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AUGUST 31, 2022 |
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2022 Semi-Annual Report (Unaudited)
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iShares Trust
· iShares High Yield Bond Factor ETF | HYDB | Cboe BZX
· iShares Investment Grade Bond Factor ETF | IGEB | Cboe BZX
· iShares USD Bond Factor ETF | USBF | NASDAQ
Dear Shareholder,
The 12-month reporting period as of August 31, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates four times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and began to reduce its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.
The horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metals markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption have magnified supply problems for key commodities. We believe elevated energy prices will continue to exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will ultimately err on the side of protecting employment, even at the expense of higher inflation. In the meantime, however, we are likely to see a period of slowing growth paired with relatively high inflation.
In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Furthermore, the energy shock and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. We take the opposite view on credit, where higher spreads provide near-term opportunities, while the likelihood of higher inflation leads us to take an underweight stance on credit in the long term. We believe that investment-grade corporates, U.K. gilts, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
| Total Returns as of August 31, 2022 | ||||||||
| 6-Month | 12-Month | |||||||
|
U.S.
large cap equities |
(8.84)% | (11.23)% | ||||||
|
U.S.
small cap equities |
(9.31) | (17.88) | ||||||
|
International
equities |
(13.97) | (19.80) | ||||||
|
Emerging
market equities |
(13.30) | (21.80) | ||||||
|
3-month
Treasury bills |
0.36 | 0.39 | ||||||
|
U.S.
Treasury securities |
(9.71) | (13.27) | ||||||
|
U.S.
investment grade bonds |
(7.76) | (11.52) | ||||||
|
Tax-exempt
municipal bonds |
(5.72) | (8.63) | ||||||
|
U.S.
high yield bonds |
(7.78) | (10.61) | ||||||
| Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index. |
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| 2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Semi-Annual Report: |
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Financial Statements |
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| Fund Summary as of August 31, 2022 | iShares® High Yield Bond Factor ETF |
Investment Objective
The iShares High Yield Bond Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds, as represented by the BlackRock High Yield Defensive Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||
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| 6 Months | 1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
||||||||||||||||||||||||
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Fund NAV |
(6.61 | )% | (9.06 | )% | 3.16 | % | 3.47 | % | (9.06 | )% | 16.85 | % | 19.17 | % | ||||||||||||||||
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Fund Market |
(7.38 | ) | (9.76 | ) | 2.90 | 3.36 | (9.76 | ) | 15.34 | 18.55 | ||||||||||||||||||||
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Index |
(6.16 | ) | (8.64 | ) | 3.51 | 3.77 | (8.64 | ) | 18.82 | 20.94 | ||||||||||||||||||||
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Bloomberg U.S. Corporate High Yield Index |
(7.78 | ) | (10.60 | ) | 2.58 | 2.76 | (10.60 | ) | 13.60 | 15.00 | ||||||||||||||||||||
The inception date of the Fund was July 11, 2017. The first day of secondary market trading was July 13, 2017.
The Bloomberg U.S. Corporate High Yield Index is an unmanaged index that measures the USD-denominated, high yield, fixed-rate corporate bond market.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value |
Ending Account Value |
Expenses Paid During |
Beginning Account Value |
Ending Account Value |
Expenses Paid During |
Annualized Expense |
||||||||||||||||||||||||
| (03/01/22 | ) | (08/31/22 | ) | the Period | (a) | (03/01/22 | ) | (08/31/22 | ) | the Period | (a) | Ratio | ||||||||||||||||||
| $ 1,000.00 | $ 933.90 | $ 1.71 | $ 1,000.00 | $ 1,023.40 | $ 1.79 | 0.35 | % | |||||||||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
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CREDIT QUALITY ALLOCATION
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| Percent of | ||||
| Moody’s Credit Rating* | Total Investments | (a) | ||
|
Baa |
2.7 | % | ||
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Ba |
41.0 | |||
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B |
45.1 | |||
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Caa |
5.8 | |||
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Not Rated |
5.4 | |||
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MATURITY ALLOCATION
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| Percent of | ||||
| Maturity | Total Investments | (a) | ||
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1-5 Years |
55.1 | % | ||
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5-10 Years |
39.0 | |||
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10-15 Years |
3.4 | |||
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15-20 Years |
0.3 | |||
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More than 20 Years |
2.2 | |||
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (a) |
Excludes money market funds. |
| 4 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
| Fund Summary as of August 31, 2022 | iShares® Investment Grade Bond Factor ETF |
Investment Objective
The iShares Investment Grade Bond Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar denominated investment-grade corporate bonds, as represented by the BlackRock Investment Grade Enhanced Bond Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
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| 6 Months | 1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
||||||||||||||||||||||||||
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Fund NAV |
(9.13 | )% | (14.70 | )% | 1.45 | % | 1.78 | % | (14.70 | )% | 7.45 | % | 9.47 | % | ||||||||||||||||||
|
Fund Market |
(9.50 | ) | (14.89 | ) | 1.34 | 1.73 | (14.89 | ) | 6.86 | 9.24 | ||||||||||||||||||||||
|
Index |
(9.02 | ) | (14.51 | ) | 1.60 | 1.92 | (14.51 | ) | 8.26 | 10.28 | ||||||||||||||||||||||
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Bloomberg U.S. Corporate Index |
(9.41 | ) | (14.91 | ) | 1.02 | 1.32 | (14.91 | ) | 5.22 | 6.95 | ||||||||||||||||||||||
The inception date of the Fund was July 11, 2017. The first day of secondary market trading was July 13, 2017.
The Bloomberg U.S. Corporate Index is an unmanaged index that measures the USD-denominated, investment grade, fixed-rate, taxable corporate bond market.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value |
Ending Account Value |
Expenses Paid During |
Beginning Account Value |
Ending Account Value |
Expenses Paid During |
Annualized Expense |
||||||||||||||||||||||||
| (03/01/22 | ) | (08/31/22 | ) | the Period | (a) | (03/01/22 | ) | (08/31/22 | ) | the Period | (a) | Ratio | ||||||||||||||||||
| $ 1,000.00 | $ 908.70 | $ 0.87 | $ 1,000.00 | $ 1,024.30 | $ 0.92 | 0.18 | % | |||||||||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
|
CREDIT QUALITY ALLOCATION
|
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| Moody’s Credit Rating* | Percent of | |||
| Total Investments | (a) | |||
|
Aaa |
0.7 | % | ||
|
Aa |
3.6 | |||
|
A |
15.6 | |||
|
Baa |
77.0 | |||
|
Ba |
3.1 | |||
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MATURITY ALLOCATION
|
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| Maturity | Percent of | |||
| Total Investments | (a) | |||
|
1-5 Years |
30.3 | % | ||
|
5-10 Years |
37.9 | |||
|
10-15 Years |
4.8 | |||
|
15-20 Years |
9.1 | |||
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More than 20 Years |
17.9 | |||
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (a) |
Excludes money market funds. |
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F U N D S U M M A R Y |
5 |
| Fund Summary as of August 31, 2022 | iShares® USD Bond Factor ETF |
Investment Objective
The iShares USD Bond Factor ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated bonds that are rated either investment grade or high-yield, as represented by the BlackRock USD Bond Factor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
| Cumulative Total Returns | ||||||||
| 6 Months |
Since Inception |
|||||||
|
Fund NAV |
(8.70 | )% | (11.84 | )% | ||||
|
Fund Market |
(8.76 | ) | (11.81 | ) | ||||
|
Index |
(8.58 | ) | (11.74 | ) | ||||
The inception date of the Fund was October 12, 2021. The first day of secondary market trading was October 14, 2021.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
| Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||
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Beginning Account Value |
Ending Account Value |
Expenses Paid During |
Beginning Account Value |
Ending Account Value |
Expenses Paid During |
Annualized Expense |
||||||||||||||||||||||||
| (03/01/22) | (08/31/22) | the Period | (a) | (03/01/22) | (08/31/22) | the Period | (a) | Ratio | ||||||||||||||||||||||
| $ 1,000.00 | $ 913.00 | $ 0.77 | $ 1,000.00 | $ 1,024.40 | $ 0.82 | 0.16 | % | |||||||||||||||||||||||
| (a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
|
CREDIT QUALITY ALLOCATION
|
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| Moody’s Credit Rating* | Percent of | |||
| Total Investments | (a) | |||
|
Aaa |
28.4 | % | ||
|
Aa |
18.7 | |||
|
A |
11.4 | |||
|
Baa |
35.0 | |||
|
Ba |
2.3 | |||
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B |
1.2 | |||
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Caa |
0.1 | |||
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Not Rated |
2.9 | |||
|
MATURITY ALLOCATION
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| Maturity | Percent of | |||
| Total Investments | (a) | |||
|
1-5 Years |
23.7 | % | ||
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5-10 Years |
35.4 | |||
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10-15 Years |
1.2 | |||
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15-20 Years |
7.5 | |||
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More than 20 Years |
32.2 | |||
| * |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
| (a) |
Excludes money market funds. |
| 6 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
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A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S |
7 |
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Schedule of Investments (unaudited) August 31, 2022 |
iShares® High Yield Bond Factor ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
Corporate Bonds & Notes |
| |||||||
| Advertising — 0.6% | ||||||||
|
Advantage Sales & Marketing Inc., 6.50%, 11/15/28 (Call 11/15/23)(a)(b) |
$ | 790 | $ | 679,400 | ||||
|
|
|
|||||||
| Aerospace & Defense — 3.3% | ||||||||
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Bombardier
Inc., 7.88%, 04/15/27 |
715 | 684,648 | ||||||
|
Rolls-Royce
PLC, 5.75%, 10/15/27 |
940 | 849,610 | ||||||
|
Spirit AeroSystems Inc. |
||||||||
|
5.50%, 01/15/25 (Call 10/15/22)(a) |
235 | 230,093 | ||||||
|
7.50%, 04/15/25 (Call 10/03/22)(a)(b) |
895 | 875,230 | ||||||
|
TransDigm Inc. |
||||||||
|
6.25%, 03/15/26 (Call 10/03/22)(a) |
920 | 903,900 | ||||||
|
8.00%, 12/15/25 (Call 10/03/22)(a) |
235 | 240,687 | ||||||
|
TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 10/03/22)(b) |
125 | 120,697 | ||||||
|
|
|
|||||||
| 3,904,865 | ||||||||
| Agriculture — 0.9% | ||||||||
|
Vector Group Ltd. |
||||||||
|
5.75%, 02/01/29 (Call 02/01/24)(a) |
885 | 767,118 | ||||||
|
10.50%, 11/01/26 (Call 10/03/22)(a) |
264 | 255,503 | ||||||
|
|
|
|||||||
| 1,022,621 | ||||||||
| Airlines — 2.5% | ||||||||
|
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a) |
985 | 878,940 | ||||||
|
American Airlines Group Inc., 3.75%, 03/01/25(a)(b) |
410 | 344,810 | ||||||
|
American Airlines Inc., 11.75%, 07/15/25(a) |
730 | 806,654 | ||||||
|
Delta Air Lines Inc. |
||||||||
|
4.38%, 04/19/28 (Call 01/19/28)(b) |
375 | 329,743 | ||||||
|
7.38%, 01/15/26 (Call 12/15/25)(b) |
655 | 668,100 | ||||||
|
|
|
|||||||
| 3,028,247 | ||||||||
| Auto Manufacturers — 1.7% | ||||||||
|
Allison Transmission Inc., 5.88%, 06/01/29 (Call 06/01/24)(a)(b) |
250 | 235,020 | ||||||
|
Ford Motor Co. |
||||||||
|
5.29%, 12/08/46 (Call 06/08/46) |
530 | 425,325 | ||||||
|
9.00%, 04/22/25 (Call 09/01/22)(b) |
100 | 111,872 | ||||||
|
9.63%, 04/22/30 (Call 01/22/30) |
235 | 274,838 | ||||||
|
Jaguar Land Rover Automotive PLC |
||||||||
|
4.50%, 10/01/27 (Call 07/01/27)(a)(b) |
565 | 417,286 | ||||||
|
5.50%, 07/15/29 (Call 07/15/24)(a) |
575 | 403,328 | ||||||
|
5.88%, 01/15/28 (Call 01/15/24)(a) |
135 | 102,681 | ||||||
|
|
|
|||||||
| 1,970,350 | ||||||||
| Auto Parts & Equipment — 0.1% | ||||||||
|
Tenneco Inc., 7.88%, 01/15/29 (Call 01/15/24)(a) |
175 | 173,951 | ||||||
|
|
|
|||||||
| Banks — 1.1% | ||||||||
|
Intesa Sanpaolo SpA |
||||||||
|
4.95%, 06/01/42 (Call 06/01/41)(a)(c) |
460 | 300,112 | ||||||
|
5.02%, 06/26/24(a) |
400 | 382,924 | ||||||
|
5.71%, 01/15/26(a)(b) |
625 | 586,251 | ||||||
|
|
|
|||||||
| 1,269,287 | ||||||||
| Biotechnology — 0.3% | ||||||||
|
Emergent BioSolutions Inc., 3.88%, 08/15/28 (Call 08/15/23)(a) |
545 | 381,500 | ||||||
|
|
|
|||||||
| Chemicals — 2.5% | ||||||||
|
Avient Corp., 5.75%, 05/15/25 (Call 10/03/22)(a) |
485 | 478,317 | ||||||
|
EverArc Escrow Sarl, 5.00%, 10/30/29 (Call 10/30/24)(a) |
710 | 608,207 | ||||||
|
Methanex Corp., 5.25%, 12/15/29 (Call 09/15/29) |
170 | 142,814 | ||||||
| Security |
Par (000) |
Value | ||||||
| Chemicals (continued) | ||||||||
|
Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 10/03/22)(a) |
$ | 515 | $ | 481,589 | ||||
|
Sasol Financing USA LLC |
||||||||
|
5.50%, 03/18/31 (Call 03/18/30) |
200 | 168,000 | ||||||
|
5.88%, 03/27/24 (Call 02/27/24) |
930 | 933,720 | ||||||
|
Valvoline Inc., 4.25%, 02/15/30 (Call 02/15/25)(a) |
125 | 121,863 | ||||||
|
|
|
|||||||
| 2,934,510 | ||||||||
| Coal — 0.5% | ||||||||
|
SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)(a) |
530 | 439,821 | ||||||
|
Warrior Met Coal Inc., 7.88%, 12/01/28 (Call 12/01/24)(a) |
220 | 216,000 | ||||||
|
|
|
|||||||
| 655,821 | ||||||||
| Commercial Services — 6.2% | ||||||||
|
ADT Security Corp. (The) |
||||||||
|
4.13%, 08/01/29 (Call 08/01/28)(a) |
505 | 433,659 | ||||||
|
4.88%, 07/15/32(a)(b) |
775 | 648,324 | ||||||
|
Adtalem Global Education Inc., 5.50%, 03/01/28 (Call 03/01/24)(a) |
273 | 259,350 | ||||||
|
Deluxe Corp., 8.00%, 06/01/29 (Call 06/01/24)(a)(b) |
520 | 462,706 | ||||||
|
Graham Holdings Co., 5.75%, 06/01/26 (Call 09/12/22)(a) |
129 | 126,931 | ||||||
|
Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)(a) |
225 | 208,397 | ||||||
|
MPH Acquisition Holdings LLC, 5.75%, 11/01/28 (Call 11/01/23)(a) |
0 | — | ||||||
|
NESCO Holdings II Inc., 5.50%, 04/15/29 (Call 04/15/24)(a) |
925 | 814,000 | ||||||
|
Nielsen Finance LLC/Nielsen Finance Co. |
||||||||
|
4.75%, 07/15/31 (Call 07/15/26)(a) |
665 | 660,810 | ||||||
|
5.88%, 10/01/30 (Call 10/01/25)(a) |
605 | 605,458 | ||||||
|
Prime Security Services Borrower LLC/Prime Finance Inc. |
||||||||
|
5.75%, 04/15/26(a) |
723 | 695,649 | ||||||
|
6.25%, 01/15/28 (Call 01/15/23)(a)(b) |
615 | 541,466 | ||||||
|
Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 10/03/22)(a) |
485 | 480,756 | ||||||
|
Sabre GLBL Inc. |
||||||||
|
7.38%, 09/01/25 (Call 10/03/22)(a)(b) |
675 | 639,495 | ||||||
|
9.25%, 04/15/25 (Call 03/16/25)(a) |
340 | 334,999 | ||||||
|
United Rentals North America Inc., 4.88%, 01/15/28 (Call 01/15/23)(b) |
395 | 369,171 | ||||||
|
ZipRecruiter Inc., 5.00%, 01/15/30 (Call 01/15/25)(a) |
101 | 83,830 | ||||||
|
|
|
|||||||
| 7,365,001 | ||||||||
| Computers — 0.7% | ||||||||
|
Conduent Business Services LLC/Conduent State & Local Solutions Inc., 6.00%, 11/01/29 (Call 11/01/24)(a) |
515 | 443,508 | ||||||
|
Unisys Corp., 6.88%, 11/01/27 (Call 11/01/23)(a)(b) |
450 | 375,435 | ||||||
|
|
|
|||||||
| 818,943 | ||||||||
| Cosmetics & Personal Care — 0.7% | ||||||||
|
Coty Inc., 5.00%, 04/15/26 (Call 04/15/23)(a) |
470 | 445,325 | ||||||
|
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC, 4.75%, 01/15/29 (Call 01/15/25)(a) |
500 | 442,420 | ||||||
|
|
|
|||||||
| 887,745 | ||||||||
| Diversified Financial Services — 4.5% | ||||||||
|
Burford Capital Global Finance LLC |
||||||||
|
6.25%, 04/15/28 (Call 04/15/24)(a)(b) |
250 | 221,527 | ||||||
|
6.88%, 04/15/30 (Call 04/15/25)(a) |
375 | 331,119 | ||||||
|
Credit Acceptance Corp., 6.63%, 03/15/26 (Call 09/12/22) |
220 | 215,600 | ||||||
|
Enact
Holdings Inc., 6.50%, 08/15/25 |
685 | 654,175 | ||||||
|
goeasy Ltd., 5.38%, 12/01/24 (Call 10/03/22)(a) |
510 | 482,409 | ||||||
|
Nationstar Mortgage Holdings Inc. |
||||||||
|
5.13%, 12/15/30 (Call 12/15/25)(a) |
620 | 488,221 | ||||||
|
5.75%, 11/15/31 (Call 11/15/26)(a)(b) |
650 | 515,440 | ||||||
| 8 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) August 31, 2022 |
iShares® High Yield Bond Factor ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Diversified Financial Services (continued) | ||||||||
|
OneMain Finance Corp. |
||||||||
|
6.63%, 01/15/28 (Call 07/15/27) |
$ | 70 | $ | 63,999 | ||||
|
6.88%, 03/15/25(b) |
610 | 592,935 | ||||||
|
7.13%, 03/15/26 |
920 | 856,971 | ||||||
|
PRA
Group Inc., 5.00%, 10/01/29 |
230 | 198,172 | ||||||
|
Radian Group Inc., 4.88%, 03/15/27 (Call 09/15/26) |
0 | — | ||||||
|
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 4.00%, 10/15/33 (Call 10/15/27)(a) |
310 | 230,983 | ||||||
|
SLM Corp., 3.13%, 11/02/26 (Call 10/02/26)(b) |
530 | 441,466 | ||||||
|
|
|
|||||||
| 5,293,017 | ||||||||
| Electric — 3.1% | ||||||||
|
Drax
Finco PLC, 6.63%, 11/01/25 |
471 | 458,047 | ||||||
|
FirstEnergy Corp. |
||||||||
|
Series C, 3.40%, 03/01/50 (Call 09/01/49) |
655 | 469,380 | ||||||
|
Series C, 5.35%, 07/15/47 (Call 01/15/47) |
309 | 284,280 | ||||||
|
Mercury Chile Holdco LLC, 6.50%, 01/24/27 (Call 01/24/24)(a) |
225 | 200,250 | ||||||
|
NRG Energy Inc., 5.75%, 01/15/28 (Call 01/15/23)(b) |
425 | 400,609 | ||||||
|
PG&E Corp. |
| |||||||
|
5.00%, 07/01/28 (Call 07/01/23) |
1,010 | 896,845 | ||||||
|
5.25%, 07/01/30 (Call 07/01/25)(b) |
185 | 159,933 | ||||||
|
Vistra Operations Co. LLC |
||||||||
|
5.50%, 09/01/26 (Call 09/12/22)(a)(b) |
520 | 502,086 | ||||||
|
5.63%, 02/15/27 (Call 09/12/22)(a) |
335 | 322,437 | ||||||
|
|
|
|||||||
| 3,693,867 | ||||||||
| Electrical Components & Equipment — 0.9% | ||||||||
|
Energizer Holdings Inc. |
||||||||
|
4.38%, 03/31/29 (Call 09/30/23)(a)(b) |
600 | 488,052 | ||||||
|
4.75%, 06/15/28 (Call 06/15/23)(a)(b) |
655 | 544,921 | ||||||
|
|
|
|||||||
| 1,032,973 | ||||||||
| Electronics — 0.3% | ||||||||
|
Sensata Technologies BV, 4.88%, 10/15/23(a)(b) |
320 | 322,862 | ||||||
|
|
|
|||||||
| Energy - Alternate Sources — 0.5% | ||||||||
|
Enviva Partners LP/Enviva Partners Finance Corp., 6.50%, 01/15/26 (Call 10/03/22)(a)(b) |
650 | 631,377 | ||||||
|
|
|
|||||||
| Engineering & Construction — 1.6% | ||||||||
|
AECOM, 5.13%, 03/15/27 (Call 12/15/26) |
800 | 776,000 | ||||||
|
Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 02/01/23)(a) |
225 | 203,758 | ||||||
|
IHS Netherlands Holdco BV, 8.00%, 09/18/27 (Call 10/03/22)(a)(b) |
1,050 | 960,876 | ||||||
|
|
|
|||||||
| 1,940,634 | ||||||||
| Entertainment — 4.7% | ||||||||
|
AMC Entertainment Holdings Inc., 7.50%, 02/15/29 (Call 02/15/25)(a) |
910 | 782,600 | ||||||
|
Caesars Entertainment Inc., 6.25%, 07/01/25 (Call 09/12/22)(a) |
905 | 883,651 | ||||||
|
Cedar
Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op,
5.50%, 05/01/25 |
915 | 897,528 | ||||||
|
Live Nation Entertainment Inc. |
||||||||
|
4.88%, 11/01/24 (Call 10/03/22)(a)(b) |
250 | 241,875 | ||||||
|
6.50%, 05/15/27 (Call 05/15/23)(a) |
770 | 768,749 | ||||||
|
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/16/29 (Call 01/16/29)(a) |
1,025 | 838,697 | ||||||
|
Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)(a) |
605 | 578,279 | ||||||
| Security |
Par (000) |
Value | ||||||
| Entertainment (continued) | ||||||||
|
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25 (Call 10/03/22)(a)(b) |
$ | 540 | $ | 538,199 | ||||
|
|
|
|||||||
| 5,529,578 | ||||||||
| Environmental Control — 1.3% | ||||||||
|
GFL Environmental Inc. |
||||||||
|
3.50%, 09/01/28 (Call 03/01/28)(a) |
743 | 645,385 | ||||||
|
5.13%, 12/15/26 (Call 12/15/22)(a) |
325 | 314,085 | ||||||
|
Stericycle
Inc., 5.38%, 07/15/24 |
566 | 553,862 | ||||||
|
|
|
|||||||
| 1,513,332 | ||||||||
| Food — 0.8% | ||||||||
|
B&G Foods Inc. |
||||||||
|
5.25%, 04/01/25 (Call 10/03/22)(b) |
870 | 774,201 | ||||||
|
5.25%, 09/15/27 (Call 10/03/22) |
250 | 208,336 | ||||||
|
|
|
|||||||
| 982,537 | ||||||||
| Gas — 0.8% | ||||||||
|
AmeriGas Partners LP/AmeriGas Finance Corp. |
||||||||
|
5.63%, 05/20/24 (Call 03/20/24)(b) |
480 | 474,067 | ||||||
|
5.75%, 05/20/27 (Call 02/20/27) |
421 | 396,788 | ||||||
|
5.88%, 08/20/26 (Call 05/20/26) |
90 | 85,666 | ||||||
|
|
|
|||||||
| 956,521 | ||||||||
| Health Care - Products — 0.0% | ||||||||
|
Garden Spinco Corp., 8.63%, 07/20/30 (Call 07/20/27)(a) |
2 | 2,130 | ||||||
|
|
|
|||||||
| Health Care - Services — 1.8% | ||||||||
|
DaVita Inc. |
||||||||
|
3.75%, 02/15/31 (Call 02/15/26)(a) |
390 | 286,952 | ||||||
|
4.63%, 06/01/30 (Call 06/01/25)(a) |
1,115 | 897,620 | ||||||
|
Tenet Healthcare Corp., 6.25%, 02/01/27 (Call 10/03/22)(a)(b) |
930 | 896,794 | ||||||
|
|
|
|||||||
| 2,081,366 | ||||||||
| Holding Companies - Diversified — 1.3% | ||||||||
|
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a) |
250 | 212,813 | ||||||
|
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||
|
5.25%, 05/15/27 (Call 11/15/26) |
505 | 459,424 | ||||||
|
6.25%, 05/15/26 (Call 10/03/22)(b) |
710 | 680,631 | ||||||
|
6.38%, 12/15/25 (Call 10/03/22)(b) |
165 | 161,014 | ||||||
|
|
|
|||||||
| 1,513,882 | ||||||||
| Home Builders — 1.6% | ||||||||
|
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC |
||||||||
|
4.88%, 02/15/30 (Call 02/15/25)(a) |
550 | 423,437 | ||||||
|
6.25%, 09/15/27 (Call 10/03/22)(a) |
595 | 528,744 | ||||||
|
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 09/16/22)(a) |
559 | 560,126 | ||||||
|
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(b) |
361 | 356,329 | ||||||
|
|
|
|||||||
| 1,868,636 | ||||||||
| Housewares — 0.4% | ||||||||
|
Newell Brands Inc., 5.75%, 04/01/46 (Call 10/01/45) |
650 | 533,000 | ||||||
|
|
|
|||||||
| Insurance — 0.2% | ||||||||
|
NMI
Holdings Inc., 7.38%, 06/01/25 |
211 | 213,161 | ||||||
|
|
|
|||||||
| Internet — 2.7% | ||||||||
|
GrubHub Holdings Inc., 5.50%, 07/01/27 (Call 09/12/22)(a) |
675 | 526,500 | ||||||
|
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 09/12/22)(a) |
940 | 927,780 | ||||||
|
TripAdvisor Inc., 7.00%, 07/15/25 (Call 09/12/22)(a) |
460 | 451,762 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
9 |
|
Schedule of Investments (unaudited) (continued) August 31, 2022 |
iShares® High Yield Bond Factor ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Internet (continued) | ||||||||
|
Uber Technologies Inc. |
| |||||||
|
7.50%, 05/15/25 (Call 10/03/22)(a) |
$ | 350 | $ | 352,264 | ||||
|
7.50%, 09/15/27 (Call 10/03/22)(a)(b) |
935 | 936,192 | ||||||
|
|
|
|||||||
| 3,194,498 | ||||||||
| Iron & Steel — 1.8% | ||||||||
|
Cleveland-Cliffs Inc., 5.88%, 06/01/27 (Call 10/03/22)(b) |
470 | 450,025 | ||||||
|
Mineral Resources Ltd. |
||||||||
|
8.13%, 05/01/27 (Call 10/03/22)(a) |
618 | 619,310 | ||||||
|
8.50%, 05/01/30 (Call 05/01/25)(a)(b) |
455 | 458,330 | ||||||
|
U.S. Steel Corp., 6.88%, 03/01/29 (Call 03/01/24)(b) |
675 | 659,813 | ||||||
|
|
|
|||||||
| 2,187,478 | ||||||||
| Leisure Time — 3.5% | ||||||||
|
Carnival Corp. |
||||||||
|
7.63%, 03/01/26 (Call 03/01/24)(a) |
800 | 681,080 | ||||||
|
9.88%, 08/01/27 (Call 02/01/24)(a) |
355 | 356,332 | ||||||
|
10.50%, 02/01/26 (Call 08/01/23)(a)(b) |
655 | 674,647 | ||||||
|
10.50%, 06/01/30 (Call 06/01/25)(a) |
125 | 114,375 | ||||||
|
NCL
Corp. Ltd., 5.88%, 02/15/27 |
960 | 870,072 | ||||||
|
Royal Caribbean Cruises Ltd. |
||||||||
|
4.25%, 07/01/26 (Call 01/01/26)(a) |
525 | 403,514 | ||||||
|
5.50%, 08/31/26 (Call 02/28/26)(a) |
1,140 | 911,248 | ||||||
|
11.50%, 06/01/25 (Call 09/12/22)(a)(b) |
85 | 90,211 | ||||||
|
11.63%, 08/15/27 |
18 | 17,643 | ||||||
|
|
|
|||||||
| 4,119,122 | ||||||||
| Lodging — 1.6% | ||||||||
|
Las Vegas Sands Corp., 3.20%, 08/08/24 (Call 07/08/24) |
200 | 189,285 | ||||||
|
Travel + Leisure Co. |
||||||||
|
4.50%, 12/01/29 (Call 09/01/29)(a) |
595 | 483,722 | ||||||
|
6.63%, 07/31/26 (Call 04/30/26)(a) |
600 | 581,442 | ||||||
|
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
||||||||
|
5.25%, 05/15/27 (Call 02/15/27)(a) |
105 | 94,702 | ||||||
|
5.50%, 03/01/25 (Call 12/01/24)(a) |
585 | 560,202 | ||||||
|
|
|
|||||||
| 1,909,353 | ||||||||
| Machinery — 1.0% | ||||||||
|
GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)(a)(b) |
520 | 443,676 | ||||||
|
Vertiv Group Corp., 4.13%, 11/15/28 (Call 11/15/24)(a)(b) |
880 | 761,200 | ||||||
|
|
|
|||||||
| 1,204,876 | ||||||||
| Manufacturing — 0.4% | ||||||||
|
LSB Industries Inc., 6.25%, 10/15/28 (Call 10/15/24)(a) |
545 | 504,425 | ||||||
|
|
|
|||||||
| Media — 2.9% | ||||||||
|
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||
|
4.25%, 01/15/34 (Call 01/15/28)(a) |
1,079 | 821,508 | ||||||
|
4.50%, 06/01/33 (Call 06/01/27)(a) |
950 | 745,750 | ||||||
|
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 08/15/23)(a) |
945 | 864,675 | ||||||
|
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a) |
1,030 | 890,919 | ||||||
|
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)(a) |
200 | 171,275 | ||||||
|
|
|
|||||||
| 3,494,127 | ||||||||
| Mining — 4.5% | ||||||||
|
Arconic Corp. |
||||||||
|
6.00%, 05/15/25 (Call 10/03/22)(a) |
200 | 196,250 | ||||||
|
6.13%, 02/15/28 (Call 02/15/23)(a) |
855 | 802,570 | ||||||
|
Eldorado Gold Corp., 6.25%, 09/01/29 (Call 09/01/24)(a) |
575 | 472,136 | ||||||
|
Endeavour Mining PLC, 5.00%, 10/14/26 (Call 10/14/23)(a)(b) |
565 | 492,284 | ||||||
|
First Quantum Minerals Ltd. |
||||||||
|
6.88%, 03/01/26 (Call 09/12/22)(a) |
530 | 508,633 | ||||||
|
7.50%, 04/01/25 (Call 09/12/22)(a) |
905 | 890,747 | ||||||
| Security | Par (000) |
Value | ||||||
| Mining (continued) | ||||||||
|
FMG Resources August 2006 Pty Ltd., 5.13%, 05/15/24 (Call 02/15/24)(a)(b) |
$ | 600 | $ | 593,712 | ||||
|
Hecla Mining Co., 7.25%, 02/15/28 (Call 02/15/23)(b) |
410 | 389,930 | ||||||
|
Stillwater Mining Co. |
||||||||
|
4.00%, 11/16/26 (Call 11/16/23)(a) |
625 | 551,250 | ||||||
|
4.50%, 11/16/29 (Call 11/16/25)(a) |
575 | 472,363 | ||||||
|
|
|
|||||||
| 5,369,875 | ||||||||
| Oil & Gas — 8.9% | ||||||||
|
Antero Resources Corp., 7.63%, 02/01/29 (Call 02/01/24)(a) |
351 | 357,032 | ||||||
|
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 10/03/22)(a) |
0 | — | ||||||
|
Civitas Resources Inc., 5.00%, 10/15/26 (Call 10/15/23)(a) |
271 | 252,311 | ||||||
|
CNX Resources Corp., 7.25%, 03/14/27 (Call 10/03/22)(a) |
635 | 630,396 | ||||||
|
Earthstone Energy Holdings LLC, 8.00%, 04/15/27 (Call 04/15/24)(a)(b) |
410 | 399,496 | ||||||
|
Energean PLC, 6.50%, 04/30/27 (Call 10/30/23)(a)(b) |
450 | 406,490 | ||||||
|
Gulfport Energy Corp., 8.00%, 05/17/26 (Call 05/17/24) |
250 | 251,665 | ||||||
|
Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)(a) |
480 | 443,842 | ||||||
|
Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)(a) |
525 | 513,188 | ||||||
|
Kosmos Energy Ltd. |
||||||||
|
7.13%, 04/04/26 (Call 09/12/22)(a) |
625 | 549,945 | ||||||
|
7.50%, 03/01/28 (Call 03/01/24)(a) |
450 | 387,450 | ||||||
|
Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26 (Call 09/12/22)(a) |
140 | 135,129 | ||||||
|
Matador Resources Co., 5.88%, 09/15/26 (Call 09/16/22)(b) |
923 | 903,479 | ||||||
|
Oasis Petroleum Inc., 6.38%, 06/01/26 (Call 06/01/23)(a) |
250 | 242,500 | ||||||
|
Occidental Petroleum Corp. |
||||||||
|
7.88%, 09/15/31 |
330 | 380,342 | ||||||
|
8.50%, 07/15/27 (Call 01/15/27) |
271 | 303,507 | ||||||
|
Patterson-UTI Energy Inc., 3.95%, 02/01/28 (Call 11/01/27) |
335 | 283,399 | ||||||
|
PBF Holding Co. LLC/PBF Finance Corp. |
||||||||
|
6.00%, 02/15/28 (Call 02/15/23)(b) |
450 | 404,174 | ||||||
|
7.25%, 06/15/25 (Call 10/03/22)(b) |
640 | 621,632 | ||||||
|
PDC Energy Inc., 5.75%, 05/15/26 (Call 10/03/22) |
375 | 359,096 | ||||||
|
Sunoco LP/Sunoco Finance Corp., 6.00%, 04/15/27 (Call 10/03/22)(b) |
545 | 527,086 | ||||||
|
Talos Production Inc., 12.00%, 01/15/26 (Call 01/15/23) |
580 | 614,469 | ||||||
|
Tullow Oil PLC |
||||||||
|
7.00%, 03/01/25 (Call 10/03/22)(a) |
200 | 158,500 | ||||||
|
10.25%, 05/15/26 (Call 05/15/23)(a) |
975 | 906,360 | ||||||
|
W&T
Offshore Inc., 9.75%, 11/01/23 |
500 | 490,002 | ||||||
|
|
|
|||||||
| 10,521,490 | ||||||||
| Oil & Gas Services — 1.8% | ||||||||
|
Archrock Partners LP/Archrock Partners Finance Corp. |
||||||||
|
6.25%, 04/01/28 (Call 04/01/23)(a) |
195 | 177,450 | ||||||
|
6.88%, 04/01/27 (Call 10/03/22)(a) |
445 | 417,187 | ||||||
|
Bristow
Group Inc., 6.88%, 03/01/28 |
240 | 222,600 | ||||||
|
CGG SA, 8.75%, 04/01/27 (Call 04/01/24)(a)(b) |
425 | 376,216 | ||||||
|
USA Compression Partners LP/USA Compression |
||||||||
|
Finance Corp. |
||||||||
|
6.88%, 04/01/26 (Call 10/03/22) |
660 | 618,981 | ||||||
|
6.88%, 09/01/27 (Call 10/03/22) |
375 | 346,665 | ||||||
|
|
|
|||||||
| 2,159,099 | ||||||||
| Packaging & Containers — 1.2% | ||||||||
|
Ardagh
Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC,
3.25%, 09/01/28 |
625 | 539,062 | ||||||
|
Berry
Global Inc., 5.63%, 07/15/27 |
485 | 473,602 | ||||||
| 10 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) August 31, 2022 |
iShares® High Yield Bond Factor ETF (Percentages shown are based on Net Assets) |
| Security |
Par |
Value | ||||||
| Packaging & Containers (continued) | ||||||||
|
Graham Packaging Co. Inc., 7.13%, 08/15/28 (Call 08/15/23)(a) |
$ | 550 | $ | 472,291 | ||||
|
|
|
|||||||
| 1,484,955 | ||||||||
| Pharmaceuticals — 0.5% | ||||||||
|
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a) |
740 | 583,980 | ||||||
|
|
|
|||||||
| Pipelines — 3.6% | ||||||||
|
Antero Midstream Partners LP/Antero Midstream |
||||||||
|
Finance Corp. |
||||||||
|
5.75%, 03/01/27 (Call 09/16/22)(a) |
495 | 469,012 | ||||||
|
7.88%, 05/15/26 (Call 05/15/23)(a) |
520 | 529,100 | ||||||
|
Crestwood
Midstream Partners LP/Crestwood Midstream Finance Corp.,
8.00%, 04/01/29 |
330 | 327,174 | ||||||
|
Delek
Logistics Partners LP/Delek Logistics Finance Corp.,
7.13%, 06/01/28 |
245 | 228,903 | ||||||
|
EnLink Midstream Partners LP |
||||||||
|
4.15%, 06/01/25 (Call 03/01/25) |
430 | 419,057 | ||||||
|
5.45%, 06/01/47 (Call 12/01/46) |
210 | 160,388 | ||||||
|
EQM Midstream Partners LP, 6.50%, 07/15/48 (Call 01/15/48) |
225 | 190,906 | ||||||
|
Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 02/01/23)(a)(b) |
475 | 442,306 | ||||||
|
New Fortress Energy Inc. |
||||||||
|
6.50%, 09/30/26 (Call 03/31/23)(a) |
955 | 904,719 | ||||||
|
6.75%, 09/15/25 (Call 09/21/22)(a)(b) |
245 | 237,001 | ||||||
|
Western Midstream Operating LP, 6.50%, 02/01/50 (Call 08/01/49) |
365 | 315,907 | ||||||
|
|
|
|||||||
| 4,224,473 | ||||||||
| Real Estate — 1.3% | ||||||||
|
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/28 (Call 05/15/23)(a) |
595 | 589,794 | ||||||
|
WeWork Companies Inc., 7.88%, 05/01/25(a)(b) |
765 | 570,728 | ||||||
|
WeWork Companies LLC/WW Co-Obligor Inc., 5.00%, 07/10/25 (Call 04/10/25)(a) |
550 | 356,845 | ||||||
|
|
|
|||||||
| 1,517,367 | ||||||||
| Real Estate Investment Trusts — 5.1% | ||||||||
|
Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)(a) |
520 | 421,200 | ||||||
|
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |
||||||||
|
4.50%, 04/01/27 (Call 10/01/23)(a)(b) |
105 | 89,958 | ||||||
|
5.75%, 05/15/26 (Call 09/12/22)(a) |
990 | 923,170 | ||||||
|
Iron Mountain Inc. |
||||||||
|
4.50%, 02/15/31 (Call 02/15/26)(a) |
170 | 141,222 | ||||||
|
5.25%, 03/15/28 (Call 12/27/22)(a)(b) |
75 | 68,812 | ||||||
|
5.63%, 07/15/32 (Call 07/15/26)(a) |
200 | 175,795 | ||||||
|
Park Intermediate Holdings LLC/PK Domestic |
||||||||
|
Property LLC/PK Finance Co-Issuer |
||||||||
|
4.88%, 05/15/29 (Call 05/15/24)(a)(b) |
90 | 79,156 | ||||||
|
5.88%, 10/01/28 (Call 10/01/23)(a) |
640 | 587,904 | ||||||
|
7.50%, 06/01/25 (Call 10/03/22)(a) |
305 | 307,714 | ||||||
|
RLJ Lodging Trust LP, 4.00%, 09/15/29 (Call 09/15/24)(a) |
490 | 413,703 | ||||||
|
Service Properties Trust |
||||||||
|
4.35%, 10/01/24 (Call 09/01/24) |
865 | 773,778 | ||||||
|
4.75%, 10/01/26 (Call 08/01/26) |
475 | 386,198 | ||||||
|
Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC, 7.88%, 02/15/25 (Call 10/03/22)(a) |
385 | 380,340 | ||||||
| Security |
Par/ Shares (000) |
Value | ||||||
| Real Estate Investment Trusts (continued) | ||||||||
|
Uniti Group LP/Uniti Group Finance Inc./CSL Capital LLC |
||||||||
|
4.75%, 04/15/28 (Call 04/15/24)(a) |
$ | 400 | $ | 334,234 | ||||
|
6.50%, 02/15/29 (Call 02/15/24)(a) |
670 | 510,460 | ||||||
|
XHR LP, 6.38%, 08/15/25 (Call 09/12/22)(a) |
462 | 448,397 | ||||||
|
|
|
|||||||
| 6,042,041 | ||||||||
| Retail — 3.6% | ||||||||
|
Bath & Body Works Inc. |
||||||||
|
6.75%, 07/01/36(b) |
565 | 487,558 | ||||||
|
6.88%, 11/01/35(b) |
920 | 803,119 | ||||||
|
Carvana
Co., 5.50%, 04/15/27 |
780 | 505,557 | ||||||
|
Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 11/01/22)(a) |
261 | 262,620 | ||||||
|
FirstCash Inc. |
||||||||
|
4.63%, 09/01/28 (Call 09/01/23)(a)(b) |
495 | 428,602 | ||||||
|
5.63%, 01/01/30 (Call 01/01/25)(a) |
545 | 487,775 | ||||||
|
Gap
Inc. (The), 3.88%, 10/01/31 |
155 | 107,495 | ||||||
|
Macy’s Retail Holdings LLC, 6.13%, 03/15/32 (Call 03/15/27)(a)(b) |
260 | 215,906 | ||||||
|
Nordstrom Inc., 5.00%, 01/15/44 (Call 07/15/43)(b) |
290 | 195,547 | ||||||
|
QVC Inc. |
||||||||
|
4.38%, 09/01/28 (Call 06/01/28) |
330 | 250,442 | ||||||
|
4.75%, 02/15/27 (Call 11/15/26)(b) |
585 | 483,169 | ||||||
|
|
|
|||||||
| 4,227,790 | ||||||||
| Software — 0.4% | ||||||||
|
MicroStrategy Inc., 6.13%, 06/15/28 (Call 06/15/24)(a)(b) |
525 | 438,101 | ||||||
|
|
|
|||||||
| Telecommunications — 7.7% | ||||||||
|
CommScope Inc., 8.25%, 03/01/27 (Call 10/03/22)(a)(b) |
870 | 745,603 | ||||||
|
Consolidated Communications Inc., 6.50%, 10/01/28 (Call 10/01/23)(a) |
800 | 643,760 | ||||||
|
Embarq Corp., 8.00%, 06/01/36 |
1,105 | 859,160 | ||||||
|
Frontier Communications Holdings LLC |
||||||||
|
5.00%, 05/01/28 (Call 05/01/24)(a) |
546 | 478,547 | ||||||
|
6.00%, 01/15/30 (Call 10/15/24)(a) |
734 | 604,831 | ||||||
|
6.75%, 05/01/29 (Call 05/01/24)(a)(b) |
200 | 172,498 | ||||||
|
Hughes Satellite Systems Corp. |
||||||||
|
5.25%, 08/01/26(b) |
465 | 442,912 | ||||||
|
6.63%, 08/01/26 |
474 | 448,522 | ||||||
|
Level 3 Financing Inc. |
||||||||
|
3.63%, 01/15/29 (Call 01/15/24)(a) |
910 | 730,375 | ||||||
|
4.25%, 07/01/28 (Call 07/01/23)(a)(b) |
670 | 556,937 | ||||||
|
Lumen Technologies Inc. |
||||||||
|
4.50%, 01/15/29 (Call 01/15/24)(a) |
25 | 18,650 | ||||||
|
5.38%, 06/15/29 (Call 06/15/24)(a) |
910 | 710,601 | ||||||
|
Sprint Capital Corp., 8.75%, 03/15/32 |
340 | 410,455 | ||||||
|
Sprint Corp. |
||||||||
|
7.13%, 06/15/24 |
415 | 428,471 | ||||||
|
7.63%, 02/15/25 (Call 11/15/24) |
735 | 768,994 | ||||||
|
ViaSat Inc. |
||||||||
|
5.63%, 09/15/25 (Call 09/12/22)(a) |
580 | 509,389 | ||||||
|
5.63%, 04/15/27 (Call 09/12/22)(a) |
590 | 542,800 | ||||||
|
|
|
|||||||
| 9,072,505 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 97.4% |
|
115,456,669 | ||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 22.3% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(d)(e)(f) |
24,175 | 24,182,077 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
11 |
|
Schedule of Investments (unaudited) (continued) August 31, 2022 |
iShares® High Yield Bond Factor ETF (Percentages shown are based on Net Assets) |
| Security |
Shares (000) |
Value | ||||||
|
|
||||||||
| Money Market Funds (continued) | ||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(d)(e) |
2,190 | $ | 2,190,000 | |||||
|
|
|
|||||||
|
Total
Short-Term Securities — 22.3% |
26,372,077 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 119.7% |
141,828,746 | |||||||
|
Liabilities in Excess of Other Assets — (19.7)% |
|
(23,330,498 | ) | |||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 118,498,248 | ||||||
|
|
|
|||||||
| (a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
| (b) |
All or a portion of this security is on loan. |
| (c) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (d) |
Affiliate of the Fund. |
| (e) |
Annualized 7-day yield as of period end. |
| (f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||
| Affiliated Issuer |
Value at 02/28/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 08/31/22 |
Shares Held at 08/31/22 (000) |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 16,908,997 | $ | 7,270,208 | (a) | $ | — | $ | (8,472 | ) | $ | 11,344 | $ | 24,182,077 | 24,175 | $ | 64,268 | (b) | $ | — | ||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
4,590,000 | — | (2,400,000 | )(a) | — | — | 2,190,000 | 2,190 | 8,744 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| $ | (8,472 | ) | $ | 11,344 | $ | 26,372,077 | $ | 73,012 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Corporate Bonds & Notes |
$ | — | $ | 115,456,669 | $ | — | $ | 115,456,669 | ||||||||
|
Money Market Funds |
26,372,077 | — | — | 26,372,077 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 26,372,077 | $ | 115,456,669 | $ | — | $ | 141,828,746 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
| 12 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) August 31, 2022 |
iShares® Investment Grade Bond Factor ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
Corporate Bonds & Notes |
||||||||
| Advertising — 0.1% | ||||||||
|
Interpublic Group of Companies Inc. (The), 3.38%, 03/01/41 (Call 09/01/40) |
$ | 230 | $ | 165,868 | ||||
|
|
|
|||||||
| Aerospace & Defense — 1.9% | ||||||||
|
Boeing Co. (The) |
||||||||
|
3.95%, 08/01/59 (Call 02/01/59) |
470 | 326,512 | ||||||
|
5.71%, 05/01/40 (Call 11/01/39) |
110 | 104,918 | ||||||
|
5.93%, 05/01/60 (Call 11/01/59) |
840 | 802,183 | ||||||
|
L3Harris Technologies Inc., 4.40%, 06/15/28 (Call 03/15/28) |
985 | 968,235 | ||||||
|
Northrop Grumman Corp., 4.75%, 06/01/43 |
215 | 206,820 | ||||||
|
Raytheon Technologies Corp. |
||||||||
|
4.50%, 06/01/42 |
620 | 587,276 | ||||||
|
4.88%, 10/15/40 |
175 | 168,885 | ||||||
|
|
|
|||||||
| 3,164,829 | ||||||||
| Agriculture — 2.0% | ||||||||
|
Altria Group Inc. |
||||||||
|
4.80%, 02/14/29 (Call 11/14/28) |
26 | 25,177 | ||||||
|
5.38%, 01/31/44 |
668 | 589,731 | ||||||
|
5.80%, 02/14/39 (Call 08/14/38) |
693 | 640,938 | ||||||
|
BAT Capital Corp. |
||||||||
|
3.56%, 08/15/27 (Call 05/15/27) |
591 | 542,924 | ||||||
|
4.91%, 04/02/30 (Call 01/02/30) |
39 | 36,728 | ||||||
|
BAT International Finance PLC, 4.45%, 03/16/28 (Call 02/16/28) |
90 | 85,256 | ||||||
|
Philip Morris International Inc., 6.38%, 05/16/38 |
675 | 698,357 | ||||||
|
Reynolds American Inc. |
||||||||
|
5.70%, 08/15/35 (Call 02/15/35) |
271 | 249,875 | ||||||
|
5.85%, 08/15/45 (Call 02/15/45) |
618 | 522,153 | ||||||
|
|
|
|||||||
| 3,391,139 | ||||||||
| Banks — 14.4% | ||||||||
|
Bank of America Corp. |
||||||||
|
1.84%, 02/04/25 (Call 02/04/24), (SOFR + 0.670%)(a) |
900 | 865,063 | ||||||
|
3.09%, 10/01/25 (Call 10/01/24), (3 mo. LIBOR US + 1.090%)(a) |
370 | 358,275 | ||||||
|
3.37%, 01/23/26 (Call 01/23/25), (3 mo. LIBOR US + 0.810%)(a) |
1,300 | 1,256,953 | ||||||
|
4.30%, (Call 01/28/25)(a)(b)(c) |
950 | 796,219 | ||||||
|
4.45%, 03/03/26 |
240 | 239,024 | ||||||
|
5.13%, (Call 06/20/24)(a)(b) |
860 | 823,352 | ||||||
|
6.50%, (Call 10/23/24)(a)(b) |
470 | 472,937 | ||||||
|
Series FF, 5.88%, (Call 03/15/28)(a)(b) |
850 | 770,312 | ||||||
|
Bank of New York Mellon Corp. |
||||||||
|
3.43%, 06/13/25 (Call 06/13/24)(a) |
260 | 256,853 | ||||||
|
Series F, 4.63%, (Call 09/20/26)(a)(b) |
890 | 818,747 | ||||||
|
Citigroup Inc. |
||||||||
|
0.78%, 10/30/24 (Call 10/30/23), (SOFR + 0.686%)(a) |
1,000 | 959,018 | ||||||
|
3.35%, 04/24/25 (Call 04/24/24), (3 mo. LIBOR US + 0.897%)(a) |
200 | 196,009 | ||||||
|
4.60%, 03/09/26 |
289 | 288,317 | ||||||
|
8.13%, 07/15/39 |
584 | 762,558 | ||||||
|
Fifth Third Bancorp., 3.65%, 01/25/24 (Call 12/25/23) |
840 | 834,614 | ||||||
|
Goldman Sachs Group Inc. (The) |
||||||||
|
0.66%, 09/10/24 (Call 09/10/23), (SOFR + 0.505%)(a) |
810 | 776,818 | ||||||
|
0.93%, 10/21/24 (Call 10/21/23), (SOFR + 0.486%)(a) |
490 | 468,991 | ||||||
|
HSBC Holdings PLC |
||||||||
|
3.80%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.211%)(a) |
760 | 745,468 | ||||||
|
3.90%, 05/25/26 |
860 | 836,927 | ||||||
| Security | Par (000) |
Value | ||||||
| Banks (continued) | ||||||||
|
4.25%, 08/18/25 |
$ | 240 | $ | 236,360 | ||||
|
4.30%, 03/08/26(c) |
770 | 760,916 | ||||||
|
4.95%, 03/31/30 |
260 | 252,249 | ||||||
|
Huntington Bancshares Inc., 2.49%, 08/15/36 (Call 08/15/31)(a) |
310 | 234,206 | ||||||
|
JPMorgan Chase & Co. |
||||||||
|
4.02%, 12/05/24
(Call 12/05/23), |
820 | 816,281 | ||||||
|
5.00%, (Call 08/01/24)(a)(b) |
920 | 851,000 | ||||||
|
6.10%, (Call 10/01/24)(a)(b) |
830 | 817,093 | ||||||
|
6.75%, (Call 02/01/24)(a)(b)(c) |
240 | 241,458 | ||||||
|
Series HH, 4.60%, (Call 02/01/25)(a)(b)(c) |
941 | 827,139 | ||||||
|
Morgan Stanley |
||||||||
|
0.79%, 01/22/25 (Call 01/22/24), (SOFR + 0.509%)(a) |
855 | 810,953 | ||||||
|
2.72%, 07/22/25 (Call 07/22/24), (SOFR + 1.152%)(a) |
890 | 859,795 | ||||||
|
Natwest Group PLC, 3.03%, 11/28/35 (Call 08/28/30)(a) |
910 | 713,606 | ||||||
|
State Street Corp., 2.35%, 11/01/25 (Call 11/01/24), (SOFR + 0.940%)(a) |
850 | 820,949 | ||||||
|
SVB Financial Group, 3.13%, 06/05/30 (Call 03/05/30) |
225 | 192,712 | ||||||
|
Truist Financial Corp., Series N, 4.80%, (Call 09/01/24)(a)(b) |
905 | 840,698 | ||||||
|
U.S. Bancorp, 5.30%, (Call 04/15/27)(a)(b) |
910 | 809,900 | ||||||
|
Wells Fargo & Co. |
||||||||
|
2.41%, 10/30/25 (Call 10/30/24), (SOFR + 1.087%)(a) |
110 | 105,107 | ||||||
|
3.00%, 02/19/25 |
240 | 233,169 | ||||||
|
5.90%, (Call 06/15/24)(a)(b)(c) |
890 | 837,269 | ||||||
|
|
|
|||||||
| 23,787,315 | ||||||||
| Beverages — 1.2% | ||||||||
|
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc., 4.70%, 02/01/36 (Call 08/01/35) |
665 | 643,379 | ||||||
|
Anheuser-Busch InBev Worldwide Inc. |
||||||||
|
4.60%, 06/01/60 (Call 12/01/59) |
190 | 168,542 | ||||||
|
5.45%, 01/23/39 (Call 07/23/38) |
90 | 92,775 | ||||||
|
8.20%, 01/15/39 |
322 | 418,448 | ||||||
|
Keurig Dr Pepper Inc. |
||||||||
|
4.42%, 05/25/25 (Call 03/25/25) |
104 | 104,714 | ||||||
|
4.60%, 05/25/28 (Call 02/25/28) |
420 | 421,331 | ||||||
|
PepsiCo Inc., 2.63%, 10/21/41 (Call 04/21/41) |
205 | 160,833 | ||||||
|
|
|
|||||||
| 2,010,022 | ||||||||
| Biotechnology — 3.0% | ||||||||
|
Amgen Inc., 4.40%, 05/01/45 (Call 11/01/44) |
354 | 318,478 | ||||||
|
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25) |
450 | 447,303 | ||||||
|
Biogen Inc., 2.25%, 05/01/30 (Call 02/01/30) |
1,030 | 841,386 | ||||||
|
Bio-Rad Laboratories Inc., 3.70%, 03/15/32 (Call 12/15/31) |
385 | 344,173 | ||||||
|
Gilead Sciences Inc. |
||||||||
|
4.80%, 04/01/44 (Call 10/01/43) |
735 | 705,258 | ||||||
|
5.65%, 12/01/41 (Call 06/01/41) |
340 | 358,900 | ||||||
|
Illumina Inc., 2.55%, 03/23/31 (Call 12/23/30) |
235 | 192,833 | ||||||
|
Regeneron Pharmaceuticals Inc., 1.75%, 09/15/30 (Call 06/15/30) |
1,025 | 810,570 | ||||||
|
Royalty Pharma PLC |
||||||||
|
1.20%, 09/02/25 (Call 08/02/25) |
640 | 581,794 | ||||||
|
2.15%, 09/02/31 (Call 06/02/31) |
30 | 23,665 | ||||||
|
3.35%, 09/02/51 (Call 03/02/51) |
255 | 170,425 | ||||||
|
3.55%, 09/02/50 (Call 03/02/50) |
160 | 110,352 | ||||||
|
|
|
|||||||
| 4,905,137 | ||||||||
| Building Materials — 0.5% | ||||||||
|
Eagle Materials Inc., 2.50%, 07/01/31 (Call 04/01/31) |
700 | 547,678 | ||||||
|
Fortune Brands Home & Security Inc., 3.25%, 09/15/29 (Call 06/15/29) |
305 | 267,242 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
13 |
|
Schedule of Investments (unaudited) (continued) August 31, 2022 |
iShares® Investment Grade Bond Factor ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Building Materials (continued) | ||||||||
|
Martin Marietta Materials Inc., 4.25%, 12/15/47 (Call 06/15/47) |
$ | 35 | $ | 29,328 | ||||
|
|
|
|||||||
| 844,248 | ||||||||
| Chemicals — 1.2% | ||||||||
|
Dow Chemical Co. (The), 5.55%, 11/30/48 (Call 05/30/48) |
375 | 378,249 | ||||||
|
DuPont de Nemours Inc., 5.32%, 11/15/38 (Call 05/15/38) |
325 | 324,041 | ||||||
|
Huntsman International LLC, 4.50%, 05/01/29 (Call 02/01/29) |
645 | 594,126 | ||||||
|
LYB International Finance BV, 4.88%, 03/15/44 (Call 09/15/43) |
340 | 308,703 | ||||||
|
LyondellBasell Industries NV, 4.63%, 02/26/55 (Call 08/26/54) |
515 | 432,031 | ||||||
|
|
|
|||||||
| 2,037,150 | ||||||||
| Commercial Services — 1.8% | ||||||||
|
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31) |
660 | 531,945 | ||||||
|
Global Payments Inc. |
||||||||
|
2.65%, 02/15/25 (Call 01/15/25) |
195 | 185,656 | ||||||
|
2.90%, 05/15/30 (Call 02/15/30) |
215 | 180,928 | ||||||
|
3.20%, 08/15/29 (Call 05/15/29) |
254 | 221,823 | ||||||
|
4.15%, 08/15/49 (Call 02/15/49)(c) |
73 | 55,589 | ||||||
|
4.80%, 04/01/26 (Call 01/01/26) |
395 | 391,839 | ||||||
|
Quanta Services Inc. |
||||||||
|
2.35%, 01/15/32 (Call 10/15/31) |
90 | 71,111 | ||||||
|
2.90%, 10/01/30 (Call 07/01/30) |
930 | 794,341 | ||||||
|
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25) |
485 | 479,481 | ||||||
|
|
|
|||||||
| 2,912,713 | ||||||||
| Computers — 1.3% | ||||||||
|
Apple Inc., 3.00%, 02/09/24 (Call 12/09/23) |
295 | 292,530 | ||||||
|
HP Inc. |
||||||||
|
3.40%, 06/17/30 (Call 03/17/30)(c) |
675 | 586,463 | ||||||
|
4.20%, 04/15/32 (Call 01/15/32) |
100 | 88,324 | ||||||
|
6.00%, 09/15/41(c) |
387 | 374,477 | ||||||
|
Leidos Inc. |
||||||||
|
2.30%, 02/15/31 (Call 11/15/30) |
120 | 94,191 | ||||||
|
4.38%, 05/15/30 (Call 02/15/30) |
610 | 563,142 | ||||||
|
Teledyne FLIR LLC, 2.50%, 08/01/30 (Call 05/01/30) |
230 | 189,148 | ||||||
|
|
|
|||||||
| 2,188,275 | ||||||||
| Cosmetics & Personal Care — 0.3% | ||||||||
|
Procter & Gamble Co. (The), 0.55%, 10/29/25 |
480 | 435,861 | ||||||
|
|
|
|||||||
| Diversified Financial Services — 1.6% | ||||||||
|
American Express Co., 3.55%, (Call 09/15/26)(a)(b) |
960 | 824,400 | ||||||
|
Capital One Financial Corp. |
||||||||
|
3.20%, 02/05/25 (Call 01/05/25) |
605 | 589,415 | ||||||
|
3.75%, 03/09/27 (Call 02/09/27) |
795 | 764,090 | ||||||
|
Raymond James Financial Inc. |
||||||||
|
3.75%, 04/01/51 (Call 10/01/50) |
115 | 93,755 | ||||||
|
4.95%, 07/15/46 |
405 | 394,946 | ||||||
|
|
|
|||||||
| 2,666,606 | ||||||||
| Electric — 11.0% | ||||||||
|
Ameren Illinois Co., 3.70%, 12/01/47 (Call 06/01/47) |
110 | 93,414 | ||||||
|
Avangrid Inc. |
||||||||
|
3.20%, 04/15/25 (Call 03/15/25) |
355 | 343,888 | ||||||
|
3.80%, 06/01/29 (Call 03/01/29) |
585 | 546,606 | ||||||
|
Commonwealth Edison Co. |
||||||||
|
3.00%, 03/01/50 (Call 09/01/49) |
175 | 131,870 | ||||||
|
4.00%, 03/01/48 (Call 09/01/47) |
75 | 67,173 | ||||||
|
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47) |
615 | 556,688 | ||||||
|
Consolidated Edison Co. of New York Inc. |
||||||||
|
3.60%, 06/15/61 (Call 12/15/60) |
650 | 510,373 | ||||||
|
Series C, 3.00%, 12/01/60 (Call 06/01/60) |
320 | 216,979 | ||||||
|
Consumers Energy Co., 3.10%, 08/15/50 (Call 02/15/50) |
135 | 104,368 | ||||||
| Security | Par (000) |
Value | ||||||
| Electric (continued) | ||||||||
|
Dominion
Energy Inc., Series B, 4.65%, |
$ | 720 | $ | 662,400 | ||||
|
DTE Electric Co. |
||||||||
|
2.95%, 03/01/50 (Call 09/01/49) |
50 | 38,012 | ||||||
|
Series A, 3.00%, 03/01/32 (Call 12/01/31) |
210 | 189,619 | ||||||
|
Duke Energy Carolinas LLC |
||||||||
|
3.20%, 08/15/49 (Call 02/15/49) |
655 | 510,414 | ||||||
|
3.95%, 03/15/48 (Call 09/15/47) |
30 | 26,221 | ||||||
|
Duke Energy Corp. |
||||||||
|
3.75%, 04/15/24 (Call 01/15/24) |
340 | 338,381 | ||||||
|
3.75%, 09/01/46 (Call 03/01/46) |
30 | 23,451 | ||||||
|
Duke Energy Florida LLC, 2.40%, 12/15/31 (Call 09/15/31) |
110 | 93,659 | ||||||
|
Duke Energy Indiana LLC |
||||||||
|
2.75%, 04/01/50 (Call 10/01/49) |
250 | 174,453 | ||||||
|
Series YYY, 3.25%, 10/01/49 (Call 04/01/49) |
180 | 138,108 | ||||||
|
Duke Energy Progress LLC |
||||||||
|
2.00%, 08/15/31 (Call 05/15/31) |
260 | 215,495 | ||||||
|
3.40%, 04/01/32 (Call 01/01/32) |
530 | 491,439 | ||||||
|
3.45%, 03/15/29 (Call 12/15/28) |
230 | 219,296 | ||||||
|
3.60%, 09/15/47 (Call 03/15/47) |
55 | 45,567 | ||||||
|
Edison International, 5.75%, 06/15/27 (Call 04/15/27) |
90 | 91,191 | ||||||
|
Emera U.S. Finance LP |
||||||||
|
3.55%, 06/15/26 (Call 03/15/26) |
104 | 99,628 | ||||||
|
4.75%, 06/15/46 (Call 12/15/45) |
820 | 713,995 | ||||||
|
Entergy Louisiana LLC |
||||||||
|
2.35%, 06/15/32 (Call 03/15/32) |
210 | 173,689 | ||||||
|
4.00%, 03/15/33 (Call 12/15/32) |
610 | 578,661 | ||||||
|
4.20%, 09/01/48 (Call 03/01/48) |
205 | 183,729 | ||||||
|
Evergy Inc. |
||||||||
|
2.45%, 09/15/24 (Call 08/15/24) |
335 | 322,915 | ||||||
|
2.90%, 09/15/29 (Call 06/15/29) |
650 | 570,305 | ||||||
|
Evergy Kansas Central Inc., 3.45%, 04/15/50 (Call 10/15/49) |
195 | 155,376 | ||||||
|
Exelon Corp. |
||||||||
|
3.95%, 06/15/25 (Call 03/15/25) |
550 | 544,694 | ||||||
|
4.05%, 04/15/30 (Call 01/15/30) |
855 | 822,260 | ||||||
|
Florida Power & Light Co. |
||||||||
|
2.45%, 02/03/32 (Call 11/03/31) |
870 | 755,223 | ||||||
|
3.15%, 10/01/49 (Call 04/01/49) |
115 | 91,805 | ||||||
|
3.70%, 12/01/47 (Call 06/01/47) |
163 | 142,405 | ||||||
|
3.95%, 03/01/48 (Call 09/01/47) |
560 | 509,332 | ||||||
|
Fortis Inc./Canada, 3.06%, 10/04/26 (Call 07/04/26) |
800 | 748,641 | ||||||
|
Georgia Power Co., 4.30%, 03/15/42 |
70 | 62,211 | ||||||
|
Kentucky Utilities Co., 3.30%, 06/01/50 (Call 12/01/49) |
258 | 201,231 | ||||||
|
Oncor Electric Delivery Co. LLC, 3.10%, 09/15/49 (Call 03/15/49) |
280 | 216,538 | ||||||
|
Public Service Co. of Colorado, 1.88%, 06/15/31 (Call 12/15/30) |
445 | 370,447 | ||||||
|
Public Service Electric & Gas Co., 3.10%, 03/15/32 (Call 12/15/31)(c) |
215 | 196,770 | ||||||
|
Public Service Enterprise Group Inc. |
||||||||
|
0.84%, 11/08/23 (Call 10/03/22) |
310 | 297,488 | ||||||
|
2.88%, 06/15/24 (Call 05/15/24) |
660 | 643,726 | ||||||
|
San Diego Gas & Electric Co. |
||||||||
|
Series WWW, 2.95%, 08/15/51 (Call 02/15/51) |
530 | 391,868 | ||||||
|
Series XXX, 3.00%, 03/15/32 (Call 12/15/31) |
40 | 35,540 | ||||||
|
Sempra Energy |
||||||||
|
3.25%, 06/15/27 (Call 03/15/27) |
145 | 137,200 | ||||||
|
3.40%, 02/01/28 (Call 11/01/27) |
715 | 675,367 | ||||||
|
4.00%, 02/01/48 (Call 08/01/47) |
105 | 87,919 | ||||||
|
Southern California Edison Co. |
||||||||
|
4.00%, 04/01/47 (Call 10/01/46) |
870 | 704,463 | ||||||
| 14 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) August 31, 2022 |
iShares® Investment Grade Bond Factor ETF (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Electric (continued) | ||||||||
|
Series A, 4.20%, 03/01/29 (Call 12/01/28) |
$ | 151 | $ | 145,943 | ||||
|
Series B, 4.88%, 03/01/49 (Call 09/01/48) |
208 | 190,883 | ||||||
|
Series C, 4.13%, 03/01/48 (Call 09/01/47) |
150 | 124,729 | ||||||
|
Southern Co. (The) |
||||||||
|
3.25%, 07/01/26 (Call 04/01/26) |
456 | 435,571 | ||||||
|
4.40%, 07/01/46 (Call 01/01/46) |
740 | 652,281 | ||||||
|
Union Electric Co. |
||||||||
|
2.15%, 03/15/32 (Call 12/15/31) |
260 | 213,502 | ||||||
|
2.63%, 03/15/51 (Call 09/15/50) |
280 | 193,628 | ||||||
|
|
|
|||||||
| 18,219,028 | ||||||||
| Electronics — 0.5% | ||||||||
|
TD SYNNEX Corp. |
||||||||
|
1.25%, 08/09/24 (Call 09/12/22) |
160 | 148,613 | ||||||
|
1.75%, 08/09/26 (Call 07/09/26) |
300 | 262,683 | ||||||
|
2.38%, 08/09/28 (Call 06/09/28) |
270 | 226,767 | ||||||
|
Trimble Inc., 4.90%, 06/15/28 (Call 03/15/28) |
120 | 119,192 | ||||||
|
|
|
|||||||
| 757,255 | ||||||||
| Environmental Control — 0.1% | ||||||||
|
Republic Services Inc., 3.95%, 05/15/28 (Call 02/15/28) |
225 | 219,962 | ||||||
|
|
|
|||||||
| Food — 2.3% | ||||||||
|
Campbell Soup Co. |
||||||||
|
3.95%, 03/15/25 (Call 01/15/25) |
185 | 183,342 | ||||||
|
4.15%, 03/15/28 (Call 12/15/27) |
785 | 770,838 | ||||||
|
Conagra Brands Inc. |
||||||||
|
4.85%, 11/01/28 (Call 08/01/28) |
165 | 163,269 | ||||||
|
5.30%, 11/01/38 (Call 05/01/38) |
690 | 655,804 | ||||||
|
Kellogg Co., 3.25%, 04/01/26 |
315 | 305,651 | ||||||
|
Sysco Corp. |
||||||||
|
5.95%, 04/01/30 (Call 01/01/30) |
550 | 591,591 | ||||||
|
6.60%, 04/01/50 (Call 10/01/49) |
412 | 477,626 | ||||||
|
Tyson Foods Inc., 3.95%, 08/15/24 (Call 05/15/24) |
705 | 702,728 | ||||||
|
|
|
|||||||
| 3,850,849 | ||||||||
| Gas — 0.9% | ||||||||
|
National Fuel Gas Co. |
||||||||
|
2.95%, 03/01/31 (Call 12/01/30)(c) |
245 | 200,214 | ||||||
|
5.50%, 01/15/26 (Call 12/15/25) |
245 | 247,489 | ||||||
|
NiSource Inc. |
||||||||
|
3.60%, 05/01/30 (Call 02/01/30) |
390 | 358,173 | ||||||
|
4.38%, 05/15/47 (Call 11/15/46) |
749 | 659,617 | ||||||
|
|
|
|||||||
| 1,465,493 | ||||||||
| Health Care - Products — 2.1% | ||||||||
|
Boston Scientific Corp., 3.45%, 03/01/24 (Call 02/01/24) |
104 | 103,206 | ||||||
|
DENTSPLY SIRONA Inc., 3.25%, 06/01/30 (Call 03/01/30) |
190 | 156,458 | ||||||
|
Edwards Lifesciences Corp., 4.30%, 06/15/28 (Call 03/15/28) |
118 | 117,515 | ||||||
|
PerkinElmer Inc. |
||||||||
|
2.25%, 09/15/31 (Call 06/15/31) |
230 | 182,858 | ||||||
|
3.30%, 09/15/29 (Call 06/15/29)(c) |
718 | 638,904 | ||||||
|
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30) |
1,005 | 795,690 | ||||||
|
STERIS Irish FinCo UnLtd Co. |
||||||||
|
2.70%, 03/15/31 (Call 12/15/30) |
215 | 179,901 | ||||||
|
3.75%, 03/15/51 (Call 09/15/50) |
355 | 273,763 | ||||||
|
Zimmer Biomet Holdings Inc. |
||||||||
|
2.60%, 11/24/31 (Call 08/24/31) |
510 | 425,613 | ||||||
|
3.55%, 04/01/25 (Call 01/01/25) |
545 | 532,913 | ||||||
|
|
|
|||||||
| 3,406,821 | ||||||||
| Security | Par (000) |
Value | ||||||
| Health Care - Services — 1.1% | ||||||||
|
Elevance Health Inc. |
||||||||
|
4.10%, 03/01/28 (Call 12/01/27) |
$ | 91 | $ | 89,169 | ||||
|
4.65%, 01/15/43 |
225 | 213,009 | ||||||
|
Humana Inc. |
||||||||
|
3.13%, 08/15/29 (Call 05/15/29) |
120 | 109,401 | ||||||
|
4.95%, 10/01/44 (Call 04/01/44) |
366 | 351,153 | ||||||
|
Laboratory Corp. of America Holdings |
||||||||
|
3.60%, 02/01/25 (Call 11/01/24) |
805 | 793,646 | ||||||
|
4.70%, 02/01/45 (Call 08/01/44) |
123 | 111,560 | ||||||
|
Quest Diagnostics Inc., 4.20%, 06/30/29 (Call 03/30/29) |
100 | 95,823 | ||||||
|
|
|
|||||||
| 1,763,761 | ||||||||
| Holding Companies - Diversified — 2.7% | ||||||||
|
Ares Capital Corp. |
||||||||
|
3.20%, 11/15/31 (Call 08/15/31) |
265 | 206,696 | ||||||
|
3.88%, 01/15/26 (Call 12/15/25) |
843 | 792,812 | ||||||
|
Blackstone Secured Lending Fund |
||||||||
|
2.85%, 09/30/28 (Call 07/30/28) |
320 | 254,636 | ||||||
|
3.63%, 01/15/26 (Call 12/15/25) |
665 | 623,768 | ||||||
|
FS KKR Capital Corp. |
||||||||
|
3.13%, 10/12/28 (Call 08/12/28) |
135 | 109,909 | ||||||
|
3.40%, 01/15/26 (Call 12/15/25) |
905 | 823,658 | ||||||
|
Goldman Sachs BDC Inc., 2.88%, 01/15/26 (Call 12/15/25) |
235 | 217,936 | ||||||
|
Golub Capital BDC Inc., 2.50%, 08/24/26 (Call 07/24/26) |
295 | 256,366 | ||||||
|
Main Street Capital Corp., 3.00%, 07/14/26 (Call 06/14/26) |
210 | 183,306 | ||||||
|
Owl Rock Capital Corp. |
||||||||
|
3.40%, 07/15/26 (Call 06/15/26) |
585 | 523,219 | ||||||
|
3.75%, 07/22/25 (Call 06/22/25) |
205 | 193,008 | ||||||
|
4.25%, 01/15/26 (Call 12/15/25) |
220 | 207,677 | ||||||
|
|
|
|||||||
| 4,392,991 | ||||||||
| Home Builders — 0.4% | ||||||||
|
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29) |
835 | 718,799 | ||||||
|
|
|
|||||||
| Household Products & Wares — 0.1% | ||||||||
|
Avery Dennison Corp., 4.88%, 12/06/28 (Call 09/06/28)(c) |
105 | 105,994 | ||||||
|
|
|
|||||||
| Insurance — 2.8% | ||||||||
|
American International Group Inc., 3.90%, 04/01/26 (Call 01/01/26) |
774 | 761,282 | ||||||
|
Brown & Brown Inc. |
||||||||
|
2.38%, 03/15/31 (Call 12/15/30)(c) |
305 | 241,551 | ||||||
|
4.20%, 03/17/32 (Call 12/17/31) |
245 | 223,081 | ||||||
|
CNA Financial Corp., 3.90%, 05/01/29 (Call 02/01/29) |
115 | 107,675 | ||||||
|
Corebridge Financial Inc. |
||||||||
|
3.85%, 04/05/29 (Call 02/05/29)(d) |
855 | 786,943 | ||||||
|
3.90%, 04/05/32 (Call 01/05/32)(d) |
220 | 197,622 | ||||||
|
Everest Reinsurance Holdings Inc., 3.50%, 10/15/50 (Call 04/15/50) |
610 | 460,022 | ||||||
|
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/30) |
250 | 213,627 | ||||||
|
Fidelity National Financial Inc. |
||||||||
|
2.45%, 03/15/31 (Call 12/15/30)(c) |
260 | 205,830 | ||||||
|
3.40%, 06/15/30 (Call 03/15/30) |
285 | 246,682 | ||||||
|
First American Financial Corp., 2.40%, 08/15/31 (Call 05/15/31) |
330 | 253,781 | ||||||
|
Globe Life Inc., 4.55%, 09/15/28 (Call 06/15/28)(c) |
125 | 123,069 | ||||||
|
Markel Corp. |
||||||||
|
3.45%, 05/07/52 (Call 11/07/51) |
270 | 199,583 | ||||||
|
5.00%, 05/20/49 (Call 11/20/48) |
125 | 117,851 | ||||||
|
Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50) |
295 | 225,001 | ||||||
|
S C H E D U L E O F I N V E S T M E N T S |
15 |
|
Schedule of Investments (unaudited) (continued) August 31, 2022 |
iShares® Investment Grade Bond Factor ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Insurance (continued) | ||||||||
|
Travelers Companies Inc. (The), 4.05%, 03/07/48 (Call 09/07/47) |
$ | 120 | $ | 107,056 | ||||
|
Willis North America Inc., 4.50%, 09/15/28 (Call 06/15/28) |
133 | 129,447 | ||||||
|
|
|
|||||||
| 4,600,103 | ||||||||
| Internet — 0.6% | ||||||||
|
Alphabet Inc. |
||||||||
|
2.05%, 08/15/50 (Call 02/15/50) |
1,075 | 708,420 | ||||||
|
2.25%, 08/15/60 (Call 02/15/60) |
440 | 280,485 | ||||||
|
Booking Holdings Inc., 4.63%, 04/13/30 (Call 01/13/30) |
50 | 50,292 | ||||||
|
|
|
|||||||
| 1,039,197 | ||||||||
| Lodging — 0.6% | ||||||||
|
Marriott International Inc./MD |
||||||||
|
Series EE, 5.75%, 05/01/25 (Call 04/01/25) |
250 | 257,074 | ||||||
|
Series FF, 4.63%, 06/15/30 (Call 03/15/30) |
815 | 778,383 | ||||||
|
|
|
|||||||
| 1,035,457 | ||||||||
| Machinery — 0.5% | ||||||||
|
Westinghouse Air Brake Technologies Corp. |
||||||||
|
4.40%, 03/15/24 (Call 02/15/24) |
135 | 134,541 | ||||||
|
4.95%, 09/15/28 (Call 06/15/28) |
790 | 765,984 | ||||||
|
|
|
|||||||
| 900,525 | ||||||||
| Manufacturing — 0.7% | ||||||||
|
General Electric Co. |
||||||||
|
5.88%, 01/14/38(c) |
205 | 215,612 | ||||||
|
6.75%, 03/15/32 |
672 | 760,631 | ||||||
|
Textron Inc., 3.00%, 06/01/30 (Call 03/01/30) |
290 | 251,181 | ||||||
|
|
|
|||||||
| 1,227,424 | ||||||||
| Media — 1.1% | ||||||||
|
Comcast Corp., 2.99%, 11/01/63 (Call 05/01/63) |
575 | 384,473 | ||||||
|
Fox Corp. |
||||||||
|
4.71%, 01/25/29 (Call 10/25/28) |
60 | 59,379 | ||||||
|
5.48%, 01/25/39 (Call 07/25/38) |
785 | 771,684 | ||||||
|
5.58%, 01/25/49 (Call 07/25/48)(c) |
185 | 178,867 | ||||||
|
Time Warner Cable LLC, 6.75%, 06/15/39 |
239 | 232,377 | ||||||
|
Walt Disney Co. (The), 6.65%, 11/15/37 |
130 | 154,225 | ||||||
|
|
|
|||||||
| 1,781,005 | ||||||||
| Mining — 0.9% | ||||||||
|
Newmont Corp., 4.88%, 03/15/42 (Call 09/15/41) |
543 | 511,161 | ||||||
|
Southern Copper Corp. |
||||||||
|
5.25%, 11/08/42 |
35 | 33,731 | ||||||
|
5.88%, 04/23/45 |
473 | 493,173 | ||||||
|
6.75%, 04/16/40 |
350 | 395,500 | ||||||
|
|
|
|||||||
| 1,433,565 | ||||||||
| Office & Business Equipment — 0.6% | ||||||||
|
CDW LLC/CDW Finance Corp. |
||||||||
|
3.28%, 12/01/28 (Call 10/01/28) |
235 | 206,939 | ||||||
|
3.57%, 12/01/31 (Call 09/01/31) |
860 | 722,346 | ||||||
|
|
|
|||||||
| 929,285 | ||||||||
| Oil & Gas — 2.8% | ||||||||
|
BP
Capital Markets PLC, 4.38%, |
855 | 818,449 | ||||||
|
Canadian Natural Resources Ltd., 3.85%, 06/01/27 (Call 03/01/27)(c) |
835 | 797,082 | ||||||
|
Cenovus Energy Inc., 4.40%, 04/15/29 (Call 01/15/29) |
645 | 626,613 | ||||||
|
Coterra Energy Inc. |
||||||||
|
3.90%, 05/15/27 (Call 02/15/27)(d) |
290 | 276,750 | ||||||
|
4.38%, 06/01/24 (Call 03/01/24)(d) |
395 | 392,573 | ||||||
|
Marathon Petroleum Corp., 4.70%, 05/01/25 (Call 04/01/25) |
585 | 588,747 | ||||||
|
Pioneer Natural Resources Co., 2.15%, 01/15/31 (Call 10/15/30) |
385 | 316,852 | ||||||
| Security | Par (000) |
Value | ||||||
| Oil & Gas (continued) | ||||||||
|
Shell International Finance BV, 3.50%, 11/13/23 (Call 10/13/23) |
$ | 20 | $ | 19,960 | ||||
|
Valero Energy Corp., 6.63%, 06/15/37 |
735 | 797,490 | ||||||
|
|
|
|||||||
| 4,634,516 | ||||||||
| Packaging & Containers — 0.5% | ||||||||
|
Amcor Finance USA Inc., 3.63%, 04/28/26 (Call 01/28/26) |
244 | 232,347 | ||||||
|
Amcor Flexibles North America Inc., 2.69%, 05/25/31 (Call 02/25/31) |
723 | 593,136 | ||||||
|
|
|
|||||||
| 825,483 | ||||||||
| Pharmaceuticals — 5.7% | ||||||||
|
AbbVie Inc. |
||||||||
|
3.60%, 05/14/25 (Call 02/14/25) |
545 | 535,008 | ||||||
|
4.25%, 11/14/28 (Call 08/14/28) |
410 | 402,725 | ||||||
|
4.50%, 05/14/35 (Call 11/14/34) |
392 | 372,829 | ||||||
|
4.70%, 05/14/45 (Call 11/14/44) |
315 | 293,378 | ||||||
|
4.85%, 06/15/44 (Call 12/15/43) |
75 | 71,191 | ||||||
|
AmerisourceBergen Corp., 2.70%, 03/15/31 (Call 12/15/30) |
925 | 787,459 | ||||||
|
AstraZeneca PLC, 6.45%, 09/15/37 |
610 | 717,378 | ||||||
|
Becton Dickinson and Co. |
||||||||
|
3.70%, 06/06/27 (Call 03/06/27) |
531 | 515,715 | ||||||
|
3.73%, 12/15/24 (Call 09/15/24) |
559 | 554,010 | ||||||
|
Cigna Corp. |
||||||||
|
3.40%, 03/01/27 (Call 12/01/26) |
95 | 90,564 | ||||||
|
4.38%, 10/15/28 (Call 07/15/28) |
745 | 733,664 | ||||||
|
4.80%, 08/15/38 (Call 02/15/38) |
55 | 53,013 | ||||||
|
4.80%, 07/15/46 (Call 01/16/46) |
750 | 700,813 | ||||||
|
4.90%, 12/15/48 (Call 06/15/48) |
40 | 37,974 | ||||||
|
CVS Health Corp. |
||||||||
|
3.25%, 08/15/29 (Call 05/15/29) |
355 | 324,405 | ||||||
|
4.30%, 03/25/28 (Call 12/25/27) |
795 | 785,922 | ||||||
|
4.78%, 03/25/38 (Call 09/25/37) |
814 | 773,753 | ||||||
|
5.13%, 07/20/45 (Call 01/20/45) |
52 | 49,874 | ||||||
|
Johnson & Johnson |
||||||||
|
1.30%, 09/01/30 (Call 06/01/30) |
20 | 16,759 | ||||||
|
2.25%, 09/01/50 (Call 03/01/50) |
1,155 | 797,665 | ||||||
|
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26) |
520 | 497,038 | ||||||
|
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23) |
200 | 200,318 | ||||||
|
Zoetis Inc., 4.70%, 02/01/43 (Call 08/01/42) |
130 | 124,398 | ||||||
|
|
|
|||||||
| 9,435,853 | ||||||||
| Pipelines — 6.2% | ||||||||
|
Boardwalk Pipelines LP |
||||||||
|
3.40%, 02/15/31 (Call 11/15/30) |
240 | 203,304 | ||||||
|
3.60%, 09/01/32 (Call 06/01/32) |
225 | 189,621 | ||||||
|
Cheniere Corpus Christi Holdings LLC, 5.88%, 03/31/25 (Call 10/02/24) |
840 | 857,083 | ||||||
|
Columbia Pipeline Group Inc., 4.50%, 06/01/25 (Call 03/01/25) |
585 | 582,623 | ||||||
|
Enbridge Inc. |
||||||||
|
2.50%, 01/15/25 (Call 12/15/24) |
157 | 150,438 | ||||||
|
5.50%, 12/01/46 (Call 06/01/46) |
190 | 194,647 | ||||||
|
Enterprise Products Operating LLC |
||||||||
|
4.85%, 03/15/44 (Call 09/15/43) |
380 | 350,795 | ||||||
|
5.10%, 02/15/45 (Call 08/15/44) |
400 | 381,612 | ||||||
|
Kinder Morgan Inc. |
||||||||
|
4.30%, 03/01/28 (Call 12/01/27) |
775 | 757,061 | ||||||
|
5.30%, 12/01/34 (Call 06/01/34) |
381 | 372,883 | ||||||
|
5.55%, 06/01/45 (Call 12/01/44) |
441 | 428,946 | ||||||
| 16 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) August 31, 2022 |
iShares® Investment Grade Bond Factor ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
| Pipelines (continued) | ||||||||
|
Magellan Midstream Partners LP, 3.95%, 03/01/50 (Call 09/01/49) |
$ | 370 | $ | 290,716 | ||||
|
MPLX LP |
||||||||
|
2.65%, 08/15/30 (Call 05/15/30) |
95 | 79,192 | ||||||
|
4.50%, 04/15/38 (Call 10/15/37) |
850 | 751,349 | ||||||
|
5.20%, 03/01/47 (Call 09/01/46) |
45 | 40,998 | ||||||
|
ONEOK Inc. |
||||||||
|
3.10%, 03/15/30 (Call 12/15/29) |
40 | 34,484 | ||||||
|
3.40%, 09/01/29 (Call 06/01/29) |
565 | 500,550 | ||||||
|
4.55%, 07/15/28 (Call 04/15/28) |
470 | 455,490 | ||||||
|
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23) |
899 | 903,660 | ||||||
|
TransCanada PipeLines Ltd. |
||||||||
|
4.10%, 04/15/30 (Call 01/15/30) |
150 | 142,571 | ||||||
|
4.63%, 03/01/34 (Call 12/01/33)(c) |
100 | 95,325 | ||||||
|
4.88%, 01/15/26 (Call 10/15/25) |
610 | 615,221 | ||||||
|
7.63%, 01/15/39 |
413 | 504,011 | ||||||
|
Transcontinental Gas Pipe Line Co. LLC, 7.85%, 02/01/26 (Call 11/01/25) |
195 | 213,003 | ||||||
|
Williams Companies Inc. (The) |
||||||||
|
4.00%, 09/15/25 (Call 06/15/25) |
555 | 548,902 | ||||||
|
6.30%, 04/15/40 |
597 | 636,392 | ||||||
|
|
|
|||||||
| 10,280,877 | ||||||||
| Real Estate Investment Trusts — 6.0% | ||||||||
|
American Homes 4 Rent LP, 4.25%, 02/15/28 (Call 11/15/27) |
120 | 114,648 | ||||||
|
American Tower Corp. |
||||||||
|
3.38%, 10/15/26 (Call 07/15/26) |
77 | 72,628 | ||||||
|
3.80%, 08/15/29 (Call 05/15/29) |
203 | 187,927 | ||||||
|
4.00%, 06/01/25 (Call 03/01/25) |
335 | 329,116 | ||||||
|
5.00%, 02/15/24(c) |
635 | 641,213 | ||||||
|
Crown Castle Inc. |
||||||||
|
3.30%, 07/01/30 (Call 04/01/30) |
50 | 44,322 | ||||||
|
3.65%, 09/01/27 (Call 06/01/27) |
15 | 14,274 | ||||||
|
3.70%, 06/15/26 (Call 03/15/26) |
50 | 48,438 | ||||||
|
3.80%, 02/15/28 (Call 11/15/27) |
150 | 141,428 | ||||||
|
4.45%, 02/15/26 (Call 11/15/25) |
380 | 378,092 | ||||||
|
Digital Realty Trust LP |
||||||||
|
3.60%, 07/01/29 (Call 04/01/29) |
70 | 64,463 | ||||||
|
3.70%, 08/15/27 (Call 05/15/27) |
630 | 601,379 | ||||||
|
4.45%, 07/15/28 (Call 04/15/28) |
231 | 225,033 | ||||||
|
Equinix Inc. |
||||||||
|
2.15%, 07/15/30 (Call 04/15/30) |
680 | 555,308 | ||||||
|
3.20%, 11/18/29 (Call 08/18/29) |
311 | 278,512 | ||||||
|
3.40%, 02/15/52 (Call 08/15/51) |
50 | 36,525 | ||||||
|
GLP Capital LP/GLP Financing II Inc. |
||||||||
|
3.25%, 01/15/32 (Call 10/15/31) |
30 | 24,287 | ||||||
|
5.25%, 06/01/25 (Call 03/01/25) |
385 | 380,284 | ||||||
|
5.30%, 01/15/29 (Call 10/15/28) |
600 | 579,247 | ||||||
|
Healthcare Realty Holdings LP, 2.00%, 03/15/31 (Call 12/15/30) |
630 | 490,073 | ||||||
|
Healthcare Trust of America Holdings LP, 3.10%, 02/15/30 (Call 11/15/29) |
270 | 232,661 | ||||||
|
Healthpeak Properties Inc. |
||||||||
|
3.25%, 07/15/26 (Call 05/15/26) |
195 | 187,321 | ||||||
|
3.50%, 07/15/29 (Call 04/15/29) |
110 | 101,185 | ||||||
|
Invitation Homes Operating Partnership LP |
||||||||
|
2.00%, 08/15/31 (Call 05/15/31) |
340 | 258,208 | ||||||
|
2.30%, 11/15/28 (Call 09/15/28) |
275 | 229,500 | ||||||
|
Physicians Realty LP, 2.63%, 11/01/31 (Call 08/01/31) |
255 | 204,352 | ||||||
| Security |
Par (000) |
Value | ||||||
| Real Estate Investment Trusts (continued) | ||||||||
|
Sun Communities Operating LP |
||||||||
|
2.70%, 07/15/31 (Call 04/15/31) |
$ | 705 | $ | 567,543 | ||||
|
4.20%, 04/15/32 (Call 01/15/32) |
240 | 214,952 | ||||||
|
Ventas Realty LP |
||||||||
|
2.50%, 09/01/31 (Call 06/01/31) |
250 | 203,992 | ||||||
|
4.40%, 01/15/29 (Call 10/15/28)(c) |
620 | 596,425 | ||||||
|
VICI Properties LP, 5.63%, 05/15/52 (Call 11/15/51) |
160 | 147,943 | ||||||
|
Welltower Inc. |
||||||||
|
2.80%, 06/01/31 (Call 03/01/31) |
120 | 101,144 | ||||||
|
4.00%, 06/01/25 (Call 03/01/25) |
660 | 651,643 | ||||||
|
4.25%, 04/15/28 (Call 01/15/28) |
346 | 336,817 | ||||||
|
Weyerhaeuser Co., 4.00%, 11/15/29 (Call 08/15/29) |
460 | 434,386 | ||||||
|
WP Carey Inc., 2.40%, 02/01/31 (Call 11/01/30)(c) |
220 | 178,831 | ||||||
|
|
|
|||||||
| 9,854,100 | ||||||||
| Retail — 2.2% | ||||||||
|
Best Buy Co. Inc., 4.45%, 10/01/28 (Call 07/01/28) |
90 | 88,263 | ||||||
|
Dollar Tree Inc. |
||||||||
|
4.00%, 05/15/25 (Call 03/15/25) |
165 | 163,424 | ||||||
|
4.20%, 05/15/28 (Call 02/15/28) |
760 | 740,381 | ||||||
|
McDonald’s Corp. |
||||||||
|
4.70%, 12/09/35 (Call 06/09/35) |
180 | 178,630 | ||||||
|
4.88%, 12/09/45 (Call 06/09/45) |
140 | 137,085 | ||||||
|
O’Reilly Automotive Inc. |
||||||||
|
3.90%, 06/01/29 (Call 03/01/29) |
125 | 118,325 | ||||||
|
4.35%, 06/01/28 (Call 03/01/28) |
105 | 103,974 | ||||||
|
Ross Stores Inc., 4.60%, 04/15/25 (Call 03/15/25) |
275 | 277,305 | ||||||
|
Walgreens Boots Alliance Inc. |
||||||||
|
3.45%, 06/01/26 (Call 03/01/26) |
653 | 633,194 | ||||||
|
3.80%, 11/18/24 (Call 08/18/24) |
30 | 29,821 | ||||||
|
4.80%, 11/18/44 (Call 05/18/44) |
345 | 302,031 | ||||||
|
Walmart Inc., 2.50%, 09/22/41 (Call 03/22/41) |
1,070 | 826,755 | ||||||
|
|
|
|||||||
| 3,599,188 | ||||||||
| Semiconductors — 3.9% | ||||||||
|
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26) |
686 | 659,393 | ||||||
|
Broadcom Inc. |
||||||||
|
4.15%, 11/15/30 (Call 08/15/30) |
645 | 588,306 | ||||||
|
4.75%, 04/15/29 (Call 01/15/29) |
434 | 426,407 | ||||||
|
5.00%, 04/15/30 (Call 01/15/30) |
247 | 240,586 | ||||||
|
KLA Corp., 4.65%, 11/01/24 (Call 08/01/24) |
406 | 412,512 | ||||||
|
Marvell Technology Inc. |
||||||||
|
1.65%, 04/15/26 (Call 03/15/26) |
30 | 26,986 | ||||||
|
2.45%, 04/15/28 (Call 02/15/28) |
385 | 334,426 | ||||||
|
2.95%, 04/15/31 (Call 01/15/31) |
605 | 496,018 | ||||||
|
Microchip Technology Inc. |
||||||||
|
0.97%, 02/15/24 |
220 | 209,437 | ||||||
|
4.25%, 09/01/25 (Call 10/03/22) |
825 | 816,213 | ||||||
|
Micron Technology Inc. |
||||||||
|
4.66%, 02/15/30 (Call 11/15/29) |
675 | 632,193 | ||||||
|
4.98%, 02/06/26 (Call 12/06/25) |
103 | 103,353 | ||||||
|
5.33%, 02/06/29 (Call 11/06/28) |
170 | 167,581 | ||||||
|
NXP BV/NXP Funding LLC, 5.55%, 12/01/28 (Call 09/01/28) |
115 | 116,981 | ||||||
|
Qorvo Inc. |
||||||||
|
1.75%, 12/15/24 (Call 12/15/22)(d) |
205 | 191,361 | ||||||
|
4.38%, 10/15/29 (Call 10/15/24) |
755 | 666,288 | ||||||
|
Skyworks Solutions Inc. |
||||||||
|
1.80%, 06/01/26 (Call 05/01/26) |
237 | 210,899 | ||||||
|
3.00%, 06/01/31 (Call 03/01/31) |
210 | 170,257 | ||||||
|
|
|
|||||||
| 6,469,197 | ||||||||
|
S C H E D U L E O F I N V E S T M E N T S |
17 |
|
Schedule of Investments (unaudited) (continued) August 31, 2022 |
iShares® Investment Grade Bond Factor ETF (Percentages shown are based on Net Assets) |
| Security |
Par (000) |
Value | ||||||
|
|
||||||||
| Shipbuilding — 0.5% | ||||||||
|
Huntington Ingalls Industries Inc. |
||||||||
|
2.04%, 08/16/28 (Call 06/16/28) |
$ | 305 | $ | 258,409 | ||||
|
3.48%, 12/01/27 (Call 09/01/27) |
124 | 115,246 | ||||||
|
3.84%, 05/01/25 (Call 04/01/25) |
206 | 201,568 | ||||||
|
4.20%, 05/01/30 (Call 02/01/30) |
200 | 186,148 | ||||||
|
|
|
|||||||
| 761,371 | ||||||||
| Software — 3.8% | ||||||||
|
Broadridge Financial Solutions Inc., 2.60%, 05/01/31 (Call 02/01/31) |
335 | 280,258 | ||||||
|
Citrix Systems Inc., 4.50%, 12/01/27 (Call 09/01/27) |
650 | 645,735 | ||||||
|
Fiserv Inc. |
||||||||
|
3.85%, 06/01/25 (Call 03/01/25) |
470 | 462,274 | ||||||
|
4.20%, 10/01/28 (Call 07/01/28) |
770 | 746,602 | ||||||
|
Oracle Corp. |
||||||||
|
2.95%, 04/01/30 (Call 01/01/30) |
525 | 448,072 | ||||||
|
3.40%, 07/08/24 (Call 04/08/24)(c) |
470 | 463,164 | ||||||
|
3.90%, 05/15/35 (Call 11/15/34) |
150 | 122,676 | ||||||
|
4.30%, 07/08/34 (Call 01/08/34) |
860 | 749,309 | ||||||
|
5.38%, 07/15/40 |
735 | 661,417 | ||||||
|
Roper Technologies Inc., 4.20%, 09/15/28 (Call 06/15/28) |
605 | 589,896 | ||||||
|
VMware Inc. |
||||||||
|
3.90%, 08/21/27 (Call 05/21/27) |
841 | 802,189 | ||||||
|
4.50%, 05/15/25 (Call 04/15/25) |
285 | 284,720 | ||||||
|
|
|
|||||||
| 6,256,312 | ||||||||
| Telecommunications — 6.1% | ||||||||
|
AT&T Inc. |
||||||||
|
4.25%, 03/01/27 (Call 12/01/26) |
745 | 737,909 | ||||||
|
4.35%, 03/01/29 (Call 12/01/28) |
240 | 234,136 | ||||||
|
4.85%, 03/01/39 (Call 09/01/38) |
715 | 668,734 | ||||||
|
5.15%, 02/15/50 (Call 08/14/49)(c) |
280 | 270,102 | ||||||
|
5.25%, 03/01/37 (Call 09/01/36) |
505 | 505,021 | ||||||
|
5.65%, 02/15/47 (Call 08/15/46) |
360 | 376,531 | ||||||
|
British Telecommunications PLC, 9.63%, 12/15/30 |
670 | 825,703 | ||||||
|
Deutsche Telekom International Finance BV, 8.75%, 06/15/30 |
665 | 816,556 | ||||||
|
Juniper Networks Inc., 3.75%, 08/15/29 (Call 05/15/29)(c) |
110 | 99,271 | ||||||
|
Motorola Solutions Inc. |
||||||||
|
2.30%, 11/15/30 (Call 08/15/30) |
220 | 174,539 | ||||||
|
4.60%, 02/23/28 (Call 11/23/27) |
190 | 187,001 | ||||||
|
4.60%, 05/23/29 (Call 02/23/29)(c) |
595 | 572,946 | ||||||
|
Orange SA, 9.00%, 03/01/31 |
378 | 481,690 | ||||||
|
Telefonica Emisiones SA, 7.05%, 06/20/36 |
120 | 131,178 | ||||||
|
T-Mobile USA Inc. |
||||||||
|
2.55%, 02/15/31 (Call 11/15/30) |
110 | 91,552 | ||||||
|
3.60%, 11/15/60 (Call 05/15/60) |
120 | 86,366 | ||||||
|
3.75%, 04/15/27 (Call 02/15/27) |
385 | 369,177 | ||||||
|
3.88%, 04/15/30 (Call 01/15/30) |
912 | 842,895 | ||||||
|
4.38%, 04/15/40 (Call 10/15/39) |
210 | 185,232 | ||||||
|
4.50%, 04/15/50 (Call 10/15/49) |
60 | 52,357 | ||||||
|
Verizon Communications Inc. |
||||||||
|
4.27%, 01/15/36 |
250 | 230,443 | ||||||
|
4.40%, 11/01/34 (Call 05/01/34) |
248 | 234,576 | ||||||
|
4.50%, 08/10/33 |
72 | 69,339 | ||||||
| Security |
Par/ Shares (000) |
Value | ||||||
|
|
||||||||
| Telecommunications (continued) | ||||||||
|
5.25%, 03/16/37 |
$ | 680 | $ | 691,244 | ||||
|
Vodafone Group PLC |
||||||||
|
5.00%, 05/30/38 |
535 | 507,270 | ||||||
|
6.15%, 02/27/37 |
625 | 655,011 | ||||||
|
|
|
|||||||
| 10,096,779 | ||||||||
| Toys, Games & Hobbies — 0.6% | ||||||||
|
Hasbro Inc. |
||||||||
|
3.55%, 11/19/26 (Call 09/19/26) |
310 | 295,356 | ||||||
|
3.90%, 11/19/29 (Call 08/19/29) |
690 | 631,976 | ||||||
|
|
|
|||||||
| 927,332 | ||||||||
| Transportation — 1.5% | ||||||||
|
CH Robinson Worldwide Inc., 4.20%, 04/15/28 (Call 01/15/28) |
125 | 120,716 | ||||||
|
FedEx Corp. |
||||||||
|
4.40%, 01/15/47 (Call 07/15/46) |
420 | 371,382 | ||||||
|
4.55%, 04/01/46 (Call 10/01/45) |
515 | 461,380 | ||||||
|
4.75%, 11/15/45 (Call 05/15/45) |
135 | 124,840 | ||||||
|
5.25%, 05/15/50 (Call 11/15/49)(c) |
55 | 54,409 | ||||||
|
Union Pacific Corp., 3.75%, 02/05/70 (Call 08/05/69) |
660 | 527,539 | ||||||
|
United Parcel Service Inc. |
||||||||
|
3.05%, 11/15/27 (Call 08/15/27) |
140 | 136,237 | ||||||
|
6.20%, 01/15/38 |
525 | 617,192 | ||||||
|
|
|
|||||||
| 2,413,695 | ||||||||
|
|
|
|||||||
|
Total
Long-Term Investments — 98.1% |
161,911,380 | |||||||
|
|
|
|||||||
|
Short-Term Securities |
||||||||
| Money Market Funds — 3.9% | ||||||||
|
BlackRock Cash Funds: Institutional, SL Agency Shares, 2.42%(e)(f)(g) |
4,810 | 4,811,238 | ||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.07%(e)(f) |
1,533 | 1,533,000 | ||||||
|
|
|
|||||||
|
Total
Short-Term Securities — 3.9% |
6,344,238 | |||||||
|
|
|
|||||||
|
Total
Investments in Securities — 102.0% |
168,255,618 | |||||||
|
Liabilities in Excess of Other Assets — (2.0)% |
(3,241,082 | ) | ||||||
|
|
|
|||||||
|
Net Assets — 100.0% |
$ | 165,014,536 | ||||||
|
|
|
|||||||
| (a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
| (b) |
Perpetual security with no stated maturity date. |
| (c) |
All or a portion of this security is on loan. |
| (d) |
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. |
| (e) |
Affiliate of the Fund. |
| (f) |
Annualized 7-day yield as of period end. |
| (g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
| 18 |
2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
|
Schedule of Investments (unaudited) (continued) August 31, 2022 |
iShares® Investment Grade Bond Factor ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
|
||||||||||||||||||||||||||||||||||||||||||
| Affiliated Issuer |
Value at 02/28/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 08/31/22 |
Shares Held at 08/31/22 (000) |
Income |
Capital Gain Distributions from |
|
||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||
|
|
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 3,424,264 | $ | 1,385,061 | (a) | $ | — | $ | 38 | $ | 1,875 | $ | 4,811,238 | 4,810 | $ | 6,779 | (b) | $ | — | ||||||||||||||||||||||
|
BlackRock Cash Funds: Treasury, SL Agency Shares |
2,373,000 | — | (840,000 | )(a) | — | — | 1,533,000 | 1,533 | 7,548 | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| $ | 38 | $ | 1,875 | $ | 6,344,238 | $ | 14,327 | $ | — | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
| (a) |
Represents net amount purchased (sold). |
| (b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
|
||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
|
||||||||||||||||
|
Investments |
||||||||||||||||
|
Assets |
||||||||||||||||
|
Corporate Bonds & Notes |
$ | — | $ | 161,911,380 | $ | — | $ | 161,911,380 | ||||||||
|
Money Market Funds |
6,344,238 | — | — | 6,344,238 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 6,344,238 | $ | 161,911,380 | $ | — | $ | 168,255,618 | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
See notes to financial statements.
|
S C H E D U L E O F I N V E S T M E N T S |
19 |