Schedule of Investments (unaudited) | iShares® iBonds® Mar 2023 Term Corporate ex-Financials ETF |
January 31, 2023 | (Percentages shown are based on Net Assets) |
Security | Par (000) | Value | ||||||
Corporate Bonds & Notes | ||||||||
Aerospace & Defense — 4.3% | ||||||||
Boeing Co. (The) | ||||||||
1.17%, 02/04/23 | $ | 1,035 | $ | 1,035,000 | ||||
2.80%, 03/01/23 (Call 02/01/23) | 500 | 499,205 | ||||||
1,534,205 | ||||||||
Agriculture — 0.9% | ||||||||
Philip Morris International Inc., 2.63%, 03/06/23 | 324 | 323,307 | ||||||
Auto Manufacturers — 1.9% | ||||||||
PACCAR Financial Corp., 1.90%, 02/07/23 | 123 | 122,947 | ||||||
Toyota Motor Credit Corp., 2.90%, 03/30/23(a) | 564 | 562,466 | ||||||
685,413 | ||||||||
Beverages — 2.8% | ||||||||
PepsiCo Inc., 2.75%, 03/01/23 | 984 | 982,593 | ||||||
Biotechnology — 3.9% | ||||||||
Illumina Inc., 0.55%, 03/23/23 | 1,386 | 1,376,769 | ||||||
Chemicals — 2.2% | ||||||||
Air Products and Chemicals Inc., 2.75%, 02/03/23(a) | 159 | 159,000 | ||||||
Linde Inc./CT, 2.70%, 02/21/23 | 257 | 256,417 | ||||||
PPG Industries Inc., 3.20%, 03/15/23 (Call 02/15/23) | 350 | 349,177 | ||||||
764,594 | ||||||||
Commercial Services — 1.7% | ||||||||
RELX Capital Inc., 3.50%, 03/16/23 (Call 02/16/23) | 595 | 593,982 | ||||||
Computers — 0.9% | ||||||||
Apple Inc., 2.85%, 02/23/23 | 305 | 304,567 | ||||||
Cosmetics & Personal Care — 0.9% | ||||||||
Colgate-Palmolive Co., 1.95%, 02/01/23(a) | 100 | 100,000 | ||||||
Unilever Capital Corp., 3.13%, 03/22/23 (Call 02/22/23)(a) | 215 | 214,566 | ||||||
314,566 | ||||||||
Electric — 6.8% | ||||||||
Duke Energy Carolinas LLC | ||||||||
2.50%, 03/15/23 (Call 03/03/23) | 295 | 294,139 | ||||||
3.05%, 03/15/23 (Call 02/15/23)(a) | 201 | 200,610 | ||||||
Edison International, 2.95%, 03/15/23 (Call 03/03/23) | 126 | 125,512 | ||||||
Evergy Metro Inc., 3.15%, 03/15/23 (Call 03/03/23)(a) | 55 | 54,918 | ||||||
National Rural Utilities Cooperative Finance Corp., 2.70%, 02/15/23 | 65 | 64,936 | ||||||
NextEra Energy Capital Holdings Inc., 0.65%, 03/01/23 | 1,300 | 1,295,385 | ||||||
Virginia Electric & Power Co., Series C, 2.75%, 03/15/23 (Call 02/21/23) | 375 | 373,676 | ||||||
2,409,176 | ||||||||
Electrical Components & Equipment — 5.7% | ||||||||
Emerson Electric Co., 2.63%, 02/15/23 | 2,010 | 2,008,513 | ||||||
Electronics — 1.9% | ||||||||
Arrow Electronics Inc., 4.50%, 03/01/23 | 690 | 689,482 | ||||||
Food — 2.3% | ||||||||
Campbell Soup Co., 3.65%, 03/15/23 (Call 02/15/23) | 806 | 805,000 | ||||||
Gas — 2.0% | ||||||||
Atmos Energy Corp., 0.63%, 03/09/23 (Call 02/16/23) | 13 | 12,947 | ||||||
CenterPoint Energy Resources Corp., 0.70%, 03/02/23 | 668 | 665,535 | ||||||
National Fuel Gas Co., 3.75%, 03/01/23(a) | 28 | 27,942 | ||||||
706,424 | ||||||||
Home Builders — 0.1% | ||||||||
DR Horton Inc., 4.75%, 02/15/23 | 50 | 49,992 |
Security | Par (000) | Value | ||||||
Internet — 1.4% | ||||||||
Amazon.com Inc., 2.40%, 02/22/23 | $ | 245 | $ | 244,696 | ||||
Booking Holdings Inc., 2.75%, 03/15/23 (Call 02/15/23) | 241 | 240,434 | ||||||
485,130 | ||||||||
Machinery — 2.9% | ||||||||
Caterpillar Financial Services Corp. | ||||||||
0.25%, 03/01/23 | 135 | 134,542 | ||||||
2.63%, 03/01/23(a) | 139 | 138,797 | ||||||
John Deere Capital Corp., 2.80%, 03/06/23 | 735 | 733,780 | ||||||
1,007,119 | ||||||||
Manufacturing — 0.9% | ||||||||
3M Co. | ||||||||
1.75%, 02/14/23 (Call 02/13/23) | 85 | 84,902 | ||||||
2.25%, 03/15/23 (Call 02/15/23) | 229 | 228,363 | ||||||
313,265 | ||||||||
Oil & Gas — 2.8% | ||||||||
EOG Resources Inc., 2.63%, 03/15/23 (Call 03/03/23) | 393 | 392,006 | ||||||
Exxon Mobil Corp., 2.73%, 03/01/23 (Call 02/13/23) | 595 | 593,929 | ||||||
985,935 | ||||||||
Pharmaceuticals — 4.3% | ||||||||
AmerisourceBergen Corp., 0.74%, 03/15/23 (Call 03/03/23) | 220 | 218,922 | ||||||
Bristol-Myers Squibb Co. | ||||||||
2.75%, 02/15/23(a) | 62 | 61,954 | ||||||
3.25%, 02/20/23 | 199 | 198,831 | ||||||
Cardinal Health Inc., 3.20%, 03/15/23(a) | 245 | 244,446 | ||||||
Johnson & Johnson, 2.05%, 03/01/23 | 42 | 41,917 | ||||||
McKesson Corp., 2.85%, 03/15/23 (Call 03/03/23) | 76 | 75,846 | ||||||
Zoetis Inc., 3.25%, 02/01/23 | 665 | 665,000 | ||||||
1,506,916 | ||||||||
Pipelines — 4.5% | ||||||||
Energy Transfer LP | ||||||||
3.60%, 02/01/23 | 208 | 208,000 | ||||||
4.25%, 03/15/23 (Call 02/16/23) | 359 | 358,619 | ||||||
Enterprise Products Operating LLC, 3.35%, 03/15/23 (Call 03/03/23) | 760 | 758,518 | ||||||
Kinder Morgan Energy Partners LP, 3.45%, 02/15/23 | 274 | 273,814 | ||||||
1,598,951 | ||||||||
Retail — 4.4% | ||||||||
Starbucks Corp., 3.10%, 03/01/23 (Call 02/01/23)(a) | 1,541 | 1,539,259 | ||||||
Software — 3.0% | ||||||||
Adobe Inc., 1.70%, 02/01/23 | 327 | 327,000 | ||||||
Fidelity National Information Services Inc., 0.38%, 03/01/23 | 374 | 372,665 | ||||||
Oracle Corp., 2.63%, 02/15/23 | 370 | 369,711 | ||||||
1,069,376 | ||||||||
Telecommunications — 2.2% | ||||||||
Cisco Systems Inc., 2.60%, 02/28/23(a) | 135 | 134,773 | ||||||
Rogers Communications Inc., 3.00%, 03/15/23 (Call 03/03/23) | 605 | 603,475 | ||||||
Vodafone Group PLC, 2.95%, 02/19/23 | 50 | 49,934 | ||||||
788,182 | ||||||||
Transportation — 3.8% | ||||||||
Burlington Northern Santa Fe LLC, 3.00%, 03/15/23 (Call 02/13/23)(a) | 290 | 289,466 | ||||||
Canadian Pacific Railway Co., 4.45%, 03/15/23 (Call 03/03/23) | 760 | 758,982 | ||||||
Norfolk Southern Corp., 2.90%, 02/15/23 | 26 | 25,979 |
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Schedule of Investments (unaudited) (continued) | iShares® iBonds® Mar 2023 Term Corporate ex-Financials ETF |
January 31, 2023 | (Percentages shown are based on Net Assets) |
Security | Par/ Shares (000) | Value | ||||||
Transportation (continued) | ||||||||
Ryder System Inc., 3.40%, 03/01/23 | $ | 260 | $ | 259,704 | ||||
1,334,131 | ||||||||
Total Long-Term Investments — 68.5% | ||||||||
(Cost: $24,214,351) | 24,176,847 | |||||||
Short-Term Securities | ||||||||
Money Market Funds — 33.0% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(b)(c)(d) | 1,093 | 1,093,986 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(b)(c) | 10,550 | 10,550,000 | ||||||
Total Short-Term Securities — 33.0% | ||||||||
(Cost: $11,642,712) | 11,643,986 | |||||||
Total Investments — 101.5% | ||||||||
(Cost: $35,857,063) | 35,820,833 | |||||||
Liabilities in Excess of Other Assets — (1.5)% | (543,293 | ) | ||||||
Net Assets — 100.0% | $ | 35,277,540 |
(a) | All or a portion of this security is on loan. |
(b) | Affiliate of the Fund. |
(c) | Annualized 7-day yield as of period end. |
(d) | 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 January 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 01/31/23 | Shares Held at 01/31/23 (000) | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 6,981,680 | $ | — | $ | (5,891,105 | )(a) | $ | 2,499 | $ | 912 | $ | 1,093,986 | 1,093 | $ | 3,717 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 1,760,000 | 8,790,000 | (a) | — | — | — | 10,550,000 | 10,550 | 61,374 | 7 | ||||||||||||||||||||||||||
$ | 2,499 | $ | 912 | $ | 11,643,986 | $ | 65,091 | $ | 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. 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. 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.
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Schedule of Investments (unaudited) (continued) | iShares® iBonds® Mar 2023 Term Corporate ex-Financials ETF |
January 31, 2023 |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Corporate Bonds & Notes | $ | — | $ | 24,176,847 | $ | — | $ | 24,176,847 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 11,643,986 | — | — | 11,643,986 | ||||||||||||
$ | 11,643,986 | $ | 24,176,847 | $ | — | $ | 35,820,833 |
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