LOGO

  OCTOBER 31, 2023

 

 

  

  

2023 Annual Report

 

 

iShares Trust

·  iShares iBonds 2023 Term High Yield and Income ETF | IBHC | Cboe BZX

·  iShares iBonds 2024 Term High Yield and Income ETF | IBHD | Cboe BZX

·  iShares iBonds 2025 Term High Yield and Income ETF | IBHE | Cboe BZX

·  iShares iBonds 2026 Term High Yield and Income ETF | IBHF | Cboe BZX

·  iShares iBonds 2027 Term High Yield and Income ETF | IBHG | Cboe BZX

·  iShares iBonds 2028 Term High Yield and Income ETF | IBHH | Cboe BZX

·  iShares iBonds 2029 Term High Yield and Income ETF | IBHI | Cboe BZX

·  iShares iBonds 2030 Term High Yield and Income ETF | IBHJ | Cboe BZX


The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for several pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2023
     
       6-Month       12-Month  
     

U.S. large cap equities
(S&P 500® Index)

     1.39%      10.14%
     

U.S. small cap equities
(Russell 2000® Index)

  (5.29)     (8.56)
     

International equities
(MSCI Europe, Australasia, Far East Index)

  (7.88)    14.40 
     

Emerging market equities
(MSCI Emerging Markets Index)

  (4.78)    10.80 
     

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

   2.63       4.77 
     

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

  (9.70)     (3.25)
     

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

  (6.13)      0.36 
     

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  (4.65)      2.64 
     

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

   0.02       6.23 
 
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

  2    

T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T


Table of Contents

 

     Page  

 

 

The Markets in Review

     2  

Annual Report:

  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     20  

Disclosure of Expenses

     20  

Schedules of Investments

     21  

Financial Statements

  

Statements of Assets and Liabilities

     63  

Statements of Operations

     65  

Statements of Changes in Net Assets

     67  

Financial Highlights

     71  

Notes to Financial Statements

     79  

Report of Independent Registered Public Accounting Firm

     89  

Important Tax Information

     90  

Board Review and Approval of Investment Advisory Contract

     91  

Supplemental Information

     95  

Trustee and Officer Information

     96  

General Information

     99  

Glossary of Terms Used in this Report

     100  

 

 

 


Market Overview

 

iShares Trust

U.S. Corporate Bond Market Overview

U.S. high-yield corporate bonds delivered a positive return for the 12 months ended October 31, 2023 (the “reporting period”). The Markit iBoxx USD Liquid High Yield Index, a broad measure of U.S. high-yield corporate bond performance, returned 5.11%.

High-yield bonds performed well even as the broader fixed-income market lost ground due to the U.S. Federal Reserve’s effort to combat persistent inflation by raising interest rates. The high yield category tends to have lower sensitivity to interest rate movements than the investment-grade market, which was a positive trait in the rising-rate environment. The category’s above-average income was also a key contributor to total returns. High yield further benefited from investors’ generally healthy appetite for risk, as well as the tailwind from strength in both equities and oil prices. These factors helped the ICE BofA US High Yield Index outperform the 5.46% return of the investment-grade market—as gauged by the Bloomberg U.S. Aggregate Bond Index—by a comfortable margin.

U.S. Treasury yields rose during the period, with the 10-year note moving from 4.05% to 4.93%, but the adverse effect of this trend was outweighed by a contraction in yield spreads in the high yield bond market. According to the Federal Reserve Bank of St. Louis, the ICE BofA US High Yield Index Option-Adjusted Spread fell from 439 basis points (4.39 percentage points) on October 31, 2022, to 421 on the final day of the reporting period. In comparison, the peak for the period was 499, hit during the height of the uncertainty surrounding instability in the regional banking sector in March. On the other hand, spreads hit their low for the period on September 20, 2023, at 362. The uptick from this level to the end of October reflected a decrease in investors’ risk appetites brought about by the conflict in the Middle East and worries about the United States’ rapidly rising government debt.

Despite the volatility from headline events, fundamentals in the high yield market generally remained sound. The default rate, while rising, remained below historical levels thanks in part to companies’ efforts to refinance their debt in recent years. Defaults were primarily concentrated among more heavily indebted issuers that have higher vulnerability to the effects of rising interest rates.

Lower-rated high yield bonds outperformed the Index thanks to investors’ healthy appetite for risk and the market segment’s below-average interest rate sensitivity. On the other hand, higher-rated BB bonds—which tend to be more affected by rate movement—lagged.

Financial issues outperformed, led by finance and brokerage/asset management companies. Consumer cyclicals also gained ground, led by the gaming, leisure, and retail industries. Consumer non-cyclicals were another area of relative strength, with healthcare securities performing particularly well. In addition, the energy industry outpaced the broader market behind the rally in crude oil prices. On the other hand, the communications industry finished with a small loss and was the worst performing category in the annual period. Utilities issues lagged, as well.

 

 

4  

2 0 2 3   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, 2023     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

    5.63     3.32        5.63     15.79

Fund Market

    5.48       3.32          5.48       15.77  

Index

    5.19       3.97                5.19       19.05  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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           

 

 

     

 

 

      
 


Beginning

Account Value
(05/01/23)

 


 

      


Ending

Account Value
(10/31/23)

 


 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)


 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      1,000.00          $      1,028.00           $        1.69                $      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, 2023  (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

    2.0%  

Baa

    18.3     

Ba

    10.3     

Not Rated

    3.5     

Short-Term and Other Assets

    65.9     

 

 

FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

Ball Corp., 4.00%, 11/15/23

    3.5%  

Newmark Group Inc., 6.13%, 11/15/23

    3.5     

Ford Motor Credit Co. LLC, 3.37%, 11/17/23

    3.0     

Starwood Property Trust Inc., 5.50%, 11/01/23

    2.7     

AbbVie Inc., 3.75%, 11/14/23

    2.0     

 

 
  *

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 3   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, 2023     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

    9.10     3.54        9.10     16.91

Fund Market

    9.50       3.65          9.50       17.45  

Index

    9.34       3.85                9.34       18.47  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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           

 

     

 

 

      

Beginning

Account Value

(05/01/23)

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized  

Expense  

Ratio  

 

 

 

 

 

  $     1,000.00

       $      1,037.80          $          1.80         $      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, 2023  (continued)    iShares® iBonds® 2024 Term High Yield and Income ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 
Moody’s Credit Ratings*  

Percent of  

Net Assets(a)

 

 

 

A

    0.2%  

Baa

    9.2     

Ba

    45.3     

B

    22.9     

Caa

    12.6     

Not Rated

    5.5     

Short-Term and Other Assets

    4.3     

 

 

FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.75%, 09/15/24

    2.9%  

Las Vegas Sands Corp., 3.20%, 08/08/24

    2.9     

Delta Air Lines Inc., 2.90%, 10/28/24

    2.8     

Intesa Sanpaolo SpA, 5.02%, 06/26/24

    2.8     

Telecom Italia SpA/Milano, 5.30%, 05/30/24

    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.

 

 

 

8  

2 0 2 3   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, 2023     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

    7.82     3.53        7.82     16.86

Fund Market

    8.20       3.62          8.20       17.32  

Index

    8.20       3.98                8.20       19.10  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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           

 

     

 

 

      

Beginning

Account Value

(05/01/23)

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized  

Expense  

Ratio  

 

 

 

 

 

  $      1,000.00

       $      1,025.90          $          1.79         $      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, 2023  (continued)    iShares® iBonds® 2025 Term High Yield and Income ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets(a)

 

 

 

Baa

    2.0%  

Ba

    40.3     

B

    38.6     

Caa

    13.4     

Not Rated

    0.9     

Short-Term and Other Assets

    4.8     

 

 

FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

Caesars Entertainment Inc., 6.25%, 07/01/25

    2.9%  

American Airlines Inc., 11.75%, 07/15/25

    2.4     

WESCO Distribution Inc., 7.13%, 06/15/25

    1.5     

Bausch Health Companies Inc., 5.50%, 11/01/25

    1.5     

Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25

    1.5     

 

 

 

  *

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 3   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, 2023     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

    7.22     1.62        7.22     4.90

Fund Market

    7.41       1.67          7.41       5.05  

Index

    7.71       1.97                7.71       5.98  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

    

LOGO

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           

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/23)
 
 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/23)

 
 
      

Ending
Account Value
(10/31/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense

Ratio

 
 

 

   $      1,000.00           $      1,016.80           $        1.78                $      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, 2023  (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

    1.9%  

Ba

    31.8     

B

    48.8     

Caa

    12.5     

Not Rated

    1.1     

Short-Term and Other Assets

    3.9     

 

 
FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

TransDigm Inc., 6.25%, 03/15/26

    2.8%  

American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26

    1.9     

Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26

    1.7     

DISH DBS Corp., 5.25%, 12/01/26

    1.5     

Tenet Healthcare Corp., 4.88%, 01/01/26

    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.

 

 

 

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Fund Summary as of October 31, 2023     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

    5.94     (1.83 )%         5.94     (4.20 )% 

Fund Market

    6.32       (1.68        6.32       (3.86

Index

    5.99       (1.60              5.99       (3.66

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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
(05/01/23)

 


 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

   $      1,000.00          $       1,000.30          $        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

    13  


Fund Summary as of October 31, 2023  (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

    0.3%  

Ba

    33.7     

B

    50.5     

Caa

    11.1     

Short-Term and Other Assets

    4.4     

 

 
FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

DISH Network Corp., 11.75%, 11/15/27

    2.1%  

Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27

    2.0     

CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27

    1.8     

Carnival Corp., 5.75%, 03/01/27

    1.7     

TransDigm Inc., 5.50%, 11/15/27

    1.4     

 

 

 

  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a) 

Excludes money market funds.

 

 

 

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Fund Summary as of October 31, 2023     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

 

       Average Annual Total Returns               Cumulative Total Returns  
     1 Year    

Since

Inception

            1 Year    

Since

Inception

 

Fund NAV

    5.32     (1.96 )%         5.32     (3.22 )% 

Fund Market

    5.84       (1.69        5.84       (2.77

Index

    5.56       (1.88              5.56       (3.07

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

   $      1,000.00          $      997.10          $        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

    15  


Fund Summary as of October 31, 2023  (continued)    iShares® iBonds® 2028 Term High Yield and Income ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 
Moody’s Credit Ratings*    

Percent of   

Net Assets(a)

 

 

 

 

Baa

    0.6%  

Ba

    30.9     

B

    55.9     

Caa

    8.0     

Not Rated

    1.4     

Short-Term and Other Assets

    3.2     

 

 

FIVE LARGEST HOLDINGS

 

 
Security    

Percent of   

Net Assets(a)

 

 

 

 

Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 10.50%, 02/15/28

    1.2%  

Tenet Healthcare Corp., 6.13%, 10/01/28

    1.1     

CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28

    1.1     

Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28

    1.0     

Venture Global LNG Inc., 8.13%, 06/01/28

    1.0     

 

 

 

  *

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.

 

 

 

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Fund Summary as of October 31, 2023    iShares® iBonds® 2029 Term High Yield and Income ETF

 

Investment Objective

The iShares iBonds 2029 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 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

 

       Average Annual Total Returns               Cumulative Total Returns  
     1 Year    

Since

Inception

            1 Year    

Since

Inception

 

Fund NAV

    5.33     (3.22 )%         5.33     (5.26 )% 

Fund Market

    5.89       (2.89        5.89       (4.73

Index

    5.51       (3.18              5.51       (5.17

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

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

(05/01/23)

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized  

Expense  

Ratio  

 

 

 

 

 

  $     1,000.00

       $       988.30          $        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

    17  


Fund Summary as of October 31, 2023  (continued)    iShares® iBonds® 2029 Term High Yield and Income ETF

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets(a)

 

 

 

Baa

    0.7%  

Ba

    33.5     

B

    47.9     

Caa

    13.7     

Not Rated

    1.6     

Short-Term and Other Assets

    2.6     

 

 

FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

Mozart Debt Merger Sub Inc., 3.88%, 04/01/29

    1.8%  

Cloud Software Group Inc., 6.50%, 03/31/29

    1.5     

Cloud Software Group Inc., 9.00%, 09/30/29

    1.4     

American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29

    1.3     

Neptune Bidco U.S. Inc., 9.29%, 04/15/29

    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  

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Fund Summary as of October 31, 2023     iShares® iBonds® 2030 Term High Yield and Income ETF

 

Investment Objective

The iShares iBonds 2030 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 2030, as represented by the Bloomberg 2030 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

    (1.56)%  

Fund Market

    (1.02)     

Index

    (1.51)     

 

 

For the fiscal period ended October 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was June 21, 2023. The first day of secondary market trading was June 23, 2023.

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

(06/21/23)(a)

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

     

Beginning

Account Value

(05/01/23)

 

 

 

      

Ending

Account Value

(10/31/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized  

Expense  

Ratio  

 

 

 

 

 

  $     1,000.00

       $       984.40          $          1.26         $      1,000.00          $      1,023.40          $          1.79          0.35%  

 

 

 

  (a) 

Commencement of operations.

 
  (b) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 132/365 for actual expenses and 184/365 for hypothetical expenses (to reflect the six month 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.

 

Portfolio Information

 

CREDIT QUALITY ALLOCATION

 

 

 
Moody’s Credit Ratings*  

Percent of   

Net Assets(a)

 

 

 

Baa

    0.5%  

Ba

    46.3     

B

    44.8     

Caa

    6.7     

Not Rated

    0.2     

Short-Term and Other Assets

    1.5     

 

 

FIVE LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Net Assets(a)

 

 

 

Intelsat Jackson Holdings SA, 6.50%, 03/15/30

    2.0%  

1011778 BC ULC/New Red Finance Inc., 4.00%, 10/15/30

    1.8     

Emerald Debt Merger Sub LLC, 6.63%, 12/15/30

    1.6     

DaVita Inc., 4.63%, 06/01/30

    1.6     

CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 03/01/30

    1.6     

 

 

 

  *

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.

 
   

 

 

F U N D   S U M M A R Y

    19  


About Fund Performance

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

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Schedule of Investments  

October 31, 2023

  

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 — 0.3%  

RTX Corp., 3.70%, 12/15/23 (Call 11/16/23)

  $ 420     $ 418,566  
   

 

 

 

Auto Manufacturers — 3.0%

   

Ford Motor Credit Co. LLC, 3.37%, 11/17/23

    4,900       4,894,282  
   

 

 

 

Banks — 0.7%

   

Cooperatieve Rabobank UA, 4.63%, 12/01/23

    1,185       1,183,132  
   

 

 

 

Beverages — 0.4%

   

Keurig Dr Pepper Inc., 3.13%, 12/15/23
(Call 12/01/23)

    670       667,323  
   

 

 

 

Building Materials — 0.4%

   

Lennox International Inc., 3.00%, 11/15/23

    720       719,198  
   

 

 

 

Chemicals — 1.3%

   

Mosaic Co. (The), 4.25%, 11/15/23

        2,155           2,152,723  
   

 

 

 

Electric — 4.1%

   

American Electric Power Co. Inc., Series M, 0.75%, 11/01/23

    741       741,000  

Black Hills Corp., 4.25%, 11/30/23

    620       618,822  

Consolidated Edison Inc., Series A, 0.65%, 12/01/23(a)

    1,565       1,558,394  

Eversource Energy, Series N, 3.80%, 12/01/23
(Call 11/01/23)

    450       449,131  

Pacific Gas and Electric Co.

   

1.70%, 11/15/23 (Call 11/13/23)

    1,505       1,501,826  

3.85%, 11/15/23 (Call 11/13/23)

    450       449,278  

Public Service Enterprise Group Inc., 0.84%, 11/08/23

    1,385       1,383,643  
   

 

 

 
      6,702,094  
Food — 0.4%            

Kellogg Co., 2.65%, 12/01/23

    595       593,400  
   

 

 

 

Gas — 0.3%

   

Eastern Energy Gas Holdings LLC,
3.55%, 11/01/23

    430       430,000  
   

 

 

 

Health Care - Products — 2.0%

 

Baxter International Inc., 0.87%, 12/01/23

    2,050       2,040,533  

Stryker Corp., 0.60%, 12/01/23 (Call 11/13/23)

    1,230       1,224,457  
   

 

 

 
      3,264,990  
Health Care - Services — 0.5%        

Laboratory Corp. of America Holdings,
4.00%, 11/01/23

    735       735,000  
   

 

 

 

Home Builders — 0.5%

   

Lennar Corp., 4.88%, 12/15/23 (Call 11/29/23)

    870       869,142  
   

 

 

 

Insurance — 1.7%

   

Aon PLC, 4.00%, 11/27/23(a)

    557       556,065  

Aspen Insurance Holdings Ltd., 4.65%, 11/15/23

    805       804,356  

Jackson Financial Inc., 1.13%, 11/22/23

    1,390       1,385,961  
   

 

 

 
      2,746,382  
Lodging — 0.4%            

Marriott International Inc./MD, Series Z,
4.15%, 12/01/23 (Call 11/16/23)

    675       673,865  
   

 

 

 

Media — 0.7%

   

Thomson Reuters Corp., 4.30%, 11/23/23(a)

    1,195       1,192,493  
   

 

 

 
Security  

Par

(000)

    Value  

 

 

Packaging & Containers — 3.5%

 

Ball Corp., 4.00%, 11/15/23

  $ 5,740     $ 5,733,370  
   

 

 

 

Pharmaceuticals — 3.4%

 

AbbVie Inc., 3.75%, 11/14/23

    3,350       3,346,838  

CVS Health Corp., 4.00%, 12/05/23
(Call 12/01/23)

    460       459,151  

Mylan Inc., 4.20%, 11/29/23
(Call 11/16/23)

    915       913,493  

Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23

    865       863,983  
   

 

 

 
      5,583,465  

Pipelines — 1.4%

 

Energy Transfer LP/Regency Energy Finance Corp., 4.50%, 11/01/23(a)

    1,115       1,115,000  

Williams Companies Inc. (The), 4.50%, 11/15/23

    1,155       1,154,250  
   

 

 

 
      2,269,250  
Real Estate — 3.5%            

Newmark Group Inc., 6.13%, 11/15/23

    5,700       5,687,683  
   

 

 

 

Real Estate Investment Trusts — 2.7%

 

Starwood Property Trust Inc., 5.50%, 11/01/23(b)

    4,335       4,335,000  
   

 

 

 

Retail — 1.7%

   

Walgreens Boots Alliance Inc., 0.95%, 11/17/23 (Call 11/13/23)

    1,085       1,082,658  

Yum! Brands Inc., 3.88%, 11/01/23

    1,775       1,775,000  
   

 

 

 
      2,857,658  
Telecommunications — 0.8%  

British Telecommunications PLC,
4.50%, 12/04/23 (Call 11/16/23)

    1,350       1,347,828  
   

 

 

 

Transportation — 0.4%

   

Ryder System Inc., 3.88%, 12/01/23
(Call 11/01/23)

    695       693,642  
   

 

 

 

Total Long-Term Investments — 34.1%
(Cost: $55,799,678)

 

    55,750,486  
   

 

 

 
     Shares         

Short-Term Securities

 

 

Money Market Funds — 65.7%

   

BlackRock Cash Funds: Institutional,
SL Agency Shares, 5.54%(c)(d)(e)

    1,477,249       1,477,840  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 5.33%(c)(d)

        106,000,000       106,000,000  
   

 

 

 

Total Short-Term Securities — 65.7%
(Cost: $107,476,746)

 

    107,477,840  
   

 

 

 

Total Investments — 99.8%
(Cost: $163,276,424)

 

    163,228,326  

Other Assets Less Liabilities — 0.2%

 

    277,590  
   

 

 

 

Net Assets — 100.0%

    $   163,505,916  
   

 

 

 

 

(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

    21  


Schedule of Investments   (continued)

October 31, 2023

  

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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
    Affiliated Issuer  

Value at

10/31/22

    

Purchases

at Cost

   

Proceeds

from Sale

   

Net Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

    

Value at

10/31/23

    

Shares

Held at

10/31/23

     Income    

Capital

Gain

Distributions

from

Underlying

Funds

     
 

 

   

  

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 23,056,271      $     $ (21,589,309 )(a)    $ 9,136      $ 1,742      $ 1,477,840        1,477,249      $ 97,010 (b)    $       
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    10,600,000        95,400,000 (a)                          106,000,000        106,000,000        1,299,724       7         
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

   
           $ 9,136      $ 1,742      $ 107,477,840         $ 1,396,734     $ 7    
          

 

 

    

 

 

    

 

 

       

 

 

   

 

 

   

 

  (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  

 

 

Assets

                 

Investments

                 

Long-Term Investments

                 

Corporate Bonds & Notes

   $        $ 55,750,486        $        $ 55,750,486  

Short-Term Securities

                 

Money Market Funds

     107,477,840                            107,477,840  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 107,477,840        $ 55,750,486        $             —        $ 163,228,326  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

22  

2 0 2 3   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, 2023

  

iShares® iBonds® 2024 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

 

Advertising — 0.1%            

Omnicom Group Inc., 3.65%, 11/01/24
(Call 08/01/24)

  $ 130     $ 126,783  

WPP Finance 2010, 3.75%, 09/19/24

    95       92,622  
   

 

 

 
      219,405  
Aerospace & Defense — 2.7%        

Boeing Co. (The)

   

1.43%, 02/04/24 (Call 11/13/23)

    270       266,664  

1.95%, 02/01/24

    145       143,438  

2.80%, 03/01/24 (Call 02/01/24)

    20       19,784  

2.85%, 10/30/24 (Call 07/30/24)

    15       14,541  

Howmet Aerospace Inc., 5.13%, 10/01/24 (Call 07/01/24)

        10,645       10,502,125  

L3Harris Technologies Inc., 3.95%, 05/28/24 (Call 02/28/24)

    55       54,279  

RTX Corp., 3.20%, 03/15/24 (Call 01/15/24)

    145       143,472  
   

 

 

 
          11,144,303  
Agriculture — 0.1%            

Altria Group Inc.

   

3.80%, 02/14/24 (Call 01/14/24)(a)

    75       74,414  

4.00%, 01/31/24

    40       39,793  

BAT Capital Corp.

   

2.79%, 09/06/24 (Call 08/06/24)(a)

    55       53,511  

3.22%, 08/15/24 (Call 06/15/24)

    150       146,598  
   

 

 

 
      314,316  
Airlines — 3.9%            

Continental Airlines Pass Through Trust, Series 2012-2, Class A, 4.00%, 04/29/26(a)

    53       50,997  

Delta Air Lines Inc., 2.90%, 10/28/24
(Call 09/28/24)(a)

    11,922       11,436,559  

United Airlines Holdings Inc., 5.00%, 02/01/24(a)

    4,537       4,508,791  

United Airlines Pass Through Trust, Series 2012-1 A, Class A, 4.15%, 10/11/25

    29       28,607  
   

 

 

 
      16,024,954  
Auto Manufacturers — 0.4%            

Ford Motor Credit Co. LLC

   

3.66%, 09/08/24

    304       295,910  

3.81%, 01/09/24 (Call 12/01/23)

    355       353,228  

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

    255       248,403  

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

    210       208,989  

General Motors Financial Co. Inc.

   

1.05%, 03/08/24

    45       44,199  

1.20%, 10/15/24

    115       109,633  

3.50%, 11/07/24 (Call 09/07/24)

    75       72,947  

3.95%, 04/13/24 (Call 02/13/24)

    95       93,968  

5.10%, 01/17/24 (Call 12/17/23)(a)

    80       79,788  
   

 

 

 
      1,507,065  
Banks — 3.1%            

Barclays PLC, 4.38%, 09/11/24

    80       78,342  

BNP Paribas SA, 4.25%, 10/15/24

    125       122,076  

Citigroup Inc., 4.00%, 08/05/24(a)

    45       44,267  

Comerica Bank, 2.50%, 07/23/24

    30       28,692  

Deutsche Bank AG/London, 3.70%, 05/30/24(a)

    45       44,214  

Deutsche Bank AG/New York NY,
3.70%, 05/30/24

    115       113,029  

Discover Bank, 2.45%, 09/12/24
(Call 08/12/24)

    105       101,104  

Fifth Third Bancorp.

   

3.65%, 01/25/24 (Call 12/25/23)

    90       89,321  

4.30%, 01/16/24 (Call 12/16/23)(a)

    10       9,941  

HSBC Holdings PLC, 4.25%, 03/14/24

    110       108,996  

Huntington Bancshares Inc./OH, 2.63%, 08/06/24 (Call 07/06/24)

    80       77,645  
Security  

Par

(000)

    Value  

Banks (continued)

   

Intesa Sanpaolo SpA

   

5.02%, 06/26/24(a)(b)

  $     11,620     $ 11,404,305  

5.25%, 01/12/24

    10       9,974  

Lloyds Banking Group PLC, 4.50%, 11/04/24

    95       92,925  

M&T Bank Corp., 4.00%, 07/15/24
(Call 04/16/24)

    65       63,452  

NatWest Group PLC, 5.13%, 05/28/24

    30       29,696  

Santander Holdings USA Inc., 3.50%, 06/07/24 (Call 05/07/24)

    75       73,485  
   

 

 

 
          12,491,464  
Beverages — 0.0%            

Constellation Brands Inc.

   

3.60%, 05/09/24

    30       29,632  

4.75%, 11/15/24

    60       59,257  

Keurig Dr Pepper Inc., 0.75%, 03/15/24 (Call 11/13/23)(a)

    65       63,735  
   

 

 

 
      152,624  
Biotechnology — 0.1%            

Amgen Inc., 3.63%, 05/22/24 (Call 02/22/24)(a)

    155       153,043  

Gilead Sciences Inc., 3.70%, 04/01/24
(Call 01/01/24)

    120       118,866  
   

 

 

 
      271,909  
Building Materials — 0.1%            

Johnson Controls International PLC, 3.63%, 07/02/24 (Call 04/02/24)(c)

    60       59,006  

Martin Marietta Materials Inc., 4.25%, 07/02/24 (Call 04/02/24)

    25       24,712  

Owens Corning, 4.20%, 12/01/24 (Call 09/01/24)

    95       93,428  

Trane Technologies Luxembourg Finance SA, 3.55%, 11/01/24 (Call 08/01/24)(a)

    70       68,368  
   

 

 

 
      245,514  
Chemicals — 1.2%            

Celanese U.S. Holdings LLC

   

3.50%, 05/08/24 (Call 04/08/24)(a)

    25       24,650  

5.90%, 07/05/24(a)

    90       89,738  

FMC Corp., 4.10%, 02/01/24 (Call 12/01/23)(a)

    20       19,871  

LyondellBasell Industries NV, 5.75%, 04/15/24 (Call 01/15/24)

    135       134,725  

Methanex Corp., 4.25%, 12/01/24
(Call 09/01/24)(a)

    4,494       4,398,871  

Nutrien Ltd., 5.90%, 11/07/24(a)

    85       84,826  

PPG Industries Inc., 2.40%, 08/15/24
(Call 07/15/24)

    40       38,870  

Sherwin-Williams Co. (The)

   

3.13%, 06/01/24 (Call 04/01/24)

    70       68,821  

4.05%, 08/08/24

    85       83,716  

Westlake Corp., 0.88%, 08/15/24
(Call 11/13/23)(a)

    50       48,012  
   

 

 

 
      4,992,100  
Commercial Services — 4.0%            

Equifax Inc., 2.60%, 12/01/24 (Call 11/01/24)

    65       62,620  

Global Payments Inc., 1.50%, 11/15/24
(Call 10/15/24)

    30       28,512  

Grand Canyon University, 4.13%, 10/01/24(a)

    7,736       7,355,647  

Prime Security Services Borrower LLC/Prime Finance Inc., 5.25%, 04/15/24(b)

    8,911       8,861,030  

Quanta Services Inc., 0.95%, 10/01/24
(Call 12/01/23)

    100       95,284  
   

 

 

 
      16,403,093  
Computers — 0.1%            

Dell International LLC/EMC Corp., 4.00%, 07/15/24 (Call 06/15/24)

    65       64,096  

Genpact Luxembourg Sarl, 3.38%, 12/01/24 (Call 11/01/24)

    65       62,688  

Hewlett Packard Enterprise Co.

   

1.45%, 04/01/24 (Call 03/01/24)(a)

    55       53,962  

 

 

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

    23  


Schedule of Investments  (continued)

October 31, 2023

  

iShares® iBonds® 2024 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Computers (continued)

   

5.90%, 10/01/24(a)

  $ 135     $ 134,803  

NetApp Inc., 3.30%, 09/29/24 (Call 07/29/24)

    90       87,824  
   

 

 

 
      403,373  
Cosmetics & Personal Care — 0.0%  

GSK Consumer Healthcare Capital U.S. LLC, 3.02%, 03/24/24 (Call 11/16/23)

    35       34,546  
   

 

 

 

Distribution & Wholesale — 0.0%

 

Wesco Aircraft Holdings Inc., 8.50%, 11/15/24
(Call 12/01/23)(b)

    448       16,055  
   

 

 

 

Diversified Financial Services — 11.0%

 

AerCap Ireland Capital DAC/AerCap Global Aviation Trust

   

1.65%, 10/29/24 (Call 09/29/24)

    210       200,240  

2.88%, 08/14/24 (Call 07/14/24)

    50       48,583  

3.15%, 02/15/24 (Call 01/15/24)

    50       49,471  

4.88%, 01/16/24 (Call 12/16/23)

    50       49,836  

Series 3NC1, 1.75%, 10/29/24
(Call 12/01/23)

    80       76,369  

Affiliated Managers Group Inc.,
4.25%, 02/15/24

    20       19,888  

Air Lease Corp.

   

0.70%, 02/15/24 (Call 01/15/24)

    65       63,891  

0.80%, 08/18/24 (Call 07/18/24)

    100       95,610  

4.25%, 02/01/24 (Call 01/01/24)(a)

    40       39,781  

4.25%, 09/15/24 (Call 06/15/24)

    70       68,784  

Aircastle Ltd., 4.13%, 05/01/24
(Call 02/01/24)(a)

    70       69,041  

Ally Financial Inc.

   

3.88%, 05/21/24 (Call 04/21/24)

    45       44,230  

5.13%, 09/30/24(a)

    115       113,319  

BGC Group Inc., 3.75%, 10/01/24 (Call 09/01/24)

    5       4,810  

Capital One Financial Corp.

   

3.30%, 10/30/24 (Call 09/30/24)(a)

    180       174,605  

3.75%, 04/24/24 (Call 03/24/24)(a)

    55       54,288  

3.90%, 01/29/24 (Call 12/29/23)

    65       64,601  

CNG Holdings Inc., 14.50%, 06/30/26
(Call 06/30/24)(a)(b)

    1,969       1,696,310  

Discover Financial Services, 3.95%, 11/06/24 (Call 08/06/24)(a)

    70       68,077  

Global Aircraft Leasing Co. Ltd., 6.50%, 09/15/24 (Call 12/01/23), (7.25% PIK)(b)(d)

        11,782       10,577,164  

goeasy Ltd., 5.38%, 12/01/24 (Call 12/01/23)(b)

    8,330       8,175,711  

Navient Corp.

   

5.88%, 10/25/24

    4,562       4,463,105  

6.13%, 03/25/24(a)

    7,251       7,215,766  

OneMain Finance Corp., 6.13%, 03/15/24
(Call 12/01/23)(a)

    11,013           10,987,351  

Radian Group Inc., 4.50%, 10/01/24
(Call 07/01/24)

    90       87,708  

Stifel Financial Corp., 4.25%, 07/18/24

    80       78,617  

Synchrony Financial

   

4.25%, 08/15/24 (Call 05/15/24)

    150       146,886  

4.38%, 03/19/24 (Call 02/19/24)

    45       44,566  
   

 

 

 
      44,778,608  
Electric — 3.0%            

Ameren Corp., 2.50%, 09/15/24
(Call 08/15/24)

    55       53,364  

American Electric Power Co. Inc., 2.03%, 03/15/24

    45       44,181  

Avangrid Inc., 3.15%, 12/01/24 (Call 10/01/24)

    35       33,820  

Black Hills Corp., 1.04%, 08/23/24
(Call 11/16/23)

    85       81,523  

CenterPoint Energy Inc., 2.50%, 09/01/24
(Call 08/01/24)

    70       67,935  

Dominion Energy Inc., 3.07%, 08/15/24(c)

    85       82,858  

DTE Energy Co.

   

4.22%, 11/01/24(c)

    75       73,522  
Security  

Par

(000)

    Value  

Electric (continued)

   

Series C, 2.53%, 10/01/24(c)

  $ 90     $ 87,135  

Duke Energy Corp., 3.75%, 04/15/24 (Call 01/15/24)

    90       89,124  

Edison International, 3.55%, 11/15/24 (Call 10/15/24)

    55       53,426  

Emera U.S. Finance LP, 0.83%, 06/15/24(a)

    20       19,236  

Enel Generacion Chile SA, 4.25%, 04/15/24 (Call 01/15/24)

    25       24,613  

Evergy Inc., 2.45%, 09/15/24 (Call 08/15/24)

    125       121,020  

Eversource Energy

   

4.20%, 06/27/24(a)

    115       113,562  

Series L, 2.90%, 10/01/24 (Call 08/01/24)(a)

    30       29,157  

Georgia Power Co., Series A, 2.20%, 09/15/24 (Call 08/15/24)

    75       72,538  

Interstate Power & Light Co., 3.25%, 12/01/24 (Call 09/01/24)

    85       82,551  

IPALCO Enterprises Inc., 3.70%, 09/01/24
(Call 07/01/24)

    25       24,395  

ITC Holdings Corp., 3.65%, 06/15/24 (Call 03/15/24)

    55       54,147  

NextEra Energy Capital Holdings Inc.

   

2.94%, 03/21/24 (Call 12/01/23)(a)

    60       59,288  

4.20%, 06/20/24

    75       74,116  

4.26%, 09/01/24

    85       83,626  

NextEra Energy Operating Partners LP, 4.25%, 07/15/24 (Call 04/15/24)(b)

        10,650           10,449,190  

Pacific Gas and Electric Co.

   

3.25%, 02/16/24 (Call 11/15/23)

    145       143,688  

3.40%, 08/15/24 (Call 05/15/24)(a)

    55       53,751  

3.75%, 02/15/24 (Call 11/15/23)

    25       24,811  

Public Service Enterprise Group Inc., 2.88%, 06/15/24 (Call 05/15/24)(a)

    110       107,835  

Southern Co. (The)

   

4.48%, 08/01/24(a)(c)

    70       69,081  

Series 21-A, 0.60%, 02/26/24 (Call 01/26/24)

    35       34,408  

WEC Energy Group Inc., 0.80%, 03/15/24 (Call 02/15/24)

    35       34,328  
   

 

 

 
      12,342,229  
Electronics — 1.6%            

Allegion U.S. Holding Co. Inc., 3.20%, 10/01/24 (Call 08/01/24)(a)

    30       29,171  

Amphenol Corp., 3.20%, 04/01/24
(Call 02/01/24)(a)

    20       19,775  

Arrow Electronics Inc., 3.25%, 09/08/24
(Call 07/08/24)

    70       68,205  

Keysight Technologies Inc., 4.55%, 10/30/24 (Call 07/30/24)

    65       63,995  

Sensata Technologies BV, 5.63%, 11/01/24(a)(b)

    6,118       6,065,315  

TD SYNNEX Corp., 1.25%, 08/09/24 (Call 11/13/23)

    40       38,368  

Trimble Inc., 4.75%, 12/01/24
(Call 09/01/24)(a)

    25       24,619  
   

 

 

 
      6,309,448  
Engineering & Construction — 1.0%            

Fluor Corp., 3.50%, 12/15/24 (Call 09/15/24)

    4,028       3,883,039  
   

 

 

 

Entertainment — 5.1%

   

Live Nation Entertainment Inc., 4.88%, 11/01/24 (Call 12/01/23)(a)(b)

    8,752       8,581,386  

Mohegan Gaming & Entertainment, 7.88%, 10/15/24 (Call 11/16/23)(a)(b)

    1,500       1,427,704  

Universal Entertainment Corp., 8.75%, 12/11/24 (Call 12/11/23)(a)(b)(c)

    10,343       10,711,765  
   

 

 

 
      20,720,855  
Environmental Control — 2.2%            

Republic Services Inc., 2.50%, 08/15/24
(Call 07/15/24)

    105       102,150  

 

 

24  

2 0 2 3   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, 2023

  

iShares® iBonds® 2024 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Environmental Control (continued)

   

Stericycle Inc., 5.38%, 07/15/24
(Call 11/16/23)(a)(b)

  $     8,927     $ 8,820,719  
   

 

 

 
      8,922,869  

Food — 0.1%

   

Conagra Brands Inc., 4.30%, 05/01/24
(Call 04/01/24)(a)

    55       54,485  

General Mills Inc., 3.65%, 02/15/24 (Call 11/16/23)

    30       29,789  

Kroger Co. (The), 4.00%, 02/01/24 (Call 12/01/23)

    85       84,540  

McCormick & Co. Inc./MD, 3.15%, 08/15/24
(Call 06/15/24)(a)

    40       39,144  

Mondelez International Inc., 2.13%, 03/17/24

    30       29,574  

Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24)

    70       68,907  
   

 

 

 
          306,439  
Forest Products & Paper — 0.0%  

Celulosa Arauco y Constitucion SA, 4.50%, 08/01/24 (Call 05/01/24)

    80       78,686  
   

 

 

 

Gas — 0.0%

   

Eastern Energy Gas Holdings LLC

   

3.60%, 12/15/24 (Call 09/15/24)

    20       19,436  

Series A, 2.50%, 11/15/24 (Call 10/15/24)

    60       57,831  
   

 

 

 
      77,267  
Health Care - Products — 0.1%        

Baxter International Inc., 1.32%, 11/29/24

    80       76,045  

Boston Scientific Corp., 3.45%, 03/01/24
(Call 02/01/24)

    35       34,704  

GE HealthCare Technologies Inc., 5.55%, 11/15/24

    55       54,764  

Revvity Inc., 0.85%, 09/15/24 (Call 11/13/23)(a)

    100       95,392  

Stryker Corp., 3.38%, 05/15/24 (Call 02/15/24)

    70       69,111  

Zimmer Biomet Holdings Inc., 1.45%, 11/22/24 (Call 11/13/23)

    65       61,921  
   

 

 

 
      391,937  
Health Care - Services — 0.2%  

Aetna Inc., 3.50%, 11/15/24 (Call 08/15/24)

    115       112,110  

Elevance Health Inc.

   

3.35%, 12/01/24 (Call 10/01/24)(a)

    105       102,214  

3.50%, 08/15/24 (Call 05/15/24)(a)

    75       73,560  

HCA Inc., 5.00%, 03/15/24

    210       209,097  

Humana Inc., 3.85%, 10/01/24 (Call 07/01/24)(a)

    90       88,257  

Laboratory Corp. of America Holdings

   

2.30%, 12/01/24 (Call 11/01/24)

    25       24,015  

3.25%, 09/01/24 (Call 07/01/24)

    70       68,386  

Quest Diagnostics Inc., 4.25%, 04/01/24
(Call 01/01/24)

    15       14,876  
   

 

 

 
      692,515  
Holding Companies - Diversified — 4.5%  

Ares Capital Corp., 4.20%, 06/10/24
(Call 05/10/24)

    115       113,008  

Blackstone Private Credit Fund

   

1.75%, 09/15/24(a)

    95       90,815  

2.35%, 11/22/24(a)

    70       66,560  

Blue Owl Capital Corp., 5.25%, 04/15/24
(Call 03/15/24)

    60       59,407  

FS KKR Capital Corp.

   

1.65%, 10/12/24(a)

    85       81,059  

4.63%, 07/15/24 (Call 06/15/24)(a)

    55       54,059  

Golub Capital BDC Inc., 3.38%, 04/15/24
(Call 03/15/24)

    75       73,619  

Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.75%, 09/15/24 (Call 06/15/24)

    12,152       11,657,768  

Main Street Capital Corp., 5.20%, 05/01/24(a)

    75       74,267  

Sixth Street Specialty Lending Inc., 3.88%, 11/01/24 (Call 10/01/24)

    85       82,501  
   
Security  

Par

(000)

    Value  

Holding Companies - Diversified (continued)

 

Stena AB, 7.00%, 02/01/24(a)(b)

  $ 5,920     $ 5,910,135  
   

 

 

 
      18,263,198  
Home Builders — 1.7%            

DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24)

    90       87,048  

Lennar Corp., 4.50%, 04/30/24 (Call 01/31/24)

    70       69,404  

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

        6,692       6,636,989  
   

 

 

 
      6,793,441  
Home Furnishings — 0.0%            

Leggett & Platt Inc., 3.80%, 11/15/24
(Call 08/15/24)(a)

    60       58,401  

Whirlpool Corp., 4.00%, 03/01/24(a)

    15       14,897  
   

 

 

 
      73,298  
Household Products & Wares — 0.0%  

Avery Dennison Corp., 0.85%, 08/15/24
(Call 11/13/23)

    45       43,168  
   

 

 

 

Insurance — 0.1%

   

American International Group Inc., 4.13%, 02/15/24(a)

    80       79,455  

Aon Global Ltd., 3.50%, 06/14/24 (Call 03/14/24)

    100       98,424  

Brown & Brown Inc., 4.20%, 09/15/24
(Call 06/15/24)

    95       93,312  

CNA Financial Corp., 3.95%, 05/15/24
(Call 02/15/24)

    93       91,831  

First American Financial Corp., 4.60%, 11/15/24

    15       14,753  

Old Republic International Corp., 4.88%, 10/01/24 (Call 09/01/24)

    75       73,899  

Willis North America Inc., 3.60%, 05/15/24
(Call 03/15/24)

    35       34,466  
   

 

 

 
      486,140  

Internet — 2.8%

   

eBay Inc., 3.45%, 08/01/24 (Call 05/01/24)

    135       132,558  

Netflix Inc., 5.75%, 03/01/24

    50       49,927  

Rakuten Group Inc., 10.25%, 11/30/24
(Call 11/28/23)(a)(b)

    11,055           11,198,906  

Weibo Corp., 3.50%, 07/05/24 (Call 06/05/24)

    115       112,660  
   

 

 

 
      11,494,051  
Iron & Steel — 0.7%            

Infrabuild Australia Pty Ltd., 12.00%, 10/01/24 (Call 12/01/23)(a)(b)

    2,931       2,888,277  

Steel Dynamics Inc., 2.80%, 12/15/24
(Call 11/15/24)

    100       96,391  
   

 

 

 
      2,984,668  
Leisure Time — 2.0%            

Brunswick Corp., 0.85%, 08/18/24 (Call 11/16/23)

    25       23,902  

NCL Corp. Ltd., 3.63%, 12/15/24
(Call 11/14/23)(a)(b)

    8,643       8,175,726  
   

 

 

 
      8,199,628  
Lodging — 8.9%            

Hyatt Hotels Corp., 1.80%, 10/01/24
(Call 11/16/23)

    120       115,434  

Las Vegas Sands Corp., 3.20%, 08/08/24
(Call 07/08/24)

    11,871       11,551,321  

Marriott International Inc./MD, 3.60%, 04/15/24 (Call 03/15/24)(a)

    75       74,106  

MGM China Holdings Ltd., 5.38%, 05/15/24
(Call 11/14/23)(b)

    11,420       11,260,478  

Travel + Leisure Co., 5.65%, 04/01/24
(Call 02/01/24)(a)

    4,537       4,514,034  

Wynn Macau Ltd., 4.88%, 10/01/24
(Call 11/14/23)(b)

    9,140       8,879,077  
   

 

 

 
      36,394,450  

Machinery — 0.0%

   

CNH Industrial Capital LLC, 4.20%, 01/15/24(a)

    25       24,897  

Westinghouse Air Brake Technologies Corp., 4.15%, 03/15/24 (Call 02/15/24)

    40       39,657  
   

 

 

 
      64,554  

 

 

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, 2023

  

iShares® iBonds® 2024 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Manufacturing — 1.6%  

3M Co., 3.25%, 02/14/24 (Call 01/14/24)

  $ 135     $ 133,915  

Carlisle Companies Inc., 3.50%, 12/01/24 (Call 10/01/24)

    55       53,349  

Parker-Hannifin Corp.

   

2.70%, 06/14/24 (Call 05/14/24)

    55       53,888  

3.30%, 11/21/24 (Call 08/21/24)(a)

    30       29,149  

3.65%, 06/15/24

    85       83,661  

Teledyne Technologies Inc., 0.95%, 04/01/24 (Call 11/13/23)

    80       78,279  

Textron Inc., 4.30%, 03/01/24 (Call 12/01/23)

    40       39,720  

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

    6,035       5,856,186  
   

 

 

 
      6,328,147  
Media — 9.1%            

AMC Networks Inc., 5.00%, 04/01/24 (Call 12/01/23)

    5,998       5,960,415  

Charter Communications Operating LLC/Charter Communications Operating Capital, 4.50%, 02/01/24 (Call 01/01/24)

    155       154,274  

CSC Holdings LLC, 5.25%, 06/01/24(a)

        11,378       10,638,629  

Discovery Communications LLC, 3.90%, 11/15/24 (Call 08/15/24)

    70       68,043  

DISH DBS Corp., 5.88%, 11/15/24(a)

    12,358       11,338,465  

Fox Corp., 4.03%, 01/25/24 (Call 12/25/23)

    160       159,166  

Videotron Ltd., 5.38%, 06/15/24 (Call 03/15/24)(b)

    8,937       8,890,055  
   

 

 

 
          37,209,047  
Metal Fabricate & Hardware — 0.0%            

Timken Co. (The), 3.88%, 09/01/24 (Call 06/01/24)(a)

    95       92,943  
   

 

 

 

Mining — 0.0%

   

Freeport-McMoRan Inc., 4.55%, 11/14/24 (Call 08/14/24)

    120       117,821  
   

 

 

 

Office & Business Equipment — 1.1%

   

CDW LLC/CDW Finance Corp., 5.50%, 12/01/24 (Call 06/01/24)

    95       94,081  

Xerox Corp., 3.80%, 05/15/24(a)

    4,552       4,441,269  
   

 

 

 
      4,535,350  
Oil & Gas — 1.6%            

Canadian Natural Resources Ltd., 3.80%, 04/15/24 (Call 01/15/24)(a)

    30       29,678  

Continental Resources Inc./OK, 3.80%, 06/01/24 (Call 03/01/24)(a)

    50       49,242  

Devon Energy Corp., 5.25%, 09/15/24 (Call 06/15/24)

    25       24,800  

Ensign Drilling Inc., 9.25%, 04/15/24 (Call 12/01/23)(b)

    6,136       6,142,165  

Hess Corp., 3.50%, 07/15/24 (Call 04/15/24)

    15       14,729  

Marathon Petroleum Corp., 3.63%, 09/15/24 (Call 06/15/24)

    75       73,362  

Occidental Petroleum Corp., 2.90%, 08/15/24 (Call 07/15/24)

    95       92,674  

Phillips 66, 0.90%, 02/15/24 (Call 11/16/23)

    45       44,347  
   

 

 

 
      6,470,997  
Packaging & Containers — 2.7%            

Graphic Packaging International LLC, 4.13%, 08/15/24 (Call 05/15/24)

    4,557       4,458,831  

Packaging Corp. of America, 3.65%, 09/15/24 (Call 06/15/24)

    65       63,646  

Sealed Air Corp., 5.13%, 12/01/24 (Call 09/01/24)(a)(b)

    6,358       6,248,390  

WRKCo Inc., 3.00%, 09/15/24 (Call 07/15/24)

    100       97,419  
   

 

 

 
      10,868,286  
Pharmaceuticals — 2.7%            

AbbVie Inc.

   

2.60%, 11/21/24 (Call 10/21/24)

    315       304,448  
Security  

Par

(000)

    Value  
Pharmaceuticals (continued)  

3.85%, 06/15/24 (Call 03/15/24)

  $ 60     $ 59,195  

AmerisourceBergen Corp., 3.40%, 05/15/24 (Call 02/15/24)

    30       29,577  

Becton Dickinson and Co.

   

3.36%, 06/06/24 (Call 04/06/24)

    55       54,136  

3.73%, 12/15/24 (Call 09/15/24)

    65       63,409  

Cardinal Health Inc.

   

3.08%, 06/15/24 (Call 04/15/24)

    65       63,810  

3.50%, 11/15/24 (Call 08/15/24)

    65       63,295  

Cigna Group (The)

   

0.61%, 03/15/24 (Call 11/13/23)(a)

    30       29,413  

3.50%, 06/15/24 (Call 03/17/24)

    40       39,388  

CVS Health Corp.

   

2.63%, 08/15/24 (Call 07/15/24)

    65       63,304  

3.38%, 08/12/24 (Call 05/12/24)

    40       39,180  

McKesson Corp., 3.80%, 03/15/24 (Call 12/15/23)

    35       34,699  

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

        10,625       10,319,927  
   

 

 

 
          11,163,781  
Pipelines — 3.2%            

Boardwalk Pipelines LP, 4.95%, 12/15/24 (Call 09/15/24)

    45       44,320  

Buckeye Partners LP, 4.35%, 10/15/24 (Call 07/15/24)

    4,545       4,370,997  

Enbridge Inc.

   

2.15%, 02/16/24(a)

    20       19,768  

3.50%, 06/10/24 (Call 03/10/24)

    30       29,544  

Energy Transfer LP

   

3.90%, 05/15/24 (Call 02/15/24)

    110       108,632  

4.25%, 04/01/24 (Call 01/01/24)

    30       29,739  

4.50%, 04/15/24 (Call 03/15/24)

    45       44,644  

4.90%, 02/01/24 (Call 12/01/23)

    20       19,911  

5.88%, 01/15/24 (Call 11/16/23)

    65       64,947  

Enterprise Products Operating LLC, 3.90%, 02/15/24 (Call 12/01/23)(a)

    10       9,946  

EQM Midstream Partners LP, 4.00%, 08/01/24 (Call 05/01/24)

    4,531       4,416,229  

Kinder Morgan Energy Partners LP

   

4.15%, 02/01/24 (Call 12/14/23)

    35       34,814  

4.25%, 09/01/24 (Call 06/01/24)

    75       73,857  

4.30%, 05/01/24 (Call 02/01/24)

    35       34,674  

MPLX LP, 4.88%, 12/01/24 (Call 09/01/24)

    70       69,062  

ONEOK Inc., 2.75%, 09/01/24 (Call 08/01/24)(a)

    70       68,025  

Plains All American Pipeline LP/PAA Finance Corp., 3.60%, 11/01/24 (Call 08/01/24)

    65       63,382  

Sabine Pass Liquefaction LLC, 5.75%, 05/15/24 (Call 02/15/24)

    10       9,979  

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

    3,605       3,456,476  

Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23)

    55       54,737  

TransCanada PipeLines Ltd., 1.00%, 10/12/24 (Call 09/12/24)

    75       71,410  

Williams Companies Inc. (The)

   

4.30%, 03/04/24 (Call 12/04/23)

    65       64,599  

4.55%, 06/24/24 (Call 03/24/24)

    75       74,236  
   

 

 

 
      13,233,928  
Real Estate Investment Trusts — 5.6%            

American Tower Corp.

   

0.60%, 01/15/24

    25       24,711  

3.38%, 05/15/24 (Call 04/15/24)

    85       83,759  

5.00%, 02/15/24

    65       64,764  

 

 

26  

2 0 2 3   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, 2023

  

iShares® iBonds® 2024 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

 

 
Real Estate Investment Trusts (continued)            

Boston Properties LP, 3.80%, 02/01/24 (Call 12/01/23)

  $ 40     $ 39,678  

Brandywine Operating Partnership LP, 4.10%, 10/01/24 (Call 07/01/24)(a)

    5,300       5,096,409  

Brixmor Operating Partnership LP, 3.65%, 06/15/24 (Call 04/15/24)(a)

    20       19,609  

Crown Castle International Corp., 3.20%, 09/01/24 (Call 07/01/24)

    130       126,956  

Equinix Inc., 2.63%, 11/18/24 (Call 10/18/24)

    105       101,388  

Essex Portfolio LP, 3.88%, 05/01/24 (Call 02/01/24)

    75       74,001  

Federal Realty Investment Trust, 3.95%, 01/15/24 (Call 12/01/23)

    30       29,806  

GLP Capital LP/GLP Financing II Inc., 3.35%, 09/01/24 (Call 08/01/24)

    80       77,713  

Host Hotels & Resorts LP, 3.88%, 04/01/24 (Call 02/01/24)(a)

    75       74,077  

Kilroy Realty LP, 3.45%, 12/15/24 (Call 09/15/24)

    90       86,574  

Kimco Realty Corp., 2.70%, 03/01/24 (Call 01/01/24)

    55       54,305  

NNN REIT Inc., 3.90%, 06/15/24 (Call 03/15/24)

    20       19,666  

Office Properties Income Trust, 4.25%, 05/15/24 (Call 02/15/24)

    5,305       4,966,130  

Omega Healthcare Investors Inc., 4.95%, 04/01/24 (Call 01/01/24)

    25       24,834  

Service Properties Trust

   

4.35%, 10/01/24 (Call 09/01/24)

    8,455       8,106,072  

4.65%, 03/15/24 (Call 12/01/23)

    3,581       3,536,613  

Ventas Realty LP

   

3.50%, 04/15/24 (Call 03/15/24)(a)

    75       74,020  

3.75%, 05/01/24 (Call 02/01/24)

    70       69,051  

Welltower Inc., 4.50%, 01/15/24 (Call 12/01/23)

    20       19,913  

Welltower OP LLC, 3.63%, 03/15/24 (Call 02/15/24)

    60       59,385  

WP Carey Inc., 4.60%, 04/01/24
(Call 01/01/24)(a)

    90       89,261  
   

 

 

 
          22,918,695  
Retail — 3.8%            

AutoNation Inc., 3.50%, 11/15/24 (Call 09/15/24)

    85       82,294  

AutoZone Inc., 3.13%, 04/18/24 (Call 03/18/24)

    50       49,319  

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

        5,289       5,159,436  

Dollar General Corp., 4.25%, 09/20/24

    127       124,903  

Lowe’s Companies Inc., 3.13%, 09/15/24 (Call 06/15/24)

    65       63,460  

McDonald’s Corp., 3.25%, 06/10/24

    85       83,621  

Nordstrom Inc., 2.30%, 04/08/24
(Call 11/16/23)(a)

    3,761       3,692,627  

QVC Inc., 4.85%, 04/01/24

    6,381       6,136,709  

Walgreens Boots Alliance Inc., 3.80%, 11/18/24 (Call 08/18/24)

    165       160,363  
   

 

 

 
      15,552,732  
Semiconductors — 0.1%            

Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 (Call 12/04/23)

    45       44,769  

Broadcom Inc., 3.63%, 10/15/24
(Call 09/15/24)(a)

    65       63,570  

Microchip Technology Inc.

   

0.97%, 02/15/24

    80       78,812  

0.98%, 09/01/24

    85       81,458  

NXP BV/NXP Funding LLC, 4.88%, 03/01/24 (Call 02/01/24)

    55       54,751  

Qorvo Inc., 1.75%, 12/15/24 (Call 11/13/23)(b)

    30       28,378  
   

 

 

 
      351,738  
Software — 0.2%            

Fidelity National Information Services Inc., 0.60%, 03/01/24

    40       39,259  

Fiserv Inc., 2.75%, 07/01/24 (Call 06/01/24)

    115       112,494  
Security  

Par

(000)

    Value  

 

 
Software (continued)            

Oracle Corp.

   

2.95%, 11/15/24 (Call 09/15/24)

  $ 155     $ 150,336  

3.40%, 07/08/24 (Call 04/08/24)

    115       112,995  

Roper Technologies Inc., 2.35%, 09/15/24 (Call 08/15/24)

    70       67,857  

Take-Two Interactive Software Inc., 3.30%, 03/28/24(a)

    60       59,301  

VMware Inc., 1.00%, 08/15/24 (Call 11/13/23)

    70       67,256  
   

 

 

 
      609,498  
Telecommunications — 3.1%            

AT&T Inc., 0.90%, 03/25/24 (Call 11/13/23)

    220       215,511  

Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24

    100       98,038  

Motorola Solutions Inc., 4.00%, 09/01/24(a)

    70       68,628  

Sprint LLC, 7.13%, 06/15/24

    535       537,878  

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

    11,561       11,365,925  

Verizon Communications Inc.

   

0.75%, 03/22/24

    110       107,823  

3.50%, 11/01/24 (Call 08/01/24)

    135       131,966  

Vodafone Group PLC, 3.75%, 01/16/24

    45       44,762  
   

 

 

 
      12,570,531  
Toys, Games & Hobbies — 0.0%            

Hasbro Inc., 3.00%, 11/19/24 (Call 10/19/24)

    84       81,341  
   

 

 

 

Transportation — 0.1%

   

Canadian Pacific Railway Co., 1.35%, 12/02/24 (Call 12/01/23)

    145       138,018  

CSX Corp., 3.40%, 08/01/24 (Call 05/01/24)

    85       83,433  

Norfolk Southern Corp., 3.85%, 01/15/24 (Call 12/01/23)

    25       24,878  

Ryder System Inc.

   

2.50%, 09/01/24 (Call 08/01/24)

    100       97,037  

3.65%, 03/18/24 (Call 02/18/24)(a)

    100       99,074  
   

 

 

 
      442,440  
Trucking & Leasing — 0.0%            

GATX Corp., 4.35%, 02/15/24
(Call 01/15/24)(a)

    55       54,666  
   

 

 

 

Water — 0.0%

   

American Water Capital Corp., 3.85%, 03/01/24 (Call 12/01/23)

    95       94,353  
   

 

 

 

Total Long-Term Investments — 95.7%
(Cost: $393,731,485)

          390,217,503  
   

 

 

 
     Shares         

Short-Term Securities

   
Money Market Funds — 7.1%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g)

    23,633,776       23,643,229  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(e)(f)

    5,190,000       5,190,000  
   

 

 

 

Total Short-Term Securities — 7.1%
(Cost: $28,821,729)

      28,833,229  
   

 

 

 

Total Investments — 102.8%
(Cost: $422,553,214)

      419,050,732  

Liabilities in Excess of Other Assets — (2.8)%

 

    (11,419,088
   

 

 

 

Net Assets — 100.0%

    $ 407,631,644  
   

 

 

 

 

 

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, 2023

  

iShares® iBonds® 2024 Term High Yield and Income ETF

 

(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) 

Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.

(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 
Affiliated Issuer   Value at
10/31/22
    

Purchases

at Cost

    Proceeds
from Sale
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
10/31/23
    

Shares

Held at
10/31/23

     Income    

Capital

Gain
Distributions
from
Underlying
Funds

 

 

 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 20,365,980      $ 3,257,186 (a)    $      $ 7,977      $ 12,086      $ 23,643,229        23,633,776      $ 432,698 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    2,860,000        2,330,000 (a)                           5,190,000        5,190,000        212,451       1  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 
          $ 7,977      $ 12,086      $ 28,833,229         $ 645,149     $ 1  
         

 

 

    

 

 

    

 

 

       

 

 

   

 

 

 

 

  (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  

 

 

Assets

           

Investments

           

Long-Term Investments

           

Corporate Bonds & Notes

   $      $ 390,217,503      $      $ 390,217,503  

Short-Term Securities

           

Money Market Funds

     28,833,229                      28,833,229  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $   28,833,229      $   390,217,503      $             —      $ 419,050,732  
  

 

 

    

 

 

    

 

 

    

 

 

 

See notes to financial statements.

 

 

28  

2 0 2 3   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, 2023

  

iShares® iBonds® 2025 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.8%            

Clear Channel International BV, 6.63%, 08/01/25 (Call 11/13/23)(a)(b)

  $ 1,190     $ 1,169,870  

Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/25 (Call 12/01/23)(a)

    1,121       1,106,609  
   

 

 

 
      2,276,479  
Aerospace & Defense — 3.6%            

Bombardier Inc., 7.50%, 03/15/25 (Call 12/01/23)(a)

    1,064       1,063,701  

Howmet Aerospace Inc., 6.88%, 05/01/25 (Call 04/01/25)

    1,695       1,702,159  

Rolls-Royce PLC, 3.63%, 10/14/25 (Call 07/14/25)(a)

    2,785       2,619,828  

Spirit AeroSystems Inc., 7.50%, 04/15/25 (Call 12/01/23)(a)

    3,407       3,398,225  

Triumph Group Inc., 7.75%, 08/15/25 (Call 12/01/23)(b)

        1,388       1,318,713  
   

 

 

 
          10,102,626  
Airlines — 4.0%            

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

    1,354       1,266,200  

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

    6,230       6,604,175  

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 11/14/23)(a)

    3,246       2,399,556  

United Airlines Holdings Inc., 4.88%, 01/15/25

    976       947,901  
   

 

 

 
      11,217,832  
Auto Manufacturers — 1.9%            

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

    3,345       3,324,087  

Jaguar Land Rover Automotive PLC, 7.75%, 10/15/25 (Call 12/01/23)(a)

    2,020       2,024,025  
   

 

 

 
      5,348,112  
Auto Parts & Equipment — 2.4%            

Clarios Global LP, 6.75%, 05/15/25 (Call 12/01/23)(a)

    1,290       1,281,484  

Goodyear Tire & Rubber Co. (The), 9.50%, 05/31/25 (Call 11/16/23)

    2,315       2,344,432  

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

    3,100       2,995,090  
   

 

 

 
      6,621,006  
Banks — 0.1%            

Associated Banc-Corp, 4.25%, 01/15/25 (Call 10/15/24)

    275       264,354  
   

 

 

 

Chemicals — 0.6%

   

Avient Corp., 5.75%, 05/15/25
(Call 12/01/23)(a)(b)

    1,812       1,774,116  
   

 

 

 

Coal — 0.3%

   

Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 12/01/23)(a)

    820       819,489  
   

 

 

 

Commercial Services — 1.7%

   

Aptim Corp., 7.75%, 06/15/25
(Call 11/16/23)(a)(b)

    1,515       1,393,657  

Brink’s Co. (The), 5.50%, 07/15/25 (Call 12/01/23)(a)

    1,146       1,117,290  

Matthews International Corp., 5.25%, 12/01/25 (Call 12/01/23)(a)

    866       828,327  

Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 11/16/23)(a)

    1,527       1,504,125  
   

 

 

 
      4,843,399  
Computers — 0.8%            

Seagate HDD Cayman, 4.75%, 01/01/25

    1,308       1,280,461  

Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 5.75%, 06/01/25 (Call 11/13/23)(a)(b)

    867       847,035  
   

 

 

 
      2,127,496  
Security  

Par

(000)

    Value  
Distribution & Wholesale — 0.4%            

G-III Apparel Group Ltd., 7.88%, 08/15/25 (Call 12/01/23)(a)(b)

  $ 1,104     $ 1,097,672  
   

 

 

 

Diversified Financial Services — 6.8%

   

Ally Financial Inc., 5.75%, 11/20/25
(Call 10/21/25)(b)

    3,084       2,947,334  

Enova International Inc., 8.50%, 09/15/25 (Call 12/01/23)(a)

    1,098       1,038,165  

Finance of America Funding LLC, 7.88%, 11/15/25 (Call 12/01/23)(a)

    995       808,100  

LD Holdings Group LLC, 6.50%, 11/01/25 (Call 12/01/23)(a)(b)

    1,465       1,181,111  

Navient Corp., 6.75%, 06/25/25

    1,433       1,399,534  

OneMain Finance Corp., 6.88%, 03/15/25

    3,665       3,618,554  

PennyMac Financial Services Inc., 5.38%, 10/15/25 (Call 12/01/23)(a)

    1,874       1,783,923  

PRA Group Inc., 7.38%, 09/01/25
(Call 12/01/23)(a)(b)

    872       815,572  

Provident Funding Associates LP/PFG Finance Corp., 6.38%, 06/15/25 (Call 12/01/23)(a)(b)

    955       849,729  

SLM Corp., 4.20%, 10/29/25 (Call 09/29/25)(b)

        1,430           1,334,738  

StoneX Group Inc., 8.63%, 06/15/25 (Call 12/01/23)(a)

    979       984,012  

United Wholesale Mortgage LLC, 5.50%, 11/15/25 (Call 12/01/23)(a)(b)

    2,283       2,175,780  
   

 

 

 
      18,936,552  
Electric — 1.2%            

DPL Inc., 4.13%, 07/01/25 (Call 04/01/25)

    1,158       1,097,925  

Drax Finco PLC, 6.63%, 11/01/25 (Call 11/13/23)(a)

    1,385       1,337,475  

FirstEnergy Corp., 2.05%, 03/01/25 (Call 02/01/25)

    865       811,737  

NSG Holdings LLC/NSG Holdings Inc., 7.75%, 12/15/25(a)

    4       3,496  
   

 

 

 
      3,250,633  
Electrical Components & Equipment — 1.5%            

WESCO Distribution Inc., 7.13%, 06/15/25 (Call 12/01/23)(a)

    4,328       4,334,277  
   

 

 

 

Electronics — 1.1%

   

Likewize Corp., 9.75%, 10/15/25
(Call 11/13/23)(a)(b)

    1,168       1,161,066  

Sensata Technologies BV, 5.00%, 10/01/25(a)

    1,982       1,929,835  
   

 

 

 
      3,090,901  
Engineering & Construction — 1.4%            

Artera Services LLC, 9.03%, 12/04/25
(Call 12/01/23)(a)

    2,905       2,622,157  

Tutor Perini Corp., 6.88%, 05/01/25
(Call 11/16/23)(a)(b)

    1,470       1,264,512  
   

 

 

 
      3,886,669  
Entertainment — 6.4%            

Caesars Entertainment Inc., 6.25%, 07/01/25 (Call 11/13/23)(a)

    8,314       8,182,238  

Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 11/13/23)(a)

    2,900       2,857,290  

Cedar Fair LP/Canada’s Wonderland Co./Magnum

   

Management Corp./Millennium Op, 5.50%, 05/01/25 (Call 12/01/23)(a)

    2,909       2,852,884  

International Game Technology PLC, 6.50%, 02/15/25 (Call 08/15/24)(a)

    1,500       1,490,963  

Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 12/01/23)(a)

    1,070       1,063,497  

Vail Resorts Inc., 6.25%, 05/15/25
(Call 12/01/23)(a)

    1,653       1,643,481  
   

 

 

 
      18,090,353  
Environmental Control — 1.2%            

GFL Environmental Inc.

   

3.75%, 08/01/25 (Call 12/01/23)(a)

    2,204       2,095,430  

4.25%, 06/01/25 (Call 12/01/23)(a)(b)

    1,430       1,376,279  
   

 

 

 
      3,471,709  

 

 

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, 2023

  

iShares® iBonds® 2025 Term High Yield and Income ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Food — 1.1%            

B&G Foods Inc., 5.25%, 04/01/25
(Call 12/01/23)(b)

  $ 744     $ 714,203  

Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 11/13/23)(a)(b)

    1,516       1,494,438  

Performance Food Group Inc., 6.88%, 05/01/25 (Call 12/01/23)(a)

    803       800,562  
   

 

 

 
      3,009,203  
Food Service — 0.6%            

Aramark Services Inc., 5.00%, 04/01/25 (Call 12/01/23)(a)

    1,743       1,705,467  
   

 

 

 

Gas — 0.7%

   

AmeriGas Partners LP/AmeriGas Finance Corp., 5.50%, 05/20/25 (Call 02/20/25)

    2,022       1,940,981  
   

 

 

 

Health Care - Services — 2.7%

   

Akumin Inc., 7.00%, 11/01/25 (Call 12/01/23)(a)(b)

    1,285       1,093,052  

Encompass Health Corp., 5.75%, 09/15/25 (Call 12/01/23)

    987       963,057  

Global Medical Response Inc., 6.50%, 10/01/25 (Call 12/01/23)(a)

    20       12,742  

ModivCare Inc., 5.88%, 11/15/25
(Call 12/01/23)(a)

    1,389       1,322,575  

Prime Healthcare Services Inc., 7.25%, 11/01/25 (Call 12/01/23)(a)

    2,570       2,351,539  

RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/01/23)(a)(b)

    2,348       1,696,061  
   

 

 

 
      7,439,026  
Holding Companies - Diversified — 1.1%            

Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.38%, 12/15/25 (Call 12/01/23)

    2,196       2,066,401  

Stena International SA, 6.13%, 02/01/25 (Call 11/13/23)(a)

    1,035       1,017,887  
   

 

 

 
      3,084,288  
Home Builders — 0.6%            

Empire Communities Corp., 7.00%, 12/15/25 (Call 12/01/23)(a)

    1,357       1,261,924  

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

    571       560,291  
   

 

 

 
      1,822,215  
Housewares — 1.2%            

CD&R Smokey Buyer Inc., 6.75%, 07/15/25 (Call 12/01/23)(a)

    2,036       1,941,153  

Newell Brands Inc., 4.88%, 06/01/25 (Call 05/01/25)

    1,380       1,325,308  
   

 

 

 
      3,266,461  
Insurance — 2.5%            

Acrisure LLC/Acrisure Finance Inc., 7.00%, 11/15/25 (Call 12/01/23)(a)

    2,715       2,635,266  

AssuredPartners Inc., 7.00%, 08/15/25 (Call 12/01/23)(a)

    1,424       1,395,354  

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

    1,146       1,148,108  

USI Inc./NY, 6.88%, 05/01/25 (Call 12/01/23)(a)

    1,773       1,757,701  
   

 

 

 
      6,936,429  
Internet — 2.6%            

Gen Digital Inc., 5.00%, 04/15/25
(Call 11/13/23)(a)

    3,198       3,110,491  

TripAdvisor Inc., 7.00%, 07/15/25
(Call 11/13/23)(a)

    1,378       1,368,646  

Uber Technologies Inc., 7.50%, 05/15/25 (Call 12/01/23)(a)

        2,854           2,860,267  
   

 

 

 
      7,339,404  
Leisure Time — 0.8%            

Royal Caribbean Cruises Ltd., 11.50%, 06/01/25 (Call 11/07/23)(a)

    1,334       1,410,989  
Security  

Par

(000)