LOGO   APRIL 30, 2020

 

  2020 Annual Report

 

iShares Trust

 

·  

iShares Core Dividend Growth ETF  |  DGRO  |  NYSE Arca

 

·  

iShares Core High Dividend ETF  |  HDV  |  NYSE Arca

 

·  

iShares International Select Dividend ETF  |  IDV  |  Cboe BZX    

 

·  

iShares Select Dividend ETF  |  DVY  |  NASDAQ    

 

·  

iShares U.S. Dividend and Buyback ETF  |  DIVB  |  Cboe BZX    

 

 

 

 

 

 

 

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of each Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future reports in paper free of charge. If you hold accounts through a financial intermediary, you can follow the instructions included with this disclosure, if applicable, or contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. Please note that not all financial intermediaries may offer this service. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive electronic delivery of shareholder reports and other communications by contacting your financial intermediary. Please note that not all financial intermediaries may offer this service.


Table of Contents

 

      Page  

Market Overview

     3  

Fund Summary

     4  

About Fund Performance

     14  

Shareholder Expenses

     14  

Schedules of Investments

     15  

Financial Statements

  

Statements of Assets and Liabilities

     37  

Statements of Operations

     39  

Statements of Changes in Net Assets

     41  

Financial Highlights

     44  

Notes to Financial Statements

     49  

Report of Independent Registered Public Accounting Firm

     57  

Important Tax Information (Unaudited)

     58  

Statement Regarding Liquidity Risk Management Program

     59  

Supplemental Information

     60  

Trustee and Officer Information

     63  

General Information

     65  

Glossary of Terms Used in this Report

     66  

 

 

       


Market Overview

 

iShares Trust

Global Market Overview

Global equity markets posted a negative return during the 12 months ended April 30, 2020 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -4.96% in U.S. dollar terms for the reporting period.

The coronavirus pandemic was the defining event of the reporting period, dividing it into two distinct parts. Prior to the outbreak, global equities posted solid returns, supported by slowing but resilient growth and accommodative monetary policy from major central banks. Equity markets ended 2019 on a positive note, as a trade agreement between the U.S. and China helped alleviate one of the world economy’s most significant risks.

However, the emergence and spread of the coronavirus upended global equity markets in late 2019 and early 2020. The outbreak began in China and quickly spread to other countries around the globe, leading affected countries to limit economic activity in an attempt to contain it. As the extent of the outbreak became apparent in February 2020, and restrictions on travel and work disrupted the economies of countries worldwide, global equity prices declined sharply. Market volatility continued throughout March 2020, as investors struggled to project the length of the disruption and its ultimate economic impact. In the midst of this volatile environment, decreasing demand and a dispute over oil production between Russia and Saudi Arabia led to a sudden decline in oil prices, further dampening market sentiment. In April 2020, however, optimism around plans in some countries to begin easing lockdown restrictions and new potential coronavirus treatments led global stocks to recover some of their losses.

In the U.S., as state and local governments issued shelter-in-place orders and restrictions on public gatherings and nonessential work, whole portions of the U.S. economy shut down. Travel, leisure, and industries such as restaurants and nonessential retail, were closed in many areas of the country, leading to mass layoffs. Unemployment, which was hovering near a 50-year low for much of the reporting period, increased dramatically as more than 30 million workers filed unemployment claims in the last six weeks of the reporting period.

In response to the crisis, the U.S. federal government enacted a U.S. $1.8 trillion stimulus program designed to stabilize affected industries, make loans to small businesses, and provide direct cash payments to individuals. An additional U.S. $484 billion of stimulus was added in April 2020. The U.S. Federal Reserve Bank (“Fed”), also responded to the crisis with two emergency interest rate reductions in March 2020 and a new bond-buying program that included U.S. Treasuries, corporate and municipal bonds, and asset-backed securities.

Europe was similarly affected by the coronavirus; Italy, Germany, France, Spain, and the U.K. were among the countries with the most confirmed cases. European stocks declined substantially as some countries issued lockdown orders to contain the virus’ spread. To mitigate the economic impact of this disruption, many countries individually implemented fiscal stimulus plans designed to protect affected businesses and workers. The European Central Bank (“ECB”) also sought to steady markets with a 750 billion bond buying program and signaled openness to further stimulus.

Asia-Pacific and emerging market equities also declined significantly, despite some signs that the outbreak was beginning to slow down. The Chinese economy struggled initially due to widespread business and factory closures, then later from a lack of demand, as other affected countries decreased their imports of Chinese goods and cancelled existing orders.

 

 

MARKET OVERVIEW      3  


Fund Summary  as of April 30, 2020    iShares® Core Dividend Growth ETF

 

Investment Objective

The iShares Core Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities with a history of consistently growing dividends, as represented by the Morningstar® U.S. Dividend Growth IndexSM (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      5 Years     

Since

Inception

           1 Year      5 Years      Since
Inception
 

Fund NAV

    (2.05 )%       9.26      9.10       (2.05 )%       55.68      67.06

Fund Market

    (2.11      9.23        9.09         (2.11      55.49        66.92  

Index

    (1.99      9.33        9.16               (1.99      56.23        67.59  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

 

  

The inception date of the Fund was 6/10/14. The first day of secondary market trading was 6/12/14.

 

  

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return               
 

Beginning
Account Value
(11/01/19)
 
 
 
      

Ending
Account Value
(04/30/20)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/19)
 
 
 
      

Ending
Account Value
(04/30/20)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
          

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 924.70        $ 0.38             $ 1,000.00        $ 1,024.50        $ 0.40              0.08

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 14 for more information.

 

 

 

4    2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of April 30, 2020    (continued)    iShares® Core Dividend Growth ETF

 

Portfolio Management Commentary

Stocks of firms with a history of consistently growing dividends declined slightly amid significant market turmoil during the reporting period. Concerns over the coronavirus pandemic weighed on markets, but investors perceived dividend growth stocks as relatively less affected. Stay-at-home orders and other efforts to contain the virus made a substantial negative impact on markets, anticipated corporate profits declined, and some firms reduced or suspended dividends.

The financials sector was the largest detractor from the Index’s return. Banks detracted the most as rising defaults driven by the coronavirus crisis weighed on bank profits. Banks built reserves in anticipation of additional defaults, as virus lockdowns affected many businesses that borrow from banks. Large banks continued to pay dividends, despite mounting political pressure to suspend them. Insurance stocks also declined, as anticipated earnings decreased due to lower bond yields, less economic activity, and coronavirus-related losses.

The industrials sector struggled amid expectations of lower earnings, further detracting from the Index’s performance. The capital goods industry drove the decline as business investment contracted for three consecutive quarters. Aerospace and defense companies were substantial detractors, as decreased travel reduced demand for aircraft, and some firms suspended dividends. The energy sector also declined, due primarily to significantly lower oil prices.

On the upside, healthcare stocks were strong contributors to the Index’s return. Healthcare companies with solid dividends were attractive to stock investors seeking stability after coronavirus concerns increased market volatility. Pharmaceuticals, biotechnology, and life sciences companies made the most significant contributions within the healthcare sector, as firms developed potential treatments for the virus. Healthcare equipment and services firms also made notable contributions, in part due to higher than expected earnings for managed care providers. The information technology sector was also a notable contributor to the Index’s performance. Software and services firms advanced, driven by the continued shift toward subscription-based cloud software.

Portfolio Information

 

ALLOCATION BY SECTOR

 

 
Sector    
Percent of
Total Investments
 
(a) 

Information Technology

    18.8

Financials

    18.8  

Health Care

    16.5  

Industrials

    11.6  

Consumer Staples

    10.1  

Consumer Discretionary

    7.4  

Communication Services

    5.2  

Utilities

    4.7  

Energy

    4.5  

Materials

    2.4  

Real Estate

    0.0 (b)  

TEN LARGEST HOLDINGS

 

 
Security    

Percent of

Total Investments


(a) 

Microsoft Corp.

    3.4

Johnson & Johnson

    3.1  

Apple Inc.

    3.0  

Chevron Corp.

    3.0  

Verizon Communications Inc.

    2.9  

JPMorgan Chase & Co.

    2.8  

Pfizer Inc.

    2.8  

Procter & Gamble Co. (The)

    2.2  

Wells Fargo & Co.

    1.9  

Cisco Systems Inc.

    1.9  
  (a) 

Excludes money market funds.

 

 

  (b) 

Rounds to less than 0.1%.

 

 

 

FUND SUMMARY      5  


Fund Summary  as of April 30, 2020    iShares® Core High Dividend ETF

 

Investment Objective

The iShares Core High Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Morningstar® Dividend Yield Focus IndexSM (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      5 Years    

Since

Inception

           1 Year      5 Years      Since
Inception
 

Fund NAV

    (10.86 )%       4.90     9.13       (10.86 )%       27.02      121.29

Fund Market

    (10.90      4.88       9.12         (10.90      26.91        121.08  

Index

    (10.78      5.00       9.37               (10.78      27.61        125.66  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

 

  

The inception date of the Fund was 3/29/11. The first day of secondary market trading was 3/31/11.

 

  

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual

         

Hypothetical 5% Return

          
 

Beginning
Account Value
(11/01/19)


 
      

Ending
Account Value
(04/30/20)


 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/19)
 
 
 
      

Ending
Account Value
(04/30/20)
 

 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 882.70        $ 0.37             $ 1,000.00        $ 1,024.50        $ 0.40          0.08

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 14 for more information.

 

 

 

6    2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of April 30, 2020    (continued)    iShares® Core High Dividend ETF

 

Portfolio Management Commentary

Stocks with histories of high dividend yields declined notably during the reporting period. The coronavirus crisis reduced expected earnings and stock prices, but many companies responded by suspending repurchases rather than decreasing dividends. Dividend stocks also benefited from lower bond yields, which makes dividend-yielding stocks relatively more attractive to income-seeking investors. However, some investors remained cautious about high dividend yield stocks due to increased concerns about their long-term financial outlook.

The energy sector was the largest detractor from the Index’s return, as oil prices declined due to a production dispute between Saudi Arabia and Russia on the supply side and coronavirus-related restrictions on the demand side. As the prices of oil company stocks decreased, their dividend yields increased substantially, leading to concerns about their ability to continue the current levels of dividend payouts. However, large oil and gas companies maintained their dividends in this unfavorable environment, even as expected earnings decreased. Investors were also concerned that high dividend-paying oil and gas companies focused too much on current revenues, rather than adapting to increased demand for renewable energy.

The financials sector detracted significantly from the Index’s performance, led by banks as the decline in banks’ stock prices, combined with the maintenance of dividends, led to a meaningful increase in dividend yields. However, political pressure and possible defaults by energy firms led to concern over the future of bank dividends. The communication services sector also detracted from the Index’s return, as the expectation of a coming recession made future dividend reductions appear more likely.

On the upside, healthcare stocks contributed notably to the Index’s return, led by the pharmaceuticals industry. Solid demand supported continued cash flows for dividends, while the political environment improved somewhat as the presidential race narrowed to two candidates.

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Energy

    27.3

Health Care

    20.7  

Communication Services

    15.6  

Consumer Staples

    9.2  

Utilities

    8.6  

Information Technology

    7.6  

Financials

    5.9  

Industrials

    3.2  

Consumer Discretionary

    1.2  

Other (each representing less than 1%)

    0.7  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    

Percent of

Total Investments


(a) 

Exxon Mobil Corp.

    10.5

AT&T Inc.

    8.4  

Johnson & Johnson

    7.3  

Chevron Corp.

    7.0  

Verizon Communications Inc.

    6.9  

Pfizer Inc.

    6.5  

Cisco Systems Inc.

    4.4  

Merck & Co. Inc.

    4.0  

PepsiCo Inc.

    3.5  

Coca-Cola Co. (The)

    3.5  

 

 

 

FUND SUMMARY      7  


Fund Summary  as of April 30, 2020    iShares® International Select Dividend ETF

 

Investment Objective

The iShares International Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying equities in non-U.S. developed markets, as represented by the Dow Jones EPAC Select Dividend IndexTM (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      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (17.15 )%       (1.86 )%       2.74       (17.15 )%       (8.97 )%       31.08

Fund Market

    (18.26      (2.02      2.72         (18.26      (9.71      30.79  

Index

    (17.05      (1.73      2.87               (17.05      (8.36      32.72  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

 

  

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(11/01/19)
 
 
 
      

Ending
Account Value
(04/30/20)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/19)
 
 
 
      

Ending
Account Value
(04/30/20)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 795.20        $ 2.19             $ 1,000.00        $ 1,022.40        $ 2.46          0.49

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 14 for more information.

 

 

 

8    2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of April 30, 2020    (continued)    iShares® International Select Dividend ETF

 

Portfolio Management Commentary

International dividend stocks declined sharply during the reporting period, as a dramatic economic downturn weighed on global equities and drove widespread dividend reductions and suspensions. The decrease in economic activity caused by the coronavirus pandemic, which drove expectations of a global recession, weighed on dividend stocks. Additionally, reduced revenues and political factors put firms under pressure to decrease or eliminate dividends, which substantially lowered expected income for investors. Financials stocks retreated across multiple markets, weighed down by exposure to all areas of the global economy, as well as increased demand for U.S. dollars and concerns about potential loan defaults.

Australian stocks were the primary detractors from the Index’s return, as the pandemic’s impact on the economy, which is sensitive to economic conditions in China, led to recessionary forecasts. Australia experienced significant job losses and weakening business and consumer sentiment. The Australian dollar, which often moves in tandem with the Chinese yuan, weakened against the U.S. dollar. Bank stocks, already under pressure entering 2020 due to a series of scandals and tightening net interest margins, declined sharply amid a reduction in loans and reduced or suspended dividend payments.

French and German equities detracted substantially from the Index’s return, as Europe’s two largest economies faced their deepest downturns since World War II. Bank stocks were the principal source of weakness, as banks, heeding the recommendation of the ECB, cancelled or suspended dividends toward the end of the reporting period. With earnings already weak prior to the pandemic, the potential for loan defaults weighed on European bank stocks, despite stimulus efforts by the ECB and other central banks. More stringent E.U. accounting standards, which require earlier disclosures of loan losses, further weighed on both countries’ bank stocks.

The stocks of dividend-paying companies based in the U.K. also declined considerably. The energy sector detracted the most from the Index’s performance, as supply and demand shocks drove the price of oil to a 21-year low amid a price war and a coronavirus-induced decline in demand. Large oil firms issued bonds to raise cash, postponed projects, and reduced spending, in part to maintain their dividend payments. Nonetheless, some oil companies reduced their payouts.

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments 
 
(a) 

Financials

    37.9

Utilities

    15.4  

Communication Services

    12.9  

Consumer Discretionary

    8.2  

Consumer Staples

    6.2  

Energy

    5.9  

Information Technology

    5.6  

Industrials

    3.4  

Health Care

    2.4  

Materials

    1.7  

Real Estate

    0.4  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST GEOGRAPHIC ALLOCATION

 

Country/Geographic Region    
Percent of
Total Investments
 
 (a) 

United Kingdom

    24.2

Australia

    15.4  

Italy

    9.6  

Finland

    6.3  

Germany

    6.1  

France

    5.1  

Canada

    4.8  

Switzerland

    4.7  

Spain

    4.5  

Sweden

    4.5  

 

 

FUND SUMMARY      9  


Fund Summary  as of April 30, 2020    iShares® Select Dividend ETF

 

 

Investment Objective

The iShares Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Dow Jones U.S. Select Dividend IndexTM (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      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    (16.96 )%       4.11      9.15       (16.96 )%       22.32      140.04

Fund Market

    (16.97      4.10        9.15         (16.97      22.28        139.95  

Index

    (16.69      4.51        9.56               (16.69      24.70        149.16  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

 

  

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(11/01/19)
 
 
 
      

Ending
Account Value
(04/30/20)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/19)
 
 
 
      

Ending
Account Value
(04/30/20)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 808.00        $ 1.75             $ 1,000.00        $ 1,022.90        $ 1.96          0.39

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 14 for more information.

 

 

 

10    2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of April 30, 2020    (continued)    iShares® Select Dividend ETF

 

Portfolio Management Commentary

Equities that have historically paid relatively high dividends declined for the reporting period, as the coronavirus pandemic and associated lockdowns weighed on equity markets. Early reports also indicated that corporate earnings decreased considerably in the first quarter of 2020. In this environment, many firms reduced or suspended their dividends.

The consumer discretionary sector was the largest detractor from the Index’s return, and the automobiles industry was the leading source of weakness. Automobile manufacturers suspended their dividends, and unions opposed plans to reopen factories early due to concerns over the coronavirus. Furthermore, analysts anticipated a substantial decline in demand for automobiles, as consumers delayed purchases. The retail industry was also negatively impacted, as sales at clothing stores decreased significantly amid lockdowns. Some department stores and apparel retail firms suspended dividends in response to the deteriorating retail environment.

The financials sector detracted significantly from the Index’s performance, driven by declines among bank and insurance stocks. Many regional banks continued making dividend payouts at previous levels, leading to high dividend yields after stock prices decreased. However, political pressure to reduce bank dividends increased. Investors were also concerned that bad loans to the energy sector could lead regional banks to decrease their dividends. Additionally, uncertainty regarding possible losses related to the coronavirus pandemic negatively affected the insurance industry.

The energy sector was another significant detractor from the Index’s return due to a combination of decreased demand from locked-down consumers and a production dispute between Russia and Saudi Arabia. Some oil producers preserved dividends, even as lower stock prices increased dividend yields. However, other firms in the oil, gas, and consumable fuels industry significantly reduced dividends. The materials sector also detracted substantially, as lower oil prices negatively impacted the chemicals industry. The shutdown of industrial plants also reduced demand for some types of chemicals.

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
 (a) 

Utilities

    29.3

Financials

    12.9  

Information Technology

    10.4  

Consumer Staples

    9.3  

Consumer Discretionary

    8.7  

Materials

    7.9  

Communication Services

    7.4  

Energy

    6.1  

Industrials

    5.7  

Health Care

    2.3  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
 (a) 

AT&T Inc.

    2.7

QUALCOMM Inc.

    2.7  

General Mills Inc.

    2.2  

Dominion Energy Inc.

    2.1  

Target Corp.

    2.1  

Seagate Technology PLC

    2.0  

Philip Morris International Inc.

    1.8  

Altria Group Inc.

    1.8  

Verizon Communications Inc.

    1.8  

CenturyLink Inc.

    1.8  

 

 

FUND SUMMARY      11  


Fund Summary  as of April 30, 2020    iShares® U.S. Dividend and Buyback ETF

 

 

Investment Objective

The iShares U.S. Dividend and Buyback ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. stocks with a history of dividend payments and/or share buybacks, as represented by the Morningstar® US Dividend and Buyback IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year     

Since

Inception

           1 Year     

Since

Inception

 

Fund NAV

    (4.95 )%       3.89       (4.95 )%       9.93

Fund Market

    (5.09      3.89         (5.09      9.92  

Index

    (4.75      4.15               (4.75      10.62  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

 

  

The inception date of the Fund was 11/7/17. The first day of secondary market trading was 11/9/17.

 

  

Past performance is no guarantee 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” on page 14 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(11/01/19)
 
 
 
      

Ending
Account Value
(04/30/20)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(11/01/19)
 
 
 
      

Ending
Account Value
(04/30/20)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 910.10        $ 1.19             $ 1,000.00        $ 1,023.60        $ 1.26          0.25

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (182 days) and divided by the number of days in the year (366 days). See “Shareholder Expenses” on page 14 for more information.

 

 

 

12    2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Fund Summary  as of April 30, 2020    (continued)    iShares® U.S. Dividend and Buyback ETF

 

 

Portfolio Management Commentary

Stocks with histories of paying dividends or making buybacks posted a negative return for the reporting period, as the coronavirus crisis negatively affected markets. Before the pandemic, stock buybacks were a significant consideration for investors. However, many firms suspended their stock buybacks after the spread of the virus due to decreased earnings and increased political pressure. Some companies went further and reduced or eliminated dividends. At the same time, market volatility and lower bond yields increased investor interest in dividend-paying stocks.

The financials sector was the largest detractor from the Index’s return, particularly the banking industry. Many banks announced substantial stock buybacks and dividend increases in 2019, but some suspended the buybacks in response to the coronavirus crisis. However, banks mostly maintained their dividends despite mounting criticism from policymakers. Bank earnings also decreased significantly in the first quarter of 2020, and banks increased their reserves against future loan losses.

The industrials sector also detracted meaningfully, led by the capital goods industry. Capital goods orders started declining even before the coronavirus pandemic diminished the outlook for business investment. Furthermore, some industrials companies eliminated dividends and buybacks, which reduced demand for their stocks. The energy sector also detracted from the Index’s performance, in large part due to a significant decline in oil prices. Some energy firms stopped buybacks and preserved dividends, but others reduced dividends substantially.

On the upside, the healthcare and information technology sectors contributed to the Index’s return. The pharmaceuticals, biotechnology, and life sciences industry benefited from optimism about research to develop vaccines and treatments for the coronavirus. Companies in the information technology sector benefited from the emphasis on social distancing, as consumers turned to technology to replace face-to-face interactions. The earnings growth, cash reserves, and low debt in both the healthcare and information technology sectors supported continued dividends.

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
 (a) 

Information Technology

    26.4

Financials

    19.3  

Health Care

    13.2  

Consumer Discretionary

    8.9  

Industrials

    8.7  

Consumer Staples

    6.8  

Energy

    6.0  

Communication Services

    5.8  

Materials

    2.3  

Real Estate

    1.4  

Utilities

    1.2  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
 (a) 

Apple Inc.

    5.0

Microsoft Corp.

    3.2  

JPMorgan Chase & Co.

    2.8  

Bank of America Corp.

    2.5  

Cisco Systems Inc.

    2.3  

Oracle Corp.

    2.2  

Wells Fargo & Co.

    2.2  

Pfizer Inc.

    1.9  

Intel Corp.

    1.8  

Amgen Inc.

    1.7  

 

 

FUND SUMMARY      13  


About Fund Performance

 

Past performance is no guarantee 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 the 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. The price used to calculate market return (“Market Price”) is determined by 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.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses — The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes — The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 

 

14    2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  

April 30, 2020

  

iShares® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 2.7%        

Boeing Co. (The)

    593,280     $ 83,664,346  

BWX Technologies Inc.

    34,482       1,829,615  

General Dynamics Corp.

    164,147       21,440,881  

HEICO Corp.

    1,887       165,301  

HEICO Corp., Class A

    3,571       258,291  

Hexcel Corp.

    28,687       992,283  

Huntington Ingalls Industries Inc.

    21,915       4,194,750  

L3Harris Technologies Inc.

    89,909       17,415,373  

Lockheed Martin Corp.

    170,416       66,302,049  

Northrop Grumman Corp.

    66,357       21,942,269  

Raytheon Technologies Corp.

    566,016       36,683,497  
   

 

 

 
      254,888,655  
Air Freight & Logistics — 1.2%            

CH Robinson Worldwide Inc.

    110,540       7,837,286  

Expeditors International of Washington Inc.

    64,922       4,648,740  

FedEx Corp.

    143,411       18,180,212  

United Parcel Service Inc., Class B

    821,070       77,722,486  
   

 

 

 
      108,388,724  
Airlines — 0.3%            

Alaska Air Group Inc.

    101,900       3,313,788  

Delta Air Lines Inc.

    554,148       14,357,974  

Southwest Airlines Co

    203,715       6,366,094  
   

 

 

 
      24,037,856  
Auto Components — 0.2%            

Autoliv Inc.

    81,918       4,916,718  

BorgWarner Inc.

    132,559       3,787,211  

Gentex Corp.

    120,098       2,911,176  

Goodyear Tire & Rubber Co. (The)

    533,821       3,827,497  

Lear Corp.

    45,393       4,432,626  
   

 

 

 
      19,875,228  
Automobiles — 0.1%            

Harley-Davidson Inc.

    254,411       5,553,792  

Thor Industries Inc.

    43,279       2,865,070  
   

 

 

 
      8,418,862  
Banks — 11.4%            

Associated Banc-Corp.

    221,087       3,126,170  

Atlantic Union Bankshares Corp.

    94,256       2,249,891  

BancFirst Corp.

    15,927       613,349  

BancorpSouth Bank

    85,842       1,879,081  

Bank of America Corp.

    6,561,993       157,815,932  

Bank OZK

    154,934       3,504,607  

Banner Corp.

    21,068       809,643  

BOK Financial Corp.

    35,869       1,857,656  

Cathay General Bancorp.

    103,356       2,885,700  

CenterState Bank Corp.

    84,851       1,475,559  

Citigroup Inc.

    2,237,987       108,676,649  

Citizens Financial Group Inc.

    741,863       16,610,313  

Columbia Banking System Inc.

    53,334       1,439,485  

Comerica Inc.

    260,787       9,091,035  

Commerce Bancshares Inc.

    49,246       3,013,363  

Community Bank System Inc.

    30,803       1,924,879  

Cullen/Frost Bankers Inc.

    72,606       5,217,467  

CVB Financial Corp.

    156,576       3,254,432  

First Financial Bankshares Inc.

    69,555       1,937,107  

First Horizon National Corp.

    457,225       4,151,603  

First Interstate BancSystem Inc., Class A

    46,075       1,557,335  

First Merchants Corp.

    50,991       1,443,555  
Security   Shares     Value  
Banks (continued)        

First Midwest Bancorp. Inc.

    63,116     $ 932,854  

First Republic Bank/CA

    37,276       3,887,514  

Fulton Financial Corp.

    180,784       2,113,365  

Glacier Bancorp. Inc.

    81,103       3,088,402  

Great Western Bancorp. Inc.

    50,699       953,141  

Home BancShares Inc./AR

    151,637       2,324,595  

Hope Bancorp Inc.

    120,902       1,202,975  

Huntington Bancshares Inc./OH

    1,733,103       16,013,872  

Independent Bank Corp.

    20,949       1,526,973  

Independent Bank Group Inc.

    28,905       876,111  

Investors Bancorp. Inc.

    256,159       2,384,840  

JPMorgan Chase &Co.

    2,725,269       260,971,759  

KeyCorp

    1,518,046       17,685,236  

NBT Bancorp. Inc.

    27,811       921,378  

PNC Financial Services Group Inc. (The)

    504,645       53,830,482  

Popular Inc.

    77,867       3,004,888  

Prosperity Bancshares Inc.

    86,644       5,192,575  

Regions Financial Corp.

    1,428,958       15,361,298  

ServisFirst Bancshares Inc.

    30,010       1,065,955  

Simmons First National Corp., Class A

    113,978       2,131,389  

South State Corp.

    28,444       1,645,201  

Synovus Financial Corp.

    196,650       4,131,616  

TCF Financial Corp.

    201,677       5,987,790  

TowneBank/Portsmouth VA

    57,796       1,167,479  

Truist Financial Corp.

    1,830,241       68,304,594  

U.S. Bancorp.

    1,682,997       61,429,390  

UMB Financial Corp.

    29,898       1,520,014  

United Community Banks Inc./GA

    38,598       816,155  

Webster Financial Corp.

    123,166       3,479,440  

Wells Fargo &Co.

    6,197,968       180,050,970  

WesBanco Inc.

    87,544       2,160,586  

Westamerica Bancorp.

    22,535       1,419,705  

Wintrust Financial Corp.

    42,157       1,766,378  

Zions Bancorp. N.A.

    198,821       6,284,732  
   

 

 

 
      1,070,168,463  
Beverages — 3.2%            

Brown-Forman Corp., Class A

    19,825       1,124,474  

Brown-Forman Corp., Class B, NVS

    58,140       3,616,308  

Coca-Cola Co. (The)

    3,015,763       138,393,364  

Constellation Brands Inc., Class A

    82,862       13,646,543  

PepsiCo Inc.

    1,047,696       138,599,704  
   

 

 

 
      295,380,393  
Biotechnology —2.2%            

Amgen Inc.

    488,563       116,874,041  

Gilead Sciences Inc.

    1,103,954       92,732,136  
   

 

 

 
      209,606,177  
Building Products — 0.4%            

AAON Inc.

    8,048       383,407  

Advanced Drainage Systems Inc.

    12,825       519,925  

Allegion PLC

    22,804       2,292,714  

AO Smith Corp.

    84,663       3,588,018  

Carrier Global Corp.(a)

    563,753       9,984,066  

Fortune Brands Home &Security Inc.

    62,496       3,012,307  

Lennox International Inc.

    12,317       2,299,338  

Masco Corp.

    99,792       4,095,464  

Owens Corning

    61,137       2,650,900  

Simpson Manufacturing Co. Inc.

    12,774       921,005  

Trane Technologies PLC

    121,394       10,612,263  

 

 

SCHEDULE OF INVESTMENTS      15  


Schedule of Investments  (continued)

April 30, 2020

  

iShares® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Building Products (continued)        

Universal Forest Products Inc.

    18,340     $ 754,141  
   

 

 

 
      41,113,548  
Capital Markets — 3.9%            

Ameriprise Financial Inc.

    113,556       13,052,127  

Bank of New York Mellon Corp. (The)

    777,528       29,188,401  

BlackRock Inc.(b)

    91,925       46,150,027  

CME Group Inc.

    141,249       25,171,984  

Cohen &Steers Inc.

    16,687       963,507  

Eaton Vance Corp., NVS

    132,044       4,846,015  

Evercore Inc., Class A

    45,730       2,359,668  

FactSet Research Systems Inc.

    11,036       3,034,900  

Franklin Resources Inc.

    411,916       7,760,497  

Goldman Sachs Group Inc. (The)

    236,582       43,393,870  

Intercontinental Exchange Inc.

    181,478       16,233,207  

Legg Mason Inc.

    68,159       3,396,363  

MarketAxess Holdings Inc.

    7,150       3,253,322  

Moody’s Corp.

    44,052       10,744,283  

Morgan Stanley

    1,192,057       47,002,808  

MSCI Inc.

    22,324       7,299,948  

Nasdaq Inc.

    55,804       6,120,025  

Northern Trust Corp.

    211,906       16,774,479  

Raymond James Financial Inc.

    69,516       4,582,495  

S&P Global Inc.

    69,426       20,333,487  

SEI Investments Co.

    44,640       2,274,854  

State Street Corp.

    356,101       22,448,607  

T Rowe Price Group Inc.

    171,825       19,868,125  

TD Ameritrade Holding Corp.

    252,616       9,920,230  
   

 

 

 
      366,173,229  
Chemicals — 1.8%            

Air Products & Chemicals Inc.

    125,891       28,398,492  

Albemarle Corp.

    57,200       3,513,796  

Ashland Global Holdings Inc.

    30,623       1,889,133  

Balchem Corp.

    4,764       425,139  

Cabot Corp.

    68,559       2,323,465  

Celanese Corp.

    95,384       7,923,549  

Eastman Chemical Co.

    193,539       11,711,045  

Ecolab Inc.

    64,477       12,476,299  

HB Fuller Co.

    26,480       974,199  

Innospec Inc.

    9,314       675,451  

International Flavors & Fragrances Inc.

    73,758       9,664,511  

Linde PLC

    275,819       50,747,938  

NewMarket Corp.

    3,625       1,491,470  

PolyOne Corp.

    93,153       2,169,533  

PPG Industries Inc.

    127,104       11,544,856  

Quaker Chemical Corp.

    3,635       552,956  

RPM International Inc.

    75,537       5,016,412  

Scotts Miracle-Gro Co. (The)

    22,726       2,818,706  

Sensient Technologies Corp.

    36,708       1,754,275  

Sherwin-Williams Co. (The)

    21,675       11,625,820  

Stepan Co.

    7,859       749,749  

Valvoline Inc.

    128,105       2,202,125  

Westlake Chemical Corp.

    25,093       1,090,291  
   

 

 

 
      171,739,210  
Commercial Services &Supplies — 0.5%            

ABM Industries Inc.

    43,924       1,514,939  

Brady Corp., Class A, NVS

    25,777       1,122,331  

Cintas Corp.

    21,666       4,806,169  

Healthcare Services Group Inc.

    69,995       1,784,172  

Herman Miller Inc.

    49,967       1,126,256  
Security   Shares     Value  
Commercial Services &Supplies (continued)        

HNI Corp.

    51,934     $ 1,264,074  

KAR Auction Services Inc.

    137,092       2,053,638  

McGrath RentCorp.

    18,110       987,900  

Mobile Mini Inc.

    49,648       1,418,443  

MSA Safety Inc.

    14,551       1,637,424  

Republic Services Inc.

    95,887       7,511,788  

Rollins Inc.

    45,175       1,807,000  

Tetra Tech Inc.

    11,364       855,482  

Waste Management Inc.

    185,611       18,564,812  
   

 

 

 
      46,454,428  
Communications Equipment — 2.0%            

Cisco Systems Inc.

    4,091,030       173,377,851  

Motorola Solutions Inc.

    69,571       10,005,006  
   

 

 

 
      183,382,857  
Construction & Engineering — 0.0%            

Comfort Systems USA Inc.

    9,340       311,022  
   

 

 

 
Construction Materials — 0.0%            

Vulcan Materials Co.

    38,727       4,374,989  
   

 

 

 
Consumer Finance — 0.4%            

American Express Co.

    309,244       28,218,515  

Discover Financial Services

    265,851       11,423,618  

Nelnet Inc., Class A

    8,582       413,223  
   

 

 

 
      40,055,356  
Containers & Packaging —0.2%            

AptarGroup Inc.

    24,101       2,580,735  

Avery Dennison Corp.

    44,156       4,874,381  

Packaging Corp. of America

    89,962       8,694,827  

Silgan Holdings Inc.

    31,663       1,092,373  

Sonoco Products Co.

    92,789       4,531,815  
   

 

 

 
      21,774,131  
Distributors — 0.1%            

Genuine Parts Co.

    134,934       10,697,568  

Pool Corp.

    10,941       2,315,772  
   

 

 

 
      13,013,340  
Diversified Consumer Services — 0.0%            

Service Corp. International

    70,534       2,591,419  
   

 

 

 
Diversified Telecommunication Services — 2.9%  

Verizon Communications Inc.

    4,735,634       272,062,173  
   

 

 

 
Electric Utilities — 2.4%            

ALLETE Inc.

    46,837       2,695,938  

Alliant Energy Corp.

    181,605       8,816,923  

American Electric Power Co. Inc.

    393,370       32,692,981  

Edison International

    390,125       22,904,239  

El Paso Electric Co.

    23,747       1,614,796  

Entergy Corp.

    169,315       16,171,276  

Evergy Inc.

    188,897       11,037,252  

Eversource Energy

    201,423       16,254,836  

IDACORP Inc.

    36,519       3,351,714  

MGE Energy Inc.

    19,331       1,249,942  

NextEra Energy Inc.

    289,613       66,935,356  

OGE Energy Corp.

    231,251       7,289,031  

Otter Tail Corp.

    33,414       1,482,913  

Pinnacle West Capital Corp.

    100,777       7,758,821  

PNM Resources Inc.

    54,911       2,223,346  

Portland General Electric Co.

    65,359       3,058,148  

 

 

16    2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

April 30, 2020

  

iShares® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Electric Utilities (continued)        

Xcel Energy Inc.

    324,201     $ 20,606,216  
   

 

 

 
      226,143,728  
Electrical Equipment — 0.9%            

Eaton Corp. PLC

    355,567       29,689,845  

Emerson Electric Co.

    596,773       34,033,964  

Hubbell Inc.

    41,534       5,168,076  

nVent Electric PLC

    148,542       2,770,308  

Regal Beloit Corp.

    17,481       1,241,326  

Rockwell Automation Inc.

    75,753       14,353,678  
   

 

 

 
      87,257,197  
Electronic Equipment, Instruments &Components — 0.6%  

Amphenol Corp., Class A

    90,398       7,978,527  

Badger Meter Inc.

    8,627       509,252  

CDW Corp./DE

    54,511       6,039,819  

Cognex Corp.

    24,481       1,352,330  

Corning Inc.

    746,266       16,425,315  

Dolby Laboratories Inc., Class A

    24,543       1,473,316  

FLIR Systems Inc.

    66,665       2,893,261  

Littelfuse Inc.

    8,696       1,263,007  

SYNNEX Corp.

    16,667       1,459,363  

TE Connectivity Ltd.

    215,385       15,822,182  
   

 

 

 
      55,216,372  
Entertainment — 1.0%            

Activision Blizzard Inc.

    122,997       7,838,599  

Walt Disney Co. (The)

    767,366       82,990,633  
   

 

 

 
      90,829,232  
Food &Staples Retailing — 2.0%            

Casey’s General Stores Inc.

    7,690       1,164,343  

Costco Wholesale Corp.

    98,653       29,891,859  

Kroger Co. (The)

    428,926       13,558,351  

Sysco Corp.

    424,342       23,877,724  

Walgreens Boots Alliance Inc.

    760,089       32,904,253  

Walmart Inc.

    670,840       81,540,602  
   

 

 

 
      182,937,132  
Food Products — 1.6%            

Archer-Daniels-Midland Co.

    582,868       21,647,718  

Bunge Ltd.

    182,351       7,233,864  

Flowers Foods Inc.

    169,287       3,771,714  

Hershey Co. (The)

    78,919       10,451,243  

Hormel Foods Corp.

    156,924       7,351,890  

Ingredion Inc.

    53,827       4,370,752  

J&J Snack Foods Corp.

    6,061       769,929  

JM Smucker Co. (The)

    97,229       11,172,584  

Kellogg Co.

    234,967       15,390,339  

Lancaster Colony Corp.

    10,032       1,350,608  

McCormick &Co. Inc./MD, NVS

    53,113       8,330,243  

Mondelez International Inc., Class A

    800,278       41,166,300  

Tyson Foods Inc., Class A

    216,475       13,462,580  
   

 

 

 
      146,469,764  
Gas Utilities — 0.4%            

Atmos Energy Corp.

    68,661       7,001,362  

National Fuel Gas Co.

    100,633       4,125,953  

New Jersey Resources Corp.

    92,438       3,122,556  

ONE Gas Inc.

    35,902       2,861,749  

South Jersey Industries Inc.

    109,609       3,133,721  

Southwest Gas Holdings Inc.

    49,633       3,762,181  

Spire Inc.

    44,567       3,251,608  
Security   Shares     Value  
Gas Utilities (continued)        

UGI Corp.

    215,243     $ 6,496,034  
   

 

 

 
      33,755,164  
Health Care Equipment &Supplies — 2.6%            

Abbott Laboratories

    831,717       76,592,818  

Baxter International Inc.

    147,255       13,073,299  

Becton Dickinson and Co.

    93,988       23,734,790  

Cantel Medical Corp.

    3,875       143,375  

Danaher Corp.

    79,694       13,026,781  

Dentsply Sirona Inc.

    53,773       2,282,126  

Hill-Rom Holdings Inc.

    16,124       1,813,789  

Medtronic PLC

    799,428       78,048,156  

ResMed Inc.

    37,102       5,762,683  

Steris PLC

    22,252       3,170,910  

Stryker Corp.

    107,575       20,055,207  

West Pharmaceutical Services Inc.

    8,174       1,547,011  
   

 

 

 
      239,250,945  
Health Care Providers &Services — 1.9%            

AmerisourceBergen Corp.

    76,404       6,850,383  

Anthem Inc.

    73,577       20,655,271  

Cardinal Health Inc.

    295,680       14,630,246  

Chemed Corp.

    1,381       575,283  

Encompass Health Corp.

    44,393       2,941,036  

Ensign Group Inc. (The)

    8,297       310,391  

Humana Inc.

    22,826       8,715,423  

McKesson Corp.

    56,137       7,929,351  

Quest Diagnostics Inc.

    72,714       8,006,539  

U.S.Physical Therapy Inc.

    4,184       315,892  

UnitedHealth Group Inc.

    376,063       109,987,146  
   

 

 

 
      180,916,961  
Hotels, Restaurants & Leisure — 2.5%            

Aramark

    108,399       2,960,377  

Bloomin’ Brands Inc.

    151,765       1,828,768  

Brinker International Inc.

    67,854       1,579,641  

Cheesecake Factory Inc. (The)

    60,212       1,342,126  

Cracker Barrel Old Country Store Inc.

    29,406       2,864,144  

Darden Restaurants Inc.

    157,811       11,644,874  

Domino’s Pizza Inc.

    8,022       2,903,402  

Dunkin’ Brands Group Inc.

    49,651       3,120,069  

Marriott International Inc./MD, Class A

    132,966       12,091,928  

Marriott Vacations Worldwide Corp.

    25,844       2,145,052  

McDonald’s Corp.

    510,552       95,759,133  

Royal Caribbean Cruises Ltd.

    310,280       14,511,796  

Starbucks Corp.

    723,671       55,527,276  

Texas Roadhouse Inc.

    47,882       2,254,763  

Wendy’s Co. (The)

    126,536       2,513,005  

Wyndham Destinations Inc.

    149,196       3,814,942  

Wyndham Hotels & Resorts Inc.

    72,116       2,719,494  

Yum! Brands Inc.

    179,502       15,514,358  
   

 

 

 
      235,095,148  
Household Durables — 0.2%            

DR Horton Inc.

    131,099       6,190,495  

Leggett & Platt Inc.

    155,658       5,468,266  

Whirlpool Corp.

    70,506       7,878,340  
   

 

 

 
      19,537,101  
Household Products — 3.2%            

Church & Dwight Co. Inc.

    87,431       6,119,296  

Clorox Co. (The)

    80,179       14,948,573  

Colgate-Palmolive Co.

    546,073       38,372,550  

Energizer Holdings Inc.

    44,586       1,737,070  

 

 

SCHEDULE OF INVESTMENTS      17  


Schedule of Investments  (continued)

April 30, 2020

  

iShares® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Household Products (continued)        

Kimberly-Clark Corp.

    268,729     $ 37,213,592  

Procter &Gamble Co. (The)

    1,701,685         200,577,611  

WD-40 Co.

    5,272       918,804  
   

 

 

 
      299,887,496  
Independent Power and Renewable Electricity Producers — 0.1%  

AES Corp. (The)

    688,591       9,123,831  

Ormat Technologies Inc.

    9,154       571,301  
   

 

 

 
      9,695,132  
Industrial Conglomerates — 1.7%            

3M Co.

    586,085       89,038,033  

Carlisle Companies Inc.

    22,019       2,663,418  

Honeywell International Inc.

    428,040       60,738,876  

Roper Technologies Inc.

    17,009       5,800,580  
   

 

 

 
      158,240,907  
Insurance — 2.9%            

Aflac Inc.

    567,427       21,130,981  

Allstate Corp. (The)

    192,504       19,581,507  

American Equity Investment Life Holding Co.

    22,202       466,686  

American Financial Group Inc./OH

    41,560       2,752,934  

Aon PLC

    56,580       9,769,669  

Argo Group International Holdings Ltd.

    28,417       1,004,825  

Arthur J Gallagher &Co.

    86,796       6,813,486  

Assurant Inc.

    36,298       3,856,300  

Assured Guaranty Ltd.

    49,885       1,483,081  

Axis Capital Holdings Ltd.

    73,588       2,693,321  

Brown & Brown Inc.

    49,070       1,762,104  

Chubb Ltd.

    264,534       28,572,317  

Cincinnati Financial Corp.

    97,134       6,391,417  

CNO Financial Group Inc.

    124,228       1,746,646  

Erie Indemnity Co., Class A, NVS

    12,804       2,279,880  

Everest Re Group Ltd.

    28,418       4,920,008  

Fidelity National Financial Inc.

    246,004       6,654,408  

First American Financial Corp.

    83,656       3,858,215  

Globe Life Inc.

    24,023       1,978,054  

Hanover Insurance Group Inc. (The)

    24,790       2,488,420  

Hartford Financial Services Group Inc. (The)

    263,623       10,015,038  

Horace Mann Educators Corp.

    18,631       655,066  

Lincoln National Corp.

    252,814       8,967,313  

Marsh & McLennan Companies Inc.

    236,647       23,032,853  

MetLife Inc.

    1,051,618       37,942,377  

Old Republic International Corp.

    324,827       5,180,991  

Primerica Inc.

    17,596       1,828,400  

Principal Financial Group Inc.

    411,360       14,977,618  

Reinsurance Group of America Inc.

    46,547       4,872,540  

RenaissanceRe Holdings Ltd.

    10,138       1,480,249  

RLI Corp.

    12,283       894,571  

Selective Insurance Group Inc.

    27,150       1,361,029  

Travelers Companies Inc. (The)

    191,765       19,408,536  

Unum Group

    345,572       6,030,231  

WR Berkley Corp.

    27,740       1,497,960  
   

 

 

 
      268,349,031  
Internet & Direct Marketing Retail — 0.1%            

Expedia Group Inc.

    62,887       4,463,719  
   

 

 

 
IT Services — 2.5%            

Accenture PLC, Class A

    314,142       58,175,957  

Automatic Data Processing Inc.

    271,543       39,832,643  

Booz Allen Hamilton Holding Corp.

    59,660       4,381,430  

Broadridge Financial Solutions Inc.

    65,163       7,558,908  
Security   Shares     Value  
IT Services (continued)        

CSG Systems International Inc.

    19,056     $ 925,741  

Fidelity National Information Services Inc.

    165,007       21,762,773  

Jack Henry & Associates Inc.

    21,311       3,485,414  

Mastercard Inc., Class A

    134,407       36,957,893  

TTEC Holdings Inc.

    7,603       296,365  

Visa Inc., Class A

    303,120       54,173,606  

Western Union Co. (The)

    394,585       7,524,736  
   

 

 

 
      235,075,466  
Leisure Products — 0.2%            

Brunswick Corp./DE

    48,242       2,302,108  

Hasbro Inc.

    140,766       10,164,713  

Polaris Inc.

    51,058       3,621,544  
   

 

 

 
      16,088,365  
Machinery — 2.3%            

AGCO Corp.

    18,928       1,000,155  

Barnes Group Inc.

    17,676       678,405  

Caterpillar Inc.

    577,180       67,172,208  

Cummins Inc.

    145,257       23,749,519  

Donaldson Co. Inc.

    62,542       2,741,216  

Dover Corp.

    76,278       7,143,435  

Franklin Electric Co. Inc.

    13,185       669,798  

Graco Inc.

    63,260       2,825,192  

Hillenbrand Inc.

    83,799       1,755,589  

IDEX Corp.

    28,575       4,389,977  

Illinois Tool Works Inc.

    201,208       32,696,300  

ITT Inc.

    28,292       1,491,554  

Lincoln Electric Holdings Inc.

    43,257       3,482,621  

Mueller Water Products Inc., Class A

    85,324       809,725  

Nordson Corp.

    15,142       2,436,499  

Oshkosh Corp.

    33,994       2,295,615  

Otis Worldwide Corp.(a)

    281,876       14,350,307  

PACCAR Inc.

    179,864       12,451,985  

Pentair PLC

    90,106       3,116,767  

Snap-on Inc.

    47,051       6,130,275  

Stanley Black & Decker Inc.

    88,068       9,705,094  

Terex Corp.

    45,401       689,641  

Timken Co. (The)

    55,583       2,088,809  

Toro Co. (The)

    39,319       2,508,945  

Trinity Industries Inc.

    111,969       2,159,882  

Watts Water Technologies Inc., Class A

    7,222       595,093  

Woodward Inc.

    19,559       1,184,493  

Xylem Inc./NY

    64,799       4,659,048  
   

 

 

 
      214,978,147  
Marine — 0.0%            

Matson Inc.

    33,415       1,010,470  
   

 

 

 
Media — 1.4%            

Cable One Inc.

    824       1,576,197  

Comcast Corp., Class A

    2,567,300       96,607,499  

Interpublic Group of Companies Inc. (The)

    563,074       9,560,996  

John Wiley & Sons Inc., Class A

    43,631       1,638,344  

Nexstar Media Group Inc., Class A

    32,355       2,266,144  

Omnicom Group Inc.

    232,635       13,267,174  

Sinclair Broadcast Group Inc., Class A

    71,652       1,264,658  
   

 

 

 
      126,181,012  
Metals & Mining — 0.3%            

Kaiser Aluminum Corp.

    13,199       953,364  

Nucor Corp.

    352,200       14,507,118  

Reliance Steel & Aluminum Co.

    38,739       3,470,240  

 

 

18    2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

April 30, 2020

  

iShares® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Metals & Mining (continued)        

Royal Gold Inc.

    21,472     $ 2,630,964  

Steel Dynamics Inc.

    248,322       6,026,775  

Worthington Industries Inc.

    35,428       936,716  
   

 

 

 
      28,525,177  
Multi-Utilities — 1.6%            

Ameren Corp.

    154,090       11,210,048  

Black Hills Corp.

    48,143       2,981,977  

CMS Energy Corp.

    187,067       10,679,655  

Consolidated Edison Inc.

    300,761       23,699,967  

DTE Energy Co.

    190,596       19,772,429  

MDU Resources Group Inc.

    161,909       3,636,476  

NiSource Inc.

    293,981       7,381,863  

NorthWestern Corp.

    42,056       2,426,211  

Public Service Enterprise Group Inc.

    498,825       25,295,416  

Sempra Energy

    226,759       28,084,102  

WEC Energy Group Inc.

    208,759       18,903,127  
   

 

 

 
      154,071,271  
Multiline Retail — 0.5%            

Dollar General Corp.

    53,054       9,300,366  

Target Corp.

    323,443       35,494,635  
   

 

 

 
      44,795,001  
Oil, Gas &Consumable Fuels — 4.5%            

Chevron Corp.

    2,999,084       275,915,728  

Marathon Petroleum Corp.

    1,226,929       39,359,883  

Phillips 66

    740,272       54,165,702  

Valero Energy Corp.

    754,918       47,824,055  
   

 

 

 
      417,265,368  
Personal Products — 0.2%            

Estee Lauder Companies Inc. (The), Class A

    63,393       11,182,525  

Inter Parfums Inc.

    11,380       508,572  

Nu Skin Enterprises Inc., Class A

    99,940       2,919,248  
   

 

 

 
      14,610,345  
Pharmaceuticals — 9.7%            

Bristol-Myers Squibb Co.

    1,905,563       115,877,286  

Eli Lilly & Co.

    455,765       70,479,500  

Johnson & Johnson

    1,936,504       290,553,060  

Merck & Co. Inc.

    2,000,565       158,724,827  

Perrigo Co. PLC

    67,274       3,585,704  

Pfizer Inc.

    6,673,320       255,988,555  

Zoetis Inc.

    74,838       9,677,302  
   

 

 

 
      904,886,234  
Professional Services — 0.1%            

Exponent Inc.

    11,683       821,666  

Insperity Inc.

    20,530       979,486  

ManpowerGroup Inc.

    48,086       3,569,905  

Robert Half International Inc.

    86,875       4,106,581  
   

 

 

 
      9,477,638  
Real Estate Management & Development — 0.0%  

Jones Lang LaSalle Inc.

    7,961       840,522  
   

 

 

 
Road & Rail — 1.1%            

CSX Corp.

    353,541       23,415,020  

JB Hunt Transport Services Inc.

    27,140       2,744,397  

Landstar System Inc.

    7,756       801,272  

Union Pacific Corp.

    485,697       77,609,524  

Werner Enterprises Inc.

    13,465       540,216  
   

 

 

 
      105,110,429  
Security   Shares     Value  
Semiconductors &Semiconductor Equipment — 6.3%        

Analog Devices Inc.

    246,560     $ 27,022,976  

Broadcom Inc.

    535,065       145,334,355  

Intel Corp.

    2,836,618       170,140,348  

KLA Corp.

    94,632       15,528,165  

Lam Research Corp.

    61,593       15,723,461  

Microchip Technology Inc.

    122,605       10,756,137  

MKS Instruments Inc.

    12,498       1,252,675  

NVIDIA Corp.

    40,659       11,883,812  

Power Integrations Inc.

    6,569       672,337  

QUALCOMM Inc.

    968,597       76,199,526  

Skyworks Solutions Inc.

    85,200       8,850,576  

Texas Instruments Inc.

    806,383       93,596,875  

Xilinx Inc.

    129,261       11,297,411  
   

 

 

 
      588,258,654  
Software — 4.2%            

Intuit Inc.

    53,972       14,562,185  

j2 Global Inc.

    26,142       2,108,091  

Microsoft Corp.

    1,748,581       313,363,201  

Oracle Corp.

    1,186,887       62,869,405  
   

 

 

 
      392,902,882  
Specialty Retail — 2.9%            

Best Buy Co. Inc.

    177,907       13,650,804  

Dick’s Sporting Goods Inc.

    60,346       1,773,569  

Foot Locker Inc.

    166,993       4,280,031  

Group 1 Automotive Inc.

    8,790       497,426  

Home Depot Inc. (The)

    711,463       156,400,911  

Lithia Motors Inc., Class A

    6,909       763,859  

Lowe’s Companies Inc.

    434,132       45,475,327  

Monro Inc.

    15,746       873,745  

Penske Automotive Group Inc.

    36,299       1,306,038  

Ross Stores Inc.

    95,966       8,767,454  

Tiffany & Co.

    49,253       6,230,504  

TJX Companies Inc. (The)

    511,186       25,073,673  

Tractor Supply Co.

    50,490       5,121,201  

Williams-Sonoma Inc.

    74,090       4,581,726  
   

 

 

 
      274,796,268  
Technology Hardware, Storage & Peripherals — 3.2%  

Apple Inc.

    958,949       281,739,216  

NetApp Inc.

    277,040       12,126,041  

Xerox Holdings Corp.

    171,649       3,139,460  
   

 

 

 
      297,004,717  
Textiles, Apparel & Luxury Goods — 0.5%            

Carter’s Inc.

    28,442       2,224,164  

Columbia Sportswear Co.

    11,097       808,860  

NIKE Inc., Class B

    371,138       32,355,811  

VF Corp.

    255,896       14,867,558  
   

 

 

 
      50,256,393  
Thrifts & Mortgage Finance — 0.0%            

Provident Financial Services Inc.

    87,174       1,250,947  

Washington Federal Inc.

    67,975       1,817,651  

WSFS Financial Corp.

    23,164       675,926  
   

 

 

 
      3,744,524  
Trading Companies & Distributors — 0.3%            

Air Lease Corp.

    54,659       1,429,333  

Applied Industrial Technologies Inc.

    27,578       1,444,812  

Fastenal Co.

    444,768       16,109,497  

GATX Corp.

    28,628       1,697,640  

MSC Industrial Direct Co. Inc., Class A

    65,014       3,877,435  

 

 

SCHEDULE OF INVESTMENTS      19  


Schedule of Investments  (continued)

April 30, 2020

  

iShares® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Trading Companies & Distributors (continued)  

WW Grainger Inc.

    23,462     $ 6,465,658  
   

 

 

 
      31,024,375  
Water Utilities — 0.2%            

American States Water Co.

    14,446       1,146,579  

American Water Works Co. Inc.

    70,756       8,610,297  

California Water Service Group

    21,762       977,549  

Essential Utilities Inc.

    129,906       5,428,772  

SJW Group

    14,775       879,556  
   

 

 

 
      17,042,753  
Wireless Telecommunication Services — 0.0%  

Shenandoah Telecommunications Co.

    8,298       444,026  
   

 

 

 

Total Common Stocks — 99.6%
(Cost: $9,324,385,428)

      9,320,245,126  
   

 

 

 
Short-Term Investments  
Money Market Funds — 0.3%            

BlackRock Cash Funds: Treasury,
SL Agency Shares,

   

0.18%(b)(c)

    23,342,000       23,342,000  
   

 

 

 

Total Short-Term Investments — 0.3%
(Cost: $23,342,000)

 

    23,342,000  
   

 

 

 

Total Investments in Securities — 99.9%
(Cost: $9,347,727,428)

 

    9,343,587,126  

Other Assets, Less Liabilities — 0.1%

 

    12,140,335  
   

 

 

 

Net Assets — 100.0%

 

  $   9,355,727,461  
   

 

 

 
(a) 

Non-income producing security. (b) Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

 

Affiliated Issuer     


Shares

Held at
04/30/19

 


 

    
Shares
Purchased
 
 
    
Shares
Sold
 
 
    


Shares

Held at
04/30/20

 


 

    
Value at
04/30/20
 
 
     Income       
Net Realized
Gain (Loss)
 
(a) 
    


Change in
Unrealized
Appreciation
(Depreciation)
 
 
 
 

BlackRock Cash Funds: Treasury, SL Agency Shares

     10,714,798        12,627,202 (b)              23,342,000      $ 23,342,000      $ 286,810      $      $  

BlackRock Inc.

     75,336        56,709        (40,120      91,925        46,150,027        1,263,298        181,576        1,697,320  
              

 

 

    

 

 

    

 

 

    

 

 

 
               $ 69,492,027      $ 1,550,108      $ 181,576      $ 1,697,320  
              

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Includes realized capital gain distributions from an affiliated fund, if any.

 
  (b) 

Net of purchases and sales.

 

Futures Contracts

 

Description    Number of
Contracts
       Expiration
Date
      

Notional
Amount

(000)

  Value/
Unrealized
Appreciation
(Depreciation)
 
Long Contracts                             

S&P 500 E-Mini

     239          06/19/20        $34,684   $ 3,394,423  
              

 

 

 

 

 

20    2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments   (continued)

April 30, 2020

  

iShares® Core Dividend Growth ETF

 

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

      Equity
Contracts
 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $ 3,394,423  
  

 

 

 

 

  (a) 

Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the year ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (3,200,030
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 2,959,265  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:        

Average notional value of contracts — long

   $ 27,767,709  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Common Stocks

   $ 9,320,245,126        $        $        $ 9,320,245,126  

Money Market Funds

     23,342,000                            23,342,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 9,343,587,126        $        $        $ 9,343,587,126  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 3,394,423        $         —        $         —        $ 3,394,423  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Shown at the unrealized appreciation (depreciation) on the contracts.

 

See notes to financial statements.

 

 

SCHEDULE OF INVESTMENTS      21  


Schedule of Investments  

April 30, 2020

  

iShares® Core High Dividend ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Air Freight & Logistics — 0.2%

   

CH Robinson Worldwide Inc.

    166,675     $ 11,817,257  
   

 

 

 
Auto Components — 0.1%            

Autoliv Inc.

    122,885       7,375,558  
   

 

 

 
Banks — 3.8%            

Bank of Hawaii Corp.

    69,234       4,720,374  

Huntington Bancshares Inc./OH

    2,621,394       24,221,681  

NBT Bancorp. Inc.

    53,223       1,763,278  

Truist Financial Corp.

    2,782,401       103,839,205  

U.S. Bancorp

    2,558,443       93,383,169  
   

 

 

 
      227,927,707  
Beverages — 7.0%            

Coca-Cola Co. (The)

    4,584,790       210,396,013  

PepsiCo Inc.

    1,592,817       210,713,761  
   

 

 

 
      421,109,774  
Biotechnology —2.9%            

Amgen Inc.

    742,719       177,673,239  
   

 

 

 
Capital Markets — 1.8%            

BlackRock Inc.(a)

    140,144       70,357,894  

Eaton Vance Corp., NVS

    202,099       7,417,033  

Evercore Inc., Class A

    69,814       3,602,403  

Franklin Resources Inc.

    620,349       11,687,375  

Janus Henderson Group PLC

    516,688       9,248,715  

Moelis &Co., Class A

    144,392       4,312,989  
   

 

 

 
      106,626,409  
Chemicals — 0.0%            

Sensient Technologies Corp.

    56,463       2,698,367  
   

 

 

 
Communications Equipment — 4.4%            

Cisco Systems Inc.

    6,219,405       263,578,384  
   

 

 

 
Containers & Packaging — 0.5%            

Amcor PLC

    3,618,892       32,461,461  
   

 

 

 
Distributors — 0.3%            

Genuine Parts Co.

    204,315       16,198,093  
   

 

 

 
Diversified Telecommunication Services — 15.3%  

AT&T Inc.

    16,586,075       505,377,705  

Cogent Communications Holdings Inc.

    50,318       4,218,158  

Verizon Communications Inc.

    7,199,233       413,595,936  
   

 

 

 
      923,191,799  
Electric Utilities — 5.2%            

Alliant Energy Corp.

    274,037       13,304,496  

American Electric Power Co. Inc.

    598,091       49,707,343  

Avangrid Inc.

    80,916       3,479,388  

Duke Energy Corp.

    1,175,699       99,534,677  

Entergy Corp.

    257,009       24,546,930  

Evergy Inc.

    285,482       16,680,713  

Hawaiian Electric Industries Inc.

    134,591       5,312,307  

Portland General Electric Co.

    98,082       4,589,257  

Southern Co. (The)

    1,734,424       98,393,874  
   

 

 

 
      315,548,985  
Electrical Equipment — 1.6%            

Eaton Corp. PLC

    539,900       45,081,650  

Emerson Electric Co.

    906,566       51,701,459  
   

 

 

 
      96,783,109  
Security   Shares     Value  
Energy Equipment &Services — 2.3%        

Halliburton Co.

    3,131,698     $ 32,882,829  

Schlumberger Ltd.

    6,180,872       103,962,267  
   

 

 

 
      136,845,096  
Food Products — 0.9%            

General Mills Inc.

    869,320       52,063,575  
   

 

 

 
Gas Utilities — 0.1%            

National Fuel Gas Co.

    153,266       6,283,906  
   

 

 

 
Hotels, Restaurants & Leisure — 0.7%            

Cracker Barrel Old Country Store Inc.

    45,116       4,394,299  

Las Vegas Sands Corp.

    830,413       39,876,432  
   

 

 

 
      44,270,731  
Household Products — 1.3%            

Clorox Co. (The)

    121,353       22,625,053  

Kimberly-Clark Corp.

    408,449       56,562,018  
   

 

 

 
      79,187,071  
Insurance — 0.3%            

Fidelity National Financial Inc.

    375,328       10,152,623  

First American Financial Corp.

    129,019       5,950,356  
   

 

 

 
      16,102,979  
IT Services — 0.5%            

Paychex Inc.

    410,454       28,124,308  
   

 

 

 
Machinery —0.7%            

Cummins Inc.

    220,959       36,126,796  

Snap-on Inc.

    71,672       9,338,145  
   

 

 

 
      45,464,941  
Media — 0.3%            

Omnicom Group Inc.

    351,525       20,047,471  
   

 

 

 
Multi-Utilities — 3.3%            

Avista Corp.

    89,587       3,855,824  

Dominion Energy Inc.

    1,520,885       117,305,860  

MDU Resources Group Inc.

    242,680       5,450,593  

NorthWestern Corp.

    64,948       3,746,850  

Public Service Enterprise Group Inc.

    756,678       38,371,141  

WEC Energy Group Inc.

    317,734       28,770,814  
   

 

 

 
      197,501,082  
Oil, Gas &Consumable Fuels — 25.0%            

Chevron Corp.

    4,559,195       419,445,940  

ConocoPhillips

    2,196,593       92,476,565  

Exxon Mobil Corp.

    13,608,242       632,375,006  

HollyFrontier Corp.

    362,105       11,963,949  

Marathon Petroleum Corp.

    1,863,735       59,788,619  

ONEOK Inc.

    1,667,804       49,917,374  

Phillips 66

    1,125,388       82,344,640  

Valero Energy Corp.

    1,147,664       72,704,514  

Williams Companies Inc. (The)

    4,461,827       86,425,589  
   

 

 

 
      1,507,442,196  
Pharmaceuticals — 17.8%            

Johnson & Johnson

    2,944,044       441,724,362  

Merck & Co. Inc.

    3,041,291       241,296,028  

Pfizer Inc.

    10,145,015       389,162,775  
   

 

 

 
      1,072,183,165  
Real Estate Management & Development — 0.0%  

Kennedy-Wilson Holdings Inc.

    254,527       3,601,557  
   

 

 

 
Semiconductors &Semiconductor Equipment — 2.7%  

Maxim Integrated Products Inc.

    405,163       22,275,862  

 

 

22    2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

April 30, 2020

  

iShares® Core High Dividend ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Semiconductors & Semiconductor Equipment (continued)  

Texas Instruments Inc.

    1,225,947     $ 142,295,668  
   

 

 

 
      164,571,530  
Specialty Retail — 0.1%            

Williams-Sonoma Inc.

    112,652       6,966,400  
   

 

 

 
Thrifts & Mortgage Finance — 0.1%            

TFS Financial Corp.

    115,622       1,578,240  

Washington Federal Inc.

    106,052       2,835,831  
   

 

 

 
      4,414,071  
Trading Companies & Distributors — 0.6%  

Fastenal Co.

    675,731       24,474,977  

MSC Industrial Direct Co. Inc., Class A

    97,587       5,820,089  

Watsco Inc.

    48,832       7,861,463  
   

 

 

 
      38,156,529  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $6,449,273,741)

      6,026,216,750  
   

 

 

 
Security   Shares     Value  
Short-Term Investments  
Money Market Funds — 0.4%            

BlackRock Cash Funds: Treasury,
SL Agency Shares,

   

0.18%(a)(b)

    20,280,000     $ 20,280,000  
   

 

 

 

Total Short-Term Investments — 0.4%
(Cost: $20,280,000)

 

    20,280,000  
   

 

 

 

Total Investments in Securities — 100.2%
(Cost: $6,469,553,741)

 

    6,046,496,750  

Other Assets, Less Liabilities — (0.2)%

 

    (9,698,954
   

 

 

 

Net Assets — 100.0%

 

  $ 6,036,797,796  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

 

Affiliated Issuer     

Shares
Held at
04/30/19
 
 
 
    
Shares
Purchased
 
 
    
Shares
Sold
 
 
    

Shares
Held at
04/30/20
 
 
 
    
Value at
04/30/20
 
 
     Income       

Net

Realized

Gain (Loss)

 

 

(a) 

    


Change in
Unrealized
Appreciation
(Depreciation)
 
 
 
 

BlackRock Cash Funds: Treasury, SL Agency Shares

     15,347,182        4,932,818 (b)              20,280,000      $ 20,280,000      $ 233,970      $      $  

BlackRock Inc.

            207,896        (67,752      140,144        70,357,894        1,163,835        225,569        8,040,566  
              

 

 

    

 

 

    

 

 

    

 

 

 
               $ 90,637,894      $ 1,397,805      $ 225,569      $ 8,040,566  
              

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Includes realized capital gain distributions from an affiliated fund, if any.

 
  (b) 

Net of purchases and sales.

 

Futures Contracts

 

Description    Number of
Contracts
       Expiration
Date
       Notional
Amount
(000)
 

Value/

Unrealized

Appreciation

(Depreciation)

 
Long Contracts                             

S&P 500 E-Mini

     70          06/19/20        $10,158   $ 1,522,833  
              

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

      Equity
Contracts
 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $ 1,522,833  
  

 

 

 

 

  (a) 

Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

 

 

SCHEDULE OF INVESTMENTS      23  


Schedule of Investments  (continued)

April 30, 2020

  

iShares® Core High Dividend ETF

 

For the year ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (2,089,387
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 808,348  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 18,092,199  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Common Stocks

   $ 6,026,216,750        $        $        $ 6,026,216,750  

Money Market Funds

     20,280,000                            20,280,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 6,046,496,750        $        $        $ 6,046,496,750  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 1,522,833        $        $        $ 1,522,833  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Shown at the unrealized appreciation (depreciation) on the contracts.

 

See notes to financial statements.

 

 

24    2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  

April 30, 2020

  

iShares® International Select Dividend ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Australia — 15.2%            

APA Group

    2,558,386     $ 18,290,732  

AusNet Services

    3,007,918       3,692,407  

Australia & New Zealand Banking Group Ltd.

    3,163,147       34,998,422  

Bendigo & Adelaide Bank Ltd.

    3,907,561       16,731,154  

Commonwealth Bank of Australia

    3,166,401       129,959,061  

CSR Ltd.

    4,227,649       10,324,051  

Fortescue Metals Group Ltd.

    2,574,367       20,157,841  

Harvey Norman Holdings Ltd.

    4,447,730       8,095,163  

National Australia Bank Ltd.

    4,272,053       47,435,650  

Perpetual Ltd.(a)

    3,594,302       70,831,011  

Suncorp Group Ltd.

    2,553,364       15,362,809  

Sydney Airport

    2,871,513       11,843,872  

Tabcorp Holdings Ltd.

    2,538,322       5,351,123  

Wesfarmers Ltd.

    3,541,675       87,393,116  

Westpac Banking Corp.

    3,787,978       40,374,228  
   

 

 

 
      520,840,640  
Austria — 1.2%            

Oesterreichische Post AG

    1,104,098       41,600,552  
   

 

 

 
Belgium — 1.2%            

Proximus SADP

    1,865,277       39,777,942  
   

 

 

 
Canada — 4.8%            

Bank of Nova Scotia (The)

    871,510       35,012,245  

Canadian Imperial Bank of Commerce

    903,343       53,643,206  

Emera Inc.

    905,205       36,111,746  

IGM Financial Inc.

    1,202,835       25,529,771  

Russel Metals Inc.

    1,140,377       12,381,212  
   

 

 

 
      162,678,180  
Denmark — 0.9%            

Danske Bank A/S(b)

    2,471,275       29,318,644  
   

 

 

 
Finland — 6.3%            

Elisa OYJ

    686,906       41,711,284  

Fortum OYJ

    843,806       14,001,942  

Nokian Renkaat OYJ

    741,603       15,867,844  

Nordea Bank Abp

    13,928,419       90,182,777  

Sampo OYJ, Class A

    1,010,016       33,453,616  

UPM-Kymmene OYJ

    717,679       19,856,222  
   

 

 

 
      215,073,685  
France — 5.1%            

BNP Paribas SA

    1,546,542       48,573,363  

Bouygues SA

    1,195,631       36,812,138  

Natixis SA

    1,401,852       3,318,104  

Orange SA

    1,209,997       14,757,322  

Societe Generale SA

    1,855,879       28,986,929  

TOTAL SA

    1,153,544       41,505,205  
   

 

 

 
      173,953,061  
Germany — 5.4%            

Aareal Bank AG(a)

    2,992,867       48,909,055  

Freenet AG

    3,511,082       66,549,624  

ProSiebenSat.1 Media SE

    3,028,945       30,342,797  

RTL Group SA

    892,420       29,754,110  

TUIAG

    2,684,754       10,718,007  
   

 

 

 
      186,273,593  
Hong Kong — 2.2%            

PCCW Ltd.

    8,695,000       5,200,782  
Security   Shares     Value  
Hong Kong (continued)        

VTech Holdings Ltd.

    9,632,800     $ 70,899,388  
   

 

 

 
      76,100,170  
Italy — 9.5%            

Azimut Holding SpA(a)

    7,198,899       122,413,895  

Banca Mediolanum SpA

    6,439,527       39,286,396  

Enel SpA

    4,801,824       32,797,850  

Eni SpA

    5,491,234       52,410,769  

Intesa Sanpaolo SpA

    9,050,588       14,106,352  

Italgas SpA

    4,424,025       24,736,961  

Snam SpA

    5,333,966       23,883,291  

UnipolSai Assicurazioni SpA

    6,528,040       16,044,962  
   

 

 

 
      325,680,476  
Netherlands — 4.3%            

ABN AMRO Bank NV, CVA(c)

    2,727,253       20,910,119  

Aegon NV

    2,438,280       6,276,022  

BE Semiconductor Industries NV

    2,923,710       120,279,857  
   

 

 

 
      147,465,998  
New Zealand — 2.4%            

SKYCITY Entertainment Group Ltd.

    18,153,702       29,791,802  

Spark New Zealand Ltd.

    19,542,931       53,533,127  
   

 

 

 
      83,324,929  
Norway — 1.0%            

Equinor ASA

    993,872       13,950,804  

Mowi ASA

    1,180,239       20,268,206  
   

 

 

 
      34,219,010  
Portugal — 1.5%            

EDP — Energias de Portugal SA

    12,073,479       50,912,707  
   

 

 

 
Spain — 4.5%            

Enagas SA

    2,480,522       57,843,128  

Mapfre SA

    2,625,744       4,805,758  

Naturgy Energy Group SA

    2,351,102       41,485,854  

Red Electrica Corp. SA

    2,183,163       38,391,007  

Telefonica SA

    2,285,787       10,465,141  
   

 

 

 
      152,990,888  
Sweden — 4.4%            

JM AB

    3,338,238       61,981,884  

Skandinaviska Enskilda Banken AB, Class A

    3,411,065       28,057,679  

Swedbank AB, Class A

    4,320,703       51,031,647  

Telia Co. AB

    3,101,221       10,716,091  
   

 

 

 
      151,787,301  
Switzerland — 4.6%            

Swiss Prime Site AG, Registered

    139,656       13,268,876  

Swiss Re AG

    174,776       12,614,512  

Swisscom AG, Registered

    145,922       75,867,647  

Zurich Insurance Group AG

    176,603       56,229,707  
   

 

 

 
      157,980,742  
United Kingdom — 24.0%            

Aviva PLC

    4,748,319       14,482,115  

BP PLC

    4,240,781       16,748,068  

British American Tobacco PLC

    4,883,626       189,757,706  

BT Group PLC

    5,081,965       7,438,967  

Centamin PLC

    3,229,682       6,348,957  

Galliford Try Holdings PLC(a)

    6,901,498       13,165,757  

GlaxoSmithKline PLC

    3,892,309       81,547,895  

HSBC Holdings PLC

    4,507,703       23,311,754  

IG Group Holdings PLC

    5,811,732       55,309,615  

Legal &General Group PLC

    4,159,894       10,735,535  

 

 

SCHEDULE OF INVESTMENTS      25  


Schedule of Investments  (continued)

April 30, 2020

  

iShares® International Select Dividend ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
United Kingdom (continued)            

National Grid PLC

    4,034,680     $ 47,522,445  

Phoenix Group Holdings PLC

    4,917,660       37,279,389  

Royal Dutch Shell PLC, Class A

    4,514,616       75,452,304  

SSE PLC

    5,939,360       93,645,190  

Standard Life Aberdeen PLC

    7,233,885       20,174,192  

United Utilities Group PLC

    3,466,768       39,451,490  

Vistry Group PLC

    3,733,272       38,048,436  

Vodafone Group PLC

    7,046,541       9,967,181  

WPP PLC

    5,020,166       39,335,560  
   

 

 

 
      819,722,556  
   

 

 

 

Total Common Stocks — 98.5%
(Cost: $4,449,170,328)

      3,369,701,074  
   

 

 

 
Preferred Stocks  
Germany — 0.6%            

Schaeffler AG, Preference Shares, NVS

    2,993,076       20,407,515  
   

 

 

 

Total Preferred Stocks — 0.6%
(Cost: $25,629,183)

 

    20,407,515  
   

 

 

 
Security   Shares     Value  
Short-Term Investments  
Money Market Funds — 0.0%            

BlackRock Cash Funds: Treasury,
SL Agency Shares,

   

0.18%(a)(d)

    1,290,000     $ 1,290,000  
   

 

 

 

Total Short-Term Investments — 0.0%
(Cost: $1,290,000)

 

    1,290,000  
   

 

 

 

Total Investments in Securities — 99.1%
(Cost: $4,476,089,511)

 

    3,391,398,589  

Other Assets, Less Liabilities — 0.9%

 

    29,724,829  
   

 

 

 

Net Assets — 100.0%

 

  $ 3,421,123,418  
   

 

 

 

 

(a) 

Affiliate of the Fund.

(b) 

Non-income producing security.

(c) 

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.

(d) 

Annualized 7-day yield as of period-end.

Affiliates

Investments in issuers considered to be affiliates of the Fund during the year ended April 30, 2020, for purposes of Section 2(a)(3) of the 1940 Act, were as follows:

 

Affiliated Issuer     

Shares
Held at
04/30/19
 
 
 
    
Shares
Purchased
 
 
    
Shares
Sold
 
 
    

Shares
Held at
04/30/20
 
 
 
    
Value at
04/30/20
 
 
     Income       


Net

Realized
Gain (Loss)

 


(a) 

    


Change in
Unrealized
Appreciation
(Depreciation)
 
 
 
 

Aareal Bank AG

     2,732,221        656,030        (395,384      2,992,867      $ 48,909,055      $ 6,448,280      $ (6,128,475    $ (62,256,105

Azimut Holding SpA

     6,688,176        1,874,522        (1,363,799      7,198,899        122,413,895        9,050,433        (3,735,554      472,030  

BlackRock Cash Funds: Institutional, SL Agency Shares

     7,909,307               (7,909,307 )(b)                     279,611 (c)        7,243        (2,345)  

BlackRock Cash Funds: Treasury, SL Agency Shares

     1,573,349               (283,349 )(b)       1,290,000        1,290,000        55,280                

Galliford Try Holdings PLC

     6,404,916        1,704,198        (1,207,616      6,901,498        13,165,757               (3,003,005)        (32,939,757)  

JMAB(d)(e)

     3,104,799        850,010        (616,571      3,338,238        N/A        2,097,165        (1,121,328)         

Perpetual Ltd.

     3,344,541        863,590        (613,829      3,594,302        70,831,011        5,570,730        (3,485,444      (32,322,241
              

 

 

    

 

 

    

 

 

    

 

 

 
               $ 256,609,718      $ 23,501,499      $ (17,466,563    $ (127,048,418
              

 

 

    

 

 

    

 

 

    

 

 

 

 

  (a) 

Includes realized capital gain distributions from an affiliated fund, if any.

 
  (b) 

Net of purchases and sales.

 
  (c) 

Includes securities lending income earned from the reinvestment of cash collateral from loaned securities (excluding collateral investment fees), net of fees and other payments to and from borrowers of securities, and less fees paid to BTC as securities lending agent.

 
  (d) 

The Fund held less than 5% at the beginning of the year.

 
  (e) 

The Fund held less than 5% at the end of the year.

 

Futures Contracts

 

Description    Number of
Contracts
       Expiration
Date
       Notional
Amount
(000)
     Value/
Unrealized
Appreciation
(Depreciation)
 
Long Contracts                                

ASX SPI 200 Index

     80          06/18/20        $ 7,254      $ 600,210  

Euro STOXX 50 Index

     422          06/19/20          13,344        715,937  

FTSE 100 Index

     130          06/19/20          9,650        492,578  
               

 

 

 
                $ 1,808,725  
               

 

 

 

 

 

26    2020 ISHARES ANNUAL REPORT TO SHAREHOLDERS


Schedule of Investments  (continued)

April 30, 2020

  

iShares® International Select Dividend ETF

  

 

Derivative Financial Instruments Categorized by Risk Exposure

As of April 30, 2020, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

 

      Equity
Contracts
 

Assets — Derivative Financial Instruments

  

Futures contracts

  

Unrealized appreciation on futures contracts(a)

   $ 1,808,725  
  

 

 

 

 

  (a) 

Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

 

For the year ended April 30, 2020, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ (3,981,004
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 918,643  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 37,768,991  

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Measurements

Various inputs are used in determining the fair value of financial instruments. For 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 value of the Fund’s investments according to the fair value hierarchy as of April 30, 2020. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

Common Stocks

   $ 3,293,600,904        $ 76,100,170        $        $ 3,369,701,074  

Preferred Stocks

     20,407,515                            20,407,515  

Money Market Funds

     1,290,000                            1,290,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 3,315,298,419        $ 76,100,170        $        $ 3,391,398,589  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 1,808,725        $        $        $ 1,808,725  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Shown at the unrealized appreciation (depreciation) on the contracts.

 

See notes to financial statements.

 

 

SCHEDULE OF INVESTMENTS      27  


Schedule of Investments  

April 30, 2020

  

iShares® Select Dividend ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 1.5%            

Lockheed Martin Corp.

    509,170     $ 198,097,680  
   

 

 

 
Automobiles — 1.5%            

General Motors Co.

    5,406,387       120,508,366  

Harley-Davidson Inc.

    3,258,667       71,136,701  
   

 

 

 
      191,645,067  
Banks — 6.3%            

Bank of Hawaii Corp.

    865,222       58,990,836  

FNB Corp.

    6,877,535       55,639,258  

Huntington Bancshares Inc./OH

    15,041,155       138,980,272  

KeyCorp

    12,357,559       143,965,562  

PacWest Bancorp

    2,549,376       51,599,370  

People’s United Financial Inc.

    7,930,081       100,632,728  

Truist Financial Corp.

    3,410,867