Schedule of Investments (unaudited) | iShares® iBonds® 2022 Term High Yield and Income ETF |
July 31, 2022 | (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Agriculture — 2.5% | ||||||||
Altria Group Inc., 2.85%, 08/09/22 | $ | 1,255 | $ | 1,254,912 | ||||
BAT Capital Corp., 2.76%, 08/15/22 (Call 08/09/22) | 510 | 509,908 | ||||||
Bunge Ltd. Finance Corp., 3.00%, 09/25/22 (Call 08/25/22) | 610 | 609,854 | ||||||
2,374,674 | ||||||||
Airlines — 0.6% | ||||||||
Southwest Airlines Co., 2.75%, 11/16/22 (Call 10/16/22) | 600 | 598,536 | ||||||
Auto Manufacturers — 1.5% | ||||||||
Ford Motor Credit Co. LLC | ||||||||
3.35%, 11/01/22 | 685 | 684,507 | ||||||
3.55%, 10/07/22 | 291 | 290,601 | ||||||
4.25%, 09/20/22 | 475 | 475,627 | ||||||
1,450,735 | ||||||||
Banks — 10.8% | ||||||||
Cooperatieve Rabobank U.A., 3.95%, 11/09/22 | 675 | 676,019 | ||||||
Credit Suisse Group Funding Guernsey Ltd., 3.80%, 09/15/22 | 2,130 | 2,130,980 | ||||||
Deutsche Bank AG/New York NY, 3.30%, 11/16/22 | 1,425 | 1,424,273 | ||||||
M&T Bank Corp., 3.65%, 12/06/22 (Call 09/06/22)(a) | 755 | 755,423 | ||||||
Morgan Stanley, 4.88%, 11/01/22 | 2,900 | 2,913,166 | ||||||
Natwest Group PLC, 6.13%, 12/15/22 | 1,920 | 1,934,515 | ||||||
Synovus Financial Corp., 3.13%, 11/01/22 (Call 10/01/22) | 525 | 524,675 | ||||||
10,359,051 | ||||||||
Chemicals — 2.9% | ||||||||
Celanese U.S. Holdings LLC, 4.63%, 11/15/22 | 885 | 885,425 | ||||||
Mosaic Co. (The), 3.25%, 11/15/22 (Call 10/15/22) | 875 | 875,429 | ||||||
Nutrien Ltd., 3.15%, 10/01/22 (Call 08/29/22) | 385 | 385,138 | ||||||
RPM International Inc., 3.45%, 11/15/22 (Call 08/29/22) | 600 | 599,370 | ||||||
2,745,362 | ||||||||
Commercial Services — 3.4% | ||||||||
Equifax Inc., 3.30%, 12/15/22 (Call 09/15/22)(a) | 825 | 824,802 | ||||||
North Queensland Export Terminal Pty Ltd., 4.45%, 12/15/22(a)(b) | 2,200 | 2,132,482 | ||||||
Verisk Analytics Inc., 4.13%, 09/12/22 | 300 | 299,778 | ||||||
3,257,062 | ||||||||
Computers — 1.7% | ||||||||
Hewlett Packard Enterprise Co., 4.40%, 10/15/22 (Call 08/15/22) | 1,235 | 1,235,556 | ||||||
HP Inc., 4.05%, 09/15/22(a) | 435 | 435,400 | ||||||
1,670,956 | ||||||||
Diversified Financial Services — 1.5% | ||||||||
Discover Financial Services, 3.85%, 11/21/22 | 750 | 751,050 | ||||||
International Lease Finance Corp., 5.88%, 08/15/22 | 700 | 700,371 | ||||||
1,451,421 | ||||||||
Electric — 8.6% | ||||||||
American Electric Power Co. Inc., Series F, 2.95%, 12/15/22 (Call 09/15/22) | 600 | 597,924 | ||||||
Dominion Energy Inc., Series B, 2.75%, 09/15/22 (Call 08/19/22) | 285 | 284,453 | ||||||
DTE Energy Co. | ||||||||
2.25%, 11/01/22 | 900 | 897,417 | ||||||
Series H, 0.55%, 11/01/22 | 835 | 830,992 | ||||||
Duke Energy Corp., 2.40%, 08/15/22 (Call 08/09/22) | 725 | 724,594 | ||||||
Edison International | ||||||||
2.40%, 09/15/22 (Call 08/29/22) | 375 | 374,108 | ||||||
3.13%, 11/15/22 (Call 10/15/22) | 750 | 748,762 | ||||||
ITC Holdings Corp., 2.70%, 11/15/22 (Call 10/15/22) | 835 | 831,961 |
Security | Par (000) | Value | ||||||
Electric (continued) | ||||||||
Public Service Enterprise Group Inc., 2.65%, 11/15/22 (Call 10/15/22)(a) | $ | 960 | $ | 957,302 | ||||
TransAlta Corp., 4.50%, 11/15/22 (Call 08/29/22)(a) | 2,025 | 2,023,501 | ||||||
8,271,014 | ||||||||
Food — 1.1% | ||||||||
General Mills Inc., 2.60%, 10/12/22 (Call 09/12/22) | 410 | 409,971 | ||||||
McCormick & Co. Inc./MD, 2.70%, 08/15/22 (Call 08/02/22) | 675 | 675,000 | ||||||
1,084,971 | ||||||||
Health Care - Products — 1.5% | ||||||||
DH Europe Finance II Sarl, 2.05%, 11/15/22 | 1,490 | 1,484,710 | ||||||
Health Care - Services — 7.4% | ||||||||
Aetna Inc., 2.75%, 11/15/22 (Call 08/15/22) | 1,460 | 1,459,591 | ||||||
CommonSpirit Health, 2.95%, 11/01/22 | 940 | 941,466 | ||||||
Dignity Health, 3.13%, 11/01/22 | 1,425 | 1,421,423 | ||||||
Elevance Health Inc., 2.95%, 12/01/22 (Call 11/01/22) | 1,260 | 1,258,715 | ||||||
Humana Inc. | ||||||||
2.90%, 12/15/22 (Call 11/15/22) | 865 | 863,400 | ||||||
3.15%, 12/01/22 (Call 09/01/22) | 1,185 | 1,184,716 | ||||||
7,129,311 | ||||||||
Home Builders — 1.1% | ||||||||
DR Horton Inc., 4.38%, 09/15/22 (Call 08/29/22) | 300 | 299,664 | ||||||
Lennar Corp., 4.75%, 11/15/22 (Call 08/30/22) | 720 | 720,641 | ||||||
1,020,305 | ||||||||
Home Furnishings — 0.3% | ||||||||
Leggett & Platt Inc., 3.40%, 08/15/22 | 250 | 249,983 | ||||||
Household Products & Wares — 0.5% | ||||||||
Church & Dwight Co. Inc., 2.88%, 10/01/22 | 525 | 524,417 | ||||||
Insurance — 1.3% | ||||||||
Aon Corp., 2.20%, 11/15/22 | 590 | 588,496 | ||||||
Fidelity National Financial Inc., 5.50%, 09/01/22 | 390 | 389,856 | ||||||
Globe Life Inc., 3.80%, 09/15/22(a) | 280 | 279,742 | ||||||
1,258,094 | ||||||||
Iron & Steel — 0.5% | ||||||||
Nucor Corp., 4.13%, 09/15/22 (Call 08/15/22) | 464 | 463,675 | ||||||
Leisure Time — 2.4% | ||||||||
Royal Caribbean Cruises Ltd., 5.25%, 11/15/22(a) | 2,320 | 2,303,737 | ||||||
Manufacturing — 5.0% | ||||||||
Carlisle Companies Inc., 3.75%, 11/15/22 (Call 08/29/22) | 625 | 623,900 | ||||||
Eaton Corp., 2.75%, 11/02/22 | 2,735 | 2,731,171 | ||||||
General Electric Co. | ||||||||
2.70%, 10/09/22 | 640 | 639,462 | ||||||
3.15%, 09/07/22(a) | 550 | 550,160 | ||||||
Parker-Hannifin Corp., 3.50%, 09/15/22(a) | 255 | 255,122 | ||||||
4,799,815 | ||||||||
Media — 2.2% | ||||||||
CSC Holdings LLC, 5.88%, 09/15/22 | 2,105 | 2,104,137 | ||||||
Mining — 2.1% | ||||||||
Mountain Province Diamonds Inc., 8.00%, 12/15/22 (Call 08/09/22)(a)(b) | 1,435 | 1,355,228 | ||||||
Southern Copper Corp., 3.50%, 11/08/22 | 640 | 641,229 | ||||||
1,996,457 | ||||||||
Packaging & Containers — 1.6% | ||||||||
Graphic Packaging International LLC, 4.88%, 11/15/22 (Call 08/29/22)(a) | 910 | 910,628 |
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Schedule of Investments (unaudited) (continued) | iShares® iBonds® 2022 Term High Yield and Income ETF |
July 31, 2022 | (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Packaging & Containers (continued) | ||||||||
Sealed Air Corp., 4.88%, 12/01/22 (Call 09/01/22)(b) | $ | 584 | $ | 583,819 | ||||
1,494,447 | ||||||||
Pharmaceuticals — 6.2% | ||||||||
AbbVie Inc. | ||||||||
2.30%, 11/21/22 | 1,190 | 1,187,787 | ||||||
2.90%, 11/06/22 | 1,075 | 1,073,936 | ||||||
3.20%, 11/06/22 (Call 09/06/22) | 650 | 649,707 | ||||||
Cigna Corp., 3.05%, 11/30/22 (Call 10/31/22) | 555 | 554,656 | ||||||
CVS Health Corp. | ||||||||
2.75%, 12/01/22 (Call 09/01/22) | 1,335 | 1,332,624 | ||||||
4.75%, 12/01/22 (Call 09/01/22)(a) | 355 | 355,447 | ||||||
McKesson Corp., 2.70%, 12/15/22 (Call 09/15/22)(a) | 760 | 757,895 | ||||||
5,912,052 | ||||||||
Pipelines — 3.5% | ||||||||
Energy Transfer LP/Regency Energy Finance Corp., 5.00%, 10/01/22 (Call 08/20/22) | 1,005 | 1,004,960 | ||||||
MPLX LP, 3.50%, 12/01/22 (Call 11/01/22) | 1,190 | 1,189,215 | ||||||
Ruby Pipeline LLC, 8.00%, 04/01/22(a)(b)(c)(d) | 259 | 216,970 | ||||||
TransCanada PipeLines Ltd., 2.50%, 08/01/22 | 980 | 980,000 | ||||||
3,391,145 | ||||||||
Real Estate Investment Trusts — 1.5% | ||||||||
SL Green Operating Partnership LP, 3.25%, 10/15/22 (Call 09/15/22)(a) | 850 | 847,943 | ||||||
SL Green Realty Corp., 4.50%, 12/01/22 (Call 09/01/22) | 604 | 604,797 | ||||||
1,452,740 | ||||||||
Retail — 0.3% | ||||||||
O’Reilly Automotive Inc., 3.80%, 09/01/22 (Call 08/29/22)(a) | 250 | 249,997 | ||||||
Semiconductors — 0.1% | ||||||||
Advanced Micro Devices Inc., 7.50%, 08/15/22 | 118 | 118,144 | ||||||
Software — 3.7% | ||||||||
Autodesk Inc., 3.60%, 12/15/22 (Call 09/15/22) | 830 | 830,407 | ||||||
Oracle Corp., 2.50%, 10/15/22 | 2,025 | 2,021,983 | ||||||
Roper Technologies Inc. | ||||||||
0.45%, 08/15/22 | 90 | 89,897 | ||||||
3.13%, 11/15/22 (Call 08/15/22) | 640 | 639,891 | ||||||
3,582,178 |
Security | Par/ Shares (000) | Value | ||||||
Telecommunications — 2.5% | ||||||||
Sprint Communications LLC, 6.00%, 11/15/22 | $ | 1,977 | $ | 1,989,633 | ||||
Vodafone Group PLC, 2.50%, 09/26/22 | 415 | 414,639 | ||||||
2,404,272 | ||||||||
Transportation — 0.8% | ||||||||
JB Hunt Transport Services Inc., 3.30%, 08/15/22 | 335 | 334,839 | ||||||
Ryder System Inc., 2.50%, 09/01/22 (Call 08/29/22) | 430 | 429,463 | ||||||
764,302 | ||||||||
Total Long-Term Investments — 79.1% | ||||||||
(Cost: $76,292,896) | 75,967,700 | |||||||
Short-Term Securities | ||||||||
Money Market Funds — 27.9% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 1.93%(e)(f)(g) | 9,117 | 9,115,958 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 1.81%(e)(f) | 17,660 | 17,660,000 | ||||||
Total Short-Term Securities — 27.9% | ||||||||
(Cost: $26,774,812) | 26,775,958 | |||||||
Total Investments in Securities — 107.0% | ||||||||
(Cost: $103,067,708) | 102,743,658 | |||||||
Liabilities in Excess of Other Assets — (7.0)% | (6,738,629 | ) | ||||||
Net Assets — 100.0% | $ | 96,005,029 |
(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) | Issuer filed for bankruptcy and/or is in default. |
(d) | Non-income producing security. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value
at 10/31/21 | Purchases at Cost | Proceeds from Sale | Net
Realized Gain (Loss) | Change
in Unrealized Appreciation (Depreciation) | Value
at 07/31/22 | Shares Held at 07/31/22 (000) | Income | Capital
Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 6,234,299 | $ | 2,884,711 | (a) | $ | — | $ | (3,854 | ) | $ | 802 | $ | 9,115,958 | 9,117 | $ | 22,606 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 3,280,000 | 14,380,000 | (a) | — | — | — | 17,660,000 | 17,660 | 34,934 | — | ||||||||||||||||||||||||||
$ | (3,854 | ) | $ | 802 | $ | 26,775,958 | $ | 57,540 | $ | — |
(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. |
2
Schedule of Investments (unaudited) (continued) | iShares® iBonds® 2022 Term High Yield and Income ETF |
July 31, 2022
Fair Value Hierarchy as of Period End
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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are 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. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 75,967,700 | $ | — | $ | 75,967,700 | ||||||||
Money Market Funds | 26,775,958 | — | — | 26,775,958 | ||||||||||||
$ | 26,775,958 | $ | 75,967,700 | $ | — | $ | 102,743,658 |
3