||||||
|
|
|||||||
Banks — 8.1% |
| |||||||
Cooperatieve Rabobank UA, 3.95%, 11/09/22 |
1,015 | 1,014,797 | ||||||
Deutsche Bank AG/New York NY, 3.30%, 11/16/22 |
1,815 | 1,813,639 | ||||||
Morgan Stanley, 4.88%, 11/01/22 |
3,250 | 3,250,000 | ||||||
Natwest Group PLC, 6.13%, 12/15/22 |
2,130 | 2,127,188 | ||||||
Synovus Financial Corp., 3.13%, 11/01/22 |
625 | 625,000 | ||||||
|
|
|||||||
8,830,624 | ||||||||
Chemicals — 2.5% | ||||||||
Celanese U.S. Holdings LLC, 4.63%, 11/15/22(a) |
1,050 | 1,049,790 | ||||||
Mosaic Co. (The), 3.25%, 11/15/22 |
1,040 | 1,039,199 | ||||||
RPM International Inc., 3.45%, 11/15/22(a) |
650 | 649,838 | ||||||
|
|
|||||||
2,738,827 | ||||||||
Commercial Services — 1.4% | ||||||||
North Queensland Export Terminal Pty Ltd., 4.45%, 12/15/22(b) |
1,500 | 1,473,525 | ||||||
|
|
|||||||
Diversified Financial Services — 0.9% |
||||||||
Discover Financial Services, 3.85%, 11/21/22 |
950 | 948,983 | ||||||
|
|
|||||||
Electric — 6.5% |
||||||||
American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 12/01/22) |
650 | 648,128 | ||||||
DTE
Energy Co. |
965 | 965,000 | ||||||
Series H, 0.55%, 11/01/22 |
1,140 | 1,140,000 | ||||||
Edison International, 3.13%, 11/15/22(a) |
825 | 824,142 | ||||||
Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 11/14/22)(a) |
1,470 | 1,468,486 | ||||||
TransAlta Corp., 4.50%, 11/15/22(a) |
2,025 | 2,021,557 | ||||||
|
|
|||||||
7,067,313 | ||||||||
Health Care - Products — 1.5% | ||||||||
DH Europe Finance II Sarl, 2.05%, 11/15/22 |
1,595 | 1,593,517 | ||||||
|
|
|||||||
Health Care - Services — 5.7% |
||||||||
CommonSpirit Health, 2.95%, 11/01/22(a) |
1,025 | 1,025,000 | ||||||
Dignity Health, 3.13%, 11/01/22 |
1,425 | 1,425,000 | ||||||
Elevance Health Inc., 2.95%, 12/01/22 |
1,465 | 1,463,242 | ||||||
Humana
Inc. |
1,050 | 1,047,134 | ||||||
3.15%, 12/01/22 |
1,235 | 1,233,851 | ||||||
|
|
|||||||
6,194,227 |
Security | Par/ Shares (000) |
Value | ||||||
Insurance — 0.7% | ||||||||
Aon Corp., 2.20%, 11/15/22 |
$ | 735 | $ | 734,258 | ||||
|
|
|||||||
Mining — 0.9% |
||||||||
Southern Copper Corp., 3.50%, 11/08/22 |
965 | 960,503 | ||||||
|
|
|||||||
Packaging & Containers — 1.3% |
||||||||
Graphic Packaging International LLC, 4.88%, 11/15/22(a) |
1,460 | 1,459,139 | ||||||
|
|
|||||||
Pharmaceuticals — 4.1% |
||||||||
AbbVie
Inc. |
1,415 | 1,413,231 | ||||||
2.90%, 11/06/22 |
1,205 | 1,204,590 | ||||||
Cigna Corp., 3.05%, 11/30/22 |
915 | 913,939 | ||||||
McKesson Corp., 2.70%, 12/15/22 (Call 12/01/22)(a) |
870 | 867,677 | ||||||
|
|
|||||||
4,399,437 | ||||||||
Software — 0.8% | ||||||||
Autodesk
Inc., 3.60%, 12/15/22 |
855 | 854,444 | ||||||
|
|
|||||||
Telecommunications — 1.9% |
||||||||
Sprint Communications LLC, 6.00%, 11/15/22 |
2,077 | 2,077,353 | ||||||
|
|
|||||||
Total
Long-Term Investments — 37.8% |
40,936,097 | |||||||
|
|
|||||||
Short-Term Securities |
| |||||||
Money Market Funds — 68.2% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)(e) |
9,828 | 9,826,262 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)(d) |
64,040 | 64,040,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 68.2% |
|
73,866,262 | ||||||
|
|
|||||||
Total
Investments — 106.0% |
|
114,802,359 | ||||||
Liabilities in Excess of Other Assets — (6.0)% |
|
(6,541,365 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 108,260,994 | |||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
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. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
(e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
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® iBonds® 2022 Term High Yield and Income 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 |
$ | 6,234,299 | $ | 3,595,894 | (a) | $ | — | $ | (3,703 | ) | $ | (228 | ) | $ | 9,826,262 | 9,828 | $ | 44,049 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
3,280,000 | 60,760,000 | (a) | — | — | — | 64,040,000 | 64,040 | 312,750 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (3,703 | ) | $ | (228 | ) | $ | 73,866,262 | $ | 356,799 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
$ | — | $ | 40,936,097 | $ | — | $ | 40,936,097 | ||||||||
Money Market Funds |
73,866,262 | — | — | 73,866,262 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 73,866,262 | $ | 40,936,097 | $ | — | $ | 114,802,359 | |||||||||
|
|
|
|
|
|
|
|
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 |
23 |
Schedule of Investments October 31, 2022 |
iShares® iBonds® 2023 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Aerospace & Defense — 3.0% |
||||||||
Boeing
Co. (The) |
$ | 550 | $ | 543,570 | ||||
1.88%, 06/15/23 (Call 04/15/23)(a) |
205 | 200,435 | ||||||
2.80%, 03/01/23 (Call 02/01/23) |
190 | 188,315 | ||||||
4.51%, 05/01/23 (Call 04/01/23)(a) |
1,760 | 1,756,603 | ||||||
L3Harris
Technologies Inc., 3.85%, 06/15/23 |
500 | 495,270 | ||||||
Northrop Grumman Corp., 3.25%, 08/01/23 |
580 | 572,048 | ||||||
Raytheon Technologies Corp., 3.70%, 12/15/23 (Call 09/15/23) |
220 | 217,151 | ||||||
Spirit
AeroSystems Inc., 3.95%, 06/15/23 |
931 | 904,141 | ||||||
Teledyne Technologies Inc., 0.65%, 04/01/23 |
160 | 156,725 | ||||||
|
|
|||||||
5,034,258 | ||||||||
Agriculture — 0.2% | ||||||||
Reynolds American Inc., 4.85%, 09/15/23(a) |
385 | 383,298 | ||||||
|
|
|||||||
Airlines — 0.7% |
||||||||
Delta
Air Lines Inc., 3.80%, 04/19/23 |
1,169 | 1,160,572 | ||||||
|
|
|||||||
Auto Manufacturers — 4.8% |
||||||||
Ford
Motor Credit Co. LLC |
250 | 248,822 | ||||||
3.10%, 05/04/23 |
365 | 360,317 | ||||||
3.37%, 11/17/23 |
1,025 | 993,143 | ||||||
4.14%, 02/15/23 (Call 01/15/23) |
525 | 523,498 | ||||||
4.38%, 08/06/23 |
708 | 700,431 | ||||||
General
Motors Co. |
625 | 619,244 | ||||||
5.40%, 10/02/23(a) |
620 | 617,570 | ||||||
General
Motors Financial Co. Inc. |
515 | 498,546 | ||||||
3.70%, 05/09/23 (Call 03/09/23) |
310 | 306,987 | ||||||
4.15%, 06/19/23 (Call 05/19/23) |
350 | 347,021 | ||||||
4.25%, 05/15/23(a) |
290 | 288,153 | ||||||
Jaguar Land Rover Automotive PLC, 5.63%, 02/01/23 (Call 12/01/22)(a)(b) |
1,675 | 1,655,520 | ||||||
Stellantis NV, 5.25%, 04/15/23 |
1,000 | 996,030 | ||||||
|
|
|||||||
8,155,282 | ||||||||
Banks — 5.3% | ||||||||
Citigroup Inc., 3.50%, 05/15/23 |
860 | 852,707 | ||||||
Citizens Bank NA/Providence RI, 3.70%, 03/29/23 (Call 02/28/23) |
250 | 248,603 | ||||||
Commerzbank AG, 8.13%, 09/19/23(b) |
2,075 | 2,082,076 | ||||||
Cooperatieve Rabobank UA, 4.63%, 12/01/23(a) |
275 | 271,859 | ||||||
Credit Suisse Group AG, 3.80%, 06/09/23 |
1,205 | 1,173,116 | ||||||
Deutsche Bank AG/New York NY, 3.95%, 02/27/23 |
520 | 517,182 | ||||||
Discover
Bank |
475 | 472,744 | ||||||
4.20%, 08/08/23 |
755 | 746,793 | ||||||
Fifth Third Bancorp., 1.63%, 05/05/23 (Call 04/05/23) |
300 | 294,636 | ||||||
First Horizon Corp., 3.55%, 05/26/23 (Call 04/26/23) |
275 | 271,975 | ||||||
FNB Corp./PA, 2.20%, 02/24/23 (Call 01/24/23)(a) |
180 | 177,858 | ||||||
Morgan Stanley, 4.10%, 05/22/23 |
1,315 | 1,308,504 | ||||||
NatWest Group PLC, 3.88%, 09/12/23(a) |
0 | — | ||||||
Santander Holdings USA Inc., 3.40%, 01/18/23 (Call 12/18/22)(a) |
580 | 578,480 | ||||||
|
|
|||||||
8,996,533 | ||||||||
Beverages — 0.3% | ||||||||
Fomento Economico Mexicano SAB de CV, 2.88%, 05/10/23 . |
150 | 147,366 |
Security | Par (000) |
Value | ||||||
Beverages (continued) |
||||||||
Keurig Dr Pepper Inc., 3.13%, 12/15/23 (Call 10/15/23) |
$ | 320 | $ | 313,533 | ||||
|
|
|||||||
460,899 | ||||||||
Biotechnology — 1.7% | ||||||||
Amgen Inc., 2.25%, 08/19/23 (Call 06/19/23) |
455 | 445,058 | ||||||
Gilead
Sciences Inc. |
1,002 | 964,275 | ||||||
2.50%, 09/01/23 (Call 07/01/23)(a) |
460 | 449,958 | ||||||
Illumina Inc., 0.55%, 03/23/23 |
270 | 265,000 | ||||||
Royalty Pharma PLC, 0.75%, 09/02/23 |
700 | 672,735 | ||||||
|
|
|||||||
2,797,026 | ||||||||
Building Materials — 0.7% |
||||||||
Fortune Brands Home & Security Inc., 4.00%, 09/21/23 (Call 08/21/23) |
373 | 368,073 | ||||||
Lennox
International Inc., 3.00%, 11/15/23 |
220 | 214,660 | ||||||
Martin
Marietta Materials Inc., 0.65%, 07/15/23 |
415 | 401,496 | ||||||
Mohawk
Industries Inc., 3.85%, 02/01/23 |
200 | 200,000 | ||||||
|
|
|||||||
1,184,229 | ||||||||
Chemicals — 2.8% | ||||||||
Avient Corp., 5.25%, 03/15/23 |
1,635 | 1,639,251 | ||||||
DuPont
de Nemours Inc., 4.21%, 11/15/23 |
1,725 | 1,706,611 | ||||||
International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)(a) |
150 | 148,346 | ||||||
LYB International Finance BV, 4.00%, 07/15/23 |
305 | 301,502 | ||||||
Mosaic
Co. (The), 4.25%, 11/15/23 |
620 | 613,459 | ||||||
Nutrien Ltd., 1.90%, 05/13/23 |
300 | 294,666 | ||||||
|
|
|||||||
4,703,835 | ||||||||
Commercial Services — 1.9% | ||||||||
ADT Security Corp. (The), 4.13%, 06/15/23 |
1,920 | 1,899,628 | ||||||
Equifax Inc., 3.95%, 06/15/23 (Call 05/15/23) |
240 | 237,830 | ||||||
Global
Payments Inc. |
345 | 341,512 | ||||||
4.00%, 06/01/23 (Call 05/01/23) |
355 | 351,997 | ||||||
RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23) |
465 | 462,075 | ||||||
|
|
|||||||
3,293,042 | ||||||||
Computers — 2.3% | ||||||||
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23) |
497 | 496,215 | ||||||
Hewlett
Packard Enterprise Co. |
570 | 563,388 | ||||||
4.45%, 10/02/23 (Call 09/02/23) |
840 | 833,641 | ||||||
Leidos Inc., 2.95%, 05/15/23 (Call 04/15/23) |
300 | 296,481 | ||||||
Seagate HDD Cayman, 4.75%, 06/01/23 |
1,750 | 1,736,017 | ||||||
|
|
|||||||
3,925,742 | ||||||||
Diversified Financial Services — 8.5% | ||||||||
AerCap
Ireland Capital DAC/AerCap Global Aviation Trust |
1,175 | 1,113,735 | ||||||
3.30%, 01/23/23 (Call 12/23/22) |
300 | 298,350 | ||||||
4.13%, 07/03/23 (Call 06/03/23)(a) |
300 | 296,229 | ||||||
4.50%, 09/15/23 (Call 08/15/23) |
765 | 751,398 | ||||||
Air
Lease Corp. |
350 | 347,582 | ||||||
2.75%, 01/15/23 (Call 12/15/22)(a) |
200 | 198,886 | ||||||
3.00%, 09/15/23 (Call 07/15/23) |
510 | 498,015 | ||||||
3.88%, 07/03/23 (Call 06/03/23) |
320 | 316,128 | ||||||
Aircastle
Ltd. |
460 | 450,427 | ||||||
5.00%, 04/01/23 |
320 | 317,795 |
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® iBonds® 2023 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Diversified Financial Services (continued) |
||||||||
Ally
Financial Inc. |
$ | 815 | $ | 781,821 | ||||
3.05%, 06/05/23 (Call 05/05/23) |
550 | 541,365 | ||||||
BGC Partners Inc., 5.38%, 07/24/23 |
305 | 302,252 | ||||||
Capital
One Financial Corp. |
630 | 621,653 | ||||||
3.20%, 01/30/23 (Call 12/30/22) |
725 | 722,260 | ||||||
3.50%, 06/15/23 |
575 | 569,020 | ||||||
Capital One NA, 3.38%, 02/15/23 |
1,000 | 995,420 | ||||||
Jefferies Financial Group Inc., 5.50%, 10/18/23 (Call 01/18/23) |
285 | 284,350 | ||||||
Navient
Corp. |
1,439 | 1,439,158 | ||||||
7.25%, 09/25/23 |
534 | 534,609 | ||||||
OneMain
Finance Corp. |
1,470 | 1,469,574 | ||||||
8.25%, 10/01/23(a) |
680 | 690,234 | ||||||
TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (Call 12/01/22)(b) |
565 | 547,965 | ||||||
Western
Union Co. (The), 4.25%, 06/09/23 |
180 | 178,695 | ||||||
|
|
|||||||
14,266,921 | ||||||||
Electric — 5.3% | ||||||||
American Electric Power Co. Inc., Series M, 0.75%, 11/01/23 (Call 12/01/22)(a) |
285 | 272,209 | ||||||
Black
Hills Corp., 4.25%, 11/30/23 |
330 | 326,839 | ||||||
Consolidated Edison Inc., Series A, 0.65%, 12/01/23 (Call 12/01/22) |
415 | 396,134 | ||||||
Duke
Energy Corp., 3.95%, 10/15/23 |
255 | 252,039 | ||||||
Edison
International, 2.95%, 03/15/23 |
225 | 222,869 | ||||||
Eversource
Energy |
250 | 247,008 | ||||||
Series N, 3.80%, 12/01/23 (Call 11/01/23) |
250 | 245,910 | ||||||
Georgia Power Co., Series A, 2.10%, 07/30/23(a) |
430 | 420,488 | ||||||
InterGen NV, 7.00%, 06/30/23 (Call 12/01/22)(b) |
1,475 | 1,444,217 | ||||||
NextEra
Energy Capital Holdings Inc., |
1,330 | 1,311,939 | ||||||
OGE
Energy Corp., 0.70%, 05/26/23 |
300 | 292,305 | ||||||
Pacific
Gas and Electric Co. |
775 | 740,582 | ||||||
3.25%, 06/15/23 (Call 03/15/23)(a) |
230 | 226,143 | ||||||
3.85%, 11/15/23 (Call 08/15/23) |
215 | 210,008 | ||||||
4.25%, 08/01/23 (Call 07/01/23)(a) |
360 | 356,360 | ||||||
Public Service Enterprise Group Inc., 0.84%, 11/08/23 (Call 12/01/22) |
525 | 500,314 | ||||||
Southern
Co. (The), 2.95%, 07/01/23 |
760 | 747,506 | ||||||
WEC Energy Group Inc., 0.55%, 09/15/23(a) |
450 | 431,843 | ||||||
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23) |
315 | 300,778 | ||||||
|
|
|||||||
8,945,491 | ||||||||
Electrical Components & Equipment — 0.6% | ||||||||
EnerSys, 5.00%, 04/30/23 (Call 01/30/23)(a)(b) |
960 | 951,734 | ||||||
|
|
|||||||
Electronics — 0.4% |
||||||||
Arrow
Electronics Inc., 4.50%, 03/01/23 |
180 | 179,413 | ||||||
Flex Ltd., 5.00%, 02/15/23(a) |
250 | 249,693 | ||||||
Trimble Inc., 4.15%, 06/15/23 (Call 05/15/23) |
190 | 188,170 | ||||||
|
|
|||||||
617,276 | ||||||||
Environmental Control — 0.2% | ||||||||
Republic
Services Inc., 4.75%, 05/15/23 |
50 | 49,919 | ||||||
Waste
Management Inc., 2.40%, 05/15/23 |
250 | 246,555 | ||||||
|
|
|||||||
296,474 |
Security | Par (000) |
Value | ||||||
Food — 2.2% |
||||||||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 3.50%, 02/15/23 (Call 12/15/22)(b) |
$ | 2,100 | $ | 2,086,140 | ||||
Campbell
Soup Co., 3.65%, 03/15/23 |
270 | 268,661 | ||||||
Conagra
Brands Inc. |
350 | 336,938 | ||||||
3.20%, 01/25/23 (Call 12/01/22) |
170 | 169,260 | ||||||
Kellogg Co., 2.65%, 12/01/23 |
350 | 342,874 | ||||||
Kroger Co. (The), 3.85%, 08/01/23 (Call 05/01/23)(a) |
335 | 332,183 | ||||||
Tyson Foods Inc., 3.90%, 09/28/23 (Call 08/28/23)(a) |
255 | 252,506 | ||||||
|
|
|||||||
3,788,562 | ||||||||
Gas — 0.4% | ||||||||
Eastern
Energy Gas Holdings LLC, |
255 | 250,966 | ||||||
National
Fuel Gas Co., 3.75%, 03/01/23 |
300 | 297,855 | ||||||
ONE Gas Inc., 0.85%, 03/11/23 (Call 12/01/22) |
0 | — | ||||||
Southern Co. Gas Capital Corp., 2.45%, 10/01/23 (Call 08/01/23)(a) |
215 | 209,360 | ||||||
|
|
|||||||
758,181 | ||||||||
Health Care - Products — 0.7% | ||||||||
Baxter International Inc., 0.87%, 12/01/23 |
505 | 482,169 | ||||||
PerkinElmer Inc., 0.55%, 09/15/23 (Call 12/01/22)(a) |
305 | 293,129 | ||||||
Stryker Corp., 0.60%, 12/01/23 (Call 11/14/22) |
380 | 362,243 | ||||||
|
|
|||||||
1,137,541 | ||||||||
Health Care - Services — 1.7% | ||||||||
Aetna
Inc., |
830 | 817,940 | ||||||
Anthem Inc., 0.45%, 03/15/23 |
250 | 245,883 | ||||||
Elevance Health Inc., 3.30%, 01/15/23 |
625 | 623,025 | ||||||
Humana
Inc., 0.65%, 08/03/23 |
970 | 937,476 | ||||||
Laboratory
Corp. of America Holdings, |
190 | 187,663 | ||||||
|
|
|||||||
2,811,987 | ||||||||
Holding Companies - Diversified — 1.3% | ||||||||
Ares Capital Corp., 3.50%, 02/10/23 (Call 01/10/23)(a) |
465 | 462,410 | ||||||
Blackstone Secured Lending Fund, 3.65%, 07/14/23(a) |
240 | 236,674 | ||||||
FS
Energy & Power Fund, 7.50%, 08/15/23 |
1,565 | 1,568,161 | ||||||
|
|
|||||||
2,267,245 | ||||||||
Home Builders — 1.2% |
||||||||
DR
Horton Inc. |
115 | 114,929 | ||||||
5.75%, 08/15/23 (Call 05/15/23) |
245 | 245,546 | ||||||
KB Home, 7.63%, 05/15/23 (Call 11/15/22) |
955 | 956,079 | ||||||
Lennar
Corp., 4.88%, 12/15/23 |
265 | 262,941 | ||||||
Toll Brothers Finance Corp., 4.38%, 04/15/23 (Call 01/15/23) . |
440 | 436,986 | ||||||
|
|
|||||||
2,016,481 | ||||||||
Insurance — 0.9% |
||||||||
Aon PLC, 4.00%, 11/27/23 (Call 08/27/23)(a) |
220 | 217,261 | ||||||
Aspen Insurance Holdings Ltd., 4.65%, 11/15/23 |
190 | 187,507 | ||||||
Equitable
Holdings Inc., 3.90%, 04/20/23 |
260 | 258,640 | ||||||
Jackson Financial Inc., 1.13%, 11/22/23 |
380 | 362,923 | ||||||
Lincoln National Corp., 4.00%, 09/01/23 |
300 | 297,747 | ||||||
Reinsurance Group of America Inc., 4.70%, 09/15/23(a) |
255 | 254,457 | ||||||
|
|
|||||||
1,578,535 | ||||||||
Internet — 0.2% | ||||||||
eBay Inc., 2.75%, 01/30/23 (Call 12/30/22) |
380 | 377,834 | ||||||
|
|
|||||||
Iron & Steel — 0.7% |
||||||||
Commercial
Metals Co., 4.88%, 05/15/23 |
899 | 896,645 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (continued) October 31, 2022 |
iShares® iBonds® 2023 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Iron & Steel (continued) |
||||||||
Reliance Steel & Aluminum Co., 4.50%, 04/15/23 (Call 01/15/23)(a) |
$ | 320 | $ | 318,502 | ||||
|
|
|||||||
1,215,147 | ||||||||
Lodging — 3.5% | ||||||||
Hyatt Hotels Corp., 1.30%, 10/01/23 (Call 12/01/22)(a) |
600 | 576,156 | ||||||
Marriott International Inc./MD, Series Z, 4.15%, 12/01/23 (Call 11/01/23) |
225 | 222,336 | ||||||
MGM Resorts International, 6.00%, 03/15/23 |
2,140 | 2,141,733 | ||||||
Travel + Leisure Co., 3.90%, 03/01/23 (Call 12/01/22) |
1,270 | 1,259,281 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 4.25%, 05/30/23 (Call 02/28/23)(b) |
1,650 | 1,622,429 | ||||||
|
|
|||||||
5,821,935 | ||||||||
Machinery — 0.6% | ||||||||
CNH Industrial Capital LLC, 1.95%, 07/02/23(a) |
405 | 395,547 | ||||||
CNH Industrial NV, 4.50%, 08/15/23(a) |
415 | 411,701 | ||||||
Crane Holdings Co., 4.45%, 12/15/23 (Call 09/15/23)(a) |
165 | 163,472 | ||||||
|
|
|||||||
970,720 | ||||||||
Manufacturing — 0.4% | ||||||||
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 12/01/22) |
185 | 177,828 | ||||||
General Electric Co., 3.10%, 01/09/23 |
50 | 49,819 | ||||||
Trane Technologies Global Holding Co. Ltd., 4.25%, 06/15/23. |
450 | 446,634 | ||||||
|
|
|||||||
674,281 | ||||||||
Media — 3.1% | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 4.00%, 03/01/23 (Call 11/16/22)(b) |
1,655 | 1,643,961 | ||||||
Discovery Communications LLC, 2.95%, 03/20/23 (Call 02/20/23)(a) |
455 | 450,900 | ||||||
DISH DBS Corp., 5.00%, 03/15/23 |
2,103 | 2,076,692 | ||||||
Thomson Reuters Corp., 4.30%, 11/23/23 (Call 08/23/23) |
380 | 376,143 | ||||||
Time Warner Cable Enterprises LLC, 8.38%, 03/15/23 |
625 | 632,606 | ||||||
|
|
|||||||
5,180,302 | ||||||||
Mining — 0.7% | ||||||||
Freeport-McMoRan Inc., 3.88%, 03/15/23 (Call 12/15/22)(a) |
1,229 | 1,220,495 | ||||||
|
|
|||||||
Office & Business Equipment — 1.2% |
||||||||
Xerox Corp., 4.63%, 03/15/23 (Call 02/15/23) |
2,040 | 2,029,249 | ||||||
|
|
|||||||
Oil & Gas — 4.6% |
||||||||
Canadian Natural Resources Ltd., 2.95%, 01/15/23 (Call 12/15/22) |
450 | 447,984 | ||||||
Continental Resources Inc./OK, 4.50%, 04/15/23 (Call 01/15/23)(a) |
410 | 408,155 | ||||||
Occidental Petroleum Corp., 2.70%, 02/15/23 (Call 11/15/22) . |
910 | 909,163 | ||||||
Phillips 66, 3.70%, 04/06/23 |
300 | 298,410 | ||||||
Pioneer Natural Resources Co., 0.55%, 05/15/23(a) |
450 | 439,006 | ||||||
Range Resources Corp., 5.00%, 03/15/23 (Call 12/15/22) |
1,785 | 1,781,180 | ||||||
Transocean Sentry Ltd., 5.38%, 05/15/23(a)(b) |
770 | 760,706 | ||||||
Vantage Drilling International, 9.25%, 11/15/23 (Call 12/01/22)(a)(b) |
1,170 | 1,151,549 | ||||||
W&T Offshore Inc., 9.75%, 11/01/23(a)(b) |
1,540 | 1,533,794 | ||||||
|
|
|||||||
7,729,947 | ||||||||
Packaging & Containers — 2.3% | ||||||||
Ball Corp., 4.00%, 11/15/23(a) |
2,500 | 2,450,175 | ||||||
Owens-Brockway Glass Container Inc., 5.88%, 08/15/23(b) |
1,390 | 1,385,816 | ||||||
|
|
|||||||
3,835,991 | ||||||||
Pharmaceuticals — 3.8% | ||||||||
AbbVie
Inc. |
590 | 583,545 | ||||||
3.75%, 11/14/23 (Call 10/14/23)(a) |
795 | 784,713 | ||||||
AmerisourceBergen Corp., 0.74%, 03/15/23 (Call 12/01/22) |
474 | 466,340 |
Security | Par (000) |
Value | ||||||
Pharmaceuticals (continued) |
||||||||
Cardinal Health Inc., 3.20%, 03/15/23(a) |
$ | 310 | $ | 307,669 | ||||
Cigna
Corp. |
380 | 374,820 | ||||||
3.75%, 07/15/23 (Call 06/15/23) |
750 | 743,250 | ||||||
CVS Health Corp., 4.00%, 12/05/23 (Call 09/05/23) |
360 | 356,519 | ||||||
Elanco Animal Health Inc., 5.77%, 08/28/23 (Call 07/28/23) |
600 | 597,474 | ||||||
McKesson Corp., 2.85%, 03/15/23 (Call 12/15/22) |
100 | 99,299 | ||||||
Mylan Inc., 4.20%, 11/29/23 (Call 08/29/23)(a) |
345 | 338,497 | ||||||
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23) |
682 | 667,085 | ||||||
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23) |
300 | 297,033 | ||||||
Zoetis Inc., 3.25%, 02/01/23(a) |
760 | 756,496 | ||||||
|
|
|||||||
6,372,740 | ||||||||
Pipelines — 8.4% |
||||||||
Boardwalk Pipelines LP, 3.38%, 02/01/23 (Call 11/01/22) |
110 | 110,000 | ||||||
Buckeye Partners LP, 4.15%, 07/01/23 (Call 04/01/23) |
1,635 | 1,615,592 | ||||||
DCP Midstream Operating LP, 3.88%, 03/15/23 (Call 12/15/22)(a) |
1,370 | 1,361,931 | ||||||
Enbridge
Inc. |
315 | 301,149 | ||||||
4.00%, 10/01/23 (Call 07/01/23) |
560 | 552,412 | ||||||
Energy
Transfer LP |
20 | 19,915 | ||||||
3.60%, 02/01/23 |
400 | 398,132 | ||||||
4.25%, 03/15/23 (Call 12/15/22) |
700 | 696,773 | ||||||
Series 5Y, 4.20%, 09/15/23 (Call 08/15/23)(a) |
400 | 395,328 | ||||||
Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23 (Call 08/01/23) |
420 | 414,750 | ||||||
Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 12/15/22) |
775 | 770,272 | ||||||
Kinder Morgan Energy Partners LP 3.45%, 02/15/23 |
290 | 288,533 | ||||||
3.50%, 09/01/23 (Call 06/01/23)(a) |
370 | 364,861 | ||||||
Kinder Morgan Inc., 3.15%, 01/15/23 (Call 12/15/22)(a) |
530 | 527,631 | ||||||
MPLX LP, 4.50%, 07/15/23 (Call 04/15/23)(a) |
705 | 700,925 | ||||||
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 11/01/23 (Call 12/01/22)(a) |
1,444 | 1,408,275 | ||||||
ONEOK Inc., 7.50%, 09/01/23 (Call 06/01/23) |
305 | 308,267 | ||||||
ONEOK Partners LP, 5.00%, 09/15/23 (Call 06/15/23)(a) |
260 | 258,843 | ||||||
PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 12/01/22)(a) |
1,700 | 1,699,711 | ||||||
Plains
All American Pipeline LP/PAA Finance Corp. |
170 | 168,880 | ||||||
3.85%, 10/15/23 (Call 07/15/23)(a) |
497 | 488,790 | ||||||
Sabine Pass Liquefaction LLC, 5.63%, 04/15/23 (Call 01/15/23) |
552 | 552,011 | ||||||
TransCanada PipeLines Ltd., 3.75%, 10/16/23 (Call 07/16/23) |
395 | 388,684 | ||||||
Williams Companies Inc. (The), 4.50%, 11/15/23 (Call 08/15/23) |
380 | 376,542 | ||||||
|
|
|||||||
14,168,207 | ||||||||
Real Estate — 1.7% |
||||||||
Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23) |
1,765 | 1,758,699 | ||||||
Realogy Group LLC/Realogy Co-Issuer Corp., 4.88%, 06/01/23(a)(b) |
1,115 | 1,115,959 | ||||||
|
|
|||||||
2,874,658 | ||||||||
Real Estate Investment Trusts — 3.3% |
||||||||
American
Tower Corp. |
400 | 394,284 | ||||||
3.50%, 01/31/23 |
600 | 597,978 |
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® iBonds® 2023 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security |
Par |
Value | ||||||
Real Estate Investment Trusts (continued) |
||||||||
Boston Properties LP, 3.13%, 09/01/23 (Call 06/01/23)(a) |
$ | 355 | $ | 347,787 | ||||
Brandywine Operating Partnership LP, 3.95%, 02/15/23(a) |
210 | 208,473 | ||||||
Crown Castle Inc., 3.15%, 07/15/23 (Call 06/15/23) |
475 | 467,666 | ||||||
Essex Portfolio LP, 3.25%, 05/01/23 (Call 02/01/23) |
205 | 203,046 | ||||||
GLP Capital LP/GLP Financing II Inc., 5.38%, 11/01/23 (Call 08/01/23) |
345 | 340,508 | ||||||
Omega Healthcare Investors Inc., 4.38%, 08/01/23 (Call 06/01/23) |
215 | 212,878 | ||||||
Piedmont Operating Partnership LP, 3.40%, 06/01/23 (Call 03/01/23)(a) |
200 | 197,148 | ||||||
Service Properties Trust, 4.50%, 06/15/23 (Call 12/15/22) |
1,610 | 1,586,671 | ||||||
Starwood Property Trust Inc., 5.50%, 11/01/23 (Call 08/01/23)(b) |
1,005 | 992,719 | ||||||
|
|
|||||||
5,549,158 | ||||||||
Retail — 2.9% | ||||||||
AutoZone
Inc. |
110 | 109,480 | ||||||
3.13%, 07/15/23 (Call 04/15/23)(a) |
360 | 354,794 | ||||||
Brinker International Inc., 3.88%, 05/15/23(a) |
915 | 904,798 | ||||||
Lowe’s Companies Inc., 3.88%, 09/15/23 (Call 06/15/23) |
305 | 301,758 | ||||||
McDonald’s Corp., 3.35%, 04/01/23 (Call 03/01/23)(a) |
350 | 347,970 | ||||||
O’Reilly Automotive Inc., 3.85%, 06/15/23 (Call 03/15/23) |
160 | 158,502 | ||||||
Starbucks
Corp. |
450 | 447,485 | ||||||
3.85%, 10/01/23 (Call 07/01/23)(a) |
515 | 509,031 | ||||||
Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 12/01/22) |
540 | 516,343 | ||||||
Yum! Brands Inc., 3.88%, 11/01/23 (Call 08/01/23)(a) |
1,225 | 1,207,617 | ||||||
|
|
|||||||
4,857,778 | ||||||||
Semiconductors — 1.2% | ||||||||
Marvell Technology Inc., 4.20%, 06/22/23 (Call 05/22/23)(a) |
250 | 247,970 | ||||||
Microchip
Technology Inc. |
675 | 657,943 | ||||||
4.33%, 06/01/23 (Call 05/01/23) |
705 | 700,495 | ||||||
Skyworks Solutions Inc., 0.90%, 06/01/23 (Call 11/16/22) |
350 | 339,815 | ||||||
|
|
|||||||
1,946,223 | ||||||||
Shipbuilding — 0.1% | ||||||||
Huntington Ingalls Industries Inc., 0.67%, 08/16/23 (Call 11/14/22) |
250 | 240,708 | ||||||
|
|
|||||||
Software — 3.0% |
||||||||
Fidelity National Information Services Inc., 0.38%, 03/01/23 |
450 | 443,246 | ||||||
Fiserv Inc., 3.80%, 10/01/23 (Call 09/01/23) |
665 | 655,324 | ||||||
Oracle
Corp. |
1,605 | 1,565,453 | ||||||
2.63%, 02/15/23 (Call 01/15/23) |
705 | 700,439 | ||||||
3.63%, 07/15/23(a) |
640 | 633,171 | ||||||
Roper Technologies Inc., 3.65%, 09/15/23 (Call 08/15/23) |
490 | 483,409 | ||||||
VMware Inc., 0.60%, 08/15/23 |
675 | 649,876 | ||||||
|
|
|||||||
5,130,918 |
Security | Par/ Shares (000) |
Value | ||||||
Telecommunications — 4.3% |
||||||||
British Telecommunications PLC, 4.50%, 12/04/23 (Call 11/04/23) |
$ | 475 | $ | 468,801 | ||||
DKT Finance ApS, 9.38%, 06/17/23 (Call 11/14/22)(b) |
1,345 | 1,300,655 | ||||||
Quebecor Media Inc., 5.75%, 01/15/23 |
1,705 | 1,704,932 | ||||||
Rogers Communications Inc. |
||||||||
3.00%, 03/15/23 (Call 12/15/22) |
270 | 267,800 | ||||||
4.10%, 10/01/23 (Call 07/01/23) |
575 | 567,720 | ||||||
Sprint Corp., 7.88%, 09/15/23 |
2,474 | 2,514,277 | ||||||
Vodafone Group PLC, 2.95%, 02/19/23(a) |
350 | 347,491 | ||||||
|
|
|||||||
7,171,676 | ||||||||
Toys, Games & Hobbies — 0.4% | ||||||||
Mattel Inc., 3.15%, 03/15/23 (Call 12/15/22)(a) |
697 | 691,731 | ||||||
|
|
|||||||
Transportation — 0.9% |
||||||||
Canadian Pacific Railway Co., 4.45%, 03/15/23 (Call 12/15/22)(a) |
240 | 239,537 | ||||||
Kansas City Southern, 3.00%, 05/15/23 (Call 02/15/23) |
240 | 237,084 | ||||||
Norfolk Southern Corp., 2.90%, 02/15/23 |
290 | 287,964 | ||||||
Ryder System Inc. |
||||||||
3.40%, 03/01/23 (Call 02/01/23)(a) |
290 | 288,086 | ||||||
3.75%, 06/09/23 (Call 05/09/23)(a) |
270 | 267,119 | ||||||
3.88%, 12/01/23 (Call 11/01/23) |
200 | 196,862 | ||||||
|
|
|||||||
1,516,652 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 94.4% |
159,107,494 | |||||||
|
|
|||||||
Short-Term Securities |
| |||||||
Money Market Funds — 20.0% |
| |||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)(e) |
23,061 | 23,056,271 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)(d) |
10,600 | 10,600,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 20.0% |
33,656,271 | |||||||
|
|
|||||||
Total
Investments — 114.4% |
192,763,765 | |||||||
Liabilities in Excess of Other Assets — (14.4)% |
|
(24,332,963 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 168,430,802 | ||||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
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. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
(e) |
All or a portion of this security was purchased with 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 |
27 |
Schedule of Investments (continued) October 31, 2022 |
iShares® iBonds® 2023 Term High Yield and Income 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 |
$ | 5,910,354 | $ | 17,153,209 | (a) | $ | — | $ | (5,771 | ) | $ | (1,521 | ) | $ | 23,056,271 | 23,061 | $ | 47,816 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
5,780,000 | 4,820,000 | (a) | — | — | — | 10,600,000 | 10,600 | 39,717 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (5,771 | ) | $ | (1,521 | ) | $ | 33,656,271 | $ | 87,533 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
$ | — | $ | 159,107,494 | $ | — | $ | 159,107,494 | ||||||||
Money Market Funds |
33,656,271 | — | — | 33,656,271 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 33,656,271 | $ | 159,107,494 | $ | — | $ | 192,763,765 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
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 October 31, 2022 |
iShares® iBonds® 2024 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Aerospace & Defense — 5.0% |
||||||||
Bombardier
Inc., 7.50%, 12/01/24 |
$ | 1,488 | $ | 1,484,250 | ||||
Howmet
Aerospace Inc., 5.13%, 10/01/24 |
3,118 | 3,078,963 | ||||||
Triumph
Group Inc. |
1,522 | 1,412,005 | ||||||
8.88%, 06/01/24 (Call 02/01/23)(a) |
1,510 | 1,525,930 | ||||||
|
|
|||||||
7,501,148 | ||||||||
Airlines — 2.2% | ||||||||
Delta
Air Lines Inc., 2.90%, 10/28/24 |
2,562 | 2,420,270 | ||||||
United Airlines Holdings Inc., 5.00%, 02/01/24(b) |
837 | 824,027 | ||||||
|
|
|||||||
3,244,297 | ||||||||
Apparel — 1.7% | ||||||||
Hanesbrands
Inc., 4.63%, 05/15/24 |
2,579 | 2,507,149 | ||||||
|
|
|||||||
Auto Manufacturers — 2.9% |
||||||||
Ford
Motor Credit Co. LLC |
754 | 715,116 | ||||||
3.81%, 01/09/24 (Call 11/09/23) |
730 | 705,866 | ||||||
4.06%, 11/01/24 (Call 10/01/24) |
1,450 | 1,388,317 | ||||||
5.58%, 03/18/24 (Call 02/18/24) |
1,545 | 1,526,244 | ||||||
|
|
|||||||
4,335,543 | ||||||||
Auto Parts & Equipment — 0.5% | ||||||||
Cooper-Standard Automotive Inc., 13.00%, 06/01/24(a)(b) |
670 | 687,822 | ||||||
|
|
|||||||
Banks — 3.6% |
||||||||
Freedom Mortgage Corp., 8.13%, 11/15/24(a) |
1,186 | 1,045,150 | ||||||
Intesa Sanpaolo SpA, 5.02%, 06/26/24(a) |
4,545 | 4,339,339 | ||||||
|
|
|||||||
5,384,489 | ||||||||
Chemicals — 2.5% | ||||||||
Cornerstone Chemical Co., 6.75%, 08/15/24(a)(b) |
1,281 | 962,428 | ||||||
Methanex
Corp., 4.25%, 12/01/24 |
864 | 836,110 | ||||||
Rayonier
AM Products Inc., 5.50%, 06/01/24 |
1,022 | 1,005,249 | ||||||
WR Grace Holdings LLC, 5.63%, 10/01/24(a)(b) |
869 | 851,603 | ||||||
|
|
|||||||
3,655,390 | ||||||||
Commercial Services — 2.3% | ||||||||
Grand Canyon University, 4.13%, 10/01/24(b) |
1,431 | 1,340,575 | ||||||
Prime Security Services Borrower LLC/Prime Finance Inc., 5.25%, 04/15/24(a)(b) |
2,162 | 2,146,412 | ||||||
|
|
|||||||
3,486,987 | ||||||||
Computers — 0.9% | ||||||||
Seagate
HDD Cayman, 4.88%, 03/01/24 |
1,432 | 1,403,489 | ||||||
|
|
|||||||
Distribution & Wholesale — 0.2% |
||||||||
Wesco Aircraft Holdings Inc., 8.50%, 11/15/24(a) |
455 | 236,605 | ||||||
|
|
|||||||
Diversified Financial Services — 9.3% | ||||||||
CNG Holdings Inc., 12.50%, 06/15/24(a)(b) |
885 | 743,400 | ||||||
Enova
International Inc., 8.50%, 09/01/24 |
733 | 688,214 | ||||||
Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24, (7.25% PIK)(a)(c) |
4,362 | 3,497,069 | ||||||
goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/22)(a) |
1,535 | 1,443,069 | ||||||
Navient
Corp. |
1,467 | 1,426,687 | ||||||
6.13%, 03/25/24(b) |
2,426 | 2,385,631 | ||||||
OneMain
Finance Corp., 6.13%, 03/15/24 |
3,725 | 3,640,107 | ||||||
|
|
|||||||
13,824,177 | ||||||||
Electric — 1.3% | ||||||||
NextEra Energy Operating Partners LP, 4.25%, 07/15/24 (Call 04/15/24)(a) |
1,990 | 1,930,400 | ||||||
|
|
Security | Par (000) |
Value | ||||||
Electronics — 0.8% |
||||||||
Sensata Technologies BV, 5.63%, 11/01/24(a)(b) |
$ | 1,128 | $ | 1,121,322 | ||||
|
|
|||||||
Engineering & Construction — 0.7% |
||||||||
Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24) |
1,083 | 1,027,594 | ||||||
|
|
|||||||
Entertainment — 4.8% |
||||||||
Live Nation Entertainment Inc., 4.88%, 11/01/24 (Call 12/01/22)(a)(b) |
1,632 | 1,585,243 | ||||||
Mohegan Gaming & Entertainment, 7.88%, 10/15/24 (Call 11/16/22)(a)(b) |
975 | 980,187 | ||||||
Six Flags Entertainment Corp., 4.88%, 07/31/24 (Call 12/01/22)(a)(b) |
2,695 | 2,608,841 | ||||||
Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)(a)(b) |
2,175 | 1,986,449 | ||||||
|
|
|||||||
7,160,720 | ||||||||
Environmental Control — 1.1% |
||||||||
Stericycle Inc., 5.38%, 07/15/24(a)(b) |
1,727 | 1,701,855 | ||||||
|
|
|||||||
Gas — 1.3% |
||||||||
AmeriGas Partners LP/AmeriGas Finance Corp., 5.63%, 05/20/24 (Call 03/20/24) |
1,969 | 1,926,844 | ||||||
|
|
|||||||
Health Care - Services — 2.6% |
||||||||
Tenet
Healthcare Corp. |
2,214 | 2,158,008 | ||||||
4.63%, 09/01/24(a) |
1,748 | 1,702,325 | ||||||
|
|
|||||||
3,860,333 | ||||||||
Holding Companies - Diversified — 3.3% |
||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.75%, 09/15/24 (Call 06/15/24) |
3,147 | 3,038,366 | ||||||
Stena AB, 7.00%, 02/01/24(a) |
1,105 | 1,041,915 | ||||||
Stena International SA, 5.75%, 03/01/24(a) |
965 | 903,877 | ||||||
|
|
|||||||
4,984,158 | ||||||||
Home Builders — 1.6% |
||||||||
Taylor
Morrison Communities Inc./Taylor Morrison Holdings II Inc., 5.63%,
03/01/24 |
1,032 | 1,019,152 | ||||||
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(b) |
1,337 | 1,318,081 | ||||||
|
|
|||||||
2,337,233 | ||||||||
Internet — 0.6% | ||||||||
Netflix Inc., 5.75%, 03/01/24 |
820 | 826,478 | ||||||
|
|
|||||||
Iron & Steel — 0.6% |
||||||||
Infrabuild Australia Pty Ltd., 12.00%, 10/01/24(a) |
937 | 874,783 | ||||||
|
|
|||||||
Leisure Time — 0.9% |
||||||||
NCL Corp. Ltd., 3.63%, 12/15/24(a) |
1,623 | 1,417,122 | ||||||
|
|
|||||||
Lodging — 6.3% |
||||||||
Arrow Bidco LLC, 9.50%, 03/15/24(a) |
960 | 964,906 | ||||||
Las
Vegas Sands Corp., 3.20%, 08/08/24 |
4,641 | 4,413,498 | ||||||
MGM China Holdings Ltd., 5.38%, 05/15/24(a) |
2,140 | 1,840,143 | ||||||
Travel
+ Leisure Co., 5.65%, 04/01/24 |
917 | 902,264 | ||||||
Wynn
Macau Ltd., 4.88%, 10/01/24 |
1,725 | 1,319,263 | ||||||
|
|
|||||||
9,440,074 | ||||||||
Machinery — 0.5% |
||||||||
Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/24 (Call 12/01/22)(a) |
818 | 787,538 | ||||||
|
|
|||||||
Manufacturing — 1.6% |
||||||||
FXI Holdings Inc., 7.88%, 11/01/24(a)(b) |
1,441 | 1,238,251 | ||||||
Trinity
Industries Inc., 4.55%, 10/01/24 |
1,201 | 1,140,950 | ||||||
|
|
|||||||
2,379,201 |
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® iBonds® 2024 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security |
Par |
Value | ||||||
Media — 7.3% |
||||||||
AMC Networks Inc., 5.00%, 04/01/24 |
$ | 1,198 | $ | 1,164,372 | ||||
Cengage
Learning Inc., 9.50%, 06/15/24 |
1,670 | 1,582,392 | ||||||
CSC Holdings LLC, 5.25%, 06/01/24(b) |
2,163 | 2,098,391 | ||||||
DISH DBS Corp., 5.88%, 11/15/24 |
4,663 | 4,300,685 | ||||||
Videotron
Ltd., 5.38%, 06/15/24 |
1,692 | 1,677,956 | ||||||
|
|
|||||||
10,823,796 | ||||||||
Mining — 1.8% | ||||||||
Compass Minerals International Inc., 4.88%, 07/15/24 (Call 05/15/24)(a) |
740 | 701,646 | ||||||
FMG Resources August 2006 Pty Ltd., 5.13%, 05/15/24 (Call 02/15/24)(a)(b) |
2,098 | 2,056,984 | ||||||
|
|
|||||||
2,758,630 | ||||||||
Office & Business Equipment — 0.6% | ||||||||
Xerox Corp., 3.80%, 05/15/24 |
882 | 839,761 | ||||||
|
|
|||||||
Oil & Gas — 4.7% |
||||||||
Citgo Holding Inc., 9.25%, 08/01/24(a)(b) |
10 | 10,014 | ||||||
Ensign Drilling Inc., 9.25%, 04/15/24(a) |
1,186 | 1,074,077 | ||||||
Occidental
Petroleum Corp. |
1,830 | 1,763,955 | ||||||
6.95%, 07/01/24 |
1,668 | 1,709,333 | ||||||
Puma International Financing SA, 5.13%, 10/06/24 (Call 11/11/22)(a) |
1,620 | 1,512,805 | ||||||
Transocean Guardian Ltd., 5.88%, 01/15/24(a) |
961 | 935,084 | ||||||
|
|
|||||||
7,005,268 | ||||||||
Oil & Gas Services — 2.0% | ||||||||
Oceaneering International Inc., 4.65%, 11/15/24(b) |
1,146 | 1,096,802 | ||||||
Transocean Phoenix 2 Ltd., 7.75%, 10/15/24(a) |
490 | 486,731 | ||||||
Transocean
Proteus Ltd., 6.25%, 12/01/24 |
787 | 769,112 | ||||||
Weatherford International Ltd., 11.00%, 12/01/24 (Call 12/01/22)(a)(b) |
670 | 688,177 | ||||||
|
|
|||||||
3,040,822 | ||||||||
Packaging & Containers — 4.8% | ||||||||
Graphic Packaging International LLC, 4.13%, 08/15/24 (Call 05/15/24) |
857 | 831,796 | ||||||
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/24 (Call 12/01/22)(a)(b) |
4,250 | 4,164,617 | ||||||
Sealed
Air Corp., 5.13%, 12/01/24 |
1,208 | 1,194,603 | ||||||
Trident TPI Holdings Inc., 9.25%, 08/01/24(a) |
999 | 934,015 | ||||||
|
|
|||||||
7,125,031 | ||||||||
Pharmaceuticals — 1.3% | ||||||||
Perrigo Finance Unlimited Co., 3.90%, 12/15/24 (Call 09/15/24) |
1,980 | 1,884,980 | ||||||
|
|
|||||||
Pipelines — 2.5% |
||||||||
Buckeye
Partners LP, 4.35%, 10/15/24 |
920 | 879,851 | ||||||
EQM Midstream Partners LP, 4.00%, 08/01/24 (Call 05/01/24) |
911 | 862,371 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp., 5.63%, 06/15/24 (Call 12/01/22) |
1,032 | 1,008,832 |
Security | Par/ Shares (000) |
Value | ||||||
Pipelines (continued) |
||||||||
Southeast Supply Header LLC, 4.25%, 06/15/24 (Call 03/15/24)(a)(b) |
$ | 1,075 | $ | 968,102 | ||||
|
|
|||||||
3,719,156 | ||||||||
Real Estate Investment Trusts — 3.9% | ||||||||
Diversified Healthcare Trust, 4.75%, 05/01/24 (Call 11/01/23) |
736 | 637,141 | ||||||
iStar Inc., 4.75%, 10/01/24 (Call 07/01/24)(b) |
2,137 | 2,119,455 | ||||||
Service
Properties Trust |
2,365 | 2,171,945 | ||||||
4.65%, 03/15/24 (Call 09/15/23) |
986 | 938,711 | ||||||
|
|
|||||||
5,867,252 | ||||||||
Retail — 2.9% | ||||||||
Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)(a)(b) |
1,059 | 1,023,746 | ||||||
Nordstrom
Inc., 2.30%, 04/08/24 |
781 | 732,922 | ||||||
QVC Inc., 4.85%, 04/01/24(b) |
1,761 | 1,692,004 | ||||||
TPro Acquisition Corp., 11.00%, 10/15/24(a) |
879 | 861,613 | ||||||
|
|
|||||||
4,310,285 | ||||||||
Telecommunications — 5.5% | ||||||||
Sprint Corp., 7.13%, 06/15/24 |
4,206 | 4,271,740 | ||||||
Telecom Italia SpA/Milano, 5.30%, 05/30/24(a) |
4,221 | 3,975,042 | ||||||
|
|
|||||||
8,246,782 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 96.4% |
143,664,514 | |||||||
|
|
|||||||
Short-Term Securities |
| |||||||
Money Market Funds — 15.6% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(d)(e)(f) |
20,370 | 20,365,980 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(d)(e) |
2,860 | 2,860,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 15.6% |
|
23,225,980 | ||||||
|
|
|||||||
Total
Investments — 112.0% |
|
166,890,494 | ||||||
Liabilities in Excess of Other Assets — (12.0)% |
|
(17,853,566 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 149,036,928 | |||||
|
|
(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) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
(f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
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® iBonds® 2024 Term High Yield and Income 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 |
$ | 4,145,592 | $ | 16,226,773 | (a) | $ | — | $ | (5,235 | ) | $ | (1,150 | ) | $ | 20,365,980 | 20,370 | $ | 83,053 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
610,000 | 2,250,000 | (a) | — | — | — | 2,860,000 | 2,860 | 12,441 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (5,235 | ) | $ | (1,150 | ) | $ | 23,225,980 | $ | 95,494 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
$ | — | $ | 143,664,514 | $ | — | $ | 143,664,514 | ||||||||
Money Market Funds |
23,225,980 | — | — | 23,225,980 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 23,225,980 | $ | 143,664,514 | $ | — | $ | 166,890,494 | |||||||||
|
|
|
|
|
|
|
|
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 |
31 |
Schedule of Investments October 31, 2022 |
iShares® iBonds® 2025 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Advertising — 0.5% | ||||||||
Clear
Channel International BV, |
$ | 185 | $ | 176,316 | ||||
Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/25(a) |
281 | 278,142 | ||||||
|
|
|||||||
454,458 | ||||||||
Aerospace & Defense — 4.5% | ||||||||
Bombardier Inc., 7.50%, 03/15/25(a) |
816 | 802,299 | ||||||
Hexcel Corp., 4.95%, 08/15/25 (Call 05/15/25) |
220 | 213,514 | ||||||
Howmet
Aerospace Inc., 6.88%, 05/01/25 |
377 | 385,426 | ||||||
Rolls-Royce
PLC, 3.63%, 10/14/25 |
620 | 547,249 | ||||||
Spirit
AeroSystems Inc. |
310 | 300,384 | ||||||
7.50%, 04/15/25(a) |
722 | 703,156 | ||||||
TransDigm Inc., 8.00%, 12/15/25(a) |
643 | 654,278 | ||||||
Triumph Group Inc., 7.75%, 08/15/25(b) |
308 | 233,634 | ||||||
|
|
|||||||
3,839,940 | ||||||||
Airlines — 3.0% | ||||||||
American Airlines Group Inc., 3.75%, 03/01/25(a)(b) |
324 | 285,434 | ||||||
American Airlines Inc., 11.75%, 07/15/25(a) |
1,485 | 1,625,303 | ||||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)(a) |
346 | 351,259 | ||||||
U.S. Airways Pass Through Trust, Series 2013-1, Class A, 3.95%, 05/15/27 |
150 | 133,302 | ||||||
United Airlines Holdings Inc., 4.88%, 01/15/25(b) |
216 | 206,362 | ||||||
|
|
|||||||
2,601,660 | ||||||||
Auto Manufacturers — 3.8% | ||||||||
Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a) |
705 | 680,113 | ||||||
Ford
Motor Credit Co. LLC |
425 | 384,740 | ||||||
3.38%, 11/13/25 (Call 10/13/25) |
745 | 676,982 | ||||||
4.13%, 08/04/25 |
445 | 413,628 | ||||||
4.69%, 06/09/25 (Call 04/09/25) |
205 | 194,233 | ||||||
5.13%, 06/16/25 (Call 05/16/25) |
565 | 545,253 | ||||||
Jaguar Land Rover Automotive PLC, 7.75%, 10/15/25(a) |
370 | 341,458 | ||||||
|
|
|||||||
3,236,407 | ||||||||
Auto Parts & Equipment — 1.8% | ||||||||
Clarios Global LP, 6.75%, 05/15/25(a) |
272 | 272,334 | ||||||
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25(a) |
281 | 274,576 | ||||||
Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/25 |
420 | 438,014 | ||||||
ZF North America Capital Inc., 4.75%, 04/29/25(a)(b) |
560 | 525,594 | ||||||
|
|
|||||||
1,510,518 | ||||||||
Banks — 1.2% | ||||||||
Deutsche Bank AG, 4.50%, 04/01/25(b) |
755 | 701,750 | ||||||
Freedom Mortgage Corp., 8.25%, 04/15/25(a) |
335 | 288,388 | ||||||
|
|
|||||||
990,138 | ||||||||
Building Materials — 0.8% | ||||||||
Jeld-Wen Inc. |
252 | 209,578 | ||||||
6.25%, 05/15/25(a) |
168 | 158,207 | ||||||
Koppers Inc., 6.00%, 02/15/25(a) |
319 | 289,260 | ||||||
|
|
|||||||
657,045 | ||||||||
Chemicals — 1.0% | ||||||||
Avient Corp., 5.75%, 05/15/25(a) |
349 | 342,128 | ||||||
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25(a) |
342 | 293,385 | ||||||
Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%, 09/01/25(a)(b) |
310 | 239,788 |
Security |
Par (000) |
Value | ||||||
Chemicals (continued) | ||||||||
Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25(a) |
$ | 0 | $ | — | ||||
|
|
|||||||
875,301 | ||||||||
Coal — 0.3% | ||||||||
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25(a) |
250 | 245,145 | ||||||
|
|
|||||||
Commercial Services — 2.4% | ||||||||
Aptim Corp., 7.75%, 06/15/25(a) |
315 | 216,408 | ||||||
Brink’s Co. (The), 5.50%, 07/15/25(a) |
281 | 273,683 | ||||||
Picasso Finance Sub Inc., 6.13%, 06/15/25(a) |
312 | 311,332 | ||||||
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25(a) |
341 | 336,103 | ||||||
Sabre
GLBL Inc. |
494 | 464,375 | ||||||
9.25%, 04/15/25 (Call 03/16/25)(a) |
483 | 470,901 | ||||||
|
|
|||||||
2,072,802 | ||||||||
Computers — 0.9% | ||||||||
Diebold Nixdorf Inc., 9.38%, 07/15/25(a)(b) |
375 | 279,717 | ||||||
Seagate HDD Cayman, 4.75%, 01/01/25 |
329 | 317,748 | ||||||
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25(a)(b) |
162 | 159,842 | ||||||
|
|
|||||||
757,307 | ||||||||
Distribution & Wholesale — 0.6% | ||||||||
G-III Apparel Group Ltd., 7.88%, 08/15/25(a) |
259 | 245,423 | ||||||
KAR Auction Services Inc., 5.13%, 06/01/25(a) |
252 | 243,208 | ||||||
|
|
|||||||
488,631 | ||||||||
Diversified Financial Services — 4.7% | ||||||||
Ally Financial Inc., 5.75%, 11/20/25(b) |
629 | 607,061 | ||||||
Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)(a) |
434 | 427,703 | ||||||
Enova International Inc., 8.50%, 09/15/25(a) |
238 | 216,078 | ||||||
Finance of America Funding LLC, 7.88%, 11/15/25(a) |
190 | 115,037 | ||||||
Navient Corp., 6.75%, 06/25/25 |
314 | 300,055 | ||||||
OneMain Finance Corp., 6.88%, 03/15/25(b) |
740 | 717,741 | ||||||
PennyMac Financial Services Inc., 5.38%, 10/15/25(a) |
397 | 359,368 | ||||||
PRA Group Inc., 7.38%, 09/01/25 (Call 12/01/22)(a) |
185 | 177,644 | ||||||
Provident Funding Associates LP/PFG Finance Corp., 6.38%, 06/15/25(a) |
200 | 176,780 | ||||||
SLM Corp., 4.20%, 10/29/25 (Call 09/29/25) |
284 | 264,222 | ||||||
StoneX Group Inc., 8.63%, 06/15/25(a) |
207 | 204,402 | ||||||
United Wholesale Mortgage LLC, 5.50%, 11/15/25(a) |
506 | 457,379 | ||||||
|
|
|||||||
4,023,470 | ||||||||
Electric — 0.8% | ||||||||
DPL Inc., 4.13%, 07/01/25 (Call 04/01/25) |
268 | 253,595 | ||||||
Drax Finco PLC, 6.63%, 11/01/25(a) |
240 | 223,265 | ||||||
FirstEnergy Corp., 2.05%, 03/01/25 (Call 02/01/25) |
170 | 155,975 | ||||||
NSG Holdings LLC/NSG Holdings Inc., 7.75%, 12/15/25(a) |
8 | 8,249 | ||||||
|
|
|||||||
641,084 | ||||||||
Electrical Components & Equipment — 1.0% | ||||||||
WESCO Distribution Inc., 7.13%, 06/15/25(a) |
878 | 886,789 | ||||||
|
|
|||||||
Electronics — 0.7% |
||||||||
Likewize Corp., 9.75%, 10/15/25(a) |
263 | 238,512 | ||||||
Sensata Technologies BV, 5.00%, 10/01/25(a) |
406 | 395,018 | ||||||
|
|
|||||||
633,530 | ||||||||
Engineering & Construction — 1.4% | ||||||||
Artera
Services LLC, 9.03%, 12/04/25 |
565 | 472,911 | ||||||
Brand Industrial Services Inc., 8.50%, 07/15/25(a)(b) |
612 | 440,664 | ||||||
Tutor Perini Corp., 6.88%, 05/01/25(a)(b) |
305 | 244,561 | ||||||
|
|
|||||||
1,158,136 |
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® iBonds® 2025 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Entertainment — 6.1% |
||||||||
Banijay Entertainment SASU, 5.38%, 03/01/25(a)(b) |
$ | 195 | $ | 180,827 | ||||
Caesars Entertainment Inc., 6.25%, 07/01/25(a) |
2,024 | 1,975,971 | ||||||
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25(a)(b) |
640 | 625,741 | ||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25(a) |
624 | 619,757 | ||||||
Cinemark USA Inc., 8.75%, 05/01/25(a)(b) |
156 | 157,129 | ||||||
International Game Technology PLC, 6.50%, 02/15/25 (Call 08/15/24)(a)(b) |
310 | 310,090 | ||||||
Scientific Games International Inc., 8.63%, 07/01/25(a) |
355 | 365,874 | ||||||
Six Flags Theme Parks Inc., 7.00%, 07/01/25(a)(b) |
235 | 237,416 | ||||||
Vail Resorts Inc., 6.25%, 05/15/25 (Call 12/01/22)(a) |
399 | 397,013 | ||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25(a) |
388 | 378,187 | ||||||
|
|
|||||||
5,248,005 | ||||||||
Environmental Control — 0.8% | ||||||||
GFL
Environmental Inc. |
445 | 420,520 | ||||||
4.25%, 06/01/25(a) |
265 | 253,931 | ||||||
|
|
|||||||
674,451 | ||||||||
Food — 1.8% | ||||||||
B&G Foods Inc., 5.25%, 04/01/25 |
550 | 499,626 | ||||||
Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 12/01/22)(a)(b) |
340 | 323,003 | ||||||
Performance Food Group Inc., 6.88%, 05/01/25(a)(b) |
168 | 167,464 | ||||||
U.S. Foods Inc., 6.25%, 04/15/25(a)(b) |
585 | 585,105 | ||||||
|
|
|||||||
1,575,198 | ||||||||
Food Service — 1.5% | ||||||||
Aramark
Services Inc. |
368 | 357,501 | ||||||
6.38%, 05/01/25(a)(b) |
922 | 912,780 | ||||||
|
|
|||||||
1,270,281 | ||||||||
Forest Products & Paper — 0.2% | ||||||||
Clearwater Paper Corp., 5.38%, 02/01/25(a)(b) |
163 | 158,301 | ||||||
|
|
|||||||
Gas — 0.5% |
||||||||
AmeriGas Partners LP/AmeriGas Finance Corp., 5.50%, 05/20/25 (Call 02/20/25) |
438 | 418,943 | ||||||
|
|
|||||||
Hand & Machine Tools — 0.2% |
||||||||
Werner FinCo LP/Werner FinCo Inc., 8.75%, 07/15/25(a)(b) |
170 | 145,734 | ||||||
|
|
|||||||
Health Care - Services — 3.2% |
||||||||
Akumin Inc., 7.00%, 11/01/25 (Call 12/01/22)(a) |
295 | 239,269 | ||||||
Encompass Health Corp., 5.75%, 09/15/25(b) |
217 | 215,878 | ||||||
Global Medical Response Inc., 6.50%, 10/01/25(a) |
380 | 293,907 | ||||||
Legacy LifePoint Health LLC, 6.75%, 04/15/25(a) |
375 | 332,089 | ||||||
ModivCare Inc., 5.88%, 11/15/25(a) |
309 | 295,206 | ||||||
Prime Healthcare Services Inc., 7.25%, 11/01/25(a) |
535 | 466,611 | ||||||
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)(a) |
488 | 367,156 | ||||||
Surgery Center Holdings Inc., 6.75%, 07/01/25 (Call 12/01/22)(a)(b) |
236 | 222,491 | ||||||
Team Health Holdings Inc., 6.38%, 02/01/25 (Call 11/16/22)(a)(b) |
380 | 288,219 | ||||||
|
|
|||||||
2,720,826 | ||||||||
Holding Companies - Diversified — 0.6% | ||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25 |
406 | 394,141 | ||||||
Stena International SA, 6.13%, 02/01/25(a) |
170 | 159,584 | ||||||
|
|
|||||||
553,725 |
Security |
Par (000) |
Value | ||||||
Home Builders — 0.7% |
||||||||
Empire Communities Corp., 7.00%, 12/15/25 (Call 12/15/22)(a) |
$ | 297 | $ | 257,434 | ||||
Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25) |
246 | 240,345 | ||||||
New Home Co. Inc. (The), 7.25%, 10/15/25(a)(b) |
180 | 140,990 | ||||||
|
|
|||||||
638,769 | ||||||||
Household Products & Wares — 0.3% | ||||||||
Spectrum Brands Inc., 5.75%, 07/15/25(b) |
300 | 295,923 | ||||||
|
|
|||||||
Housewares — 0.9% |
||||||||
American Greetings Corp., 8.75%, 04/15/25(a) |
50 | 47,845 | ||||||
CD&R Smokey Buyer Inc., 6.75%, 07/15/25(a)(b) |
436 | 414,178 | ||||||
Newell Brands Inc., 4.88%, 06/01/25 (Call 05/01/25) |
320 | 308,739 | ||||||
|
|
|||||||
770,762 | ||||||||
Insurance — 1.7% | ||||||||
Acrisure LLC/Acrisure Finance Inc., 7.00%, 11/15/25(a) |
548 | 519,515 | ||||||
AssuredPartners
Inc., 7.00%, 08/15/25 |
313 | 301,898 | ||||||
NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)(a) |
250 | 250,682 | ||||||
USI Inc./NY, 6.88%, 05/01/25 (Call 12/01/22)(a) |
389 | 379,427 | ||||||
|
|
|||||||
1,451,522 | ||||||||
Internet — 2.7% | ||||||||
Netflix
Inc. |
265 | 252,209 | ||||||
5.88%, 02/15/25 |
475 | 477,793 | ||||||
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 11/14/22)(a) |
623 | 605,712 | ||||||
TripAdvisor Inc., 7.00%, 07/15/25(a) |
333 | 330,206 | ||||||
Uber Technologies Inc., 7.50%, 05/15/25(a) |
604 | 604,066 | ||||||
|
|
|||||||
2,269,986 | ||||||||
Leisure Time — 1.9% | ||||||||
Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 12/01/22)(a) |
267 | 238,041 | ||||||
Royal Caribbean Cruises Ltd., 11.50%, 06/01/25(a)(b) |
759 | 817,147 | ||||||
Viking
Cruises Ltd. |
154 | 134,287 | ||||||
13.00%, 05/15/25(a) |
385 | 413,771 | ||||||
|
|
|||||||
1,603,246 | ||||||||
Lodging — 5.4% | ||||||||
Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25(a) |
340 | 334,805 | ||||||
Las Vegas Sands Corp., 2.90%, 06/25/25 (Call 05/25/25) |
310 | 280,321 | ||||||
Marriott Ownership Resorts Inc., 6.13%, 09/15/25(a)(b) |
191 | 188,947 | ||||||
Melco Resorts Finance Ltd., 4.88%, 06/06/25(b)(c) |
500 | 350,515 | ||||||
MGM China Holdings Ltd., 5.25%, 06/18/25 (Call 11/11/22)(a) |
310 | 246,475 | ||||||
MGM
Resorts International |
405 | 392,878 | ||||||
6.75%, 05/01/25 |
442 | 436,170 | ||||||
Sands China Ltd., 5.63%, 08/08/25 (Call 06/08/25) |
1,100 | 972,994 | ||||||
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 12/01/22)(a) |
190 | 177,958 | ||||||
Travel + Leisure Co., 6.60%, 10/01/25 (Call 07/01/25) |
218 | 213,245 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25 (Call 12/01/24)(a) |
1,121 | 1,061,968 | ||||||
|
|
|||||||
4,656,276 | ||||||||
Machinery — 0.3% | ||||||||
Husky
III Holding Ltd. , 13.00%, 02/15/25, |
286 | 269,269 | ||||||
|
|
|||||||
Manufacturing — 0.3% |
||||||||
Hillenbrand Inc., 5.75%, 06/15/25 |
221 | 220,125 | ||||||
|
|
|||||||
Media — 1.5% |
||||||||
AMC Networks Inc., 4.75%, 08/01/25(b) |
508 | 466,192 |
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® iBonds® 2025 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Media (continued) | ||||||||
Univision Communications Inc., 5.13%, 02/15/25(a) |
$ | 848 | $ | 819,109 | ||||
|
|
|||||||
1,285,301 | ||||||||
Mining — 0.8% | ||||||||
Arconic Corp., 6.00%, 05/15/25(a)(b) |
427 | 422,529 | ||||||
Perenti Finance Pty Ltd., 6.50%, 10/07/25(a) |
275 | 252,849 | ||||||
|
|
|||||||
675,378 | ||||||||
Office & Business Equipment — 0.5% | ||||||||
Xerox
Holdings Corp., 5.00%, 08/15/25 |
460 | 415,969 | ||||||
|
|
|||||||
Oil & Gas — 6.8% |
||||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25(a) |
347 | 361,161 | ||||||
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25(a) |
675 | 652,705 | ||||||
CVR Energy Inc., 5.25%, 02/15/25(a) |
402 | 387,745 | ||||||
Laredo Petroleum Inc., 9.50%, 01/15/25(b) |
337 | 337,448 | ||||||
Murphy Oil Corp., 5.75%, 08/15/25 |
269 | 266,315 | ||||||
Nabors
Industries Inc., 5.75%, 02/01/25 |
337 | 324,339 | ||||||
Neptune Energy Bondco PLC, 6.63%, 05/15/25(a) |
410 | 400,611 | ||||||
Occidental
Petroleum Corp. |
379 | 380,307 | ||||||
5.88%, 09/01/25 (Call 06/01/25) |
465 | 469,176 | ||||||
8.00%, 07/15/25 (Call 04/15/25) |
265 | 281,213 | ||||||
Par Petroleum LLC/Par Petroleum Finance Corp., 7.75%, 12/15/25(a) |
179 | 171,272 | ||||||
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 06/15/25 |
438 | 433,340 | ||||||
Range
Resources Corp., 4.88%, 05/15/25 |
454 | 438,378 | ||||||
SM Energy Co., 5.63%, 06/01/25 |
251 | 244,386 | ||||||
Southwestern
Energy Co., 5.70%, 01/23/25 |
269 | 265,089 | ||||||
Transocean Pontus Ltd., 6.13%, 08/01/25(a) |
211 | 202,045 | ||||||
Vermilion Energy Inc., 5.63%, 03/15/25(a)(b) |
191 | 185,299 | ||||||
|
|
|||||||
5,800,829 | ||||||||
Oil & Gas Services — 0.7% | ||||||||
CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25(a)(b) |
225 | 203,076 | ||||||
KCA
Deutag UK Finance PLC, 9.88%, 12/01/25 |
310 | 288,300 | ||||||
KLX Energy Services Holdings Inc., 11.50%, 11/01/25(a) |
155 | 127,413 | ||||||
|
|
|||||||
618,789 | ||||||||
Packaging & Containers — 3.1% | ||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 5.25%, 04/30/25(a) |
335 | 316,602 | ||||||
Ball Corp., 5.25%, 07/01/25(b) |
559 | 551,454 | ||||||
Matthews
International Corp., 5.25%, 12/01/25 |
181 | 166,230 | ||||||
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/25 (Call 12/01/22)(a)(b) |
801 | 720,892 | ||||||
Owens-Brockway
Glass Container Inc. |
186 | 174,410 | ||||||
6.38%, 08/15/25(a) |
180 | 170,478 | ||||||
Pactiv LLC, 7.95%, 12/15/25 |
171 | 158,514 | ||||||
Sealed Air Corp., 5.50%, 09/15/25 (Call 06/15/25)(a)(b) |
272 | 267,188 | ||||||
Trident TPI Holdings Inc., 6.63%, 11/01/25(a)(b) |
169 | 145,340 | ||||||
|
|
|||||||
2,671,108 | ||||||||
Pharmaceuticals — 2.0% | ||||||||
Bausch
Health Cos. Inc. |
1,050 | 842,835 | ||||||
11.00%, 09/30/28 |
235 | 183,483 | ||||||
14.00%, 10/15/30 |
40 | 22,908 | ||||||
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/22)(a) |
377 | 352,397 |
Security | Par (000) |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 10.00%, 04/15/25(a) |
$ | 182 | $ | 123,025 | ||||
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25(a) |
287 | 222,003 | ||||||
|
|
|||||||
1,746,651 | ||||||||
Pipelines — 5.9% | ||||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25 (Call 12/15/22)(a) |
359 | 355,331 | ||||||
Buckeye
Partners LP, 4.13%, 03/01/25 |
341 | 321,147 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.75%, 04/01/25 |
342 | 333,573 | ||||||
EnLink
Midstream Partners LP, 4.15%, 06/01/25 |
283 | 266,320 | ||||||
EQM
Midstream Partners LP, 6.00%, 07/01/25 |
257 | 249,105 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25 |
330 | 316,998 | ||||||
Martin Midstream Partners LP/Martin Midstream Finance Corp., 11.50%, 02/28/25 (Call 12/01/22)(a) |
191 | 184,472 | ||||||
New Fortress Energy Inc., 6.75%, 09/15/25(a) |
770 | 756,101 | ||||||
NGL Energy Partners LP/NGL Energy Finance Corp., 6.13%, 03/01/25(b) |
238 | 185,659 | ||||||
NuStar Logistics LP, 5.75%, 10/01/25 (Call 07/01/25) |
386 | 374,343 | ||||||
Rattler Midstream LP, 5.63%, 07/15/25(a) |
251 | 258,061 | ||||||
Rockies
Express Pipeline LLC, 3.60%, 05/15/25 |
241 | 223,585 | ||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 5.75%, 04/15/25 |
169 | 141,978 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 7.50%, 10/01/25(a) |
368 | 372,740 | ||||||
Western
Midstream Operating LP |
454 | 431,541 | ||||||
3.95%, 06/01/25 (Call 03/01/25) |
244 | 231,839 | ||||||
|
|
|||||||
5,002,793 | ||||||||
Real Estate — 0.8% | ||||||||
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25(a)(b) |
393 | 327,911 | ||||||
Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 12/01/22)(a) |
333 | 322,714 | ||||||
WeWork Companies Inc., 7.88%, 05/01/25(a) |
0 | — | ||||||
|
|
|||||||
650,625 | ||||||||
Real Estate Investment Trusts — 5.1% | ||||||||
Diversified Healthcare Trust, 9.75%, 06/15/25 |
314 | 296,611 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/25(a)(b) |
248 | 236,431 | ||||||
iStar Inc., 4.25%, 08/01/25 (Call 05/01/25)(b) |
317 | 307,014 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25 (Call 11/16/22)(a) |
216 | 199,210 | ||||||
New Residential Investment Corp., 6.25%, 10/15/25(a) |
344 | 301,805 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/25(a) |
396 | 397,041 | ||||||
Service
Properties Trust |
217 | 191,733 | ||||||
7.50%, 09/15/25 (Call 06/15/25) |
490 | 477,642 | ||||||
Starwood Property Trust Inc., 4.75%, 03/15/25 (Call 09/15/24)(b) |
311 | 293,404 | ||||||
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25(a) |
1,394 | 1,381,245 | ||||||
XHR LP, 6.38%, 08/15/25(a) |
309 | 303,994 | ||||||
|
|
|||||||
4,386,130 | ||||||||
Retail — 4.5% | ||||||||
1011778 BC ULC/New Red Finance Inc., 5.75%, 04/15/25(a) |
309 | 308,963 |
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® iBonds® 2025 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Retail (continued) |
||||||||
Abercrombie & Fitch Management Co., 8.75%, 07/15/25(a)(b) |
$ | 228 | $ | 216,014 | ||||
Bath & Body Works Inc., 9.38%, 07/01/25(a)(b) |
202 | 210,466 | ||||||
Carvana Co., 5.63%, 10/01/25(a)(b) |
267 | 174,885 | ||||||
Dave & Buster’s Inc., 7.63%, 11/01/25(a) |
284 | 284,000 | ||||||
eG
Global Finance PLC |
460 | 417,054 | ||||||
8.50%, 10/30/25(a) |
390 | 358,937 | ||||||
IRB
Holding Corp., 7.00%, 06/15/25 |
439 | 439,176 | ||||||
Penske Automotive Group Inc., 3.50%, 09/01/25(b) |
373 | 348,020 | ||||||
QVC Inc., 4.45%, 02/15/25 (Call 11/15/24) |
380 | 332,234 | ||||||
Rite Aid Corp., 7.50%, 07/01/25(a) |
298 | 209,968 | ||||||
Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/22) |
367 | 347,710 | ||||||
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25(a)(b) |
221 | 194,374 | ||||||
|
|
|||||||
3,841,801 | ||||||||
Semiconductors — 0.3% | ||||||||
ams-OSRAM AG, 7.00%, 07/31/25(a)(b) |
270 | 242,031 | ||||||
|
|
|||||||
Software — 1.8% |
||||||||
Boxer Parent Co. Inc., 7.13%, 10/02/25(a) |
375 | 369,135 | ||||||
PTC Inc., 3.63%, 02/15/25(a) |
324 | 309,083 | ||||||
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25(a) |
1,067 | 897,187 | ||||||
|
|
|||||||
1,575,405 | ||||||||
Telecommunications — 3.2% | ||||||||
CommScope
Technologies LLC, |
757 | 712,556 | ||||||
Intrado Corp., 8.50%, 10/15/25 (Call 12/01/22)(a)(b) |
345 | 301,658 | ||||||
Lumen
Technologies Inc., 5.63%, 04/01/25 |
120 | 115,376 | ||||||
Qwest Corp., 7.25%, 09/15/25 |
253 | 255,634 | ||||||
Sprint Corp., 7.63%, 02/15/25 (Call 11/15/24) |
885 | 913,807 | ||||||
ViaSat Inc., 5.63%, 09/15/25 (Call 11/14/22)(a) |
446 | 411,069 | ||||||
|
|
|||||||
2,710,100 | ||||||||
Transportation — 0.5% | ||||||||
Western Global Airlines LLC, 10.38%, 08/15/25(a)(b) |
187 | 157,390 | ||||||
XPO Logistics Inc., 6.25%, 05/01/25(a)(b) |
278 | 281,089 | ||||||
|
|
|||||||
438,479 |
Security |
Par/ Shares (000) |
Value | ||||||
Trucking & Leasing — 0.4% |
||||||||
Fortress
Transportation and Infrastructure Investors LLC, |
$ | 383 | $ | 368,408 | ||||
|
|
|||||||
Total
Long-Term Investments — 96.4% |
82,443,500 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 16.5% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(e)(f)(g) |
11,995 | 11,992,444 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(e)(f) |
2,080 | 2,080,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 16.5% |
14,072,444 | |||||||
|
|
|||||||
Total
Investments — 112.9% |
96,515,944 | |||||||
Liabilities in Excess of Other Assets — (12.9)% |
(11,046,529 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 85,469,415 | ||||||
|
|
(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) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(d) |
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. |
(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 |
$ | 3,718,076 | $ | 8,279,056 | (a) | $ | — | $ | (3,735 | ) | $ | (953 | ) | $ | 11,992,444 | 11,995 | $ | 41,001 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
1,120,000 | 960,000 | (a) | — | — | — | 2,080,000 | 2,080 | 10,208 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (3,735 | ) | $ | (953 | ) | $14,072,444 | $51,209 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
35 |
Schedule of Investments (continued) October 31, 2022 |
iShares® iBonds® 2025 Term High Yield and Income 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 |
$ | — | $ | 82,443,500 | $ | — | $ | 82,443,500 | ||||||||
Money Market Funds |
14,072,444 | — | — | 14,072,444 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 14,072,444 | $ | 82,443,500 | $ | — | $ | 96,515,944 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
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 October 31, 2022 |
iShares® iBonds® 2026 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Advertising — 0.2% | ||||||||
Summer
BC Bidco B LLC, 5.50%, 10/31/26 |
$ | 80 | $ | 64,042 | ||||
|
|
|||||||
Aerospace & Defense — 4.0% |
||||||||
Bombardier Inc., 7.13%, 06/15/26 (Call 06/15/23)(a) |
263 | 249,968 | ||||||
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26(a)(b) |
110 | 87,067 | ||||||
Spirit
AeroSystems Inc., 3.85%, 06/15/26 |
69 | 61,703 | ||||||
TransDigm
Inc. |
781 | 770,144 | ||||||
6.38%, 06/15/26 |
186 | 179,174 | ||||||
TransDigm UK Holdings PLC, 6.88%, 05/15/26 |
90 | 87,927 | ||||||
|
|
|||||||
1,435,983 | ||||||||
Agriculture — 0.5% | ||||||||
Turning
Point Brands Inc., 5.63%, 02/15/26 |
60 | 52,349 | ||||||
Vector Group Ltd., 10.50%, 11/01/26(a) |
124 | 122,374 | ||||||
|
|
|||||||
174,723 | ||||||||
Airlines — 5.4% | ||||||||
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a) |
265 | 234,382 | ||||||
Air Canada Pass Through Trust, Series 2020-1, Class C, 10.50%, 07/15/26(a) |
55 | 56,211 | ||||||
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26(a) |
768 | 731,935 | ||||||
American Airlines Pass Through Trust, Series 2014-1, Class A, 3.70%, 04/01/28 |
89 | 74,339 | ||||||
Delta
Air Lines Inc., 7.38%, 01/15/26 |
180 | 184,044 | ||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a) |
263 | 242,641 | ||||||
United
Airlines Inc., 4.38%, 04/15/26 |
425 | 388,854 | ||||||
|
|
|||||||
1,912,406 | ||||||||
Apparel — 0.8% | ||||||||
Hanesbrands
Inc., 4.88%, 05/15/26 |
202 | 185,401 | ||||||
Under
Armour Inc., 3.25%, 06/15/26 |
128 | 110,024 | ||||||
|
|
|||||||
295,425 | ||||||||
Auto Manufacturers — 2.9% | ||||||||
Ford Motor Co., 4.35%, 12/08/26 (Call 09/08/26)(b) |
332 | 309,042 | ||||||
Ford
Motor Credit Co. LLC |
315 | 272,837 | ||||||
4.39%, 01/08/26 |
220 | 203,693 | ||||||
4.54%, 08/01/26 (Call 06/01/26) |
135 | 124,577 | ||||||
JB Poindexter & Co. Inc., 7.13%, 04/15/26(a) |
117 | 111,520 | ||||||
|
|
|||||||
1,021,669 | ||||||||
Auto Parts & Equipment — 2.0% | ||||||||
Adient Global Holdings Ltd., 4.88%, 08/15/26(a)(b) |
155 | 138,480 | ||||||
Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26(a)(b) |
189 | 184,339 | ||||||
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/26(b) |
189 | 181,516 | ||||||
IHO Verwaltungs GmbH, 4.75%, 09/15/26, (5.50% PIK)(a)(c) |
105 | 89,464 | ||||||
Tenneco Inc., 5.00%, 07/15/26(b) |
104 | 103,596 | ||||||
|
|
|||||||
697,395 | ||||||||
Banks — 1.0% | ||||||||
Freedom
Mortgage Corp., 7.63%, 05/01/26 |
131 | 103,431 | ||||||
Intesa Sanpaolo SpA, 5.71%, 01/15/26(a) |
260 | 236,504 | ||||||
|
|
|||||||
339,935 | ||||||||
Chemicals — 1.5% | ||||||||
Consolidated Energy Finance SA, 6.50%, 05/15/26(a) |
50 | 45,559 | ||||||
GPD Companies Inc., 10.13%, 04/01/26(a)(b) |
106 | 95,128 | ||||||
INEOS Quattro Finance 2 PLC., 3.38%, 01/15/26 (Call 01/15/23)(a) |
105 | 88,568 | ||||||
Mativ Holdings Inc., 6.88%, 10/01/26(a) |
81 | 74,273 |
Security |
Par (000) |
Value | ||||||
Chemicals (continued) | ||||||||
Polar U.S. Borrower LLC/Schenectady International Group Inc., 6.75%, 05/15/26 (Call 05/15/23)(a) |
$ | 57 | $ | 28,438 | ||||
Rayonier
AM Products Inc., 7.63%, 01/15/26 |
98 | 85,167 | ||||||
SCIL
USA Holdings LLC, Class-H, 5.38%,
11/01/26 |
165 | 131,746 | ||||||
|
|
|||||||
548,879 | ||||||||
Coal — 0.2% | ||||||||
Coronado
Finance Pty Ltd., 10.75%, 05/15/26 |
59 | 61,705 | ||||||
|
|
|||||||
Commercial Services — 6.0% |
||||||||
Albion Financing 1 SARL/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(a) |
110 | 94,032 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26 (Call 12/01/22)(a) |
412 | 394,387 | ||||||
Alta Equipment Group Inc., 5.63%, 04/15/26(a) |
67 | 57,839 | ||||||
Block Inc., 2.75%, 06/01/26 (Call 05/01/26)(b) |
206 | 184,352 | ||||||
Cimpress PLC, 7.00%, 06/15/26(a) |
100 | 59,777 | ||||||
CoreCivic Inc., 8.25%, 04/15/26 (Call 04/15/24)(b) |
142 | 144,461 | ||||||
CPI CG Inc., 8.63%, 03/15/26 (Call 03/15/23)(a) |
68 | 64,001 | ||||||
Graham Holdings Co., 5.75%, 06/01/26(a) |
103 | 100,455 | ||||||
Hertz Corp. (The), 4.63%, 12/01/26 (Call 12/01/23)(a) |
103 | 87,764 | ||||||
Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26 (Call 02/01/23)(a) |
85 | 74,269 | ||||||
MoneyGram
International Inc., 5.38%, 08/01/26 |
91 | 90,812 | ||||||
Prime Security Services Borrower LLC/Prime Finance Inc., 5.75%, 04/15/26(a) |
299 | 292,305 | ||||||
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26(a)(b) |
99 | 91,271 | ||||||
Verscend
Escrow Corp., 9.75%, 08/15/26 |
243 | 243,680 | ||||||
WASH
Multifamily Acquisition Inc., 5.75%, 04/15/26 |
181 | 168,998 | ||||||
|
|
|||||||
2,148,403 | ||||||||
Computers — 0.8% | ||||||||
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)(a) |
269 | 264,712 | ||||||
|
|
|||||||
Cosmetics & Personal Care — 0.8% |
||||||||
Coty
Inc. |
193 | 181,823 | ||||||
6.50%, 04/15/26(a)(b) |
109 | 103,827 | ||||||
|
|
|||||||
285,650 | ||||||||
Distribution & Wholesale — 0.1% | ||||||||
Wesco Aircraft Holdings Inc., 9.00%, 11/15/26(a) |
75 | 47,599 | ||||||
|
|
|||||||
Diversified Financial Services — 3.4% |
||||||||
Avation Capital SA, 8.25%, 05/15/21 (Call 12/01/22)(a) |
75 | 59,982 | ||||||
Brightsphere Investment Group Inc., 4.80%, 07/27/26 |
60 | 53,600 | ||||||
Credit Acceptance Corp., 6.63%, 03/15/26 |
92 | 87,072 | ||||||
goeasy Ltd., 4.38%, 05/01/26(a) |
60 | 52,015 | ||||||
Home
Point Capital Inc., 5.00%, 02/01/26 |
0 | — | ||||||
Jefferson
Capital Holdings LLC, 6.00%, 08/15/26 |
69 | 57,525 | ||||||
LFS Topco LLC, 5.88%, 10/15/26 (Call 10/15/23)(a) |
63 | 49,825 | ||||||
Navient Corp., 6.75%, 06/15/26 |
104 | 98,127 | ||||||
OneMain Finance Corp., 7.13%, 03/15/26 |
345 | 332,138 | ||||||
PHH Mortgage Corp., 7.88%, 03/15/26 (Call 03/15/23)(a) |
83 | 68,857 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%, 10/15/26 (Call 10/15/23)(a) |
252 | 211,168 | ||||||
SLM Corp., 3.13%, 11/02/26 (Call 10/02/26) |
104 | 91,205 | ||||||
World
Acceptance Corp., 7.00%, 11/01/26 |
67 | 41,970 | ||||||
|
|
|||||||
1,203,484 |
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® iBonds® 2026 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Electric — 1.4% | ||||||||
Calpine Corp., 5.25%, 06/01/26(a)(b) |
$ | 84 | $ | 80,142 | ||||
FirstEnergy
Corp., Series A, 1.60%, 01/15/26 |
60 | 52,237 | ||||||
NextEra Energy Operating Partners LP, 3.88%, 10/15/26 (Call 07/15/26)(a) |
101 | 93,614 | ||||||
Terraform Global Operating LP, 6.13%, 03/01/26(a) |
86 | 79,149 | ||||||
Vistra Operations Co. LLC, 5.50%, 09/01/26(a)(b) |
214 | 205,277 | ||||||
|
|
|||||||
510,419 | ||||||||
Energy - Alternate Sources — 0.7% | ||||||||
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26(a)(b) |
160 | 153,477 | ||||||
Sunnova
Energy Corp., 5.88%, 09/01/26 |
92 | 81,133 | ||||||
|
|
|||||||
234,610 | ||||||||
Engineering & Construction — 0.4% | ||||||||
Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 02/01/23)(a) |
86 | 78,372 | ||||||
INNOVATE Corp., 8.50%, 02/01/26 (Call 02/01/23)(a) |
73 | 54,013 | ||||||
|
|
|||||||
132,385 | ||||||||
Entertainment — 2.3% | ||||||||
CCM Merger Inc., 6.38%, 05/01/26(a) |
66 | 60,577 | ||||||
Cinemark USA Inc., 5.88%, 03/15/26 (Call 03/15/23)(a) |
85 | 71,675 | ||||||
Empire Resorts Inc., 7.75%, 11/01/26 (Call 11/01/23)(a) |
55 | 45,209 | ||||||
Golden Entertainment Inc., 7.63%, 04/15/26(a)(b) |
81 | 80,116 | ||||||
International Game Technology PLC, 4.13%, 04/15/26 (Call 04/15/23)(a) |
140 | 129,885 | ||||||
Live Nation Entertainment Inc., 5.63%, 03/15/26(a)(b) |
82 | 78,588 | ||||||
Merlin
Entertainments Ltd., 5.75%, 06/15/26 |
65 | 60,451 | ||||||
Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 02/01/23)(a) |
250 | 210,748 | ||||||
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26(a)(b) |
82 | 72,641 | ||||||
|
|
|||||||
809,890 | ||||||||
Environmental Control — 0.6% | ||||||||
GFL Environmental Inc., 5.13%, 12/15/26 (Call 12/15/22)(a)(b) |
124 | 118,261 | ||||||
Waste Pro USA Inc., 5.50%, 02/15/26(a) |
105 | 97,119 | ||||||
|
|
|||||||
215,380 | ||||||||
Food — 1.1% | ||||||||
Albertsons
Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |
159 | 143,146 | ||||||
7.50%, 03/15/26(a) |
128 | 131,203 | ||||||
FAGE International SA/FAGE USA Dairy Industry Inc., 5.63%, 08/15/26(a)(b) |
60 | 53,187 | ||||||
H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, 06/01/26(a) |
0 | — | ||||||
Sigma Holdco BV, 7.88%, 05/15/26(a) |
90 | 55,256 | ||||||
|
|
|||||||
382,792 | ||||||||
Forest Products & Paper — 0.3% | ||||||||
Mercer International Inc., 5.50%, 01/15/26 |
68 | 63,996 | ||||||
Resolute
Forest Products Inc., 4.88%, 03/01/26 |
57 | 56,325 | ||||||
|
|
|||||||
120,321 | ||||||||
Gas — 0.4% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp., 5.88%, 08/20/26 (Call 05/20/26) |
152 | 142,831 | ||||||
|
|
|||||||
Health Care - Services — 4.8% |
||||||||
CHS/Community Health Systems Inc., 8.00%, 03/15/26(a)(b) |
455 | 392,306 | ||||||
Hadrian Merger Sub Inc., 8.50%, 05/01/26(a) |
66 | 60,012 | ||||||
IQVIA Inc., 5.00%, 10/15/26(a)(b) |
220 | 210,313 | ||||||
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/22)(a) |
308 | 246,000 |
Security | Par (000) |
Value | ||||||
Health Care - Services (continued) | ||||||||
Select Medical Corp., 6.25%, 08/15/26(a)(b) |
$ | 258 | $ | 246,150 | ||||
Tenet Healthcare Corp., 4.88%, 01/01/26(a) |
447 | 422,513 | ||||||
U.S. Acute Care Solutions LLC, 6.38%, 03/01/26 (Call 03/01/23)(a) |
160 | 144,872 | ||||||
|
|
|||||||
1,722,166 | ||||||||
Holding Companies - Diversified — 0.7% | ||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 05/15/26 |
267 | 256,419 | ||||||
|
|
|||||||
Home Builders — 0.5% |
||||||||
Forestar
Group Inc., 3.85%, 05/15/26 |
92 | 79,054 | ||||||
K
Hovnanian Enterprises Inc. |
51 | 49,040 | ||||||
10.50%, 02/15/26(a)(b) |
61 | 58,978 | ||||||
|
|
|||||||
187,072 | ||||||||
Housewares — 1.3% | ||||||||
Newell
Brands Inc., 4.45%, 04/01/26 |
440 | 409,222 | ||||||
Scotts Miracle-Gro Co. (The), 5.25%, 12/15/26(b) |
59 | 54,875 | ||||||
|
|
|||||||
464,097 | ||||||||
Insurance — 1.2% | ||||||||
Acrisure LLC/Acrisure Finance Inc., 10.13%, 08/01/26(a)(b) |
84 | 83,852 | ||||||
Hub
International Ltd., 7.00%, 05/01/26 |
357 | 352,338 | ||||||
|
|
|||||||
436,190 | ||||||||
Internet — 2.4% | ||||||||
Cogent Communications Group Inc., 3.50%, 05/01/26 (Call 02/01/26)(a) |
109 | 98,695 | ||||||
Millennium Escrow Corp., 6.63%, 08/01/26 (Call 08/01/23)(a)(b) |
171 | 123,146 | ||||||
Netflix Inc., 4.38%, 11/15/26 |
200 | 190,764 | ||||||
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26(a) |
170 | 112,144 | ||||||
Uber Technologies Inc., 8.00%, 11/01/26(a) |
330 | 331,079 | ||||||
|
|
|||||||
855,828 | ||||||||
Iron & Steel — 0.9% | ||||||||
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26(a)(b) |
127 | 116,083 | ||||||
Cleveland-Cliffs Inc., 6.75%, 03/15/26(a) |
191 | 189,638 | ||||||
|
|
|||||||
305,721 | ||||||||
Leisure Time — 3.4% | ||||||||
Carnival
Corp. |
312 | 234,861 | ||||||
10.50%, 02/01/26 (Call 08/01/23)(a)(b) |
162 | 158,746 | ||||||
Life
Time Inc. |
197 | 183,214 | ||||||
8.00%, 04/15/26 (Call 02/01/23)(a)(b) |
106 | 93,088 | ||||||
NCL
Corp. Ltd., 5.88%, 03/15/26 |
308 | 252,221 | ||||||
Royal
Caribbean Cruises Ltd. |
139 | 110,707 | ||||||
5.50%, 08/31/26 (Call 02/28/26)(a) |
217 | 177,215 | ||||||
|
|
|||||||
1,210,052 | ||||||||
Lodging — 2.8% | ||||||||
Genting
New York LLC, 3.30%, 02/15/26 |
105 | 92,214 | ||||||
Las
Vegas Sands Corp., 3.50%, 08/18/26 |
226 | 196,934 | ||||||
Melco Resorts Finance Ltd., 5.25%, 04/26/26(d) |
95 | 59,899 | ||||||
MGM China Holdings Ltd., 5.88%, 05/15/26(a) |
160 | 122,568 | ||||||
MGM Resorts International, 4.63%, 09/01/26 (Call 06/01/26)(b) |
94 | 85,312 | ||||||
Sands
China Ltd., 4.30%, 01/08/26 |
200 | 162,290 | ||||||
Travel
+ Leisure Co., 6.63%, 07/31/26 |
138 | 134,655 | ||||||
Wynn Macau Ltd., 5.50%, 01/15/26(a) |
210 | 145,820 | ||||||
|
|
|||||||
999,692 |
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® iBonds® 2026 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Machinery — 1.1% | ||||||||
Manitowoc Co. Inc. (The), 9.00%, 04/01/26(a) |
$ | 64 | $ | 58,278 | ||||
Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)(a)(b) |
103 | 103,249 | ||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26(a) |
142 | 118,469 | ||||||
Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)(a) |
145 | 124,235 | ||||||
|
|
|||||||
404,231 | ||||||||
Manufacturing — 1.1% | ||||||||
EnPro Industries Inc., 5.75%, 10/15/26 |
82 | 79,311 | ||||||
FXI Holdings Inc., 12.25%, 11/15/26(a) |
165 | 143,166 | ||||||
Gates Global LLC/Gates Corp., 6.25%, 01/15/26(a)(b) |
130 | 124,943 | ||||||
Hillenbrand
Inc., 5.00%, 09/15/26 |
63 | 59,534 | ||||||
|
|
|||||||
406,954 | ||||||||
Media — 6.0% | ||||||||
Beasley Mezzanine Holdings LLC, 8.63%, 02/01/26 (Call 02/01/23)(a)(b) |
66 | 48,085 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/26(a) |
162 | 155,748 | ||||||
Cumulus Media New Holdings Inc., 6.75%, 07/01/26(a)(b) |
83 | 72,053 | ||||||
DISH
DBS Corp. |
593 | 514,884 | ||||||
7.75%, 07/01/26 |
429 | 362,411 | ||||||
Gannett Holdings LLC, 6.00%, 11/01/26 (Call 11/01/23)(a)(b) |
81 | 60,635 | ||||||
Gray Television Inc., 5.88%, 07/15/26(a) |
146 | 137,820 | ||||||
iHeartCommunications Inc., 6.38%, 05/01/26 |
170 | 161,607 | ||||||
Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26 (Call 09/15/23)(a) |
198 | 169,062 | ||||||
Sirius XM Radio Inc., 3.13%, 09/01/26 (Call 09/01/23)(a) |
213 | 190,356 | ||||||
Spanish Broadcasting System Inc., 9.75%, 03/01/26 (Call 09/01/23)(a) |
68 | 41,885 | ||||||
TEGNA
Inc., 4.75%, 03/15/26 |
125 | 123,379 | ||||||
Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/23)(a) |
111 | 104,784 | ||||||
|
|
|||||||
2,142,709 | ||||||||
Mining — 1.3% | ||||||||
Constellium SE, 5.88%, 02/15/26(a) |
45 | 41,863 | ||||||
Hudbay Minerals Inc., 4.50%, 04/01/26 (Call 04/01/23)(d) |
135 | 118,630 | ||||||
JW Aluminum Continuous Cast Co., 10.25%, 06/01/26(a) |
74 | 75,312 | ||||||
Novelis
Corp., 3.25%, 11/15/26 |
163 | 143,523 | ||||||
Taseko
Mines Ltd., 7.00%, 02/15/26 |
89 | 73,605 | ||||||
|
|
|||||||
452,933 | ||||||||
Oil & Gas — 9.2% | ||||||||
Aethon
United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 |
169 | 172,446 | ||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26(a) |
137 | 134,972 | ||||||
Berry Petroleum Co. LLC, 7.00%, 02/15/26(a) |
84 | 76,418 | ||||||
California Resources Corp., 7.13%, 02/01/26 (Call 02/01/23)(a)(b) |
126 | 124,325 | ||||||
Callon Petroleum Co., 6.38%, 07/01/26 |
74 | 71,235 | ||||||
Chesapeake Energy Corp., 5.50%, 02/01/26 (Call 02/05/23)(a) |
119 | 115,187 | ||||||
Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)(a) |
94 | 86,654 | ||||||
Colgate Energy Partners III LLC, 7.75%, 02/15/26 (Call 02/15/24)(a) |
64 | 63,784 | ||||||
Energy
Ventures Gom LLC/EnVen Finance Corp., 11.75%, 04/15/26 |
0 | — | ||||||
Gulfport Energy Corp., 8.00%, 05/17/26 (Call 05/17/24) |
100 | 99,704 | ||||||
Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)(a) |
90 | 81,116 | ||||||
Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)(a) |
155 | 143,741 | ||||||
Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)(a) |
130 | 128,537 |
Security |
Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26(a)(b) |
$ | 97 | $ | 94,724 | ||||
Matador Resources Co., 5.88%, 09/15/26(b) |
192 | 188,640 | ||||||
Moss Creek Resources Holdings Inc., 7.50%, 01/15/26(a) |
153 | 140,732 | ||||||
Nabors Industries Ltd., 7.25%, 01/15/26(a) |
125 | 120,540 | ||||||
Oasis Petroleum Inc., 6.38%, 06/01/26 (Call 06/01/23)(a) |
88 | 86,116 | ||||||
Occidental
Petroleum Corp. |
60 | 56,793 | ||||||
5.55%, 03/15/26 (Call 12/15/25)(b) |
223 | 226,176 | ||||||
PDC Energy Inc., 5.75%, 05/15/26 |
161 | 154,512 | ||||||
Penn Virginia Holdings LLC., 9.25%, 08/15/26 (Call 08/15/23)(a) |
91 | 89,802 | ||||||
Permian Resources Operating LLC, 5.38%, 01/15/26(a) |
66 | 61,007 | ||||||
Petrofac
Ltd., 9.75%, 11/15/26 |
131 | 96,939 | ||||||
Precision Drilling Corp., 7.13%, 01/15/26(a) |
69 | 67,982 | ||||||
Puma International Financing SA, 5.00%, 01/24/26(a) |
200 | 178,726 | ||||||
SM Energy Co., 6.75%, 09/15/26 |
93 | 92,170 | ||||||
Strathcona Resources Ltd., 6.88%, 08/01/26 (Call 08/01/23)(a) |
111 | 93,959 | ||||||
Talos Production Inc., 12.00%, 01/15/26 (Call 01/15/23) |
138 | 146,360 | ||||||
Tap Rock Resources LLC, 7.00%, 10/01/26 (Call 10/01/23)(a)(b) |
104 | 97,558 | ||||||
|
|
|||||||
3,290,855 | ||||||||
Oil & Gas Services — 0.6% | ||||||||
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26 |
162 | 155,505 | ||||||
Welltec International ApS, 8.25%, 10/15/26 (Call 10/15/23)(a)(b) |
45 | 43,635 | ||||||
|
|
|||||||
199,140 | ||||||||
Packaging & Containers — 3.0% | ||||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 4.13%, 08/15/26(a) |
255 | 219,364 | ||||||
Ball
Corp., 4.88%, 03/15/26 |
161 | 154,480 | ||||||
Berry Global Inc., 4.50%, 02/15/26(a)(b) |
73 | 68,307 | ||||||
Crown
Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 |
82 | 76,044 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26(b) |
181 | 173,454 | ||||||
Crown Cork & Seal Co. Inc., 7.38%, 12/15/26 |
85 | 86,618 | ||||||
LABL Inc., 6.75%, 07/15/26(a) |
156 | 148,763 | ||||||
Trivium Packaging Finance BV, 5.50%, 08/15/26(a)(b) |
165 | 151,704 | ||||||
|
|
|||||||
1,078,734 | ||||||||
Pharmaceuticals — 0.6% | ||||||||
Perrigo Finance Unlimited Co., 4.38%, 03/15/26 (Call 12/15/25) |
140 | 131,224 | ||||||
PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 07/15/23)(a)(b) |
105 | 95,471 | ||||||
|
|
|||||||
226,695 | ||||||||
Pipelines — 5.7% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.88%, 05/15/26 (Call 05/15/23)(a) |
119 | 121,319 | ||||||
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/26(a) |
64 | 61,053 | ||||||
Buckeye Partners LP, 3.95%, 12/01/26 (Call 09/01/26) |
133 | 116,606 | ||||||
EnLink Midstream Partners LP, 4.85%, 07/15/26 (Call 04/15/26)(b) |
113 | 106,329 | ||||||
EQM Midstream Partners LP, 4.13%, 12/01/26 (Call 09/01/26) |
115 | 101,906 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp., 6.25%, 05/15/26 |
79 | 73,984 | ||||||
Hess
Midstream Operations LP, |
175 | 171,579 | ||||||
New Fortress Energy Inc., 6.50%, 09/30/26 (Call 03/31/23)(a) |
323 | 313,378 | ||||||
NGL
Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 |
443 | 401,075 | ||||||
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 04/15/26(b) |
70 | 51,110 | ||||||
Northriver Midstream Finance LP, 5.63%, 02/15/26(a) |
113 | 106,988 | ||||||
NuStar Logistics LP, 6.00%, 06/01/26 (Call 03/01/26) |
106 | 102,724 |
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® iBonds® 2026 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security |
(000) |
Value | ||||||
Pipelines (continued) | ||||||||
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26 (Call 10/15/23)(a) |
$ | 155 | $ | 148,839 | ||||
TransMontaigne Partners LP/TLP Finance Corp., 6.13%, 02/15/26 |
69 | 59,062 | ||||||
Western Midstream Operating LP, 4.65%, 07/01/26 (Call 04/01/26) |
101 | 95,482 | ||||||
|
|
|||||||
2,031,434 | ||||||||
Real Estate Investment Trusts — 2.4% | ||||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26(a)(b) |
207 | 192,543 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26 (Call 03/15/26)(a)(b) |
219 | 178,577 | ||||||
iStar Inc., 5.50%, 02/15/26(b) |
67 | 66,889 | ||||||
MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 08/01/26(b) |
114 | 102,936 | ||||||
RLJ
Lodging Trust LP, 3.75%, 07/01/26 |
94 | 86,003 | ||||||
Service Properties Trust |
||||||||
4.75%, 10/01/26 (Call 08/01/26) |
96 | 78,303 | ||||||
5.25%, 02/15/26 (Call 08/15/25) |
80 | 69,191 | ||||||
Starwood Property Trust Inc., 3.63%, 07/15/26 (Call 01/15/26)(a) |
93 | 81,113 | ||||||
|
|
|||||||
855,555 | ||||||||
Retail — 4.2% | ||||||||
Beacon Roofing Supply Inc., 4.50%, 11/15/26(a) |
71 | 65,299 | ||||||
CEC
Entertainment LLC, 6.75%, 05/01/26 |
134 | 125,827 | ||||||
Ferrellgas LP/Ferrellgas Finance Corp., 5.38%, 04/01/26 (Call 04/01/23)(a)(b) |
139 | 126,148 | ||||||
Guitar
Center Inc., 8.50%, 01/15/26 |
122 | 106,615 | ||||||
LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26 (Call 02/15/23)(a)(b) |
176 | 160,146 | ||||||
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)(a) |
242 | 230,159 | ||||||
Rite Aid Corp., 8.00%, 11/15/26 (Call 01/15/23)(a)(b) |
184 | 119,517 | ||||||
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26(a) |
159 | 128,785 | ||||||
Staples Inc., 7.50%, 04/15/26(a) |
431 | 374,849 | ||||||
White Cap Parent LLC, 8.25%, 03/15/26, (9.00% PIK)(a)(c) |
68 | 58,560 | ||||||
|
|
|||||||
1,495,905 | ||||||||
Software — 1.8% | ||||||||
ACI Worldwide Inc., 5.75%, 08/15/26(a) |
89 | 85,280 | ||||||
Boxer Parent Co. Inc., 9.13%, 03/01/26(a) |
76 | 72,710 | ||||||
Camelot Finance SA, 4.50%, 11/01/26(a) |
157 | 146,605 | ||||||
Consensus Cloud Solutions Inc., 6.00%, 10/15/26 (Call 10/15/23)(a) |
71 | 63,899 | ||||||
CWT
Travel Group Inc., 8.50%, 11/19/26 |
135 | 116,070 | ||||||
Fair
Isaac Corp., 5.25%, 05/15/26 |
96 | 94,707 | ||||||
Skillz Inc., 10.25%, 12/15/26 (Call 12/15/23)(a) |
66 | 44,740 | ||||||
|
|
|||||||
624,011 |
Security | Par/ Shares (000) |
Value | ||||||
Telecommunications — 4.6% | ||||||||
CommScope Inc., 6.00%, 03/01/26(a) |
$ | 331 | $ | 320,090 | ||||
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26(a) |
315 | 295,980 | ||||||
Hughes Satellite Systems Corp. |
||||||||
5.25%, 08/01/26 |
169 | 161,299 | ||||||
6.63%, 08/01/26 |
153 | 144,140 | ||||||
Iliad Holding SASU, 6.50%, 10/15/26 (Call 10/15/23)(a) |
250 | 231,725 | ||||||
Lumen Technologies Inc., 5.13%, 12/15/26 (Call 12/15/22)(a)(b) |
159 | 136,138 | ||||||
Sprint Corp., 7.63%, 03/01/26 (Call 11/01/25) |
335 | 349,043 | ||||||
|
|
|||||||
1,638,415 | ||||||||
Toys, Games & Hobbies — 0.3% | ||||||||
Mattel Inc., 3.38%, 04/01/26 (Call 04/01/23)(a) |
131 | 119,980 | ||||||
|
|
|||||||
Water — 0.2% | ||||||||
Solaris Midstream Holdings LLC, 7.63%, 04/01/26 (Call 04/01/23)(a) |
86 | 82,280 | ||||||
|
|
|||||||
Total
Long-Term Investments — 96.9% |
34,537,706 | |||||||
|
|
|||||||
Short-Term Securities | ||||||||
Money Market Funds — 19.7% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(e)(f)(g) |
6,535 | 6,533,406 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(e)(f) |
490 | 490,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 19.7% |
|
7,023,406 | ||||||
|
|
|||||||
Total
Investments — 116.6% |
|
41,561,112 | ||||||
Liabilities in Excess of Other Assets — (16.6)% |
|
(5,927,103 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 35,634,009 | |||||
|
|
(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) |
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. |
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® iBonds® 2026 Term High Yield and Income 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 |
$ | 1,830,858 | $ | 4,704,989 | (a) | $ | — | $ | (2,063 | ) | $ | (378 | ) | $ | 6,533,406 | 6,535 | $ | 14,549 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
520,000 | — | (30,000 | )(a) | — | — | 490,000 | 490 | 2,486 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (2,063 | ) | $ | (378 | ) | $ | 7,023,406 | $ | 17,035 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
$ | — | $ | 34,537,706 | $ | — | $ | 34,537,706 | ||||||||
Money Market Funds |
7,023,406 | — | — | 7,023,406 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 7,023,406 | $ | 34,537,706 | $ | — | $ | 41,561,112 | |||||||||
|
|
|
|
|
|
|
|
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 |
41 |
Schedule of Investments October 31, 2022 |
iShares® iBonds® 2027 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Advertising — 1.5% | ||||||||
Clear Channel Outdoor Holdings Inc., 5.13%, 08/15/27(a)(b) |
$ | 105 | $ | 94,489 | ||||
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27(a)(b) |
55 | 49,545 | ||||||
Terrier
Media Buyer Inc., 8.88%, 12/15/27 |
86 | 72,824 | ||||||
|
|
|||||||
216,858 | ||||||||
Aerospace & Defense — 4.0% | ||||||||
Bombardier Inc., 7.88%, 04/15/27(a) |
160 | 152,026 | ||||||
Hexcel Corp., 4.20%, 02/15/27 (Call 11/15/26) |
30 | 27,281 | ||||||
Howmet Aerospace Inc., 5.90%, 02/01/27 |
55 | 54,556 | ||||||
Moog Inc., 4.25%, 12/15/27 (Call 12/15/22)(a) |
40 | 35,793 | ||||||
Rolls-Royce PLC, 5.75%, 10/15/27 (Call 07/15/27)(a) |
85 | 76,959 | ||||||
TransDigm
Inc. |
222 | 201,618 | ||||||
7.50%, 03/15/27 |
45 | 44,376 | ||||||
|
|
|||||||
592,609 | ||||||||
Agriculture — 0.3% | ||||||||
Darling Ingredients Inc., 5.25%, 04/15/27(a) |
44 | 42,346 | ||||||
|
|
|||||||
Airlines — 0.6% | ||||||||
Allegiant
Travel Co., 7.25%, 08/15/27 |
45 | 42,407 | ||||||
American
Airlines Pass Through Trust, |
53 | 43,072 | ||||||
|
|
|||||||
85,479 | ||||||||
Apparel — 0.3% | ||||||||
William Carter Co. (The), 5.63%, 03/15/27(a) |
40 | 38,456 | ||||||
|
|
|||||||
Auto Manufacturers — 2.6% | ||||||||
Allison Transmission Inc., 4.75%, 10/01/27(a) |
35 | 32,282 | ||||||
Ford
Motor Credit Co. LLC |
63 | 54,656 | ||||||
4.13%, 08/17/27 (Call 06/17/27) |
105 | 93,207 | ||||||
4.27%, 01/09/27 (Call 11/09/26) |
78 | 70,494 | ||||||
4.95%, 05/28/27 (Call 04/28/27) |
125 | 114,518 | ||||||
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 (Call 07/01/27)(a)(b) |
40 | 28,316 | ||||||
|
|
|||||||
393,473 | ||||||||
Auto Parts & Equipment — 2.1% | ||||||||
American Axle & Manufacturing Inc., 6.50%, 04/01/27(b) |
41 | 37,843 | ||||||
Clarios Global LP/Clarios US Finance Co., 8.50%, 05/15/27 (Call 12/01/22)(a)(b) |
165 | 162,259 | ||||||
Dana Inc., 5.38%, 11/15/27 (Call 11/15/22) |
35 | 31,689 | ||||||
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/27 (Call 12/15/26)(b) |
60 | 54,604 | ||||||
IHO Verwaltungs GmbH, 6.00%, 05/15/27, (6.75% PIK)(a)(c) |
36 | 30,932 | ||||||
|
|
|||||||
317,327 | ||||||||
Banks — 0.3% | ||||||||
Freedom
Mortgage Corp., 6.63%, 01/15/27 |
50 | 37,283 | ||||||
|
|
|||||||
Building Materials — 1.0% | ||||||||
Eco
Material Technologies Inc., 7.88%, 01/31/27 |
45 | 42,102 | ||||||
Jeld-Wen Inc., 4.88%, 12/15/27 (Call 12/15/22)(a)(b) |
35 | 26,092 | ||||||
Standard Industries Inc./NJ, 5.00%, 02/15/27(a) |
70 | 63,979 | ||||||
Summit Materials LLC/Summit Materials Finance Corp., 6.50%, 03/15/27(a)(b) |
25 | 24,032 | ||||||
|
|
|||||||
156,205 | ||||||||
Chemicals — 2.2% | ||||||||
Cerdia
Finanz GmbH, 10.50%, 02/15/27 |
50 | 40,547 |
Security | Par (000) |
Value | ||||||
Chemicals (continued) | ||||||||
Axalta
Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%,
06/15/27 |
$ | 40 | $ | 36,618 | ||||
Cheever
Escrow Issuer LLC, 7.13%, 10/01/27 |
25 | 22,914 | ||||||
Chemours Co. (The), 5.38%, 05/15/27 (Call 02/15/27)(b) |
40 | 35,804 | ||||||
HB Fuller Co., 4.00%, 02/15/27 (Call 11/15/26) |
25 | 22,891 | ||||||
Methanex Corp., 5.13%, 10/15/27 (Call 04/15/27) |
60 | 54,698 | ||||||
Olin Corp., 5.13%, 09/15/27 |
40 | 37,502 | ||||||
SPCM SA, 3.13%, 03/15/27 (Call 03/15/24)(a) |
25 | 21,846 | ||||||
WR
Grace Holdings LLC, 4.88%, 06/15/27 |
60 | 52,491 | ||||||
|
|
|||||||
325,311 | ||||||||
Commercial Services — 5.0% | ||||||||
Albion Financing 1 SARL/Aggreko Holdings Inc., 8.75%, 04/15/27 (Call 10/15/23)(a) |
40 | 34,337 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27(a)(b) |
89 | 77,386 | ||||||
AMN Healthcare Inc., 4.63%, 10/01/27(a) |
40 | 37,419 | ||||||
APX Group Inc., 6.75%, 02/15/27 (Call 02/15/23)(a) |
50 | 48,870 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc. 5.75%, 07/15/27(a)(b) |
33 | 30,195 | ||||||
5.75%, 07/15/27(a) |
30 | 27,375 | ||||||
Brink’s Co. (The), 4.63%, 10/15/27(a) |
50 | 46,007 | ||||||
CoreCivic Inc., 4.75%, 10/15/27 (Call 07/15/27) |
20 | 16,786 | ||||||
Garda
World Security Corp. |
48 | 42,710 | ||||||
9.50%, 11/01/27(a) |
50 | 45,305 | ||||||
Herc Holdings Inc., 5.50%, 07/15/27(a) |
100 | 94,622 | ||||||
Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)(a) |
35 | 31,800 | ||||||
Prime Security Services Borrower LLC/Prime Finance Inc., 3.38%, 08/31/27 (Call 08/31/26)(a) |
87 | 75,560 | ||||||
Service
Corp. International/U.S., 4.63%, 12/15/27 |
45 | 41,816 | ||||||
Sotheby’s, 7.38%, 10/15/27 (Call 11/14/22)(a)(b) |
65 | 62,891 | ||||||
United Rentals North America Inc., 5.50%, 05/15/27 |
39 | 38,066 | ||||||
|
|
|||||||
751,145 | ||||||||
Computers — 1.2% | ||||||||
NCR Corp., 5.75%, 09/01/27(a)(b) |
40 | 38,587 | ||||||
Presidio
Holdings Inc., 4.88%, 02/01/27 |
45 | 41,528 | ||||||
Seagate HDD Cayman, 4.88%, 06/01/27 (Call 03/01/27) |
40 | 36,996 | ||||||
Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)(a) |
40 | 33,585 | ||||||
Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 13.00%, 10/15/27(a) |
20 | 22,808 | ||||||
|
|
|||||||
173,504 | ||||||||
Distribution & Wholesale — 0.8% | ||||||||
BCPE
Empire Holdings Inc., 7.63%, 05/01/27 |
55 | 50,093 | ||||||
IAA Inc., 5.50%, 06/15/27(a) |
41 | 38,439 | ||||||
Univar
Solutions USA Inc., 5.13%, 12/01/27 |
40 | 37,021 | ||||||
|
|
|||||||
125,553 | ||||||||
Diversified Financial Services — 2.6% | ||||||||
Advisor Group Holdings Inc., 10.75%, 08/01/27(a) |
30 | 29,957 | ||||||
AG
TTMT Escrow Issuer LLC, 8.63%, 09/30/27 |
44 | 44,170 | ||||||
Castlelake
Aviation Finance DAC, 5.00%, 04/15/27 |
35 | 29,743 | ||||||
LPL Holdings Inc., 4.63%, 11/15/27(a) |
30 | 27,743 | ||||||
Nationstar Mortgage Holdings Inc., 6.00%, 01/15/27 (Call 01/15/23)(a) |
52 | 46,620 | ||||||
Navient Corp., 5.00%, 03/15/27 (Call 09/15/26) |
60 | 50,589 | ||||||
OneMain
Finance Corp., 3.50%, 01/15/27 |
63 | 51,884 | ||||||
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 02/01/27 (Call 02/01/24)(a) |
35 | 32,455 |
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® iBonds® 2027 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
United
Wholesale Mortgage LLC, 5.75%, 06/15/27 |
$ | 45 | $ | 36,870 | ||||
VistaJet Malta Finance PLC/XO Management Holding Inc., 7.88%, 05/01/27(a)(b) |
45 | 40,899 | ||||||
|
|
|||||||
390,930 | ||||||||
Electric — 3.0% | ||||||||
Enerflex Ltd., 9.00%, 10/15/27 |
50 | 48,636 | ||||||
FirstEnergy
Corp., Series B, 4.15%, 07/15/27 |
124 | 116,156 | ||||||
NextEra Energy Operating Partners LP, 4.50%, 09/15/27 (Call 06/15/27)(a) |
45 | 41,919 | ||||||
NRG Energy Inc., 6.63%, 01/15/27(b) |
28 | 28,014 | ||||||
Vistra Operations Co. LLC |
||||||||
5.00%, 07/31/27(a) |
110 | 101,477 | ||||||
5.63%, 02/15/27(a) |
110 | 104,834 | ||||||
|
|
|||||||
441,036 | ||||||||
Electrical Components & Equipment — 0.1% | ||||||||
EnerSys, 4.38%, 12/15/27 (Call 09/15/27)(a)(b) |
25 | 21,926 | ||||||
|
|
|||||||
Engineering & Construction — 0.8% | ||||||||
AECOM, 5.13%, 03/15/27 (Call 12/15/26)(b) |
85 | 80,436 | ||||||
Promontoria
Holding 264 BV, 7.88%, 03/01/27 |
35 | 31,852 | ||||||
|
|
|||||||
112,288 | ||||||||
Entertainment — 4.7% | ||||||||
Affinity Gaming, 6.88%, 12/15/27 (Call 12/01/23)(a)(b) |
47 | 39,637 | ||||||
Caesars
Entertainment Inc., 8.13%, 07/01/27 |
150 | 145,917 | ||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.38%, 04/15/27 |
41 | 38,550 | ||||||
Churchill Downs Inc., 5.50%, 04/01/27(a) |
52 | 49,741 | ||||||
International Game Technology PLC, 6.25%, 01/15/27 (Call 07/15/26)(a) |
63 | 62,424 | ||||||
Live
Nation Entertainment Inc. |
80 | 71,230 | ||||||
6.50%, 05/15/27 (Call 05/15/23)(a) |
101 | 100,467 | ||||||
Motion Bondco DAC, 6.63%, 11/15/27(a)(b) |
35 | 29,319 | ||||||
Peninsula Pacific Entertainment LLC/Peninsula Pacific Entertainment Finance Inc., 8.50%, 11/15/27(a) |
60 | 64,292 | ||||||
Penn Entertainment Inc., 5.63%, 01/15/27(a)(b) |
35 | 31,881 | ||||||
Six Flags Entertainment Corp., 5.50%, 04/15/27(a) |
41 | 36,881 | ||||||
Speedway Motorsports LLC/Speedway Funding II Inc., 4.88%, 11/01/27(a) |
30 | 26,123 | ||||||
|
|
|||||||
696,462 | ||||||||
Environmental Control — 0.5% | ||||||||
Clean Harbors Inc., 4.88%, 07/15/27(a) |
45 | 42,380 | ||||||
Harsco Corp., 5.75%, 07/31/27(a)(b) |
40 | 28,357 | ||||||
|
|
|||||||
70,737 | ||||||||
Food — 1.8% | ||||||||
Albertsons Companies Inc./Safeway Inc./New |
||||||||
Albertsons
LP/Albertsons LLC, 4.63%, 01/15/27 |
116 | 107,585 | ||||||
B&G Foods Inc., 5.25%, 09/15/27(b) |
45 | 37,730 | ||||||
Performance Food Group Inc., 5.50%, 10/15/27(a) |
88 | 83,766 | ||||||
Post Holdings Inc., 5.75%, 03/01/27(a) |
40 | 38,750 | ||||||
|
|
|||||||
267,831 | ||||||||
Gas — 0.3% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp., 5.75%, 05/20/27 (Call 02/20/27) |
42 | 38,770 | ||||||
|
|
|||||||
Health Care - Products — 0.3% |
| |||||||
Teleflex Inc., 4.63%, 11/15/27 |
40 | 37,675 | ||||||
|
|
Security | Par (000) |
Value | ||||||
Health Care - Services — 5.4% | ||||||||
Catalent Pharma Solutions Inc., 5.00%, 07/15/27(a) |
$ | 40 | $ | 37,624 | ||||
Centene Corp., 4.25%, 12/15/27 (Call 12/15/22) |
205 | 189,117 | ||||||
CHS/Community Health Systems Inc. |
||||||||
5.63%, 03/15/27 (Call 12/15/23)(a)(b) |
160 | 127,574 | ||||||
8.00%, 12/15/27 (Call 12/15/22)(a) |
60 | 48,514 | ||||||
IQVIA Inc., 5.00%, 05/15/27(a) |
90 | 85,711 | ||||||
Legacy
LifePoint Health LLC, 4.38%, 02/15/27 |
50 | 39,478 | ||||||
Surgery Center Holdings Inc., 10.00%, 04/15/27(a) |
45 | 43,703 | ||||||
Tenet Healthcare Corp. |
||||||||
5.13%, 11/01/27(a) |
125 | 114,565 | ||||||
6.25%, 02/01/27(a) |
129 | 123,938 | ||||||
|
|
|||||||
810,224 | ||||||||
Holding Companies - Diversified — 0.7% | ||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 05/15/27 (Call 11/15/26) |
120 | 110,480 | ||||||
|
|
|||||||
Home Builders — 1.7% | ||||||||
Beazer Homes USA Inc., 5.88%, 10/15/27(b) |
31 | 26,029 | ||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 6.25%, 09/15/27(a) |
50 | 43,650 | ||||||
Century Communities Inc., 6.75%, 06/01/27 |
41 | 39,167 | ||||||
KB Home, 6.88%, 06/15/27 (Call 12/15/26)(b) |
25 | 24,188 | ||||||
Mattamy
Group Corp., 5.25%, 12/15/27 |
41 | 35,069 | ||||||
Meritage Homes Corp., 5.13%, 06/06/27 (Call 12/06/26) |
25 | 22,518 | ||||||
Taylor
Morrison Communities Inc., 5.88%, 06/15/27 |
41 | 38,555 | ||||||
Tri Pointe Homes Inc., 5.25%, 06/01/27 (Call 12/01/26) |
25 | 21,672 | ||||||
|
|
|||||||
250,848 | ||||||||
Housewares — 0.3% | ||||||||
Newell Brands Inc., 6.38%, 09/15/27 (Call 06/15/27)(b) |
45 | 44,063 | ||||||
|
|
|||||||
Insurance — 1.3% | ||||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
||||||||
4.25%, 10/15/27 (Call 10/15/23)(a)(b) |
64 | 57,831 | ||||||
6.75%, 10/15/27 (Call 12/01/22)(a) |
114 | 104,195 | ||||||
GTCR AP Finance Inc., 8.00%, 05/15/27(a)(b) |
40 | 38,148 | ||||||
|
|
|||||||
200,174 | ||||||||
Internet — 3.1% | ||||||||
Cablevision
Lightpath LLC, 3.88%, 09/15/27 |
40 | 34,231 | ||||||
Cogent
Communications Group Inc., 7.00%, 06/15/27 |
40 | 38,231 | ||||||
Getty Images Inc., 9.75%, 03/01/27(a) |
25 | 24,755 | ||||||
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 5.25%, 12/01/27(a) |
50 | 47,269 | ||||||
GrubHub Holdings Inc., 5.50%, 07/01/27(a) |
43 | 28,865 | ||||||
Match
Group Holdings II LLC, 5.00%, 12/15/27 |
37 | 33,255 | ||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 4.75%, 04/30/27 (Call 10/15/23)(a) |
30 | 27,003 | ||||||
NortonLifeLock Inc., 6.75%, 09/30/27 (Call 09/30/24)(a) |
65 | 64,122 | ||||||
Twitter Inc., 3.88%, 12/15/27 (Call 09/15/27)(a)(b) |
62 | 62,544 | ||||||
Uber Technologies Inc., 7.50%, 09/15/27(a) |
100 | 99,619 | ||||||
|
|
|||||||
459,894 | ||||||||
Iron & Steel — 1.2% | ||||||||
Allegheny
Technologies Inc., 5.88%, 12/01/27 |
30 | 27,347 | ||||||
Cleveland-Cliffs Inc., 5.88%, 06/01/27 |
45 | 41,858 | ||||||
Mineral Resources Ltd. |
||||||||
8.00%, 11/01/27 (Call 11/01/24)(a) |
55 | 54,081 | ||||||
8.13%, 05/01/27(a) |
60 | 59,711 | ||||||
|
|
|||||||
182,997 |
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® iBonds® 2027 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Leisure Time — 4.2% | ||||||||
Carnival Corp. |
||||||||
5.75%, 03/01/27 (Call 12/01/26)(a) |
$ | 295 | $ | 204,736 | ||||
9.88%, 08/01/27 (Call 02/01/24)(a) |
76 | 70,858 | ||||||
Lindblad Expeditions LLC, 6.75%, 02/15/27 (Call 02/15/24)(a)(b) |
32 | 28,665 | ||||||
NCL Corp. Ltd., 5.88%, 02/15/27 (Call 02/15/24)(a) |
85 | 75,958 | ||||||
Royal Caribbean Cruises Ltd. |
||||||||
5.38%, 07/15/27 (Call 10/15/26)(a)(b) |
85 | 66,699 | ||||||
7.50%, 10/15/27 |
25 | 20,900 | ||||||
11.63%, 08/15/27 (Call 08/15/24)(a)(b) |
105 | 102,037 | ||||||
Viking Cruises Ltd., 5.88%, 09/15/27(a)(b) |
70 | 55,947 | ||||||
|
|
|||||||
625,800 | ||||||||
Lodging — 3.1% | ||||||||
Boyd Gaming Corp., 4.75%, 12/01/27 (Call 12/01/22) |
85 | 77,891 | ||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 |
50 | 47,470 | ||||||
Melco Resorts Finance Ltd., 5.63%, 07/17/27(d) |
52 | 31,653 | ||||||
MGM China Holdings Ltd., 4.75%, 02/01/27 (Call 02/01/24)(a) |
65 | 47,005 | ||||||
MGM Resorts International, 5.50%, 04/15/27 (Call 01/15/27) |
58 | 53,471 | ||||||
Sands China Ltd., 2.80%, 03/08/27 (Call 02/08/27) |
60 | 43,752 | ||||||
Studio City Co. Ltd., 7.00%, 02/15/27 (Call 02/15/24)(a)(b) |
30 | 23,999 | ||||||
Travel + Leisure Co., 6.00%, 04/01/27 (Call 01/01/27) |
35 | 32,672 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (Call 02/15/27)(a)(b) |
75 | 65,321 | ||||||
Wynn Macau Ltd., 5.50%, 10/01/27(a)(b) |
63 | 38,079 | ||||||
|
|
|||||||
461,313 | ||||||||
Machinery — 1.0% | ||||||||
Granite US Holdings Corp., 11.00%, 10/01/27(a)(b) |
27 | 25,246 | ||||||
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)(a) |
130 | 116,562 | ||||||
|
|
|||||||
141,808 | ||||||||
Manufacturing — 0.2% | ||||||||
Amsted Industries Inc., 5.63%, 07/01/27(a) |
35 | 32,509 | ||||||
|
|
|||||||
Media — 10.1% | ||||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27(a) |
275 | 254,809 | ||||||
CSC Holdings LLC, 5.50%, 04/15/27(a) |
110 | 103,605 | ||||||
Directv
Financing LLC/Directv Financing Co-Obligor Inc.,
5.88%, 08/15/27 |
315 | 283,506 | ||||||
Gray Television Inc., 7.00%, 05/15/27(a)(b) |
65 | 61,918 | ||||||
iHeartCommunications Inc. |
||||||||
5.25%, 08/15/27(a) |
63 | 57,419 | ||||||
8.38%, 05/01/27(b) |
110 | 98,893 | ||||||
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27(a) |
97 | 90,495 | ||||||
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27(a) |
30 | 27,303 | ||||||
Nexstar Media Inc., 5.63%, 07/15/27(a) |
150 | 141,204 | ||||||
Scripps Escrow Inc., 5.88%, 07/15/27(a)(b) |
35 | 31,702 | ||||||
Sinclair Television Group Inc., 5.13%, 02/15/27(a) |
25 | 20,995 | ||||||
Sirius XM Radio Inc., 5.00%, 08/01/27(a) |
125 | 115,000 | ||||||
Univision Communications Inc., 6.63%, 06/01/27 (Call 06/01/23)(a) |
125 | 123,363 | ||||||
Videotron Ltd., 5.13%, 04/15/27(a) |
50 | 47,083 | ||||||
Ziggo Bond Co. BV, 6.00%, 01/15/27(a)(b) |
55 | 49,762 | ||||||
|
|
|||||||
1,507,057 | ||||||||
Metal Fabricate & Hardware — 0.3% | ||||||||
Advanced Drainage Systems Inc., 5.00%, 09/30/27(a) |
30 | 27,803 | ||||||
Park-Ohio Industries Inc., 6.63%, 04/15/27 |
30 | 21,015 | ||||||
|
|
|||||||
48,818 |
Security | Par (000) |
Value | ||||||
Mining — 0.8% | ||||||||
Compass Minerals International Inc., 6.75%, 12/01/27 (Call 12/01/22)(a)(b) |
$ | 40 | $ | 37,900 | ||||
FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27 (Call 06/15/27)(a) |
50 | 44,877 | ||||||
New Gold Inc., 7.50%, 07/15/27 (Call 07/15/23)(a) |
35 | 30,272 | ||||||
|
|
|||||||
113,049 | ||||||||
Office & Business Equipment — 0.1% | ||||||||
Pitney Bowes Inc., 6.88%, 03/15/27 (Call 03/15/24)(a) |
34 | 21,806 | ||||||
|
|
|||||||
Oil & Gas — 5.2% | ||||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/27 (Call 11/01/26)(a) |
30 | 36,475 | ||||||
Baytex
Energy Corp., 8.75%, 04/01/27 |
40 | 41,235 | ||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp., 8.13%, 01/15/27 (Call 01/15/24)(a) |
25 | 23,809 | ||||||
Centennial Resource Production LLC, 6.88%, 04/01/27(a) |
30 | 29,101 | ||||||
CNX Resources Corp., 7.25%, 03/14/27(a) |
33 | 32,740 | ||||||
Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)(a) |
45 | 42,564 | ||||||
MEG Energy Corp., 7.13%, 02/01/27 (Call 02/01/23)(a) |
100 | 101,764 | ||||||
Moss Creek Resources Holdings Inc., 10.50%, 05/15/27(a) |
45 | 43,379 | ||||||
Murphy Oil Corp., 5.88%, 12/01/27 (Call 12/01/22) |
45 | 43,715 | ||||||
Nabors
Industries Inc., 7.38%, 05/15/27 |
60 | 59,118 | ||||||
Occidental Petroleum Corp., 8.50%, 07/15/27 (Call 01/15/27) |
40 | 43,800 | ||||||
Parkland Corp., 5.88%, 07/15/27(a) |
40 | 37,852 | ||||||
SM Energy Co., 6.63%, 01/15/27 |
35 | 34,277 | ||||||
Southwestern Energy Co., 7.75%, 10/01/27 |
30 | 30,889 | ||||||
Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 |
50 | 48,988 | ||||||
Transocean Inc., 11.50%, 01/30/27 (Call 07/30/23)(a) |
60 | 60,274 | ||||||
Transocean Poseidon Ltd., 6.88%, 02/01/27(a) |
41 | 39,355 | ||||||
Viper Energy Partners LP, 5.38%, 11/01/27(a) |
35 | 32,935 | ||||||
|
|
|||||||
782,270 | ||||||||
Oil & Gas Services — 0.9% | ||||||||
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27(a) |
40 | 38,278 | ||||||
CGG SA, 8.75%, 04/01/27 (Call 04/01/24)(a) |
45 | 39,160 | ||||||
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27(b) |
65 | 62,012 | ||||||
|
|
|||||||
139,450 | ||||||||
Packaging & Containers — 3.6% | ||||||||
ARD Finance SA, 6.50%, 06/30/27, (7.25% PIK)(a)(c) |
75 | 53,805 | ||||||
Ardagh
Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%,
06/15/27 |
50 | 47,974 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. |
||||||||
5.25%, 08/15/27(a) |
65 | 45,691 | ||||||
5.25%, 08/15/27(a)(b) |
85 | 60,891 | ||||||
Berry Global Inc., 5.63%, 07/15/27(a)(b) |
40 | 37,978 | ||||||
Graphic Packaging International LLC, 4.75%, 07/15/27 (Call 04/15/27)(a) |
25 | 23,067 | ||||||
LABL Inc., 10.50%, 07/15/27(a) |
59 | 54,055 | ||||||
Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 05/15/23)(a)(b) |
52 | 49,727 | ||||||
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro, 4.00%, 10/15/27 (Call 10/15/23)(a)(b) |
85 | 75,226 | ||||||
Sealed Air Corp., 4.00%, 12/01/27 (Call 09/01/27)(a) |
35 | 31,375 | ||||||
Trivium Packaging Finance BV, 8.50%, 08/15/27(a)(b) |
60 | 56,924 | ||||||
|
|
|||||||
536,713 | ||||||||
Pharmaceuticals — 0.9% | ||||||||
Bausch Health Cos. Inc. |
||||||||
5.75%, 08/15/27(a) |
42 | 26,694 |
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® iBonds® 2027 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security |
Par |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
6.13%, 02/01/27 (Call 02/01/24)(a)(b) |
$ | 85 | $ | 56,041 | ||||
Horizon Therapeutics USA Inc., 5.50%, 08/01/27(a) |
50 | 48,094 | ||||||
|
|
|||||||
130,829 | ||||||||
Pipelines — 3.6% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 03/01/27(a) |
55 | 52,366 | ||||||
Buckeye Partners LP, 4.13%, 12/01/27 (Call 09/01/27) |
35 | 30,359 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27(a) |
50 | 47,033 | ||||||
EQM Midstream Partners LP |
||||||||
6.50%, 07/01/27 (Call 01/01/27)(a) |
77 | 75,064 | ||||||
7.50%, 06/01/27 (Call 06/01/24)(a)(b) |
40 | 39,570 | ||||||
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (Call 06/01/25)(a) |
40 | 39,312 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 01/15/27 (Call 01/15/24) |
85 | 82,522 | ||||||
Global Partners LP/GLP Finance Corp., 7.00%, 08/01/27 |
35 | 33,567 | ||||||
Holly Energy Partners LP/Holly Energy Finance Corp., 6.38%, 04/15/27 (Call 04/15/24)(a) |
35 | 33,803 | ||||||
Howard Midstream Energy Partners LLC, 6.75%, 01/15/27(a) |
35 | 31,759 | ||||||
NuStar Logistics LP, 5.63%, 04/28/27 (Call 01/28/27) |
45 | 41,793 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 03/01/27 (Call 03/01/23)(a) |
35 | 33,235 | ||||||
|
|
|||||||
540,383 | ||||||||
Real Estate Investment Trusts — 4.1% | ||||||||
Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)(a)(b) |
35 | 29,778 | ||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27 (Call 10/01/23)(a)(b) |
65 | 55,444 | ||||||
Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (Call 09/15/27)(a) |
40 | 32,290 | ||||||
Iron Mountain Inc., 4.88%, 09/15/27(a) |
85 | 78,423 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27 (Call 02/01/23)(a) |
55 | 46,491 | ||||||
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27(b) |
116 | 99,182 | ||||||
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 |
60 | 55,396 | ||||||
SBA Communications Corp., 3.88%, 02/15/27 (Call 02/15/23) |
125 | 112,971 | ||||||
Service Properties Trust |
||||||||
4.95%, 02/15/27 (Call 08/15/26) |
35 | 28,367 | ||||||
5.50%, 12/15/27 (Call 09/15/27) |
39 | 33,596 | ||||||
Starwood
Property Trust Inc., 4.38%, 01/15/27 |
44 | 38,892 | ||||||
|
|
|||||||
610,830 | ||||||||
Retail — 2.6% | ||||||||
Academy Ltd., 6.00%, 11/15/27 (Call 11/15/23)(a)(b) |
35 | 33,390 | ||||||
Bath & Body Works Inc., 6.69%, 01/15/27 |
25 | 23,562 | ||||||
BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27 (Call 04/01/23), (8.50% PIK)(a)(c) |
34 | 22,506 | ||||||
Carvana Co., 5.50%, 04/15/27 (Call 04/15/24)(a) |
45 | 21,771 | ||||||
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/27(a) |
62 | 59,309 | ||||||
Lithia Motors Inc., 4.63%, 12/15/27 (Call 12/15/22)(a) |
35 | 31,556 | ||||||
Murphy Oil USA Inc., 5.63%, 05/01/27 |
25 | 24,000 | ||||||
Nordstrom Inc., 4.00%, 03/15/27 (Call 12/15/26)(b) |
30 | 25,619 | ||||||
Patrick Industries Inc., 7.50%, 10/15/27(a)(b) |
25 | 22,901 | ||||||
QVC Inc., 4.75%, 02/15/27 (Call 11/15/26) |
50 | 39,634 | ||||||
Staples Inc., 10.75%, 04/15/27(a)(b) |
85 | 61,714 | ||||||
Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.88%, 03/01/27 |
30 | 28,483 | ||||||
|
|
|||||||
394,445 |
Security | Par/ Shares (000) |
Value | ||||||
Semiconductors — 0.3% | ||||||||
Amkor
Technology Inc., |
$ | 45 | $ | 44,419 | ||||
|
|
|||||||
Software — 1.1% | ||||||||
SS&C Technologies Inc., 5.50%, 09/30/27(a)(b) |
170 | 157,993 | ||||||
|
|
|||||||
Telecommunications — 6.3% | ||||||||
Altice France Holding SA, 10.50%, 05/15/27(a) |
135 | 105,118 | ||||||
Altice France SA/France, 8.13%, 02/01/27(a) |
145 | 132,818 | ||||||
CommScope Inc., 8.25%, 03/01/27(a)(b) |
85 | 75,629 | ||||||
CommScope Technologies LLC, 5.00%, 03/15/27(a) |
63 | 51,089 | ||||||
Frontier Communications Holdings LLC, 5.88%, 10/15/27 (Call 10/15/23)(a) |
95 | 88,119 | ||||||
Level 3 Financing Inc. |
||||||||
3.40%, 03/01/27 (Call 01/01/27)(a) |
60 | 51,723 | ||||||
4.63%, 09/15/27(a) |
85 | 73,958 | ||||||
LogMeIn Inc., 5.50%, 09/01/27 (Call 09/01/23)(a) |
80 | 46,617 | ||||||
Lumen Technologies Inc., 4.00%, 02/15/27 (Call 02/15/23)(a) |
105 | 89,371 | ||||||
Maxar Technologies Inc., 7.75%, 06/15/27 (Call 06/15/24)(a) |
40 | 39,382 | ||||||
Nokia OYJ, 4.38%, 06/12/27 |
40 | 36,806 | ||||||
ViaSat Inc., 5.63%, 04/15/27(a) |
50 | 46,215 | ||||||
Zayo Group Holdings Inc., 4.00%, 03/01/27 (Call 12/01/22)(a) |
125 | 96,544 | ||||||
|
|
|||||||
933,389 | ||||||||
Toys, Games & Hobbies — 0.3% | ||||||||
Mattel
Inc., 5.88%, 12/15/27 |
52 | 50,554 | ||||||
|
|
|||||||
Transportation — 0.3% | ||||||||
Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/27 (Call 06/15/23)(a) |
52 | 49,048 | ||||||
|
|
|||||||
Trucking & Leasing — 0.2% | ||||||||
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/27 (Call 08/01/23)(a) |
35 | 35,643 | ||||||
|
|
|||||||
Total
Long-Term Investments — 98.9% |
14,750,010 | |||||||
|
|
|||||||
Short-Term Securities | ||||||||
Money Market Funds — 19.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(e)(f)(g) |
2,836 | 2,835,467 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(e)(f) |
20 | 20,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 19.2% |
|
2,855,467 | ||||||
|
|
|||||||
Total
Investments — 118.1% |
|
17,605,477 | ||||||
Liabilities in Excess of Other Assets — (18.1)% |
|
(2,698,017 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 14,907,460 | |||||
|
|
(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) |
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. |
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® iBonds® 2027 Term High Yield and Income 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 |
$ | 508,415 | $ | 2,327,909 | (a) | $ | — | $ | (752 | ) | $ | (105 | ) | $ | 2,835,467 | 2,836 | $ | 6,630 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
250,000 | — | (230,000 | )(a) | — | — | 20,000 | 20 | 718 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (752 | ) | $ | (105 | ) | $ | 2,855,467 | $ | 7,348 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(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 |
$ | — | $ | 14,750,010 | $ | — | $ | 14,750,010 | ||||||||
Money Market Funds |
2,855,467 | — | — | 2,855,467 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,855,467 | $ | 14,750,010 | $ | — | $ | 17,605,477 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
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 October 31, 2022 |
iShares® iBonds® 2028 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Advertising — 1.1% | ||||||||
Advantage
Sales & Marketing Inc., 6.50%, 11/15/28 |
$ | 50 | $ | 42,541 | ||||
Clear Channel Outdoor Holdings Inc., 7.75%, 04/15/28 (Call 04/15/24)(a)(b) |
60 | 48,950 | ||||||
Lamar Media Corp., 3.75%, 02/15/28 (Call 02/15/23) |
35 | 30,590 | ||||||
|
|
|||||||
122,081 | ||||||||
Aerospace & Defense — 0.8% | ||||||||
Bombardier Inc., 6.00%, 02/15/28 (Call 02/15/24)(a)(b) |
45 | 40,097 | ||||||
Howmet Aerospace Inc., 6.75%, 01/15/28 |
20 | 19,972 | ||||||
Spirit AeroSystems Inc., 4.60%, 06/15/28 (Call 03/15/28) |
45 | 32,252 | ||||||
|
|
|||||||
92,321 | ||||||||
Airlines — 0.2% | ||||||||
Delta Air Lines Inc., 4.38%, 04/19/28 (Call 01/19/28) |
30 | 26,767 | ||||||
|
|
|||||||
Auto Manufacturers — 1.3% |
||||||||
Ford Motor Co., 6.63%, 10/01/28 |
25 | 24,656 | ||||||
Ford Motor Credit Co. LLC, 2.90%, 02/16/28 (Call 12/16/27) |
45 | 36,540 | ||||||
Jaguar
Land Rover Automotive PLC, 5.88%, 01/15/28 |
40 | 29,477 | ||||||
PM
General Purchaser LLC, 9.50%, 10/01/28 |
40 | 34,348 | ||||||
Wabash National Corp., 4.50%, 10/15/28 (Call 10/15/24)(a) |
25 | 20,589 | ||||||
|
|
|||||||
145,610 | ||||||||
Auto Parts & Equipment — 0.9% | ||||||||
American
Axle & Manufacturing Inc., 6.88%, 07/01/28 |
25 | 23,110 | ||||||
Dana Inc., 5.63%, 06/15/28 (Call 06/15/23)(b) |
25 | 22,618 | ||||||
Dealer
Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 |
30 | 26,286 | ||||||
Titan International Inc., 7.00%, 04/30/28 (Call 04/30/24) |
25 | 23,289 | ||||||
|
|
|||||||
95,303 | ||||||||
Biotechnology — 0.3% | ||||||||
Emergent BioSolutions Inc., 3.88%, 08/15/28 (Call 08/15/23)(a) |
0 | — | ||||||
Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)(a) |
40 | 31,277 | ||||||
|
|
|||||||
31,277 | ||||||||
Building Materials — 2.9% | ||||||||
Camelot Return Merger Sub Inc., 8.75%, 08/01/28(a) |
45 | 37,501 | ||||||
CP
Atlas Buyer Inc., 7.00%, 12/01/28 |
30 | 21,626 | ||||||
Griffon Corp., 5.75%, 03/01/28 (Call 03/01/23) |
60 | 54,969 | ||||||
James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 01/15/23)(a) |
25 | 22,670 | ||||||
Masonite
International Corp., 5.38%, 02/01/28 |
30 | 27,482 | ||||||
New
Enterprise Stone & Lime Co. Inc. |
35 | 30,459 | ||||||
9.75%, 07/15/28 (Call 07/15/23)(a) |
20 | 17,147 | ||||||
SRM
Escrow Issuer LLC, 6.00%, 11/01/28 |
70 | 59,888 | ||||||
Standard Industries Inc./NJ, 4.75%, 01/15/28 (Call 01/15/23)(a) |
60 | 52,586 | ||||||
|
|
|||||||
324,328 | ||||||||
Chemicals — 3.8% | ||||||||
ASP
Unifrax Holdings Inc, 5.25%, 09/30/28 |
50 | 40,201 | ||||||
Chemours
Co. (The), 5.75%, 11/15/28 |
50 | 42,491 | ||||||
Consolidated
Energy Finance SA, 5.63%, 10/15/28 |
30 | 25,284 | ||||||
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)(a) |
35 | 31,687 | ||||||
Element
Solutions Inc., 3.88%, 09/01/28 |
50 | 42,478 | ||||||
HB Fuller Co., 4.25%, 10/15/28 (Call 10/15/23) |
20 | 17,406 | ||||||
Herens
Holdco Sarl, 4.75%, 05/15/28 |
20 | 16,377 |
Security | Par (000) |
Value | ||||||
Chemicals (continued) | ||||||||
Illuminate Buyer LLC/Illuminate Holdings IV Inc., 9.00%, 07/01/28 (Call 07/01/23)(a) |
$ | 30 | $ | 25,369 | ||||
Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)(a) |
35 | 29,699 | ||||||
Innophos
Holdings Inc., 9.38%, 02/15/28 |
15 | 14,288 | ||||||
Iris Holdings Inc., 10.00%, 12/15/28 (Call 06/15/25)(a) |
25 | 21,429 | ||||||
Minerals Technologies Inc., 5.00%, 07/01/28 (Call 07/01/23)(a) |
25 | 21,690 | ||||||
Olympus
Water U.S. Holding Corp., 4.25%, 10/01/28 |
50 | 41,030 | ||||||
SCIH
Salt Holdings Inc., 4.88%, 05/01/28 |
65 | 56,484 | ||||||
|
|
|||||||
425,913 | ||||||||
Coal — 0.2% | ||||||||
Warrior Met Coal Inc., 7.88%, 12/01/28 (Call 12/01/24)(a) |
20 | 19,890 | ||||||
|
|
|||||||
Commercial Services — 5.3% |
||||||||
Adtalem
Global Education Inc., 5.50%, 03/01/28 |
26 | 23,712 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)(a) |
120 | 99,813 | ||||||
ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)(a) |
35 | 31,107 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 4.75%, 04/01/28 (Call 04/01/24)(a)(b) |
30 | 26,339 | ||||||
CoreLogic Inc., 4.50%, 05/01/28 (Call 05/01/24)(a) |
45 | 30,336 | ||||||
Gartner Inc., 4.50%, 07/01/28 (Call 07/01/23)(a) |
45 | 41,705 | ||||||
Grand Canyon University, 5.13%, 10/01/28 (Call 08/01/28) |
25 | 22,530 | ||||||
MPH
Acquisition Holdings LLC |
65 | 56,397 | ||||||
5.75%, 11/01/28 (Call 11/01/23)(a) |
80 | 61,813 | ||||||
Prime Security Services Borrower LLC/Prime Finance Inc., 6.25%, 01/15/28 (Call 01/15/23)(a)(b) |
80 | 74,087 | ||||||
United
Rentals North America Inc., 4.88%, 01/15/28 |
100 | 93,000 | ||||||
Williams
Scotsman International Inc., 4.63%, 08/15/28 |
30 | 27,157 | ||||||
|
|
|||||||
587,996 | ||||||||
Computers — 1.6% | ||||||||
Ahead DB Holdings LLC, 6.63%, 05/01/28 (Call 05/01/24)(a) |
25 | 20,321 | ||||||
Booz Allen Hamilton Inc., 3.88%, 09/01/28 (Call 09/01/23)(a) |
40 | 35,249 | ||||||
KBR Inc., 4.75%, 09/30/28(a) |
15 | 13,138 | ||||||
NCR Corp., 5.00%, 10/01/28(a) |
40 | 33,907 | ||||||
Presidio Holdings Inc., 8.25%, 02/01/28 (Call 02/01/23)(a) |
35 | 31,183 | ||||||
Science Applications International Corp., 4.88%, 04/01/28 (Call 04/01/23)(a) |
25 | 22,836 | ||||||
Virtusa Corp., 7.13%, 12/15/28 (Call 12/15/23)(a) |
25 | 17,989 | ||||||
|
|
|||||||
174,623 | ||||||||
Cosmetics & Personal Care — 0.4% | ||||||||
Edgewell
Personal Care Co., 5.50%, 06/01/28 |
45 | 42,317 | ||||||
|
|
|||||||
Distribution & Wholesale — 0.9% |
||||||||
American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 01/15/23)(a) |
40 | 35,360 | ||||||
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 12/15/23)(a) |
75 | 63,430 | ||||||
|
|
|||||||
98,790 | ||||||||
Diversified Financial Services — 4.2% | ||||||||
AG Issuer LLC, 6.25%, 03/01/28 (Call 03/01/23)(a) |
30 | 28,159 | ||||||
Burford
Capital Global Finance LLC, 6.25%, 04/15/28 |
25 | 21,861 | ||||||
Coinbase Global Inc., 3.38%, 10/01/28 (Call 10/01/24)(a) |
60 | 39,722 | ||||||
GPS Hospitality Holding Co. LLC/GPS Finco Inc., 7.00%, 08/15/28 (Call 08/15/24)(a) |
0 | — | ||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a) |
60 | 47,155 |
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® iBonds® 2028 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
Midcap
Financial Issuer Trust, 6.50%, 05/01/28 |
$ | 60 | $ | 51,005 | ||||
Nationstar
Mortgage Holdings Inc., 5.50%, 08/15/28 |
55 | 44,857 | ||||||
Navient Corp., 4.88%, 03/15/28 (Call 06/15/27) |
30 | 23,927 | ||||||
NFP
Corp. |
35 | 30,597 | ||||||
6.88%, 08/15/28 (Call 08/15/23)(a) |
125 | 107,723 | ||||||
OneMain Finance Corp. |
||||||||
3.88%, 09/15/28 (Call 09/15/24) |
35 | 27,327 | ||||||
6.63%, 01/15/28 (Call 07/15/27)(b) |
50 | 45,476 | ||||||
|
|
|||||||
467,809 | ||||||||
Electric — 3.5% | ||||||||
Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28 (Call 06/15/25)(a) |
25 | 21,326 | ||||||
Calpine
Corp. |
75 | 67,512 | ||||||
5.13%, 03/15/28 (Call 03/15/23)(a) |
85 | 75,624 | ||||||
Clearway
Energy Operating LLC, 4.75%, 03/15/28 |
50 | 46,379 | ||||||
NRG Energy Inc., 5.75%, 01/15/28 (Call 01/15/23) |
50 | 47,596 | ||||||
Pattern
Energy Operations LP/Pattern Energy Operations Inc., 4.50%,
08/15/28 |
40 | 35,945 | ||||||
PG&E Corp., 5.00%, 07/01/28 (Call 07/01/23)(b) |
60 | 54,402 | ||||||
Pike Corp., 5.50%, 09/01/28 (Call 09/01/23)(a) |
45 | 38,394 | ||||||
|
|
|||||||
387,178 | ||||||||
Electrical Components & Equipment — 1.0% | ||||||||
Energizer Holdings Inc., 4.75%, 06/15/28(a) |
35 | 29,099 | ||||||
WESCO Distribution Inc., 7.25%, 06/15/28 (Call 06/15/23)(a) |
80 | 81,136 | ||||||
|
|
|||||||
110,235 | ||||||||
Energy - Alternate Sources — 0.3% | ||||||||
TerraForm
Power Operating LLC, 5.00%, 01/31/28 |
40 | 37,482 | ||||||
|
|
|||||||
Engineering & Construction — 0.6% |
||||||||
Fluor Corp., 4.25%, 09/15/28 (Call 06/15/28) |
35 | 30,504 | ||||||
Railworks Holdings LP/Railworks Rally Inc., 8.25%, 11/15/28 (Call 11/15/24)(a)(b) |
20 | 18,429 | ||||||
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 09/15/23)(a) |
25 | 20,353 | ||||||
|
|
|||||||
69,286 | ||||||||
Entertainment — 1.4% | ||||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 6.50%, 10/01/28 (Call 10/01/23) |
20 | 18,798 | ||||||
Churchill
Downs Inc., 4.75%, 01/15/28 |
40 | 35,434 | ||||||
Cinemark USA Inc., 5.25%, 07/15/28 (Call 07/15/24)(a) |
50 | 38,372 | ||||||
Live
Nation Entertainment Inc., 3.75%, 01/15/28 |
30 | 26,163 | ||||||
Scientific
Games International Inc., 7.00%, 05/15/28 |
40 | 38,705 | ||||||
|
|
|||||||
157,472 | ||||||||
Environmental Control — 1.0% | ||||||||
GFL
Environmental Inc. |
45 | 38,126 | ||||||
4.00%, 08/01/28 (Call 08/01/23)(a)(b) |
45 | 38,587 | ||||||
Madison IAQ LLC, 4.13%, 06/30/28 (Call 06/30/24)(a) |
40 | 33,387 | ||||||
|
|
|||||||
110,100 | ||||||||
Food — 2.1% | ||||||||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 5.88%, 02/15/28(a) |
45 | 42,311 | ||||||
C&S
Group Enterprises LLC, 5.00%, 12/15/28 |
25 | 18,518 |
Security | Par (000) |
Value | ||||||
Food (continued) | ||||||||
Chobani LLC/Chobani Finance Corp. Inc., 4.63%, 11/15/28 (Call 11/15/23)(a) |
$ | 25 | $ | 21,795 | ||||
Lamb
Weston Holdings Inc., 4.88%, 05/15/28 |
30 | 28,093 | ||||||
Post Holdings Inc., 5.63%, 01/15/28 (Call 12/01/22)(a) |
55 | 51,463 | ||||||
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/28(a) |
20 | 18,676 | ||||||
TreeHouse Foods Inc., 4.00%, 09/01/28 (Call 09/01/23) |
30 | 25,318 | ||||||
United
Natural Foods Inc., 6.75%, 10/15/28 |
30 | 29,009 | ||||||
|
|
|||||||
235,183 | ||||||||
Food Service — 0.8% | ||||||||
Aramark
Services Inc., 5.00%, 02/01/28 |
70 | 63,813 | ||||||
TKC Holdings Inc., 6.88%, 05/15/28 (Call 05/15/24)(a) |
25 | 20,947 | ||||||
|
|
|||||||
84,760 | ||||||||
Forest Products & Paper — 0.6% | ||||||||
Ahlstrom-Munksjo
Holding 3 Oy, 4.88%, 02/04/28 |
20 | 15,952 | ||||||
Clearwater
Paper Corp., 4.75%, 08/15/28 |
15 | 13,148 | ||||||
Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)(a) |
40 | 34,155 | ||||||
|
|
|||||||
63,255 | ||||||||
Health Care - Products — 1.2% | ||||||||
Avantor
Funding Inc., 4.63%, 07/15/28 |
95 | 85,814 | ||||||
Hologic Inc., 4.63%, 02/01/28 (Call 02/01/23)(a) |
25 | 23,369 | ||||||
Teleflex Inc., 4.25%, 06/01/28 (Call 06/01/23)(a) |
30 | 27,145 | ||||||
|
|
|||||||
136,328 | ||||||||
Health Care - Services — 3.7% | ||||||||
Acadia
Healthcare Co. Inc., 5.50%, 07/01/28 |
25 | 23,193 | ||||||
Akumin Escrow Inc., 7.50%, 08/01/28 (Call 08/01/24)(a) |
25 | 17,987 | ||||||
Cano Health LLC, 6.25%, 10/01/28 (Call 10/01/24)(a) |
20 | 16,176 | ||||||
Centene Corp., 2.45%, 07/15/28 (Call 05/15/28) |
86 | 70,738 | ||||||
Charles River Laboratories International Inc., 4.25%, 05/01/28 (Call 05/01/23)(a)(b) |
30 | 27,290 | ||||||
Encompass
Health Corp., 4.50%, 02/01/28 |
50 | 44,707 | ||||||
Molina
Healthcare Inc., 4.38%, 06/15/28 |
45 | 40,449 | ||||||
Radiology
Partners Inc., 9.25%, 02/01/28 |
0 | — | ||||||
Tenet
Healthcare Corp. |
35 | 30,848 | ||||||
6.13%, 10/01/28 (Call 10/01/23)(a)(b) |
155 | 134,388 | ||||||
|
|
|||||||
405,776 | ||||||||
Home Builders — 1.4% | ||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/28 (Call 01/15/23)(a) |
15 | 12,825 | ||||||
Forestar Group Inc., 5.00%, 03/01/28 (Call 03/01/23)(a) |
20 | 16,575 | ||||||
Installed
Building Products Inc., 5.75%, 02/01/28 |
20 | 17,712 | ||||||
M/I Homes Inc., 4.95%, 02/01/28 (Call 02/01/23) |
25 | 21,461 | ||||||
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 02/15/28 (Call 02/15/23)(a)(b) |
30 | 25,299 | ||||||
Taylor
Morrison Communities Inc., 5.75%, 01/15/28 |
30 | 27,517 | ||||||
Tri Pointe Homes Inc., 5.70%, 06/15/28 (Call 12/15/27) |
20 | 17,347 | ||||||
Winnebago Industries Inc., 6.25%, 07/15/28(a) |
20 | 18,686 | ||||||
|
|
|||||||
157,422 | ||||||||
Household Products & Wares — 0.2% | ||||||||
Central
Garden & Pet Co., 5.13%, 02/01/28 |
20 | 18,352 | ||||||
|
|
|||||||
Insurance — 0.6% |
||||||||
MGIC Investment Corp., 5.25%, 08/15/28 (Call 08/15/23) |
40 | 36,289 | ||||||
Sagicor
Financial Co. Ltd., 5.30%, 05/13/28 |
30 | 27,440 | ||||||
|
|
|||||||
63,729 |
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® iBonds® 2028 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Internet — 4.0% | ||||||||
Acuris Finance Us Inc./Acuris Finance SARL, 5.00%, 05/01/28 (Call 05/01/24)(a) |
$ | 20 | $ | 16,298 | ||||
ANGI Group LLC, 3.88%, 08/15/28 (Call 08/15/23)(a) |
30 | 21,868 | ||||||
Arches
Buyer Inc. |
60 | 49,255 | ||||||
6.13%, 12/01/28 (Call 12/01/23)(a)(b) |
30 | 23,156 | ||||||
Cablevision
Lightpath LLC, 5.63%, 09/15/28 |
25 | 19,858 | ||||||
Cars.com Inc., 6.38%, 11/01/28 (Call 11/01/23)(a) |
25 | 21,665 | ||||||
ION
Trading Technologies Sarl, 5.75%, 05/15/28 |
25 | 20,126 | ||||||
Match
Group Holdings II LLC, 4.63%, 06/01/28 |
30 | 26,657 | ||||||
Netflix
Inc. |
95 | 90,300 | ||||||
5.88%, 11/15/28 |
115 | 114,237 | ||||||
Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 6.00%, 02/15/28 (Call 02/15/24)(a) |
20 | 15,698 | ||||||
Uber Technologies Inc., 6.25%, 01/15/28(a)(b) |
30 | 28,802 | ||||||
|
|
|||||||
447,920 | ||||||||
Iron & Steel — 0.2% | ||||||||
Carpenter
Technology Corp., 6.38%, 07/15/28 |
25 | 23,384 | ||||||
|
|
|||||||
Leisure Time — 3.6% |
||||||||
Carnival Corp., 4.00%, 08/01/28 (Call 05/01/28)(a) |
145 | 116,996 | ||||||
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 |
125 | 126,760 | ||||||
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a) |
35 | 27,207 | ||||||
Royal
Caribbean Cruises Ltd. |
30 | 21,616 | ||||||
5.50%, 04/01/28(a) |
90 | 69,301 | ||||||
VOC
Escrow Ltd., 5.00%, 02/15/28 |
40 | 33,329 | ||||||
|
|
|||||||
395,209 | ||||||||
Lodging — 3.2% |
||||||||
Full
House Resorts Inc., 8.25%, 02/15/28 |
25 | 21,917 | ||||||
Hilton
Domestic Operating Co. Inc., 5.75%, 05/01/28 |
30 | 28,953 | ||||||
Marriott Ownership Resorts Inc., 4.75%, 01/15/28 |
20 | 17,381 | ||||||
Melco
Resorts Finance Ltd., 5.75%, 07/21/28 |
60 | 34,241 | ||||||
MGM
Resorts International, 4.75%, 10/15/28 |
45 | 39,072 | ||||||
Sands China Ltd., 5.90%, 08/08/28 (Call 05/08/28) |
120 | 94,548 | ||||||
Station
Casinos LLC, 4.50%, 02/15/28 |
40 | 34,448 | ||||||
Studio
City Finance Ltd., 6.50%, 01/15/28 |
25 | 10,535 | ||||||
Wyndham
Hotels & Resorts Inc., 4.38%, 08/15/28 |
30 | 26,400 | ||||||
Wynn Macau Ltd., 5.63%, 08/26/28 (Call 08/26/23)(a) |
80 | 47,244 | ||||||
|
|
|||||||
354,739 | ||||||||
Machinery — 1.2% |
||||||||
ATS Automation Tooling Systems Inc., 4.13%, 12/15/28 (Call 12/15/23)(a)(b) |
20 | 17,103 | ||||||
BWX
Technologies Inc., 4.13%, 06/30/28 |
25 | 22,065 | ||||||
GrafTech
Finance Inc., 4.63%, 12/15/28 |
30 | 24,303 | ||||||
TK
Elevator Holdco GmbH, 7.63%, 07/15/28 |
25 | 20,673 | ||||||
Vertiv
Group Corp., 4.13%, 11/15/28 |
50 | 43,482 | ||||||
|
|
|||||||
127,626 | ||||||||
Manufacturing — 0.4% |
||||||||
LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)(a) |
45 | 40,971 | ||||||
|
|
|||||||
Media — 8.4% |
||||||||
Altice
Financing SA, 5.00%, 01/15/28 |
70 | 55,927 | ||||||
Block
Communications Inc., 4.88%, 03/01/28 |
20 | 17,367 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28(a) |
150 | 135,348 |
Security | Par (000) |
Value | ||||||
Media (continued) | ||||||||
CSC
Holdings LLC |
$ | 60 | $ | 55,330 | ||||
7.50%, 04/01/28 (Call 04/01/23)(a) |
60 | 51,875 | ||||||
DISH
DBS Corp. |
155 | 125,099 | ||||||
7.38%, 07/01/28 (Call 07/01/23) |
60 | 45,608 | ||||||
GCI LLC, 4.75%, 10/15/28 (Call 10/15/23)(a) |
35 | 29,557 | ||||||
iHeartCommunications
Inc., 4.75%, 01/15/28 |
30 | 26,172 | ||||||
McGraw-Hill
Education Inc., 5.75%, 08/01/28 |
55 | 48,419 | ||||||
Nexstar Media Inc., 4.75%, 11/01/28 (Call 11/01/23)(a) |
60 | 52,643 | ||||||
Radiate Holdco LLC/Radiate Finance Inc., 6.50%, 09/15/28 (Call 09/15/23)(a) |
60 | 37,765 | ||||||
Sirius
XM Radio Inc., 4.00%, 07/15/28 |
120 | 103,582 | ||||||
TEGNA Inc., 4.63%, 03/15/28 (Call 03/15/23) |
60 | 57,095 | ||||||
UPC Holding BV, 5.50%, 01/15/28(a)(b) |
25 | 21,877 | ||||||
Urban One Inc., 7.38%, 02/01/28 (Call 02/01/24)(a) |
50 | 43,761 | ||||||
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)(a) |
30 | 25,663 | ||||||
|
|
|||||||
933,088 | ||||||||
Mining — 1.5% |
||||||||
Alcoa
Nederland Holding BV, 6.13%, 05/15/28 |
30 | 28,365 | ||||||
Arconic Corp., 6.13%, 02/15/28 (Call 02/15/23)(a) |
55 | 51,535 | ||||||
Century
Aluminum Co., 7.50%, 04/01/28 |
15 | 12,898 | ||||||
Constellium SE, 5.63%, 06/15/28 (Call 06/15/23)(a) |
20 | 17,584 | ||||||
Hecla Mining Co., 7.25%, 02/15/28 (Call 02/15/23) |
30 | 28,538 | ||||||
Kaiser
Aluminum Corp., 4.63%, 03/01/28 |
30 | 26,246 | ||||||
|
|
|||||||
165,166 | ||||||||
Office & Business Equipment — 0.3% |
||||||||
Xerox
Holdings Corp., 5.50%, 08/15/28 |
45 | 35,537 | ||||||
|
|
|||||||
Office Furnishings — 0.1% |
||||||||
Interface Inc., 5.50%, 12/01/28 (Call 12/01/23)(a) |
20 | 15,997 | ||||||
|
|
|||||||
Oil & Gas — 4.7% |
||||||||
Apache Corp., 4.38%, 10/15/28 (Call 07/15/28) |
20 | 17,950 | ||||||
Callon
Petroleum Co., 8.00%, 08/01/28 |
40 | 39,888 | ||||||
CVR Energy Inc., 5.75%, 02/15/28 (Call 02/15/23)(a) |
25 | 22,948 | ||||||
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/28 (Call 05/01/24)(a) |
45 | 42,570 | ||||||
Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 01/30/23)(a) |
60 | 58,413 | ||||||
Global Marine Inc., 7.00%, 06/01/28 |
20 | 13,020 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28 (Call 11/01/23)(a) |
35 | 32,959 | ||||||
Laredo
Petroleum Inc., 10.13%, 01/15/28 |
20 | 19,698 | ||||||
Murphy Oil Corp., 6.38%, 07/15/28 (Call 07/15/24) |
32 | 31,310 | ||||||
Nabors
Industries Ltd., 7.50%, 01/15/28 |
25 | 23,069 | ||||||
Northern
Oil and Gas Inc., 8.13%, 03/01/28 |
45 | 42,709 | ||||||
Occidental
Petroleum Corp., 6.38%, 09/01/28 |
35 | 35,464 | ||||||
Patterson-UTI Energy Inc., 3.95%,
02/01/28 |
30 | 26,439 | ||||||
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/28 (Call 02/15/23) |
50 | 45,408 | ||||||
SM Energy Co., 6.50%, 07/15/28 (Call 07/15/24) |
25 | 24,338 | ||||||
Southwestern
Energy Co., 8.38%, 09/15/28 |
20 | 20,758 | ||||||
Sunoco
LP/Sunoco Finance Corp., 5.88%, 03/15/28 |
25 | 23,805 | ||||||
|
|
|||||||
520,746 | ||||||||
Oil & Gas Services — 1.1% |
||||||||
Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28 (Call 04/01/23)(a) |
50 | 46,496 |
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® iBonds® 2028 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Oil & Gas Services (continued) | ||||||||
Bristow Group Inc., 6.88%, 03/01/28 (Call 03/01/24)(a) |
$ | 25 | $ | 23,522 | ||||
Oceaneering
International Inc., 6.00%, 02/01/28 |
20 | 17,826 | ||||||
Weatherford
International Ltd., 6.50%, 09/15/28 |
30 | 28,825 | ||||||
|
|
|||||||
116,669 | ||||||||
Packaging & Containers — 1.9% | ||||||||
Ardagh
Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%,
09/01/28 |
35 | 28,766 | ||||||
Cascades
Inc./Cascades USA Inc., 5.38%, 01/15/28 |
25 | 21,378 | ||||||
Graham
Packaging Co. Inc., 7.13%, 08/15/28 |
30 | 24,639 | ||||||
Graphic Packaging International LLC, 3.50%, 03/15/28(a) |
25 | 21,654 | ||||||
Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28(a) |
45 | 33,583 | ||||||
LABL Inc., 5.88%, 11/01/28 (Call 11/01/24)(a) |
30 | 26,158 | ||||||
Pactiv
Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%,
10/15/28 |
30 | 26,245 | ||||||
Silgan Holdings Inc., 4.13%, 02/01/28 |
35 | 32,058 | ||||||
|
|
|||||||
214,481 | ||||||||
Pharmaceuticals — 3.7% | ||||||||
AdaptHealth LLC, 6.13%, 08/01/28 (Call 08/01/23)(a) |
20 | 18,514 | ||||||
Bausch
Health Cos. Inc. |
100 | 61,366 | ||||||
11.00%, 09/30/28 |
110 | 85,886 | ||||||
Cheplapharm
Arzneimittel GmbH, 5.50%, 01/15/28 |
30 | 24,870 | ||||||
Elanco
Animal Health Inc., 6.40%, 08/28/28 |
45 | 40,576 | ||||||
Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 11.50%, 12/15/28 (Call 06/15/27)(a) |
50 | 45,569 | ||||||
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28 (Call 04/30/24)(a) |
125 | 110,021 | ||||||
Prestige
Brands Inc., 5.13%, 01/15/28 |
25 | 23,227 | ||||||
|
|
|||||||
410,029 | ||||||||
Pipelines — 4.5% |
||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 01/15/28 (Call 01/15/23)(a) |
40 | 37,886 | ||||||
Buckeye
Partners LP, 4.50%, 03/01/28 |
30 | 26,095 | ||||||
Cheniere Energy Inc., 4.63%, 10/15/28 (Call 10/15/23) |
120 | 110,713 | ||||||
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28 (Call 06/01/24)(a) |
25 | 22,627 | ||||||
EnLink
Midstream LLC, 5.63%, 01/15/28 |
30 | 28,742 | ||||||
EQM
Midstream Partners LP, 5.50%, 07/15/28 |
50 | 44,748 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 02/01/28 (Call 02/01/23)(b) |
40 | 38,136 | ||||||
Harvest
Midstream I LP, 7.50%, 09/01/28 |
50 | 48,118 | ||||||
Hess
Midstream Operations LP, 5.13%, 06/15/28 |
35 | 32,203 | ||||||
Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 02/01/23)(a)(b) |
30 | 27,278 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 01/15/28 (Call 01/15/23)(a) |
45 | 40,310 | ||||||
Western
Midstream Operating LP |
25 | 22,943 | ||||||
4.75%, 08/15/28 (Call 05/15/28) |
25 | 23,111 | ||||||
|
|
|||||||
502,910 | ||||||||
Real Estate — 0.7% |
||||||||
Cushman & Wakefield U.S. Borrower, LLC, 6.75%, 05/15/28(a)(b) |
40 | 38,034 | ||||||
Howard
Hughes Corp. (The), 5.38%, 08/01/28 |
45 | 38,810 | ||||||
|
|
|||||||
76,844 |
Security | Par (000) |
Value | ||||||
Real Estate Investment Trusts — 2.0% | ||||||||
American Finance Trust Inc./American Finance Operating Partner LP, 4.50%, 09/30/28 (Call 06/30/28)(a) |
$ | 30 | $ | 22,373 | ||||
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)(a) |
25 | 21,219 | ||||||
Diversified
Healthcare Trust, 4.75%, 02/15/28 |
30 | 20,455 | ||||||
Iron
Mountain Inc. |
30 | 26,826 | ||||||
5.25%, 03/15/28 (Call 12/27/22)(a) |
50 | 46,010 | ||||||
Park
Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28 |
45 | 40,827 | ||||||
Service Properties Trust, 3.95%, 01/15/28 (Call 07/15/27) |
25 | 18,376 | ||||||
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 4.75%, 04/15/28 (Call 04/15/24)(a) |
35 | 28,776 | ||||||
|
|
|||||||
224,862 | ||||||||
Retail — 4.3% | ||||||||
1011778
BC ULC/New Red Finance Inc. |
95 | 83,577 | ||||||
4.38%, 01/15/28(a) |
45 | 39,559 | ||||||
Asbury
Automotive Group Inc., 4.50%, 03/01/28 |
25 | 21,691 | ||||||
At Home Group Inc., 4.88%, 07/15/28 (Call 07/15/23)(a) |
20 | 14,531 | ||||||
Bath & Body Works Inc., 5.25%, 02/01/28 |
30 | 26,525 | ||||||
FirstCash Inc., 4.63%, 09/01/28 (Call 09/01/23)(a) |
30 | 25,997 | ||||||
Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 08/15/23)(a) |
45 | 37,044 | ||||||
Ken
Garff Automotive LLC, 4.88%, 09/15/28 |
25 | 20,933 | ||||||
Michaels
Companies Inc. (The), 5.25%, 05/01/28 |
50 | 35,569 | ||||||
Nordstrom Inc., 6.95%, 03/15/28(b) |
20 | 18,576 | ||||||
PetSmart
Inc./PetSmart Finance Corp., 4.75%, 02/15/28 |
70 | 63,808 | ||||||
QVC Inc., 4.38%, 09/01/28 (Call 06/01/28) |
30 | 21,750 | ||||||
SRS Distribution Inc., 4.63%, 07/01/28 (Call 07/01/24)(a) |
40 | 35,191 | ||||||
White Cap Buyer LLC, 6.88%, 10/15/28 (Call 10/15/23)(a)(b) |
40 | 33,992 | ||||||
|
|
|||||||
478,743 | ||||||||
Semiconductors — 0.5% |
||||||||
Entegris Inc., 4.38%, 04/15/28 (Call 04/15/23)(a) |
25 | 21,976 | ||||||
ON
Semiconductor Corp., 3.88%, 09/01/28 |
40 | 35,252 | ||||||
|
|
|||||||
57,228 | ||||||||
Software — 2.8% |
||||||||
Black
Knight InfoServ LLC, 3.63%, 09/01/28 |
60 | 52,182 | ||||||
Castle
U.S. Holding Crop., 9.50%, 02/15/28 |
0 | — | ||||||
Clarivate
Science Holdings Corp., 3.88%, 07/01/28 |
55 | 47,639 | ||||||
Consensus
Cloud Solutions Inc., 6.50%, 10/15/28 |
30 | 26,535 | ||||||
Fair Isaac Corp., 4.00%, 06/15/28 (Call 12/15/22)(a) |
55 | 49,743 | ||||||
Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28 (Call 05/01/24)(a) |
20 | 15,429 | ||||||
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)(a) |
30 | 25,715 | ||||||
Open Text Corp., 3.88%, 02/15/28 (Call 02/15/23)(a) |
55 | 47,188 | ||||||
PTC Inc., 4.00%, 02/15/28 (Call 02/15/23)(a) |
30 | 27,366 | ||||||
Rackspace
Technology Global Inc., 3.50%, 02/15/28 |
35 | 23,157 | ||||||
|
|
|||||||
314,954 | ||||||||
Telecommunications — 6.6% |
||||||||
Altice
France Holding SA, 6.00%, 02/15/28 |
75 | 48,460 | ||||||
Altice France SA/France, 5.50%, 01/15/28(a) |
65 | 51,572 | ||||||
CommScope Inc., 7.13%, 07/01/28 (Call 07/01/23)(a)(b) |
45 | 38,160 | ||||||
Consolidated
Communications Inc. |
25 | 19,379 | ||||||
6.50%, 10/01/28 (Call 10/01/23)(a) |
45 | 36,970 |
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® iBonds® 2028 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Telecommunications (continued) | ||||||||
Frontier Communications Holdings LLC, 5.00%, 05/01/28 (Call 05/01/24)(a) |
$ | 95 | $ | 83,113 | ||||
Frontier Florida LLC, Series E, 6.86%, 02/01/28 |
20 | 18,620 | ||||||
Iliad
Holding SASU, 7.00%, 10/15/28 |
55 | 49,750 | ||||||
Level 3
Financing Inc., 4.25%, 07/01/28 |
70 | 57,689 | ||||||
Sprint Capital Corp., 6.88%, 11/15/28 |
150 | 154,761 | ||||||
Switch Ltd., 3.75%, 09/15/28 (Call 09/15/23)(a) |
35 | 35,350 | ||||||
ViaSat Inc., 6.50%, 07/15/28(a) |
25 | 20,910 | ||||||
Windstream
Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 |
85 | 73,579 | ||||||
Zayo
Group Holdings Inc., 6.13%, 03/01/28 |
65 | 43,214 | ||||||
|
|
|||||||
731,527 | ||||||||
Transportation — 0.5% | ||||||||
Cargo
Aircraft Management Inc., 4.75%, 02/01/28 |
40 | 35,721 | ||||||
Danaos Corp., 8.50%, 03/01/28 (Call 03/01/24)(a) |
20 | 18,527 | ||||||
|
|
|||||||
54,248 | ||||||||
Trucking & Leasing — 0.5% | ||||||||
Fortress
Transportation and Infrastructure Investors LLC, 5.50%, 05/01/28 |
60 | 51,215 | ||||||
|
|
|||||||
Total
Long-Term Investments — 99.0% |
10,985,676 | |||||||
|
|
Security |
(000) |
Value | ||||||
Short-Term Securities |
||||||||
Money Market Funds — 12.9% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)(e) |
1,305 | $ | 1,305,194 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)(d) |
120 | 120,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 12.9% |
1,425,194 | |||||||
|
|
|||||||
Total
Investments — 111.9% |
|
12,410,870 | ||||||
Liabilities in Excess of Other Assets — (11.9)% |
|
(1,317,939 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 11,092,931 | |||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
All or a portion of this security is on loan. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
(e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period 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 03/08/22 |
(a) |
|
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 |
$ | — | $ | 1,305,389 | (b) | $ | — | $ | (91 | ) | $ | (104 | ) | $ | 1,305,194 | 1,305 | $ | 3,636 | (c) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
— | 120,000 | (b) | — | — | — | 120,000 | 120 | 829 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (91 | ) | $ | (104 | ) | $ | 1,425,194 | $ | 4,465 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Represents net amount purchased (sold). |
(c) |
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 |
$ | — | $ | 10,985,676 | $ | — | $ | 10,985,676 | ||||||||
Money Market Funds |
1,425,194 | — | — | 1,425,194 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,425,194 | $ | 10,985,676 | $ | — | $ | 12,410,870 | |||||||||
|
|
|
|
|
|
|
|
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 |
51 |
Schedule of Investments October 31, 2022 |
iShares® iBonds® 2029 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Advertising — 1.2% |
||||||||
Clear Channel Outdoor Holdings Inc., 7.50%, 06/01/29 (Call 06/01/24)(a)(b) |
$ | 55 | $ | 43,242 | ||||
Lamar Media Corp., 4.88%, 01/15/29 (Call 01/15/24) |
20 | 18,094 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/29 (Call 01/15/24)(a)(b) |
25 | 20,552 | ||||||
Stagwell
Global LLC, 5.63%, 08/15/29 |
55 | 47,310 | ||||||
|
|
|||||||
129,198 | ||||||||
Aerospace & Defense — 1.1% | ||||||||
Howmet Aerospace Inc., 3.00%, 01/15/29 (Call 11/15/28) |
35 | 29,127 | ||||||
TransDigm
Inc. |
65 | 55,398 | ||||||
4.88%, 05/01/29 (Call 05/01/24)(b) |
40 | 34,064 | ||||||
|
|
|||||||
118,589 | ||||||||
Agriculture — 0.4% | ||||||||
Vector
Group Ltd., 5.75%, 02/01/29 |
45 | 39,401 | ||||||
|
|
|||||||
Airlines — 2.4% | ||||||||
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29(a) |
155 | 141,050 | ||||||
Delta Air Lines Inc., 3.75%, 10/28/29 (Call 07/28/29) |
30 | 24,790 | ||||||
United Airlines Inc., 4.63%, 04/15/29(a) |
105 | 90,145 | ||||||
|
|
|||||||
255,985 | ||||||||
Apparel — 0.5% | ||||||||
Crocs Inc., 4.25%, 03/15/29 (Call 03/15/24)(a) |
20 | 16,011 | ||||||
Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)(a) |
20 | 16,095 | ||||||
Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)(a)(b) |
30 | 23,906 | ||||||
|
|
|||||||
56,012 | ||||||||
Auto Manufacturers — 1.3% | ||||||||
Allison
Transmission Inc., 5.88%, 06/01/29 |
25 | 23,316 | ||||||
Ford
Motor Credit Co. LLC |
40 | 31,436 | ||||||
5.11%, 05/03/29 (Call 02/03/29) |
75 | 67,007 | ||||||
Jaguar Land Rover Automotive PLC, 5.50%, 07/15/29 (Call 07/15/24)(a) |
25 | 17,632 | ||||||
|
|
|||||||
139,391 | ||||||||
Auto Parts & Equipment — 1.7% | ||||||||
American Axle & Manufacturing Inc., 5.00%, 10/01/29 (Call 10/01/24)(b) |
30 | 24,397 | ||||||
Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29 |
||||||||
(Call 10/15/24)(a) |
35 | 23,287 | ||||||
Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/29 |
||||||||
(Call 04/15/29) |
45 | 39,056 | ||||||
IHO Verwaltungs GmbH, 6.38%, 05/15/29 (Call 05/15/24), (7.13% PIK)(a)(c) |
20 | 17,061 | ||||||
Real Hero Merger Sub 2 Inc., 6.25%, 02/01/29 |
||||||||
(Call 02/01/24)(a) |
30 | 21,717 | ||||||
Tenneco
Inc. |
25 | 24,793 | ||||||
7.88%, 01/15/29 (Call 01/15/24)(a) |
30 | 29,808 | ||||||
|
|
|||||||
180,119 | ||||||||
Beverages — 0.6% | ||||||||
Primo
Water Holdings Inc., 4.38%, 04/30/29 |
40 | 33,571 | ||||||
Triton
Water Holdings Inc., 6.25%, 04/01/29 |
43 | 32,661 | ||||||
|
|
|||||||
66,232 | ||||||||
Building Materials — 0.7% | ||||||||
Louisiana-Pacific
Corp., 3.63%, 03/15/29 |
20 | 16,264 | ||||||
PGT Innovations Inc., 4.38%, 10/01/29(a)(b) |
30 | 24,928 | ||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a) |
40 | 36,636 |
Security | Par (000) |
Value | ||||||
Building Materials (continued) | ||||||||
Victors
Merger Corp., 6.38%, 05/15/29 |
$ | 0 | $ | — | ||||
|
|
|||||||
77,828 | ||||||||
Chemicals — 3.0% | ||||||||
ASP
Unifrax Holdings Inc, 7.50%, 09/30/29 |
20 | 13,416 | ||||||
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a) |
30 | 24,775 | ||||||
Chemours
Co. (The), 4.63%, 11/15/29 |
35 | 27,274 | ||||||
Diamond BC BV, 4.63%, 10/01/29 (Call 10/01/24)(a) |
25 | 18,332 | ||||||
EverArc
Escrow Sarl, 5.00%, 10/30/29 |
35 | 28,624 | ||||||
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (Call 10/15/24)(a) |
20 | 15,738 | ||||||
Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29) |
35 | 30,183 | ||||||
Olin Corp., 5.63%, 08/01/29 (Call 08/01/24) |
35 | 32,901 | ||||||
Olympus Water U.S. Holding Corp., 6.25%, 10/01/29 (Call 10/01/24)(a)(b) |
20 | 13,855 | ||||||
SCIH
Salt Holdings Inc., 6.63%, 05/01/29 |
35 | 28,406 | ||||||
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(a) |
55 | 42,688 | ||||||
WR
Grace Holdings LLC, 5.63%, 08/15/29 |
60 | 46,382 | ||||||
|
|
|||||||
322,574 | ||||||||
Coal — 0.2% | ||||||||
SunCoke
Energy Inc., 4.88%, 06/30/29 |
25 | 20,510 | ||||||
|
|
|||||||
Commercial Services — 5.3% | ||||||||
ADT
Security Corp. (The), 4.13%, 08/01/29 |
50 | 42,859 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29 (Call 06/01/24)(a) |
50 | 34,842 | ||||||
AMN
Healthcare Inc., 4.00%, 04/15/29 |
20 | 17,324 | ||||||
APi Escrow Corp., 4.75%, 10/15/29 (Call 10/15/24)(a) |
15 | 12,556 | ||||||
APi Group DE Inc., 4.13%, 07/15/29 (Call 07/15/24)(a) |
20 | 16,031 | ||||||
APX Group Inc., 5.75%, 07/15/29 (Call 07/15/24)(a) |
40 | 31,563 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.38%, 03/01/29 (Call 03/01/24)(a) |
30 | 25,957 | ||||||
Carriage Services Inc., 4.25%, 05/15/29 (Call 05/15/24)(a)(b) |
20 | 15,097 | ||||||
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)(a) |
25 | 20,895 | ||||||
Garda World Security Corp., 6.00%, 06/01/29 (Call 06/01/24)(a) |
25 | 19,504 | ||||||
Gartner Inc., 3.63%, 06/15/29 (Call 06/15/24)(a) |
30 | 25,854 | ||||||
HealthEquity Inc., 4.50%, 10/01/29 (Call 10/01/24)(a)(b) |
30 | 26,216 | ||||||
Hertz Corp. (The), 5.00%, 12/01/29 (Call 12/01/24)(a) |
55 | 43,772 | ||||||
Metis Merger Sub LLC, 6.50%, 05/15/29 (Call 05/15/24)(a) |
40 | 32,211 | ||||||
NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)(a) |
50 | 43,752 | ||||||
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 06/15/29 (Call 06/15/24)(a) |
20 | 14,399 | ||||||
PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (Call 11/15/24)(a) |
30 | 20,103 | ||||||
PROG
Holdings Inc., 6.00%, 11/15/29 |
30 | 24,382 | ||||||
Rent-A-Center Inc./TX, 6.38%,
02/15/29 |
25 | 19,424 | ||||||
Service Corp. International/U.S., 5.13%, 06/01/29 |
||||||||
(Call 06/01/24)(b) |
40 | 37,300 | ||||||
Sotheby’s/Bidfair Holdings Inc., 5.88%, 06/01/29 |
||||||||
(Call 06/01/24)(a) |
15 | 12,555 | ||||||
StoneMor Inc., 8.50%, 05/15/29 (Call 05/15/24)(a) |
20 | 16,431 | ||||||
TriNet Group Inc., 3.50%, 03/01/29 (Call 03/01/24)(a) |
30 | 24,854 | ||||||
|
|
|||||||
577,881 | ||||||||
Computers — 1.9% | ||||||||
Booz
Allen Hamilton Inc., 4.00%, 07/01/29 |
30 | 26,192 | ||||||
Conduent
Business Services LLC/Conduent State & Local Solutions Inc.,
6.00%, 11/01/29 |
30 | 24,606 | ||||||
Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24) |
40 | 33,916 | ||||||
NCR
Corp. |
65 | 54,499 | ||||||
6.13%, 09/01/29 (Call 09/01/24)(a) |
25 | 23,948 |
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 (continued) October 31, 2022 |
iShares® iBonds® 2029 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Computers (continued) | ||||||||
Seagate
HDD Cayman |
$ | 25 | $ | 18,558 | ||||
4.09%, 06/01/29 (Call 03/01/29) |
25 | 20,021 | ||||||
|
|
|||||||
201,740 | ||||||||
Cosmetics & Personal Care — 0.4% | ||||||||
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a) |
25 | 21,688 | ||||||
Edgewell Personal Care Co., 4.13%, 04/01/29 (Call 04/01/24)(a) |
30 | 25,640 | ||||||
|
|
|||||||
47,328 | ||||||||
Distribution & Wholesale — 0.3% | ||||||||
American Builders & Contractors Supply Co. Inc., 3.88%, 11/15/29 (Call 11/15/24)(a)(b) |
20 | 16,410 | ||||||
Resideo Funding Inc., 4.00%, 09/01/29 (Call 09/01/24)(a) |
15 | 12,273 | ||||||
|
|
|||||||
28,683 | ||||||||
Diversified Financial Services — 2.6% | ||||||||
Aretec Escrow Issuer Inc., 7.50%, 04/01/29 (Call 04/01/24)(a) |
20 | 16,404 | ||||||
Armor Holdco Inc., 8.50%, 11/15/29 (Call 11/15/24)(a) |
20 | 14,936 | ||||||
Cobra AcquisitionCo LLC, 6.38%, 11/01/29 (Call 11/01/24)(a) |
20 | 13,301 | ||||||
Hightower Holding LLC, 6.75%, 04/15/29(a) |
15 | 12,288 | ||||||
Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29 |
||||||||
(Call 11/15/24)(a) |
30 | 26,430 | ||||||
LPL Holdings Inc., 4.00%, 03/15/29 (Call 03/15/24)(a) |
45 | 39,392 | ||||||
Navient Corp., 5.50%, 03/15/29 (Call 06/15/28) |
40 | 31,882 | ||||||
OneMain Finance Corp., 5.38%, 11/15/29 (Call 05/15/29) |
40 | 32,780 | ||||||
PennyMac Financial Services Inc., 4.25%, 02/15/29 |
||||||||
(Call 02/15/24)(a) |
35 | 26,512 | ||||||
PRA Group Inc., 5.00%, 10/01/29 (Call 10/01/24)(a) |
20 | 16,015 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 3.63%, 03/01/29(a) |
40 | 30,998 | ||||||
United
Wholesale Mortgage LLC, 5.50%, |
35 | 26,556 | ||||||
|
|
|||||||
287,494 | ||||||||
Electric — 1.6% | ||||||||
Calpine Corp., 4.63%, 02/01/29 (Call 02/01/24)(a) |
35 | 29,741 | ||||||
DPL Inc., 4.35%, 04/15/29 (Call 01/15/29) |
20 | 17,110 | ||||||
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29 (Call 07/01/24)(a) |
20 | 16,216 | ||||||
NRG
Energy Inc. |
25 | 20,916 | ||||||
5.25%, 06/15/29 (Call 06/15/24)(a) |
35 | 31,805 | ||||||
Vistra Operations Co. LLC, 4.38%, 05/01/29 (Call 05/01/24)(a) |
65 | 55,707 | ||||||
|
|
|||||||
171,495 | ||||||||
Electrical Components & Equipment — 0.3% | ||||||||
Energizer
Holdings Inc., 4.38%, 03/31/29 |
40 | 32,371 | ||||||
|
|
|||||||
Electronics — 1.9% | ||||||||
II-VI Inc., 5.00%, 12/15/29(a)(b) |
55 | 47,112 | ||||||
Imola
Merger Corp., 4.75%, 05/15/29 |
105 | 91,053 | ||||||
Sensata Technologies BV, 4.00%, 04/15/29(a) |
50 | 42,078 | ||||||
TTM Technologies Inc., 4.00%, 03/01/29 (Call 03/01/24)(a) |
30 | 25,355 | ||||||
|
|
|||||||
205,598 | ||||||||
Engineering & Construction — 1.1% | ||||||||
Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)(a) |
20 | 17,306 | ||||||
Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)(a) |
25 | 21,856 | ||||||
Global Infrastructure Solutions Inc., 5.63%, 06/01/29 |
||||||||
(Call 06/01/24)(a) |
20 | 14,822 | ||||||
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29 |
||||||||
(Call 06/01/24)(a) |
20 | 15,732 | ||||||
MasTec Inc., 6.63%, 08/15/29 |
15 | 14,932 | ||||||
TopBuild Corp., 3.63%, 03/15/29 (Call 03/15/24)(a) |
20 | 16,037 |
Security | Par (000) |
Value | ||||||
Engineering & Construction (continued) | ||||||||
VM
Consolidated Inc., 5.50%, 04/15/29 |
$ | 15 | $ | 13,061 | ||||
|
|
|||||||
113,746 | ||||||||
Entertainment — 4.5% | ||||||||
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 |
||||||||
(Call 02/15/25)(a) |
50 | 34,388 | ||||||
Boyne USA Inc., 4.75%, 05/15/29 (Call 05/15/24)(a) |
35 | 30,622 | ||||||
Caesars Entertainment Inc., 4.63%, 10/15/29 |
||||||||
(Call 10/15/24)(a)(b) |
65 | 52,015 | ||||||
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24) |
30 | 26,393 | ||||||
Everi Holdings Inc., 5.00%, 07/15/29 (Call 07/15/24)(a) |
20 | 17,426 | ||||||
International Game Technology PLC, 5.25%, 01/15/29 |
||||||||
(Call 01/15/24)(a) |
40 | 37,183 | ||||||
Jacobs
Entertainment Inc., 6.75%, 02/15/29 |
25 | 22,080 | ||||||
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29(a) |
50 | 37,937 | ||||||
Midwest Gaming Borrower LLC, 4.88%, 05/01/29 |
||||||||
(Call 05/01/24)(a) |
40 | 34,100 | ||||||
Penn National Gaming Inc., 4.13%, 07/01/29 |
||||||||
(Call 07/01/24)(a)(b) |
20 | 15,901 | ||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/29 (Call 09/01/24)(a) |
40 | 29,770 | ||||||
Resorts World Las Vegas LLC, 4.63%, 04/16/29 |
||||||||
(Call 01/16/29)(d) |
50 | 34,662 | ||||||
Scientific Games International Inc., 7.25%, 11/15/29 |
||||||||
(Call 11/15/24)(a) |
25 | 24,154 | ||||||
SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29 |
||||||||
(Call 08/15/24)(a) |
35 | 30,412 | ||||||
WMG
Acquisition Corp., 3.75%, 12/01/29 |
30 | 25,319 | ||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29 (Call 07/01/29)(a) |
40 | 31,882 | ||||||
|
|
|||||||
484,244 | ||||||||
Environmental Control — 1.6% | ||||||||
Clean Harbors Inc., 5.13%, 07/15/29 (Call 07/15/24)(a) |
15 | 13,911 | ||||||
Covanta
Holding Corp., 4.88%, 12/01/29 |
40 | 34,176 | ||||||
GFL
Environmental Inc. |
30 | 25,447 | ||||||
4.75%, 06/15/29 (Call 06/15/24)(a)(b) |
40 | 34,934 | ||||||
Madison IAQ LLC, 5.88%, 06/30/29 (Call 06/30/24)(a) |
55 | 37,836 | ||||||
Stericycle Inc., 3.88%, 01/15/29 (Call 11/15/23)(a) |
25 | 21,715 | ||||||
|
|
|||||||
168,019 | ||||||||
Food — 2.2% | ||||||||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 3.50%, 03/15/29 (Call 09/15/23)(a) |
70 | 57,916 | ||||||
Performance Food Group Inc., 4.25%, 08/01/29 |
||||||||
(Call 08/01/24)(a) |
50 | 42,525 | ||||||
Post Holdings Inc., 5.50%, 12/15/29 (Call 12/15/24)(a) |
65 | 58,520 | ||||||
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, 4.63%, 03/01/29 (Call 03/01/24)(a) |
45 | 37,552 | ||||||
U.S. Foods Inc., 4.75%, 02/15/29 (Call 02/15/24)(a)(b) |
45 | 40,040 | ||||||
|
|
|||||||
236,553 | ||||||||
Food Service — 0.2% | ||||||||
TKC
Holdings Inc., 10.50%, 05/15/29 |
35 | 24,119 | ||||||
|
|
|||||||
Forest Products & Paper — 0.7% | ||||||||
Glatfelter Corp., 4.75%, 11/15/29 (Call 11/01/24)(a) |
30 | 19,321 | ||||||
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24) |
47 | 39,167 | ||||||
Sylvamo Corp., 7.00%, 09/01/29 (Call 09/01/24)(a) |
22 | 20,643 | ||||||
|
|
|||||||
79,131 | ||||||||
Health Care - Products — 3.4% | ||||||||
Avantor
Funding Inc., 3.88%, 11/01/29 |
40 | 33,765 | ||||||
Hologic Inc., 3.25%, 02/15/29 (Call 09/28/23)(a) |
50 | 42,507 |
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® iBonds® 2029 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Health Care - Products (continued) | ||||||||
Mozart
Debt Merger Sub Inc. |
$ | 235 | $ | 191,948 | ||||
5.25%, 10/01/29 (Call 10/01/24)(a) |
130 | 101,332 | ||||||
|
|
|||||||
369,552 | ||||||||
Health Care - Services — 2.5% | ||||||||
Acadia Healthcare Co. Inc., 5.00%, 04/15/29 (Call 10/15/23)(a) |
25 | 22,523 | ||||||
AHP Health Partners Inc., 5.75%, 07/15/29 (Call 07/15/24)(a) |
15 | 11,626 | ||||||
Catalent Pharma Solutions Inc., 3.13%, 02/15/29 |
||||||||
(Call 02/15/24)(a) |
30 | 24,561 | ||||||
Centene Corp., 4.63%, 12/15/29 (Call 12/15/24) |
34 | 30,764 | ||||||
Charles River Laboratories International Inc., 3.75%, 03/15/29 (Call 03/15/24)(a)(b) |
25 | 21,638 | ||||||
CHS/Community Health Systems Inc., 6.00%, 01/15/29 (Call 01/15/24)(a) |
50 | 37,261 | ||||||
Lifepoint
Health Inc., 5.38%, 01/15/29 |
25 | 15,890 | ||||||
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 |
||||||||
(Call 10/01/24)(a) |
25 | 21,438 | ||||||
Syneos
Health Inc., 3.63%, 01/15/29 |
30 | 24,738 | ||||||
Tenet Healthcare Corp., 4.25%, 06/01/29 (Call 06/01/24)(a)(b) |
70 | 58,973 | ||||||
|
|
|||||||
269,412 | ||||||||
Holding Companies - Diversified — 0.7% | ||||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a) |
50 | 42,968 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 02/01/29 (Call 08/01/28) |
40 | 33,570 | ||||||
|
|
|||||||
76,538 | ||||||||
Home Builders — 1.3% | ||||||||
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/29 (Call 08/01/24)(a) |
20 | 15,020 | ||||||
Beazer Homes USA Inc., 7.25%, 10/15/29 (Call 10/15/24) |
20 | 16,551 | ||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29 (Call 06/15/24)(a) |
20 | 15,269 | ||||||
Century Communities Inc., 3.88%, 08/15/29 (Call 02/15/29)(a) |
25 | 19,700 | ||||||
KB Home, 4.80%, 11/15/29 (Call 05/15/29) |
15 | 12,288 | ||||||
LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)(a) |
15 | 11,486 | ||||||
Meritage Homes Corp., 3.88%, 04/15/29 (Call 10/15/28)(a) |
25 | 20,266 | ||||||
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 04/01/29 (Call 04/01/24)(a) |
15 | 12,222 | ||||||
Thor
Industries Inc., 4.00%, 10/15/29 |
25 | 20,213 | ||||||
|
|
|||||||
143,015 | ||||||||
Home Furnishings — 0.3% | ||||||||
Tempur Sealy International Inc., 4.00%, 04/15/29 |
||||||||
(Call 04/15/24)(a) |
40 | 32,264 | ||||||
|
|
|||||||
Household Products & Wares — 0.3% | ||||||||
ACCO
Brands Corp., 4.25%, 03/15/29 |
30 | 23,830 | ||||||
Spectrum
Brands Inc., 5.00%, 10/01/29 |
15 | 12,253 | ||||||
|
|
|||||||
36,083 | ||||||||
Housewares — 0.4% | ||||||||
Newell Brands Inc., 6.63%, 09/15/29 (Call 06/15/29) |
25 | 24,431 | ||||||
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/29 |
||||||||
(Call 10/15/24)(b) |
20 | 16,218 | ||||||
|
|
|||||||
40,649 | ||||||||
Insurance — 1.7% | ||||||||
Acrisure
LLC/Acrisure Finance Inc. |
35 | 28,600 | ||||||
6.00%, 08/01/29 (Call 08/01/24)(a) |
25 | 20,694 | ||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/29 (Call 11/01/24)(a) |
25 | 21,231 | ||||||
AmWINS
Group Inc., 4.88%, 06/30/29 |
40 | 34,668 | ||||||
AssuredPartners
Inc., 5.63%, 01/15/29 |
30 | 24,670 |
Security | Par (000) |
Value | ||||||
Insurance (continued) | ||||||||
BroadStreet
Partners Inc., 5.88%, 04/15/29 |
$ | 40 | $ | 32,333 | ||||
Hub
International Ltd., 5.63%, 12/01/29 |
30 | 25,785 | ||||||
|
|
|||||||
187,981 | ||||||||
Internet — 2.0% | ||||||||
Endurance International Group Holdings Inc., 6.00%, 02/15/29 (Call 02/15/24)(a) |
35 | 22,777 | ||||||
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 3.50%, 03/01/29 (Call 03/01/24)(a) |
40 | 33,154 | ||||||
Match Group Holdings II LLC, 5.63%, 02/15/29 |
||||||||
(Call 02/15/24)(a) |
20 | 17,867 | ||||||
Netflix
Inc. |
45 | 43,086 | ||||||
6.38%, 05/15/29 |
40 | 40,793 | ||||||
Uber
Technologies Inc., 4.50%, 08/15/29 |
75 | 64,296 | ||||||
|
|
|||||||
221,973 | ||||||||
Iron & Steel — 1.1% | ||||||||
Allegheny Technologies Inc., 4.88%, 10/01/29 (Call 10/01/24) |
15 | 12,603 | ||||||
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (Call 09/15/23)(a) |
40 | 37,882 | ||||||
Cleveland-Cliffs Inc., 4.63%, 03/01/29 (Call 03/01/24)(a) |
25 | 21,526 | ||||||
TMS International Corp./DE, 6.25%, 04/15/29(a) |
20 | 13,771 | ||||||
U.S. Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)(b) |
33 | 30,289 | ||||||
|
|
|||||||
116,071 | ||||||||
Leisure Time — 2.5% | ||||||||
Carnival Corp., 6.00%, 05/01/29 (Call 11/01/24)(a) |
105 | 69,468 | ||||||
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (Call 06/01/24)(a) |
30 | 21,144 | ||||||
NCL Corp. Ltd., 7.75%, 02/15/29 (Call 11/15/28)(a) |
30 | 23,918 | ||||||
Royal
Caribbean Cruises Ltd. |
50 | 49,841 | ||||||
9.25%, 01/15/29 (Call 04/01/25)(a) |
50 | 50,748 | ||||||
Viking Cruises Ltd., 7.00%, 02/15/29 (Call 02/15/24)(a) |
25 | 19,907 | ||||||
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 |
||||||||
(Call 02/15/24)(a) |
17 | 13,262 | ||||||
Vista Outdoor Inc., 4.50%, 03/15/29 (Call 03/15/24)(a) |
25 | 19,571 | ||||||
|
|
|||||||
267,859 | ||||||||
Lodging — 1.7% | ||||||||
Hilton Domestic Operating Co. Inc., 3.75%, 05/01/29 |
||||||||
(Call 05/01/24)(a) |
40 | 34,126 | ||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29 (Call 06/01/24)(a) |
45 | 38,726 | ||||||
Las
Vegas Sands Corp., 3.90%, 08/08/29 |
40 | 32,270 | ||||||
Marriott Ownership Resorts Inc., 4.50%, 06/15/29 |
||||||||
(Call 06/15/24)(a) |
25 | 20,925 | ||||||
Travel + Leisure Co., 4.50%, 12/01/29 (Call 09/01/29)(a) |
35 | 28,493 | ||||||
Wynn Macau Ltd., 5.13%, 12/15/29 (Call 12/15/24)(a) |
50 | 29,093 | ||||||
|
|
|||||||
183,633 | ||||||||
Machinery — 0.7% | ||||||||
BWX
Technologies Inc., 4.13%, 04/15/29 |
20 | 17,305 | ||||||
Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)(a) |
25 | 21,714 | ||||||
OT Merger Corp., 7.88%, 10/15/29 (Call 10/15/24)(a) |
15 | 9,596 | ||||||
Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)(a)(b) |
30 | 26,760 | ||||||
|
|
|||||||
75,375 | ||||||||
Media — 7.3% | ||||||||
Altice Financing SA, 5.75%, 08/15/29 (Call 08/15/24)(a) |
105 | 82,685 | ||||||
AMC Networks Inc., 4.25%, 02/15/29 (Call 02/15/24) |
50 | 38,785 | ||||||
CCO
Holdings LLC/CCO Holdings Capital Corp. |
80 | 71,529 | ||||||
6.38%, 09/01/29 (Call 09/01/25)(a) |
80 | 74,107 | ||||||
CSC Holdings LLC, 6.50%, 02/01/29 (Call 02/01/24)(a) |
90 | 84,739 | ||||||
DISH DBS Corp., 5.13%, 06/01/29 |
80 | 54,074 |
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® iBonds® 2029 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Media (continued) | ||||||||
LCPR Senior Secured Financing DAC, 5.13%, 07/15/29 (Call 07/15/24)(a) |
$ | 40 | $ | 33,776 | ||||
Liberty Interactive LLC, 8.50%, 07/15/29 |
15 | 9,462 | ||||||
McGraw-Hill Education Inc., 8.00%, 08/01/29 (Call 08/01/24)(a) |
40 | 34,064 | ||||||
News Corp., 3.88%, 05/15/29 (Call 05/15/24)(a) |
50 | 42,985 | ||||||
Scripps
Escrow II Inc., 3.88%, 01/15/29 |
30 | 24,918 | ||||||
Sirius
XM Radio Inc., 5.50%, 07/01/29 |
65 | 59,940 | ||||||
TEGNA Inc., 5.00%, 09/15/29 (Call 09/15/24) |
55 | 52,510 | ||||||
Univision Communications Inc., 4.50%, 05/01/29 |
||||||||
(Call 05/01/24)(a) |
55 | 46,400 | ||||||
Videotron Ltd., 3.63%, 06/15/29 (Call 06/15/24)(a)(b) |
25 | 20,965 | ||||||
Virgin Media Secured Finance PLC, 5.50%, 05/15/29 |
||||||||
(Call 05/15/24)(a) |
70 | 63,696 | ||||||
|
|
|||||||
794,635 | ||||||||
Metal Fabricate & Hardware — 0.2% | ||||||||
Roller Bearing Co of America Inc., 4.38%, 10/15/29 |
||||||||
(Call 10/15/24)(a)(b) |
30 | 26,350 | ||||||
|
|
|||||||
Mining — 0.7% | ||||||||
Alcoa Nederland Holding BV, 4.13%, 03/31/29 (Call 03/31/24)(a) |
25 | 21,310 | ||||||
Coeur Mining Inc., 5.13%, 02/15/29 (Call 02/15/24)(a) |
18 | 13,986 | ||||||
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)(a) |
25 | 19,602 | ||||||
Hudbay
Minerals Inc., 6.13%, 04/01/29 |
30 | 24,834 | ||||||
|
|
|||||||
79,732 | ||||||||
Office & Business Equipment — 0.1% | ||||||||
Pitney Bowes Inc., 7.25%, 03/15/29 (Call 03/15/24)(a) |
20 | 12,746 | ||||||
|
|
|||||||
Office Furnishings — 0.2% |
||||||||
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28) |
25 | 21,881 | ||||||
|
|
|||||||
Oil & Gas — 5.3% | ||||||||
Antero
Resources Corp., 7.63%, 02/01/29 |
30 | 30,596 | ||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/29 (Call 09/01/24)(a) |
20 | 17,633 | ||||||
Chesapeake
Energy Corp. |
25 | 23,625 | ||||||
6.75%, 04/15/29 (Call 04/15/24)(a) |
50 | 49,222 | ||||||
CNX
Resources Corp., 6.00%, 01/15/29 |
25 | 23,357 | ||||||
Colgate Energy Partners III LLC, 5.88%, 07/01/29 |
||||||||
(Call 07/01/24)(a) |
35 | 32,663 | ||||||
Comstock Resources Inc., 6.75%, 03/01/29 (Call 03/01/24)(a) |
65 | 62,241 | ||||||
CrownRock LP/CrownRock Finance Inc., 5.00%, 05/01/29 (Call 05/01/24)(a) |
20 | 18,314 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co., 5.75%, 02/01/29 (Call 02/01/24)(a) |
30 | 27,455 | ||||||
Laredo Petroleum Inc., 7.75%, 07/31/29 (Call 07/31/24)(a)(b) |
20 | 19,216 | ||||||
MEG Energy Corp., 5.88%, 02/01/29 (Call 02/01/24)(a) |
30 | 28,758 | ||||||
Murphy Oil Corp., 7.05%, 05/01/29 |
10 | 9,919 | ||||||
Occidental Petroleum Corp., 3.50%, 08/15/29 (Call 05/15/29) |
15 | 13,510 | ||||||
Parkland Corp., 4.50%, 10/01/29 (Call 10/01/24)(a) |
40 | 33,672 | ||||||
Patterson-UTI Energy Inc., 5.15%,
11/15/29 |
20 | 17,625 | ||||||
Precision Drilling Corp., 6.88%, 01/15/29 (Call 01/15/25)(a) |
20 | 18,379 | ||||||
Range
Resources Corp., 8.25%, 01/15/29 |
30 | 31,118 | ||||||
Rockcliff Energy II LLC, 5.50%, 10/15/29 (Call 10/15/24)(a) |
40 | 35,703 | ||||||
Southwestern Energy Co., 5.38%, 02/01/29 (Call 02/01/24) |
35 | 32,594 | ||||||
Sunoco LP/Sunoco Finance Corp., 4.50%, 05/15/29 |
||||||||
(Call 05/15/24) |
40 | 34,561 | ||||||
Teine Energy Ltd., 6.88%, 04/15/29 (Call 04/15/24)(a) |
20 | 17,889 | ||||||
|
|
|||||||
578,050 |
Security | Par (000) |
Value | ||||||
Packaging & Containers — 1.2% | ||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29 (Call 05/15/24)(a)(b) |
$ | 50 | $ | 38,078 | ||||
Clydesdale Acquisition Holdings Inc., 6.63%, 04/15/29 |
||||||||
(Call 04/15/25)(a) |
25 | 23,716 | ||||||
Graphic Packaging International LLC, 3.50%, 03/01/29 |
||||||||
(Call 09/01/28)(a) |
20 | 16,989 | ||||||
LABL Inc., 8.25%, 11/01/29 (Call 11/01/24)(a) |
25 | 20,012 | ||||||
Sealed Air Corp., 5.00%, 04/15/29 (Call 04/15/25)(a)(b) |
20 | 18,259 | ||||||
TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)(a) |
20 | 17,194 | ||||||
|
|
|||||||
134,248 | ||||||||
Pharmaceuticals — 1.6% | ||||||||
180 Medical Inc., 3.88%, 10/15/29 (Call 10/07/24)(a) |
30 | 25,354 | ||||||
AdaptHealth LLC, 4.63%, 08/01/29 (Call 02/01/24)(a) |
25 | 21,294 | ||||||
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a) |
30 | 22,495 | ||||||
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a) |
75 | 66,524 | ||||||
Option Care Health Inc., 4.38%, 10/31/29 (Call 10/31/24)(a)(b) |
25 | 21,529 | ||||||
Owens & Minor Inc., 4.50%, 03/31/29 (Call 03/31/24)(a) |
25 | 19,421 | ||||||
|
|
|||||||
176,617 | ||||||||
Pipelines — 3.8% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 06/15/29 (Call 06/15/24)(a) |
40 | 36,486 | ||||||
Cheniere Energy Partners LP, 4.50%, 10/01/29 (Call 10/01/24) |
75 | 66,218 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |
||||||||
6.00%, 02/01/29 (Call 02/01/24)(a) |
35 | 32,851 | ||||||
8.00%, 04/01/29 (Call 04/01/24)(a) |
25 | 25,247 | ||||||
DT Midstream Inc., 4.13%, 06/15/29 (Call 06/15/24)(a) |
55 | 47,532 | ||||||
EnLink Midstream LLC, 5.38%, 06/01/29 (Call 03/01/29) |
25 | 23,072 | ||||||
EQM Midstream Partners LP, 4.50%, 01/15/29 (Call 07/15/28)(a) |
40 | 34,002 | ||||||
Global Partners LP/GLP Finance Corp., 6.88%, 01/15/29 (Call 01/15/24) |
17 | 15,476 | ||||||
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a) |
65 | 52,322 | ||||||
Rockies Express Pipeline LLC, 4.95%, 07/15/29 |
||||||||
(Call 04/15/29)(a) |
30 | 26,402 | ||||||
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/29 |
||||||||
(Call 02/15/29)(a) |
65 | 56,234 | ||||||
|
|
|||||||
415,842 | ||||||||
Real Estate — 1.1% |
||||||||
Howard Hughes Corp. (The), 4.13%, 02/01/29 (Call 02/01/24)(a) |
35 | 27,718 | ||||||
Hunt Cos. Inc., 5.25%, 04/15/29 (Call 04/15/24)(a) |
35 | 28,455 | ||||||
Kennedy-Wilson Inc., 4.75%, 03/01/29 (Call 03/01/24) |
30 | 24,269 | ||||||
Realogy Group LLC/Realogy Co-Issuer Corp., 5.75%, 01/15/29 (Call 01/15/24)(a) |
50 | 35,906 | ||||||
|
|
|||||||
116,348 | ||||||||
Real Estate Investment Trusts — 3.2% |
||||||||
Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)(a) |
25 | 19,665 | ||||||
Iron Mountain Inc., 4.88%, 09/15/29 (Call 09/15/24)(a) |
50 | 43,090 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29 (Call 06/15/24)(a) |
35 | 27,976 | ||||||
MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 08/01/29 (Call 08/01/24) |
45 | 35,952 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 4.88%, 05/15/29 (Call 05/15/24)(a) |
40 | 34,190 | ||||||
RHP Hotel Properties LP/RHP Finance Corp., 4.50%, 02/15/29 (Call 02/15/24)(a)(b) |
30 | 26,311 | ||||||
RLJ
Lodging Trust LP, 4.00%, 09/15/29 |
25 | 20,939 | ||||||
SBA Communications Corp., 3.13%, 02/01/29 (Call 02/01/24) |
75 | 60,771 | ||||||
Service Properties Trust, 4.95%, 10/01/29 (Call 07/01/29) |
25 | 18,264 |
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® iBonds® 2029 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
Security |
Par |
Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 6.50%, 02/15/29 (Call 02/15/24)(a) |
$ | 60 | $ | 43,197 | ||||
XHR LP, 4.88%, 06/01/29 (Call 06/01/24)(a) |
25 | 21,765 | ||||||
|
|
|||||||
352,120 | ||||||||
Retail — 6.8% | ||||||||
1011778 BC ULC/New Red Finance Inc., 3.50%, 02/15/29 (Call 02/15/24)(a) |
40 | 33,500 | ||||||
Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)(a) |
25 | 19,809 | ||||||
Asbury Automotive Group Inc., 4.63%, 11/15/29 |
||||||||
(Call 11/15/24)(a) |
40 | 32,893 | ||||||
Bath & Body Works Inc., 7.50%, 06/15/29 (Call 06/15/24)(b) |
25 | 23,711 | ||||||
Beacon Roofing Supply Inc., 4.13%, 05/15/29(a) |
20 | 16,558 | ||||||
Bloomin’ Brands Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29 (Call 04/15/24)(a) |
15 | 12,710 | ||||||
BlueLinx Holdings Inc., 6.00%, 11/15/29 (Call 11/15/24)(a) |
15 | 12,312 | ||||||
Carrols Restaurant Group Inc., 5.88%, 07/01/29 |
||||||||
(Call 07/01/24)(a) |
15 | 10,455 | ||||||
Ferrellgas LP/Ferrellgas Finance Corp., 5.88%, 04/01/29 (Call 04/01/24)(a) |
45 | 37,736 | ||||||
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., 4.63%, 01/15/29 (Call 01/15/25)(a) |
50 | 43,476 | ||||||
Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)(a) |
20 | 15,296 | ||||||
Foundation Building Materials Inc., 6.00%, 03/01/29 |
||||||||
(Call 03/01/24)(a) |
20 | 13,993 | ||||||
Gap Inc. (The), 3.63%, 10/01/29 (Call 10/01/24)(a) |
40 | 28,102 | ||||||
GYP Holdings III Corp., 4.63%, 05/01/29 (Call 05/01/24)(a) |
20 | 15,800 | ||||||
LBM
Acquisition LLC, 6.25%, 01/15/29 |
45 | 31,437 | ||||||
LCM Investments Holdings II LLC, 4.88%, 05/01/29 |
||||||||
(Call 05/01/24)(a) |
50 | 42,319 | ||||||
Lithia
Motors Inc., 3.88%, 06/01/29 |
40 | 32,392 | ||||||
Macy’s Retail Holdings LLC, 5.88%, 04/01/29 (Call 04/01/24)(a) |
25 | 21,652 | ||||||
Murphy Oil USA Inc., 4.75%, 09/15/29 (Call 09/15/24) |
25 | 22,596 | ||||||
Papa John’s International Inc., 3.88%, 09/15/29 |
||||||||
(Call 09/15/24)(a)(b) |
25 | 20,354 | ||||||
Park
River Holdings Inc. |
20 | 12,702 | ||||||
6.75%, 08/01/29 (Call 08/01/24)(a) |
20 | 13,207 | ||||||
Patrick Industries Inc., 4.75%, 05/01/29 (Call 05/01/24)(a) |
20 | 15,190 | ||||||
Penske Automotive Group Inc., 3.75%, 06/15/29 (Call 06/15/24) |
25 | 20,528 | ||||||
PetSmart Inc./PetSmart Finance Corp., 7.75%, 02/15/29 (Call 02/15/24)(a)(b) |
60 | 56,332 | ||||||
Sonic Automotive Inc., 4.63%, 11/15/29 (Call 11/15/24)(a)(b) |
35 | 27,547 | ||||||
SRS
Distribution Inc. |
45 | 36,702 | ||||||
6.13%, 07/01/29 (Call 07/01/24)(a)(b) |
25 | 20,537 | ||||||
Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)(a) |
30 | 25,228 | ||||||
Victoria’s Secret & Co., 4.63%, 07/15/29 (Call 07/15/24)(a) |
30 | 23,871 | ||||||
|
|
|||||||
738,945 | ||||||||
Semiconductors — 0.3% | ||||||||
Entegris Inc., 3.63%, 05/01/29 (Call 05/01/24)(a) |
25 | 20,439 | ||||||
Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)(a)(b) |
20 | 16,576 | ||||||
|
|
|||||||
37,015 | ||||||||
Software — 4.5% | ||||||||
Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 |
||||||||
(Call 06/15/25)(a) |
40 | 38,205 | ||||||
Clarivate Science Holdings Corp., 4.88%, 07/01/29 |
||||||||
(Call 06/30/24)(a) |
50 | 41,689 | ||||||
Dun & Bradstreet Corp. (The), 5.00%, 12/15/29 |
||||||||
(Call 12/15/24)(a) |
25 | 21,188 | ||||||
Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)(a)(b) |
30 | 25,069 | ||||||
MSCI Inc., 4.00%, 11/15/29 (Call 11/15/24)(a)(b) |
50 | 43,414 |
Security | Par/ Shares (000) |
Value | ||||||
Software (continued) | ||||||||
Open Text Corp., 3.88%, 12/01/29 (Call 12/01/24)(a) |
$ | 45 | $ | 35,667 | ||||
Picard
Midco Inc., 6.50%, 03/31/29 |
210 | 182,196 | ||||||
Playtika
Holding Corp., 4.25%, 03/15/29 |
30 | 24,984 | ||||||
Rocket
Software Inc., 6.50%, 02/15/29 |
30 | 23,957 | ||||||
Twilio Inc., 3.63%, 03/15/29 (Call 03/15/24) |
30 | 24,755 | ||||||
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)(a)(b) |
35 | 29,479 | ||||||
|
|
|||||||
490,603 | ||||||||
Telecommunications — 4.9% | ||||||||
Altice France SA, 5.50%, 10/15/29 (Call 10/15/24)(a) |
100 | 76,226 | ||||||
Altice
France SA/France |
30 | 22,905 | ||||||
5.13%, 07/15/29 (Call 04/15/24)(a) |
125 | 94,227 | ||||||
CommScope Inc., 4.75%, 09/01/29 (Call 09/01/24)(a) |
65 | 55,030 | ||||||
Frontier
Communications Holdings LLC |
40 | 31,442 | ||||||
6.75%, 05/01/29 (Call 05/01/24)(a) |
55 | 45,336 | ||||||
Level 3
Financing Inc. |
45 | 34,336 | ||||||
3.75%, 07/15/29 (Call 01/15/24)(a) |
45 | 34,294 | ||||||
3.88%, 11/15/29 (Call 08/15/29)(a) |
37 | 30,421 | ||||||
Lumen
Technologies Inc. |
50 | 35,317 | ||||||
5.38%, 06/15/29 (Call 06/15/24)(a) |
25 | 18,350 | ||||||
Switch Ltd., 4.13%, 06/15/29 (Call 06/15/24)(a) |
30 | 30,104 | ||||||
Viavi
Solutions Inc., 3.75%, 10/01/29 |
25 | 20,710 | ||||||
|
|
|||||||
528,698 | ||||||||
Toys, Games & Hobbies — 0.2% | ||||||||
Mattel Inc., 3.75%, 04/01/29 (Call 04/01/24)(a)(b) |
30 | 25,961 | ||||||
|
|
|||||||
Transportation — 0.7% | ||||||||
Carriage Purchaser Inc., 7.88%, 10/15/29 (Call 10/15/24)(a) |
15 | 11,139 | ||||||
First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)(a) |
40 | 32,548 | ||||||
Seaspan Corp., 5.50%, 08/01/29 (Call 08/01/24)(a)(b) |
40 | 30,929 | ||||||
|
|
|||||||
74,616 | ||||||||
|
|
|||||||
Total
Long-Term Investments — 98.4% |
|
10,689,053 | ||||||
|
|
|||||||
Short-Term Securities | ||||||||
Money Market Funds — 14.1% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(e)(f)(g) |
1,467 | 1,466,336 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(e)(f) |
70 | 70,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 14.1% |
1,536,336 | |||||||
|
|
|||||||
Total
Investments — 112.5% |
12,225,389 | |||||||
Liabilities in Excess of Other Assets — (12.5)% |
(1,359,614 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 10,865,775 | ||||||
|
|
(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. |
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® iBonds® 2029 Term High Yield and Income ETF |
(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 period 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 03/08/22 |
(a) |
|
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 |
|
Income |
|
Capital Gain Distributions from Underlying Funds |
| |||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | — | $ | 1,466,633 | (b) | $ | — | $ | (159 | ) | $ | (138 | ) | $ | 1,466,336 | 1,467 | $ | 3,059 | (c) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
— | 70,000 | (b) | — | — | — | 70,000 | 70 | 1,001 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (159 | ) | $ | (138 | ) | $ | 1,536,336 | $ | 4,060 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Represents net amount purchased (sold). |
(c) |
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 |
$ | — | $ | 10,689,053 | $ | — | $ | 10,689,053 | ||||||||
Money Market Funds |
1,536,336 | — | — | 1,536,336 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,536,336 | $ | 10,689,053 | $ | — | $ | 12,225,389 | |||||||||
|
|
|
|
|
|
|
|
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 |
57 |
Statements of Assets and Liabilities
October 31, 2022
iShares iBonds 2022 Term High Yield and Income ETF |
iShares iBonds 2023 Term High Yield and Income ETF |
iShares iBonds 2024 Term High Yield and Income ETF |
iShares iBonds 2025 Term High Yield and Income ETF |
|||||||||||||
|
||||||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 40,936,097 | $ | 159,107,494 | $ | 143,664,514 | $ | 82,443,500 | ||||||||
Investments, at value — affiliated(c) |
73,866,262 | 33,656,271 | 23,225,980 | 14,072,444 | ||||||||||||
Cash |
12,447 | 150,558 | 3,118 | 10,300 | ||||||||||||
Foreign currency, at value(d) |
— | 4 | 64 | — | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
2,496,009 | 2,119,368 | 251,973 | 396,885 | ||||||||||||
Securities lending income — affiliated |
9,924 | 9,245 | 14,357 | 8,618 | ||||||||||||
Capital shares sold |
— | — | 112,179 | 15,190 | ||||||||||||
Dividends — affiliated |
144,429 | 16,185 | 2,493 | 3,758 | ||||||||||||
Interest — unaffiliated |
654,003 | 1,857,079 | 2,278,423 | 1,495,348 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
118,119,171 | 196,916,204 | 169,553,101 | 98,446,043 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Collateral on securities loaned, at value |
9,830,490 | 23,063,907 | 20,372,299 | 11,997,753 | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
— | 5,363,582 | 108,839 | 956,973 | ||||||||||||
Capital shares redeemed |
— | 10,987 | — | — | ||||||||||||
Investment advisory fees |
27,687 | 46,926 | 35,035 | 21,902 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
9,858,177 | 28,485,402 | 20,516,173 | 12,976,628 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 108,260,994 | $ | 168,430,802 | $ | 149,036,928 | $ | 85,469,415 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 108,533,132 | $ | 173,552,128 | $ | 154,476,950 | $ | 90,324,536 | ||||||||
Accumulated loss |
(272,138 | ) | (5,121,326 | ) | (5,440,022 | ) | (4,855,121 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 108,260,994 | $ | 168,430,802 | $ | 149,036,928 | $ | 85,469,415 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE |
||||||||||||||||
Shares outstanding |
4,500,000 | 7,200,000 | 6,600,000 | 3,800,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 24.06 | $ | 23.39 | $ | 22.58 | $ | 22.49 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 41,000,083 | $ | 161,178,566 | $ | 147,821,126 | $ | 85,915,240 | ||||||||
(b) Securities loaned, at value |
$ | 7,329,875 | $ | 21,548,328 | $ | 19,564,051 | $ | 11,149,124 | ||||||||
(c) Investments, at cost — affiliated |
$ | 73,866,146 | $ | 33,656,919 | $ | 23,226,566 | $ | 14,072,618 | ||||||||
(d) Foreign currency, at cost |
$ | — | $ | 4 | $ | 68 | $ | — |
See notes to financial statements.
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 |
Statements of Assets and Liabilities (continued)
October 31, 2022
iShares iBonds 2026 Term High Yield and Income ETF |
iShares iBonds 2027 Term High Yield and Income ETF |
iShares iBonds 2028 Term High Yield and Income ETF |
iShares iBonds 2029 Term High Yield and Income ETF |
|||||||||||||
|
||||||||||||||||
ASSETS |
||||||||||||||||
Investments, at value — unaffiliated(a)(b) |
$ | 34,537,706 | $ | 14,750,010 | $ | 10,985,676 | $ | 10,689,053 | ||||||||
Investments, at value — affiliated(c) |
7,023,406 | 2,855,467 | 1,425,194 | 1,536,336 | ||||||||||||
Cash |
9,703 | 2,123 | 6,162 | 875 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
344,117 | 20,014 | 115,752 | 151,062 | ||||||||||||
Securities lending income — affiliated |
2,971 | 1,395 | 781 | 680 | ||||||||||||
Capital shares sold |
— | 8 | — | — | ||||||||||||
Dividends — affiliated |
999 | 102 | 194 | 146 | ||||||||||||
Interest — unaffiliated |
575,379 | 262,856 | 178,878 | 165,361 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
42,494,281 | 17,891,975 | 12,712,637 | 12,543,513 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Collateral on securities loaned, at value |
6,536,015 | 2,836,324 | 1,305,389 | 1,466,634 | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
314,087 | 143,840 | 311,079 | 207,930 | ||||||||||||
Investment advisory fees |
10,170 | 4,351 | 3,238 | 3,174 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
6,860,272 | 2,984,515 | 1,619,706 | 1,677,738 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 35,634,009 | $ | 14,907,460 | $ | 11,092,931 | $ | 10,865,775 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF |
||||||||||||||||
Paid-in capital |
$ | 38,454,881 | $ | 16,765,001 | $ | 12,245,249 | $ | 12,510,534 | ||||||||
Accumulated loss |
(2,820,872 | ) | (1,857,541 | ) | (1,152,318 | ) | (1,644,759 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 35,634,009 | $ | 14,907,460 | $ | 11,092,931 | $ | 10,865,775 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSET VALUE |
||||||||||||||||
Shares outstanding |
1,600,000 | 700,000 | 500,000 | 500,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 22.27 | $ | 21.30 | $ | 22.19 | $ | 21.73 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Investments, at cost — unaffiliated |
$ | 36,886,748 | $ | 16,264,458 | $ | 12,003,496 | $ | 12,061,968 | ||||||||
(b) Securities loaned, at value |
$ | 6,282,361 | $ | 2,739,637 | $ | 1,251,989 | $ | 1,403,664 | ||||||||
(c) Investments, at cost — affiliated |
$ | 7,023,784 | $ | 2,855,572 | $ | 1,425,298 | $ | 1,536,474 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
59 |
Year Ended October 31, 2022
iShares iBonds 2022 Term High Yield and Income ETF |
iShares iBonds 2023 Term High Yield and Income ETF |
iShares iBonds 2024 Term High Yield and Income ETF |
iShares iBonds 2025 Term High Yield and Income ETF |
|||||||||||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — affiliated |
$ | 313,476 | $ | 40,027 | $ | 12,944 | $ | 10,584 | ||||||||
Interest — unaffiliated |
1,427,067 | 3,449,883 | 3,618,206 | 2,776,544 | ||||||||||||
Payment-in-kind interest — unaffiliated |
— | 387,793 | — | — | ||||||||||||
Securities lending income — affiliated — net |
43,323 | 47,506 | 82,550 | 40,625 | ||||||||||||
Other income — unaffiliated |
(9,398 | ) | 1,136 | 6,040 | 1,613 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
1,774,468 | 3,926,345 | 3,719,740 | 2,829,366 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
302,433 | 410,259 | 257,073 | 173,145 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
302,433 | 410,259 | 257,073 | 173,145 | ||||||||||||
Less: |
||||||||||||||||
Investment advisory fees waived |
(12,592 | ) | (2,383 | ) | (818 | ) | (584 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
289,841 | 407,876 | 256,255 | 172,561 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
1,484,627 | 3,518,469 | 3,463,485 | 2,656,805 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated |
(18,980 | ) | (2,951,415 | ) | (866,120 | ) | (679,921 | ) | ||||||||
Investments — affiliated |
(3,703 | ) | (5,771 | ) | (5,235 | ) | (3,735 | ) | ||||||||
In-kind redemptions — unaffiliated(a) |
3,538 | 206,186 | — | (21,964 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
(19,145 | ) | (2,751,000 | ) | (871,355 | ) | (705,620 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated |
(263,514 | ) | (2,461,380 | ) | (4,793,073 | ) | (4,043,715 | ) | ||||||||
Investments — affiliated |
(228 | ) | (1,521 | ) | (1,150 | ) | (953 | ) | ||||||||
Foreign currency translations |
— | — | (4 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
(263,742 | ) | (2,462,901 | ) | (4,794,227 | ) | (4,044,668 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized loss |
(282,887 | ) | (5,213,901 | ) | (5,665,582 | ) | (4,750,288 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 1,201,740 | $ | (1,695,432 | ) | $ | (2,202,097 | ) | $ | (2,093,483 | ) | |||||
|
|
|
|
|
|
|
|
(a) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
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 |
Statements of Operations (continued)
Year Ended October 31, 2022
|
iShares iBonds 2026 Term High Yield and Income ETF |
|
|
iShares iBonds 2027 Term High Yield and Income ETF |
|
|
iShares iBonds 2028 Term High Yield and Income ETF |
(a) |
|
iShares iBonds 2029 Term High Yield and Income ETF |
(a) | |||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — affiliated |
$ | 2,645 | $ | 765 | $ | 829 | $ | 1,001 | ||||||||
Interest — unaffiliated |
1,425,764 | 616,361 | 450,378 | 467,801 | ||||||||||||
Securities lending income — affiliated — net |
14,390 | 6,583 | 3,636 | 3,059 | ||||||||||||
Other income — unaffiliated |
1,160 | 250 | — | 445 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
1,443,959 | 623,959 | 454,843 | 472,306 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory |
86,982 | 45,897 | 24,083 | 25,593 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
86,982 | 45,897 | 24,083 | 25,593 | ||||||||||||
Less: |
||||||||||||||||
Investment advisory fees waived |
(183 | ) | (60 | ) | (57 | ) | (64 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
86,799 | 45,837 | 24,026 | 25,529 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
1,357,160 | 578,122 | 430,817 | 446,777 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — unaffiliated |
(477,078 | ) | (276,113 | ) | (195,501 | ) | (331,349 | ) | ||||||||
Investments — affiliated |
(2,063 | ) | (752 | ) | (91 | ) | (159 | ) | ||||||||
In-kind redemptions — unaffiliated(b) |
(47,210 | ) | (155,198 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
(526,351 | ) | (432,063 | ) | (195,592 | ) | (331,508 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — unaffiliated |
(2,517,088 | ) | (1,389,961 | ) | (1,017,820 | ) | (1,372,915 | ) | ||||||||
Investments — affiliated |
(378 | ) | (105 | ) | (104 | ) | (138 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(2,517,466 | ) | (1,390,066 | ) | (1,017,924 | ) | (1,373,053 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized loss |
(3,043,817 | ) | (1,822,129 | ) | (1,213,516 | ) | (1,704,561 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | (1,686,657 | ) | $ | (1,244,007 | ) | $ | (782,699 | ) | $ | (1,257,784 | ) | ||||
|
|
|
|
|
|
|
|
(a) |
For the period from March 8, 2022 (commencement of operations) to October 31, 2022. |
(b) |
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 |
61 |
Statements of Changes in Net Assets
iShares iBonds 2022 Term High Yield and |
iShares iBonds 2023 Term High Yield and |
|||||||||||||||||||
|
|
|
|
|||||||||||||||||
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 |
$ | 1,484,627 | $ | 1,279,552 | $ | 3,518,469 | $ | 2,061,878 | ||||||||||||
Net realized gain (loss) |
(19,145 | ) | 505,905 | (2,751,000 | ) | 554,555 | ||||||||||||||
Net change in unrealized appreciation (depreciation) |
(263,742 | ) | (132,806 | ) | (2,462,901 | ) | 161,331 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Net increase (decrease) in net assets resulting from operations |
1,201,740 | 1,652,651 | (1,695,432 | ) | 2,777,764 | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(1,447,264 | ) | (1,338,242 | ) | (3,422,061 | ) | (1,956,106 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||
Net increase in net assets derived from capital share transactions |
38,421,226 | 50,744,075 | 90,001,831 | 66,191,647 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
NET ASSETS |
||||||||||||||||||||
Total increase in net assets |
38,175,702 | 51,058,484 | 84,884,338 | 67,013,305 | ||||||||||||||||
Beginning of period |
70,085,292 | 19,026,808 | 83,546,464 | 16,533,159 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
End of period |
$ | 108,260,994 | $ | 70,085,292 | $ | 168,430,802 | $ | 83,546,464 | ||||||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
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 |
Statements of Changes in Net Assets (continued)
iShares iBonds 2024 Term High Yield and Income ETF |
iShares iBonds 2025 Term High Yield and Income 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 |
$ | 3,463,485 | $ | 1,292,686 | $ | 2,656,805 | $ | 1,248,401 | ||||||||
Net realized gain (loss) |
(871,355 | ) | 165,396 | (705,620 | ) | 120,442 | ||||||||||
Net change in unrealized appreciation (depreciation) |
(4,794,227 | ) | 535,648 | (4,044,668 | ) | 372,759 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(2,202,097 | ) | 1,993,730 | (2,093,483 | ) | 1,741,602 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(3,121,614 | ) | (1,275,100 | ) | (2,544,114 | ) | (1,311,182 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Net increase in net assets derived from capital share transactions |
102,633,210 | 41,654,956 | 50,288,336 | 22,540,953 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
||||||||||||||||
Total increase in net assets |
97,309,499 | 42,373,586 | 45,650,739 | 22,971,373 | ||||||||||||
Beginning of period |
51,727,429 | 9,353,843 | 39,818,676 | 16,847,303 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 149,036,928 | $ | 51,727,429 | $ | 85,469,415 | $ | 39,818,676 | ||||||||
|
|
|
|
|
|
|
|
(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 |
63 |
Statements of Changes in Net Assets (continued)
iShares iBonds 2026 Term High Yield and Income ETF |
iShares iBonds 2027 Term High Yield and Income ETF |
|||||||||||||||
|
Year Ended 10/31/22 |
|
|
Period From 11/10/20 to 10/31/21 |
(a)
|
|
Year Ended 10/31/22 |
|
|
Period From 07/07/21 to 10/31/21 |
(a)
| |||||
|
||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
OPERATIONS |
||||||||||||||||
Net investment income |
$ | 1,357,160 | $ | 672,208 | $ | 578,122 | $ | 124,912 | ||||||||
Net realized gain (loss) |
(526,351 | ) | (59,096 | ) | (432,063 | ) | 119 | |||||||||
Net change in unrealized appreciation (depreciation) |
(2,517,466 | ) | 168,046 | (1,390,066 | ) | (124,487 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
(1,686,657 | ) | 781,158 | (1,244,007 | ) | 544 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS(b) |
||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(1,299,480 | ) | (663,103 | ) | (676,024 | ) | (93,252 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Net increase in net assets derived from capital share transactions |
18,299,537 | 20,202,554 | 4,402,345 | 12,517,854 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
||||||||||||||||
Total increase in net assets |
15,313,400 | 20,320,609 | 2,482,314 | 12,425,146 | ||||||||||||
Beginning of period |
20,320,609 | — | 12,425,146 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of period |
$ | 35,634,009 | $ | 20,320,609 | $ | 14,907,460 | $ | 12,425,146 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
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 |
Statements of Changes in Net Assets (continued)
iShares iBonds 2028 Term High Yield and Income ETF |
iShares iBonds 2029 Term High Yield and Income ETF |
|||||||
|
Period From 03/08/22 to 10/31/22 |
(a)
|
|
Period From 03/08/22 to 10/31/22 |
(a)
| |||
|
||||||||
INCREASE (DECREASE) IN NET ASSETS |
|
|||||||
OPERATIONS |
|
|||||||
Net investment income |
$ | 430,817 | $ | 446,777 | ||||
Net realized loss |
(195,592 | ) | (331,508 | ) | ||||
Net change in unrealized appreciation (depreciation) |
(1,017,924 | ) | (1,373,053 | ) | ||||
|
|
|
|
|||||
Net decrease in net assets resulting from operations |
(782,699 | ) | (1,257,784 | ) | ||||
|
|
|
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS(b) |
|
|||||||
Decrease in net assets resulting from distributions to shareholders |
(369,619 | ) | (386,975 | ) | ||||
|
|
|
|
|||||
CAPITAL SHARE TRANSACTIONS |
|
|||||||
Net increase in net assets derived from capital share transactions |
12,245,249 | 12,510,534 | ||||||
|
|
|
|
|||||
NET ASSETS |
|
|||||||
Total increase in net assets |
11,092,931 | 10,865,775 | ||||||
Beginning of period |
— | — | ||||||
|
|
|
|
|||||
End of period |
$ | 11,092,931 | $ | 10,865,775 | ||||
|
|
|
|
(a) |
Commencement of operations. |
(b) |
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 |
65 |
(For a share outstanding throughout each period)
iShares iBonds 2022 Term High Yield and Income ETF | ||||||||||||||||
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Year Ended 10/31/20 |
|
|
Period From 05/07/19 to 10/31/19 |
(a)
| |||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 24.17 | $ | 23.78 | $ | 24.59 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
0.41 | 0.66 | 1.32 | 0.64 | ||||||||||||
Net realized and unrealized gain (loss)(c) |
(0.11 | ) | 0.57 | (0.83 | ) | (0.51 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase from investment operations |
0.30 | 1.23 | 0.49 | 0.13 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions from net investment income(d) |
(0.41 | ) | (0.84 | ) | (1.30 | ) | (0.54 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 24.06 | $ | 24.17 | $ | 23.78 | $ | 24.59 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
1.23 | % | 5.22 | % | 2.15 | % | 0.56 | %(f) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
0.34 | % | 0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
1.72 | % | 2.72 | % | 5.61 | % | 5.34 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 108,261 | $ | 70,085 | $ | 19,027 | $ | 9,838 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(i) |
1 | % | 33 | % | 68 | % | 14 | % | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(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) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See 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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds 2023 Term High Yield and Income ETF | ||||||||||||||||
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Year Ended 10/31/20 |
|
|
Period From 05/07/19 to 10/31/19 |
(a)
| |||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 24.57 | $ | 23.62 | $ | 24.73 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
0.71 | 1.08 | 1.33 | 0.69 | ||||||||||||
Net realized and unrealized gain (loss)(c) |
(1.17 | ) | 1.04 | (1.08 | ) | (0.40 | ) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) from investment operations |
(0.46 | ) | 2.12 | 0.25 | 0.29 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions from net investment income(d) |
(0.72 | ) | (1.17 | ) | (1.36 | ) | (0.56 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 23.39 | $ | 24.57 | $ | 23.62 | $ | 24.73 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
(1.86 | )% | 9.12 | % | 1.16 | % | 1.19 | %(f) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
3.00 | % | 4.40 | % | 5.67 | % | 5.73 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 168,431 | $ | 83,546 | $ | 16,533 | $ | 12,364 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(i) |
19 | % | 46 | % | 51 | % | 9 | % | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(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) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
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 |
67 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds 2024 Term High Yield and Income ETF | ||||||||||||||||
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Year Ended 10/31/20 |
|
|
Period From 05/07/19 to 10/31/19 |
(a)
| |||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 24.63 | $ | 23.38 | $ | 25.21 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
1.09 | 1.08 | 1.33 | 0.68 | ||||||||||||
Net realized and unrealized gain (loss)(c) |
(2.12 | ) | 1.33 | (1.79 | ) | 0.09 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) from investment operations |
(1.03 | ) | 2.41 | (0.46 | ) | 0.77 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions from net investment income(d) |
(1.02 | ) | (1.16 | ) | (1.37 | ) | (0.56 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 22.58 | $ | 24.63 | $ | 23.38 | $ | 25.21 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(e) |
||||||||||||||||
Based on net asset value |
(4.21 | )% | 10.42 | % | (1.72 | )% | 3.08 | %(f) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(g) |
||||||||||||||||
Total expenses |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
4.72 | % | 4.39 | % | 5.61 | % | 5.55 | %(h) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 149,037 | $ | 51,727 | $ | 9,354 | $ | 12,604 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(i) |
24 | % | 44 | % | 42 | % | 10 | % | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(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) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds 2025 Term High Yield and Income ETF | ||||||||||||||||
|
Year Ended 10/31/22 |
|
|
Year Ended 10/31/21 |
|
|
Year Ended 10/31/20 |
|
|
Period From 05/07/19 to 10/31/19 |
(a)
| |||||
|
||||||||||||||||
Net asset value, beginning of period |
$ | 24.89 | $ | 24.07 | $ | 25.13 | $ | 25.00 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income(b) |
1.26 | 1.14 | 1.37 | 0.71 | ||||||||||||
Net realized and unrealized gain (loss)(c) |
(2.43 | ) | 0.95 | (0.99 | ) | 0.00 | (d) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) from investment operations |
(1.17 | ) | 2.09 | 0.38 | 0.71 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Distributions from net investment income(e) |
(1.23 | ) | (1.27 | ) | (1.44 | ) | (0.58 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value, end of period |
$ | 22.49 | $ | 24.89 | $ | 24.07 | $ | 25.13 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Return(f) |
||||||||||||||||
Based on net asset value |
(4.77 | )% | 8.77 | % | 1.71 | % | 2.87 | %(g) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Ratios to Average Net Assets(h) |
||||||||||||||||
Total expenses |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(i) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(i) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
5.37 | % | 4.58 | % | 5.73 | % | 5.84 | %(i) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Supplemental Data |
||||||||||||||||
Net assets, end of period (000) |
$ | 85,469 | $ | 39,819 | $ | 16,847 | $ | 12,565 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Portfolio turnover rate(j) |
20 | % | 29 | % | 42 | % | 5 | % | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(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) |
Rounds to less than $0.01. |
(e) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(f) |
Where applicable, assumes the reinvestment of distributions. |
(g) |
Not annualized. |
(h) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. (i) Annualized. |
(j) |
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 |
69 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds 2026 Term High Yield and Income ETF | ||||||||
|
Year Ended 10/31/22 |
|
|
Period From 11/10/20 to 10/31/21 |
(a)
| |||
|
||||||||
Net asset value, beginning of period |
$ | 25.40 | $ | 25.00 | ||||
|
|
|
|
|||||
Net investment income(b) |
1.28 | 1.06 | ||||||
Net realized and unrealized gain (loss)(c) |
(3.15 | ) | 0.37 | |||||
|
|
|
|
|||||
Net increase (decrease) from investment operations |
(1.87 | ) | 1.43 | |||||
|
|
|
|
|||||
Distributions from net investment income(d) |
(1.26 | ) | (1.03 | ) | ||||
|
|
|
|
|||||
Net asset value, end of period |
$ | 22.27 | $ | 25.40 | ||||
|
|
|
|
|||||
Total Return(e) |
||||||||
Based on net asset value |
(7.52 | )% | 5.79 | %(f) | ||||
|
|
|
|
|||||
Ratios to Average Net Assets(g) |
||||||||
Total expenses |
0.35 | % | 0.35 | %(h) | ||||
|
|
|
|
|||||
Total expenses after fees waived |
0.35 | % | 0.35 | %(h) | ||||
|
|
|
|
|||||
Net investment income |
5.46 | % | 4.26 | %(h) | ||||
|
|
|
|
|||||
Supplemental Data |
||||||||
Net assets, end of period (000) |
$ | 35,634 | $ | 20,321 | ||||
|
|
|
|
|||||
Portfolio turnover rate(i) |
15 | % | 35 | % | ||||
|
|
|
|
(a) |
Commencement of operations. |
(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) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
70 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds 2027 Term High Yield and Income ETF | ||||||||
|
Year Ended 10/31/22 |
|
|
Period From 07/07/21 to 10/31/21 |
(a)
| |||
|
||||||||
Net asset value, beginning of period |
$ | 24.85 | $ | 25.00 | ||||
|
|
|
|
|||||
Net investment income(b) |
1.01 | 0.25 | ||||||
Net realized and unrealized loss(c) |
(3.36 | ) | (0.21 | ) | ||||
|
|
|
|
|||||
Net increase (decrease) from investment operations |
(2.35 | ) | 0.04 | |||||
|
|
|
|
|||||
Distributions from net investment income(d) |
(1.20 | ) | (0.19 | ) | ||||
|
|
|
|
|||||
Net asset value, end of period |
$ | 21.30 | $ | 24.85 | ||||
|
|
|
|
|||||
Total Return(e) |
||||||||
Based on net asset value |
(9.71 | )% | 0.15 | %(f) | ||||
|
|
|
|
|||||
Ratios to Average Net Assets(g) |
||||||||
Total expenses |
0.35 | % | 0.35 | %(h) | ||||
|
|
|
|
|||||
Total expenses after fees waived |
0.35 | % | 0.35 | %(h) | ||||
|
|
|
|
|||||
Net investment income |
4.41 | % | 3.19 | %(h) | ||||
|
|
|
|
|||||
Supplemental Data |
||||||||
Net assets, end of period (000) |
$ | 14,907 | $ | 12,425 | ||||
|
|
|
|
|||||
Portfolio turnover rate(i) |
13 | % | 3 | % | ||||
|
|
|
|
(a) |
Commencement of operations. |
(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) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
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 |
71 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds 2028 Term High Yield and Income ETF |
||||
|
Period From 03/08/22 to 10/31/22 |
(a)
| ||
|
||||
Net asset value, beginning of period |
$ | 25.00 | ||
|
|
|||
Net investment income(b) |
0.94 | |||
Net realized and unrealized loss(c) |
(2.95 | ) | ||
|
|
|||
Net decrease from investment operations |
(2.01 | ) | ||
|
|
|||
Distributions from net investment income |
(0.80 | ) | ||
|
|
|||
Net asset value, end of period |
$ | 22.19 | ||
|
|
|||
Total Return(d) |
||||
Based on net asset value |
(8.10 | )%(e) | ||
|
|
|||
Ratios to Average Net Assets(f) |
||||
Total expenses |
0.35 | %(g) | ||
|
|
|||
Total expenses after fees waived |
0.35 | %(g) | ||
|
|
|||
Net investment income |
6.26 | %(g) | ||
|
|
|||
Supplemental Data |
||||
Net assets, end of period (000) |
$ | 11,093 | ||
|
|
|||
Portfolio turnover rate(h) |
8 | % | ||
|
|
(a) |
Commencement of operations. |
(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) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Not annualized. |
(f) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
72 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares iBonds 2029 Term High Yield and Income ETF |
||||
|
Period From 03/08/22 to |
(a)
| ||
|
||||
Net asset value, beginning of period |
$ | 25.00 | ||
|
|
|||
Net investment income(b) |
0.91 | |||
Net realized and unrealized loss(c) |
(3.41 | ) | ||
|
|
|||
Net decrease from investment operations |
(2.50 | ) | ||
|
|
|||
Distributions from net investment income(d) |
(0.77 | ) | ||
|
|
|||
Net asset value, end of period |
$ | 21.73 | ||
|
|
|||
Total Return(e) |
||||
Based on net asset value |
(10.06 | )%(f) | ||
|
|
|||
Ratios to Average Net Assets(g) |
||||
Total expenses |
0.35 | %(h) | ||
|
|
|||
Total expenses after fees waived |
0.35 | %(h) | ||
|
|
|||
Net investment income |
6.11 | %(h) | ||
|
|
|||
Supplemental Data |
||||
Net assets, end of period (000) |
$ | 10,866 | ||
|
|
|||
Portfolio turnover rate(i) |
14 | % | ||
|
|
(a) |
Commencement of operations. |
(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) |
Not annualized. |
(g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
(h) |
Annualized. |
(i) |
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 |
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 | |
iBonds 2022 Term High Yield and Income |
Diversified(a) | |
iBonds 2023 Term High Yield and Income |
Diversified(a) | |
iBonds 2024 Term High Yield and Income |
Diversified(a) | |
iBonds 2025 Term High Yield and Income |
Diversified(a) | |
iBonds 2026 Term High Yield and Income |
Non-diversified | |
iBonds 2027 Term High Yield and Income |
Non-diversified | |
iBonds 2028 Term High Yield and Income |
Non-diversified | |
iBonds 2029 Term High Yield and Income |
Non-diversified |
(a) |
The Fund’s classification changed from non-diversified to diversified during the reporting period. |
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. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.
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.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
74 |
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 |
Notes to Financial Statements (continued)
• |
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
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 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.
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 |
75 |
Notes to Financial Statements (continued)
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 | ||||||
iBonds 2022 Term High Yield and Income |
||||||||||||||||
Barclays Capital, Inc. |
$ | 545,490 | $ | (545,490 | ) | $ | — | $ | — | |||||||
BMO Capital Markets Corp. |
1,984,373 | (1,984,373 | ) | — | — | |||||||||||
BNP Paribas SA |
150,352 | (150,352 | ) | — | — | |||||||||||
BofA Securities, Inc. |
739,467 | (739,467 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
3,707,893 | (3,707,893 | ) | — | — | |||||||||||
Morgan Stanley |
202,300 | (202,300 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 7,329,875 | $ | (7,329,875 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
iBonds 2023 Term High Yield and Income |
||||||||||||||||
Barclays Capital, Inc. |
$ | 1,120,069 | $ | (1,120,069 | ) | $ | — | $ | — | |||||||
BMO Capital Markets Corp. |
98,770 | (98,770 | ) | — | — | |||||||||||
BNP Paribas SA |
357,057 | (357,057 | ) | — | — | |||||||||||
BofA Securities, Inc. |
926,222 | (926,222 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
1,387,298 | (1,387,298 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
731,303 | (731,303 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
4,799,612 | (4,799,612 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
8,418,025 | (8,418,025 | ) | — | — | |||||||||||
Jefferies LLC |
270,397 | (270,397 | ) | — | — | |||||||||||
Morgan Stanley |
2,055,160 | (2,055,160 | ) | — | — | |||||||||||
Pershing LLC |
547,143 | (547,143 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
837,272 | (837,272 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 21,548,328 | $ | (21,548,328 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
iBonds 2024 Term High Yield and Income |
||||||||||||||||
Barclays Capital, Inc. |
$ | 3,334,974 | $ | (3,334,974 | ) | $ | — | $ | — | |||||||
BofA Securities, Inc. |
710,830 | (710,830 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
126,389 | (126,389 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
180,413 | (180,413 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
9,733,501 | (9,733,501 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
3,886,835 | (3,886,835 | ) | — | — | |||||||||||
Jefferies LLC |
899,629 | (899,629 | ) | — | — | |||||||||||
Morgan Stanley |
378,863 | (378,863 | ) | — | — | |||||||||||
Pershing LLC |
22,604 | (22,604 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
96,671 | (96,671 | ) | — | — | |||||||||||
State Street Bank & Trust Co. |
193,342 | (193,342 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 19,564,051 | $ | (19,564,051 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
iBonds 2025 Term High Yield and Income |
||||||||||||||||
Barclays Capital, Inc. |
$ | 1,227,328 | $ | (1,227,328 | ) | $ | — | $ | — | |||||||
BMO Capital Markets Corp. |
9,319 | (9,319 | ) | — | — | |||||||||||
BNP Paribas SA |
243,548 | (243,548 | ) | — | — | |||||||||||
BofA Securities, Inc. |
604,676 | (604,676 | ) | — | — | |||||||||||
Citigroup Global Markets, Inc. |
41,587 | (41,587 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
212,239 | (212,239 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
5,402,822 | (5,402,822 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
3,205,313 | (3,205,313 | ) | — | — | |||||||||||
Jefferies LLC |
8,336 | (8,336 | ) | — | — | |||||||||||
Morgan Stanley |
31,016 | (31,016 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
162,940 | (162,940 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 11,149,124 | $ | (11,149,124 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
76 |
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 |
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 | ||||||
iBonds 2026 Term High Yield and Income |
||||||||||||||||
Barclays Bank PLC |
$ | 645,351 | $ | (645,351 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
192,338 | (192,338 | ) | — | — | |||||||||||
BMO Capital Markets Corp. |
167,086 | (167,086 | ) | — | — | |||||||||||
BNP Paribas SA |
338,613 | (338,613 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
232,288 | (232,288 | ) | — | — | |||||||||||
Goldman Sachs & Co. LLC |
2,672,034 | (2,672,034 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
1,395,050 | (1,395,050 | ) | — | — | |||||||||||
Jefferies LLC |
219,845 | (219,845 | ) | — | — | |||||||||||
Morgan Stanley |
171,724 | (171,724 | ) | — | — | |||||||||||
Nomura Securities International, Inc. |
90,286 | (90,286 | ) | — | — | |||||||||||
RBC Capital Markets LLC |
157,746 | (157,746 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 6,282,361 | $ | (6,282,361 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
iBonds 2027 Term High Yield and Income |
||||||||||||||||
Barclays Bank PLC |
$ | 324,968 | $ | (324,968 | ) | $ | — | $ | — | |||||||
Barclays Capital, Inc. |
209,621 | (209,621 | ) | — | — | |||||||||||
BofA Securities, Inc. |
269,319 | (269,319 | ) | — | — | |||||||||||
Citadel Clearing LLC |
79,305 | (79,305 | ) | — | — | |||||||||||
Credit Suisse Securities (USA) LLC |
46,398 | (46,398 | ) | — | — | |||||||||||
J.P. Morgan Securities LLC |
1,144,236 | (1,144,236 | ) | — | — | |||||||||||
Jefferies LLC |
140,988 | (140,988 | ) | — | — | |||||||||||
Nomura Securities International, Inc. |
19,800 | (19,800 | ) | — | — | |||||||||||
RBC Capital Markets LLC |
303,244 | (303,244 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
149,938 | (149,938 | ) | — | — | |||||||||||
Toronto-Dominion Bank |
51,820 | (51,820 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 2,739,637 | $ | (2,739,637 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
iBonds 2028 Term High Yield and Income |
||||||||||||||||
BMO Capital Markets Corp. |
$ | 38,201 | $ | (38,201 | ) | $ | — | $ | — | |||||||
J.P. Morgan Securities LLC |
974,479 | (974,479 | ) | — | — | |||||||||||
Jefferies LLC |
63,719 | (63,719 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
30,376 | (30,376 | ) | — | — | |||||||||||
Wells Fargo Securities LLC |
145,214 | (145,214 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,251,989 | $ | (1,251,989 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
iBonds 2029 Term High Yield and Income |
||||||||||||||||
BMO Capital Markets Corp. |
$ | 121,719 | $ | (121,719 | ) | $ | — | $ | — | |||||||
J.P. Morgan Securities LLC |
1,131,219 | (1,131,219 | ) | — | — | |||||||||||
Jefferies LLC |
113,028 | (113,028 | ) | — | — | |||||||||||
Scotia Capital (USA), Inc. |
37,698 | (37,698 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,403,664 | $ | (1,403,664 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
(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 Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.
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 |
77 |
Notes to Financial Statements (continued)
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund’s investments in other funds advised by BFA or its affiliates.
These amounts are 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 these arrangements were as follows:
iShares ETF | Amounts Waived | |
iBonds 2022 Term High Yield and Income |
$ 12,592 | |
iBonds 2023 Term High Yield and Income |
2,383 | |
iBonds 2024 Term High Yield and Income |
818 | |
iBonds 2025 Term High Yield and Income |
584 | |
iBonds 2026 Term High Yield and Income |
183 | |
iBonds 2027 Term High Yield and Income |
60 | |
iBonds 2028 Term High Yield and Income |
57 | |
iBonds 2029 Term High Yield and Income |
64 |
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 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 | |||
iBonds 2022 Term High Yield and Income |
$ | 12,087 | ||
iBonds 2023 Term High Yield and Income |
15,729 | |||
iBonds 2024 Term High Yield and Income |
22,377 | |||
iBonds 2025 Term High Yield and Income |
11,781 | |||
iBonds 2026 Term High Yield and Income |
4,567 | |||
iBonds 2027 Term High Yield and Income |
2,038 | |||
iBonds 2028 Term High Yield and Income |
1,054 | |||
iBonds 2029 Term High Yield and Income |
906 |
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
78 |
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 |
Notes to Financial Statements (continued)
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) |
|||||||||
iBonds 2023 Term High Yield and Income |
$ | — | $ | 655,602 | $ | (36,543 | ) | |||||
iBonds 2024 Term High Yield and Income |
33,922 | — | — | |||||||||
iBonds 2025 Term High Yield and Income |
470,072 | — | — |
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 | ||||||
iBonds 2022 Term High Yield and Income |
$ | 511,071 | $ | 40,694,135 | ||||
iBonds 2023 Term High Yield and Income |
21,533,278 | 48,886,884 | ||||||
iBonds 2024 Term High Yield and Income |
20,317,208 | 22,543,659 | ||||||
iBonds 2025 Term High Yield and Income |
11,636,532 | 12,859,805 | ||||||
iBonds 2026 Term High Yield and Income |
4,191,156 | 4,364,547 | ||||||
iBonds 2027 Term High Yield and Income |
2,143,817 | 1,869,112 | ||||||
iBonds 2028 Term High Yield and Income |
8,361,345 | 860,294 | ||||||
iBonds 2029 Term High Yield and Income |
9,147,509 | 1,694,974 |
For the year ended October 31, 2022, in-kind transactions were as follows:
iShares ETF | In-kind Purchases |
In-kind Sales |
||||||
iBonds 2022 Term High Yield and Income |
$ | 41,038,352 | $ | 4,013,940 | ||||
iBonds 2023 Term High Yield and Income |
100,576,054 | 11,165,820 | ||||||
iBonds 2024 Term High Yield and Income |
100,844,691 | — | ||||||
iBonds 2025 Term High Yield and Income |
54,074,268 | 4,140,469 | ||||||
iBonds 2026 Term High Yield and Income |
20,203,099 | 2,319,668 | ||||||
iBonds 2027 Term High Yield and Income |
6,583,710 | 2,264,173 | ||||||
iBonds 2028 Term High Yield and Income |
4,650,144 | — | ||||||
iBonds 2029 Term High Yield and Income |
4,887,901 | — |
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.
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)
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) |
||||||
iBonds 2022 Term High Yield and Income |
$ | 3,538 | $ | (3,538 | ) | |||
iBonds 2023 Term High Yield and Income |
204,426 | (204,426 | ) | |||||
iBonds 2025 Term High Yield and Income |
(21,964 | ) | 21,964 | |||||
iBonds 2026 Term High Yield and Income |
(47,210 | ) | 47,210 | |||||
iBonds 2027 Term High Yield and Income |
(155,198 | ) | 155,198 |
The tax character of distributions paid was as follows:
iShares ETF | Year Ended 10/31/22 |
Year
Ended 10/31/21 |
||||||
iBonds 2022 Term High Yield and Income |
||||||||
Ordinary income |
$ | 1,447,264 | $ | 1,338,242 | ||||
|
|
|
|
|||||
iBonds 2023 Term High Yield and Income |
||||||||
Ordinary income |
$ | 3,422,061 | $ | 1,956,106 | ||||
|
|
|
|
|||||
iBonds 2024 Term High Yield and Income |
||||||||
Ordinary income |
$ | 3,121,614 | $ | 1,275,100 | ||||
|
|
|
|
|||||
iBonds 2025 Term High Yield and Income |
||||||||
Ordinary income |
$ | 2,544,114 | $ | 1,311,182 | ||||
|
|
|
|
|||||
iBonds 2026 Term High Yield and Income |
||||||||
Ordinary income |
$ | 1,299,480 | $ | 663,103 | ||||
|
|
|
|
|||||
iBonds 2027 Term High Yield and Income |
||||||||
Ordinary income |
$ | 676,024 | $ | 93,252 | ||||
|
|
|
|
|||||
iShares ETF | Period Ended 10/31/22 |
|||||||
iBonds 2028 Term High Yield and Income |
||||||||
Ordinary income |
$ | 369,619 | ||||||
|
|
|||||||
iBonds 2029 Term High Yield and Income |
||||||||
Ordinary income |
$ | 386,975 | ||||||
|
|
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 | ||||||
iBonds 2022 Term High Yield and Income |
$ | 223,342 | $ | (417,837 | ) | $ | (77,643 | ) | $ | (272,138 | ) | |||||
iBonds 2023 Term High Yield and Income |
437,504 | (3,350,761 | ) | (2,208,069 | ) | (5,121,326 | ) | |||||||||
iBonds 2024 Term High Yield and Income |
611,123 | (1,721,311 | ) | (4,329,834 | ) | (5,440,022 | ) | |||||||||
iBonds 2025 Term High Yield and Income |
419,975 | (1,571,118 | ) | (3,703,978 | ) | (4,855,121 | ) | |||||||||
iBonds 2026 Term High Yield and Income |
198,721 | (554,974 | ) | (2,464,619 | ) | (2,820,872 | ) | |||||||||
iBonds 2027 Term High Yield and Income |
81,066 | (302,074 | ) | (1,636,533 | ) | (1,857,541 | ) | |||||||||
iBonds 2028 Term High Yield and Income |
62,883 | (193,964 | ) | (1,021,237 | ) | (1,152,318 | ) | |||||||||
iBonds 2029 Term High Yield and Income |
61,420 | (319,627 | ) | (1,386,552 | ) | (1,644,759 | ) |
(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. |
80 |
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 |
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) |
||||||||||||
iBonds 2022 Term High Yield and Income |
$ | 114,880,002 | $ | 8,752 | $ | (86,395 | ) | $ | (77,643 | ) | ||||||
iBonds 2023 Term High Yield and Income |
194,971,834 | 212,331 | (2,420,400 | ) | (2,208,069 | ) | ||||||||||
iBonds 2024 Term High Yield and Income |
171,220,324 | 170,692 | (4,500,522 | ) | (4,329,830 | ) | ||||||||||
iBonds 2025 Term High Yield and Income |
100,219,922 | 274,320 | (3,978,298 | ) | (3,703,978 | ) | ||||||||||
iBonds 2026 Term High Yield and Income |
44,025,731 | 139,907 | (2,604,526 | ) | (2,464,619 | ) | ||||||||||
iBonds 2027 Term High Yield and Income |
19,242,010 | 124,406 | (1,760,939 | ) | (1,636,533 | ) | ||||||||||
iBonds 2028 Term High Yield and Income |
13,432,107 | 8,605 | (1,029,842 | ) | (1,021,237 | ) | ||||||||||
iBonds 2029 Term High Yield and Income |
13,611,941 | 8,806 | (1,395,358 | ) | (1,386,552 | ) |
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.
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.
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
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)
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 | ||||||||||||
iBonds 2022 Term High Yield and Income |
||||||||||||||||
Shares sold |
1,800,000 | $ | 43,224,413 | 2,100,000 | $ | 50,744,075 | ||||||||||
Shares redeemed |
(200,000 | ) | (4,803,187 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
1,600,000 | $ | 38,421,226 | 2,100,000 | $ | 50,744,075 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
iBonds 2023 Term High Yield and Income |
||||||||||||||||
Shares sold |
4,300,000 | $ | 102,006,289 | 2,700,000 | $ | 66,191,647 | ||||||||||
Shares redeemed |
(500,000 | ) | (12,004,458 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
3,800,000 | $ | 90,001,831 | 2,700,000 | $ | 66,191,647 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
iBonds 2024 Term High Yield and Income |
||||||||||||||||
Shares sold |
4,500,000 | $ | 102,633,210 | 1,700,000 | $ | 41,654,956 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
iBonds 2025 Term High Yield and Income |
||||||||||||||||
Shares sold |
2,400,000 | $ | 54,972,737 | 900,000 | $ | 22,540,953 | ||||||||||
Shares redeemed |
(200,000 | ) | (4,684,401 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
2,200,000 | $ | 50,288,336 | 900,000 | $ | 22,540,953 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
iBonds 2026 Term High Yield and Income |
||||||||||||||||
Shares sold |
900,000 | $ | 20,685,709 | 800,000 | $ | 20,202,554 | ||||||||||
Shares redeemed |
(100,000 | ) | (2,386,172 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
800,000 | $ | 18,299,537 | 800,000 | $ | 20,202,554 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
iBonds 2027 Term High Yield and Income |
||||||||||||||||
Shares sold |
300,000 | $ | 6,707,849 | 500,000 | $ | 12,517,854 | ||||||||||
Shares redeemed |
(100,000 | ) | (2,305,504 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
200,000 | $ | 4,402,345 | 500,000 | $ | 12,517,854 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Period
Ended 10/31/22 |
||||||||||||||||
iShares ETF | Shares | Amount | ||||||||||||||
iBonds 2028 Term High Yield and Income |
||||||||||||||||
Shares sold |
|
500,000 | $ | 12,245,249 | ||||||||||||
|
|
|
|
|||||||||||||
iBonds 2029 Term High Yield and Income |
||||||||||||||||
Shares sold |
|
500,000 | $ | 12,510,534 | ||||||||||||
|
|
|
|
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
82 |
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 |
Notes to Financial Statements (continued)
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.
10. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following items were noted:
Planned Fund Liquidation: In accordance with its prospectus and its investment objective, the iShares iBonds 2022 Term High Yield and Income ETF ceased trading after the close of business on December 15, 2022, when all of the bonds included in the Fund’s underlying index matured. Proceeds of the liquidation are currently scheduled to be sent to shareholders on December 21, 2022.
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 |
Report of Independent Registered Public Accounting Firm |
To the Board of Trustees of
iShares Trust and Shareholders of each of the eight 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 (eight of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2022, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (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 and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America
iShares iBonds 2022 Term High Yield and Income ETF (1) iShares iBonds 2023 Term High Yield and Income ETF (1) iShares iBonds 2024 Term High Yield and Income ETF (1) iShares iBonds 2025 Term High Yield and Income ETF (1) iShares iBonds 2026 Term High Yield and Income ETF (2) iShares iBonds 2027 Term High Yield and Income ETF (3) iShares iBonds 2028 Term High Yield and Income ETF (4) iShares iBonds 2029 Term High Yield and Income ETF (4)
|
(1) |
Statements of operations for the year ended October 31, 2022 and statements of changes in net assets for each of the two years in the period ended October 31, 2022. |
(2) |
Statement of operations for the year ended October 31, 2022, and statements of changes in net assets for the year ended October 31, 2022 and the period November 10, 2020 (commencement of operations) to October 31, 2021. |
(3) |
Statement of operations for the year ended October 31, 2022, and statements of changes in net assets for the year ended October 31, 2022 and the period July 7, 2021 (commencement of operations) to October 31, 2021. |
(4) |
Statement of operations and statement of changes in net assets for the period March 8, 2022 (commencement of operations) to October 31, 2022. |
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.
84 |
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 |
Important Tax Information (unaudited) |
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 |
|||
iBonds 2022 Term High Yield and Income |
$9,236 | |||
iBonds 2023 Term High Yield and Income |
1,246 | |||
iBonds 2024 Term High Yield and Income |
374 | |||
iBonds 2025 Term High Yield and Income |
232 | |||
iBonds 2026 Term High Yield and Income |
65 | |||
iBonds 2028 Term High Yield and Income |
5 |
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 | |||
iBonds 2022 Term High Yield and Income |
$1,363,517 | |||
iBonds 2023 Term High Yield and Income |
3,402,362 | |||
iBonds 2024 Term High Yield and Income |
3,237,030 | |||
iBonds 2025 Term High Yield and Income |
2,626,012 | |||
iBonds 2026 Term High Yield and Income |
1,338,372 | |||
iBonds 2027 Term High Yield and Income |
648,909 | |||
iBonds 2028 Term High Yield and Income |
407,852 | |||
iBonds 2029 Term High Yield and Income |
424,513 |
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 |
|||
iBonds 2022 Term High Yield and Income |
$1,102,372 | |||
iBonds 2023 Term High Yield and Income |
3,207,563 | |||
iBonds 2024 Term High Yield and Income |
2,597,628 | |||
iBonds 2025 Term High Yield and Income |
2,491,963 | |||
iBonds 2026 Term High Yield and Income |
1,227,264 | |||
iBonds 2027 Term High Yield and Income |
626,769 | |||
iBonds 2028 Term High Yield and Income |
376,067 | |||
iBonds 2029 Term High Yield and Income |
392,403 |
I M P O R T A N T T A X I N F O R M A T I O N |
85 |
Board Review and Approval of Investment Advisory Contract
iShares iBonds 2022 Term HighYield and Income ETF, iShares iBonds 2023 Term HighYield and Income ETF, iShares iBonds 2024 Term HighYield and Income ETF, iShares iBonds 2025 Term High Yield and Income ETF, iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income 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.
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
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Board Review and Approval of Investment Advisory Contract (continued)
iShares iBonds 2028 Term High Yield and Income ETF,iShares iBonds 2029 Term High Yield and Income ETF
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 Trustees who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Contract between the Trust and BFA (the “Advisory Contract”) on behalf of the Fund. The Independent Trustees requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Contract. At a meeting held on December 9 – December 10, 2021, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Contract for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. 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 Advisory Contract for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be 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, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Contract are discussed below.
Expenses 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 of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable 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 further 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 overall fund expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
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 of the Fund supported the Board’s approval of the Advisory Contract.
Nature, Extent and Quality of Services: The Board reviewed the scope of services to be provided by BFA under the Advisory Contract. 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 and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. 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 relevant, and has provided information and made appropriate 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 who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds.
Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Contract supported the Board’s approval of the Advisory Contract.
Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Contract or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.
Economies of Scale: The Board considered information that it had previously received regarding economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and 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 Contract for the Fund did not provide for any 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.
This consideration 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 Advisory Contract.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board 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”), and acknowledged BFA’s assertion that the iShares funds are fundamentally different investment vehicles from the Other Accounts. 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 further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares
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Board Review and Approval of Investment Advisory Contract (continued)
funds, including in terms of the different and generally more extensive services provided to the iShares funds, 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 considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.
Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, 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 considered the potential payment of advisory fees and/or administration 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 and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit 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 also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board further noted that any portfolio transactions on behalf of the Fund placed through a BFA affiliate or purchased from an underwriting syndicate in which a BFA affiliate participates (including associated commissions), will be reported to the Board pursuant to Rule 17e-1 or Rule 10f-3, as applicable, under the 1940 Act. 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 Advisory Contract.
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 investment advisory fee rate under theAdvisory Contract does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Contract.
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
89 |
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 |
||||||||||||||||||||||||
iBonds 2022 Term High Yield and Income(a) |
$ | 0.405237 | $ | — | $ | 0.001029 | $ | 0.406266 | 100 | % | — | % | 0 | %(b) | 100 | % | ||||||||||||||||
iBonds 2023 Term High Yield and Income(a) |
0.720699 | — | 0.000315 | 0.721014 | 100 | — | 0 | (b) | 100 | |||||||||||||||||||||||
iBonds 2024 Term High Yield and Income(a) |
1.023953 | — | 0.000516 | 1.024469 | 100 | — | 0 | (b) | 100 | |||||||||||||||||||||||
iBonds 2025 Term High Yield and Income(a) |
1.223557 | — | 0.003613 | 1.227170 | 100 | — | 0 | (b) | 100 | |||||||||||||||||||||||
iBonds 2026 Term High Yield and Income(a) |
1.257217 | — | 0.002076 | 1.259293 | 100 | — | 0 | (b) | 100 | |||||||||||||||||||||||
iBonds 2027 Term High Yield and Income |
1.202144 | — | — | 1.202144 | 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.
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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 Fundis 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). |
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)
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). |
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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. |
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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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 | ||
PIK | Payment-in-kind | |
REIT | Real Estate Investment Trust |
G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T |
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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, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company 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-1023-1022
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