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OCTOBER 31, 2023 |
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2023 Annual Report
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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
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.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
| Total Returns as of October 31, 2023 | ||||
| 6-Month | 12-Month | |||
|
U.S. large cap equities |
1.39% | 10.14% | ||
|
U.S. small cap
equities |
(5.29) | (8.56) | ||
|
International equities |
(7.88) | 14.40 | ||
|
Emerging market equities |
(4.78) | 10.80 | ||
|
3-month Treasury bills |
2.63 | 4.77 | ||
|
U.S. Treasury securities |
(9.70) | (3.25) | ||
|
U.S. investment grade bonds |
(6.13) | 0.36 | ||
|
Tax-exempt municipal bonds |
(4.65) | 2.64 | ||
|
U.S.
high yield bonds |
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. | ||||
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T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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iShares Trust
U.S. 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)
The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value |
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|
Ending Account Value |
|
|
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) |
|||
|
|
||||
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Ball Corp., 4.00%, 11/15/23 |
3.5% | |||
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Newmark Group Inc., 6.13%, 11/15/23 |
3.5 | |||
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Ford Motor Credit Co. LLC, 3.37%, 11/17/23 |
3.0 | |||
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Starwood Property Trust Inc., 5.50%, 11/01/23 |
2.7 | |||
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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)
The inception date of the Fund was May 7, 2019. The first day of secondary market trading was May 9, 2019.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||
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|
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|
||||||||||||||||||||||||||
|
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)
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)
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. |
| 12 |
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® 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)
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 |
|
|
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. |
| 14 |
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® 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)
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. |
| 16 |
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® 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)
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 |
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® 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 |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
| 20 |
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 |
|
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 |
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 |
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, |
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, |
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, |
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 |
460 | 459,151 | ||||||
|
Mylan
Inc., 4.20%, 11/29/23 |
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, |
1,350 | 1,347,828 | ||||||
|
|
|
|||||||
|
Transportation — 0.4% |
||||||||
|
Ryder
System Inc., 3.88%, 12/01/23 |
695 | 693,642 | ||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 34.1% |
|
55,750,486 | ||||||
|
|
|
|||||||
| Shares | ||||||||
|
Short-Term Securities |
|
|||||||
|
Money Market Funds — 65.7% |
||||||||
|
BlackRock
Cash Funds: Institutional, |
1,477,249 | 1,477,840 | ||||||
|
BlackRock
Cash Funds: Treasury, |
106,000,000 | 106,000,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 65.7% |
|
107,477,840 | ||||||
|
|
|
|||||||
|
Total
Investments — 99.8% |
|
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 |
$ | 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 |
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, |
115 | 113,029 | ||||||
|
Discover
Bank, 2.45%, 09/12/24 |
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 |
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 |
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 |
4,494 | 4,398,871 | ||||||
|
Nutrien Ltd., 5.90%, 11/07/24(a) |
85 | 84,826 | ||||||
|
PPG
Industries Inc., 2.40%, 08/15/24 |
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 |
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 |
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 |
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 |
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 |
80 | 76,369 | ||||||
|
Affiliated Managers Group Inc., |
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 |
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 |
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 |
11,013 | 10,987,351 | ||||||
|
Radian
Group Inc., 4.50%, 10/01/24 |
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 |
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 |
85 | 81,523 | ||||||
|
CenterPoint
Energy Inc., 2.50%, 09/01/24 |
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 |
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 |
20 | 19,775 | ||||||
|
Arrow
Electronics Inc., 3.25%, 09/08/24 |
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 |
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 |
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 |
$ | 8,927 | $ | 8,820,719 | ||||
|
|
|
|||||||
| 8,922,869 | ||||||||
|
Food — 0.1% |
||||||||
|
Conagra
Brands Inc., 4.30%, 05/01/24 |
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 |
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 |
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 |
15 | 14,876 | ||||||
|
|
|
|||||||
| 692,515 | ||||||||
| Holding Companies - Diversified — 4.5% | ||||||||
|
Ares
Capital Corp., 4.20%, 06/10/24 |
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 |
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 |
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 |
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 |
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 |
95 | 93,312 | ||||||
|
CNA
Financial Corp., 3.95%, 05/15/24 |
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 |
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 |
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 |
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 |
8,643 | 8,175,726 | ||||||
|
|
|
|||||||
| 8,199,628 | ||||||||
| Lodging — 8.9% | ||||||||
|
Hyatt
Hotels Corp., 1.80%, 10/01/24 |
120 | 115,434 | ||||||
|
Las
Vegas Sands Corp., 3.20%, 08/08/24 |
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 |
11,420 | 11,260,478 | ||||||
|
Travel
+ Leisure Co., 5.65%, 04/01/24 |
4,537 | 4,514,034 | ||||||
|
Wynn
Macau Ltd., 4.88%, 10/01/24 |
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 |
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 |
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 |
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 |
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% |
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% |
28,833,229 | |||||||
|
|
|
|||||||
|
Total
Investments — 102.8% |
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 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
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 |
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 |
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 |
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 |
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 |
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 |
2,905 | 2,622,157 | ||||||
|
Tutor
Perini Corp., 6.88%, 05/01/25 |
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 |
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 |
$ | 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 |
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 |
3,198 | 3,110,491 | ||||||
|
TripAdvisor
Inc., 7.00%, 07/15/25 |
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) |
Value | ||||||
|
Leisure Time (continued) |
||||||||
|
Viking Cruises Ltd., 6.25%, 05/15/25 (Call 12/01/23)(a)(b) |
$ | 724 | $ | 707,413 | ||||
|
|
|
|||||||
| 2,118,402 | ||||||||
| Lodging — 6.4% | ||||||||
|
Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25 (Call 11/13/23)(a) |
1,430 | 1,407,236 | ||||||
|
Las Vegas Sands Corp., 2.90%, 06/25/25 (Call 05/25/25) |
1,375 | 1,297,993 | ||||||
|
Melco Resorts Finance Ltd., 4.88%, 06/06/25 (Call 11/30/23)(c) |
2,905 | 2,742,079 | ||||||
|
MGM China Holdings Ltd., 5.25%, 06/18/25 (Call 11/14/23)(a)(b) |
1,430 | 1,359,417 | ||||||
|
MGM Resorts International |
||||||||
|
5.75%, 06/15/25 (Call 03/15/25) |
1,945 | 1,902,938 | ||||||
|
6.75%, 05/01/25 (Call 12/01/23) |
2,183 | 2,170,696 | ||||||
|
Studio City Finance Ltd., 6.00%, 07/15/25 (Call 12/01/23)(a)(b) |
1,445 | 1,361,863 | ||||||
|
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp., 5.88%, 05/15/25 (Call 12/01/23)(a) |
860 | 826,636 | ||||||
|
Travel + Leisure Co., 6.60%, 10/01/25 (Call 07/01/25) |
1,008 | 990,127 | ||||||
|
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.50%, 03/01/25 (Call 12/01/24)(a) |
3,974 | 3,899,875 | ||||||
|
|
|
|||||||
| 17,958,860 | ||||||||
| Machinery — 0.5% | ||||||||
|
Husky III Holding Ltd. , 13.00%, 02/15/25 (Call 11/13/23), (13.75% PIK)(a)(b)(d) |
1,316 | 1,271,553 | ||||||
|
|
|
|||||||
|
Manufacturing — 0.4% |
||||||||
|
Hillenbrand Inc., 5.75%, 06/15/25 (Call 11/13/23) |
1,116 | 1,095,529 | ||||||
|
|
|
|||||||
|
Media — 1.8% |
||||||||
|
AMC Networks Inc., 4.75%, 08/01/25 (Call 12/01/23) |
2,353 | 2,146,738 | ||||||
|
Univision Communications Inc., 5.13%, 02/15/25 (Call 11/13/23)(a) |
3,006 | 2,936,860 | ||||||
|
|
|
|||||||
| 5,083,598 | ||||||||
| Mining — 0.4% | ||||||||
|
Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 12/01/23)(a) |
1,195 | 1,167,331 | ||||||
|
|
|
|||||||
|
Office & Business Equipment — 0.7% |
||||||||
|
Xerox Holdings Corp., 5.00%, 08/15/25 (Call 07/15/25)(a) |
2,205 | 2,028,432 | ||||||
|
|
|
|||||||
|
Oil & Gas — 6.1% |
||||||||
|
Calumet
Specialty Products Partners LP/Calumet Finance Corp.,
11.00%, 04/15/25 |
1,185 | 1,190,347 | ||||||
|
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 12/01/23)(a) |
3,363 | 3,331,233 | ||||||
|
CVR
Energy Inc., 5.25%, 02/15/25 |
1,712 | 1,677,595 | ||||||
|
Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 12/01/23) |
1,292 | 1,298,063 | ||||||
|
Nabors Industries Inc., 5.75%, 02/01/25 (Call 11/01/24) |
1,387 | 1,346,271 | ||||||
|
Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 12/01/23)(a) |
2,500 | 2,479,419 | ||||||
|
Range Resources Corp., 4.88%, 05/15/25 (Call 02/15/25) |
2,002 | 1,949,291 | ||||||
|
SM Energy Co., 5.63%, 06/01/25 (Call 12/01/23) |
986 | 963,139 | ||||||
|
Southwestern Energy Co., 5.70%, 01/23/25 (Call 10/23/24) |
1,108 | 1,095,170 | ||||||
|
Transocean
Inc., 7.25%, 11/01/25 |
1,010 | 984,951 | ||||||
| 30 |
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® 2025 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Oil & Gas (continued) | ||||||||
|
Vermilion Energy Inc., 5.63%, 03/15/25 (Call 12/01/23)(a) |
$ | 856 | $ | 834,564 | ||||
|
|
|
|||||||
| 17,150,043 | ||||||||
| Oil & Gas Services — 0.8% | ||||||||
|
CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25 (Call 12/01/23)(a)(b) |
985 | 958,287 | ||||||
|
KCA
Deutag UK Finance PLC, 9.88%, 12/01/25 |
1,260 | 1,265,568 | ||||||
|
|
|
|||||||
| 2,223,855 | ||||||||
| Packaging & Containers — 2.7% | ||||||||
|
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 5.25%, 04/30/25 (Call 12/04/23)(a) |
2,060 | 1,985,353 | ||||||
|
Ball Corp., 5.25%, 07/01/25 |
2,850 | 2,805,815 | ||||||
|
Clearwater Paper Corp., 5.38%, 02/01/25(a)(b) |
751 | 735,242 | ||||||
|
Owens-Brockway Glass Container Inc., 6.38%, 08/15/25(a)(b) |
865 | 843,607 | ||||||
|
Sealed
Air Corp., 5.50%, 09/15/25 |
1,116 | 1,086,398 | ||||||
|
|
|
|||||||
| 7,456,415 | ||||||||
| Pharmaceuticals — 2.4% | ||||||||
|
Bausch
Health Companies Inc., 5.50%, 11/01/25 |
4,925 | 4,262,118 | ||||||
|
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 12/01/23)(a) |
1,762 | 1,657,739 | ||||||
|
P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (Call 12/01/23)(a) |
1,372 | 921,316 | ||||||
|
|
|
|||||||
| 6,841,173 | ||||||||
| Pipelines — 6.2% | ||||||||
|
Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25 (Call 12/01/23)(a) |
1,751 | 1,753,314 | ||||||
|
Buckeye Partners LP, 4.13%, 03/01/25 (Call 02/01/25)(a)(b) |
1,375 | 1,311,156 | ||||||
|
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.75%, 04/01/25 (Call 12/01/23) |
1,382 | 1,364,788 | ||||||
|
EnLink Midstream Partners LP, 4.15%, 06/01/25 (Call 03/01/25) |
1,173 | 1,128,037 | ||||||
|
EQM Midstream Partners LP, 6.00%, 07/01/25 (Call 04/01/25)(a) |
1,120 | 1,098,617 | ||||||
|
Genesis Energy LP/Genesis Energy Finance Corp., 6.50%, 10/01/25 (Call 12/01/23) |
1,525 | 1,494,379 | ||||||
|
New
Fortress Energy Inc., 6.75%, 09/15/25 |
3,675 | 3,411,225 | ||||||
|
NGL Energy Partners LP/NGL Energy Finance Corp., 6.13%, 03/01/25 (Call 12/01/23) |
818 | 800,631 | ||||||
|
NuStar
Logistics LP, 5.75%, 10/01/25 |
1,741 | 1,689,535 | ||||||
|
Rockies Express Pipeline LLC, 3.60%, 05/15/25 (Call 04/15/25)(a) |
1,151 | 1,089,210 | ||||||
|
Summit
Midstream Holdings LLC/Summit Midstream Finance Corp.,
5.75%, 04/15/25 |
749 | 706,314 | ||||||
|
Tallgrass
Energy Partners LP/Tallgrass Energy Finance Corp.,
7.50%, 10/01/25 |
1,651 | 1,630,639 | ||||||
|
|
|
|||||||
| 17,477,845 | ||||||||
| Real Estate — 0.6% | ||||||||
|
Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 12/01/23)(a)(b) |
1,833 | 1,730,094 | ||||||
|
|
|
|||||||
| Real Estate Investment Trusts — 4.6% | ||||||||
|
HAT Holdings I LLC/HAT Holdings II LLC, 6.00%, 04/15/25 (Call 12/01/23)(a)(b) |
1,151 | 1,118,608 | ||||||
|
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25 (Call 11/16/23)(a)(b) |
991 | 943,102 | ||||||
| Security |
Par (000) |
Value | ||||||
|
Real Estate Investment Trusts (continued) |
||||||||
|
New Residential Investment Corp., 6.25%, 10/15/25 (Call 12/01/23)(a) |
$ | 1,524 | $ | 1,447,630 | ||||
|
Office Properties Income Trust, 4.50%, 02/01/25 (Call 11/01/24) |
1,755 | 1,516,393 | ||||||
|
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/25 (Call 12/01/23)(a) |
1,894 | 1,878,434 | ||||||
|
Service Properties Trust |
||||||||
|
4.50%, 03/15/25 (Call 09/15/24) |
1,007 | 940,215 | ||||||
|
7.50%, 09/15/25 (Call 06/15/25)(b) |
2,350 | 2,283,264 | ||||||
|
Starwood Property Trust Inc., 4.75%, 03/15/25 (Call 09/15/24) |
1,380 | 1,325,429 | ||||||
|
XHR LP, 6.38%, 08/15/25 (Call 11/13/23)(a) |
1,429 | 1,391,868 | ||||||
|
|
|
|||||||
| 12,844,943 | ||||||||
| Retail — 6.1% | ||||||||
|
1011778 BC ULC/New Red Finance Inc., 5.75%, 04/15/25 (Call 12/01/23)(a) |
1,504 | 1,491,089 | ||||||
|
Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 11/16/23)(a)(b) |
838 | 850,524 | ||||||
|
Bath & Body Works Inc., 9.38%, 07/01/25(a) |
903 | 930,371 | ||||||
|
Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 12/01/23)(a)(b) |
1,256 | 1,246,822 | ||||||
|
eG Global Finance PLC |
||||||||
|
6.75%, 02/07/25 (Call 11/13/23)(a) |
1,884 | 1,863,099 | ||||||
|
8.50%, 10/30/25 (Call 12/01/23)(a) |
1,785 | 1,761,466 | ||||||
|
IRB
Holding Corp., 7.00%, 06/15/25 |
2,203 | 2,200,316 | ||||||
|
Kohl’s Corp., 4.25%, 07/17/25 (Call 04/17/25)(b) |
990 | 927,376 | ||||||
|
Penske Automotive Group Inc., 3.50%, 09/01/25 (Call 11/13/23)(b) |
1,604 | 1,528,409 | ||||||
|
QVC Inc., 4.45%, 02/15/25 (Call 11/15/24) |
1,705 | 1,468,923 | ||||||
|
Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 12/01/23)(b) |
1,957 | 1,891,406 | ||||||
|
Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25 (Call 12/01/23)(a)(b) |
986 | 981,683 | ||||||
|
|
|
|||||||
| 17,141,484 | ||||||||
| Semiconductors — 0.4% | ||||||||
|
ams-OSRAM
AG, 7.00%, 07/31/25 |
1,255 | 1,228,518 | ||||||
|
|
|
|||||||
|
Software — 2.6% |
||||||||
|
Boxer
Parent Co. Inc., 7.13%, 10/02/25 |
1,750 | 1,727,005 | ||||||
|
PTC Inc., 3.63%, 02/15/25 (Call 12/01/23)(a) |
1,434 | 1,384,981 | ||||||
|
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 12/01/23)(a) |
5,167 | 4,230,180 | ||||||
|
|
|
|||||||
| 7,342,166 | ||||||||
| Telecommunications — 1.7% | ||||||||
|
CommScope Technologies LLC, 6.00%, 06/15/25 (Call 11/13/23)(a) |
3,747 | 2,259,871 | ||||||
|
Qwest Corp., 7.25%, 09/15/25 |
658 | 630,563 | ||||||
|
ViaSat Inc., 5.63%, 09/15/25 (Call 11/13/23)(a) |
2,036 | 1,890,117 | ||||||
|
|
|
|||||||
| 4,780,551 | ||||||||
| Trucking & Leasing — 0.7% | ||||||||
|
Fortress
Transportation and Infrastructure Investors LLC,
6.50%, 10/01/25 |
1,893 | 1,878,405 | ||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 95.2% |
266,916,346 | |||||||
|
|
|
|||||||
|
S C H E D U L E O F I N V E S T M E N T S |
31 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2025 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 13.4% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g) |
28,047,121 | $ | 28,058,340 | |||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(e)(f) |
9,620,000 | 9,620,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 13.4% |
37,678,340 | |||||||
|
|
|
|||||||
|
Total
Investments — 108.6% |
304,594,686 | |||||||
|
Liabilities in Excess of Other Assets — (8.6)% |
|
(24,176,190 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 280,418,496 | ||||||
|
|
|
|||||||
| (a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (d) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (e) |
Affiliate of the Fund. |
| (f) |
Annualized 7-day yield as of period end. |
| (g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 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 |
$ | 11,992,444 | $ | 16,057,874 | (a) | $ | — | $ | (1,127 | ) | $ | 9,149 | $ | 28,058,340 | 28,047,121 | $ | 171,423 | (b) | $ | — | ||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
2,080,000 | 7,540,000 | (a) | — | — | — | 9,620,000 | 9,620,000 | 146,351 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | (1,127 | ) | $ | 9,149 | $ | 37,678,340 | $ | 317,774 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 |
$ | — | $ | 266,916,346 | $ | — | $ | 266,916,346 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
37,678,340 | — | — | 37,678,340 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 37,678,340 | $ | 266,916,346 | $ | — | $ | 304,594,686 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 32 |
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® 2026 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
Corporate Bonds & Notes |
||||||||
| Advertising — 0.2% | ||||||||
|
Summer
BC Bidco B LLC, 5.50%, 10/31/26 |
$ | 395 | $ | 343,774 | ||||
|
|
|
|||||||
|
Aerospace & Defense — 4.0% |
||||||||
|
Bombardier Inc., 7.13%, 06/15/26 (Call 12/01/23)(a) |
1,113 | 1,071,070 | ||||||
|
F-Brasile SpA/F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (Call 11/13/23)(a)(b) |
415 | 394,936 | ||||||
|
Spirit
AeroSystems Inc., 3.85%, 06/15/26 |
279 | 257,942 | ||||||
|
TransDigm Inc., 6.25%, 03/15/26 (Call 12/01/23)(a) |
4,211 | 4,117,304 | ||||||
|
|
|
|||||||
| 5,841,252 | ||||||||
| Agriculture — 0.5% | ||||||||
|
Turning
Point Brands Inc., 5.63%, 02/15/26 |
232 | 213,146 | ||||||
|
Vector
Group Ltd., 10.50%, 11/01/26 |
494 | 493,511 | ||||||
|
|
|
|||||||
| 706,657 | ||||||||
| Airlines — 5.1% | ||||||||
|
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a) |
1,085 | 987,721 | ||||||
|
Air Canada Pass Through Trust, Series 2020-1, Class C, 10.50%, 07/15/26(a) |
295 | 317,160 | ||||||
|
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26(a) |
2,798 | 2,721,071 | ||||||
|
Delta
Air Lines Inc., 7.38%, 01/15/26 |
795 | 803,042 | ||||||
|
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a) |
1,113 | 822,158 | ||||||
|
United
Airlines Inc., 4.38%, 04/15/26 |
1,855 | 1,725,322 | ||||||
|
|
|
|||||||
| 7,376,474 | ||||||||
| Apparel — 0.9% | ||||||||
|
Hanesbrands
Inc., 4.88%, 05/15/26 |
837 | 769,421 | ||||||
|
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26) |
558 | 507,961 | ||||||
|
|
|
|||||||
| 1,277,382 | ||||||||
| Auto Manufacturers — 0.3% | ||||||||
|
JB
Poindexter & Co. Inc., 7.13%, 04/15/26 |
512 | 487,963 | ||||||
|
|
|
|||||||
| Auto Parts & Equipment — 1.9% | ||||||||
|
Adient
Global Holdings Ltd., 4.88%, 08/15/26 |
735 | 684,448 | ||||||
|
Clarios Global LP/Clarios U.S. Finance Co., 6.25%, 05/15/26 (Call 12/04/23)(a)(b) |
834 | 815,594 | ||||||
|
Goodyear Tire & Rubber Co. (The), 5.00%, 05/31/26 (Call 12/01/23) |
834 | 788,825 | ||||||
|
IHO
Verwaltungs GmbH, 4.75%, 09/15/26 |
465 | 430,141 | ||||||
|
|
|
|||||||
| 2,719,008 | ||||||||
| Banks — 1.2% | ||||||||
|
Freedom
Mortgage Corp., 7.63%, 05/01/26 |
466 | 428,876 | ||||||
|
Intesa Sanpaolo SpA, 5.71%, 01/15/26(a) |
1,390 | 1,319,391 | ||||||
|
|
|
|||||||
| 1,748,267 | ||||||||
| Chemicals — 1.5% | ||||||||
|
GPD
Companies Inc., 10.13%, 04/01/26 |
461 | 417,154 | ||||||
|
INEOS Quattro Finance 2 PLC, 3.38%, 01/15/26 (Call 12/01/23)(a) |
445 | 424,641 | ||||||
|
Mativ Holdings Inc., 6.88%, 10/01/26 (Call 12/01/23)(a) |
326 | 293,408 | ||||||
| Security | Par (000) |
Value | ||||||
|
Chemicals (continued) |
||||||||
|
Rayonier
AM Products Inc., 7.63%, 01/15/26 |
$ | 418 | $ | 355,000 | ||||
|
SCIL USA Holdings LLC, Class-H, 5.38%, 11/01/26 (Call 12/01/23)(a) |
705 | 624,000 | ||||||
|
|
|
|||||||
| 2,114,203 | ||||||||
| Commercial Services — 6.3% | ||||||||
|
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 12/01/23)(a) |
525 | 485,693 | ||||||
|
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26 (Call 12/01/23)(a) |
1,797 | 1,682,307 | ||||||
|
Alta
Equipment Group Inc., 5.63%, 04/15/26 |
302 | 270,778 | ||||||
|
Block Inc., 2.75%, 06/01/26 (Call 05/01/26) |
921 | 829,326 | ||||||
|
Cimpress PLC, 7.00%, 06/15/26 (Call 11/16/23) |
510 | 471,765 | ||||||
|
CoreCivic Inc., 8.25%, 04/15/26 (Call 04/15/24) |
597 | 606,913 | ||||||
|
CPI CG Inc., 8.63%, 03/15/26 (Call 12/01/23)(a) |
258 | 246,937 | ||||||
|
Graham Holdings Co., 5.75%, 06/01/26 (Call 11/13/23)(a) |
373 | 359,238 | ||||||
|
Hertz
Corp. (The), 4.63%, 12/01/26 |
463 | 390,792 | ||||||
|
Legends
Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc.,
5.00%, 02/01/26 |
370 | 354,030 | ||||||
|
Prime Security Services Borrower LLC/Prime Finance Inc., 5.75%, 04/15/26(a) |
1,284 | 1,246,185 | ||||||
|
Shift4 Payments LLC/Shift4 Payments Finance Sub Inc., 4.63%, 11/01/26 (Call 12/01/23)(a) |
419 | 386,958 | ||||||
|
Verscend
Escrow Corp., 9.75%, 08/15/26 |
1,058 | 1,050,713 | ||||||
|
WASH
Multifamily Acquisition Inc., 5.75%, 04/15/26 |
786 | 727,195 | ||||||
|
|
|
|||||||
| 9,108,830 | ||||||||
| Computers — 0.8% | ||||||||
|
Vericast Corp., 11.00%, 09/15/26 (Call 12/01/23)(a) |
1,149 | 1,213,964 | ||||||
|
|
|
|||||||
| Cosmetics & Personal Care — 0.8% | ||||||||
|
Coty Inc. |
||||||||
|
5.00%, 04/15/26 (Call 12/01/23)(a)(b) |
833 | 797,917 | ||||||
|
6.50%, 04/15/26 (Call 12/01/23)(a) |
439 | 432,985 | ||||||
|
|
|
|||||||
| 1,230,902 | ||||||||
| Distribution & Wholesale — 0.0% | ||||||||
|
Wesco Aircraft Holdings Inc., 9.00%, 11/15/26 (Call 12/01/23)(a) |
75 | 6,666 | ||||||
|
|
|
|||||||
| Diversified Financial Services — 4.1% | ||||||||
|
Brightsphere Investment Group Inc., 4.80%, 07/27/26 |
260 | 236,318 | ||||||
|
Credit
Acceptance Corp., 6.63%, 03/15/26 |
372 | 354,074 | ||||||
|
GGAM
Finance Ltd., 7.75%, 05/15/26 |
370 | 367,225 | ||||||
|
goeasy Ltd., 4.38%, 05/01/26 (Call 11/14/23)(a)(b) |
300 | 271,519 | ||||||
|
Home
Point Capital Inc., 5.00%, 02/01/26 |
468 | 434,070 | ||||||
|
Jefferson Capital Holdings LLC, 6.00%, 08/15/26 (Call 12/01/23)(a) |
276 | 241,394 | ||||||
|
LFS Topco LLC, 5.88%, 10/15/26 (Call 12/01/23)(a)(b) |
278 | 234,971 | ||||||
|
Navient Corp., 6.75%, 06/15/26 |
464 | 440,550 | ||||||
|
OneMain Finance Corp., 7.13%, 03/15/26 |
1,485 | 1,443,143 | ||||||
|
PHH
Mortgage Corp., 7.88%, 03/15/26 |
348 | 301,198 | ||||||
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%, 10/15/26 (Call 12/01/23)(a) |
1,047 | 912,230 | ||||||
|
SLM Corp., 3.13%, 11/02/26 (Call 10/02/26) |
464 | 405,424 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
33 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2026 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Diversified Financial Services (continued) | ||||||||
|
World
Acceptance Corp., 7.00%, 11/01/26 |
$ | 265 | $ | 216,141 | ||||
|
|
|
|||||||
| 5,858,257 | ||||||||
| Electric — 1.6% | ||||||||
|
Calpine Corp., 5.25%, 06/01/26 (Call 12/01/23)(a) |
389 | 374,803 | ||||||
|
FirstEnergy
Corp., Series A, 1.60%, 01/15/26 |
280 | 251,652 | ||||||
|
NextEra Energy Operating Partners LP, 3.88%, 10/15/26 (Call 07/15/26)(a) |
466 | 423,837 | ||||||
|
Terraform Global Operating LP, 6.13%, 03/01/26 (Call 12/01/23)(a) |
331 | 318,802 | ||||||
|
Vistra
Operations Co. LLC, 5.50%, 09/01/26 |
929 | 885,675 | ||||||
|
|
|
|||||||
| 2,254,769 | ||||||||
| Energy - Alternate Sources — 0.6% | ||||||||
|
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 12/01/23)(a)(b) |
715 | 502,437 | ||||||
|
Sunnova
Energy Corp., 5.88%, 09/01/26 |
372 | 301,073 | ||||||
|
|
|
|||||||
| 803,510 | ||||||||
| Engineering & Construction — 0.4% | ||||||||
|
Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 12/01/23)(a) |
346 | 327,050 | ||||||
|
INNOVATE
Corp., 8.50%, 02/01/26 |
308 | 237,096 | ||||||
|
|
|
|||||||
| 564,146 | ||||||||
| Entertainment — 3.3% | ||||||||
|
AMC Entertainment Holdings Inc., 10.00%, 06/15/26 (Call 11/13/23)(a)(b) |
1,330 | 1,005,464 | ||||||
|
CCM
Merger Inc., 6.38%, 05/01/26 |
256 | 242,814 | ||||||
|
Cinemark
USA Inc., 5.88%, 03/15/26 |
380 | 362,237 | ||||||
|
Empire
Resorts Inc., 7.75%, 11/01/26 |
280 | 228,339 | ||||||
|
Golden
Entertainment Inc., 7.63%, 04/15/26 |
311 | 311,904 | ||||||
|
International Game Technology PLC, 4.13%, 04/15/26 (Call 12/01/23)(a) |
695 | 654,840 | ||||||
|
Live Nation Entertainment Inc., 5.63%, 03/15/26 (Call 12/01/23)(a) |
277 | 266,075 | ||||||
|
Merlin
Entertainments Ltd., 5.75%, 06/15/26 |
370 | 349,558 | ||||||
|
Mohegan Gaming & Entertainment, 8.00%, 02/01/26 (Call 12/01/23)(a) |
1,090 | 1,001,417 | ||||||
|
Raptor Acquisition Corp./Raptor Co-Issuer LLC, 4.88%, 11/01/26 (Call 11/13/23)(a) |
327 | 304,374 | ||||||
|
|
|
|||||||
| 4,727,022 | ||||||||
| Environmental Control — 0.6% | ||||||||
|
GFL
Environmental Inc., 5.13%, 12/15/26 |
464 | 441,553 | ||||||
|
Waste
Pro USA Inc., 5.50%, 02/15/26 |
465 | 428,277 | ||||||
|
|
|
|||||||
| 869,830 | ||||||||
| Food — 1.1% | ||||||||
|
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |
||||||||
|
3.25%, 03/15/26 (Call 12/01/23)(a) |
694 | 641,692 | ||||||
|
7.50%, 03/15/26 (Call 12/01/23)(a) |
553 | 561,874 | ||||||
|
Sigma
Holdco BV, 7.88%, 05/15/26 |
450 | 377,740 | ||||||
|
|
|
|||||||
| 1,581,306 | ||||||||
| Forest Products & Paper — 0.2% | ||||||||
|
Mercer
International Inc., 5.50%, 01/15/26 |
278 | 259,393 | ||||||
|
|
|
|||||||
| Security | Par (000) |
Value | ||||||
|
Gas — 0.4% |
||||||||
|
AmeriGas Partners LP/AmeriGas Finance Corp., 5.88%, 08/20/26 (Call 05/20/26) |
$ | 627 | $ | 587,840 | ||||
|
|
|
|||||||
| Health Care - Services — 5.4% | ||||||||
|
CHS/Community Health Systems Inc., 8.00%, 03/15/26 (Call 12/01/23)(a)(b) |
1,950 | 1,783,754 | ||||||
|
Heartland Dental LLC/Heartland Dental Finance Corp., 8.50%, 05/01/26 (Call 12/01/23)(a) |
286 | 262,291 | ||||||
|
IQVIA Inc., 5.00%, 10/15/26 (Call 12/01/23)(a) |
965 | 920,077 | ||||||
|
RegionalCare
Hospital Partners Holdings Inc./LifePoint Health Inc.,
9.75%, 12/01/26 |
1,223 | 1,151,722 | ||||||
|
Select
Medical Corp., 6.25%, 08/15/26 |
1,183 | 1,150,890 | ||||||
|
Tenet
Healthcare Corp., 4.88%, 01/01/26 |
1,997 | 1,915,859 | ||||||
|
U.S. Acute Care Solutions LLC, 6.38%, 03/01/26 (Call 12/01/23)(a) |
670 | 572,406 | ||||||
|
|
|
|||||||
| 7,756,999 | ||||||||
| Holding Companies - Diversified — 0.7% | ||||||||
|
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 6.25%, 05/15/26 (Call 12/01/23) |
1,182 | 1,081,537 | ||||||
|
|
|
|||||||
| Home Builders — 0.2% | ||||||||
|
Forestar
Group Inc., 3.85%, 05/15/26 |
372 | 332,567 | ||||||
|
|
|
|||||||
| Housewares — 1.4% | ||||||||
|
Newell
Brands Inc., 5.20%, 04/01/26 |
1,915 | 1,806,901 | ||||||
|
Scotts
Miracle-Gro Co. (The), 5.25%, 12/15/26 |
234 | 217,323 | ||||||
|
|
|
|||||||
| 2,024,224 | ||||||||
| Insurance — 1.3% | ||||||||
|
Acrisure LLC/Acrisure Finance Inc., 10.13%, 08/01/26 (Call 12/01/23)(a)(b) |
374 | 376,509 | ||||||
|
Hub
International Ltd., 7.00%, 05/01/26 |
1,597 | 1,556,082 | ||||||
|
|
|
|||||||
| 1,932,591 | ||||||||
| Internet — 1.7% | ||||||||
|
Cogent Communications Group Inc., 3.50%, 05/01/26 (Call 02/01/26)(a) |
464 | 422,949 | ||||||
|
Millennium
Escrow Corp., 6.63%, 08/01/26 |
729 | 541,580 | ||||||
|
Uber
Technologies Inc., 8.00%, 11/01/26 |
1,425 | 1,435,721 | ||||||
|
|
|
|||||||
| 2,400,250 | ||||||||
| Iron & Steel — 0.9% | ||||||||
|
Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26 (Call 12/01/23)(a) |
532 | 511,961 | ||||||
|
Cleveland-Cliffs
Inc., 6.75%, 03/15/26 |
771 | 768,010 | ||||||
|
|
|
|||||||
| 1,279,971 | ||||||||
| Leisure Time — 3.5% | ||||||||
|
Carnival Corp., 7.63%, 03/01/26 (Call 03/01/24)(a)(b) |
1,262 | 1,226,028 | ||||||
|
Life Time Inc. |
||||||||
|
5.75%, 01/15/26 (Call 12/01/23)(a) |
857 | 830,449 | ||||||
|
8.00%, 04/15/26 (Call 12/01/23)(a)(b) |
438 | 427,531 | ||||||
|
NCL Corp. Ltd., 5.88%, 03/15/26 (Call 12/15/25)(a) |
1,358 | 1,221,010 | ||||||
|
Royal Caribbean Cruises Ltd. |
||||||||
|
4.25%, 07/01/26 (Call 01/01/26)(a) |
604 | 555,806 | ||||||
|
5.50%, 08/31/26 (Call 02/28/26)(a) |
922 | 871,488 | ||||||
|
|
|
|||||||
| 5,132,312 | ||||||||
| 34 |
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® 2026 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Lodging — 2.8% | ||||||||
|
Genting
New York LLC, 3.30%, 02/15/26 |
$ | 430 | $ | 384,698 | ||||
|
Las
Vegas Sands Corp., 3.50%, 08/18/26 |
926 | 851,857 | ||||||
|
Melco
Resorts Finance Ltd., 5.25%, 04/26/26 |
410 | 376,154 | ||||||
|
MGM
China Holdings Ltd., 5.88%, 05/15/26 |
615 | 589,872 | ||||||
|
MGM
Resorts International, 4.63%, 09/01/26 |
371 | 344,536 | ||||||
|
Travel
+ Leisure Co., 6.63%, 07/31/26 |
603 | 586,957 | ||||||
|
Wynn
Macau Ltd., 5.50%, 01/15/26 |
1,020 | 944,676 | ||||||
|
|
|
|||||||
| 4,078,750 | ||||||||
| Machinery — 0.6% | ||||||||
|
Manitowoc
Co. Inc. (The), 9.00%, 04/01/26 |
279 | 274,403 | ||||||
|
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 12/01/23)(a) |
602 | 564,108 | ||||||
|
|
|
|||||||
| 838,511 | ||||||||
| Manufacturing — 1.5% | ||||||||
|
EnPro
Industries Inc., 5.75%, 10/15/26 |
327 | 311,712 | ||||||
|
FXI Holdings Inc. |
||||||||
|
12.25%, 11/15/26 (Call 11/16/23)(a) |
435 | 361,446 | ||||||
|
12.25%, 11/15/26 (Call 12/01/23)(a) |
705 | 586,055 | ||||||
|
Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 12/01/23)(a)(b) |
525 | 513,051 | ||||||
|
Hillenbrand Inc., 5.00%, 09/15/26 (Call 07/15/26) |
353 | 340,091 | ||||||
|
|
|
|||||||
| 2,112,355 | ||||||||
| Media — 5.9% | ||||||||
|
Beasley Mezzanine Holdings LLC, 8.63%, 02/01/26 (Call 12/01/23)(a) |
265 | 174,884 | ||||||
|
CCO Holdings LLC/CCO Holdings Capital Corp., 5.50%, 05/01/26 (Call 12/01/23)(a)(b) |
697 | 666,880 | ||||||
|
Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 12/01/23)(a)(b) |
323 | 234,449 | ||||||
|
DISH DBS Corp. |
||||||||
|
5.25%, 12/01/26 (Call 06/01/26)(a) |
2,628 | 2,123,133 | ||||||
|
7.75%, 07/01/26 |
1,907 | 1,276,761 | ||||||
|
Gannett
Holdings LLC, 6.00%, 11/01/26 |
281 | 235,255 | ||||||
|
Gray
Television Inc., 5.88%, 07/15/26 |
651 | 579,945 | ||||||
|
iHeartCommunications
Inc., 6.38%, 05/01/26 |
740 | 603,053 | ||||||
|
Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26 (Call 12/01/23)(a)(b) |
833 | 638,645 | ||||||
|
Sirius
XM Radio Inc., 3.13%, 09/01/26 |
918 | 823,869 | ||||||
|
Spanish Broadcasting System Inc., 9.75%, 03/01/26 (Call 11/13/23)(a) |
285 | 176,785 | ||||||
|
TEGNA Inc., 4.75%, 03/15/26 (Call 12/01/23)(a) |
510 | 478,293 | ||||||
|
Townsquare
Media Inc., 6.88%, 02/01/26 |
481 | 447,595 | ||||||
|
|
|
|||||||
| 8,459,547 | ||||||||
| Mining — 1.4% | ||||||||
|
Constellium SE, 5.88%, 02/15/26 (Call 12/01/23)(a) |
230 | 221,926 | ||||||
|
Hudbay
Minerals Inc., 4.50%, 04/01/26 |
570 | 529,649 | ||||||
|
JW Aluminum Continuous Cast Co., 10.25%, 06/01/26 (Call 11/16/23)(a) |
284 | 282,698 | ||||||
|
Novelis Corp., 3.25%, 11/15/26 (Call 12/01/23)(a) |
678 | 604,322 | ||||||
| Security | Par (000) |
Value | ||||||
|
Mining (continued) |
||||||||
|
Taseko
Mines Ltd., 7.00%, 02/15/26 |
$ | 369 | $ | 336,525 | ||||
|
|
|
|||||||
| 1,975,120 | ||||||||
| Oil & Gas — 8.4% | ||||||||
|
Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (Call 12/01/23)(a) |
694 | 689,472 | ||||||
|
Ascent
Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/01/26 |
557 | 538,282 | ||||||
|
Berry
Petroleum Co. LLC, 7.00%, 02/15/26 |
374 | 359,046 | ||||||
|
California
Resources Corp., 7.13%, 02/01/26 |
556 | 558,052 | ||||||
|
Callon
Petroleum Co., 6.38%, 07/01/26 |
299 | 291,613 | ||||||
|
Chesapeake
Energy Corp., 5.50%, 02/01/26 |
464 | 450,535 | ||||||
|
Civitas
Resources Inc., 5.00%, 10/15/26 |
374 | 349,780 | ||||||
|
Gulfport
Energy Corp., 8.00%, 05/17/26 |
470 | 469,787 | ||||||
|
Harbour Energy PLC, 5.50%, 10/15/26 |
||||||||
|
(Call 12/01/23)(a) |
465 | 432,923 | ||||||
|
Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 12/01/23)(a) |
650 | 628,778 | ||||||
|
Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 12/01/23)(a) |
580 | 557,557 | ||||||
|
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 |
||||||||
|
(Call 11/13/23)(a) |
372 | 355,649 | ||||||
|
Matador Resources Co., 5.88%, 09/15/26 |
||||||||
|
(Call 11/16/23)(b) |
647 | 624,727 | ||||||
|
Moss Creek Resources Holdings Inc., 7.50%, |
||||||||
|
01/15/26 (Call 12/01/23)(a) |
628 | 600,885 | ||||||
|
Nabors Industries Ltd., 7.25%, 01/15/26 |
||||||||
|
(Call 12/01/23)(a) |
530 | 496,585 | ||||||
|
Oasis Petroleum Inc., 6.38%, 06/01/26 |
||||||||
|
(Call 12/01/23)(a) |
372 | 365,818 | ||||||
|
PDC Energy Inc., 5.75%, 05/15/26 (Call 12/01/23) |
446 | 444,372 | ||||||
|
Permian Resources Operating LLC |
||||||||
|
5.38%, 01/15/26 (Call 12/01/23)(a)(b) |
266 | 255,600 | ||||||
|
7.75%, 02/15/26 (Call 02/15/24)(a) |
279 | 279,029 | ||||||
|
Petrofac Ltd., 9.75%, 11/15/26 (Call 12/01/23)(a) |
555 | 377,383 | ||||||
|
Precision Drilling Corp., 7.13%, 01/15/26 |
||||||||
|
(Call 11/16/23)(a)(b) |
324 | 319,538 | ||||||
|
Puma International Financing SA, 5.00%, 01/24/26 |
||||||||
|
(Call 11/13/23)(a) |
600 | 540,026 | ||||||
|
SM Energy Co., 6.75%, 09/15/26 (Call 12/01/23) |
388 | 381,006 | ||||||
|
Strathcona Resources Ltd., 6.88%, 08/01/26 |
||||||||
|
(Call 12/01/23)(a) |
461 | 428,697 | ||||||
|
Talos Production Inc., 12.00%, 01/15/26 |
||||||||
|
(Call 11/16/23) |
588 | 610,750 | ||||||
|
Transocean Inc., 7.50%, 01/15/26 (Call 11/14/23)(a) |
530 | 508,916 | ||||||
|
W&T Offshore Inc., 11.75%, 02/01/26 |
||||||||
|
(Call 08/01/24)(a) |
255 | 263,581 | ||||||
|
|
|
|||||||
| 12,178,387 | ||||||||
| Oil & Gas Services — 0.6% | ||||||||
|
USA Compression Partners LP/USA Compression |
||||||||
|
Finance Corp., 6.88%, 04/01/26 (Call 12/01/23) |
672 | 655,073 | ||||||
|
Welltec International ApS, 8.25%, 10/15/26 |
||||||||
|
(Call 11/13/23)(a) |
272 | 274,917 | ||||||
|
|
|
|||||||
| 929,990 | ||||||||
| Packaging & Containers — 5.1% | ||||||||
|
Ardagh Packaging Finance PLC/Ardagh Holdings |
||||||||
|
USA Inc., 4.13%, 08/15/26 (Call 11/13/23)(a) |
1,125 | 992,947 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
35 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2026 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Packaging & Containers (continued) | ||||||||
|
Ball Corp., 4.88%, 03/15/26 (Call 12/15/25) |
$ | 696 | $ | 670,489 | ||||
|
Berry
Global Inc., 4.50%, 02/15/26 |
278 | 262,103 | ||||||
|
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26) |
372 | 351,629 | ||||||
|
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 12/01/23) |
811 | 782,364 | ||||||
|
Crown Cork & Seal Co. Inc., 7.38%, 12/15/26(b) |
323 | 327,836 | ||||||
|
LABL Inc., 6.75%, 07/15/26 (Call 11/13/23)(a) |
651 | 599,881 | ||||||
|
Mauser Packaging Solutions Holding Co., 7.88%, 08/15/26 (Call 08/15/24)(a) |
2,630 | 2,464,064 | ||||||
|
Trivium Packaging Finance BV, 5.50%, 08/15/26 (Call 12/01/23)(a) |
965 | 875,826 | ||||||
|
|
|
|||||||
| 7,327,139 | ||||||||
| Pharmaceuticals — 0.7% | ||||||||
|
Perrigo
Finance Unlimited Co., 4.38%, 03/15/26 |
650 | 610,304 | ||||||
|
PRA
Health Sciences Inc., 2.88%, 07/15/26 |
465 | 426,995 | ||||||
|
|
|
|||||||
| 1,037,299 | ||||||||
| Pipelines — 5.9% | ||||||||
|
Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.88%, 05/15/26 (Call 11/16/23)(a) |
509 | 513,732 | ||||||
|
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.63%, 07/15/26 (Call 12/01/23)(a) |
280 | 272,489 | ||||||
|
Buckeye Partners LP, 3.95%, 12/01/26 (Call 09/01/26) |
553 | 504,301 | ||||||
|
EnLink Midstream Partners LP, 4.85%, 07/15/26 (Call 04/15/26) |
453 | 426,995 | ||||||
|
EQM Midstream Partners LP, 4.13%, 12/01/26 (Call 09/01/26) |
465 | 431,905 | ||||||
|
Genesis
Energy LP/Genesis Energy Finance Corp., 6.25%, 05/15/26 |
314 | 299,521 | ||||||
|
Hess
Midstream Operations LP, 5.63%, 02/15/26 |
735 | 716,136 | ||||||
|
New Fortress Energy Inc., 6.50%, 09/30/26 (Call 12/01/23)(a) |
1,428 | 1,278,344 | ||||||
|
NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 12/01/23)(a) |
1,953 | 1,906,952 | ||||||
|
NGL Energy Partners LP/NGL Energy Finance Corp., 7.50%, 04/15/26 (Call 12/01/23) |
295 | 280,501 | ||||||
|
Northriver Midstream Finance LP, 5.63%, 02/15/26 (Call 12/01/23)(a) |
486 | 461,198 | ||||||
|
NuStar
Logistics LP, 6.00%, 06/01/26 |
456 | 441,458 | ||||||
|
Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 9.00%, 10/15/26 (Call 12/01/23)(a)(e) |
730 | 700,832 | ||||||
|
TransMontaigne
Partners LP/TLP Finance Corp., |
276 | 236,581 | ||||||
|
|
|
|||||||
| 8,470,945 | ||||||||
| Real Estate Investment Trusts — 2.5% | ||||||||
|
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 11/13/23)(a) |
877 | 803,380 | ||||||
|
HAT Holdings I LLC/HAT Holdings II LLC, 3.38%, 06/15/26 (Call 03/15/26)(a)(b) |
959 | 844,627 | ||||||
|
MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 08/01/26 (Call 12/01/23)(b) |
464 | 400,173 | ||||||
|
Office
Properties Income Trust, 2.65%, 06/15/26 |
280 | 184,414 | ||||||
|
RLJ Lodging Trust LP, 3.75%, 07/01/26 (Call 12/01/23)(a) |
464 | 418,717 | ||||||
|
Service Properties Trust 4.75%, 10/01/26 (Call 08/01/26) |
416 | 353,519 | ||||||
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
|
Real Estate Investment Trusts (continued) |
| |||||||
|
5.25%, 02/15/26 (Call 08/15/25)(b) |
$ | 325 | $ | 290,826 | ||||
|
Starwood Property Trust Inc., 3.63%, 07/15/26 (Call 01/15/26)(a)(b) |
373 | 329,095 | ||||||
|
|
|
|||||||
| 3,624,751 | ||||||||
|
Retail — 4.3% |
||||||||
|
Advance Auto Parts Inc., 5.90%, 03/09/26 |
260 | 252,368 | ||||||
|
Beacon Roofing Supply Inc., 4.50%, 11/15/26 (Call 12/01/23)(a) |
276 | 257,517 | ||||||
|
CEC
Entertainment LLC, 6.75%, 05/01/26 |
604 | 565,014 | ||||||
|
Ferrellgas
LP/Ferrellgas Finance Corp., |
604 | 565,756 | ||||||
|
Guitar
Center Inc., 8.50%, 01/15/26 |
512 | 431,587 | ||||||
|
LSF9
Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26 |
762 | 689,628 | ||||||
|
NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 12/01/23)(a) |
1,022 | 955,779 | ||||||
|
Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (Call 12/01/23)(a) |
674 | 629,317 | ||||||
|
Staples Inc., 7.50%, 04/15/26 (Call 12/01/23)(a) |
1,906 | 1,553,165 | ||||||
|
White
Cap Parent LLC, 8.25%, 03/15/26 |
278 | 264,266 | ||||||
|
|
|
|||||||
| 6,164,397 | ||||||||
|
Software — 1.3% |
||||||||
|
ACI
Worldwide Inc., 5.75%, 08/15/26 |
374 | 357,982 | ||||||
|
Boxer
Parent Co. Inc., 9.13%, 03/01/26 |
326 | 323,904 | ||||||
|
Camelot Finance SA, 4.50%, 11/01/26 |
||||||||
|
(Call 12/01/23)(a) |
647 | 600,165 | ||||||
|
Consensus Cloud Solutions Inc., 6.00%, 10/15/26 (Call 12/01/23)(a)(b) |
281 | 260,580 | ||||||
|
Fair
Isaac Corp., 5.25%, 05/15/26 |
371 | 357,683 | ||||||
|
|
|
|||||||
| 1,900,314 | ||||||||
|
Telecommunications — 3.6% |
|
|||||||
|
CommScope
Inc., 6.00%, 03/01/26 |
1,391 | 1,168,576 | ||||||
|
Connect
Finco Sarl/Connect U.S. Finco LLC, |
1,890 | 1,759,345 | ||||||
|
Hughes Satellite Systems Corp. |
||||||||
|
5.25%, 08/01/26 |
684 | 615,044 | ||||||
|
6.63%, 08/01/26(b) |
693 | 588,456 | ||||||
|
Iliad Holding SASU, 6.50%, 10/15/26 |
||||||||
|
(Call 11/13/23)(a) |
1,085 | 1,012,727 | ||||||
|
|
|
|||||||
| 5,144,148 | ||||||||
|
Trucking & Leasing — 0.4% |
||||||||
|
NAC Aviation 29 DAC, 4.75%, 06/30/26 |
||||||||
|
(Call 11/06/23)(b) |
616 | 566,948 | ||||||
|
|
|
|||||||
|
Water — 0.2% |
||||||||
|
Solaris Midstream Holdings LLC, 7.63%, 04/01/26 (Call 12/01/23)(a) |
371 | 354,597 | ||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 96.1% |
138,785,064 | |||||||
|
|
|
|||||||
| Shares | ||||||||
|
|
||||||||
|
Short-Term Securities |
| |||||||
|
Money Market Funds — 15.6% |
||||||||
|
BlackRock
Cash Funds: Institutional, |
21,432,194 | 21,440,767 | ||||||
| 36 |
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® 2026 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security | Shares | Value | ||||||
|
|
||||||||
|
Money Market Funds (continued) |
| |||||||
|
BlackRock
Cash Funds: Treasury, |
1,130,000 | $ | 1,130,000 | |||||
|
|
|
|||||||
|
Total
Short-Term Securities — 15.6% |
22,570,767 | |||||||
|
|
|
|||||||
|
Total
Investments — 111.7% |
|
161,355,831 | ||||||
|
Liabilities in Excess of Other Assets — (11.7)% |
|
(16,873,444 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 144,482,387 | ||||||
|
|
|
|||||||
| (a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (d) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (e) |
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. |
| (f) |
Affiliate of the Fund. |
| (g) |
Annualized 7-day yield as of period end. |
| (h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
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 |
$ | 6,533,406 | $ | 14,903,775 | (a) | $ | — | $ | (1,970 | ) | $ | 5,556 | $ | 21,440,767 | 21,432,194 | $ | 89,068 | (b) | $ | — | ||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
490,000 | 640,000 | (a) | — | — | — | 1,130,000 | 1,130,000 | 25,405 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | (1,970 | ) | $ | 5,556 | $ | 22,570,767 | $ | 114,473 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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 |
$ | — | $ | 138,785,064 | $ | — | $ | 138,785,064 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
22,570,767 | — | — | 22,570,767 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 22,570,767 | $ | 138,785,064 | $ | — | $ | 161,355,831 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
37 |
|
Schedule of Investments October 31, 2023 |
iShares® iBonds® 2027 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
Corporate Bonds & Notes |
| |||||||
| Advertising — 1.5% | ||||||||
|
Clear Channel Outdoor Holdings Inc., 5.13%, 08/15/27 (Call 12/01/23)(a)(b) |
$ | 400 | $ | 355,359 | ||||
|
Outfront Media Capital LLC/Outfront Media Capital Corp., 5.00%, 08/15/27 (Call 11/13/23)(a) |
204 | 181,737 | ||||||
|
Terrier Media Buyer Inc., 8.88%, 12/15/27 |
||||||||
|
(Call 11/13/23)(a) |
305 | 237,051 | ||||||
|
|
|
|||||||
| 774,147 | ||||||||
| Aerospace & Defense — 3.9% | ||||||||
|
Bombardier
Inc., 7.88%, 04/15/27 |
564 | 543,053 | ||||||
|
Howmet Aerospace Inc., 5.90%, 02/01/27 |
186 | 183,469 | ||||||
|
Moog Inc., 4.25%, 12/15/27 (Call 12/01/23)(a) |
165 | 149,313 | ||||||
|
Rolls-Royce
PLC, 5.75%, 10/15/27 |
303 | 287,202 | ||||||
|
TransDigm Inc. |
||||||||
|
5.50%, 11/15/27 (Call 12/01/23) |
792 | 737,971 | ||||||
|
7.50%, 03/15/27 (Call 12/01/23) |
155 | 154,755 | ||||||
|
|
|
|||||||
| 2,055,763 | ||||||||
| Agriculture — 0.3% | ||||||||
|
Darling Ingredients Inc., 5.25%, 04/15/27 |
||||||||
|
(Call 11/13/23)(a) |
164 | 156,101 | ||||||
|
|
|
|||||||
|
Airlines — 0.5% |
||||||||
|
Allegiant
Travel Co., 7.25%, 08/15/27 |
160 | 145,455 | ||||||
|
VistaJet
Malta Finance PLC/Vista Management Holding Inc.,
7.88%, 05/01/27 |
171 | 131,646 | ||||||
|
|
|
|||||||
| 277,101 | ||||||||
| Apparel — 0.3% | ||||||||
|
William Carter Co. (The), 5.63%, 03/15/27 |
||||||||
|
(Call 12/01/23)(a) |
151 | 144,197 | ||||||
|
|
|
|||||||
|
Auto Manufacturers — 0.5% |
||||||||
|
Allison Transmission Inc., 4.75%, 10/01/27 (Call 11/13/23)(a) |
125 | 114,270 | ||||||
|
Jaguar Land Rover Automotive PLC, 4.50%, 10/01/27 (Call 07/01/27)(a) |
151 | 130,312 | ||||||
|
|
|
|||||||
| 244,582 | ||||||||
| Auto Parts & Equipment — 2.5% | ||||||||
|
American Axle & Manufacturing Inc., 6.50%, 04/01/27 (Call 12/01/23)(b) |
151 | 142,428 | ||||||
|
Clarios Global LP/Clarios U.S. Finance Co., 8.50%, 05/15/27 (Call 12/04/23)(a)(b) |
623 | 613,827 | ||||||
|
Cooper-Standard Automotive Inc., 5.63%, 05/15/27 (Call 01/31/25), (10.63% PIK)(a)(c) |
130 | 86,968 | ||||||
|
Dana Inc., 5.38%, 11/15/27 (Call 11/13/23) |
126 | 115,869 | ||||||
|
Goodyear Tire & Rubber Co. (The), 4.88%, 03/15/27 (Call 12/15/26)(b) |
227 | 208,860 | ||||||
|
IHO Verwaltungs GmbH, 6.00%, 05/15/27 |
||||||||
|
(Call 11/13/23), (6.75% PIK)(a)(c) |
139 | 129,536 | ||||||
|
|
|
|||||||
| 1,297,488 | ||||||||
| Banks — 0.3% | ||||||||
|
Freedom Mortgage Corp., 6.63%, 01/15/27 |
||||||||
|
(Call 01/15/24) |
159 | 137,583 | ||||||
|
|
|
|||||||
|
Building Materials — 1.1% |
||||||||
|
Eco Material Technologies Inc., 7.88%, 01/31/27 |
||||||||
|
(Call 01/31/24)(a) |
155 | 147,120 | ||||||
|
Jeld-Wen Inc., 4.88%, 12/15/27 (Call 12/01/23)(a)(b) |
126 | 107,387 | ||||||
|
Standard Industries Inc./NJ, 5.00%, 02/15/27 |
||||||||
|
(Call 12/01/23)(a) |
250 | 231,180 | ||||||
|
Summit Materials LLC/Summit Materials Finance Corp., 6.50%, 03/15/27 (Call 11/13/23)(a) |
100 | 97,472 | ||||||
|
|
|
|||||||
| 583,159 | ||||||||
| Security |
Par (000) |
Value | ||||||
|
Chemicals — 2.5% |
||||||||
|
Cerdia Finanz GmbH, 10.50%, 02/15/27 |
||||||||
|
(Call 02/15/24)(a) |
$ | 185 | $ | 182,135 | ||||
|
Axalta
Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV,
4.75%, 06/15/27 |
161 | 148,274 | ||||||
|
Cheever
Escrow Issuer LLC, 7.13%, 10/01/27 |
110 | 102,031 | ||||||
|
Chemours
Co. (The), 5.38%, 05/15/27 |
151 | 136,814 | ||||||
|
HB Fuller Co., 4.00%, 02/15/27 (Call 11/15/26) |
101 | 91,712 | ||||||
|
Methanex Corp., 5.13%, 10/15/27 (Call 04/15/27) |
217 | 198,159 | ||||||
|
Olin Corp., 5.13%, 09/15/27 (Call 12/01/23) |
155 | 143,063 | ||||||
|
SPCM SA, 3.13%, 03/15/27 (Call 03/15/24)(a) |
114 | 100,704 | ||||||
|
WR Grace Holdings LLC, 4.88%, 06/15/27 |
||||||||
|
(Call 12/01/23)(a) |
239 | 214,993 | ||||||
|
|
|
|||||||
| 1,317,885 | ||||||||
| Commercial Services — 6.4% | ||||||||
|
Albion Financing 2 Sarl, 8.75%, 04/15/27 |
||||||||
|
(Call 12/01/23)(a) |
139 | 127,205 | ||||||
|
Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 07/15/27 (Call 12/01/23)(a) |
336 | 292,622 | ||||||
|
AMN Healthcare Inc., 4.63%, 10/01/27 (Call 12/01/23)(a) |
151 | 135,426 | ||||||
|
APX Group Inc., 6.75%, 02/15/27 (Call 12/01/23)(a) |
201 | 194,159 | ||||||
|
Avis Budget Car Rental LLC/Avis Budget Finance Inc. |
||||||||
|
5.75%, 07/15/27 (Call 11/13/23)(a) |
123 | 112,907 | ||||||
|
5.75%, 07/15/27 (Call 12/01/23)(a) |
114 | 104,184 | ||||||
|
Brink’s Co. (The), 4.63%, 10/15/27 (Call 12/01/23)(a) |
187 | 169,441 | ||||||
|
CoreCivic Inc., 4.75%, 10/15/27 (Call 07/15/27) |
88 | 76,434 | ||||||
|
Garda World Security Corp. |
||||||||
|
4.63%, 02/15/27 (Call 12/01/23)(a) |
163 | 145,472 | ||||||
|
9.50%, 11/01/27 (Call 12/01/23)(a) |
202 | 183,519 | ||||||
|
Herc
Holdings Inc., 5.50%, 07/15/27 |
364 | 342,485 | ||||||
|
Korn Ferry, 4.63%, 12/15/27 (Call 12/01/23)(a) |
125 | 114,091 | ||||||
|
Prime Security Services Borrower LLC/Prime Finance Inc., 3.38%, 08/31/27 (Call 08/31/26)(a) |
328 | 290,042 | ||||||
|
Sabre
GLBL Inc., 11.25%, 12/15/27 |
170 | 151,282 | ||||||
|
Sabre Global Inc., 8.63%, 06/01/27 (Call 03/01/25)(a) |
255 | 212,086 | ||||||
|
Service Corp. International/U.S., 4.63%, 12/15/27 |
||||||||
|
(Call 12/01/23) |
175 | 162,173 | ||||||
|
Sotheby’s, 7.38%, 10/15/27 (Call 11/13/23)(a) |
227 | 202,752 | ||||||
|
United Rentals North America Inc. |
||||||||
|
3.88%, 11/15/27 (Call 11/13/23) |
225 | 206,965 | ||||||
|
5.50%, 05/15/27 (Call 12/01/23) |
159 | 153,463 | ||||||
|
|
|
|||||||
| 3,376,708 | ||||||||
| Computers — 0.8% | ||||||||
|
Presidio Holdings Inc., 4.88%, 02/01/27 |
||||||||
|
(Call 12/01/23)(a) |
155 | 141,665 | ||||||
|
Seagate
HDD Cayman, 4.88%, 06/01/27 |
165 | 154,998 | ||||||
|
Unisys Corp., 6.88%, 11/01/27 (Call 12/01/23)(a) |
145 | 107,066 | ||||||
|
|
|
|||||||
| 403,729 | ||||||||
| Distribution & Wholesale — 0.3% | ||||||||
|
BCPE Empire Holdings Inc., 7.63%, 05/01/27 |
||||||||
|
(Call 12/01/23)(a) |
200 | 183,287 | ||||||
|
|
|
|||||||
|
Diversified Financial Services — 2.3% |
| |||||||
|
Advisor Group Holdings Inc., 10.75%, 08/01/27 |
||||||||
|
(Call 12/01/23)(a)(b) |
110 | 109,410 | ||||||
|
AG TTMT Escrow Issuer LLC, 8.63%, 09/30/27 |
||||||||
|
(Call 09/30/24)(a) |
156 | 156,673 | ||||||
|
Castlelake Aviation Finance DAC, 5.00%, 04/15/27 |
||||||||
|
(Call 04/15/24)(a) |
129 | 113,821 | ||||||
|
Nationstar Mortgage Holdings Inc., 6.00%, 01/15/27 |
||||||||
|
(Call 12/01/23)(a) |
182 | 169,390 | ||||||
|
Navient Corp., 5.00%, 03/15/27 (Call 09/15/26) |
222 | 195,472 | ||||||
| 38 |
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® 2027 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Diversified Financial Services (continued) | ||||||||
|
OneMain Finance Corp., 3.50%, 01/15/27 (Call 01/15/24) |
$ | 235 | $ | 198,940 | ||||
|
Oxford Finance LLC/Oxford Finance Co-Issuer II Inc., 6.38%, 02/01/27 (Call 02/01/24)(a) |
126 | 114,857 | ||||||
|
United Wholesale Mortgage LLC, 5.75%, 06/15/27 (Call 06/15/24)(a) |
151 | 137,620 | ||||||
|
|
|
|||||||
| 1,196,183 | ||||||||
| Electric — 2.7% | ||||||||
|
FirstEnergy Corp., Series B, 4.15%, 07/15/27 (Call 04/15/27) |
449 | 415,906 | ||||||
|
NextEra Energy Operating Partners LP, 4.50%, 09/15/27 (Call 06/15/27)(a)(b) |
179 | 160,477 | ||||||
|
NRG Energy Inc., 6.63%, 01/15/27 (Call 11/16/23) |
121 | 117,606 | ||||||
|
Vistra Operations Co. LLC |
||||||||
|
5.00%, 07/31/27 (Call 11/13/23)(a) |
425 | 389,917 | ||||||
|
5.63%, 02/15/27 (Call 11/13/23)(a) |
379 | 356,683 | ||||||
|
|
|
|||||||
| 1,440,589 | ||||||||
| Electrical Components & Equipment — 0.2% | ||||||||
|
EnerSys, 4.38%, 12/15/27 (Call 09/15/27)(a) |
96 | 85,917 | ||||||
|
|
|
|||||||
| Engineering & Construction — 0.5% | ||||||||
|
AECOM, 5.13%, 03/15/27 (Call 12/15/26) |
312 | 294,200 | ||||||
|
|
|
|||||||
| Entertainment — 4.8% | ||||||||
|
Affinity Gaming, 6.88%, 12/15/27 (Call 12/01/23)(a) |
173 | 141,141 | ||||||
|
Caesars Entertainment Inc., 8.13%, 07/01/27 (Call 12/01/23)(a)(b) |
510 | 505,062 | ||||||
|
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.38%, 04/15/27 (Call 12/01/23) |
151 | 139,840 | ||||||
|
Churchill Downs Inc., 5.50%, 04/01/27 (Call 12/01/23)(a) |
187 | 175,822 | ||||||
|
International Game Technology PLC, 6.25%, 01/15/27 (Call 07/15/26)(a) |
238 | 231,917 | ||||||
|
Live Nation Entertainment Inc. |
||||||||
|
4.75%, 10/15/27 (Call 12/01/23)(a)(b) |
285 | 260,566 | ||||||
|
6.50%, 05/15/27 (Call 12/01/23)(a) |
354 | 345,503 | ||||||
|
Mohegan Tribal Gaming Authority, 13.25%, 12/15/27 (Call 11/16/23)(a) |
140 | 147,741 | ||||||
|
Motion Bondco DAC, 6.63%, 11/15/27 (Call 12/01/23)(a)(b) |
128 | 114,549 | ||||||
|
Odeon Finco PLC, 12.75%, 11/01/27 (Call 11/01/24)(a) |
126 | 126,284 | ||||||
|
Penn Entertainment Inc., 5.63%, 01/15/27 (Call 12/01/23)(a) |
126 | 115,265 | ||||||
|
Six Flags Entertainment Corp., 5.50%, 04/15/27 (Call 12/01/23)(a) |
151 | 137,440 | ||||||
|
Speedway Motorsports LLC/Speedway Funding II Inc., 4.88%, 11/01/27 (Call 12/01/23)(a) |
114 | 101,923 | ||||||
|
|
|
|||||||
| 2,543,053 | ||||||||
| Environmental Control — 0.5% | ||||||||
|
Clean Harbors Inc., 4.88%, 07/15/27 (Call 12/01/23)(a) |
175 | 163,329 | ||||||
|
Enviri Corp., 5.75%, 07/31/27 (Call 12/01/23)(a) |
143 | 121,151 | ||||||
|
|
|
|||||||
| 284,480 | ||||||||
| Food — 1.8% | ||||||||
|
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 4.63%, 01/15/27 (Call 12/01/23)(a) |
401 | 376,435 | ||||||
|
B&G Foods Inc., 5.25%, 09/15/27 (Call 12/01/23) |
174 | 143,206 | ||||||
|
Performance Food Group Inc., 5.50%, 10/15/27 (Call 12/01/23)(a) |
332 | 310,648 | ||||||
|
Post
Holdings Inc., 5.75%, 03/01/27 |
140 | 133,558 | ||||||
|
|
|
|||||||
| 963,847 | ||||||||
| Security |
Par (000) |
Value | ||||||
|
Gas — 0.3% |
||||||||
|
AmeriGas Partners LP/AmeriGas Finance Corp., 5.75%, 05/20/27 (Call 02/20/27) |
$ | 155 | $ | 142,405 | ||||
|
|
|
|||||||
| Health Care - Products — 0.3% | ||||||||
|
Teleflex Inc., 4.63%, 11/15/27 (Call 11/16/23) |
165 | 151,510 | ||||||
|
|
|
|||||||
| Health Care - Services — 4.3% | ||||||||
|
Catalent Pharma Solutions Inc., 5.00%, 07/15/27 (Call 12/01/23)(a) |
151 | 134,892 | ||||||
|
CHS/Community Health Systems Inc. |
||||||||
|
5.63%, 03/15/27 (Call 12/15/23)(a) |
596 | 486,905 | ||||||
|
8.00%, 12/15/27 (Call 11/16/23)(a) |
227 | 192,842 | ||||||
|
IQVIA Inc., 5.00%, 05/15/27 (Call 12/01/23)(a) |
340 | 320,544 | ||||||
|
Legacy LifePoint Health LLC, 4.38%, 02/15/27 (Call 12/01/23)(a)(b) |
202 | 166,990 | ||||||
|
Surgery Center Holdings Inc., 10.00%, 04/15/27 (Call 12/01/23)(a) |
105 | 105,170 | ||||||
|
Tenet Healthcare Corp. |
||||||||
|
5.13%, 11/01/27 (Call 11/16/23) |
449 | 414,848 | ||||||
|
6.25%, 02/01/27 (Call 11/16/23) |
489 | 469,753 | ||||||
|
|
|
|||||||
| 2,291,944 | ||||||||
| Holding Companies - Diversified — 0.7% | ||||||||
|
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 5.25%, 05/15/27 (Call 11/15/26) |
435 | 372,558 | ||||||
|
|
|
|||||||
| Home Builders — 1.7% | ||||||||
|
Beazer Homes USA Inc., 5.88%, 10/15/27 (Call 11/16/23)(b) |
110 | 98,238 | ||||||
|
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 6.25%, 09/15/27 (Call 12/01/23)(a) |
182 | 159,210 | ||||||
|
Century Communities Inc., 6.75%, 06/01/27 (Call 12/01/23) |
151 | 145,707 | ||||||
|
KB Home, 6.88%, 06/15/27 (Call 12/15/26) |
90 | 89,333 | ||||||
|
Mattamy
Group Corp., 5.25%, 12/15/27 |
151 | 135,998 | ||||||
|
Meritage Homes Corp., 5.13%, 06/06/27 (Call 12/06/26) |
64 | 60,623 | ||||||
|
Taylor Morrison Communities Inc., 5.88%, 06/15/27 (Call 03/15/27)(a) |
151 | 141,560 | ||||||
|
Tri Pointe Homes Inc., 5.25%, 06/01/27 (Call 12/01/26) |
85 | 77,671 | ||||||
|
|
|
|||||||
| 908,340 | ||||||||
| Housewares — 0.3% | ||||||||
|
Newell
Brands Inc., 6.38%, 09/15/27 |
155 | 145,170 | ||||||
|
|
|
|||||||
| Insurance — 1.3% | ||||||||
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
||||||||
|
4.25%, 10/15/27 (Call 12/01/23)(a) |
220 | 193,353 | ||||||
|
6.75%, 10/15/27 (Call 12/01/23)(a) |
404 | 368,602 | ||||||
|
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 12/01/23)(a)(b) |
157 | 152,678 | ||||||
|
|
|
|||||||
| 714,633 | ||||||||
| Internet — 2.8% | ||||||||
|
Cablevision Lightpath LLC, 3.88%, 09/15/27 (Call 11/13/23)(a) |
139 | 113,389 | ||||||
|
Cogent Communications Group Inc., 7.00%, 06/15/27 (Call 06/15/24)(a) |
139 | 132,897 | ||||||
|
Getty
Images Inc., 9.75%, 03/01/27 |
90 | 88,906 | ||||||
|
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 5.25%, 12/01/27 (Call 12/01/23)(a) |
200 | 188,793 | ||||||
|
GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 11/13/23)(a) |
100 | 73,775 | ||||||
|
Match
Group Holdings II LLC, 5.00%, 12/15/27 |
139 | 128,335 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
39 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2027 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Internet (continued) | ||||||||
|
Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 4.75%, 04/30/27 (Call 12/01/23)(a) |
$ | 114 | $ | 101,972 | ||||
|
NortonLifeLock Inc., 6.75%, 09/30/27 (Call 09/30/24)(a) |
278 | 270,865 | ||||||
|
Uber Technologies Inc., 7.50%, 09/15/27 (Call 11/21/23)(a) |
365 | 366,023 | ||||||
|
|
|
|||||||
| 1,464,955 | ||||||||
| Iron & Steel — 1.3% | ||||||||
|
Allegheny Technologies Inc., 5.88%, 12/01/27 (Call 12/01/23) |
115 | 106,841 | ||||||
|
Cleveland-Cliffs Inc., 5.88%, 06/01/27 (Call 12/01/23) |
180 | 171,684 | ||||||
|
Mineral Resources Ltd. |
||||||||
|
8.00%, 11/01/27 (Call 11/01/24)(a) |
190 | 184,141 | ||||||
|
8.13%, 05/01/27 (Call 12/01/23)(a) |
212 | 205,951 | ||||||
|
|
|
|||||||
| 668,617 | ||||||||
| Leisure Time — 4.9% | ||||||||
|
Carnival Corp. |
||||||||
|
5.75%, 03/01/27 (Call 12/01/26)(a) |
1,000 | 892,540 | ||||||
|
9.88%, 08/01/27 (Call 02/01/24)(a) |
268 | 279,272 | ||||||
|
Lindblad Expeditions LLC, 6.75%, 02/15/27 (Call 02/15/24)(a)(b) |
115 | 104,449 | ||||||
|
NCL
Corp. Ltd., 5.88%, 02/15/27 |
328 | 301,926 | ||||||
|
Royal Caribbean Cruises Ltd. |
||||||||
|
5.38%, 07/15/27 (Call 10/15/26)(a) |
308 | 283,874 | ||||||
|
7.50%, 10/15/27 |
90 | 88,627 | ||||||
|
11.63%, 08/15/27 (Call 08/15/24)(a)(b) |
365 | 395,918 | ||||||
|
Viking Cruises Ltd., 5.88%, 09/15/27 (Call 12/01/23)(a) |
255 | 229,653 | ||||||
|
|
|
|||||||
| 2,576,259 | ||||||||
| Lodging — 3.1% | ||||||||
|
Boyd Gaming Corp., 4.75%, 12/01/27 (Call 11/13/23) |
315 | 287,322 | ||||||
|
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 11/16/23) |
191 | 180,368 | ||||||
|
Melco Resorts Finance Ltd., 5.63%, 07/17/27 (Call 11/30/23)(d) |
167 | 145,569 | ||||||
|
MGM China Holdings Ltd., 4.75%, 02/01/27 (Call 02/01/24)(a) |
210 | 184,399 | ||||||
|
MGM Resorts International, 5.50%, 04/15/27 (Call 01/15/27) |
208 | 194,226 | ||||||
|
Studio City Co. Ltd., 7.00%, 02/15/27 (Call 02/15/24)(a)(b) |
99 | 92,301 | ||||||
|
Travel + Leisure Co., 6.00%, 04/01/27 (Call 01/01/27) |
126 | 117,625 | ||||||
|
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp., 5.25%, 05/15/27 (Call 02/15/27)(a) |
278 | 257,218 | ||||||
|
Wynn Macau Ltd., 5.50%, 10/01/27 (Call 12/01/23)(a) |
210 | 182,787 | ||||||
|
|
|
|||||||
| 1,641,815 | ||||||||
| Machinery — 0.8% | ||||||||
|
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 12/01/23)(a) |
464 | 422,396 | ||||||
|
|
|
|||||||
| Manufacturing — 0.2% | ||||||||
|
Amsted Industries Inc., 5.63%, 07/01/27 (Call 12/01/23)(a) |
126 | 116,417 | ||||||
|
|
|
|||||||
| Media — 11.8% | ||||||||
|
CCO Holdings LLC/CCO Holdings Capital Corp., 5.13%, 05/01/27 (Call 12/01/23)(a) |
1,022 | 940,191 | ||||||
|
CSC Holdings LLC, 5.50%, 04/15/27 (Call 12/01/23)(a) |
395 | 329,817 | ||||||
|
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 12/01/23)(a) |
1,175 | 1,028,937 | ||||||
|
DISH Network Corp., 11.75%, 11/15/27 (Call 05/15/25)(a) |
1,125 | 1,114,250 | ||||||
|
Gray Television Inc., 7.00%, 05/15/27 (Call 11/13/23)(a)(b) |
235 | 198,111 | ||||||
| Security |
Par (000) |
Value | ||||||
|
Media (continued) |
||||||||
|
iHeartCommunications Inc. |
||||||||
|
5.25%, 08/15/27 (Call 11/16/23)(a)(b) |
$ | 225 | $ | 164,971 | ||||
|
8.38%, 05/01/27 (Call 11/16/23)(b) |
325 | 199,125 | ||||||
|
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27 (Call 12/01/23)(a) |
353 | 319,619 | ||||||
|
Midcontinent Communications/Midcontinent Finance Corp., 5.38%, 08/15/27 (Call 11/16/23)(a) |
114 | 104,075 | ||||||
|
Nexstar
Media Inc., 5.63%, 07/15/27 |
523 | 470,525 | ||||||
|
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 12/01/23)(a) |
125 | 93,473 | ||||||
|
Sinclair Television Group Inc., 5.13%, 02/15/27 (Call 11/16/23)(a)(b) |
93 | 73,606 | ||||||
|
Sirius XM Radio Inc., 5.00%, 08/01/27 (Call 12/01/23)(a) |
449 | 412,261 | ||||||
|
Univision Communications Inc., 6.63%, 06/01/27 (Call 11/13/23)(a) |
449 | 410,119 | ||||||
|
Videotron Ltd., 5.13%, 04/15/27 (Call 12/01/23)(a) |
187 | 176,165 | ||||||
|
Ziggo
Bond Co. BV, 6.00%, 01/15/27 |
196 | 179,427 | ||||||
|
|
|
|||||||
| 6,214,672 | ||||||||
| Metal Fabricate & Hardware — 0.4% | ||||||||
|
Advanced Drainage Systems Inc., 5.00%, 09/30/27 (Call 11/16/23)(a)(b) |
115 | 107,943 | ||||||
|
Park-Ohio Industries Inc., 6.63%, 04/15/27 (Call 12/01/23) |
111 | 96,179 | ||||||
|
|
|
|||||||
| 204,122 | ||||||||
| Mining — 0.8% | ||||||||
|
Compass Minerals International Inc., 6.75%, 12/01/27 (Call 11/13/23)(a) |
151 | 142,272 | ||||||
|
FMG Resources August 2006 Pty Ltd., 4.50%, 09/15/27 (Call 06/15/27)(a) |
182 | 163,740 | ||||||
|
New Gold Inc., 7.50%, 07/15/27 (Call 12/01/23)(a) |
121 | 113,913 | ||||||
|
|
|
|||||||
| 419,925 | ||||||||
| Office & Business Equipment — 0.2% | ||||||||
|
Pitney
Bowes Inc., 6.88%, 03/15/27 |
111 | 91,810 | ||||||
|
|
|
|||||||
| Oil & Gas — 4.9% | ||||||||
|
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 9.00%, 11/01/27 (Call 11/01/26)(a) |
110 | 139,042 | ||||||
|
Baytex
Energy Corp., 8.75%, 04/01/27 |
157 | 158,450 | ||||||
|
Calumet Specialty Products Partners LP/Calumet Finance Corp., 8.13%, 01/15/27 (Call 01/15/24)(a) |
105 | 98,061 | ||||||
|
Centennial Resource Production LLC, 6.88%, 04/01/27 (Call 12/01/23)(a) |
115 | 112,707 | ||||||
|
CNX Resources Corp., 7.25%, 03/14/27 (Call 12/01/23)(a) |
113 | 111,279 | ||||||
|
Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)(a) |
175 | 177,378 | ||||||
|
EnQuest PLC, 11.63%, 11/01/27 (Call 11/01/24)(a) |
82 | 77,194 | ||||||
|
MEG
Energy Corp., 7.13%, 02/01/27 |
126 | 127,008 | ||||||
|
Moss Creek Resources Holdings Inc., 10.50%, 05/15/27 (Call 12/01/23)(a) |
124 | 122,602 | ||||||
|
Murphy Oil Corp., 5.88%, 12/01/27 (Call 11/16/23) |
170 | 163,598 | ||||||
|
Nabors Industries Inc., 7.38%, 05/15/27 (Call 05/15/24)(a) |
227 | 212,304 | ||||||
|
Parkland Corp., 5.88%, 07/15/27 (Call 12/01/23)(a) |
151 | 144,627 | ||||||
|
SM Energy Co., 6.63%, 01/15/27 (Call 12/01/23) |
114 | 111,319 | ||||||
|
Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 (Call 12/01/23) |
191 | 184,163 | ||||||
|
Transocean Inc. |
||||||||
|
8.00%, 02/01/27 (Call 11/13/23)(a)(b) |
184 | 172,629 | ||||||
|
11.50%, 01/30/27 (Call 11/13/23)(a) |
215 | 223,615 | ||||||
|
Transocean Poseidon Ltd., 6.88%, 02/01/27 (Call 12/01/23)(a) |
137 | 133,754 | ||||||
| 40 |
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® 2027 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Oil & Gas (continued) | ||||||||
|
Viper
Energy Partners LP, 5.38%, 11/01/27 |
$ | 136 | $ | 128,971 | ||||
|
|
|
|||||||
| 2,598,701 | ||||||||
| Oil & Gas Services — 1.3% | ||||||||
|
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 04/01/27 (Call 12/01/23)(a) |
151 | 145,642 | ||||||
|
CGG SA, 8.75%, 04/01/27 (Call 04/01/24)(a) |
136 | 120,115 | ||||||
|
Enerflex Ltd., 9.00%, 10/15/27 (Call 10/15/24)(a) |
195 | 176,821 | ||||||
|
USA Compression Partners LP/USA Compression |
||||||||
|
Finance Corp., 6.88%, 09/01/27 (Call 12/01/23) |
240 | 230,002 | ||||||
|
|
|
|||||||
| 672,580 | ||||||||
| Packaging & Containers — 4.0% | ||||||||
|
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 6.00%, 06/15/27 (Call 06/15/24)(a) |
187 | 176,924 | ||||||
|
Ardagh Packaging Finance PLC/Ardagh Holdings |
||||||||
|
USA Inc., 5.25%, 08/15/27 (Call 12/01/23)(a) |
545 | 396,656 | ||||||
|
Berry
Global Inc., 5.63%, 07/15/27 |
151 | 144,304 | ||||||
|
Graphic Packaging International LLC, 4.75%, 07/15/27 (Call 04/15/27)(a) |
91 | 84,995 | ||||||
|
LABL Inc., 10.50%, 07/15/27 (Call 11/13/23)(a) |
231 | 200,845 | ||||||
|
Mauser Packaging Solutions Holding Co., 9.25%, 04/15/27 (Call 10/15/24)(a)(b) |
430 | 359,508 | ||||||
|
Owens-Brockway Glass Container Inc., 6.63%, 05/13/27 (Call 12/01/23)(a) |
192 | 182,652 | ||||||
|
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.00%, 10/15/27 (Call 12/01/23)(a) |
303 | 266,535 | ||||||
|
Sealed
Air Corp., 4.00%, 12/01/27 |
130 | 115,607 | ||||||
|
Trivium Packaging Finance BV, 8.50%, 08/15/27 (Call 11/13/23)(a) |
212 | 177,015 | ||||||
|
|
|
|||||||
| 2,105,041 | ||||||||
| Pharmaceuticals — 0.3% | ||||||||
|
Bausch Health Companies Inc., 6.13%, 02/01/27 (Call 02/01/24)(a) |
253 | 140,968 | ||||||
|
|
|
|||||||
| Pipelines — 3.8% | ||||||||
|
Antero
Midstream Partners LP/Antero Midstream Finance Corp., 5.75%,
03/01/27 |
204 | 195,149 | ||||||
|
Buckeye
Partners LP, 4.13%, 12/01/27 |
126 | 109,522 | ||||||
|
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.63%, 05/01/27 (Call 11/16/23)(a) |
182 | 175,052 | ||||||
|
EQM Midstream Partners LP |
||||||||
|
6.50%, 07/01/27 (Call 01/01/27)(a) |
278 | 271,521 | ||||||
|
7.50%, 06/01/27 (Call 06/01/24)(a) |
160 | 158,935 | ||||||
|
FTAI Infra Escrow Holdings LLC, 10.50%, 06/01/27 (Call 06/01/25)(a) |
182 | 178,280 | ||||||
|
Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 01/15/27 (Call 01/15/24) |
300 | 288,516 | ||||||
|
Global Partners LP/GLP Finance Corp., 7.00%, 08/01/27 (Call 11/16/23) |
126 | 118,722 | ||||||
|
Holly Energy Partners LP/Holly Energy Finance Corp., 6.38%, 04/15/27 (Call 04/15/24)(a) |
126 | 122,709 | ||||||
|
Howard Midstream Energy Partners LLC, 6.75%, 01/15/27 (Call 01/15/24)(a) |
126 | 119,536 | ||||||
|
NuStar Logistics LP, 5.63%, 04/28/27 (Call 01/28/27) |
175 | 166,100 | ||||||
|
Tallgrass
Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%,
03/01/27 |
131 | 120,226 | ||||||
|
|
|
|||||||
| 2,024,268 | ||||||||
| Real Estate Investment Trusts — 4.4% | ||||||||
|
Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)(a)(b) |
126 | 104,869 | ||||||
|
Brandywine Operating Partnership LP, 3.95%, 11/15/27 (Call 08/15/27) |
140 | 116,200 | ||||||
| Security |
Par (000) |
Value | ||||||
|
Real Estate Investment Trusts (continued) |
||||||||
|
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 4.50%, 04/01/27 (Call 12/01/23)(a) |
$ | 225 | $ | 187,510 | ||||
|
Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (Call 09/15/27)(a) |
151 | 114,585 | ||||||
|
Iron
Mountain Inc., 4.88%, 09/15/27 |
318 | 291,750 | ||||||
|
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.25%, 02/01/27 (Call 12/01/23)(a) |
210 | 184,398 | ||||||
|
MPT Operating Partnership LP/MPT Finance Corp., 5.00%, 10/15/27 (Call 12/01/23)(b) |
441 | 341,637 | ||||||
|
RHP Hotel Properties LP/RHP Finance Corp., 4.75%, 10/15/27 (Call 12/01/23) |
227 | 206,473 | ||||||
|
SBA
Communications Corp., 3.88%, 02/15/27 |
449 | 409,477 | ||||||
|
Service Properties Trust |
||||||||
|
4.95%, 02/15/27 (Call 08/15/26) |
130 | 108,457 | ||||||
|
5.50%, 12/15/27 (Call 09/15/27) |
139 | 117,209 | ||||||
|
Starwood
Property Trust Inc., 4.38%, 01/15/27 |
151 | 130,190 | ||||||
|
|
|
|||||||
| 2,312,755 | ||||||||
| Retail — 2.1% | ||||||||
|
Academy Ltd., 6.00%, 11/15/27 (Call 11/15/23)(a)(b) |
126 | 118,584 | ||||||
|
Advance
Auto Parts Inc., 1.75%, 10/01/27 |
100 | 81,065 | ||||||
|
Bath & Body Works Inc., 6.69%, 01/15/27 |
90 | 87,086 | ||||||
|
BCPE Ulysses Intermediate Inc., 7.75%, 04/01/27 (Call 12/01/23), (8.50% PIK)(a)(c) |
121 | 102,549 | ||||||
|
KFC
Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC,
4.75%, 06/01/27 |
237 | 224,593 | ||||||
|
Lithia Motors Inc., 4.63%, 12/15/27 (Call 12/01/23)(a) |
126 | 113,769 | ||||||
|
Murphy
Oil USA Inc., 5.63%, 05/01/27 |
101 | 97,639 | ||||||
|
Nordstrom Inc., 4.00%, 03/15/27 (Call 12/15/26)(b) |
114 | 100,792 | ||||||
|
Patrick
Industries Inc., 7.50%, 10/15/27 |
90 | 85,748 | ||||||
|
Suburban Propane Partners LP/Suburban Energy |
||||||||
|
Finance Corp., 5.88%, 03/01/27 (Call 12/01/23) |
113 | 107,602 | ||||||
|
|
|
|||||||
| 1,119,427 | ||||||||
| Semiconductors — 0.3% | ||||||||
|
Amkor
Technology Inc., 6.63%, 09/15/27 |
170 | 165,570 | ||||||
|
|
|
|||||||
| Software — 1.3% | ||||||||
|
SS&C
Technologies Inc., 5.50%, 09/30/27 |
646 | 605,963 | ||||||
|
West
Technology Group LLC, 8.50%, 04/10/27 |
130 | 109,073 | ||||||
|
|
|
|||||||
| 715,036 | ||||||||
| Telecommunications — 3.6% | ||||||||
|
Altice
France SA/France, 8.13%, 02/01/27 |
518 | 437,716 | ||||||
|
Frontier Communications Holdings LLC, 5.88%, 10/15/27 (Call 12/01/23)(a) |
350 | 318,931 | ||||||
|
Level 3 Financing Inc. |
||||||||
|
3.40%, 03/01/27 (Call 01/01/27)(a) |
210 | 195,302 | ||||||
|
4.63%, 09/15/27 (Call 12/01/23)(a) |
280 | 188,576 | ||||||
|
Lumen Technologies Inc., 4.00%, 02/15/27 (Call 12/01/23)(a) |
350 | 238,444 | ||||||
|
ViaSat Inc., 5.63%, 04/15/27 (Call 11/13/23)(a) |
202 | 176,552 | ||||||
|
Zayo
Group Holdings Inc., 4.00%, 03/01/27 |
475 | 357,565 | ||||||
|
|
|
|||||||
| 1,913,086 | ||||||||
| Transportation — 0.5% | ||||||||
|
Watco Cos. LLC/Watco Finance Corp., 6.50%, 06/15/27 (Call 12/01/23)(a) |
182 | 170,502 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
41 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2027 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
|
Transportation (continued) |
||||||||
|
XPO
Escrow Sub LLC, 7.50%, 11/15/27 |
$ | 115 | $ | 114,850 | ||||
|
|
|
|||||||
| 285,352 | ||||||||
| Trucking & Leasing — 0.2% | ||||||||
|
Fortress Transportation and Infrastructure Investors LLC, |
126 | 129,530 | ||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 95.6% |
50,489,861 | |||||||
|
|
|
|||||||
| Shares | ||||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
|
Money Market Funds — 10.6% |
||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g) |
5,080,666 | 5,082,698 | ||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(e)(f) |
490,000 | 490,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 10.6% |
5,572,698 | |||||||
|
|
|
|||||||
|
Total
Investments — 106.2% |
56,062,559 | |||||||
|
Liabilities in Excess of Other Assets — (6.2)% |
|
(3,272,686 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 52,789,873 | ||||||
|
|
|
|||||||
| (a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (d) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (e) |
Affiliate of the Fund. |
| (f) |
Annualized 7-day yield as of period end. |
| (g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
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 |
$ | 2,835,467 | $ | 2,245,526 | (a) | $ | — | $ | (299 | ) | $ | 2,004 | $ | 5,082,698 | 5,080,666 | $ | 22,118 | (b) | $ | — | ||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
20,000 | 470,000 | (a) | — | — | — | 490,000 | 490,000 | 8,873 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | (299 | ) | $ | 2,004 | $ | 5,572,698 | $ | 30,991 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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. |
| 42 |
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® 2027 Term High Yield and Income ETF |
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 |
$ | — | $ | 50,489,861 | $ | — | $ | 50,489,861 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
5,572,698 | — | — | 5,572,698 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 5,572,698 | $ | 50,489,861 | $ | — | $ | 56,062,559 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
43 |
|
Schedule of Investments October 31, 2023 |
iShares® iBonds® 2028 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
|
Corporate Bonds & Notes |
| |||||||
| Advertising — 1.3% | ||||||||
|
Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)(a)(b) |
$ | 65 | $ | 52,935 | ||||
|
Clear Channel Outdoor Holdings Inc. |
||||||||
|
7.75%, 04/15/28 (Call 04/15/24)(a) |
90 | 68,962 | ||||||
|
9.00%, 09/15/28 (Call 09/15/25)(b) |
65 | 63,315 | ||||||
|
Lamar
Media Corp., 3.75%, 02/15/28 |
45 | 40,182 | ||||||
|
|
|
|||||||
| 225,394 | ||||||||
| Aerospace & Defense — 2.3% | ||||||||
|
Bombardier Inc., 6.00%, 02/15/28 (Call 02/15/24)(a) |
65 | 57,710 | ||||||
|
Howmet Aerospace Inc., 6.75%, 01/15/28 |
25 | 25,063 | ||||||
|
Spirit
AeroSystems Inc., 4.60%, 06/15/28 |
57 | 45,171 | ||||||
|
TransDigm Inc., 6.75%, 08/15/28 (Call 02/15/25)(a) |
175 | 170,077 | ||||||
|
Triumph
Group Inc., 9.00%, 03/15/28 |
100 | 96,785 | ||||||
|
|
|
|||||||
| 394,806 | ||||||||
| Airlines — 0.7% | ||||||||
|
American
Airlines Inc., 7.25%, 02/15/28 |
65 | 60,521 | ||||||
|
Delta Air Lines Inc., 4.38%, 04/19/28 (Call 01/19/28) |
30 | 27,524 | ||||||
|
VistaJet Malta Finance PLC/Vista Management |
||||||||
|
Holding Inc., 9.50%, 06/01/28 (Call 06/01/25)(a)(b) |
40 | 30,630 | ||||||
|
|
|
|||||||
| 118,675 | ||||||||
| Auto Manufacturers — 0.7% | ||||||||
|
Jaguar Land Rover Automotive PLC, 5.88%, 01/15/28 (Call 01/15/24)(a) |
55 | 49,371 | ||||||
|
PM
General Purchaser LLC, 9.50%, 10/01/28 |
50 | 47,004 | ||||||
|
Wabash
National Corp., 4.50%, 10/15/28 |
30 | 24,846 | ||||||
|
|
|
|||||||
| 121,221 | ||||||||
| Auto Parts & Equipment — 2.3% | ||||||||
|
Adient Global Holdings Ltd., 7.00%, 04/15/28 (Call 04/15/25)(a) |
40 | 39,533 | ||||||
|
American Axle & Manufacturing Inc., 6.88%, 07/01/28 (Call 11/13/23)(b) |
30 | 26,671 | ||||||
|
Clarios Global LP/Clarios U.S. Finance Co., 6.75%, 05/15/28 (Call 05/15/25)(a)(b) |
65 | 63,221 | ||||||
|
Dana Inc., 5.63%, 06/15/28 (Call 11/13/23)(b) |
30 | 27,182 | ||||||
|
Dealer Tire LLC/DT Issuer LLC, 8.00%, 02/01/28 (Call 12/01/23)(a)(b) |
40 | 37,492 | ||||||
|
Tenneco Inc., 8.00%, 11/17/28 (Call 11/17/24)(a) |
155 | 124,388 | ||||||
|
Titan International Inc., 7.00%, 04/30/28 (Call 04/30/24) |
35 | 31,972 | ||||||
|
ZF
North America Capital Inc., 6.88%, 04/14/28 |
50 | 48,553 | ||||||
|
|
|
|||||||
| 399,012 | ||||||||
| Banks — 0.4% | ||||||||
|
Freedom Mortgage Corp., 12.00%, 10/01/28 (Call 10/01/25)(a) |
65 | 65,224 | ||||||
|
|
|
|||||||
| Building Materials — 2.9% | ||||||||
|
AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 (Call 10/15/25) |
45 | 42,602 | ||||||
|
Camelot Return Merger Sub Inc., 8.75%, 08/01/28 (Call 08/01/24)(a) |
60 | 56,022 | ||||||
|
CP
Atlas Buyer Inc., 7.00%, 12/01/28 |
40 | 30,480 | ||||||
|
Griffon Corp., 5.75%, 03/01/28 (Call 12/01/23) |
80 | 72,259 | ||||||
|
James Hardie International Finance DAC, 5.00%, 01/15/28 (Call 12/01/23)(a) |
40 | 37,084 | ||||||
|
Masonite
International Corp., 5.38%, 02/01/28 |
40 | 36,843 | ||||||
| Security | Par (000) |
Value | ||||||
|
Building Materials (continued) |
||||||||
|
New Enterprise Stone & Lime Co. Inc. |
||||||||
|
5.25%, 07/15/28 (Call 07/15/24)(a) |
$ | 50 | $ | 44,213 | ||||
|
9.75%, 07/15/28 (Call 12/01/23)(a) |
20 | 19,952 | ||||||
|
SRM
Escrow Issuer LLC, 6.00%, 11/01/28 |
92 | 85,071 | ||||||
|
Standard
Industries Inc./NJ, 4.75%, 01/15/28 |
85 | 76,172 | ||||||
|
|
|
|||||||
| 500,698 | ||||||||
| Chemicals — 4.1% | ||||||||
|
ASP
Unifrax Holdings Inc, 5.25%, 09/30/28 |
65 | 44,186 | ||||||
|
Chemours
Co. (The), 5.75%, 11/15/28 |
67 | 56,669 | ||||||
|
Consolidated Energy Finance SA, 5.63%, 10/15/28 (Call 10/15/24)(a) |
40 | 32,846 | ||||||
|
CVR Partners LP/CVR Nitrogen Finance Corp., 6.13%, 06/15/28 (Call 06/15/24)(a) |
45 | 39,812 | ||||||
|
Element
Solutions Inc., 3.88%, 09/01/28 |
70 | 59,572 | ||||||
|
HB Fuller Co., 4.25%, 10/15/28 (Call 12/01/23) |
25 | 21,657 | ||||||
|
Herens
Holdco Sarl, 4.75%, 05/15/28 |
25 | 19,377 | ||||||
|
Illuminate Buyer LLC/Illuminate Holdings IV Inc., 9.00%, 07/01/28 (Call 12/01/23)(a) |
40 | 37,380 | ||||||
|
INEOS
Finance PLC, 6.75%, 05/15/28 |
35 | 32,670 | ||||||
|
Ingevity Corp., 3.88%, 11/01/28 (Call 12/01/23)(a) |
45 | 36,853 | ||||||
|
Innophos Holdings Inc., 9.38%, 02/15/28 (Call 12/01/23)(a) |
20 | 18,853 | ||||||
|
Iris Holdings Inc., 10.00%, 12/15/28 (Call 06/15/25)(a) |
35 | 25,682 | ||||||
|
Minerals Technologies Inc., 5.00%, 07/01/28 (Call 11/13/23)(a) |
30 | 26,380 | ||||||
|
Olympus Water U.S. Holding Corp. |
||||||||
|
4.25%, 10/01/28 (Call 10/01/24)(a) |
65 | 51,863 | ||||||
|
9.75%, 11/15/28 (Call 06/01/25)(a) |
140 | 136,822 | ||||||
|
SCIH
Salt Holdings Inc., 4.88%, 05/01/28 |
95 | 82,658 | ||||||
|
|
|
|||||||
| 723,280 | ||||||||
| Coal — 0.1% | ||||||||
|
Conuma
Resources Ltd., 13.13%, 05/01/28 |
20 | 18,557 | ||||||
|
|
|
|||||||
| Commercial Services — 4.4% | ||||||||
|
Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)(a) |
31 | 28,403 | ||||||
|
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl, 4.63%, 06/01/28 (Call 06/01/24)(a) |
165 | 135,928 | ||||||
|
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 4.75%, 04/01/28 (Call 04/01/24)(a)(b) |
45 | 38,785 | ||||||
|
CoreLogic Inc., 4.50%, 05/01/28 (Call 05/01/24)(a) |
60 | 47,555 | ||||||
|
Garda
World Security Corp., 7.75%, 02/15/28 |
30 | 28,843 | ||||||
|
Gartner Inc., 4.50%, 07/01/28 (Call 12/01/23)(a) |
45 | 40,506 | ||||||
|
GEO
Group Inc. (The), 10.50%, 06/30/28 |
20 | 20,029 | ||||||
|
Grand
Canyon University, 5.13%, 10/01/28 |
30 | 26,531 | ||||||
|
MPH Acquisition Holdings LLC |
||||||||
|
5.50%, 09/01/28 (Call 09/01/24)(a) |
85 | 71,000 | ||||||
|
5.75%, 11/01/28 (Call 12/01/23)(a)(b) |
85 | 63,400 | ||||||
|
Prime Security Services Borrower LLC/Prime |
||||||||
|
Finance Inc., 6.25%, 01/15/28 (Call 12/01/23)(a)(b) |
110 | 102,105 | ||||||
|
United Rentals North America Inc., 4.88%, 01/15/28 (Call 11/13/23) |
140 | 130,070 | ||||||
| 44 |
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® 2028 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Commercial Services (continued) | ||||||||
|
Williams
Scotsman International Inc., |
$ | 40 | $ | 35,555 | ||||
|
|
|
|||||||
| 768,710 | ||||||||
| Computers — 1.3% | ||||||||
|
Ahead
DB Holdings LLC, 6.63%, 05/01/28 |
35 | 28,886 | ||||||
|
ASGN Inc., 4.63%, 05/15/28 (Call 12/01/23)(a) |
50 | 44,401 | ||||||
|
KBR Inc., 4.75%, 09/30/28 (Call 11/13/23)(a) |
20 | 17,597 | ||||||
|
NCR Corp., 5.00%, 10/01/28 (Call 12/01/23)(a) |
50 | 43,194 | ||||||
|
Presidio
Holdings Inc., 8.25%, 02/01/28 |
45 | 42,647 | ||||||
|
Science Applications International Corp., 4.88%, 04/01/28 (Call 12/01/23)(a) |
30 | 26,922 | ||||||
|
Virtusa Corp., 7.13%, 12/15/28 (Call 12/15/23)(a) |
30 | 23,876 | ||||||
|
|
|
|||||||
| 227,523 | ||||||||
| Cosmetics & Personal Care — 0.3% | ||||||||
|
Edgewell
Personal Care Co., 5.50%, 06/01/28 |
65 | 59,331 | ||||||
|
|
|
|||||||
| Distribution & Wholesale — 1.1% | ||||||||
|
American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 12/01/23)(a) |
60 | 53,895 | ||||||
|
H&E
Equipment Services Inc., 3.88%, 12/15/28 |
105 | 88,963 | ||||||
|
Ritchie
Bros Holdings Inc., 6.75%, 03/15/28 |
45 | 44,346 | ||||||
|
|
|
|||||||
| 187,204 | ||||||||
| Diversified Financial Services — 4.6% | ||||||||
|
AG Issuer LLC, 6.25%, 03/01/28 (Call 12/01/23)(a) |
45 | 41,590 | ||||||
|
Burford Capital Global Finance LLC, 6.25%, 04/15/28 (Call 04/15/24)(a) |
35 | 31,912 | ||||||
|
Coinbase
Global Inc., 3.38%, 10/01/28 |
85 | 62,492 | ||||||
|
GGAM
Finance Ltd., 8.00%, 06/15/28 |
50 | 49,366 | ||||||
|
GPS Hospitality Holding Co. LLC/GPS Finco Inc., 7.00%, 08/15/28 (Call 08/15/24)(a) |
35 | 23,791 | ||||||
|
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a) |
80 | 64,054 | ||||||
|
Macquarie Airfinance Holdings Ltd., 8.38%, 05/01/28 (Call 05/01/25)(a) |
45 | 44,853 | ||||||
|
Midcap Financial Issuer Trust, 6.50%, 05/01/28 (Call 05/01/24)(a) |
85 | 72,377 | ||||||
|
Nationstar Mortgage Holdings Inc., 5.50%, 08/15/28 (Call 12/01/23)(a) |
72 | 63,588 | ||||||
|
Navient Corp., 4.88%, 03/15/28 (Call 06/15/27) |
40 | 33,109 | ||||||
|
NFP Corp. |
||||||||
|
4.88%, 08/15/28 (Call 12/01/23)(a) |
50 | 43,969 | ||||||
|
6.88%, 08/15/28 (Call 12/01/23)(a) |
170 | 145,272 | ||||||
|
OneMain Finance Corp. |
||||||||
|
3.88%, 09/15/28 (Call 09/15/24) |
50 | 39,728 | ||||||
|
6.63%, 01/15/28 (Call 07/15/27)(b) |
65 | 59,445 | ||||||
|
PRA Group Inc., 8.38%, 02/01/28 (Call 02/01/25)(a) |
35 | 28,801 | ||||||
|
|
|
|||||||
| 804,347 | ||||||||
| Electric — 3.1% | ||||||||
|
Atlantica Sustainable Infrastructure PLC, 4.13%, 06/15/28 (Call 06/15/25)(a) |
35 | 30,211 | ||||||
|
Calpine Corp. |
||||||||
|
4.50%, 02/15/28 (Call 12/01/23)(a) |
105 | 94,703 | ||||||
|
5.13%, 03/15/28 (Call 12/01/23)(a) |
117 | 104,711 | ||||||
|
Clearway Energy Operating LLC, 4.75%, 03/15/28 (Call 11/13/23)(a) |
75 | 67,172 | ||||||
|
NRG Energy Inc., 5.75%, 01/15/28 (Call 11/16/23) |
70 | 65,736 | ||||||
|
Pattern Energy Operations LP/Pattern Energy |
||||||||
|
Operations Inc., 4.50%, 08/15/28 (Call 12/01/23)(a) |
60 | 52,196 | ||||||
| Security | Par (000) |
Value | ||||||
|
Electric (continued) |
||||||||
|
PG&E Corp., 5.00%, 07/01/28 (Call 11/13/23)(b) |
$ | 85 | $ | 77,020 | ||||
|
Pike Corp., 5.50%, 09/01/28 (Call 12/01/23)(a) |
60 | 51,325 | ||||||
|
|
|
|||||||
| 543,074 | ||||||||
| Electrical Components & Equipment — 0.9% | ||||||||
|
Energizer
Holdings Inc., 4.75%, 06/15/28 |
45 | 38,655 | ||||||
|
WESCO
Distribution Inc., 7.25%, 06/15/28 |
115 | 114,377 | ||||||
|
|
|
|||||||
| 153,032 | ||||||||
| Energy - Alternate Sources — 0.5% | ||||||||
|
Sunnova
Energy Corp., 11.75%, 10/01/28 |
35 | 29,856 | ||||||
|
TerraForm Power Operating LLC, 5.00%, 01/31/28 (Call 07/31/27)(a) |
60 | 54,924 | ||||||
|
|
|
|||||||
| 84,780 | ||||||||
| Engineering & Construction — 0.5% | ||||||||
|
Fluor Corp., 4.25%, 09/15/28 (Call 06/15/28) |
50 | 45,387 | ||||||
|
Railworks Holdings LP/Railworks Rally Inc., 8.25%, 11/15/28 (Call 11/15/24)(a) |
25 | 23,683 | ||||||
|
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 12/01/23)(a) |
30 | 25,774 | ||||||
|
|
|
|||||||
| 94,844 | ||||||||
| Entertainment — 1.3% | ||||||||
|
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 6.50%, 10/01/28 (Call 11/16/23)(b) |
25 | 23,248 | ||||||
|
Churchill
Downs Inc., 4.75%, 01/15/28 |
60 | 53,876 | ||||||
|
Cinemark USA Inc., 5.25%, 07/15/28 (Call 07/15/24)(a) |
60 | 52,236 | ||||||
|
Light & Wonder International Inc., 7.00%, 05/15/28 (Call 12/01/23)(a) |
65 | 63,448 | ||||||
|
Live Nation Entertainment Inc., 3.75%, 01/15/28 (Call 01/15/24)(a) |
45 | 39,522 | ||||||
| 232,330 | ||||||||
| Environmental Control — 0.9% | ||||||||
|
GFL Environmental Inc. |
||||||||
|
3.50%, 09/01/28 (Call 03/01/28)(a) |
60 | 51,608 | ||||||
|
4.00%, 08/01/28 (Call 11/14/23)(a) |
65 | 56,116 | ||||||
|
Madison IAQ LLC, 4.13%, 06/30/28 (Call 06/30/24)(a) |
55 | 45,928 | ||||||
|
|
|
|||||||
| 153,652 | ||||||||
| Food — 2.7% | ||||||||
|
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |
||||||||
|
5.88%, 02/15/28 (Call 12/01/23)(a) |
60 | 57,505 | ||||||
|
6.50%, 02/15/28 (Call 02/15/25)(a) |
70 | 68,721 | ||||||
|
B&G Foods Inc., 8.00%, 09/15/28 (Call 09/15/25) |
50 | 48,755 | ||||||
|
C&S Group Enterprises LLC, 5.00%, 12/15/28 (Call 12/15/23)(a)(b) |
30 | 23,226 | ||||||
|
Chobani LLC/Chobani Finance Corp. Inc., 4.63%, 11/15/28 (Call 12/01/23)(a) |
35 | 30,398 | ||||||
|
Lamb
Weston Holdings Inc., 4.88%, 05/15/28 |
40 | 36,855 | ||||||
|
Post Holdings Inc., 5.63%, 01/15/28 (Call 11/16/23)(a) |
80 | 74,306 | ||||||
|
SEG Holding LLC/SEG Finance Corp., 5.63%, 10/15/28 (Call 12/01/23)(a) |
25 | 25,035 | ||||||
|
TreeHouse
Foods Inc., 4.00%, 09/01/28 |
45 | 36,963 | ||||||
|
U.S. Foods Inc., 6.88%, 09/15/28 (Call 09/15/25) |
40 | 39,280 | ||||||
|
United
Natural Foods Inc., 6.75%, 10/15/28 |
40 | 31,256 | ||||||
|
|
|
|||||||
| 472,300 | ||||||||
| Food Service — 0.7% | ||||||||
|
Aramark
Services Inc., 5.00%, 02/01/28 |
100 | 91,723 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
45 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2028 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Food Service (continued) | ||||||||
|
TKC
Holdings Inc., 6.88%, 05/15/28 |
$ | 35 | $ | 30,203 | ||||
|
|
|
|||||||
| 121,926 | ||||||||
| Forest Products & Paper — 0.4% | ||||||||
|
Ahlstrom-Munksjo Holding 3 Oy, 4.88%, 02/04/28 (Call 02/04/24)(a) |
25 | 20,464 | ||||||
|
Domtar Corp., 6.75%, 10/01/28 (Call 10/01/24)(a) |
55 | 44,829 | ||||||
|
|
|
|||||||
| 65,293 | ||||||||
| Gas — 0.3% | ||||||||
|
AmeriGas Partners LP/AmeriGas Finance Corp., 9.38%, 06/01/28 (Call 06/01/25)(a) |
45 | 44,610 | ||||||
|
|
|
|||||||
| Hand & Machine Tools — 0.2% | ||||||||
|
Werner FinCo LP/Werner FinCo Inc., 11.50%, 06/15/28 (Call 06/15/25)(a) |
35 | 35,329 | ||||||
|
|
|
|||||||
|
Health Care - Products — 1.7% |
||||||||
|
Avantor Funding Inc., 4.63%, 07/15/28 (Call 12/01/23)(a) |
130 | 115,942 | ||||||
|
Bausch & Lomb Escrow Corp., 8.38%, 10/01/28 (Call 10/01/25)(a) |
115 | 114,293 | ||||||
|
Hologic Inc., 4.63%, 02/01/28 (Call 12/01/23)(a) |
30 | 27,394 | ||||||
|
Teleflex Inc., 4.25%, 06/01/28 (Call 12/01/23)(a) |
40 | 35,371 | ||||||
|
|
|
|||||||
| 293,000 | ||||||||
| Health Care - Services — 3.1% | ||||||||
|
Acadia Healthcare Co. Inc., 5.50%, 07/01/28 (Call 12/01/23)(a) |
35 | 32,348 | ||||||
|
Akumin
Escrow Inc., 7.50%, 08/01/28 |
30 | 23,726 | ||||||
|
Charles River Laboratories International Inc., 4.25%, 05/01/28 (Call 11/16/23)(a) |
40 | 35,600 | ||||||
|
Encompass Health Corp., 4.50%, 02/01/28 (Call 12/01/23) |
70 | 63,106 | ||||||
|
Heartland Dental LLC/Heartland Dental Finance Corp., 10.50%, 04/30/28 (Call 05/15/25)(a) |
60 | 57,671 | ||||||
|
Molina Healthcare Inc., 4.38%, 06/15/28 (Call 12/01/23)(a) |
70 | 62,493 | ||||||
|
Tenet Healthcare Corp. |
||||||||
|
4.63%, 06/15/28 (Call 11/16/23) |
55 | 48,968 | ||||||
|
6.13%, 10/01/28 (Call 12/01/23)(b) |
205 | 189,653 | ||||||
|
Toledo Hospital (The), Series B, 5.33%, 11/15/28 |
25 | 19,225 | ||||||
|
|
|
|||||||
| 532,790 | ||||||||
| Holding Companies - Diversified — 0.2% | ||||||||
|
Benteler International, Class A, 10.50%, 05/15/28 (Call 05/15/25)(a)(b) |
40 | 40,396 | ||||||
|
|
|
|||||||
| Home Builders — 1.4% | ||||||||
|
Adams
Homes Inc., 9.25%, 10/15/28 |
25 | 24,418 | ||||||
|
Ashton Woods USA LLC/Ashton Woods Finance Co., 6.63%, 01/15/28 (Call 12/01/23)(a) |
20 | 18,316 | ||||||
|
Dream Finders Homes Inc., 8.25%, 08/15/28 (Call 08/15/25)(a) |
25 | 24,759 | ||||||
|
Forestar
Group Inc., 5.00%, 03/01/28 |
25 | 22,012 | ||||||
|
Installed Building Products Inc., 5.75%, 02/01/28 (Call 11/16/23)(a) |
25 | 22,675 | ||||||
|
M/I Homes Inc., 4.95%, 02/01/28 (Call 11/16/23) |
30 | 26,910 | ||||||
|
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 02/15/28 (Call 12/01/23) |
37 | 32,700 | ||||||
|
Taylor Morrison Communities Inc., 5.75%, 01/15/28 (Call 10/15/27)(a) |
35 | 31,847 | ||||||
|
Tri Pointe Homes Inc., 5.70%, 06/15/28 (Call 12/15/27) |
25 | 22,350 | ||||||
|
Winnebago Industries Inc., 6.25%, 07/15/28 (Call 12/01/23)(a) |
25 | 23,527 | ||||||
|
|
|
|||||||
| 249,514 | ||||||||
| Security |
Par (000) |
Value | ||||||
| Household Products & Wares — 0.1% | ||||||||
|
Central Garden & Pet Co., 5.13%, 02/01/28 (Call 12/01/23)(b) |
$ | 25 | $ | 23,167 | ||||
|
|
|
|||||||
| Insurance — 1.1% | ||||||||
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 6.75%, 04/15/28 (Call 04/15/25)(a) |
105 | 99,848 | ||||||
|
MGIC Investment Corp., 5.25%, 08/15/28 (Call 11/16/23) |
50 | 46,152 | ||||||
|
Sagicor Financial Co. Ltd., 5.30%, 05/13/28 (Call 05/13/24)(a) |
40 | 37,227 | ||||||
|
|
|
|||||||
| 183,227 | ||||||||
| Internet — 2.5% | ||||||||
|
Acuris Finance Us Inc./Acuris Finance SARL, 5.00%, 05/01/28 (Call 05/01/24)(a) |
30 | 23,622 | ||||||
|
ANGI Group LLC, 3.88%, 08/15/28 (Call 11/13/23)(a) |
40 | 30,063 | ||||||
|
Arches Buyer Inc. |
||||||||
|
4.25%, 06/01/28 (Call 12/01/23)(a) |
80 | 66,245 | ||||||
|
6.13%, 12/01/28 (Call 12/01/23)(a) |
40 | 32,316 | ||||||
|
Cablevision Lightpath LLC, 5.63%, 09/15/28 (Call 11/13/23)(a) |
35 | 26,250 | ||||||
|
Cars.com Inc., 6.38%, 11/01/28 (Call 12/01/23)(a) |
30 | 26,702 | ||||||
|
EquipmentShare.com Inc., 9.00%, 05/15/28 (Call 05/15/25)(a) |
85 | 80,426 | ||||||
|
ION Trading Technologies Sarl, 5.75%, 05/15/28 (Call 05/15/24)(a) |
40 | 33,197 | ||||||
|
Match Group Holdings II LLC, 4.63%, 06/01/28 (Call 12/01/23)(a) |
40 | 35,906 | ||||||
|
Newfold Digital Holdings Group Inc., 11.75%, 10/15/28 (Call 10/15/25)(a) |
30 | 30,308 | ||||||
|
Northwest Fiber LLC/Northwest Fiber Finance Sub Inc., 6.00%, 02/15/28 (Call 02/15/24)(a) |
25 | 20,723 | ||||||
|
Uber Technologies Inc., 6.25%, 01/15/28 (Call 11/13/23)(a)(b) |
40 | 38,553 | ||||||
|
|
|
|||||||
| 444,311 | ||||||||
| Iron & Steel — 0.7% | ||||||||
|
Carpenter Technology Corp., 6.38%, 07/15/28 (Call 12/01/23) |
30 | 28,502 | ||||||
|
Mineral Resources Ltd., 9.25%, 10/01/28 (Call 10/01/25)(a) |
90 | 89,850 | ||||||
|
|
|
|||||||
| 118,352 | ||||||||
| Leisure Time — 4.0% | ||||||||
|
Acushnet Co., 7.38%, 10/15/28 (Call 10/15/25)(a) |
30 | 30,062 | ||||||
|
Carnival Corp., 4.00%, 08/01/28 (Call 05/01/28)(a) |
200 | 174,082 | ||||||
|
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (Call 05/01/25)(a) |
170 | 181,269 | ||||||
|
Lindblad Expeditions Holdings Inc., 9.00%, 05/15/28 (Call 05/15/25)(a) |
20 | 19,552 | ||||||
|
NCL Corp. Ltd., 8.38%, 02/01/28 (Call 02/01/25)(a) |
55 | 54,347 | ||||||
|
NCL
Finance Ltd., 6.13%, 03/15/28 |
45 | 37,598 | ||||||
|
Royal Caribbean Cruises Ltd. |
||||||||
|
3.70%, 03/15/28 (Call 12/15/27)(b) |
40 | 34,097 | ||||||
|
5.50%, 04/01/28 (Call 10/01/27)(a) |
125 | 113,986 | ||||||
|
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 12/01/23)(a) |
60 | 53,988 | ||||||
|
|
|
|||||||
| 698,981 | ||||||||
| Lodging — 2.4% | ||||||||
|
Full House Resorts Inc., 8.25%, 02/15/28 (Call 02/15/24)(a) |
35 | 29,486 | ||||||
|
Hilton Domestic Operating Co. Inc., 5.75%, 05/01/28 (Call 12/01/23)(a) |
45 | 43,163 | ||||||
|
Marriott Ownership Resorts Inc., 4.75%, 01/15/28 (Call 12/01/23) |
25 | 21,678 | ||||||
|
Melco Resorts Finance Ltd., 5.75%, 07/21/28 (Call 12/01/23)(a) |
60 | 50,740 | ||||||
| 46 |
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® 2028 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Lodging (continued) | ||||||||
|
MGM Resorts International, 4.75%, 10/15/28 (Call 07/15/28) |
$ | 65 | $ | 56,742 | ||||
|
Station Casinos LLC, 4.50%, 02/15/28 (Call 12/01/23)(a) . |
60 | 51,842 | ||||||
|
Studio City Finance Ltd., 6.50%, 01/15/28 (Call 12/01/23)(a) |
40 | 32,730 | ||||||
|
Wyndham Hotels & Resorts Inc., 4.38%, 08/15/28 (Call 12/01/23)(a) |
40 | 35,313 | ||||||
|
Wynn
Macau Ltd., 5.63%, 08/26/28 |
110 | 92,351 | ||||||
|
|
|
|||||||
| 414,045 | ||||||||
| Machinery — 1.2% | ||||||||
|
ATS Automation Tooling Systems Inc., 4.13%, 12/15/28 (Call 12/15/23)(a) |
25 | 21,447 | ||||||
|
BWX Technologies Inc., 4.13%, 06/30/28 (Call 12/01/23)(a) |
30 | 26,510 | ||||||
|
GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)(a) |
40 | 29,361 | ||||||
|
GrafTech Global Enterprises Inc., 9.88%, 12/15/28 (Call 12/15/25)(a)(b) |
40 | 35,801 | ||||||
|
TK Elevator Holdco GmbH, 7.63%, 07/15/28 (Call 12/01/23)(a) |
35 | 31,841 | ||||||
|
Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)(a) |
75 | 65,560 | ||||||
|
|
|
|||||||
| 210,520 | ||||||||
| Machinery - Diversified — 0.2% | ||||||||
|
Maxim Crane Works Holdings Capital LLC, 11.50%, 09/01/28 (Call 09/01/25) |
40 | 39,044 | ||||||
|
|
|
|||||||
| Manufacturing — 0.7% | ||||||||
|
Calderys Financing LLC, 11.25%, 06/01/28 (Call 06/01/25)(a) |
45 | 45,472 | ||||||
|
LSB
Industries Inc., 6.25%, 10/15/28 |
45 | 39,980 | ||||||
|
Trinity Industries Inc., 7.75%, 07/15/28 (Call 07/15/25)(a) |
30 | 29,627 | ||||||
|
|
|
|||||||
| 115,079 | ||||||||
| Media — 7.2% | ||||||||
|
Altice
Financing SA, 5.00%, 01/15/28 |
100 | 81,499 | ||||||
|
Block Communications Inc., 4.88%, 03/01/28 (Call 12/01/23)(a) |
25 | 20,504 | ||||||
|
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 02/01/28 (Call 11/16/23)(a) |
210 | 187,962 | ||||||
|
CSC Holdings LLC |
||||||||
|
5.38%, 02/01/28 (Call 12/01/23)(a) |
85 | 67,704 | ||||||
|
7.50%, 04/01/28 (Call 11/13/23)(a) |
85 | 54,746 | ||||||
|
11.25%, 05/15/28 (Call 05/15/25)(a) |
85 | 81,103 | ||||||
|
DISH DBS Corp. |
||||||||
|
5.75%, 12/01/28 (Call 12/01/27)(a) |
205 | 146,561 | ||||||
|
7.38%, 07/01/28 (Call 11/13/23) |
65 | 36,524 | ||||||
|
GCI LLC, 4.75%, 10/15/28 (Call 11/16/23)(a) |
50 | 42,958 | ||||||
|
iHeartCommunications Inc., 4.75%, 01/15/28 (Call 12/01/23)(a)(b) |
40 | 28,308 | ||||||
|
McGraw-Hill Education Inc., 5.75%, 08/01/28 (Call 08/01/24)(a) |
75 | 63,247 | ||||||
|
Nexstar
Media Inc., 4.75%, 11/01/28 |
85 | 71,529 | ||||||
|
Sirius
XM Radio Inc., 4.00%, 07/15/28 |
170 | 144,519 | ||||||
|
TEGNA Inc., 4.63%, 03/15/28 (Call 12/01/23) |
85 | 73,624 | ||||||
|
Univision Communications Inc., 8.00%, 08/15/28 (Call 08/15/25)(a) |
40 | 37,841 | ||||||
|
UPC
Holding BV, 5.50%, 01/15/28 |
35 | 30,587 | ||||||
|
Urban One Inc., 7.38%, 02/01/28 (Call 02/01/24)(a) |
62 | 51,520 | ||||||
|
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 12/01/23)(a) |
40 | 34,025 | ||||||
|
|
|
|||||||
| 1,254,761 | ||||||||
| Mining — 0.7% | ||||||||
|
Century Aluminum Co., 7.50%, 04/01/28 (Call 04/01/24)(a) |
20 | 19,015 | ||||||
| Security |
Par (000) |
Value | ||||||
| Mining (continued) | ||||||||
|
Constellium SE, 5.63%, 06/15/28 (Call 11/13/23)(a) |
$ | 30 | $ | 27,440 | ||||
|
Hecla Mining Co., 7.25%, 02/15/28 (Call 11/16/23) |
40 | 38,436 | ||||||
|
Kaiser Aluminum Corp., 4.63%, 03/01/28 (Call 12/01/23)(a) |
45 | 37,518 | ||||||
|
|
|
|||||||
| 122,409 | ||||||||
| Office & Business Equipment — 0.3% | ||||||||
|
Xerox
Holdings Corp., 5.50%, 08/15/28 |
60 | 46,363 | ||||||
|
|
|
|||||||
| Office Furnishings — 0.1% | ||||||||
|
Interface Inc., 5.50%, 12/01/28 (Call 12/01/23)(a) |
25 | 20,969 | ||||||
|
|
|
|||||||
| Oil & Gas — 6.1% | ||||||||
|
Callon
Petroleum Co., 8.00%, 08/01/28 |
55 | 54,519 | ||||||
|
Calumet Specialty Products Partners LP/Calumet Finance Corp., 9.75%, 07/15/28 (Call 07/15/25)(a)(b) |
25 | 23,395 | ||||||
|
Civitas Resources Inc., 8.38%, 07/01/28 (Call 07/01/25)(a) |
115 | 115,826 | ||||||
|
Crescent Energy Finance LLC, 9.25%, 02/15/28 (Call 02/15/25)(a) |
70 | 70,987 | ||||||
|
CVR Energy Inc., 5.75%, 02/15/28 (Call 11/16/23)(a) |
30 | 26,934 | ||||||
|
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/28 (Call 05/01/24)(a) |
57 | 55,597 | ||||||
|
Endeavor Energy Resources LP/EER Finance Inc., 5.75%, 01/30/28 (Call 12/01/23)(a) |
90 | 86,383 | ||||||
|
Global Marine Inc., 7.00%, 06/01/28 |
20 | 16,746 | ||||||
|
Greenfire Resources Ltd., 12.00%, 10/01/28 (Call 10/01/25)(a) |
25 | 24,883 | ||||||
|
Hilcorp Energy I LP/Hilcorp Finance Co., 6.25%, 11/01/28 (Call 12/01/23)(a) |
50 | 46,750 | ||||||
|
Laredo Petroleum Inc., 10.13%, 01/15/28 (Call 12/01/23) |
60 | 60,173 | ||||||
|
Matador Resources Co., 6.88%, 04/15/28 (Call 04/15/25)(a)(b) |
45 | 44,132 | ||||||
|
Murphy Oil Corp., 6.38%, 07/15/28 (Call 07/15/24) |
42 | 40,677 | ||||||
|
Nabors Industries Ltd., 7.50%, 01/15/28 (Call 12/01/23)(a) |
30 | 26,457 | ||||||
|
Northern Oil and Gas Inc., 8.13%, 03/01/28 (Call 03/01/24)(a) |
60 | 59,225 | ||||||
|
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 02/15/28 (Call 12/01/23) |
65 | 60,089 | ||||||
|
Sitio Royalties Operating Partnership LP/Sitio Finance Corp., 7.88%, 11/01/28 (Call 11/01/25) |
50 | 49,336 | ||||||
|
SM Energy Co., 6.50%, 07/15/28 (Call 07/15/24) |
30 | 28,894 | ||||||
|
Southwestern Energy Co., 8.38%, 09/15/28 (Call 11/16/23) |
25 | 25,850 | ||||||
|
Sunoco LP/Sunoco Finance Corp. |
||||||||
|
5.88%, 03/15/28 (Call 12/01/23) |
30 | 28,431 | ||||||
|
7.00%, 09/15/28 (Call 09/15/25)(a) |
45 | 43,900 | ||||||
|
Transocean Aquila Ltd., 8.00%, 09/30/28 (Call 09/30/25)(a) |
25 | 24,602 | ||||||
|
Transocean Titan Financing Ltd., 8.38%, 02/01/28 (Call 02/01/25)(a) |
50 | 50,111 | ||||||
|
|
|
|||||||
| 1,063,897 | ||||||||
| Oil & Gas Services — 0.9% | ||||||||
|
Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 04/01/28 (Call 12/01/23)(a) |
70 | 65,123 | ||||||
|
Bristow Group Inc., 6.88%, 03/01/28 (Call 03/01/24)(a) |
30 | 27,802 | ||||||
|
Nine Energy Service Inc., 13.00%, 02/01/28 (Call 02/01/26) |
25 | 22,135 | ||||||
|
Oceaneering International Inc., 6.00%, 02/01/28 (Call 11/01/27) |
25 | 23,089 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
47 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2028 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Oil & Gas Services (continued) | ||||||||
|
Weatherford International Ltd., 6.50%, 09/15/28 (Call 09/15/24)(a) |
$ | 25 | $ | 25,163 | ||||
|
|
|
|||||||
| 163,312 | ||||||||
| Packaging & Containers — 2.7% | ||||||||
|
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28 (Call 05/15/24)(a) |
50 | 40,832 | ||||||
|
Ball Corp., 6.88%, 03/15/28 (Call 11/15/24) |
70 | 69,890 | ||||||
|
Cascades Inc./Cascades USA Inc., 5.38%, 01/15/28 (Call 12/01/23)(a) |
35 | 31,708 | ||||||
|
Clearwater Paper Corp., 4.75%, 08/15/28 (Call 11/16/23)(a) |
20 | 17,655 | ||||||
|
Graham Packaging Co. Inc., 7.13%, 08/15/28 (Call 12/01/23)(a) |
40 | 31,030 | ||||||
|
Graphic Packaging International LLC, 3.50%, 03/15/28(a) |
35 | 30,759 | ||||||
|
Intelligent Packaging Ltd. Finco Inc./Intelligent Packaging Ltd. Co-Issuer LLC, 6.00%, 09/15/28 (Call 12/01/23)(a) |
55 | 45,477 | ||||||
|
LABL Inc. |
||||||||
|
5.88%, 11/01/28 (Call 11/01/24)(a) |
40 | 34,175 | ||||||
|
9.50%, 11/01/28 (Call 11/01/25)(a) |
25 | 24,321 | ||||||
|
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a)(b) |
40 | 34,188 | ||||||
|
Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/28 (Call 02/01/25)(a) |
70 | 66,579 | ||||||
|
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 11/16/23) |
50 | 44,517 | ||||||
|
|
|
|||||||
| 471,131 | ||||||||
| Pharmaceuticals — 2.5% | ||||||||
|
AdaptHealth LLC, 6.13%, 08/01/28 (Call 11/13/23)(a) |
30 | 24,797 | ||||||
|
Bausch Health Companies Inc., 11.00%, 09/30/28(a) |
150 | 91,486 | ||||||
|
Cheplapharm Arzneimittel GmbH, 5.50%, 01/15/28 (Call 01/15/24)(a) |
40 | 35,755 | ||||||
|
Elanco Animal Health Inc., 6.65%, 08/28/28 (Call 05/28/28)(b) |
65 | 62,165 | ||||||
|
Grifols Escrow Issuer SA, 4.75%, 10/15/28 (Call 10/15/24)(a) |
60 | 50,284 | ||||||
|
Organon & Co./Organon Foreign Debt Co.-Issuer BV, 4.13%, 04/30/28 (Call 04/30/24)(a) |
175 | 151,182 | ||||||
|
Prestige Brands Inc., 5.13%, 01/15/28 (Call 12/01/23)(a)(b) |
30 | 27,704 | ||||||
|
|
|
|||||||
| 443,373 | ||||||||
| Pipelines — 4.2% | ||||||||
|
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.75%, 01/15/28 (Call 11/16/23)(a) |
50 | 46,939 | ||||||
|
Buckeye Partners LP, 4.50%, 03/01/28 (Call 12/01/27)(a) |
40 | 35,005 | ||||||
|
Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.13%, 06/01/28 (Call 06/01/24)(a) |
30 | 27,398 | ||||||
|
EnLink Midstream LLC, 5.63%, 01/15/28 (Call 07/15/27)(a) |
45 | 42,437 | ||||||
|
EQM Midstream Partners LP, 5.50%, 07/15/28 (Call 04/15/28) |
75 | 70,030 | ||||||
|
Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 02/01/28 (Call 12/01/23) |
60 | 56,585 | ||||||
|
Harvest
Midstream I LP, 7.50%, 09/01/28 |
70 | 66,534 | ||||||
|
Hess Midstream Operations LP, 5.13%, 06/15/28 (Call 12/01/23)(a) |
45 | 41,717 | ||||||
|
Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 11/16/23)(a) |
40 | 37,048 | ||||||
|
Howard Midstream Energy Partners LLC, 8.88%, 07/15/28 (Call 07/15/25)(a) |
45 | 45,378 | ||||||
| Security |
Par (000) |
Value | ||||||
| Pipelines (continued) | ||||||||
|
Martin
Midstream Partners LP/Martin Midstream Finance Corp.,
11.50%, 02/15/28 |
$ | 35 | $ | 34,363 | ||||
|
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 5.50%, 01/15/28 (Call 12/01/23)(a) |
60 | 52,805 | ||||||
|
Venture Global LNG Inc., 8.13%, 06/01/28 (Call 06/01/25)(a)(b) |
185 | 179,613 | ||||||
|
|
|
|||||||
| 735,852 | ||||||||
| Real Estate — 0.6% | ||||||||
|
Cushman & Wakefield U.S. Borrower LLC, 6.75%, 05/15/28 (Call 12/01/23)(a) |
50 | 45,628 | ||||||
|
Howard Hughes Corp. (The), 5.38%, 08/01/28 (Call 12/01/23)(a) |
65 | 57,199 | ||||||
|
|
|
|||||||
| 102,827 | ||||||||
| Real Estate Investment Trusts — 3.1% | ||||||||
|
Brandywine Operating Partnership LP, 7.80%, 03/15/28 (Call 02/15/28)(b) |
30 | 27,067 | ||||||
|
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)(a) |
30 | 25,410 | ||||||
|
Iron Mountain Inc. |
||||||||
|
5.00%, 07/15/28 (Call 11/13/23)(a) |
45 | 40,309 | ||||||
|
5.25%, 03/15/28 (Call 11/13/23)(a) |
70 | 64,080 | ||||||
|
Necessity Retail REIT Inc./American Finance Operating Partner LP (The), 4.50%, 09/30/28 (Call 06/30/28)(a) |
40 | 29,939 | ||||||
|
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 5.88%, 10/01/28 (Call 12/01/23)(a)(b) |
60 | 54,038 | ||||||
|
RHP Hotel Properties LP/RHP Finance Corp., 7.25%, 07/15/28 (Call 07/15/25) |
30 | 29,254 | ||||||
|
Service Properties Trust, 3.95%, 01/15/28 (Call 07/15/27)(b) |
35 | 26,155 | ||||||
|
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC |
||||||||
|
4.75%, 04/15/28 (Call 04/15/24)(a) |
45 | 36,223 | ||||||
|
10.50%, 02/15/28 (Call 09/15/25)(a) |
215 | 207,160 | ||||||
|
|
|
|||||||
| 539,635 | ||||||||
| Retail — 4.0% | ||||||||
|
1011778 BC ULC/New Red Finance Inc. |
||||||||
|
3.88%, 01/15/28 (Call 12/01/23)(a) |
130 | 116,163 | ||||||
|
4.38%, 01/15/28 (Call 12/01/23)(a) |
65 | 58,530 | ||||||
|
Advance Auto Parts Inc., 5.95%, 03/09/28 (Call 02/09/28) |
25 | 23,377 | ||||||
|
Asbury Automotive Group Inc., 4.50%, 03/01/28 (Call 11/13/23) |
30 | 26,633 | ||||||
|
At
Home Group Inc., 4.88%, 07/15/28 |
20 | 6,840 | ||||||
|
Bath & Body Works Inc., 5.25%, 02/01/28 |
45 | 41,447 | ||||||
|
Evergreen Acqco 1 LP/TVI Inc., 9.75%, 04/26/28 (Call 02/15/25)(a) |
45 | 45,405 | ||||||
|
FirstCash Inc., 4.63%, 09/01/28 (Call 12/01/23)(a) |
40 | 35,167 | ||||||
|
Group 1 Automotive Inc., 4.00%, 08/15/28 (Call 12/01/23)(a) |
65 | 56,059 | ||||||
|
Ken Garff Automotive LLC, 4.88%, 09/15/28 (Call 12/01/23)(a) |
30 | 25,496 | ||||||
|
Michaels Companies Inc. (The), 5.25%, 05/01/28 (Call 11/13/23)(a)(b) |
70 | 50,413 | ||||||
|
Nordstrom Inc., 6.95%, 03/15/28 |
25 | 23,772 | ||||||
|
PetSmart Inc./PetSmart Finance Corp., 4.75%, 02/15/28 (Call 02/15/24)(a) |
100 | 88,479 | ||||||
|
SRS
Distribution Inc., 4.63%, 07/01/28 |
50 | 43,625 | ||||||
|
White Cap Buyer LLC, 6.88%, 10/15/28 (Call 12/01/23)(a) |
55 | 48,156 | ||||||
|
|
|
|||||||
| 689,562 | ||||||||
| Semiconductors — 0.4% | ||||||||
|
Entegris Inc., 4.38%, 04/15/28 (Call 11/13/23)(a) |
30 | 26,773 | ||||||
| 48 |
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® 2028 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
| Semiconductors (continued) | ||||||||
|
ON Semiconductor Corp., 3.88%, 09/01/28 (Call 12/01/23)(a) |
$ | 60 | $ | 51,494 | ||||
|
|
|
|||||||
| 78,267 | ||||||||
| Software — 2.6% | ||||||||
|
Alteryx Inc., 8.75%, 03/15/28 (Call 03/15/25)(a)(b) |
35 | 34,556 | ||||||
|
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 11/13/23)(a) |
85 | 75,810 | ||||||
|
Clarivate Science Holdings Corp., 3.88%, 07/01/28 (Call 06/30/24)(a) |
80 | 68,966 | ||||||
|
Consensus Cloud Solutions Inc., 6.50%, 10/15/28 (Call 10/15/26)(a) |
40 | 33,144 | ||||||
|
Fair Isaac Corp., 4.00%, 06/15/28 (Call 11/16/23)(a) |
80 | 71,146 | ||||||
|
Helios Software Holdings Inc./ION Corporate Solutions Finance Sarl, 4.63%, 05/01/28 (Call 05/01/24)(a) |
30 | 25,226 | ||||||
|
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)(a)(b) |
40 | 36,220 | ||||||
|
Open Text Corp., 3.88%, 02/15/28 (Call 12/01/23)(a) |
75 | 65,272 | ||||||
|
PTC Inc., 4.00%, 02/15/28 (Call 12/01/23)(a) |
45 | 40,092 | ||||||
|
|
|
|||||||
| 450,432 | ||||||||
| Telecommunications — 3.3% | ||||||||
|
Altice France SA/France, 5.50%, 01/15/28 (Call 12/01/23)(a) |
90 | 66,874 | ||||||
|
Consolidated Communications Inc. |
||||||||
|
5.00%, 10/01/28 (Call 11/13/23)(a)(b) |
35 | 26,355 | ||||||
|
6.50%, 10/01/28 (Call 11/13/23)(a)(b) |
60 | 47,554 | ||||||
|
Frontier Communications Holdings LLC, 5.00%, 05/01/28 (Call 05/01/24)(a) |
130 | 112,629 | ||||||
|
Frontier Florida LLC, Series E, 6.86%, 02/01/28 |
25 | 22,958 | ||||||
|
Iliad Holding SASU, 7.00%, 10/15/28 (Call 10/15/24)(a) |
75 | 67,819 | ||||||
|
Level
3 Financing Inc., 4.25%, 07/01/28 |
100 | 56,473 | ||||||
|
ViaSat Inc., 6.50%, 07/15/28 (Call 12/01/23)(a) |
35 | 24,778 | ||||||
|
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 12/01/23)(a)(b) |
115 | 91,122 | ||||||
|
Zayo Group Holdings Inc., 6.13%, 03/01/28 (Call 12/01/23)(a) |
90 | 59,395 | ||||||
|
|
|
|||||||
| 575,957 | ||||||||
| Transportation — 0.4% | ||||||||
|
Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 11/16/23)(a) |
50 | 44,122 | ||||||
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
| Transportation (continued) | ||||||||
|
Danaos
Corp., 8.50%, 03/01/28 |
$ | 20 | $ | 20,003 | ||||
|
|
|
|||||||
| 64,125 | ||||||||
| Trucking & Leasing — 0.4% | ||||||||
|
Fortress Transportation and Infrastructure Investors LLC, 5.50%, 05/01/28 (Call 05/01/24)(a) |
85 | 77,427 | ||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 96.8% |
16,877,877 | |||||||
|
|
|
|||||||
| Shares | ||||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 11.2% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e) |
1,907,436 | 1,908,199 | ||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(c)(d) |
40,000 | 40,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 11.2% |
1,948,199 | |||||||
|
|
|
|||||||
|
Total
Investments — 108.0% |
18,826,076 | |||||||
|
Liabilities in Excess of Other Assets — (8.0)% |
|
(1,398,127 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 17,427,949 | ||||||
|
|
|
|||||||
| (a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Affiliate of the Fund. |
| (d) |
Annualized 7-day yield as of period end. |
| (e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the 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 |
$ | 1,305,194 | $ | 602,137 | (a) | $ | — | $ | (22 | ) | $ | 890 | $ | 1,908,199 | 1,907,436 | $ | 14,265 | (b) | $ | — | ||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
120,000 | — | (80,000 | )(a) | — | — | 40,000 | 40,000 | 3,951 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | (22 | ) | $ | 890 | $ | 1,948,199 | $ | 18,216 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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. |
|
S C H E D U L E O F I N V E S T M E N T S |
49 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2028 Term High Yield and Income ETF
|
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 |
$ | — | $ | 16,877,877 | $ | — | $ | 16,877,877 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
1,948,199 | — | — | 1,948,199 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,948,199 | $ | 16,877,877 | $ | — | $ | 18,826,076 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 50 |
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® 2029 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
Corporate Bonds & Notes |
||||||||
| Advertising — 1.1% | ||||||||
|
Clear Channel Outdoor Holdings Inc., 7.50%, 06/01/29 (Call 06/01/24)(a) |
$ | 55 | $ | 40,082 | ||||
|
Lamar Media Corp., 4.88%, 01/15/29 (Call 01/15/24) |
20 | 18,322 | ||||||
|
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.25%, 01/15/29 (Call 01/15/24)(a) |
20 | 16,299 | ||||||
|
Stagwell Global LLC, 5.63%, 08/15/29 (Call 08/15/24)(a) |
55 | 45,448 | ||||||
|
|
|
|||||||
| 120,151 | ||||||||
| Aerospace & Defense — 1.8% | ||||||||
|
Bombardier
Inc., 7.50%, 02/01/29 |
40 | 37,050 | ||||||
|
Howmet Aerospace Inc., 3.00%, 01/15/29 (Call 11/15/28) |
30 | 25,293 | ||||||
|
Spirit AeroSystems Inc., 9.38%, 11/30/29 (Call 11/30/25)(a)(b) |
45 | 46,227 | ||||||
|
TransDigm Inc. |
||||||||
|
4.63%, 01/15/29 (Call 01/15/24)(b) |
60 | 51,695 | ||||||
|
4.88%, 05/01/29 (Call 05/01/24)(b) |
40 | 34,717 | ||||||
|
|
|
|||||||
| 194,982 | ||||||||
| Agriculture — 0.3% | ||||||||
|
Vector
Group Ltd., 5.75%, 02/01/29 |
45 | 38,152 | ||||||
|
|
|
|||||||
| Airlines — 2.2% | ||||||||
|
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29(a) |
150 | 135,301 | ||||||
|
Delta Air Lines Inc., 3.75%, 10/28/29 (Call 07/28/29) |
25 | 21,254 | ||||||
|
United
Airlines Inc., 4.63%, 04/15/29 |
100 | 84,545 | ||||||
|
|
|
|||||||
| 241,100 | ||||||||
| Apparel — 0.5% | ||||||||
|
Crocs Inc., 4.25%, 03/15/29 (Call 03/15/24)(a) |
20 | 16,580 | ||||||
|
Kontoor Brands Inc., 4.13%, 11/15/29 (Call 11/15/24)(a) |
20 | 16,557 | ||||||
|
Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)(a) |
30 | 22,340 | ||||||
|
|
|
|||||||
| 55,477 | ||||||||
| Auto Manufacturers — 0.4% | ||||||||
|
Allison Transmission Inc., 5.88%, 06/01/29 (Call 06/01/24)(a)(b) |
25 | 23,186 | ||||||
|
Jaguar Land Rover Automotive PLC, 5.50%, 07/15/29 (Call 07/15/24)(a) |
20 | 17,255 | ||||||
|
|
|
|||||||
| 40,441 | ||||||||
| Auto Parts & Equipment — 1.2% | ||||||||
|
American Axle & Manufacturing Inc., 5.00%, 10/01/29 (Call 10/01/24)(b) |
30 | 23,673 | ||||||
|
Dornoch Debt Merger Sub Inc., 6.63%, 10/15/29 (Call 10/15/24)(a) |
32 | 25,191 | ||||||
|
Goodyear Tire & Rubber Co. (The), 5.00%, 07/15/29 (Call 04/15/29)(b) |
40 | 34,442 | ||||||
|
IHO Verwaltungs GmbH, 6.38%, 05/15/29 (Call 05/15/24), (7.13% PIK)(a)(c) |
20 | 17,578 | ||||||
|
Real Hero Merger Sub 2 Inc., 6.25%, 02/01/29 (Call 02/01/24)(a)(b) |
30 | 23,855 | ||||||
|
|
|
|||||||
| 124,739 | ||||||||
| Beverages — 0.6% | ||||||||
|
Primo Water Holdings Inc., 4.38%, 04/30/29 (Call 04/30/24)(a) |
40 | 33,809 | ||||||
|
Triton Water Holdings Inc., 6.25%, 04/01/29 (Call 04/01/24)(a)(b) |
40 | 32,819 | ||||||
|
|
|
|||||||
| 66,628 | ||||||||
| Building Materials — 1.0% | ||||||||
|
Cornerstone Building Brands Inc., 6.13%, 01/15/29 (Call 12/01/23)(a) |
20 | 14,667 | ||||||
|
Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)(a) |
20 | 16,600 | ||||||
| Security | Par (000) |
Value | ||||||
| Building Materials (continued) | ||||||||
|
PGT
Innovations Inc., 4.38%, 10/01/29 |
$ | 30 | $ | 27,998 | ||||
|
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 11/13/23)(a) |
35 | 31,736 | ||||||
|
Victors
Merger Corp., 6.38%, 05/15/29 |
20 | 12,004 | ||||||
|
|
|
|||||||
| 103,005 | ||||||||
| Chemicals — 2.8% | ||||||||
|
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a) |
35 | 28,848 | ||||||
|
Chemours
Co. (The), 4.63%, 11/15/29 |
30 | 23,197 | ||||||
|
EverArc
Escrow Sarl, 5.00%, 10/30/29 |
35 | 26,602 | ||||||
|
LSF11 A5 HoldCo LLC, 6.63%, 10/15/29 (Call 10/15/24)(a) |
15 | 12,284 | ||||||
|
Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29) |
35 | 31,008 | ||||||
|
Olin Corp., 5.63%, 08/01/29 (Call 08/01/24)(b) |
35 | 31,995 | ||||||
|
Olympus Water U.S. Holding Corp., 6.25%, 10/01/29 (Call 10/01/24)(a) |
15 | 11,353 | ||||||
|
Rain Carbon Inc., 12.25%, 09/01/29 (Call 03/01/26)(a) |
20 | 20,351 | ||||||
|
SCIH Salt Holdings Inc., 6.63%, 05/01/29 (Call 05/01/24)(a) |
35 | 29,481 | ||||||
|
Tronox Inc., 4.63%, 03/15/29 (Call 03/15/24)(a)(b) |
55 | 43,183 | ||||||
|
WR Grace Holdings LLC, 5.63%, 08/15/29 (Call 08/15/24)(a) |
60 | 46,501 | ||||||
|
|
|
|||||||
| 304,803 | ||||||||
| Coal — 0.2% | ||||||||
|
SunCoke
Energy Inc., 4.88%, 06/30/29 |
25 | 20,910 | ||||||
|
|
|
|||||||
| Commercial Services — 6.0% | ||||||||
|
ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)(a)(b) |
50 | 42,904 | ||||||
|
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 06/01/29 (Call 06/01/24)(a) |
50 | 36,145 | ||||||
|
AMN
Healthcare Inc., 4.00%, 04/15/29 |
20 | 16,659 | ||||||
|
APi Escrow Corp., 4.75%, 10/15/29 (Call 10/15/24)(a) |
15 | 12,904 | ||||||
|
APi Group DE Inc., 4.13%, 07/15/29 (Call 07/15/24)(a) |
15 | 12,392 | ||||||
|
APX Group Inc., 5.75%, 07/15/29 (Call 07/15/24)(a) |
40 | 33,408 | ||||||
|
Avis Budget Car Rental LLC/Avis Budget Finance Inc., 5.38%, 03/01/29 (Call 03/01/24)(a) |
30 | 25,711 | ||||||
|
Carriage Services Inc., 4.25%, 05/15/29 (Call 05/15/24)(a) |
20 | 16,354 | ||||||
|
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)(a) |
25 | 19,786 | ||||||
|
Garda World Security Corp., 6.00%, 06/01/29 (Call 06/01/24)(a) |
25 | 19,119 | ||||||
|
Gartner Inc., 3.63%, 06/15/29 (Call 06/15/24)(a) |
18 | 15,196 | ||||||
|
Hertz
Corp. (The), 5.00%, 12/01/29 |
50 | 35,944 | ||||||
|
Metis Merger Sub LLC, 6.50%, 05/15/29 (Call 05/15/24)(a) |
35 | 28,568 | ||||||
|
Neptune Bidco U.S. Inc., 9.29%, 04/15/29 (Call 10/15/25)(a) |
130 | 114,830 | ||||||
|
NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)(a) |
45 | 38,682 | ||||||
|
Paysafe Finance PLC/Paysafe Holdings U.S. Corp., 4.00%, 06/15/29 (Call 06/15/24)(a) |
15 | 12,149 | ||||||
|
PROG
Holdings Inc., 6.00%, 11/15/29 |
30 | 25,434 | ||||||
|
Rent-A-Center Inc./TX, 6.38%, 02/15/29 (Call 02/15/24)(a) |
25 | 21,510 | ||||||
|
Service Corp. International/U.S., 5.13%, 06/01/29 (Call 06/01/24) |
40 | 36,798 | ||||||
|
Signal Parent Inc., 6.13%, 04/01/29 (Call 04/01/24)(a) |
15 | 8,623 | ||||||
|
Sotheby’s/Bidfair Holdings Inc., 5.88%, 06/01/29 (Call 06/01/24)(a) |
10 | 8,013 | ||||||
|
StoneMor Inc., 8.50%, 05/15/29 (Call 05/15/24)(a) |
20 | 16,035 | ||||||
|
TriNet Group Inc., 3.50%, 03/01/29 (Call 03/01/24)(a) |
30 | 24,806 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
51 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2029 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Commercial Services (continued) | ||||||||
|
WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)(a)(b) |
$ | 25 | $ | 15,621 | ||||
|
|
|
|||||||
| 637,591 | ||||||||
| Computers — 2.1% | ||||||||
|
Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)(a) |
25 | 20,944 | ||||||
|
Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24) |
40 | 33,613 | ||||||
|
NCR Atleos Escrow Corp., 9.50%, 04/01/29 (Call 10/01/26)(a) |
70 | 68,602 | ||||||
|
NCR Corp., 5.13%, 04/15/29 (Call 04/15/24)(a) |
60 | 51,612 | ||||||
|
Seagate HDD Cayman |
||||||||
|
4.09%, 06/01/29 (Call 03/01/29) |
25 | 21,618 | ||||||
|
8.25%, 12/15/29 (Call 07/15/26)(a)(b) |
25 | 25,451 | ||||||
|
|
|
|||||||
| 221,840 | ||||||||
| Cosmetics & Personal Care — 0.4% | ||||||||
|
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a)(b) |
25 | 22,122 | ||||||
|
Edgewell Personal Care Co., 4.13%, 04/01/29 (Call 04/01/24)(a) |
25 | 20,984 | ||||||
|
|
|
|||||||
| 43,106 | ||||||||
| Distribution & Wholesale — 0.2% | ||||||||
|
American Builders & Contractors Supply Co. Inc., 3.88%, 11/15/29 (Call 11/15/24)(a)(b) |
20 | 16,672 | ||||||
|
Resideo Funding Inc., 4.00%, 09/01/29 (Call 09/01/24)(a)(b) |
12 | 9,672 | ||||||
|
|
|
|||||||
| 26,344 | ||||||||
| Diversified Financial Services — 2.8% | ||||||||
|
Aretec Escrow Issuer Inc., 7.50%, 04/01/29 (Call 04/01/24)(a) |
20 | 17,000 | ||||||
|
Armor Holdco Inc., 8.50%, 11/15/29 (Call 11/15/24)(a) |
20 | 17,469 | ||||||
|
Cobra AcquisitionCo LLC, 6.38%, 11/01/29 (Call 11/01/24)(a) |
20 | 14,411 | ||||||
|
Hightower Holding LLC, 6.75%, 04/15/29 (Call 04/15/24)(a) |
17 | 14,487 | ||||||
|
Jane Street Group/JSG Finance Inc., 4.50%, 11/15/29 (Call 11/15/24)(a) |
22 | 18,741 | ||||||
|
Macquarie Airfinance Holdings Ltd., 8.13%, 03/30/29 (Call 09/30/25)(a) |
25 | 24,635 | ||||||
|
Navient Corp., 5.50%, 03/15/29 (Call 06/15/28) |
40 | 32,467 | ||||||
|
OneMain Finance Corp. |
||||||||
|
5.38%, 11/15/29 (Call 05/15/29) |
40 | 33,039 | ||||||
|
9.00%, 01/15/29 (Call 07/15/25)(b) |
25 | 24,384 | ||||||
|
PennyMac Financial Services Inc., 4.25%, 02/15/29 (Call 02/15/24)(a) |
35 | 28,582 | ||||||
|
PRA Group Inc., 5.00%, 10/01/29 (Call 10/01/24)(a)(b) |
20 | 13,471 | ||||||
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 3.63%, 03/01/29 (Call 03/01/24)(a) |
40 | 32,523 | ||||||
|
United Wholesale Mortgage LLC, 5.50%, 04/15/29 (Call 04/15/24)(a) |
35 | 29,280 | ||||||
|
|
|
|||||||
| 300,489 | ||||||||
| Electric — 1.8% | ||||||||
|
Calpine Corp., 4.63%, 02/01/29 (Call 02/01/24)(a) |
35 | 29,513 | ||||||
|
DPL Inc., 4.35%, 04/15/29 (Call 01/15/29) |
20 | 16,487 | ||||||
|
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29 (Call 07/01/24)(a) |
20 | 16,365 | ||||||
|
NRG Energy Inc. |
||||||||
|
3.38%, 02/15/29 (Call 02/15/24)(a) |
30 | 24,458 | ||||||
|
5.25%, 06/15/29 (Call 06/15/24)(a) |
30 | 26,527 | ||||||
|
TransAlta Corp., 7.75%, 11/15/29 (Call 11/15/25) |
20 | 20,012 | ||||||
| Security |
Par (000) |
Value | ||||||
| Electric (continued) | ||||||||
|
Vistra Operations Co. LLC, 4.38%, 05/01/29 (Call 05/01/24)(a) |
$ | 65 | $ | 55,100 | ||||
|
|
|
|||||||
| 188,462 | ||||||||
| Electrical Components & Equipment — 0.3% | ||||||||
|
Energizer Holdings Inc., 4.38%, 03/31/29 (Call 12/01/23)(a)(b) |
40 | 32,814 | ||||||
|
|
|
|||||||
| Electronics — 1.8% | ||||||||
|
II-VI Inc., 5.00%, 12/15/29 (Call 12/14/24)(a)(b) |
50 | 42,479 | ||||||
|
Imola
Merger Corp., 4.75%, 05/15/29 |
100 | 87,325 | ||||||
|
Sensata Technologies BV, 4.00%, 04/15/29 (Call 04/15/24)(a) |
50 | 42,522 | ||||||
|
TTM
Technologies Inc., 4.00%, 03/01/29 |
25 | 20,538 | ||||||
|
|
|
|||||||
| 192,864 | ||||||||
| Engineering & Construction — 0.9% | ||||||||
|
Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)(a) |
20 | 17,488 | ||||||
|
Dycom Industries Inc., 4.50%, 04/15/29 (Call 04/15/24)(a) |
20 | 17,268 | ||||||
|
Global
Infrastructure Solutions Inc., 5.63%, 06/01/29 |
20 | 16,154 | ||||||
|
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/29 (Call 06/01/24)(a) |
15 | 12,274 | ||||||
|
TopBuild Corp., 3.63%, 03/15/29 (Call 03/15/24)(a) |
20 | 16,730 | ||||||
|
VM
Consolidated Inc., 5.50%, 04/15/29 |
20 | 17,696 | ||||||
|
|
|
|||||||
| 97,610 | ||||||||
| Entertainment — 4.4% | ||||||||
|
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(a)(b) |
50 | 35,094 | ||||||
|
Banijay Entertainment SASU, 8.13%, 05/01/29 (Call 11/01/25)(a) |
20 | 19,595 | ||||||
|
Boyne USA Inc., 4.75%, 05/15/29 (Call 05/15/24)(a) |
35 | 30,515 | ||||||
|
Caesars Entertainment Inc., 4.63%, 10/15/29 (Call 10/15/24)(a) |
60 | 49,344 | ||||||
|
Cedar Fair LP, 5.25%, 07/15/29 (Call 07/15/24)(b) |
20 | 17,242 | ||||||
|
Everi Holdings Inc., 5.00%, 07/15/29 (Call 07/15/24)(a) |
20 | 16,800 | ||||||
|
International Game Technology PLC, 5.25%, 01/15/29 (Call 01/15/24)(a) |
40 | 36,408 | ||||||
|
Jacobs Entertainment Inc., 6.75%, 02/15/29 (Call 02/15/25)(a) |
25 | 21,284 | ||||||
|
Light & Wonder International Inc., 7.25%, 11/15/29 (Call 11/15/24)(a) |
25 | 24,248 | ||||||
|
Lions Gate Capital Holdings LLC, 5.50%, 04/15/29 (Call 04/15/24)(a) |
30 | 19,705 | ||||||
|
Midwest Gaming Borrower LLC, 4.88%, 05/01/29 (Call 05/01/24)(a) |
40 | 33,323 | ||||||
|
Penn National Gaming Inc., 4.13%, 07/01/29 (Call 07/01/24)(a)(b) |
20 | 15,541 | ||||||
|
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp., 5.63%, 09/01/29 (Call 09/01/24)(a) |
40 | 28,105 | ||||||
|
Resorts World Las Vegas LLC, 4.63%, 04/16/29 (Call 01/16/29)(d) |
40 | 30,649 | ||||||
|
SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29 (Call 08/15/24)(a) |
35 | 30,484 | ||||||
|
WMG Acquisition Corp., 3.75%, 12/01/29 (Call 12/01/24)(a) |
30 | 25,181 | ||||||
|
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 5.13%, 10/01/29 (Call 07/01/29)(a) |
40 | 34,154 | ||||||
|
|
|
|||||||
| 467,672 | ||||||||
| Environmental Control — 1.6% | ||||||||
|
Clean Harbors Inc., 5.13%, 07/15/29 (Call 07/15/24)(a) |
15 | 13,498 | ||||||
|
Covanta Holding Corp., 4.88%, 12/01/29 (Call 12/01/24)(a) |
40 | 31,293 | ||||||
| 52 |
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® 2029 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Environmental Control (continued) | ||||||||
|
GFL Environmental Inc. |
||||||||
|
4.38%, 08/15/29 (Call 08/15/24)(a) |
$ | 30 | $ | 25,592 | ||||
|
4.75%, 06/15/29 (Call 06/15/24)(a) |
40 | 35,135 | ||||||
|
Madison IAQ LLC, 5.88%, 06/30/29 (Call 06/30/24)(a) |
52 | 40,278 | ||||||
|
Stericycle Inc., 3.88%, 01/15/29 (Call 11/16/23)(a) |
30 | 25,568 | ||||||
|
|
|
|||||||
| 171,364 | ||||||||
| Food — 2.2% | ||||||||
|
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 3.50%, 03/15/29 (Call 12/01/23)(a) |
70 | 59,675 | ||||||
|
Performance Food Group Inc., 4.25%, 08/01/29 (Call 08/01/24)(a) |
50 | 42,374 | ||||||
|
Post
Holdings Inc., 5.50%, 12/15/29 |
60 | 53,220 | ||||||
|
Simmons Foods Inc./Simmons Prepared Foods Inc./Simmons Pet Food Inc./Simmons Feed, 4.63%, 03/01/29 (Call 03/01/24)(a) |
45 | 36,556 | ||||||
|
U.S. Foods Inc., 4.75%, 02/15/29 (Call 02/15/24)(a) |
45 | 39,646 | ||||||
|
|
|
|||||||
| 231,471 | ||||||||
| Food Service — 0.3% | ||||||||
|
TKC
Holdings Inc., 10.50%, 05/15/29 |
35 | 27,999 | ||||||
|
|
|
|||||||
| Forest Products & Paper — 0.4% | ||||||||
|
Glatfelter Corp., 4.75%, 11/15/29 (Call 11/01/24)(a)(b) |
20 | 13,125 | ||||||
|
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)(b) |
42 | 32,941 | ||||||
|
|
|
|||||||
| 46,066 | ||||||||
| Health Care - Products — 3.5% | ||||||||
|
Avantor Funding Inc., 3.88%, 11/01/29 (Call 11/01/24)(a) |
40 | 33,463 | ||||||
|
Hologic Inc., 3.25%, 02/15/29 (Call 12/01/23)(a) |
50 | 41,987 | ||||||
|
Mozart Debt Merger Sub Inc. |
||||||||
|
3.88%, 04/01/29 (Call 10/01/24)(a) |
225 | 189,884 | ||||||
|
5.25%, 10/01/29 (Call 10/01/24)(a)(b) |
125 | 106,433 | ||||||
|
|
|
|||||||
| 371,767 | ||||||||
| Health Care - Services — 2.5% | ||||||||
|
Acadia Healthcare Co. Inc., 5.00%, 04/15/29 (Call 12/01/23)(a) |
25 | 22,397 | ||||||
|
AHP Health Partners Inc., 5.75%, 07/15/29 (Call 07/15/24)(a) |
17 | 14,011 | ||||||
|
Catalent Pharma Solutions Inc., 3.13%, 02/15/29 (Call 02/15/24)(a)(b) |
32 | 25,333 | ||||||
|
Charles River Laboratories International Inc., 3.75%, 03/15/29 (Call 03/15/24)(a) |
25 | 21,182 | ||||||
|
CHS/Community Health Systems Inc., 6.00%, 01/15/29 (Call 01/15/24)(a) |
48 | 36,371 | ||||||
|
HealthEquity Inc., 4.50%, 10/01/29 (Call 10/01/24)(a) |
30 | 25,734 | ||||||
|
Kedrion SpA, 6.50%, 09/01/29 (Call 09/01/25)(a) |
40 | 33,441 | ||||||
|
Lifepoint
Health Inc., 5.38%, 01/15/29 |
25 | 15,112 | ||||||
|
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a) |
25 | 18,219 | ||||||
|
Tenet Healthcare Corp., 4.25%, 06/01/29 (Call 06/01/24) |
70 | 59,978 | ||||||
|
|
|
|||||||
| 271,778 | ||||||||
| Holding Companies - Diversified — 0.7% | ||||||||
|
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a) |
50 | 42,763 | ||||||
|
Icahn Enterprises LP/Icahn Enterprises Finance Corp., 4.38%, 02/01/29 (Call 08/01/28)(b) |
40 | 30,934 | ||||||
|
|
|
|||||||
| 73,697 | ||||||||
| Home Builders — 1.1% | ||||||||
|
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 08/01/29 (Call 08/01/24)(a) |
15 | 12,159 | ||||||
|
Beazer Homes USA Inc., 7.25%, 10/15/29 (Call 10/15/24)(b) |
20 | 18,251 | ||||||
| Security |
Par (000) |
Value | ||||||
| Home Builders (continued) | ||||||||
|
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 5.00%, 06/15/29 (Call 06/15/24)(a) |
$ | 20 | $ | 15,724 | ||||
|
Century Communities Inc., 3.88%, 08/15/29 (Call 02/15/29)(a) |
25 | 20,184 | ||||||
|
KB Home, 4.80%, 11/15/29 (Call 05/15/29) |
12 | 10,398 | ||||||
|
LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)(a) |
15 | 11,545 | ||||||
|
Shea Homes LP/Shea Homes Funding Corp., 4.75%, 04/01/29 (Call 04/01/24) |
17 | 14,401 | ||||||
|
Thor
Industries Inc., 4.00%, 10/15/29 |
25 | 20,388 | ||||||
|
|
|
|||||||
| 123,050 | ||||||||
| Home Furnishings — 0.3% | ||||||||
|
Tempur Sealy International Inc., 4.00%, 04/15/29 (Call 04/15/24)(a) |
40 | 32,807 | ||||||
|
|
|
|||||||
| Household Products & Wares — 0.4% | ||||||||
|
ACCO
Brands Corp., 4.25%, 03/15/29 |
30 | 24,880 | ||||||
|
Spectrum
Brands Inc., 5.00%, 10/01/29 |
15 | 13,456 | ||||||
|
|
|
|||||||
| 38,336 | ||||||||
| Housewares — 0.5% | ||||||||
|
Newell Brands Inc., 6.63%, 09/15/29 (Call 06/15/29) |
25 | 23,019 | ||||||
|
Scotts Miracle-Gro Co. (The), 4.50%, 10/15/29 (Call 10/15/24) |
20 | 15,812 | ||||||
|
SWF Escrow Issuer Corp., 6.50%, 10/01/29 (Call 10/01/24)(a) |
25 | 14,130 | ||||||
|
|
|
|||||||
| 52,961 | ||||||||
| Insurance — 1.7% | ||||||||
|
Acrisure LLC/Acrisure Finance Inc. |
||||||||
|
4.25%, 02/15/29 (Call 02/15/24)(a) |
35 | 28,702 | ||||||
|
6.00%, 08/01/29 (Call 08/01/24)(a) |
25 | 20,184 | ||||||
|
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer, 5.88%, 11/01/29 (Call 11/01/24)(a) |
25 | 20,894 | ||||||
|
AmWINS
Group Inc., 4.88%, 06/30/29 |
40 | 34,305 | ||||||
|
AssuredPartners
Inc., 5.63%, 01/15/29 |
30 | 25,504 | ||||||
|
BroadStreet
Partners Inc., 5.88%, 04/15/29 |
35 | 30,500 | ||||||
|
Hub
International Ltd., 5.63%, 12/01/29 |
30 | 25,866 | ||||||
|
|
|
|||||||
| 185,955 | ||||||||
| Internet — 1.2% | ||||||||
|
Go Daddy Operating Co. LLC/GD Finance Co. Inc., 3.50%, 03/01/29 (Call 03/01/24)(a) |
40 | 33,641 | ||||||
|
Match Group Holdings II LLC, 5.63%, 02/15/29 (Call 02/15/24)(a)(b) |
20 | 18,133 | ||||||
|
Newfold Digital Holdings Group Inc., 6.00%, 02/15/29 (Call 02/15/24)(a) |
25 | 16,381 | ||||||
|
Uber Technologies Inc., 4.50%, 08/15/29 (Call 08/15/24)(a)(b) |
75 | 66,184 | ||||||
|
|
|
|||||||
| 134,339 | ||||||||
| Iron & Steel — 0.9% | ||||||||
|
Allegheny Technologies Inc., 4.88%, 10/01/29 (Call 10/01/24) |
15 | 12,811 | ||||||
|
Big River Steel LLC/BRS Finance Corp., 6.63%, 01/31/29 (Call 12/01/23)(a) |
30 | 29,714 | ||||||
|
Cleveland-Cliffs Inc., 4.63%, 03/01/29 (Call 03/01/24)(a) |
15 | 12,938 | ||||||
|
TMS International Corp./DE, 6.25%, 04/15/29 (Call 04/15/24)(a) |
20 | 15,835 | ||||||
|
U.S. Steel Corp., 6.88%, 03/01/29 (Call 03/01/24) |
23 | 22,426 | ||||||
|
|
|
|||||||
| 93,724 | ||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
53 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2029 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Leisure Time — 3.4% | ||||||||
|
Carnival Corp. |
||||||||
|
6.00%, 05/01/29 (Call 11/01/24)(a) |
$ | 102 | $ | 86,134 | ||||
|
7.00%, 08/15/29 (Call 08/15/26)(a) |
25 | 24,500 | ||||||
|
MajorDrive Holdings IV LLC, 6.38%, 06/01/29 (Call 06/01/24)(a) |
27 | 20,915 | ||||||
|
NCL Corp. Ltd. |
||||||||
|
7.75%, 02/15/29 (Call 11/15/28)(a)(b) |
30 | 26,178 | ||||||
|
8.13%, 01/15/29 (Call 01/15/26)(a) |
40 | 39,104 | ||||||
|
Royal Caribbean Cruises Ltd. |
||||||||
|
8.25%, 01/15/29 (Call 04/01/25)(a) |
50 | 51,287 | ||||||
|
9.25%, 01/15/29 (Call 04/01/25)(a)(b) |
50 | 52,265 | ||||||
|
Viking
Cruises Ltd., 7.00%, 02/15/29 |
25 | 22,605 | ||||||
|
Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/29 (Call 02/15/24)(a) |
17 | 15,040 | ||||||
|
Vista
Outdoor Inc., 4.50%, 03/15/29 |
25 | 23,271 | ||||||
|
|
|
|||||||
| 361,299 | ||||||||
| Lodging — 2.6% | ||||||||
|
Hilton Domestic Operating Co. Inc., 3.75%, 05/01/29 (Call 05/01/24)(a) |
40 | 34,475 | ||||||
|
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 5.00%, 06/01/29 (Call 06/01/24)(a) |
45 | 37,866 | ||||||
|
Las Vegas Sands Corp., 3.90%, 08/08/29 (Call 05/08/29) |
40 | 34,572 | ||||||
|
Marriott Ownership Resorts Inc., 4.50%, 06/15/29 (Call 06/15/24)(a)(b) |
25 | 20,493 | ||||||
|
Melco Resorts Finance Ltd., 5.38%, 12/04/29 (Call 12/04/24)(a) |
70 | 55,636 | ||||||
|
Studio City Finance Ltd., 5.00%, 01/15/29 (Call 01/15/24)(a) |
45 | 32,249 | ||||||
|
Travel + Leisure Co., 4.50%, 12/01/29 (Call 09/01/29)(a)(b) |
35 | 28,853 | ||||||
|
Wynn Macau Ltd., 5.13%, 12/15/29 (Call 12/15/24)(a) |
50 | 39,199 | ||||||
|
|
|
|||||||
| 283,343 | ||||||||
| Machinery — 0.7% | ||||||||
|
BWX Technologies Inc., 4.13%, 04/15/29 (Call 04/15/24)(a) |
20 | 17,282 | ||||||
|
Mueller Water Products Inc., 4.00%, 06/15/29 (Call 06/15/24)(a) |
25 | 21,420 | ||||||
|
OT Merger Corp., 7.88%, 10/15/29 (Call 10/15/24)(a) |
10 | 5,900 | ||||||
|
Terex Corp., 5.00%, 05/15/29 (Call 05/15/24)(a) |
30 | 26,399 | ||||||
|
|
|
|||||||
| 71,001 | ||||||||
| Media — 6.3% | ||||||||
|
Altice
Financing SA, 5.75%, 08/15/29 |
105 | 81,086 | ||||||
|
AMC Networks Inc., 4.25%, 02/15/29 (Call 02/15/24) |
40 | 25,063 | ||||||
|
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||
|
5.38%, 06/01/29 (Call 06/01/24)(a) |
75 | 65,640 | ||||||
|
6.38%, 09/01/29 (Call 09/01/25)(a) |
75 | 68,790 | ||||||
|
CSC
Holdings LLC, 6.50%, 02/01/29 |
90 | 71,070 | ||||||
|
LCPR Senior Secured Financing DAC, 5.13%, 07/15/29 (Call 07/15/24)(a) |
40 | 31,409 | ||||||
|
McGraw-Hill Education Inc., 8.00%, 08/01/29 (Call 08/01/24)(a) |
37 | 30,708 | ||||||
|
News Corp., 3.88%, 05/15/29 (Call 05/15/24)(a) |
50 | 42,811 | ||||||
|
Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 01/15/24)(a) |
25 | 18,964 | ||||||
|
Sirius XM Radio Inc., 5.50%, 07/01/29 (Call 07/01/24)(a) |
65 | 57,614 | ||||||
|
TEGNA Inc., 5.00%, 09/15/29 (Call 09/15/24) |
55 | 46,180 | ||||||
|
Univision Communications Inc., 4.50%, 05/01/29 (Call 05/01/24)(a) |
55 | 43,732 | ||||||
|
Videotron Ltd., 3.63%, 06/15/29 (Call 06/15/24)(a) |
30 | 25,313 | ||||||
| Security |
Par (000) |
Value | ||||||
| Media (continued) | ||||||||
|
Virgin Media Secured Finance PLC, 5.50%, 05/15/29 (Call 05/15/24)(a) |
$ | 70 | $ | 61,977 | ||||
|
|
|
|||||||
| 670,357 | ||||||||
| Metal Fabricate & Hardware — 0.2% | ||||||||
|
Roller Bearing Co of America Inc., 4.38%, 10/15/29 (Call 10/15/24)(a) |
25 | 21,217 | ||||||
|
|
|
|||||||
| Mining — 0.6% | ||||||||
|
Coeur Mining Inc., 5.13%, 02/15/29 (Call 02/15/24)(a) |
20 | 16,663 | ||||||
|
Constellium SE, 3.75%, 04/15/29 (Call 04/15/24)(a) |
30 | 24,678 | ||||||
|
Hudbay
Minerals Inc., 6.13%, 04/01/29 |
30 | 26,953 | ||||||
|
|
|
|||||||
| 68,294 | ||||||||
| Office & Business Equipment — 0.1% | ||||||||
|
Pitney Bowes Inc., 7.25%, 03/15/29 (Call 03/15/24)(a) |
20 | 15,102 | ||||||
|
|
|
|||||||
| Office Furnishings — 0.2% | ||||||||
|
Steelcase Inc., 5.13%, 01/18/29 (Call 10/18/28) |
25 | 22,025 | ||||||
|
|
|
|||||||
| Oil & Gas — 4.6% | ||||||||
|
Antero Resources Corp., 7.63%, 02/01/29 (Call 02/01/24)(a) |
20 | 20,273 | ||||||
|
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.88%, 06/30/29 (Call 09/01/24)(a)(b) |
20 | 17,645 | ||||||
|
Chesapeake Energy Corp. |
||||||||
|
5.88%, 02/01/29 (Call 02/05/24)(a) |
25 | 23,544 | ||||||
|
6.75%, 04/15/29 (Call 04/15/24)(a) |
50 | 48,997 | ||||||
|
CNX
Resources Corp., 6.00%, 01/15/29 |
25 | 22,955 | ||||||
|
Colgate Energy Partners III LLC, 5.88%, 07/01/29 (Call 07/01/24)(a) |
35 | 32,662 | ||||||
|
Comstock Resources Inc., 6.75%, 03/01/29 (Call 03/01/24)(a) |
60 | 54,654 | ||||||
|
CrownRock LP/CrownRock Finance Inc., 5.00%, 05/01/29 (Call 05/01/24)(a) |
15 | 14,133 | ||||||
|
Hilcorp Energy I LP/Hilcorp Finance Co., 5.75%, 02/01/29 (Call 02/01/24)(a) |
30 | 27,017 | ||||||
|
Laredo
Petroleum Inc., 7.75%, 07/31/29 |
15 | 13,524 | ||||||
|
MEG Energy Corp., 5.88%, 02/01/29 (Call 02/01/24)(a) |
30 | 28,063 | ||||||
|
Murphy Oil Corp., 7.05%, 05/01/29 |
15 | 14,746 | ||||||
|
Parkland Corp., 4.50%, 10/01/29 (Call 10/01/24)(a) |
40 | 34,503 | ||||||
|
Precision Drilling Corp., 6.88%, 01/15/29 (Call 01/15/25)(a) |
20 | 18,598 | ||||||
|
Range Resources Corp., 8.25%, 01/15/29 (Call 01/15/24) |
25 | 25,632 | ||||||
|
Rockcliff Energy II LLC, 5.50%, 10/15/29 (Call 10/15/24)(a) |
30 | 27,143 | ||||||
|
Southwestern Energy Co., 5.38%, 02/01/29 (Call 02/01/24) |
35 | 32,382 | ||||||
|
Sunoco LP/Sunoco Finance Corp., 4.50%, 05/15/29 (Call 05/15/24) |
40 | 34,661 | ||||||
|
|
|
|||||||
| 491,132 | ||||||||
| Packaging & Containers — 1.6% | ||||||||
|
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 4.00%, 09/01/29 (Call 05/15/24)(a)(b) |
45 | 33,746 | ||||||
|
Ball Corp., 6.00%, 06/15/29 (Call 05/15/26) |
50 | 47,888 | ||||||
|
Clydesdale Acquisition Holdings Inc., 6.63%, 04/15/29 (Call 04/15/25)(a) |
25 | 22,712 | ||||||
|
Graphic Packaging International LLC, 3.50%, 03/01/29 (Call 09/01/28)(a) |
20 | 16,777 | ||||||
|
LABL Inc., 8.25%, 11/01/29 (Call 11/01/24)(a) |
25 | 18,563 | ||||||
|
Sealed Air Corp., 5.00%, 04/15/29 (Call 04/15/25)(a) |
15 | 13,359 | ||||||
| 54 |
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® 2029 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Packaging & Containers (continued) | ||||||||
|
TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)(a) |
$ | 20 | $ | 16,762 | ||||
|
|
|
|||||||
| 169,807 | ||||||||
| Pharmaceuticals — 1.6% | ||||||||
|
180 Medical Inc., 3.88%, 10/15/29 (Call 10/07/24)(a) |
25 | 20,905 | ||||||
|
AdaptHealth LLC, 4.63%, 08/01/29 (Call 02/01/24)(a) |
25 | 18,692 | ||||||
|
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a) |
30 | 20,488 | ||||||
|
Jazz
Securities DAC, 4.38%, 01/15/29 |
75 | 65,188 | ||||||
|
Option Care Health Inc., 4.38%, 10/31/29 (Call 10/31/24)(a) |
30 | 25,172 | ||||||
|
Owens &
Minor Inc., 4.50%, 03/31/29 |
25 | 20,155 | ||||||
|
|
|
|||||||
| 170,600 | ||||||||
| Pipelines — 3.9% | ||||||||
|
Antero Midstream Partners LP/Antero Midstream Finance Corp., 5.38%, 06/15/29 (Call 06/15/24)(a) |
35 | 31,900 | ||||||
|
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |
||||||||
|
6.00%, 02/01/29 (Call 02/01/24)(a) |
35 | 33,765 | ||||||
|
8.00%, 04/01/29 (Call 04/01/24)(a) |
20 | 20,470 | ||||||
|
DT Midstream Inc., 4.13%, 06/15/29 (Call 06/15/24)(a) |
55 | 47,322 | ||||||
|
EnLink Midstream LLC, 5.38%, 06/01/29 (Call 03/01/29) |
25 | 22,903 | ||||||
|
EQM Midstream Partners LP, 4.50%, 01/15/29 (Call 07/15/28)(a) |
40 | 35,049 | ||||||
|
Global Partners LP/GLP Finance Corp., 6.88%, 01/15/29 (Call 01/15/24) |
17 | 15,110 | ||||||
|
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a) |
60 | 50,335 | ||||||
|
Rockies Express Pipeline LLC, 4.95%, 07/15/29 (Call 04/15/29)(a) |
30 | 26,515 | ||||||
|
Venture Global Calcasieu Pass LLC, 3.88%, 08/15/29 (Call 02/15/29)(a) |
65 | 54,228 | ||||||
|
Venture Global LNG Inc., 9.50%, 02/01/29 (Call 11/01/28)(a) |
78 | 79,116 | ||||||
|
|
|
|||||||
| 416,713 | ||||||||
| Real Estate — 0.9% | ||||||||
|
Howard Hughes Corp. (The), 4.13%, 02/01/29 (Call 02/01/24)(a) |
35 | 28,388 | ||||||
|
Hunt
Companies Inc., 5.25%, 04/15/29 |
30 | 23,653 | ||||||
|
Kennedy-Wilson Inc., 4.75%, 03/01/29 (Call 03/01/24) |
30 | 22,761 | ||||||
|
Realogy
Group LLC/Realogy Co-Issuer Corp., |
27 | 17,068 | ||||||
|
|
|
|||||||
| 91,870 | ||||||||
| Real Estate Investment Trusts — 3.8% | ||||||||
|
Apollo
Commercial Real Estate Finance Inc., |
25 | 19,161 | ||||||
|
Brandywine Operating Partnership LP, 4.55%, 10/01/29 (Call 07/01/29) |
20 | 15,325 | ||||||
|
Iron Mountain Inc. |
||||||||
|
4.88%, 09/15/29 (Call 09/15/24)(a) |
50 | 43,574 | ||||||
|
7.00%, 02/15/29 (Call 08/15/25)(a) |
50 | 48,525 | ||||||
|
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 4.75%, 06/15/29 (Call 06/15/24)(a) |
35 | 28,209 | ||||||
|
MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 08/01/29 (Call 08/01/24) |
47 | 32,661 | ||||||
|
Park
Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance
Co-Issuer, |
40 | 33,548 | ||||||
|
RHP
Hotel Properties LP/RHP Finance Corp., |
30 | 25,544 | ||||||
|
RLJ Lodging Trust LP, 4.00%, 09/15/29 (Call 09/15/24)(a) |
25 | 20,388 | ||||||
|
SBA Communications Corp., 3.13%, 02/01/29 (Call 02/01/24) |
75 | 62,175 | ||||||
| Security |
Par (000) |
Value | ||||||
| Real Estate Investment Trusts (continued) | ||||||||
|
Service Properties Trust, 4.95%, 10/01/29 (Call 07/01/29) |
$ | 22 | $ | 15,854 | ||||
|
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC, 6.50%, 02/15/29 (Call 02/15/24)(a)(b) |
55 | 35,706 | ||||||
|
XHR LP, 4.88%, 06/01/29 (Call 06/01/24)(a) |
25 | 21,362 | ||||||
|
|
|
|||||||
| 402,032 | ||||||||
| Retail — 7.0% | ||||||||
|
1011778
BC ULC/New Red Finance Inc., |
40 | 34,291 | ||||||
|
Arko Corp., 5.13%, 11/15/29 (Call 11/15/24)(a) |
25 | 20,262 | ||||||
|
Asbury Automotive Group Inc., 4.63%, 11/15/29 (Call 11/15/24)(a)(b) |
40 | 33,811 | ||||||
|
Bath & Body Works Inc., 7.50%, 06/15/29 (Call 06/15/24)(b) |
25 | 24,443 | ||||||
|
Beacon Roofing Supply Inc., 4.13%, 05/15/29 (Call 05/15/24)(a) |
20 | 16,792 | ||||||
|
Bloomin’ Brands Inc./OSI Restaurant Partners LLC, 5.13%, 04/15/29 (Call 04/15/24)(a) |
15 | 13,039 | ||||||
|
BlueLinx
Holdings Inc., 6.00%, 11/15/29 |
17 | 14,342 | ||||||
|
Carrols
Restaurant Group Inc., 5.88%, 07/01/29 |
17 | 13,778 | ||||||
|
Ferrellgas
LP/Ferrellgas Finance Corp., |
35 | 30,910 | ||||||
|
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., 4.63%, 01/15/29 (Call 01/15/25)(a) |
50 | 42,129 | ||||||
|
Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)(a)(b) |
20 | 14,707 | ||||||
|
Foundation Building Materials Inc., 6.00%, 03/01/29 (Call 03/01/24)(a) |
20 | 16,497 | ||||||
|
Gap Inc. (The), 3.63%, 10/01/29 (Call 10/01/24)(a)(b) |
40 | 30,599 | ||||||
|
GYP Holdings III Corp., 4.63%, 05/01/29 (Call 05/01/24)(a) |
20 | 16,438 | ||||||
|
LBM
Acquisition LLC, 6.25%, 01/15/29 |
40 | 31,604 | ||||||
|
LCM Investments Holdings II LLC, 4.88%, 05/01/29 (Call 05/01/24)(a) |
50 | 41,992 | ||||||
|
Lithia Motors Inc., 3.88%, 06/01/29 (Call 06/01/24)(a) |
40 | 33,098 | ||||||
|
Macy’s Retail Holdings LLC, 5.88%, 04/01/29 (Call 04/01/24)(a)(b) |
25 | 22,109 | ||||||
|
Murphy Oil USA Inc., 4.75%, 09/15/29 (Call 09/15/24) |
25 | 22,200 | ||||||
|
Papa John’s International Inc., 3.88%, 09/15/29 (Call 09/15/24)(a) |
20 | 16,546 | ||||||
|
Park River Holdings Inc. |
||||||||
|
5.63%, 02/01/29 (Call 02/01/24)(a) |
20 | 14,728 | ||||||
|
6.75%, 08/01/29 (Call 08/01/24)(a) |
17 | 12,936 | ||||||
|
Patrick
Industries Inc., 4.75%, 05/01/29 |
20 | 16,353 | ||||||
|
Penske Automotive Group Inc., 3.75%, 06/15/29 (Call 06/15/24)(b) |
25 | 20,604 | ||||||
|
PetSmart
Inc./PetSmart Finance Corp., |
60 | 55,272 | ||||||
|
Sonic
Automotive Inc., 4.63%, 11/15/29 |
35 | 29,165 | ||||||
|
SRS Distribution Inc. |
||||||||
|
6.00%, 12/01/29 (Call 12/01/24)(a) |
45 | 37,466 | ||||||
|
6.13%, 07/01/29 (Call 07/01/24)(a) |
25 | 20,936 | ||||||
|
Superior
Plus LP/Superior General Partner Inc., |
30 | 25,621 | ||||||
|
Victoria’s
Secret & Co., 4.63%, 07/15/29 |
30 | 22,057 | ||||||
|
|
|
|||||||
| 744,725 | ||||||||
| Semiconductors — 0.3% | ||||||||
|
Entegris Inc., 3.63%, 05/01/29 (Call 05/01/24)(a) |
20 | 16,724 | ||||||
|
Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)(a) |
20 | 16,628 | ||||||
|
|
|
|||||||
| 33,352 | ||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
55 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2029 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
| Software — 5.7% | ||||||||
|
Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)(a) |
$ | 40 | $ | 38,394 | ||||
|
Central Parent LLC/CDK Global II LLC/CDK Financing Co. Inc., 8.00%, 06/15/29 (Call 06/15/25)(a) |
40 | 39,677 | ||||||
|
Clarivate Science Holdings Corp., 4.88%, 07/01/29 (Call 06/30/24)(a)(b) |
45 | 37,941 | ||||||
|
Cloud Software Group Inc. |
||||||||
|
6.50%, 03/31/29 (Call 09/30/25)(a) |
185 | 162,360 | ||||||
|
9.00%, 09/30/29 (Call 09/30/25)(a) |
175 | 149,169 | ||||||
|
Dun & Bradstreet Corp. (The), 5.00%, 12/15/29 (Call 12/15/24)(a)(b) |
25 | 21,518 | ||||||
|
Elastic NV, 4.13%, 07/15/29 (Call 07/15/24)(a) |
30 | 25,249 | ||||||
|
Open
Text Corp., 3.88%, 12/01/29 |
45 | 36,889 | ||||||
|
Playtika
Holding Corp., 4.25%, 03/15/29 |
25 | 20,153 | ||||||
|
Rocket
Software Inc., 6.50%, 02/15/29 |
30 | 24,425 | ||||||
|
Twilio Inc., 3.63%, 03/15/29 (Call 03/15/24)(b) |
25 | 20,831 | ||||||
|
ZoomInfo Technologies LLC/ZoomInfo Finance Corp., 3.88%, 02/01/29 (Call 02/01/24)(a)(b) |
35 | 28,891 | ||||||
|
|
|
|||||||
| 605,497 | ||||||||
| Telecommunications — 3.1% | ||||||||
|
Altice France SA/France |
||||||||
|
5.13%, 01/15/29 (Call 12/01/23)(a) |
25 | 17,270 | ||||||
|
5.13%, 07/15/29 (Call 04/15/24)(a) |
125 | 85,629 | ||||||
|
5.50%, 10/15/29 (Call 10/15/24)(a) |
100 | 69,007 | ||||||
|
CommScope Inc., 4.75%, 09/01/29 (Call 09/01/24)(a) |
65 | 44,356 | ||||||
|
Frontier Communications Holdings LLC |
||||||||
|
5.88%, 11/01/29 (Call 11/01/24)(b) |
35 | 26,361 | ||||||
|
6.75%, 05/01/29 (Call 05/01/24)(a) |
52 | 41,171 | ||||||
|
Level
3 Financing Inc., 3.88%, 11/15/29 |
30 | 27,458 | ||||||
|
Viavi
Solutions Inc., 3.75%, 10/01/29 |
20 | 15,811 | ||||||
|
|
|
|||||||
| 327,063 | ||||||||
| Transportation — 0.7% | ||||||||
|
Carriage
Purchaser Inc., 7.88%, 10/15/29 |
14 | 10,281 | ||||||
|
First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)(a) |
40 | 32,207 | ||||||
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
| Transportation (continued) | ||||||||
|
Seaspan
Corp., 5.50%, 08/01/29 |
$ | 40 | $ | 30,798 | ||||
|
|
|
|||||||
| 73,286 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 97.4% |
10,413,209 | |||||||
|
|
|
|||||||
| Shares | ||||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 13.1% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g) |
1,353,983 | 1,354,524 | ||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(e)(f) |
40,000 | 40,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 13.1% |
1,394,524 | |||||||
|
|
|
|||||||
|
Total
Investments — 110.5% |
11,807,733 | |||||||
|
Liabilities in Excess of Other Assets — (10.5)% |
|
(1,120,918 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 10,686,815 | ||||||
|
|
|
|||||||
| (a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
| (d) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
| (e) |
Affiliate of the Fund. |
| (f) |
Annualized 7-day yield as of period end. |
| (g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
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 |
$ | 1,466,336 | $ | — | $ | (112,845 | )(a) | $ | 367 | $ | 666 | $ | 1,354,524 | 1,353,983 | $ | 9,387 | (b) | $ | — | |||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
70,000 | — | (30,000 | )(a) | — | — | 40,000 | 40,000 | 1,989 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | 367 | $ | 666 | $ | 1,394,524 | $ | 11,376 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (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. |
| 56 |
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® 2029 Term High Yield and Income ETF |
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 |
$ | — | $ | 10,413,209 | $ | — | $ | 10,413,209 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
1,394,524 | — | — | 1,394,524 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,394,524 | $ | 10,413,209 | $ | — | $ | 11,807,733 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
57 |
|
Schedule of Investments October 31, 2023 |
iShares® iBonds® 2030 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
Corporate Bonds & Notes |
||||||||
| Advertising — 0.6% | ||||||||
|
Lamar Media Corp., 4.00%, 02/15/30 (Call 02/15/25) |
$ | 40 | $ | 33,807 | ||||
|
Outfront Media Capital LLC/Outfront Media Capital Corp., 4.63%, 03/15/30 (Call 03/15/25)(a)(b) |
35 | 28,239 | ||||||
|
|
|
|||||||
| 62,046 | ||||||||
| Aerospace & Defense — 1.0% | ||||||||
|
TransDigm Inc., 6.88%, 12/15/30 (Call 08/18/26)(a) |
100 | 96,737 | ||||||
|
|
|
|||||||
| Agriculture — 0.7% | ||||||||
|
Darling Ingredients Inc., 6.00%, 06/15/30 (Call 06/15/25)(a) |
70 | 65,229 | ||||||
|
|
|
|||||||
| Airlines — 0.5% | ||||||||
|
VistaJet Malta Finance PLC/Vista Management Holding Inc., 6.38%, 02/01/30 (Call 02/01/25)(a) |
70 | 46,857 | ||||||
|
|
|
|||||||
| Auto Manufacturers — 3.0% | ||||||||
|
Ford Holdings LLC, 9.30%, 03/01/30 |
20 | 21,427 | ||||||
|
Ford Motor Co., 9.63%, 04/22/30 (Call 01/22/30) |
30 | 33,461 | ||||||
|
Ford Motor Credit Co. LLC |
||||||||
|
4.00%, 11/13/30 (Call 08/13/30) |
115 | 94,721 | ||||||
|
7.20%, 06/10/30 (Call 04/10/30) |
60 | 59,894 | ||||||
|
7.35%, 03/06/30 (Call 01/06/30) |
80 | 80,429 | ||||||
|
|
|
|||||||
| 289,932 | ||||||||
| Auto Parts & Equipment — 0.7% | ||||||||
|
Dana Inc., 4.25%, 09/01/30 (Call 05/01/26) |
30 | 23,790 | ||||||
|
ZF North America Capital Inc., 7.13%, 04/14/30 (Call 02/14/30)(a) |
45 | 43,708 | ||||||
|
|
|
|||||||
| 67,498 | ||||||||
| Banks — 0.4% | ||||||||
|
Freedom Mortgage Corp., 12.25%, 10/01/30 (Call 10/01/26)(a) |
35 | 35,022 | ||||||
|
|
|
|||||||
| Building Materials — 4.1% | ||||||||
|
Boise
Cascade Co., 4.88%, 07/01/30 |
30 | 25,804 | ||||||
|
Builders FirstSource Inc., 5.00%, 03/01/30 (Call 03/01/25)(a) |
40 | 34,983 | ||||||
|
Emerald Debt Merger Sub LLC, 6.63%, 12/15/30 (Call 06/15/26)(a) |
165 | 157,090 | ||||||
|
Masonite International Corp., 3.50%, 02/15/30 (Call 08/15/29)(a) |
25 | 20,002 | ||||||
|
MIWD Holdco II LLC/MIWD Finance Corp., 5.50%, 02/01/30 (Call 02/01/25)(a)(b) |
35 | 27,776 | ||||||
|
Oscar AcquisitionCo LLC/Oscar Finance Inc., 9.50%, 04/15/30 (Call 04/15/25)(a)(b) |
40 | 35,355 | ||||||
|
Standard Industries Inc./NJ, 4.38%, 07/15/30 (Call 07/15/25)(a) |
115 | 94,083 | ||||||
|
|
|
|||||||
| 395,093 | ||||||||
| Chemicals — 2.2% | ||||||||
|
Avient Corp., 7.13%, 08/01/30 (Call 08/01/25)(a)(b) |
55 | 53,145 | ||||||
|
Nufarm Australia Ltd./Nufarm Americas Inc., 5.00%, 01/27/30 (Call 01/27/25)(a) |
25 | 21,764 | ||||||
|
Olin Corp., 5.00%, 02/01/30 (Call 02/01/24) |
40 | 34,591 | ||||||
|
SPCM SA, 3.38%, 03/15/30 (Call 03/15/25)(a) |
25 | 20,032 | ||||||
|
Valvoline Inc., 4.25%, 02/15/30 (Call 02/15/25)(a) |
40 | 39,433 | ||||||
|
Vibrantz Technologies Inc., 9.00%, 02/15/30 (Call 02/15/25)(a) |
55 | 43,976 | ||||||
|
|
|
|||||||
| 212,941 | ||||||||
| Commercial Services — 2.8% | ||||||||
|
Gartner Inc., 3.75%, 10/01/30 (Call 10/01/25)(a) |
39 | 32,417 | ||||||
|
Mobius Merger Sub Inc., 9.00%, 06/01/30 (Call 06/01/26)(a) |
35 | 31,311 | ||||||
| Security |
Par (000) |
Value | ||||||
| Commercial Services (continued) | ||||||||
|
Service Corp. International/U.S., 3.38%, 08/15/30 (Call 08/15/25) |
$ | 60 | $ | 48,055 | ||||
|
United Rentals North America Inc. |
||||||||
|
4.00%, 07/15/30 (Call 07/15/25) |
55 | 46,230 | ||||||
|
5.25%, 01/15/30 (Call 01/15/25) |
55 | 50,299 | ||||||
|
VT Topco Inc., 8.50%, 08/15/30 (Call 08/15/26)(a) |
35 | 34,123 | ||||||
|
ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)(a)(b) |
40 | 31,214 | ||||||
|
|
|
|||||||
| 273,649 | ||||||||
| Computers — 1.5% | ||||||||
|
Condor Merger Sub Inc., 7.38%, 02/15/30 (Call 02/15/25)(a) |
145 | 115,949 | ||||||
|
NCR Corp., 5.25%, 10/01/30 (Call 10/01/25)(a) |
35 | 28,980 | ||||||
|
|
|
|||||||
| 144,929 | ||||||||
| Cosmetics & Personal Care — 0.5% | ||||||||
|
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 6.63%, 07/15/30 (Call 07/16/26)(a)(b) |
50 | 47,862 | ||||||
|
|
|
|||||||
| Distribution & Wholesale — 0.6% | ||||||||
|
Windsor Holdings III LLC, 8.50%, 06/15/30 (Call 06/15/26)(a) |
60 | 58,797 | ||||||
|
|
|
|||||||
| Diversified Financial Services — 2.1% | ||||||||
|
Aretec Escrow Issuer 2 Inc., 10.00%, 08/15/30 (Call 08/15/26)(a) |
20 | 20,234 | ||||||
|
Burford Capital Global Finance LLC, 6.88%, 04/15/30 (Call 04/15/25)(a) |
25 | 22,573 | ||||||
|
Midcap Financial Issuer Trust, 5.63%, 01/15/30 (Call 01/15/25)(a) |
30 | 23,232 | ||||||
|
Nationstar Mortgage Holdings Inc., 5.13%, 12/15/30 (Call 12/15/25)(a) |
45 | 36,572 | ||||||
|
Navient Corp., 9.38%, 07/25/30 (Call 10/25/29) |
35 | 32,994 | ||||||
|
NFP Corp., 7.50%, 10/01/30 (Call 10/01/25)(a) |
25 | 23,713 | ||||||
|
OneMain Finance Corp., 4.00%, 09/15/30 (Call 09/15/25) |
60 | 43,947 | ||||||
|
|
|
|||||||
| 203,265 | ||||||||
| Electric — 2.2% | ||||||||
|
FirstEnergy Corp. |
||||||||
|
2.65%, 03/01/30 (Call 12/01/29) |
45 | 36,310 | ||||||
|
Series B, 2.25%, 09/01/30 (Call 06/01/30) |
35 | 27,003 | ||||||
|
PG&E Corp., 5.25%, 07/01/30 (Call 07/01/25) |
70 | 61,300 | ||||||
|
Talen Energy Supply LLC, 8.63%, 06/01/30 (Call 06/01/26)(a) |
85 | 86,463 | ||||||
|
|
|
|||||||
| 211,076 | ||||||||
| Electronics — 0.6% | ||||||||
|
Sensata Technologies BV, 5.88%, 09/01/30 (Call 09/01/25)(a) |
35 | 31,968 | ||||||
|
Sensata Technologies Inc., 4.38%, 02/15/30 (Call 11/15/29)(a) |
35 | 29,526 | ||||||
|
|
|
|||||||
| 61,494 | ||||||||
| Energy - Alternate Sources — 0.4% | ||||||||
|
TerraForm Power Operating LLC, 4.75%, 01/15/30 (Call 01/15/25)(a) |
50 | 42,528 | ||||||
|
|
|
|||||||
| Engineering & Construction — 1.0% | ||||||||
|
Brand Industrial Services Inc., 10.38%, 08/01/30 (Call 08/01/26)(a) |
100 | 99,362 | ||||||
|
|
|
|||||||
| Entertainment — 3.4% | ||||||||
|
Caesars Entertainment Inc., 7.00%, 02/15/30 (Call 02/15/26)(a) |
145 | 139,565 | ||||||
|
CDI Escrow Issuer Inc., 5.75%, 04/01/30 (Call 04/01/25)(a) |
85 | 76,077 | ||||||
| 58 |
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® 2030 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Entertainment (continued) | ||||||||
|
Ontario
Gaming GTA LP, 8.00%, 08/01/30 |
$ | 30 | $ | 29,441 | ||||
|
Scientific Games Holdings LP/Scientific Games U.S. FinCo Inc., 6.63%, 03/01/30 (Call 03/01/25)(a) |
55 | 47,307 | ||||||
|
WMG Acquisition Corp., 3.88%, 07/15/30 (Call 07/15/25)(a) |
40 | 33,359 | ||||||
|
|
|
|||||||
| 325,749 | ||||||||
| Environmental Control — 0.2% | ||||||||
|
Covanta Holding Corp., 5.00%, 09/01/30 (Call 09/01/25) |
30 | 23,383 | ||||||
|
|
|
|||||||
| Food — 2.5% | ||||||||
|
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC, 4.88%, 02/15/30 (Call 02/15/25)(a) |
70 | 62,509 | ||||||
|
Lamb
Weston Holdings Inc., 4.13%, 01/31/30 |
70 | 59,490 | ||||||
|
Post
Holdings Inc., 4.63%, 04/15/30 |
105 | 88,102 | ||||||
|
U.S. Foods Inc., 4.63%, 06/01/30 (Call 06/01/25)(a) |
35 | 29,905 | ||||||
|
|
|
|||||||
| 240,006 | ||||||||
| Health Care - Products — 0.6% | ||||||||
|
Embecta Corp., 5.00%, 02/15/30 (Call 02/15/27)(a) |
35 | 27,781 | ||||||
|
Garden Spinco Corp., 8.63%, 07/20/30 (Call 07/20/27)(a) |
25 | 25,788 | ||||||
|
|
|
|||||||
| 53,569 | ||||||||
| Health Care - Services — 8.9% | ||||||||
|
Catalent Pharma Solutions Inc., 3.50%, 04/01/30 (Call 04/01/25)(a) |
45 | 35,333 | ||||||
|
CHS/Community Health Systems Inc., 5.25%, 05/15/30 (Call 05/15/25)(a)(b) |
110 | 78,126 | ||||||
|
DaVita Inc., 4.63%, 06/01/30 (Call 06/01/25)(a) |
200 | 156,804 | ||||||
|
Encompass Health Corp., 4.75%, 02/01/30 (Call 02/01/25) |
60 | 52,060 | ||||||
|
Fortrea Holdings Inc., 7.50%, 07/01/30 (Call 07/01/26)(a) |
40 | 38,665 | ||||||
|
IQVIA Inc., 6.50%, 05/15/30 (Call 05/15/26)(a) |
35 | 33,956 | ||||||
|
LifePoint Health Inc. |
||||||||
|
9.88%, 08/15/30 (Call 08/15/26) |
55 | 49,688 | ||||||
|
11.00%, 10/15/30 (Call 10/15/26)(a) |
63 | 59,302 | ||||||
|
Molina Healthcare Inc., 3.88%, 11/15/30 (Call 08/17/30)(a) |
45 | 36,715 | ||||||
|
Pediatrix Medical Group Inc., 5.38%, 02/15/30 (Call 02/15/25)(a) |
30 | 25,894 | ||||||
|
Star Parent Inc., 9.00%, 10/01/30 (Call 10/01/26)(a)(b) |
70 | 69,549 | ||||||
|
Tenet Healthcare Corp. |
||||||||
|
4.38%, 01/15/30 (Call 12/01/24) |
105 | 88,912 | ||||||
|
6.13%, 06/15/30 (Call 06/15/25) |
145 | 134,495 | ||||||
|
|
|
|||||||
| 859,499 | ||||||||
| Home Builders — 1.6% | ||||||||
|
Ashton Woods USA LLC/Ashton Woods Finance Co., 4.63%, 04/01/30 (Call 04/01/25)(a) |
30 | 23,418 | ||||||
|
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC, 4.88%, 02/15/30 (Call 02/15/25)(a) |
35 | 26,642 | ||||||
|
KB Home, 7.25%, 07/15/30 (Call 07/15/25) |
25 | 23,995 | ||||||
|
M/I Homes Inc., 3.95%, 02/15/30 (Call 08/15/29) |
20 | 15,939 | ||||||
|
Mattamy Group Corp., 4.63%, 03/01/30 (Call 03/01/25)(a) |
45 | 36,796 | ||||||
|
Taylor Morrison Communities Inc., 5.13%, 08/01/30 (Call 02/01/30)(a) |
35 | 29,493 | ||||||
|
|
|
|||||||
| 156,283 | ||||||||
| Household Products & Wares — 0.5% | ||||||||
|
Central Garden & Pet Co., 4.13%, 10/15/30 (Call 10/15/25) |
35 | 28,519 | ||||||
| Security |
Par (000) |
Value | ||||||
| Household Products & Wares (continued) | ||||||||
|
Spectrum Brands Inc., 5.50%, 07/15/30 (Call 07/15/25)(a) |
$ | 20 | $ | 17,924 | ||||
|
|
|
|||||||
| 46,443 | ||||||||
| Insurance — 2.8% | ||||||||
|
Constellation Insurance Inc., 6.80%, 01/24/30 (Call 10/24/29)(a) |
30 | 26,567 | ||||||
|
HUB International Ltd., 7.25%, 06/15/30 (Call 06/15/26)(a) |
155 | 151,610 | ||||||
|
Jones Deslauriers Insurance Management Inc. |
||||||||
|
8.50%, 03/15/30 (Call 03/15/26)(a) |
50 | 49,227 | ||||||
|
10.50%, 12/15/30 (Call 12/15/25)(a)(b) |
20 | 20,002 | ||||||
|
Ryan Specialty Group LLC, 4.38%, 02/01/30 (Call 02/01/25)(a) |
30 | 25,829 | ||||||
|
|
|
|||||||
| 273,235 | ||||||||
| Internet — 1.1% | ||||||||
|
Match Group Holdings II LLC, 4.13%, 08/01/30 (Call 05/01/25)(a) |
35 | 28,717 | ||||||
|
NortonLifeLock
Inc., 7.13%, 09/30/30 |
45 | 43,799 | ||||||
|
Ziff Davis Inc., 4.63%, 10/15/30 (Call 10/15/25)(a) |
35 | 29,299 | ||||||
|
|
|
|||||||
| 101,815 | ||||||||
| Iron & Steel — 1.7% | ||||||||
|
ATI Inc., 7.25%, 08/15/30 (Call 08/15/26) |
30 | 28,895 | ||||||
|
Carpenter Technology Corp., 7.63%, 03/15/30 (Call 03/15/25) |
20 | 19,798 | ||||||
|
Cleveland-Cliffs
Inc., 6.75%, 04/15/30 |
55 | 51,056 | ||||||
|
Commercial Metals Co., 4.13%, 01/15/30 (Call 01/15/25) |
20 | 16,878 | ||||||
|
Mineral Resources Ltd., 8.50%, 05/01/30 (Call 05/01/25)(a) |
45 | 43,296 | ||||||
|
|
|
|||||||
| 159,923 | ||||||||
| Leisure Time — 1.3% | ||||||||
|
Carnival Corp., 10.50%, 06/01/30 (Call 06/01/25)(a) |
70 | 70,935 | ||||||
|
Royal Caribbean Cruises Ltd., 7.25%, 01/15/30 (Call 12/15/25)(a) |
50 | 49,417 | ||||||
|
|
|
|||||||
| 120,352 | ||||||||
| Lodging — 0.9% | ||||||||
|
Hilton Domestic Operating Co. Inc., 4.88%, 01/15/30 (Call 01/15/25) |
70 | 62,853 | ||||||
|
Travel
+ Leisure Co., 4.63%, 03/01/30 |
25 | 20,348 | ||||||
|
|
|
|||||||
| 83,201 | ||||||||
| Machinery — 1.4% | ||||||||
|
Chart
Industries Inc., 7.50%, 01/01/30 |
105 | 103,165 | ||||||
|
SPX FLOW Inc., 8.75%, 04/01/30 (Call 04/01/25)(a) |
35 | 32,040 | ||||||
|
|
|
|||||||
| 135,205 | ||||||||
| Manufacturing — 0.3% | ||||||||
|
Amsted Industries Inc., 4.63%, 05/15/30 (Call 05/15/25)(a) |
30 | 24,499 | ||||||
|
|
|
|||||||
| Media — 8.0% | ||||||||
|
Cable One Inc., 4.00%, 11/15/30 (Call 11/15/25)(a) |
45 | 33,559 | ||||||
|
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||
|
4.50%, 08/15/30 (Call 02/15/25)(a) |
165 | 132,468 | ||||||
|
4.75%, 03/01/30 (Call 09/01/24)(a) |
190 | 156,773 | ||||||
|
CSC
Holdings LLC, 4.13%, 12/01/30 |
80 | 53,601 | ||||||
|
Gray
Television Inc., 4.75%, 10/15/30 |
55 | 35,287 | ||||||
|
Sinclair Television Group Inc., 4.13%, 12/01/30 (Call 12/01/25)(a) |
50 | 31,403 | ||||||
|
Sirius
XM Radio Inc., 4.13%, 07/01/30 |
110 | 87,330 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
59 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2030 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Media (continued) | ||||||||
|
Univision Communications Inc., 7.38%, 06/30/30 (Call 06/30/25)(a) |
$ | 65 | $ | 57,318 | ||||
|
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a) |
65 | 51,107 | ||||||
|
Virgin Media Secured Finance PLC, 4.50%, 08/15/30 (Call 08/15/25)(a) |
65 | 53,574 | ||||||
|
Ziggo
Bond Co. BV, 5.13%, 02/28/30 |
35 | 25,490 | ||||||
|
Ziggo BV, 4.88%, 01/15/30 (Call 10/15/24)(a) |
70 | 55,984 | ||||||
|
|
|
|||||||
| 773,894 | ||||||||
| Metal Fabricate & Hardware — 0.3% | ||||||||
|
Advanced Drainage Systems Inc., 6.38%, 06/15/30 (Call 07/15/25)(a) |
35 | 33,167 | ||||||
|
|
|
|||||||
| Mining — 2.0% | ||||||||
|
Arsenal AIC Parent LLC, 8.00%, 10/01/30 (Call 10/01/26)(a) |
50 | 49,372 | ||||||
|
FMG Resources August Pty. Ltd., 5.88%, 04/15/30 (Call 01/15/30)(a) |
50 | 44,813 | ||||||
|
Novelis Corp., 4.75%, 01/30/30 (Call 01/30/25)(a) |
115 | 97,894 | ||||||
|
|
|
|||||||
| 192,079 | ||||||||
| Oil & Gas — 9.0% | ||||||||
|
Antero Resources Corp., 5.38%, 03/01/30 (Call 03/01/25)(a) |
45 | 41,094 | ||||||
|
Baytex Energy Corp., 8.50%, 04/30/30 (Call 04/30/26)(a) |
60 | 59,500 | ||||||
|
Callon Petroleum Co., 7.50%, 06/15/30 (Call 06/15/25)(a)(b) |
45 | 43,589 | ||||||
|
Civitas Resources Inc., 8.63%, 11/01/30 (Call 11/01/26)(a) |
30 | 30,535 | ||||||
|
Comstock Resources Inc., 5.88%, 01/15/30 (Call 01/15/25)(a) |
70 | 59,849 | ||||||
|
Diamond Foreign Asset Co./Diamond Finance LLC, 8.50%, 10/01/30 (Call 10/01/26)(a) |
40 | 38,937 | ||||||
|
FORESEA Holding SA, 7.50%, 06/15/30(a) |
20 | 18,649 | ||||||
|
Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 04/15/30 (Call 04/15/25)(a) |
35 | 31,088 | ||||||
|
Noble Finance II LLC, 8.00%, 04/15/30 (Call 04/15/26)(a) |
45 | 45,155 | ||||||
|
Parkland Corp., 4.63%, 05/01/30 (Call 05/01/25)(a) |
60 | 51,156 | ||||||
|
PBF Holding Co. LLC/PBF Finance Corp., 7.88%, 09/15/30 (Call 09/15/26)(a) |
35 | 33,908 | ||||||
|
Range Resources Corp., 4.75%, 02/15/30 (Call 02/15/25)(a) |
35 | 31,129 | ||||||
|
Seadrill Finance Ltd., 8.38%, 08/01/30 (Call 08/01/26)(a) |
40 | 39,885 | ||||||
|
Southwestern Energy Co., 5.38%, 03/15/30 (Call 03/15/25) |
85 | 77,974 | ||||||
|
Sunoco LP/Sunoco Finance Corp., 4.50%, 04/30/30 (Call 04/30/25) |
60 | 51,456 | ||||||
|
Transocean Inc., 8.75%, 02/15/30 (Call 02/15/26)(a) |
81 | 80,619 | ||||||
|
Valaris Ltd., 8.38%, 04/30/30 (Call 04/30/26)(a) |
75 | 73,659 | ||||||
|
Vermilion Energy Inc., 6.88%, 05/01/30 (Call 05/01/25)(a) |
30 | 27,976 | ||||||
|
Vital Energy Inc., 9.75%, 10/15/30 (Call 10/15/26) |
35 | 34,309 | ||||||
|
|
|
|||||||
| 870,467 | ||||||||
| Oil & Gas Services — 1.2% | ||||||||
|
Weatherford International Ltd., 8.63%, 04/30/30 (Call 10/30/24)(a)(b) |
115 | 116,283 | ||||||
|
|
|
|||||||
| Packaging & Containers — 2.3% | ||||||||
|
Ball Corp., 2.88%, 08/15/30 (Call 05/15/30) |
95 | 74,055 | ||||||
|
Clydesdale Acquisition Holdings Inc., 8.75%, 04/15/30 (Call 04/15/25)(a) |
80 | 63,821 | ||||||
|
Crown Americas LLC, 5.25%, 04/01/30 (Call 01/01/30) |
35 | 31,675 | ||||||
|
Graphic Packaging International LLC, 3.75%, 02/01/30 (Call 08/01/29)(a) |
30 | 24,676 | ||||||
| Security |
Par (000) |
Value | ||||||
| Packaging & Containers (continued) | ||||||||
|
OI European Group BV, 4.75%, 02/15/30 (Call 11/15/24)(a) |
$ | 30 | $ | 25,521 | ||||
|
|
|
|||||||
| 219,748 | ||||||||
| Pharmaceuticals — 1.9% | ||||||||
|
AdaptHealth LLC, 5.13%, 03/01/30 (Call 03/01/25)(a)(b) |
45 | 34,233 | ||||||
|
BellRing
Brands Inc., 7.00%, 03/15/30 |
60 | 58,279 | ||||||
|
Owens &
Minor Inc., 6.63%, 04/01/30 |
45 | 39,507 | ||||||
|
Perrigo Finance Unlimited Co., 4.65%, 06/15/30 (Call 03/15/30) |
55 | 45,939 | ||||||
|
|
|
|||||||
| 177,958 | ||||||||
| Pipelines — 4.4% | ||||||||
|
CNX Midstream Partners LP, 4.75%, 04/15/30 (Call 04/15/25)(a) |
30 | 24,724 | ||||||
|
EnLink Midstream LLC, 6.50%, 09/01/30 (Call 03/01/30)(a) |
70 | 67,243 | ||||||
|
EQM Midstream Partners LP, 7.50%, 06/01/30 (Call 12/01/29)(a) |
35 | 34,450 | ||||||
|
Genesis Energy LP/Genesis Energy Finance Corp., 8.88%, 04/15/30 (Call 04/15/26) |
35 | 33,959 | ||||||
|
Hess Midstream Operations LP |
||||||||
|
4.25%, 02/15/30 (Call 02/15/25)(a) |
55 | 47,273 | ||||||
|
5.50%, 10/15/30 (Call 10/15/25)(a) |
30 | 27,456 | ||||||
|
Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)(a) |
70 | 64,978 | ||||||
|
NuStar Logistics LP, 6.38%, 10/01/30 (Call 04/01/30) |
45 | 41,665 | ||||||
|
Rockies Express Pipeline LLC, 4.80%, 05/15/30 (Call 02/15/30)(a) |
25 | 20,941 | ||||||
|
Venture Global Calcasieu Pass LLC, 6.25%, 01/15/30 (Call 10/15/29)(a) |
70 | 66,040 | ||||||
|
|
|
|||||||
| 428,729 | ||||||||
| Real Estate — 1.2% | ||||||||
|
Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp., 7.00%, 04/15/30 (Call 04/15/25)(a) |
46 | 36,000 | ||||||
|
Greystar Real Estate Partners LLC, 7.75%, 09/01/30 (Call 09/01/26)(a) |
30 | 29,472 | ||||||
|
Kennedy-Wilson Inc., 4.75%, 02/01/30 (Call 09/01/24) |
45 | 32,782 | ||||||
|
Realogy Group LLC/Realogy Co-Issuer Corp., 5.25%, 04/15/30 (Call 04/15/25)(a) |
34 | 21,250 | ||||||
|
|
|
|||||||
| 119,504 | ||||||||
| Real Estate Investment Trusts — 1.6% | ||||||||
|
HAT Holdings I LLC/HAT Holdings II LLC, 3.75%, 09/15/30(a)(b) |
25 | 17,993 | ||||||
|
Iron Mountain Inc., 5.25%, 07/15/30 (Call 07/15/25)(a) |
95 | 82,489 | ||||||
|
Service Properties Trust, 4.38%, 02/15/30 (Call 08/15/29) |
30 | 20,664 | ||||||
|
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 6.00%, 01/15/30 (Call 01/15/25)(a)(b) |
50 | 30,687 | ||||||
|
|
|
|||||||
| 151,833 | ||||||||
| Retail — 5.9% | ||||||||
|
1011778 BC ULC/New Red Finance Inc., 4.00%, 10/15/30 (Call 10/15/25)(a) |
210 | 172,126 | ||||||
|
Advance Auto Parts Inc., 3.90%, 04/15/30 (Call 01/15/30) |
35 | 28,394 | ||||||
|
Asbury Automotive Group Inc., 4.75%, 03/01/30 (Call 03/01/25) |
30 | 25,392 | ||||||
|
Bath & Body Works Inc., 6.63%, 10/01/30 (Call 10/01/25)(a)(b) |
70 | 64,500 | ||||||
|
Beacon Roofing Supply Inc., 6.50%, 08/01/30 (Call 08/01/26)(a) |
45 | 42,989 | ||||||
|
Brinker International Inc., 8.25%, 07/15/30 (Call 06/27/26)(a) |
25 | 24,139 | ||||||
|
Fertitta Entertainment LLC/Fertitta Entertainment Finance Co. Inc., 6.75%, 01/15/30 (Call 01/15/25)(a) |
90 | 71,521 | ||||||
| 60 |
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® 2030 Term High Yield and Income ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
| Retail (continued) | ||||||||
|
FirstCash Inc., 5.63%, 01/01/30 (Call 01/01/25)(a) |
$ | 40 | $ | 35,640 | ||||
|
Macy’s Retail Holdings LLC, 5.88%, 03/15/30 (Call 03/15/25)(a) |
30 | 25,509 | ||||||
|
Nordstrom Inc., 4.38%, 04/01/30 (Call 01/01/30) |
35 | 27,173 | ||||||
|
Yum! Brands Inc., 4.75%, 01/15/30 (Call 10/15/29)(a) |
60 | 53,660 | ||||||
|
|
|
|||||||
| 571,043 | ||||||||
| Semiconductors — 0.6% | ||||||||
|
Entegris Escrow Corp., 5.95%, 06/15/30 (Call 06/15/25)(a) |
65 | 59,459 | ||||||
|
|
|
|||||||
| Software — 3.1% | ||||||||
|
Capstone Borrower Inc., 8.00%, 06/15/30 (Call 06/15/26)(a)(b) |
30 | 29,183 | ||||||
|
Minerva Merger Sub Inc., 6.50%, 02/15/30 (Call 02/15/25)(a)(b) |
170 | 138,565 | ||||||
|
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)(a) |
65 | 53,911 | ||||||
|
RingCentral Inc., 8.50%, 08/15/30 (Call 08/15/26)(a) |
25 | 23,755 | ||||||
|
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a) |
70 | 56,791 | ||||||
|
|
|
|||||||
| 302,205 | ||||||||
| Telecommunications — 4.3% | ||||||||
|
Ciena Corp., 4.00%, 01/31/30 (Call 01/31/25)(a) |
30 | 24,998 | ||||||
|
Frontier Communications Holdings LLC |
||||||||
|
6.00%, 01/15/30 (Call 10/15/24)(a) |
70 | 52,709 | ||||||
|
8.75%, 05/15/30 (Call 05/15/25)(a) |
85 | 81,005 | ||||||
|
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a) |
215 | 189,207 | ||||||
|
Level 3 Financing Inc., 10.50%, 05/15/30 (Call 05/15/26)(a) |
65 | 65,056 | ||||||
|
|
|
|||||||
| 412,975 | ||||||||
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
| Transportation — 0.6% | ||||||||
|
Rand Parent LLC, 8.50%, 02/15/30 (Call 02/15/26)(a)(b) |
$ | 60 | $ | 54,675 | ||||
|
|
|
|||||||
|
Total
Long-Term Investments — 98.5% |
9,501,498 | |||||||
|
|
|
|||||||
| Shares | ||||||||
|
|
||||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 11.2% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e) |
1,063,626 | 1,064,051 | ||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(c)(d) |
20,000 | 20,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 11.2% |
1,084,051 | |||||||
|
|
|
|||||||
|
Total
Investments — 109.7% |
10,585,549 | |||||||
|
|
|
|||||||
|
Liabilities in Excess of Other Assets — (9.7)% |
|
(934,423 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 9,651,126 | ||||||
|
|
|
|||||||
| (a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Affiliate of the Fund. |
| (d) |
Annualized 7-day yield as of period end. |
| (e) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
|
Affiliated Issuer |
|
Value at 06/21/23 |
(a) |
|
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 |
$ | — | $ | 1,064,045 | (b) | $ | — | $ | (17 | ) | $ | 23 | $ | 1,064,051 | 1,063,626 | $ | 387 | (c) | $ | — | ||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
— | 20,000 | (b) | — | — | — | 20,000 | 20,000 | 894 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | (17 | ) | $ | 23 | $ | 1,084,051 | $ | 1,281 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Represents net amount purchased (sold). |
| (c) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
|
S C H E D U L E O F I N V E S T M E N T S |
61 |
|
Schedule of Investments (continued) October 31, 2023 |
iShares® iBonds® 2030 Term High Yield and Income ETF |
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 |
$ | — | $ | 9,501,498 | $ | — | $ | 9,501,498 | ||||||||
|
Short-Term Securities |
||||||||||||||||
|
Money Market Funds |
1,084,051 | — | — | 1,084,051 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,084,051 | $ | 9,501,498 | $ | — | $ | 10,585,549 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 62 |
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 |
Statements of Assets and Liabilities
October 31, 2023
|
iShares iBonds 2023 Term High Yield and Income ETF |
iShares iBonds 2024 Term High Yield and Income ETF |
iShares iBonds 2025 Term High Yield and Income ETF |
iShares iBonds 2026 Term High Yield and Income ETF |
|||||||||||||
|
|
||||||||||||||||
|
ASSETS |
||||||||||||||||
|
Investments, at value — unaffiliated(a)(b) |
$ | 55,750,486 | $ | 390,217,503 | $ | 266,916,346 | $ | 138,785,064 | ||||||||
|
Investments, at value — affiliated(c) |
107,477,840 | 28,833,229 | 37,678,340 | 22,570,767 | ||||||||||||
|
Cash |
7,019 | 4,437 | — | 4,939 | ||||||||||||
|
Foreign currency, at value(d) |
4 | 445 | 60 | — | ||||||||||||
|
Receivables: |
||||||||||||||||
|
Investments sold |
371,552 | 10,877,185 | 9,616,654 | 4,519,560 | ||||||||||||
|
Securities lending income — affiliated |
1,415 | 33,500 | 12,433 | 9,918 | ||||||||||||
|
Capital shares sold |
— | 33,506 | — | 37,558 | ||||||||||||
|
Dividends — affiliated |
465,893 | 20,814 | 34,883 | 3,565 | ||||||||||||
|
Interest — unaffiliated |
949,298 | 5,562,095 | 4,992,203 | 2,318,243 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total assets |
165,023,507 | 435,582,714 | 319,250,919 | 168,249,614 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
LIABILITIES |
||||||||||||||||
|
Bank overdraft |
— | — | 38,737 | — | ||||||||||||
|
Collateral on securities loaned, at value |
1,474,598 | 23,629,485 | 28,055,628 | 21,439,790 | ||||||||||||
|
Payables: |
||||||||||||||||
|
Investments purchased |
— | 4,205,034 | 10,647,777 | 2,286,587 | ||||||||||||
|
Capital shares redeemed |
— | — | 10,118 | — | ||||||||||||
|
Investment advisory fees |
42,993 | 116,551 | 80,163 | 40,850 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total liabilities |
1,517,591 | 27,951,070 | 38,832,423 | 23,767,227 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Commitments and contingent liabilities |
||||||||||||||||
|
NET ASSETS |
$ | 163,505,916 | $ | 407,631,644 | $ | 280,418,496 | $ | 144,482,387 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS CONSIST OF |
||||||||||||||||
|
Paid-in capital |
$ | 166,163,762 | $ | 409,330,853 | $ | 286,194,047 | $ | 148,721,056 | ||||||||
|
Accumulated loss |
(2,657,846 | ) | (1,699,209 | ) | (5,775,551 | ) | (4,238,669 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 163,505,916 | $ | 407,631,644 | $ | 280,418,496 | $ | 144,482,387 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSET VALUE |
||||||||||||||||
|
Shares outstanding |
6,900,000 | 17,700,000 | 12,400,000 | 6,500,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net asset value |
$ | 23.70 | $ | 23.03 | $ | 22.61 | $ | 22.23 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
(a) Investments, at cost — unaffiliated |
$ | 55,799,678 | $ | 393,731,485 | $ | 271,476,033 | $ | 142,246,086 | ||||||||
|
(b) Securities loaned, at value |
$ | 1,094,810 | $ | 22,772,792 | $ | 26,868,736 | $ | 20,475,130 | ||||||||
|
(c) Investments, at cost — affiliated |
$ | 107,476,746 | $ | 28,821,729 | $ | 37,669,365 | $ | 22,565,589 | ||||||||
|
(d) Foreign currency, at cost |
$ | 4 | $ | 459 | $ | 62 | $ | — | ||||||||
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
63 |
Statements of Assets and Liabilities (continued)
October 31, 2023
|
iShares iBonds 2027 Term High Yield and Income ETF |
iShares iBonds 2028 Term High Yield and Income ETF |
iShares iBonds 2029 Term High Yield and Income ETF |
iShares iBonds 2030 Term High Yield and Income ETF |
|||||||||||||
|
|
||||||||||||||||
|
ASSETS |
||||||||||||||||
|
Investments, at value — unaffiliated(a)(b) |
$ | 50,489,861 | $ | 16,877,877 | $ | 10,413,209 | $ | 9,501,498 | ||||||||
|
Investments, at value — affiliated(c) |
5,572,698 | 1,948,199 | 1,394,524 | 1,084,051 | ||||||||||||
|
Cash |
7,817 | 3,434 | 5,279 | 2,697 | ||||||||||||
|
Receivables: |
||||||||||||||||
|
Investments sold |
1,908,782 | 282,267 | 173,843 | 17,498 | ||||||||||||
|
Securities lending income — affiliated |
1,791 | 1,251 | 490 | 320 | ||||||||||||
|
Capital shares sold |
48,265 | — | 8,322 | — | ||||||||||||
|
Dividends — affiliated |
1,458 | 169 | 181 | 80 | ||||||||||||
|
Interest — unaffiliated |
927,051 | 301,437 | 165,402 | 158,439 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total assets |
58,957,723 | 19,414,634 | 12,161,250 | 10,764,583 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
LIABILITIES |
||||||||||||||||
|
Collateral on securities loaned, at value |
5,081,851 | 1,907,526 | 1,353,789 | 1,064,045 | ||||||||||||
|
Payables: |
||||||||||||||||
|
Investments purchased |
1,072,020 | 74,219 | 117,987 | 46,550 | ||||||||||||
|
Investment advisory fees |
13,979 | 4,940 | 2,659 | 2,862 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total liabilities |
6,167,850 | 1,986,685 | 1,474,435 | 1,113,457 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Commitments and contingent liabilities |
||||||||||||||||
|
NET ASSETS |
$ | 52,789,873 | $ | 17,427,949 | $ | 10,686,815 | $ | 9,651,126 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS CONSIST OF |
||||||||||||||||
|
Paid-in capital |
$ | 55,636,573 | $ | 18,902,240 | $ | 12,085,995 | $ | 10,019,436 | ||||||||
|
Accumulated loss |
(2,846,700 | ) | (1,474,291 | ) | (1,399,180 | ) | (368,310 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
$ | 52,789,873 | $ | 17,427,949 | $ | 10,686,815 | $ | 9,651,126 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSET VALUE |
||||||||||||||||
|
Shares outstanding |
2,500,000 | 800,000 | 500,000 | 400,000 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net asset value |
$ | 21.12 | $ | 21.78 | $ | 21.37 | $ | 24.13 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
(a) Investments, at cost — unaffiliated |
$ | 52,465,883 | $ | 17,775,651 | $ | 11,257,317 | $ | 9,919,118 | ||||||||
|
(b) Securities loaned, at value |
$ | 4,789,670 | $ | 1,834,898 | $ | 1,306,196 | $ | 1,027,177 | ||||||||
|
(c) Investments, at cost — affiliated |
$ | 5,570,799 | $ | 1,947,413 | $ | 1,393,996 | $ | 1,084,028 | ||||||||
See notes to financial statements.
| 64 |
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 |
Year Ended October 31, 2023
|
iShares iBonds 2023 Term High Yield and Income ETF |
iShares iBonds 2024 Term High Yield and Income ETF |
iShares iBonds 2025 Term High Yield and Income ETF |
iShares iBonds 2026 Term High Yield and Income ETF |
|||||||||||||
|
|
||||||||||||||||
|
INVESTMENT INCOME |
||||||||||||||||
|
Dividends — affiliated |
$ | 1,299,724 | $ | 212,451 | $ | 146,351 | $ | 25,405 | ||||||||
|
Interest — unaffiliated |
7,504,622 | 19,928,988 | 13,329,018 | 6,614,708 | ||||||||||||
|
Securities lending income — affiliated — net |
97,010 | 432,698 | 171,423 | 89,068 | ||||||||||||
|
Other income — unaffiliated |
4,174 | 7,391 | 16,257 | 7,809 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total investment income |
8,905,530 | 20,581,528 | 13,663,049 | 6,736,990 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
EXPENSES |
||||||||||||||||
|
Investment advisory |
666,186 | 957,722 | 614,792 | 293,804 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total expenses |
666,186 | 957,722 | 614,792 | 293,804 | ||||||||||||
|
Less: |
||||||||||||||||
|
Investment advisory fees waived |
(22,998 | ) | (4,000 | ) | (2,657 | ) | (484 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total expenses after fees waived |
643,188 | 953,722 | 612,135 | 293,320 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net investment income |
8,262,342 | 19,627,806 | 13,050,914 | 6,443,670 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
|
Net realized gain (loss) from: |
||||||||||||||||
|
Investments — unaffiliated |
117,516 | 1,305,485 | (1,041,897 | ) | (1,023,670 | ) | ||||||||||
|
Investments — affiliated |
9,136 | 7,977 | (1,127 | ) | (1,970 | ) | ||||||||||
|
Capital gain distributions from underlying funds — affiliated |
7 | 1 | — | — | ||||||||||||
|
In-kind redemptions — unaffiliated(a) |
(5,452 | ) | 251,852 | 123,207 | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 121,207 | 1,565,315 | (919,817 | ) | (1,025,640 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
|
Investments — unaffiliated |
2,021,880 | 642,630 | (1,087,947 | ) | (1,111,980 | ) | ||||||||||
|
Investments — affiliated |
1,742 | 12,086 | 9,149 | 5,556 | ||||||||||||
|
Foreign currency translations |
— | (10 | ) | (2 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| 2,023,622 | 654,706 | (1,078,800 | ) | (1,106,424 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net realized and unrealized gain (loss) |
2,144,829 | 2,220,021 | (1,998,617 | ) | (2,132,064 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 10,407,171 | $ | 21,847,827 | $ | 11,052,297 | $ | 4,311,606 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
65 |
Statements of Operations (continued)
Year Ended October 31, 2023
| |
iShares iBonds 2027 Term High Yield and Income ETF |
|
|
iShares iBonds 2028 Term High Yield and Income ETF |
|
|
iShares iBonds 2029 Term High Yield and Income ETF |
|
|
iShares iBonds 2030 Term High Yield and Income ETF |
(a) | |||||
|
|
||||||||||||||||
|
INVESTMENT INCOME |
||||||||||||||||
|
Dividends — affiliated |
$ | 8,873 | $ | 3,951 | $ | 1,989 | $ | 894 | ||||||||
|
Interest — unaffiliated |
2,150,081 | 1,046,704 | 627,236 | 269,685 | ||||||||||||
|
Securities lending income — affiliated — net |
22,118 | 14,265 | 9,387 | 387 | ||||||||||||
|
Other income — unaffiliated |
— | 257 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total investment income |
2,181,072 | 1,065,177 | 638,612 | 270,966 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
EXPENSES |
||||||||||||||||
|
Investment advisory |
104,250 | 49,807 | 31,600 | 12,562 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total expenses |
104,250 | 49,807 | 31,600 | 12,562 | ||||||||||||
|
Less: |
||||||||||||||||
|
Investment advisory fees waived |
(171 | ) | (75 | ) | (39 | ) | (15 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Total expenses after fees waived |
104,079 | 49,732 | 31,561 | 12,547 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net investment income |
2,076,993 | 1,015,445 | 607,051 | 258,419 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
|
Net realized gain (loss) from: |
||||||||||||||||
|
Investments — unaffiliated |
(710,153 | ) | (487,047 | ) | (281,393 | ) | (11,762 | ) | ||||||||
|
Investments — affiliated |
(299 | ) | (22 | ) | 367 | (17 | ) | |||||||||
|
In-kind redemptions — unaffiliated(b) |
— | — | (338,557 | ) | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (710,452 | ) | (487,069 | ) | (619,583 | ) | (11,779 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
|
Investments — unaffiliated |
(461,574 | ) | 120,046 | 528,807 | (417,620 | ) | ||||||||||
|
Investments — affiliated |
2,004 | 890 | 666 | 23 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (459,570 | ) | 120,936 | 529,473 | (417,597 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net realized and unrealized loss |
(1,170,022 | ) | (366,133 | ) | (90,110 | ) | (429,376 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 906,971 | $ | 649,312 | $ | 516,941 | $ | (170,957 | ) | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
For the period from June 21, 2023 (commencement of operations) to to October 31, 2023. |
| (b) |
See Note 2 of the Notes to Financial Statements. |
See notes to financial statements.
| 66 |
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 |
Statements of Changes in Net Assets
|
iShares iBonds 2023 Term High Yield and Income ETF |
iShares iBonds 2024 Term High Yield and Income ETF |
|||||||||||||||
|
|
|
|
|
|||||||||||||
|
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
|||||||||||||
|
|
||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
|
OPERATIONS |
||||||||||||||||
|
Net investment income |
$ | 8,262,342 | $ | 3,518,469 | $ | 19,627,806 | $ | 3,463,485 | ||||||||
|
Net realized gain (loss) |
121,207 | (2,751,000 | ) | 1,565,315 | (871,355 | ) | ||||||||||
|
Net change in unrealized appreciation (depreciation) |
2,023,622 | (2,462,901 | ) | 654,706 | (4,794,227 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) in net assets resulting from operations |
10,407,171 | (1,695,432 | ) | 21,847,827 | (2,202,097 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(7,949,143 | ) | (3,422,061 | ) | (17,855,421 | ) | (3,121,614 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
|
Net increase (decrease) in net assets derived from capital share transactions |
(7,382,914 | ) | 90,001,831 | 254,602,310 | 102,633,210 | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
||||||||||||||||
|
Total increase (decrease) in net assets |
(4,924,886 | ) | 84,884,338 | 258,594,716 | 97,309,499 | |||||||||||
|
Beginning of year |
168,430,802 | 83,546,464 | 149,036,928 | 51,727,429 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
End of year |
$ | 163,505,916 | $ | 168,430,802 | $ | 407,631,644 | $ | 149,036,928 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
67 |
Statements of Changes in Net Assets (continued)
|
iShares iBonds 2025 Term High Yield and Income ETF |
iShares iBonds 2026 Term High Yield and Income ETF |
|||||||||||||||
|
|
|
|
|
|||||||||||||
|
Year Ended 10/31/23 |
Year Ended 10/31/22 |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
|||||||||||||
|
|
||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
|
OPERATIONS |
||||||||||||||||
|
Net investment income |
$ | 13,050,914 | $ | 2,656,805 | $ | 6,443,670 | $ | 1,357,160 | ||||||||
|
Net realized loss |
(919,817 | ) | (705,620 | ) | (1,025,640 | ) | (526,351 | ) | ||||||||
|
Net change in unrealized appreciation (depreciation) |
(1,078,800 | ) | (4,044,668 | ) | (1,106,424 | ) | (2,517,466 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
Net increase (decrease) in net assets resulting from operations |
11,052,297 | (2,093,483 | ) | 4,311,606 | (1,686,657 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(11,849,520 | ) | (2,544,114 | ) | (5,729,403 | ) | (1,299,480 | ) | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
|
Net increase in net assets derived from capital share transactions |
195,746,304 | 50,288,336 | 110,266,175 | 18,299,537 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
NET ASSETS |
||||||||||||||||
|
Total increase in net assets |
194,949,081 | 45,650,739 | 108,848,378 | 15,313,400 | ||||||||||||
|
Beginning of year |
85,469,415 | 39,818,676 | 35,634,009 | 20,320,609 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
End of year |
$ | 280,418,496 | $ | 85,469,415 | $ | 144,482,387 | $ | 35,634,009 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| 68 |
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 |
Statements of Changes in Net Assets (continued)
|
iShares iBonds 2027 Term High Yield and Income ETF |
iShares iBonds 2028 Term High Yield and Income ETF |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||
| Period From | ||||||||||||||||||||||||||||||||
| Year Ended | Year Ended | Year Ended | 03/08/22 | (a) | ||||||||||||||||||||||||||||
| 10/31/23 | 10/31/22 | 10/31/23 | to 10/31/22 | |||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||||||||||
|
OPERATIONS |
||||||||||||||||||||||||||||||||
|
Net investment income |
$ | 2,076,993 | $ | 578,122 | $ | 1,015,445 | $ | 430,817 | ||||||||||||||||||||||||
|
Net realized loss |
(710,452 | ) | (432,063 | ) | (487,069 | ) | (195,592 | ) | ||||||||||||||||||||||||
|
Net change in unrealized appreciation (depreciation) |
(459,570 | ) | (1,390,066 | ) | 120,936 | (1,017,924 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Net increase (decrease) in net assets resulting from operations |
906,971 | (1,244,007 | ) | 649,312 | (782,699 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(b) |
||||||||||||||||||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(1,896,130 | ) | (676,024 | ) | (971,285 | ) | (369,619 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||||||||||
|
Net increase in net assets derived from capital share transactions |
38,871,572 | 4,402,345 | 6,656,991 | 12,245,249 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
NET ASSETS |
||||||||||||||||||||||||||||||||
|
Total increase in net assets |
37,882,413 | 2,482,314 | 6,335,018 | 11,092,931 | ||||||||||||||||||||||||||||
|
Beginning of period |
14,907,460 | 12,425,146 | 11,092,931 | — | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
End of period |
$ | 52,789,873 | $ | 14,907,460 | $ | 17,427,949 | $ | 11,092,931 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
|
F I N A N C I A L S T A T E M E N T S |
69 |
Statements of Changes in Net Assets (continued)
|
iShares iBonds 2029 Term High Yield and Income ETF |
iShares iBonds 2030 Term High Yield and Income ETF |
|||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| |
Year Ended 10/31/23 |
|
|
Period From 03/08/22 to 10/31/22 |
(a)
|
|
Period From 06/21/23 to 10/31/23 |
(a)
| ||||||||||||||||
|
|
||||||||||||||||||||||||
|
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||||||||||
|
OPERATIONS |
||||||||||||||||||||||||
|
Net investment income |
$ | 607,051 | $ | 446,777 | $ | 258,419 | ||||||||||||||||||
|
Net realized loss |
(619,583 | ) | (331,508 | ) | (11,779 | ) | ||||||||||||||||||
|
Net change in unrealized appreciation (depreciation) |
529,473 | (1,373,053 | ) | (417,597 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
Net increase (decrease) in net assets resulting from operations |
516,941 | (1,257,784 | ) | (170,957 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
DISTRIBUTIONS TO SHAREHOLDERS(b) |
||||||||||||||||||||||||
|
Decrease in net assets resulting from distributions to shareholders |
(615,370 | ) | (386,975 | ) | (197,353 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||||||||||
|
Net increase (decrease) in net assets derived from capital share transactions |
(80,531 | ) | 12,510,534 | 10,019,436 | ||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
NET ASSETS |
||||||||||||||||||||||||
|
Total increase (decrease) in net assets |
(178,960 | ) | 10,865,775 | 9,651,126 | ||||||||||||||||||||
|
Beginning of period |
10,865,775 | — | — | |||||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
|
End of period |
$ | 10,686,815 | $ | 10,865,775 | $ | 9,651,126 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
| 70 |
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 |
(For a share outstanding throughout each period)
| iShares iBonds 2023 Term High Yield and Income ETF | ||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||
| Period From | ||||||||||||||||||||||||||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended | 05/07/19 | (a) | |||||||||||||||||||||||||||||||||
| 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | to 10/31/19 | ||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 23.39 | $ | 24.57 | $ | 23.62 | $ | 24.73 | $ | 25.00 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Net investment income(b) |
1.02 | 0.71 | 1.08 | 1.33 | 0.69 | |||||||||||||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(c) |
0.28 | (1.17 | ) | 1.04 | (1.08 | ) | (0.40 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Net increase (decrease) from investment operations |
1.30 | (0.46 | ) | 2.12 | 0.25 | 0.29 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Distributions from net investment income(d) |
(0.99 | ) | (0.72 | ) | (1.17 | ) | (1.36 | ) | (0.56 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Net asset value, end of period |
$ | 23.70 | $ | 23.39 | $ | 24.57 | $ | 23.62 | $ | 24.73 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Total Return(e) |
||||||||||||||||||||||||||||||||||||||
|
Based on net asset value |
5.63 | % | (1.86 | )% | 9.12 | % | 1.16 | % | 1.19 | %(f) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||||||||
|
Total expenses |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Total expenses after fees waived |
0.34 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Net investment income |
4.34 | % | 3.00 | % | 4.40 | % | 5.67 | % | 5.73 | %(h) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 163,506 | $ | 168,431 | $ | 83,546 | $ | 16,533 | $ | 12,364 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Portfolio turnover rate(i) |
1 | % | 19 | % | 46 | % | 51 | % | 9 | % | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Not annualized. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Annualized. |
| (i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
|
F I N A N C I A L H I G H L I G H T S |
71 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares iBonds 2024 Term High Yield and Income ETF | ||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
| Period From | ||||||||||||||||||||||||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended |
|
05/07/19 | (a) | ||||||||||||||||||||||||||||||
| 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | to 10/31/19 | ||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 22.58 | $ | 24.63 | $ | 23.38 | $ | 25.21 | $ | 25.00 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Net investment income(b) |
1.65 | 1.09 | 1.08 | 1.33 | 0.68 | |||||||||||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(c) |
0.35 | (2.12 | ) | 1.33 | (1.79 | ) | 0.09 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Net increase (decrease) from investment operations |
2.00 | (1.03 | ) | 2.41 | (0.46 | ) | 0.77 | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Distributions from net investment income(d) |
(1.55 | ) | (1.02 | ) | (1.16 | ) | (1.37 | ) | (0.56 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Net asset value, end of period |
$ | 23.03 | $ | 22.58 | $ | 24.63 | $ | 23.38 | $ | 25.21 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Total Return(e) |
||||||||||||||||||||||||||||||||||||
|
Based on net asset value |
9.10 | % | (4.21 | )% | 10.42 | % | (1.72 | )% | 3.08 | %(f) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||||||||||||||||||||||
|
Total expenses |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Total expenses after fees waived |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Net investment income |
7.17 | % | 4.72 | % | 4.39 | % | 5.61 | % | 5.55 | %(h) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 407,632 | $ | 149,037 | $ | 51,727 | $ | 9,354 | $ | 12,604 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Portfolio turnover rate(i) |
41 | % | 24 | % | 44 | % | 42 | % | 10 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Not annualized. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Annualized. |
| (i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| 72 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
| iShares iBonds 2025 Term High Yield and Income ETF | ||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||
| Period From | ||||||||||||||||||||||||||||||||||||
| Year Ended | Year Ended | Year Ended | Year Ended |
|
05/07/19 | (a) | ||||||||||||||||||||||||||||||
| 10/31/23 | 10/31/22 | 10/31/21 | 10/31/20 | to 10/31/19 | ||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 22.49 | $ | 24.89 | $ | 24.07 | $ | 25.13 | $ | 25.00 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Net investment income(b) |
1.69 | 1.26 | 1.14 | 1.37 | 0.71 | |||||||||||||||||||||||||||||||
|
Net realized and unrealized gain (loss)(c) |
0.02 | (2.43 | ) | 0.95 | (0.99 | ) | 0.00 | (d) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Net increase (decrease) from investment operations |
1.71 | (1.17 | ) | 2.09 | 0.38 | 0.71 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Distributions from net investment income(e) |
(1.59 | ) | (1.23 | ) | (1.27 | ) | (1.44 | ) | (0.58 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Net asset value, end of period |
$ | 22.61 | $ | 22.49 | $ | 24.89 | $ | 24.07 | $ | 25.13 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Total Return(f) |
||||||||||||||||||||||||||||||||||||
|
Based on net asset value |
7.82 | % | (4.77 | )% | 8.77 | % | 1.71 | % | 2.87 | %(g) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Ratios to Average Net Assets(h) |
||||||||||||||||||||||||||||||||||||
|
Total expenses |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(i) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Total expenses after fees waived |
0.35 | % | 0.35 | % | 0.35 | % | 0.35 | % | 0.35 | %(i) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Net investment income |
7.43 | % | 5.37 | % | 4.58 | % | 5.73 | % | 5.84 | %(i) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 280,418 | $ | 85,469 | $ | 39,819 | $ | 16,847 | $ | 12,565 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Portfolio turnover rate(j) |
36 | % | 20 | % | 29 | % | 42 | % | 5 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Rounds to less than $0.01. |
| (e) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (f) |
Where applicable, assumes the reinvestment of distributions. |
| (g) |
Not annualized. |
| (h) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (i) |
Annualized. |
| (j) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
|
F I N A N C I A L H I G H L I G H T S |
73 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
|
iShares iBonds 2026 Term High Yield and Income ETF |
||||||||||||||||||||||
| Period From | ||||||||||||||||||||||
| Year Ended | Year Ended |
|
11/10/20 | (a) | ||||||||||||||||||
| 10/31/23 | 10/31/22 | to 10/31/21 | ||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 22.27 | $ | 25.40 | $ | 25.00 | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(b) |
1.73 | 1.28 | 1.06 | |||||||||||||||||||
|
Net realized and unrealized gain (loss)(c) |
(0.15 | ) | (3.15 | ) | 0.37 | |||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
1.58 | (1.87 | ) | 1.43 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(d) |
(1.62 | ) | (1.26 | ) | (1.03 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 22.23 | $ | 22.27 | $ | 25.40 | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(e) |
||||||||||||||||||||||
|
Based on net asset value |
7.22 | % | (7.52 | )% | 5.79 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||||||||
|
Total expenses |
0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Total expenses after fees waived |
0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
7.68 | % | 5.46 | % | 4.26 | %(h) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 144,482 | $ | 35,634 | $ | 20,321 | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(i) |
15 | % | 15 | % | 35 | % | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Not annualized. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Annualized. |
| (i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| 74 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
|
iShares iBonds 2027 Term High Yield and Income ETF |
||||||||||||||||||||||
| Period From | ||||||||||||||||||||||
| Year Ended | Year Ended |
|
07/07/21 | (a) | ||||||||||||||||||
| 10/31/23 | 10/31/22 | to 10/31/21 | ||||||||||||||||||||
|
|
||||||||||||||||||||||
|
Net asset value, beginning of period |
$ | 21.30 | $ | 24.85 | $ | 25.00 | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income(b) |
1.51 | 1.01 | 0.25 | |||||||||||||||||||
|
Net realized and unrealized loss(c) |
(0.26 | ) | (3.36 | ) | (0.21 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Net increase (decrease) from investment operations |
1.25 | (2.35 | ) | 0.04 | ||||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Distributions from net investment income(d) |
(1.43 | ) | (1.20 | ) | (0.19 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Net asset value, end of period |
$ | 21.12 | $ | 21.30 | $ | 24.85 | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Total Return(e) |
||||||||||||||||||||||
|
Based on net asset value |
5.94 | % | (9.71 | )% | 0.15 | %(f) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||||||||
|
Total expenses |
0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Total expenses after fees waived |
0.35 | % | 0.35 | % | 0.35 | %(h) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Net investment income |
6.97 | % | 4.41 | % | 3.19 | %(h) | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Supplemental Data |
||||||||||||||||||||||
|
Net assets, end of period (000) |
$ | 52,790 | $ | 14,907 | $ | 12,425 | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
|
Portfolio turnover rate(i) |
14 | % | 13 | % | 3 | % | ||||||||||||||||
|
|
|
|
|
|
|
|||||||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Not annualized. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Annualized. |
| (i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
|
F I N A N C I A L H I G H L I G H T S |
75 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
|
iShares iBonds 2028 Term High Yield and Income ETF |
||||||||||||||||
| Period From | ||||||||||||||||
| Year Ended | 03/08/22 | (a) | ||||||||||||||
| 10/31/23 | to 10/31/22 | |||||||||||||||
|
|
||||||||||||||||
|
Net asset value, beginning of period |
$ | 22.19 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Net investment income(b) |
1.59 | 0.94 | ||||||||||||||
|
Net realized and unrealized loss(c) |
(0.43 | ) | (2.95 | ) | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Net increase (decrease) from investment operations |
1.16 | (2.01 | ) | |||||||||||||
|
|
|
|
|
|||||||||||||
|
Distributions from net investment income(d) |
(1.57 | ) | (0.80 | ) | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Net asset value, end of period |
$ | 21.78 | $ | 22.19 | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Total Return(e) |
||||||||||||||||
|
Based on net asset value |
5.32 | % | (8.10 | )%(f) | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||
|
Total expenses |
0.35 | % | 0.35 | %(h) | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Total expenses after fees waived |
0.35 | % | 0.35 | %(h) | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Net investment income |
7.14 | % | 6.26 | %(h) | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Supplemental Data |
||||||||||||||||
|
Net assets, end of period (000) |
$ | 17,428 | $ | 11,093 | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Portfolio turnover rate(i) |
29 | % | 8 | % | ||||||||||||
|
|
|
|
|
|||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Not annualized. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Annualized. |
| (i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| 76 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
|
iShares iBonds 2029 Term High Yield and Income ETF |
||||||||||||||||
| Period From | ||||||||||||||||
| Year Ended | 03/08/22 | (a) | ||||||||||||||
| 10/31/23 | to 10/31/22 | |||||||||||||||
|
|
||||||||||||||||
|
Net asset value, beginning of period |
$ | 21.73 | $ | 25.00 | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Net investment income(b) |
1.48 | 0.91 | ||||||||||||||
|
Net realized and unrealized loss(c) |
(0.32 | ) | (3.41 | ) | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Net increase (decrease) from investment operations |
1.16 | (2.50 | ) | |||||||||||||
|
|
|
|
|
|||||||||||||
|
Distributions from net investment income(d) |
(1.52 | ) | (0.77 | ) | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Net asset value, end of period |
$ | 21.37 | $ | 21.73 | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Total Return(e) |
||||||||||||||||
|
Based on net asset value |
5.33 | % | (10.06 | )%(f) | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Ratios to Average Net Assets(g) |
||||||||||||||||
|
Total expenses |
0.35 | % | 0.35 | %(h) | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Total expenses after fees waived |
0.35 | % | 0.35 | %(h) | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Net investment income |
6.72 | % | 6.11 | %(h) | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Supplemental Data |
||||||||||||||||
|
Net assets, end of period (000) |
$ | 10,687 | $ | 10,866 | ||||||||||||
|
|
|
|
|
|||||||||||||
|
Portfolio turnover rate(i) |
16 | % | 14 | % | ||||||||||||
|
|
|
|
|
|||||||||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Not annualized. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Annualized. |
| (i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
|
F I N A N C I A L H I G H L I G H T S |
77 |
Financial Highlights (continued)
(For a share outstanding throughout the period)
|
iShares iBonds 2030 Term High Yield and Income ETF |
||||||||
| Period From | ||||||||
| 06/21/23 | (a) | |||||||
| to 10/31/23 | ||||||||
|
|
||||||||
|
Net asset value, beginning of period |
$ | 25.00 | ||||||
|
|
|
|||||||
|
Net investment income(b) |
0.65 | |||||||
|
Net realized and unrealized loss(c) |
(1.03 | ) | ||||||
|
|
|
|||||||
|
Net decrease from investment operations |
(0.38 | ) | ||||||
|
|
|
|||||||
|
Distributions from net investment income(d) |
(0.49 | ) | ||||||
|
|
|
|||||||
|
Net asset value, end of period |
$ | 24.13 | ||||||
|
|
|
|||||||
|
Total Return(e) |
||||||||
|
Based on net asset value |
(1.56 | )%(f) | ||||||
|
|
|
|||||||
|
Ratios to Average Net Assets(g) |
||||||||
|
Total expenses |
0.35 | %(h) | ||||||
|
|
|
|||||||
|
Total expenses after fees waived |
0.35 | %(h) | ||||||
|
|
|
|||||||
|
Net investment income |
7.15 | %(h) | ||||||
|
|
|
|||||||
|
Supplemental Data |
||||||||
|
Net assets, end of period (000) |
$ | 9,651 | ||||||
|
|
|
|||||||
|
Portfolio turnover rate(i) |
12 | % | ||||||
|
|
|
|||||||
| (a) |
Commencement of operations. |
| (b) |
Based on average shares outstanding. |
| (c) |
The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
| (d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
| (e) |
Where applicable, assumes the reinvestment of distributions. |
| (f) |
Not annualized. |
| (g) |
Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. |
| (h) |
Annualized. |
| (i) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
| 78 |
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 |
| 1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):
| iShares ETF |
Diversification Classification | |
|
iBonds 2023 Term High Yield and Income |
Diversified | |
|
iBonds 2024 Term High Yield and Income |
Diversified | |
|
iBonds 2025 Term High Yield and Income |
Diversified | |
|
iBonds 2026 Term High Yield and Income |
Diversified(a) | |
|
iBonds 2027 Term High Yield and Income |
Non-diversified | |
|
iBonds 2028 Term High Yield and Income |
Non-diversified | |
|
iBonds 2029 Term High Yield and Income |
Non-diversified | |
|
iBonds 2030 Term High Yield and Income(b) |
Non-diversified | |
| (a) |
The Fund’s classification changed from non-diversified to diversified during the reporting period. |
| (b) |
The Fund commenced operations on June 21, 2023. |
| 2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, and payment-in-kind interest are recognized daily on an accrual basis.
Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
79 |
Notes to Financial Statements (continued)
| 3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
| • |
Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless BFA determines such method does not represent fair value. |
| • |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
| • |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
| • |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
| • |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
| 4. |
SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S.
| 80 |
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 |
Notes to Financial Statements (continued)
exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
|
||||||||||||||||
|
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
|
||||||||||||||||
|
iBonds 2023 Term High Yield and Income |
||||||||||||||||
|
Goldman Sachs & Co. LLC |
$ | 25,956 | $ | (25,956 | ) | $ | — | $ | — | |||||||
|
Morgan Stanley |
1,035,923 | (1,035,923 | ) | — | — | |||||||||||
|
Pershing LLC |
32,931 | (32,931 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,094,810 | $ | (1,094,810 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
iBonds 2024 Term High Yield and Income |
||||||||||||||||
|
Barclays Capital, Inc. |
$ | 4,184,493 | $ | (4,184,493 | ) | $ | — | $ | — | |||||||
|
BMO Capital Markets Corp. |
97,003 | (97,003 | ) | — | — | |||||||||||
|
BNP Paribas SA |
— | — | — | — | ||||||||||||
|
BNP Paribas SA |
4,621,076 | (4,621,076 | ) | — | — | |||||||||||
|
BofA Securities, Inc. |
2,773,130 | (2,773,130 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
486,203 | (486,203 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
6,618,613 | (6,618,613 | ) | — | — | |||||||||||
|
Jefferies LLC |
769,630 | (769,630 | ) | — | — | |||||||||||
|
Morgan Stanley |
1,973,933 | (1,973,933 | ) | — | — | |||||||||||
|
Pershing LLC |
20,493 | (15,158 | ) | — | 5,335 | (b) | ||||||||||
|
RBC Capital Markets LLC |
76,149 | (66,068 | ) | — | 10,081 | (b) | ||||||||||
|
State Street Bank & Trust Co. |
1,152,069 | (1,152,069 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 22,772,792 | $ | (22,757,376 | ) | $ | — | $ | 15,416 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
iBonds 2025 Term High Yield and Income |
||||||||||||||||
|
Barclays Capital, Inc. |
$ | 1,622,826 | $ | (1,622,826 | ) | $ | — | $ | — | |||||||
|
BMO Capital Markets Corp. |
529,728 | (529,728 | ) | — | — | |||||||||||
|
BNP Paribas SA |
1,579,318 | (1,579,318 | ) | — | — | |||||||||||
|
BofA Securities, Inc. |
1,680,468 | (1,680,468 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
10,474,774 | (10,474,774 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
4,830,898 | (4,830,898 | ) | — | — | |||||||||||
|
Jefferies LLC |
1,077,168 | (1,077,168 | ) | — | — | |||||||||||
|
Morgan Stanley |
1,450,618 | (1,450,618 | ) | — | — | |||||||||||
|
Pershing LLC |
315,501 | (315,501 | ) | — | — | |||||||||||
|
RBC Capital Markets LLC |
2,879,729 | (2,879,729 | ) | — | — | |||||||||||
|
Scotia Capital (USA), Inc. |
14,335 | (14,335 | ) | — | — | |||||||||||
|
TD Securities (USA) LLC |
118,066 | (118,066 | ) | — | — | |||||||||||
|
Toronto-Dominion Bank |
295,307 | (295,307 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 26,868,736 | $ | (26,868,736 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
81 |
Notes to Financial Statements (continued)
|
|
||||||||||||||||
|
iShares ETF and Counterparty |
|
Securities Loaned at Value |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received, at Fair Value |
(a) |
Net Amount | ||||||
|
|
||||||||||||||||
|
iBonds 2026 Term High Yield and Income |
||||||||||||||||
|
Barclays Bank PLC |
$ | 2,388,622 | $ | (2,388,622 | ) | $ | — | $ | — | |||||||
|
Barclays Capital, Inc. |
752,563 | (752,563 | ) | — | — | |||||||||||
|
BNP Paribas SA |
5,042,747 | (5,042,747 | ) | — | — | |||||||||||
|
Citadel Clearing LLC |
1,179,153 | (1,179,153 | ) | — | — | |||||||||||
|
Citigroup Global Markets, Inc. |
593,352 | (593,352 | ) | — | — | |||||||||||
|
Goldman Sachs & Co. LLC |
3,099,008 | (3,099,008 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
3,709,261 | (3,709,261 | ) | — | — | |||||||||||
|
Jefferies LLC |
1,329,549 | (1,329,549 | ) | — | — | |||||||||||
|
Morgan Stanley |
423,574 | (423,574 | ) | — | — | |||||||||||
|
Pershing LLC |
38,846 | (38,846 | ) | — | — | |||||||||||
|
RBC Capital Markets LLC |
665,860 | (665,860 | ) | — | — | |||||||||||
|
Toronto-Dominion Bank |
309,878 | (309,878 | ) | — | — | |||||||||||
|
UBS AG |
942,717 | (942,717 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 20,475,130 | $ | (20,475,130 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
iBonds 2027 Term High Yield and Income |
||||||||||||||||
|
Barclays Bank PLC |
$ | 524,013 | $ | (524,013 | ) | $ | — | $ | — | |||||||
|
Barclays Capital, Inc. |
157,960 | (157,960 | ) | — | — | |||||||||||
|
BofA Securities, Inc. |
74,088 | (74,088 | ) | — | — | |||||||||||
|
Citadel Clearing LLC |
124,269 | (124,269 | ) | — | — | |||||||||||
|
J.P. Morgan Securities LLC |
1,973,710 | (1,973,710 | ) | — | — | |||||||||||
|
Jefferies LLC |
254,758 | (254,758 | ) | — | — | |||||||||||
|
Nomura Securities International, Inc. |
23,075 | (23,075 | ) | — | — | |||||||||||
|
RBC Capital Markets LLC |
1,495,286 | (1,495,286 | ) | — | — | |||||||||||
|
Scotia Capital (USA), Inc. |
46,928 | (46,928 | ) | — | — | |||||||||||
|
TD Securities (USA) LLC |
101,869 | (101,869 | ) | — | — | |||||||||||
|
Toronto-Dominion Bank |
13,714 | (13,714 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 4,789,670 | $ | (4,789,670 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
iBonds 2028 Term High Yield and Income |
||||||||||||||||
|
BMO Capital Markets Corp. |
$ | 88,886 | $ | (88,886 | ) | $ | — | $ | — | |||||||
|
J.P. Morgan Securities LLC |
1,036,149 | (1,036,149 | ) | — | — | |||||||||||
|
Jefferies LLC |
179,764 | (179,764 | ) | — | — | |||||||||||
|
RBC Capital Markets LLC |
368,274 | (368,274 | ) | — | — | |||||||||||
|
Scotia Capital (USA), Inc. |
147,232 | (147,232 | ) | — | — | |||||||||||
|
Toronto-Dominion Bank |
6,865 | (6,865 | ) | — | — | |||||||||||
|
Wells Fargo Bank N.A. |
7,728 | (7,728 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,834,898 | $ | (1,834,898 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
iBonds 2029 Term High Yield and Income |
||||||||||||||||
|
BMO Capital Markets Corp. |
$ | 25,125 | $ | (25,125 | ) | $ | — | $ | — | |||||||
|
J.P. Morgan Securities LLC |
757,053 | (757,053 | ) | — | — | |||||||||||
|
Jefferies LLC |
156,223 | (156,223 | ) | — | — | |||||||||||
|
RBC Capital Markets LLC |
171,318 | (171,318 | ) | — | — | |||||||||||
|
Scotia Capital (USA), Inc. |
105,095 | (105,095 | ) | — | — | |||||||||||
|
Toronto-Dominion Bank |
45,738 | (45,738 | ) | — | — | |||||||||||
|
Wells Fargo Bank N.A. |
18,986 | (18,986 | ) | — | — | |||||||||||
|
Wells Fargo Securities LLC |
26,658 | (26,658 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,306,196 | $ | (1,306,196 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
|
iBonds 2030 Term High Yield and Income |
||||||||||||||||
|
BMO Capital Markets Corp. |
$ | 37,751 | $ | (37,751 | ) | $ | — | $ | — | |||||||
|
BofA Securities, Inc. |
41,852 | (41,852 | ) | — | — | |||||||||||
|
Jefferies LLC |
64,949 | (64,949 | ) | — | — | |||||||||||
|
RBC Capital Markets LLC |
689,937 | (689,937 | ) | — | — | |||||||||||
|
Wells Fargo Bank N.A. |
103,943 | (103,943 | ) | — | — | |||||||||||
|
Wells Fargo Securities LLC |
88,745 | (88,745 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 1,027,177 | $ | (1,027,177 | ) | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| (a) |
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities. |
| 82 |
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 |
Notes to Financial Statements (continued)
| (b) |
The market value of the loaned securities is determined as of October 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
| 5. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee of 0.35%, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund.
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statements of Operations does not include acquired fund fees and expenses.
BFA has contractually agreed to waive a portion of its investment advisory fee for each Fund through the termination date of such Fund, in an amount equal to acquired fund fees and expenses, if any, attributable to each Fund’s investments in other funds advised by BFA or its affiliates.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2023, the amounts waived in investment advisory fees pursuant to these arrangements were as follows:
| iShares ETF | Amounts Waived | |||
|
iBonds 2023 Term High Yield and Income |
$ | 22,998 | ||
|
iBonds 2024 Term High Yield and Income |
4,000 | |||
|
iBonds 2025 Term High Yield and Income |
2,657 | |||
|
iBonds 2026 Term High Yield and Income |
484 | |||
|
iBonds 2027 Term High Yield and Income |
171 | |||
|
iBonds 2028 Term High Yield and Income |
75 | |||
|
iBonds 2029 Term High Yield and Income |
39 | |||
|
iBonds 2030 Term High Yield and Income |
15 | |||
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement,
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
83 |
Notes to Financial Statements (continued)
will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:
| iShares ETF | Amounts | |||
|
iBonds 2023 Term High Yield and Income |
$ | 26,067 | ||
|
iBonds 2024 Term High Yield and Income |
100,634 | |||
|
iBonds 2025 Term High Yield and Income |
44,422 | |||
|
iBonds 2026 Term High Yield and Income |
23,575 | |||
|
iBonds 2027 Term High Yield and Income |
6,336 | |||
|
iBonds 2028 Term High Yield and Income |
3,725 | |||
|
iBonds 2029 Term High Yield and Income |
2,544 | |||
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
| 6. |
PURCHASES AND SALES |
For the year ended October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:
| iShares ETF | Purchases | Sales | ||||||
|
iBonds 2023 Term High Yield and Income |
$ | 519,240 | $ | 77,346,915 | ||||
|
iBonds 2024 Term High Yield and Income |
100,328,265 | 136,559,847 | ||||||
|
iBonds 2025 Term High Yield and Income |
61,596,668 | 68,623,857 | ||||||
|
iBonds 2026 Term High Yield and Income |
12,450,381 | 15,328,562 | ||||||
|
iBonds 2027 Term High Yield and Income |
4,048,552 | 5,314,580 | ||||||
|
iBonds 2028 Term High Yield and Income |
4,108,466 | 4,536,046 | ||||||
|
iBonds 2029 Term High Yield and Income |
1,470,123 | 1,681,570 | ||||||
|
iBonds 2030 Term High Yield and Income |
8,562,552 | 1,081,057 | ||||||
For the year ended October 31, 2023, in-kind transactions were as follows:
| iShares ETF |
In-kind Purchases |
In-kind Sales |
||||||
|
iBonds 2023 Term High Yield and Income |
$ | 51,184,612 | $ | 41,907,314 | ||||
|
iBonds 2024 Term High Yield and Income |
259,644,184 | 8,864,104 | ||||||
|
iBonds 2025 Term High Yield and Income |
194,111,439 | 2,166,851 | ||||||
|
iBonds 2026 Term High Yield and Income |
108,110,716 | — | ||||||
|
iBonds 2027 Term High Yield and Income |
37,985,272 | — | ||||||
|
iBonds 2028 Term High Yield and Income |
6,542,602 | — | ||||||
|
iBonds 2029 Term High Yield and Income |
4,272,534 | 4,329,416 | ||||||
|
iBonds 2030 Term High Yield and Income |
2,408,718 | — | ||||||
| 7. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
| 84 |
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 |
Notes to Financial Statements (continued)
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2023, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:
|
|
||||||||
| iShares ETF | Paid-in Capital |
Accumulated Earnings (Loss) |
||||||
|
|
||||||||
|
iBonds 2023 Term High Yield and Income |
$ | (5,452 | ) | $ | 5,452 | |||
|
iBonds 2024 Term High Yield and Income |
251,593 | (251,593) | ||||||
|
iBonds 2025 Term High Yield and Income |
123,207 | (123,207) | ||||||
|
iBonds 2029 Term High Yield and Income |
(344,008 | ) | 344,008 | |||||
|
|
||||||||
The tax character of distributions paid was as follows:
|
|
||||||||
| iShares ETF |
Year Ended 10/31/23 |
Year Ended 10/31/22 |
||||||
|
|
||||||||
|
iBonds 2023 Term High Yield and Income |
||||||||
|
Ordinary income |
$ | 7,949,143 | $ | 3,422,061 | ||||
|
|
|
|
|
|||||
|
iBonds 2024 Term High Yield and Income |
||||||||
|
Ordinary income |
$ | 17,855,421 | $ | 3,121,614 | ||||
|
|
|
|
|
|||||
|
iBonds 2025 Term High Yield and Income |
||||||||
|
Ordinary income |
$ | 11,849,520 | $ | 2,544,114 | ||||
|
|
|
|
|
|||||
|
iBonds 2026 Term High Yield and Income |
||||||||
|
Ordinary income |
$ | 5,729,403 | $ | 1,299,480 | ||||
|
|
|
|
|
|||||
|
iBonds 2027 Term High Yield and Income |
||||||||
|
Ordinary income |
$ | 1,896,130 | $ | 676,024 | ||||
|
|
|
|
|
|||||
|
|
||||||||
| iShares ETF |
Year Ended 10/31/23 |
Period Ended 10/31/22 |
||||||
|
|
||||||||
|
iBonds 2028 Term High Yield and Income |
||||||||
|
Ordinary income |
$ | 971,285 | $ | 369,619 | ||||
|
|
|
|
|
|||||
|
iBonds 2029 Term High Yield and Income |
||||||||
|
Ordinary income |
$ | 615,370 | $ | 386,975 | ||||
|
|
|
|
|
|||||
|
|
||||||||
| iShares ETF |
Period Ended 10/31/23 |
|||||||
|
|
||||||||
|
iBonds 2030 Term High Yield and Income |
||||||||
|
Ordinary income |
$ | 197,353 | ||||||
|
|
|
|||||||
As of October 31, 2023, the tax components of accumulated net earnings (losses) were as follows:
|
|
||||||||||||||||
|
iShares ETF |
|
Undistributed Ordinary Income |
|
|
Non-expiring Capital Loss Carryforwards |
(a) |
|
Net Unrealized Gains (Losses) |
(b) |
Total | ||||||
|
|
||||||||||||||||
|
iBonds 2023 Term High Yield and Income |
$ | 706,680 | $ | (3,305,543 | ) | $ | (58,983 | ) | $ | (2,657,846) | ||||||
|
iBonds 2024 Term High Yield and Income |
2,391,902 | (305,795 | ) | (3,785,316 | ) | (1,699,209) | ||||||||||
|
iBonds 2025 Term High Yield and Income |
1,747,347 | (2,688,665 | ) | (4,834,233 | ) | (5,775,551) | ||||||||||
|
iBonds 2026 Term High Yield and Income |
957,065 | (1,589,017 | ) | (3,606,717 | ) | (4,238,669) | ||||||||||
|
iBonds 2027 Term High Yield and Income |
304,368 | (1,037,124 | ) | (2,113,944 | ) | (2,846,700) | ||||||||||
|
iBonds 2028 Term High Yield and Income |
109,339 | (675,490 | ) | (908,140 | ) | (1,474,291) | ||||||||||
|
iBonds 2029 Term High Yield and Income |
54,852 | (603,585 | ) | (850,447 | ) | (1,399,180) | ||||||||||
|
iBonds 2030 Term High Yield and Income |
61,422 | (11,499 | ) | (418,233 | ) | (368,310) | ||||||||||
|
|
||||||||||||||||
| (a) |
Amounts available to offset future realized capital gains. |
| (b) |
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and amortization methods for premiums and discounts on fixed income securities. |
|
N O T E S T O F I N A N C I A L S T A T E M E N T S |
85 |
Notes to Financial Statements (continued)
For the year ended October 31, 2023, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:
| iShares ETF | Utilized | |||
|
iBonds 2023 Term High Yield and Income |
$ | 45,218 | ||
|
iBonds 2024 Term High Yield and Income |
1,415,516 | |||
As of October 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
| iShares ETF | Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
|
iBonds 2023 Term High Yield and Income |
$ | 163,287,309 | $ | 8,936 | $ | (67,919 | ) | $ | (58,983 | ) | ||||||
|
iBonds 2024 Term High Yield and Income |
422,836,034 | 845,565 | (4,630,867 | ) | (3,785,302 | ) | ||||||||||
|
iBonds 2025 Term High Yield and Income |
309,428,917 | 773,989 | (5,608,220 | ) | (4,834,231 | ) | ||||||||||
|
iBonds 2026 Term High Yield and Income |
164,962,548 | 555,623 | (4,162,340 | ) | (3,606,717 | ) | ||||||||||
|
iBonds 2027 Term High Yield and Income |
58,176,503 | 185,066 | (2,299,010 | ) | (2,113,944 | ) | ||||||||||
|
iBonds 2028 Term High Yield and Income |
19,734,216 | 34,363 | (942,503 | ) | (908,140 | ) | ||||||||||
|
iBonds 2029 Term High Yield and Income |
12,658,180 | 12,778 | (863,225 | ) | (850,447 | ) | ||||||||||
|
iBonds 2030 Term High Yield and Income |
11,003,782 | 4,809 | (423,042 | ) | (418,233 | ) | ||||||||||
| 8. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.”
| 86 |
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 |
Notes to Financial Statements (continued)
Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Funds invest.
The Funds invest a significant portion of their assets in high yield securities. High yield securities that are rated below investment-grade (commonly referred to as “junk bonds”) or are unrated may be deemed speculative, involve greater levels of risk than higher-rated securities of similar maturity and are more likely to default. High yield securities may be issued by less creditworthy issuers, and issuers of high yield securities may be unable to meet their interest or principal payment obligations. High yield securities are subject to extreme price fluctuations, may be less liquid than higher rated fixed-income securities, even under normal economic conditions, and frequently have redemption features.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will decrease as interest rates rise and increase as interest rates fall. The Funds may be subject to a greater risk of rising interest rates due to the period of historically low interest rates that ended in March 2022. The Federal Reserve has recently been raising the federal funds rate as part of its efforts to address inflation. There is a risk that interest rates will continue to rise, which will likely drive down the prices of bonds and other fixed-income securities, and could negatively impact the Funds’ performance.
Certain Funds invest a significant portion of their assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted, but may negatively impact the Funds.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
| 9. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
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|
Year Ended 10/31/23 |
Year Ended 10/31/22 |
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| iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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|
iBonds 2023 Term High Yield and Income |
||||||||||||||||
|
Shares sold |
2,200,000 | $ | 51,636,695 | 4,300,000 | $ | 102,006,289 | ||||||||||
|
Shares redeemed |
(2,500,000 | ) | (59,019,609 | ) | (500,000 | ) | (12,004,458 | ) | ||||||||
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| (300,000 | ) | $ | (7,382,914 | ) | 3,800,000 | $ | 90,001,831 | |||||||||
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iBonds 2024 Term High Yield and Income |
||||||||||||||||
|
Shares sold |
11,500,000 | $ | 263,758,821 | 4,500,000 | $ | 102,633,210 | ||||||||||
|
Shares redeemed |
(400,000 | ) | (9,156,511 | ) | — | — | ||||||||||
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| 11,100,000 | $ | 254,602,310 | 4,500,000 | $ | 102,633,210 | |||||||||||
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iBonds 2025 Term High Yield and Income |
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|
Shares sold |
8,700,000 | $ | 198,039,859 | 2,400,000 | $ | 54,972,737 | ||||||||||
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Shares redeemed |
(100,000 | ) | (2,293,555 | ) | (200,000 | ) | (4,684,401 | ) | ||||||||
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| 8,600,000 | $ | 195,746,304 | 2,200,000 | $ | 50,288,336 | |||||||||||
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iBonds 2026 Term High Yield and Income |
||||||||||||||||
|
Shares sold |
4,900,000 | $ | 110,266,175 | 900,000 | $ | 20,685,709 | ||||||||||
|
Shares redeemed |
— | — | (100,000 | ) | (2,386,172 | ) | ||||||||||
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| 4,900,000 | $ | 110,266,175 | 800,000 | $ | 18,299,537 | |||||||||||
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iBonds 2027 Term High Yield and Income |
||||||||||||||||
|
Shares sold |
1,800,000 | $ | 38,871,572 | 300,000 | $ | 6,707,849 | ||||||||||
|
Shares redeemed |
— | — | (100,000 | ) | (2,305,504 | ) | ||||||||||
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| 1,800,000 | $ | 38,871,572 | 200,000 | $ | 4,402,345 | |||||||||||
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N O T E S T O F I N A N C I A L S T A T E M E N T S |
87 |
Notes to Financial Statements (continued)
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|
Year Ended 10/31/23 |
Period Ended 10/31/22 |
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| iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
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||||||||||||||||
|
iBonds 2028 Term High Yield and Income |
||||||||||||||||
|
Shares sold |
300,000 | $ | 6,656,991 | 500,000 | $ | 12,245,249 | ||||||||||
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|||||||||
|
iBonds 2029 Term High Yield and Income |
||||||||||||||||
|
Shares sold |
200,000 | $ | 4,343,111 | 500,000 | $ | 12,510,534 | ||||||||||
|
Shares redeemed |
(200,000 | ) | (4,423,642 | ) | — | — | ||||||||||
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|
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|
|
|||||||||
| — | $ | (80,531 | ) | 500,000 | $ | 12,510,534 | ||||||||||
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|
Period Ended 10/31/23 |
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| iShares ETF | Shares | Amount | ||||||||||||||
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|
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|
iBonds 2030 Term High Yield and Income(a) |
||||||||||||||||
|
Shares sold |
400,000 | $ | 10,019,436 | |||||||||||||
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| (a) |
The Fund commenced operations on June 21, 2023. |
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
| 10. |
SUBSEQUENT EVENTS |
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:
Planned Fund Liquidation: In accordance with its prospectus and its investment objective, the iShares iBonds 2023 Term High Yield and Income ETF ceased trading after the close of business on December 15, 2023, when all of the bonds included in the Fund’s underlying index matured. Proceeds of the liquidation are currently scheduled to be sent to shareholders on December 22, 2023.
| 88 |
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 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of
iShares Trust and Shareholders of each of the eight funds listed in the table below
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (eight of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
iShares iBonds 2023 Term High Yield and Income ETF(1)
iShares iBonds 2024 Term High Yield and Income ETF(1)
iShares iBonds 2025 Term High Yield and Income ETF(1)
iShares iBonds 2026 Term High Yield and Income ETF(1)
iShares iBonds 2027 Term High Yield and Income ETF(1)
iShares iBonds 2028 Term High Yield and Income ETF(2)
iShares iBonds 2029 Term High Yield and Income ETF(2)
iShares iBonds 2030 Term High Yield and Income ETF(3)
(1) Statement of operations for the year ended October 31, 2023 and statement of changes in net assets for each of the two years in the period ended October 31, 2023.
(2) Statement of operations for the year ended October 31, 2023, and statement of changes in net assets for the year ended October 31, 2023 and for the period March 8, 2022 (commencement of operations) to October 31, 2023.
(3) Statement of operations and statement of changes in net assets for the period June 21, 2023 (commencement of operations) to October 31, 2023.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
|
/s/PricewaterhouseCoopers LLP |
|
Philadelphia, Pennsylvania |
|
December 21, 2023 |
We have served as the auditor of one or more BlackRock investment companies since 2000.
|
R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M |
89 |
Important Tax Information (unaudited)
The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2023:
| iShares ETF |
Federal Obligation Interest |
|||
|
iBonds 2023 Term High Yield and Income |
$691,834 | |||
|
iBonds 2024 Term High Yield and Income |
130,072 | |||
|
iBonds 2025 Term High Yield and Income |
83,985 | |||
|
iBonds 2026 Term High Yield and Income |
15,196 | |||
|
iBonds 2027 Term High Yield and Income |
5,213 | |||
|
iBonds 2028 Term High Yield and Income |
2,467 | |||
|
iBonds 2029 Term High Yield and Income |
1,201 | |||
|
iBonds 2030 Term High Yield and Income |
580 | |||
The law varies in each state as to whether and what percent of ordinary income dividends attributable to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2023:
| iShares ETF | Interest Dividends | |||
|
iBonds 2023 Term High Yield and Income |
$ 8,079,559 | |||
|
iBonds 2024 Term High Yield and Income |
19,181,910 | |||
|
iBonds 2025 Term High Yield and Income |
12,982,432 | |||
|
iBonds 2026 Term High Yield and Income |
6,382,832 | |||
|
iBonds 2027 Term High Yield and Income |
2,097,315 | |||
|
iBonds 2028 Term High Yield and Income |
1,003,476 | |||
|
iBonds 2029 Term High Yield and Income |
596,810 | |||
|
iBonds 2030 Term High Yield and Income |
258,378 | |||
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2023:
| iShares ETF |
Interest-Related Dividends |
|||
|
iBonds 2023 Term High Yield and Income |
$ 6,796,118 | |||
|
iBonds 2024 Term High Yield and Income |
12,810,605 | |||
|
iBonds 2025 Term High Yield and Income |
10,741,292 | |||
|
iBonds 2026 Term High Yield and Income |
5,353,600 | |||
|
iBonds 2027 Term High Yield and Income |
1,741,313 | |||
|
iBonds 2028 Term High Yield and Income |
850,579 | |||
|
iBonds 2029 Term High Yield and Income |
523,602 | |||
|
iBonds 2030 Term High Yield and Income |
225,102 | |||
| 90 |
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 |
Board Review and Approval of Investment Advisory Contract
iShares iBonds 2023 Term HighYield and Income ETF, iShares iBonds 2024 Term HighYield and Income ETF, iShares iBonds 2025 Term HighYield and Income ETF, iShares iBonds 2026 Term High Yield and Income ETF, iShares iBonds 2027 Term High Yield and Income ETF, iShares iBonds 2028 Term High Yield and Income ETF, iShares iBonds 2029 Term High Yield and Income ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
|
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
91 |
Board Review and Approval of Investment Advisory Contract (continued)
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately
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Board Review and Approval of Investment Advisory Contract (continued)
large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares iBonds 2030 Term High Yield and Income ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required to consider and approve the proposed Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the terms of the proposed Advisory Agreement. At a meeting held on March 29-30, 2023, the Board, including the Independent Board Members, approved the selection of BFA as investment adviser and approved the proposed Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA. The Board also considered information previously provided by BFA, BlackRock Institutional Trust Company, N.A. (“BTC”), and BlackRock, Inc. (“BlackRock”), as applicable, at prior Board meetings. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses of the Fund; (ii) the nature, extent and quality of the services to be provided by BFA; (iii) the costs of services to be provided to the Fund and the availability of information related to profits to be realized by BFA and its affiliates; (iv) potential economies of scale; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, no one of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the Advisory Agreement are discussed below.
Expenses of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances.
The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level of the Fund supported the Board’s approval of the Advisory Agreement.
Nature, Extent and Quality of Services to be Provided by BFA: The Board reviewed the scope of services to be provided by BFA under the Advisory Agreement. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time and have made significant investments into the iShares business to support the iShares funds and their shareholders. The Board considered representations by BFA, BTC, and BlackRock that the scope and quality of services to be provided to the Fund would be similar to the scope and quality of services provided to other iShares funds. The Board also considered BFA’s compliance program and its compliance record with respect to other iShares funds. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons who will be responsible for the day-to-day management of the Fund, as well as the resources that will be available to them in managing the Fund. The Board also considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided throughout the year with respect to other iShares funds, and other matters related to BFA’s portfolio compliance program.
Based on review of this information, the Board concluded that the nature, extent and quality of services to be provided to the Fund under the Advisory Agreement supported the Board’s approval of the Advisory Agreement.
Costs of Services to be Provided to the Fund and Profits to be Realized by BFA and Affiliates: The Board did not consider the profitability of the Fund to BFA based on the fees payable under the Advisory Agreement or revenue to be received by BFA or its affiliates in connection with services to be provided to the Fund since the proposed relationship had not yet commenced. The Board noted that it expects to receive profitability information from BFA periodically following the Fund’s launch and will thus be in a position to evaluate whether any new or additional breakpoints or other adjustments in Fund fees would be appropriate.
Economies of Scale: The Board considered information that it had previously received regarding potential economies of scale, efficiencies and scale benefits shared with the iShares funds through relatively low fee rates established at inception, breakpoints and waivers or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for any breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
This consideration of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the Advisory Agreement.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services,
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Board Review and Approval of Investment Advisory Contract (continued)
including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board further noted that BFA previously provided the Board with detailed information regarding how the Other Accounts (particularly institutional clients) generally differ from the iShares funds, including in terms of the different and generally more extensive services provided to the iShares funds, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement.
Other Benefits to BFA and/or its Affiliates: Except as noted below, the Board did not consider the “fallout” benefits or ancillary revenue to be received by BFA and/or its affiliates in connection with the services to be provided to the Fund by BFA since the proposed relationship had not yet commenced. However, the Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board considered the potential payment of advisory fees and/or administration fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services and/or administration services. The Board also noted the potential revenue to be received by BFA and/or its affiliates pursuant to an agreement that would permit a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board also considered the potential for revenue to BTC, the Fund’s securities lending agent, and its affiliates in the event of any loaning of portfolio securities of the Fund. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that will be provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the Advisory Agreement.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services to be rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the Advisory Agreement.
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Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
October 31, 2023
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Total Cumulative Distributions for the Fiscal Year |
% Breakdown of the Total Cumulative Distributions for the Fiscal Year |
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| iShares ETF |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
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iBonds 2023 Term High Yield and Income |
$ | 0.986127 | $ | — | $ | — | $ | 0.986127 | 100 | % | — | % | — | % | 100 | % | ||||||||||||||||
Tailored Shareholder Reports for Open-End Mutual Funds and ETFs
Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.
Premium/Discount Information
Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
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S U P P L E M E N T A L I N F O R M A T I O N |
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Trustee and Officer Information (unaudited)
The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).
The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of October 31, 2023. With the exception of Robert S. Kapito, Salim Ramji and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA94105. The address of Mr. Kapito, Mr. Ramji and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).
| Interested Trustees | ||||||||
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Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||||
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Robert S. Kapito(a) (1957) |
Trustee (since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||||
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Salim Ramji(b) (1970) |
Trustee (since 2019). |
Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). | |||||
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(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. (b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | ||||||||
| Independent Trustees | ||||||
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Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||
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John E. Kerrigan (1955) |
Trustee (since 2005); Independent Board Chair (since 2022). |
Chief Investment Officer, Santa Clara University (since 2002). |
Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022). | |||
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Jane D. Carlin (1956) |
Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
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Richard L. Fagnani (1954) |
Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
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Trustee and Officer Information (unaudited) (continued)
| Independent Trustees (continued) | ||||||||
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Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years |
Other Directorships Held by Trustee | |||||
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Cecilia H. Herbert (1949) |
Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Director of the Jackson Hole Center for the Arts (since 2021); Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||||
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Drew E. Lawton (1959) |
Trustee (since 2017); 15(c) Committee Chair (since 2017). | Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021). | |||||
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John E. Martinez (1961) |
Trustee (since 2003); Securities Lending Committee Chair (since 2019). | Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||||
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Madhav V. Rajan (1964) |
Trustee (since 2011); Fixed-Income Plus Committee Chair (since 2019). | Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). | |||||
| Officers | ||||
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Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years | ||
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Dominik Rohé (1973) |
President (since 2023). | Managing Director, BlackRock, Inc. (since 2005); Head of Americas ETF and Index Investments (since 2023); Head of Latin America (2019-2023). | ||
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Trent Walker (1974) |
Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
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Aaron Wasserman (1974) |
Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2023; iShares U.S. ETF Trust, since 2023). | Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023). | ||
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Marisa Rolland (1980) |
Secretary (since 2022). | Managing Director, BlackRock, Inc. (since 2023); Director, BlackRock, Inc. (2018-2022); Vice President, BlackRock, Inc. (2010-2017). | ||
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Rachel Aguirre (1982) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII’s Americas Portfolio Engineering (2020-2021); Head of Developed Markets Portfolio Engineering (2016-2019). | ||
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Jennifer Hsui (1976) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022). | ||
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T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
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Trustee and Officer Information (unaudited) (continued)
| Officers (continued) | ||||
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Name (Year of Birth) |
Position(s) |
Principal Occupation(s) During Past 5 Years | ||
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James Mauro (1970) |
Executive Vice President (since 2022). | Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020). | ||
Effective March 30, 2023, Dominik Rohé replaced Armando Senra as President.
Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.
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Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
| • |
Go to icsdelivery.com. |
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If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
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G E N E R A L I N F O R M A T I O N |
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Glossary of Terms Used in this Report
| Portfolio Abbreviation | ||
| PIK | Payment-in-kind | |
| REIT | Real Estate Investment Trust | |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.
©2023 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-AR-1023-1023
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