LOGO

  OCTOBER 31, 2021

 

 

  

  

2021 Annual Report

 

iShares Trust

· iShares 0-5 Year High Yield Corporate Bond ETF | SHYG | NYSE Arca

· iShares Broad USD High Yield Corporate Bond ETF | USHY | Cboe BZX

· iShares ESG Advanced High Yield Corporate Bond ETF | HYXF | NASDAQ

· iShares Fallen Angels USD Bond ETF | FALN | NASDAQ


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, 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.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2021
     
     6-Month    12-Month 
   

U.S. large cap equities

(S&P 500® Index)

  10.91%   42.91%
   

U.S. small cap equities

(Russell 2000® Index)

  1.85   50.80    
   

International equities

(MSCI Europe, Australasia, Far East Index)

  4.14   34.18    
   

Emerging market equities

(MSCI Emerging Markets Index)

  (4.87)   16.96    
   

3-month Treasury bills

(ICE BofA 3-Month U.S. Treasury Bill Index)

  0.01     0.06    
   

U.S. Treasury securities

(ICE BofA 10-Year U.S. Treasury Index)

  1.59   (4.77)  
   

U.S. investment grade bonds

(Bloomberg U.S. Aggregate Bond Index)

  1.06   (0.48)  
   

Tax-exempt municipal bonds

(S&P Municipal Bond Index)

  0.33     2.76    
   

U.S. high yield bonds

(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

  2.36   10.53    
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

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


Table of Contents

 

      Page

The Markets in Review

   2

Market Overview

   4

Fund Summary

   5

About Fund Performance

   13

Shareholder Expenses

   13

Schedules of Investments

   14

Financial Statements

  

Statements of Assets and Liabilities

   71

Statements of Operations

   72

Statements of Changes in Net Assets

   73

Financial Highlights

   75

Notes to Financial Statements

   79

Report of Independent Registered Public Accounting Firm

   87

Important Tax Information (Unaudited)

   88

Board Review and Approval of Investment Advisory Contract

   89

Supplemental Information

   91

Trustee and Officer Information

   92

General Information

   94

Glossary of Terms Used in this Report

   95

 

 

 


Market Overview

 

iShares Trust

U.S. Bond Market Overview

The U.S. bond market declined slightly for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -0.48%.

The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.

However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.

The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

U. S. Treasuries declined, as inflation increased, and investors moved toward equities and lower-rated bonds. Rising domestic inflation expectations pressured U. S. Treasuries, which typically lose value in an inflationary environment. U.S. Treasury yields (which move inversely to prices) began the reporting period near historic lows, but generally rose as inflation increased and the economy continued to strengthen. Yields of U.S. Treasuries with intermediate- and long-term maturities, which are more sensitive to inflation, generally increased more than short-term U.S. Treasuries. However, long-term U.S. Treasury yields rose less than intermediate-term U.S. Treasury yields, with two-year, 10-year, and 30-year U.S. Treasury yields rising by 0.34%, 0.67%, and 0.28%, respectively.

Mortgage-backed securities (“MBS”) declined slightly, despite ongoing support from Fed bond purchasing. MBS performance was constrained by prepayments, as homeowners took advantage of low mortgage rates to refinance their mortgages at a lower interest rate.

On the upside, most corporate bonds advanced for the reporting period, particularly lower-rated corporate bonds. A narrowing yield spread (the difference between yields on corporate bonds and U.S. Treasuries) buoyed the performance of corporate bonds compared to U.S. Treasuries. Investors’ ongoing search for yield in a low interest rate environment drove the decline in the yield spread and supported corporate bond prices. High-yield bonds gained the most, as investors’ concerns about solvency abated alongside the growing economy, and the Fed’s support led to high investor confidence. Corporate bond issuance was elevated by historical standards as companies took advantage of low yields to refinance and lock in advantageous borrowing costs.

 

 

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2 0 2 1   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of October 31, 2021    iShares® 0-5 Year High Yield Corporate Bond ETF

 

Investment Objective

The iShares 0-5 Year High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds with remaining maturities of less than five years, as represented by the Markit iBoxx® USD Liquid High Yield 0-5 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns            Cumulative Total Returns  
     1 Year      5 Years     

Since

Inception

            1 Year     5 Years     

Since

Inception

 

Fund NAV

    9.25      4.84      4.06        9.25     26.66      37.79

Fund Market

    8.98        4.81        4.06          8.98       26.49        37.77  

Index

    9.71        5.21        4.41                9.71       28.91        41.52  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 10/15/13. The first day of secondary market trading was 10/17/13.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
                                                                

 

   

Beginning

Account Value

(05/01/21)

 

 

 

      

Ending

Account Value

(10/31/21)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

           

Beginning

Account Value

(05/01/21)

 

 

 

      

Ending

Account Value

(10/31/21)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

      $        1,000.00            $        1,016.50            $        1.52                  $      1,000.00            $      1,023.70            $        1.53          0.30

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 13 for more information.

 

 

 

F U N D   S U M M A R Y

    5  


Fund Summary as of October 31, 2021   (continued)    iShares® 0-5 Year High Yield Corporate Bond ETF

 

Portfolio Management Commentary

Short-term high-yield corporate bonds advanced sharply during the reporting period amid a strong economic recovery from the disruptions of the coronavirus pandemic and investor demand for higher-yield investments in a low interest rate environment. Corporate earnings recovered as economies reopened, pushing the ratio of debt to profits back to pre-pandemic levels and driving investor optimism surrounding credit quality. On the supply side, bond issuance reached historically high levels as companies sought to capitalize on rising investor demand and low interest rates to refinance existing higher-cost debt.

The Index advanced despite increasing concerns regarding ongoing inflation, which rose briskly amid rising consumer demand and supply chain disruptions. High-yield credit spreads (the difference in yield between high-yield bonds and U.S. Treasuries) also declined during the reporting period. While the Fed maintained interest rates at historically low levels, high-yield corporate bond yields declined to record lows due to strong corporate balance sheets combined with strong investor demand. In addition, many companies that were downgraded at the beginning of the pandemic strengthened their financial positions as the economy improved, contributing to the fall in yields and credit spreads. Short-term bonds rated Ba were the top contributors to the Index’s return, though all other rating categories in the Index contributed.

From an industry perspective, high-yield corporate bonds issued by companies in the energy industry contributed the most to the Index’s performance, as the global recovery produced rising demand for energy, leading to sharply higher oil prices. The consumer cyclicals industry also contributed, as revenues of gaming companies rose due to recovery in travel and entertainment spending as the U.S. economy reopened. Bonds issued by automotive companies gained, benefiting from strength in electric vehicle orders.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

   
Moody’s Credit Rating*    

Percent of

Total Investments

 

(a) 

Baa

    3.9

Ba

    47.6  

B

    34.0  

Caa

    12.2  

Ca

    0.2  

Not Rated

    2.1  
ALLOCATION BY MATURITY

 

   
Maturity    

Percent of

Total Investments

 

(a) 

0-1 Year

    4.8

1-2 Years

    10.4  

2-3 Years

    14.1  

3-4 Years

    35.2  

4-5 Years

    35.4  

5-6 Years

    0.1  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a)

Excludes money market funds.

 

 

 

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2 0 2 1   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of October 31, 2021    iShares® Broad USD High Yield Corporate Bond ETF

 

Investment Objective

The iShares Broad USD High Yield Corporate Bond 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 ICE BofA U.S. High Yield Constrained Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

      Average Annual Total Returns       Cumulative Total Returns  
     1 Year    

Since

Inception

    1 Year    

Since

Inception

 

Fund NAV

    10.31     5.39     10.31     23.47

Fund Market

    10.03       5.42       10.03       23.65  

Index

    10.74       5.50       10.74       23.97  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 10/25/17. The first day of secondary market trading was 10/26/17.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA US High Yield Constrained Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA US High Yield Constrained Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US High Yield Constrained Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
                                                                
     

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
        $          1,000.00            $        1,023.50            $        0.77                 $      1,000.00            $      1,024.40            $        0.77          0.15

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 13 for more information.

 

 

 

F U N D   S U M M A R Y

    7  


Fund Summary as of October 31, 2021   (continued)    iShares® Broad USD High Yield Corporate Bond ETF

 

Portfolio Management Commentary

High-yield corporate bonds advanced for the reporting period amid a strong economic recovery from the disruptions of the coronavirus pandemic and elevated investor demand for higher-yield investments in a low-interest-rate environment. Corporate earnings recovered as the U.S. economy reopened, supporting investor optimism surrounding credit quality, as the ratio of debt to profits decreased significantly. On the supply side, high-yield bond issuance reached historically high levels as companies sought to capitalize on rising investor demand and lower interest rates to refinance existing, higher-cost debt.

The Index advanced despite increasing concerns regarding ongoing inflation, which rose sharply amid rising consumer demand and supply chain disruptions. High-yield credit spreads (the difference in yield between high-yield bonds and U.S. Treasuries) declined during the reporting period. While the Fed maintained interest rates at historically low levels, high yield corporate bond yields declined to record lows, falling below the inflation rate for the first time on record, due to strong corporate balance sheets combined with solid investor demand. In addition, many companies which were downgraded at the beginning of the pandemic strengthened their financial positions as the economy improved, contributing to the fall in yields and spreads. High yield bonds rated Ba contributed the most to the Index’s return, followed by bonds rated B and Caa.

From an industry perspective, high-yield corporate bonds issued by companies in the energy industry contributed the most to the Index’s performance, as the global recovery led to rising demand for energy, which drove prices for oil, natural gas, and coal sharply higher. The consumer cyclicals industry also contributed as a rebound in demand for cruises benefited the leisure industry.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY  
   
Moody’s Credit Rating*    
Percent of
Total Investments
 
(a) 

Baa

    3.9

Ba

    45.5  

B

    37.4  

Caa

    11.5  

Ca

    0.2  

Not Rated

    1.5  
ALLOCATION BY MATURITY  
   
Maturity    
Percent of
Total Investments
 
(a) 

0-1 Year

    0.1

1-5 Years

    34.3  

5-10 Years

    56.9  

10-15 Years

    3.7  

15-20 Years

    1.3  

More than 20 Years

    3.7  
  *

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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2 0 2 1   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary  as of October 31, 2021     iShares® ESG Advanced High Yield Corporate Bond ETF

 

Investment Objective

The iShares ESG Advanced High Yield Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated high yield corporate bonds from issuers with a favorable environmental, social and governance rating as identified by the index provider, while applying extensive screens for involvement in controversial activities , as represented by the Bloomberg MSCI US High Yield Choice ESG Screened Index (the “Index”) (formerly the Bloomberg Barclays MSCI US High Yield Choice ESG Screened Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    6.25      5.70      6.34       6.25      31.95      39.24

Fund Market

    6.14        5.77        6.37         6.14        32.36        39.42  

Index

    6.87        6.07        6.73               6.87        34.26        41.98  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 6/14/16. The first day of secondary market trading was 6/16/16.

Index performance through September 14, 2020 reflects the performance of the Markit iBoxx USD Liquid High Yield ex-Oil & Gas Index. Index performance beginning on September 15, 2020 reflects the performance of the Bloomberg MSCI US High Yield Choice ESG Screened Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
                                                                
     

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
        $          1,000.00            $      1,015.50            $        1.78                   $      1,000.00            $      1,023.40            $        1.79          0.35

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 13 for more information.

 

 

 

F U N D   S U M M A R Y

    9  


Fund Summary as of October 31, 2021   (continued)    iShares® ESG Advanced High Yield Corporate Bond ETF

 

Portfolio Management Commentary

U.S. high yield corporate bonds issued by companies with positive environmental, social, and governance (“ESG”) characteristics with additional screens for controversial activities posted a solid advance for the reporting period. Investor interest in the ESG attributes of companies continued to grow during the reporting period as the global economy recovered from the effects of the coronavirus pandemic. For many investors, the threat to public health from COVID-19 underscored the importance of a financial reporting system that accounts for the effects of company behavior on global social and environmental well-being. Companies with ESG attributes were also supported by significant wind and solar power incentives included in a December 2020 stimulus bill. Additionally, a rule proposed by the Department of Labor in October 2021 would expand the ability of retirement plan sponsors to offer ESG products, reversing the stance of the prior administration.

Bonds issued by consumer cyclical companies contributed the most to the Index’s return, as fiscal stimulus and increased COVID-19 vaccinations led to higher consumer spending, particularly on entertainment. A significant rebound in travel and in-person activities supported leisure companies, including cruise lines and amusement park operators. Bonds of retailers also advanced, helped by higher spending and fewer pandemic-related shopping restrictions.

Bonds of communications companies also contributed solidly to the Index’s performance, particularly in the media and entertainment industry. Households continued to spend on home entertainment platforms, even as restrictions on other activities loosened. Radio and television broadcasters benefited as the economic recovery drove an increase in advertising spending.

In terms of relative performance, the Index underperformed the broader market, as represented by the Bloomberg U.S. Corporate High Yield Index. Relative to the broader market, the ESG selection process leads to overweight and underweight positions in bonds with higher or lower ESG characteristics, respectively. Consequently, the Index attained an ESG quality score that was 48.40% higher than the broader market, with 63.86% lower exposure to carbon-intensive companies. Relative to the broader market, the Index held overweight positions in the technology and communications sectors and a significant underweight in the energy sector. The Index’s relative lack of exposure to the energy sector was the largest source of detraction from relative performance, as energy companies benefited from rising oil prices during the reporting period. However, overweight positions in the technology and communications sectors contributed to the Index’s relative return.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY  
   
Moody’s Credit Rating*    
Percent of
Total Investments
 
(a) 

Baa

    6.2

Ba

    50.8  

B

    36.4  

Caa

    5.0  

Not Rated

    1.6  
ALLOCATION BY MATURITY  
   
Maturity    
Percent of
Total Investments
 
(a) 

1-5 Years

    28.7

5-10 Years

    64.0  

10-15 Years

    3.0  

15-20 Years

    0.9  

More than 20 Years

    3.4  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a)

Excludes money market funds.

 

 

 

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2 0 2 1   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Fund Summary as of October 31, 2021    iShares® Fallen Angels USD Bond ETF

 

Investment Objective

The iShares Fallen Angels USD Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, high yield corporate bonds that were previously rated investment grade, as represented by the Bloomberg U.S. High Yield Fallen Angel 3% Capped Index (the “Index”)(formerly the Bloomberg Barclays U.S. High Yield Fallen Angel 3% Capped Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    14.45      8.21      9.38       14.45      48.40      62.07

Fund Market

    13.85        8.24        9.42         13.85        48.57        62.37  

Index

    15.40        8.98        10.06               15.40        53.73        67.42  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 6/14/16. The first day of secondary market trading was 6/16/16.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

 

    Actual           Hypothetical 5% Return           
                                                                
     

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
        $      1,000.00            $      1,038.10            $        1.28                 $      1,000.00          $      1,023.90            $        1.28          0.25

 

  (a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 13 for more information.

 

 

 

F U N D   S U M M A R Y

    11  


Fund Summary as of October 31, 2021  (continued)    iShares® Fallen Angels USD Bond ETF

 

Portfolio Management Commentary

High-yield corporate bonds of companies formerly rated as high-quality issuers advanced sharply for the reporting period. Credit rating downgrades due to the coronavirus pandemic added significantly to the ranks of “fallen angels,” which subsequently benefited from improved investor optimism due to economic recovery amid the rollouts of coronavirus vaccines, driving yields lower. High-yield credit spreads, the difference in yield between high-yield bonds and U.S. Treasuries, also declined during the reporting period. Support from the Fed and the recovery of corporate earnings, which increased as the U.S. economy reopened, drove investor confidence. On the supply side, high-yield corporate bond issuance reached historically high levels as companies sought to capitalize on rising investor demand to shore up their balance sheets.

High-yield corporate bonds issued by companies in the energy industry, which represented approximately 25% of the Index on average, contributed the most to the Index’s performance. During the economic disruptions of the early part of the pandemic, reduced oil prices led to downgrades of a significant number of energy companies. Subsequently, as the global economic recovery produced rising demand for energy, oil prices rose sharply. High-yield consumer cyclicals industry bonds were also contributors, as consumers increased purchases of apparel and footwear for social gatherings as pandemic-related restrictions were lifted. High-yield bonds in the leisure industry advanced amid a strong recovery in cruise bookings.

In terms of performance by credit rating, high-yield corporate bonds rated Ba, which represented approximately 74% of the Index on average, contributed the most to the Index’s return. While all credit-quality ratings contributed to the Index’s performance, higher-rated high-yield bonds benefited from investors’ expectations that the improving financial environment would pave the way for credit upgrades.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY  
   
Moody’s Credit Rating*    
Percent of
Total Investments
 
(a) 

Baa

    9.5

Ba

    77.7  

B

    8.0  

Caa

    1.7  

C

    0.4  

Not Rated

    2.7  
ALLOCATION BY MATURITY  
   
Maturity    
Percent of
Total Investments
 
(a) 

0-1 Year

    0.6

1-5 Years

    36.9  

5-10 Years

    26.1  

10-15 Years

    12.2  

15-20 Years

    8.9  

More than 20 Years

    15.3  
  *

Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

 
  (a)

Excludes money market funds.

 

 

 

12  

2 0 2 1   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


About Fund Performance

 

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 by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

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

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

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

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

 

 

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

  13


Schedule of Investments  

October 31, 2021

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Corporate Bonds & Notes

   
Advertising — 0.2%            

Clear Channel International BV, 6.63%, 08/01/25 (Call 02/01/22)(a)

  $ 3,560     $ 3,706,405  

Outfront Media Capital LLC/Outfront Media Capital Corp., 6.25%, 06/15/25
(Call 06/15/22)(a)(b)

    4,315       4,532,548  

Summer BC Bidco B LLC, 5.50%, 10/31/26 (Call 07/15/23)(a)

    4,265       4,337,292  
   

 

 

 
          12,576,245  
Aerospace & Defense — 3.5%            

Bombardier Inc.

   

7.13%, 06/15/26 (Call 06/15/23)(a)

        11,875       12,453,906  

7.50%, 12/01/24 (Call 11/29/21)(a)

    10,119       10,536,409  

7.50%, 03/15/25 (Call 11/29/21)(a)(b)

    13,910       14,275,137  

F-Brasile SpA / F-Brasile U.S. LLC, Series XR, 7.38%, 08/15/26 (Call 08/15/22)(a)

    4,725       4,767,445  

Howmet Aerospace Inc.

   

5.13%, 10/01/24 (Call 07/01/24)

    12,002       13,245,407  

6.88%, 05/01/25 (Call 04/01/25)

    9,929       11,517,441  

Rolls-Royce PLC, 3.63%, 10/14/25 (Call 07/14/25)(a)(b)

    10,280       10,485,600  

Spirit AeroSystems Inc.

   

5.50%, 01/15/25 (Call 10/15/22)(a)(b)

    5,135       5,356,276  

7.50%, 04/15/25 (Call 04/15/22)(a)(b)

    12,111       12,755,911  

SSL Robotics LLC, 9.75%, 12/31/23 (Call 12/15/21)(a)

    7,157       7,732,494  

TransDigm Inc.

   

6.25%, 03/15/26 (Call 03/15/22)(a)

    41,150       43,001,750  

6.38%, 06/15/26 (Call 11/29/21)(b)

    8,825       9,111,813  

8.00%, 12/15/25 (Call 04/08/22)(a)(b)

    10,370       11,027,977  

TransDigm UK Holdings PLC, 6.88%, 05/15/26 (Call 11/29/21)(b)

    4,487       4,731,407  

Triumph Group Inc.

   

6.25%, 09/15/24 (Call 11/29/21)(a)(b)

    5,444       5,442,421  

7.75%, 08/15/25 (Call 11/29/21)(b)

    4,805       4,883,153  

8.88%, 06/01/24 (Call 02/01/23)(a)(b)

    6,082       6,705,405  
   

 

 

 
      188,029,952  
Airlines — 3.2%            

Air Canada, 3.88%, 08/15/26
(Call 02/15/26)(a)(b)

    11,960       12,119,855  

American Airlines Group Inc.

   

3.75%, 03/01/25(a)(b)

    4,858       4,432,196  

5.00%, 06/01/22(a)(b)

    7,617       7,650,324  

American Airlines Inc., 11.75%, 07/15/25(a)

    24,560       30,423,700  

American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26(a)

    35,023       36,717,238  

Delta Air Lines Inc.

   

2.90%, 10/28/24 (Call 09/28/24)(b)

    8,605       8,780,187  

3.63%, 03/15/22 (Call 02/15/22)

    8,521       8,578,195  

3.80%, 04/19/23 (Call 03/19/23)(b)

    4,767       4,936,525  

7.38%, 01/15/26 (Call 12/15/25)(b)

    10,871       12,767,989  

Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)(b)

    12,339       12,955,950  

Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)(a)

    5,690       6,376,590  

United Airlines Holdings Inc.

   

4.25%, 10/01/22(b)

    3,776       3,854,352  

4.88%, 01/15/25(b)

    3,342       3,456,525  

United Airlines Inc., 4.38%, 04/15/26 (Call 10/15/25)(a)

    20,139       20,830,732  
   

 

 

 
      173,880,358  
Apparel — 0.7%            

Hanesbrands Inc.

   

4.63%, 05/15/24 (Call 02/15/24)(a)

    8,693       9,084,988  
Security  

Par

(000)

    Value  
Apparel (continued)            

4.88%, 05/15/26 (Call 02/15/26)(a)

  $ 8,825     $ 9,431,719  

5.38%, 05/15/25 (Call 05/15/22)(a)(b)

    6,810       7,096,659  

Michael Kors USA Inc., 4.50%, 11/01/24 (Call 09/01/24)(a)

    4,310       4,557,006  

Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26)

    5,270       5,419,701  

William Carter Co. (The), 5.50%, 05/15/25 (Call 05/15/22)(a)

    4,433       4,640,243  
   

 

 

 
      40,230,316  
Auto Manufacturers — 3.5%            

Aston Martin Capital Holdings Ltd., 10.50%, 11/30/25 (Call 11/01/24)(a)

        11,763       12,875,449  

Ford Motor Co.

   

8.50%, 04/21/23

    15,690       17,198,986  

9.00%, 04/22/25 (Call 03/22/25)

    16,194       19,473,285  

Ford Motor Credit Co. LLC

   

2.70%, 08/10/26 (Call 07/10/26)

    6,400       6,383,991  

2.98%, 08/03/22 (Call 07/03/22)

    4,110       4,149,309  

3.09%, 01/09/23

    7,247       7,367,663  

3.10%, 05/04/23

    4,466       4,545,074  

3.22%, 01/09/22

    2,884       2,894,975  

3.34%, 03/28/22 (Call 02/28/22)

    3,930       3,953,782  

3.35%, 11/01/22(b)

    6,080       6,171,200  

3.37%, 11/17/23

    4,440       4,556,550  

3.38%, 11/13/25 (Call 10/13/25)

    10,791       11,087,753  

3.81%, 01/09/24 (Call 11/09/23)

    3,298       3,413,430  

4.06%, 11/01/24 (Call 10/01/24)(b)

    6,881       7,207,503  

4.13%, 08/04/25(b)

    6,215       6,564,793  

4.14%, 02/15/23 (Call 01/15/23)

    4,100       4,218,213  

4.25%, 09/20/22(b)

    4,480       4,582,189  

4.38%, 08/06/23

    2,890       3,009,213  

4.39%, 01/08/26

    6,142       6,572,778  

4.54%, 08/01/26 (Call 06/01/26)

    3,550       3,822,569  

4.69%, 06/09/25 (Call 04/09/25)

    2,400       2,565,720  

5.13%, 06/16/25 (Call 05/16/25)

    7,899       8,587,705  

5.58%, 03/18/24 (Call 02/18/24)

    7,186       7,742,915  

5.60%, 01/07/22

    7,506       7,561,779  

Jaguar Land Rover Automotive PLC

   

5.63%, 02/01/23 (Call 11/29/21)(a)

    3,749       3,764,090  

7.75%, 10/15/25 (Call 10/15/22)(a)

    7,460       8,010,699  

JB Poindexter & Co. Inc., 7.13%, 04/15/26 (Call 11/29/21)(a)

    5,175       5,441,997  

Mclaren Finance PLC, 7.50%, 08/01/26 (Call 08/01/23)(a)

    5,960       5,946,988  

Navistar International Corp., 9.50%, 05/01/25(a)

    0 (c)       
   

 

 

 
          189,670,598  
Auto Parts & Equipment — 1.4%            

Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 11/29/21)(a)(b)

    7,550       7,691,260  

Adient U.S. LLC, 9.00%, 04/15/25 (Call 04/15/22)(a)

    5,917       6,335,450  

American Axle & Manufacturing Inc.,
6.25%, 03/15/26 (Call 11/09/21)(b)

    4,263       4,385,561  

Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/22)(a)

    5,348       5,636,409  

Clarios Global LP/Clarios US Finance Co., 6.25%, 05/15/26 (Call 05/15/22)(a)(b)

    8,040       8,411,850  

Dana Financing Luxembourg Sarl,
5.75%, 04/15/25 (Call 11/29/21)(a)

    3,820       3,934,600  

Goodyear Tire & Rubber Co. (The)

   

5.00%, 05/31/26 (Call 11/29/21)(b)

    7,620       7,799,729  

9.50%, 05/31/25 (Call 05/31/22)

    8,739       9,524,983  

Tenneco Inc., 5.00%, 07/15/26 (Call 11/29/21)(b)

    4,715       4,580,622  

 

 

14  

2 0 2 1   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments  (continued)

October 31, 2021

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Auto Parts & Equipment (continued)            

ZF North America Capital Inc.

   

4.50%, 04/29/22(a)

  $ 6,396     $ 6,486,077  

4.75%, 04/29/25(a)

    10,436       11,188,436  
   

 

 

 
      75,974,977  
Banks — 1.8%            

CIT Group Inc.

   

3.93%, 06/19/24 (Call 06/19/23)(b)(d)

    4,398       4,574,165  

4.75%, 02/16/24 (Call 11/16/23)(b)

    4,542       4,834,883  

5.00%, 08/15/22

    10,643       10,979,537  

5.00%, 08/01/23

    6,721       7,145,797  

5.25%, 03/07/25 (Call 12/07/24)(b)

    4,602       5,065,594  

Commerzbank AG, 8.13%, 09/19/23(a)(b)

    10,263       11,490,425  

Deutsche Bank AG, 4.50%, 04/01/25(b)

    15,398       16,500,651  

Freedom Mortgage Corp.

   

7.63%, 05/01/26 (Call 05/01/23)(a)(b)

    5,935       5,805,666  

8.13%, 11/15/24 (Call 11/29/21)(a)

    4,846       4,899,760  

8.25%, 04/15/25 (Call 11/29/21)(a)

    7,021       7,113,823  

Intesa Sanpaolo SpA, 5.02%, 06/26/24(a)(b)

        19,956       21,501,830  
   

 

 

 
          99,912,131  
Building Materials — 0.4%            

Forterra Finance LLC/FRTA Finance Corp., 6.50%, 07/15/25 (Call 07/15/22)(a)

    5,405       5,760,378  

Jeld-Wen Inc., 4.63%, 12/15/25
(Call 11/29/21)(a)(b)

    4,884       4,943,829  

Koppers Inc., 6.00%, 02/15/25
(Call 11/29/21)(a)(b)

    4,882       4,980,519  

New Enterprise Stone & Lime Co. Inc.,
6.25%, 03/15/26 (Call 11/07/21)(a)

    5,271       5,444,375  
   

 

 

 
      21,129,101  
Chemicals — 1.9%            

CF Industries Inc., 3.45%, 06/01/23

    4,383       4,545,478  

Cornerstone Chemical Co., 6.75%, 08/15/24 (Call 11/29/21)(a)(b)

    4,384       3,945,600  

CVR Partners LP/CVR Nitrogen Finance Corp., 9.25%, 06/15/23 (Call 11/15/21)(a)(b)

    1,618       1,619,011  

GCP Applied Technologies Inc., 5.50%, 04/15/26 (Call 11/15/21)(a)

    300       307,200  

GPD Companies Inc., 10.13%, 04/01/26 (Call 04/01/22)(a)

    4,886       5,239,930  

INEOS Group Holdings SA, 5.63%, 08/01/24 (Call 11/09/21)(a)(b)

    4,356       4,362,195  

INEOS Quattro Finance 2 PLC, 3.38%, 01/15/26 (Call 01/15/23)(a)

    5,150       5,124,405  

Kraton Polymers LLC/Kraton Polymers Capital Corp., 4.25%, 12/15/25 (Call 12/15/22)(a)(b)

    4,211       4,358,385  

NOVA Chemicals Corp.

   

4.88%, 06/01/24 (Call 03/03/24)(a)

    10,339       10,779,648  

5.00%, 05/01/25 (Call 01/31/25)(a)(b)

    4,839       5,117,394  

Nufarm Australia Ltd./Nufarm Americas Inc., 5.75%, 04/30/26 (Call 11/29/21)(a)(b)

    1,200       1,225,733  

OCI NV

   

4.63%, 10/15/25 (Call 10/15/22)(a)(b)

    3,829       3,986,252  

5.25%, 11/01/24 (Call 11/01/21)(a)(b)

    5,664       5,818,202  

Olin Corp., 9.50%, 06/01/25 (Call 03/01/25)(a)(b)

    6,012       7,410,005  

Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 04/01/25 (Call 11/29/21)(a)

    4,995       5,098,646  

Rayonier AM Products Inc.

   

5.50%, 06/01/24 (Call 11/29/21)(a)(b)

    4,950       4,900,500  

7.63%, 01/15/26 (Call 01/15/24)(a)(b)

    4,920       5,079,900  

SCIL IV LLC/SCIL USA Holdings LLC, 5.38%, 11/01/26 (Call 11/01/23)(a)

    3,210       3,250,125  

TPC Group Inc., 10.50%, 08/01/24 (Call 11/29/21)(a)

    8,857       8,077,268  
Security  

Par

(000)

    Value  
Chemicals (continued)            

Trinseo Materials Operating SCA/Trinseo Materials Finance Inc., 5.38%, 09/01/25 (Call 11/29/21)(a)(b)

  $ 5,340     $ 5,443,943  

Tronox Inc., 6.50%, 05/01/25 (Call 05/01/22)(a)

    4,993       5,242,650  

Venator Finance Sarl/Venator Materials LLC, 5.75%, 07/15/25 (Call 11/29/21)(a)(b)

    3,645       3,404,685  
   

 

 

 
      104,337,155  
Coal — 0.1%            

Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 11/29/21)(a)

    3,575       3,652,602  

Coronado Finance Pty Ltd., 10.75%, 05/15/26 (Call 05/15/23)(a)

    3,530       3,841,628  
   

 

 

 
      7,494,230  
Commercial Services — 2.9%            

ADT Security Corp. (The), 4.13%, 06/15/23

    6,765       7,036,249  

Ahern Rentals Inc., 7.38%, 05/15/23 (Call 11/29/21)(a)(b)

    4,820       4,639,973  

Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(a)

    5,655       5,708,044  

Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26 (Call 07/15/22)(a)

        19,425       20,432,672  

Aptim Corp., 7.75%, 06/15/25
(Call 11/15/21)(a)(b)

    4,810       3,913,555  

Brink’s Co. (The), 5.50%, 07/15/25 (Call 07/15/22)(a)

    3,389       3,539,810  

Cimpress PLC, 7.00%, 06/15/26
(Call 11/29/21)(a)(b)

    6,225       6,481,781  

CoreCivic Inc., 8.25%, 04/15/26 (Call 04/15/24)

    6,785       6,912,558  

Graham Holdings Co., 5.75%, 06/01/26 (Call 11/09/21)(a)

    75       78,128  

Jaguar Holding Co. II/PPD Development LP, 4.63%, 06/15/25 (Call 06/15/22)(a)

    6,021       6,264,850  

Legends Hospitality Holding Co. LLC/Legends Hospitality Co-Issuer Inc., 5.00%, 02/01/26 (Call 02/01/23)(a)

    3,920       3,996,440  

Modulaire Global Finance PLC, 8.00%, 02/15/23 (Call 11/09/21)(a)

    5,705       5,818,030  

MoneyGram International Inc., 5.38%, 08/01/26 (Call 08/01/23)(a)(b)

    4,175       4,197,763  

Nielsen Co Luxembourg SARL (The),
5.00%, 02/01/25 (Call 11/29/21)(a)(b)

    5,229       5,317,239  

Prime Security Services Borrower LLC/Prime Finance Inc.

   

5.25%, 04/15/24(a)(b)

    7,499       7,973,783  

5.75%, 04/15/26(a)

    13,935       14,890,633  

Ritchie Bros. Auctioneers Inc., 5.38%, 01/15/25 (Call 11/29/21)(a)

    5,918       6,031,182  

Sabre GLBL Inc.

   

7.38%, 09/01/25 (Call 09/01/22)(a)

    8,843       9,418,154  

9.25%, 04/15/25 (Call 03/16/25)(a)(b)

    7,892       9,120,469  

Square Inc., 2.75%, 06/01/26 (Call 05/01/26)(a)

    9,990       10,116,102  

Team Health Holdings Inc., 6.38%, 02/01/25 (Call 11/15/21)(a)(b)

    6,989       6,179,674  

Verscend Escrow Corp., 9.75%, 08/15/26 (Call 11/29/21)(a)

    200       211,862  

WASH Multifamily Acquisition Inc., 5.75%, 04/15/26 (Call 04/15/23)(a)

    8,645       8,915,156  
   

 

 

 
          157,194,107  
Computers — 1.6%            

Dell International LLC/EMC Corp.,
7.13%, 06/15/24 (Call 11/02/21)(a)

    14,582       14,877,319  

Diebold Nixdorf Inc.

   

8.50%, 04/15/24 (Call 11/29/21)(b)

    3,417       3,412,216  

9.38%, 07/15/25 (Call 07/15/22)(a)

    8,094       8,686,380  

Exela Intermediate LLC/Exela Finance Inc., 10.00%, 07/15/23 (Call 11/29/21)(a)(b)

    9,800       8,207,500  

 

 

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  (continued)

October 31, 2021

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Computers (continued)            

Seagate HDD Cayman

   

4.75%, 06/01/23

  $ 4,650     $ 4,859,250  

4.75%, 01/01/25(b)

    5,160       5,566,350  

4.88%, 03/01/24 (Call 01/01/24)(b)

    5,500       5,857,775  

Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)(a)

    12,332       12,887,327  

Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(b)

    22,815       25,067,981  
   

 

 

 
      89,422,098  
Cosmetics & Personal Care — 0.4%            

Avon Products Inc., 6.50%, 03/15/23

    1,867       1,960,350  

Coty Inc.

   

5.00%, 04/15/26 (Call 04/15/23)(a)

    9,165       9,409,980  

6.50%, 04/15/26 (Call 11/29/21)(a)(b)

    5,725       5,889,594  

Oriflame Investment Holding PLC,
5.13%, 05/04/26 (Call 05/15/23)(a)

    5,050       4,970,867  
   

 

 

 
      22,230,791  
Distribution & Wholesale — 0.6%            

Avient Corp.

   

5.25%, 03/15/23

    4,916       5,180,235  

5.75%, 05/15/25 (Call 05/15/22)(a)

    7,128       7,463,037  

G-III Apparel Group Ltd., 7.88%, 08/15/25 (Call 08/15/22)(a)

    4,693       5,003,911  

KAR Auction Services Inc., 5.13%, 06/01/25 (Call 11/29/21)(a)(b)

    9,941       9,993,273  

Wolverine Escrow LLC, 8.50%, 11/15/24 (Call 11/29/21)(a)(b)

    6,010       5,574,275  
   

 

 

 
          33,214,731  
Diversified Financial Services — 4.2%            

Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)(b)

        11,253       12,767,654  

Credit Acceptance Corp.

   

5.13%, 12/31/24 (Call 12/31/21)(a)(b)

    4,684       4,777,680  

6.63%, 03/15/26 (Call 03/15/22)(b)

    3,445       3,597,355  

Curo Group Holdings Corp., 8.25%, 09/01/25(a)

    0 (c)       

Enact Holdings Inc., 6.50%, 08/15/25 (Call 02/15/25)(a)

    7,860       8,633,231  

Enova International Inc., 8.50%, 09/15/25 (Call 11/29/21)(a)

    3,870       3,986,100  

Finance of America Funding LLC, 7.88%, 11/15/25 (Call 11/15/22)(a)(b)

    3,208       3,105,695  

goeasy Ltd., 5.38%, 12/01/24
(Call 12/01/21)(a)

    6,127       6,298,765  

Home Point Capital Inc., 5.00%, 02/01/26 (Call 02/01/23)(a)(b)

    5,299       4,746,579  

LD Holdings Group LLC, 6.50%, 11/01/25 (Call 11/01/22)(a)

    4,700       4,617,456  

Navient Corp.

   

5.50%, 01/25/23(b)

    8,875       9,268,251  

5.88%, 10/25/24

    5,025       5,364,188  

6.13%, 03/25/24(b)

    8,558       9,156,268  

6.50%, 06/15/22

    11,250       11,564,677  

6.75%, 06/25/25(b)

    4,930       5,404,255  

6.75%, 06/15/26(b)

    4,705       5,195,143  

7.25%, 09/25/23(b)

    5,252       5,719,136  

OneMain Finance Corp.

   

5.63%, 03/15/23

    8,160       8,582,035  

6.13%, 05/15/22

    9,780       10,021,334  

6.13%, 03/15/24 (Call 09/15/23)

    13,059       13,891,511  

6.88%, 03/15/25(b)

    12,284       13,704,419  

7.13%, 03/15/26

    16,010       18,191,362  

8.88%, 06/01/25 (Call 06/01/22)

    6,016       6,501,240  

PennyMac Financial Services Inc., 5.38%, 10/15/25 (Call 10/15/22)(a)

    7,065       7,276,244  
Security  

Par

(000)

    Value  
Diversified Financial Services (continued)            

PHH Mortgage Corp., 7.88%, 03/15/26 (Call 03/15/23)(a)(b)

  $ 4,120     $ 4,171,500  

Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc., 2.88%, 10/15/26
(Call 10/15/23)(a)

    9,822       9,754,474  

SLM Corp.

   

3.13%, 11/02/26 (Call 10/02/26)

    5,025       4,987,313  

4.20%, 10/29/25 (Call 09/29/25)

    5,449       5,766,404  

StoneX Group Inc., 8.63%, 06/15/25 (Call 06/15/22)(a)(b)

    2,526       2,690,935  

TMX Finance LLC/TitleMax Finance Corp., 11.13%, 04/01/23 (Call 11/29/21)(a)(b)

    4,726       4,831,390  

United Wholesale Mortgage LLC, 5.50%, 11/15/25 (Call 11/15/22)(a)

    8,051       8,022,353  

VistaJet Malta Finance PLC/XO Management Holding Inc., 10.50%, 06/01/24 (Call 06/01/22)(a)

    6,518       7,035,611  
   

 

 

 
          229,630,558  
Electric — 1.2%            

Calpine Corp., 5.25%, 06/01/26
(Call 11/29/21)(a)

    7,640       7,858,460  

DPL Inc., 4.13%, 07/01/25 (Call 04/01/25)

    4,739       5,012,109  

Drax Finco PLC, 6.63%, 11/01/25 (Call 11/09/21)(a)

    4,355       4,487,682  

FirstEnergy Corp.

   

Series A, 3.35%, 07/15/22 (Call 05/15/22)

    6,141       6,212,481  

Series B, 4.75%, 03/15/23 (Call 12/15/22)

    6,960       7,216,145  

FirstEnergy Transmission LLC, 4.35%, 01/15/25 (Call 10/15/24)(a)

    5,600       6,060,822  

InterGen NV, 7.00%, 06/30/23
(Call 11/29/21)(a)

    4,179       4,129,409  

NextEra Energy Operating Partners LP

   

3.88%, 10/15/26 (Call 07/15/26)(a)

    5,000       5,315,815  

4.25%, 07/15/24 (Call 04/15/24)(a)(b)

    6,977       7,386,550  

4.25%, 09/15/24 (Call 07/15/24)(a)

    430       455,962  

Talen Energy Supply LLC

   

6.50%, 06/01/25 (Call 11/29/21)

    2,240       1,349,600  

10.50%, 01/15/26 (Call 01/15/22)(a)(b)

    5,460       3,562,650  

Terraform Global Operating LLC, 6.13%, 03/01/26 (Call 11/29/21)(a)

    3,230       3,311,622  

TransAlta Corp., 4.50%, 11/15/22 (Call 08/15/22)(b)

    3,285       3,351,727  
   

 

 

 
      65,711,034  
Electrical Components & Equipment — 0.3%  

WESCO Distribution Inc., 7.13%, 06/15/25 (Call 06/15/22)(a)(b)

        15,492       16,464,623  
   

 

 

 
Electronics — 0.4%            

Brightstar Escrow Corp., 9.75%, 10/15/25 (Call 10/15/22)(a)

    4,359       4,677,116  

Sensata Technologies BV

   

4.88%, 10/15/23(a)

    4,716       5,007,508  

5.00%, 10/01/25(a)(b)

    7,384       8,075,462  

5.63%, 11/01/24(a)

    4,075       4,492,691  
   

 

 

 
      22,252,777  
Energy - Alternate Sources — 0.2%            

Sunnova Energy Corp., 5.88%, 09/01/26 (Call 09/01/23)(a)

    4,075       4,161,594  

TerraForm Power Operating LLC, 4.25%, 01/31/23 (Call 10/31/22)(a)(b)

    5,334       5,462,831  
   

 

 

 
      9,624,425  
Engineering & Construction — 0.7%            

Artera Services LLC, 9.03%, 12/04/25 (Call 02/04/23)(a)

    9,770       10,436,802  

Brand Industrial Services Inc., 8.50%, 07/15/25 (Call 11/29/21)(a)(b)

    9,788       9,809,534  

Brundage-Bone Concrete Pumping Holdings Inc., 6.00%, 02/01/26 (Call 02/01/23)(a)

    4,160       4,355,520  

 

 

16  

2 0 2 1   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments  (continued)

October 31, 2021

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Engineering & Construction (continued)            

Fluor Corp., 3.50%, 12/15/24
(Call 09/15/24)(b)

  $ 5,155     $ 5,361,200  

Tutor Perini Corp., 6.88%, 05/01/25 (Call 11/15/21)(a)

    5,369       5,468,103  
   

 

 

 
      35,431,159  
Entertainment — 3.5%            

AMC Entertainment Holdings Inc., 10.50%, 04/15/25 (Call 04/15/22)(a)(b)

    4,385       4,713,875  

Banijay Entertainment SASU, 5.38%, 03/01/25 (Call 03/01/22)(a)(b)

    3,650       3,756,215  

Caesars Entertainment Inc., 6.25%, 07/01/25 (Call 07/01/22)(a)

        33,896       35,636,729  

Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/22)(a)(b)

    9,755       10,250,066  

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp., 5.38%, 06/01/24 (Call 11/29/21)(b)

    3,245       3,276,385  

Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (Call 05/01/22)(a)

    10,970       11,399,559  

Cinemark USA Inc., 5.88%, 03/15/26 (Call 03/15/23)(a)(b)

    4,135       4,156,765  

Golden Entertainment Inc., 7.63%, 04/15/26 (Call 04/15/22)(a)(b)

    4,560       4,806,810  

International Game Technology PLC

   

4.13%, 04/15/26 (Call 04/15/23)(a)

    8,475       8,740,098  

6.50%, 02/15/25 (Call 08/15/24)(a)(b)

    10,566       11,738,276  

Jacobs Entertainment Inc., 7.88%, 02/01/24 (Call 11/29/21)(a)

    3,840       3,960,800  

Live Nation Entertainment Inc., 4.88%, 11/01/24 (Call 11/29/21)(a)(b)

    5,924       5,990,645  

Merlin Entertainments Ltd., 5.75%, 06/15/26 (Call 03/17/26)(a)(b)

    3,850       3,982,560  

Mohegan Gaming & Entertainment

   

7.88%, 10/15/24 (Call 11/15/21)(a)(b)

    4,083       4,236,113  

8.00%, 02/01/26 (Call 02/01/23)(a)

    11,770       12,151,054  

Scientific Games International Inc.

   

5.00%, 10/15/25 (Call 11/29/21)(a)

    12,466       12,840,656  

8.25%, 03/15/26 (Call 03/15/22)(a)

    10,803       11,464,684  

8.63%, 07/01/25 (Call 07/01/22)(a)

    5,846       6,318,795  

Six Flags Entertainment Corp., 4.88%, 07/31/24 (Call 11/29/21)(a)(b)

    9,843       9,954,467  

Six Flags Theme Parks Inc., 7.00%, 07/01/25 (Call 07/01/22)(a)

    7,069       7,510,812  

Vail Resorts Inc., 6.25%, 05/15/25 (Call 05/15/22)(a)(b)

    6,095       6,421,971  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp., 7.75%, 04/15/25 (Call 04/15/22)(a)(b)

    6,115       6,441,602  
   

 

 

 
          189,748,937  
Environmental Control — 0.6%            

Covanta Holding Corp., 5.88%, 07/01/25 (Call 11/29/21)(b)

    3,450       3,559,969  

GFL Environmental Inc.

   

3.75%, 08/01/25 (Call 08/01/22)(a)

    8,075       8,308,771  

4.25%, 06/01/25 (Call 06/01/22)(a)(b)

    5,712       5,889,619  

Stericycle Inc., 5.38%, 07/15/24 (Call 11/15/21)(a)

    5,481       5,623,506  

Tervita Corp., 11.00%, 12/01/25 (Call 12/01/23)(a)

    3,188       3,665,403  

Waste Pro USA Inc., 5.50%, 02/15/26 (Call 11/29/21)(a)(b)

    4,905       4,855,950  
   

 

 

 
      31,903,218  
Food — 2.0%            

Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC

   

3.25%, 03/15/26 (Call 09/15/22)(a)

    8,460       8,604,731  

3.50%, 02/15/23 (Call 12/15/22)(a)(b)

    7,601       7,734,090  

7.50%, 03/15/26 (Call 03/15/22)(a)

    5,573       5,997,941  
Security  

Par

(000)

    Value  
Food (continued)            

B&G Foods Inc., 5.25%, 04/01/25
(Call 11/29/21)(b)

  $ 8,380     $ 8,562,265  

Chobani LLC/Chobani Finance Corp. Inc., 7.50%, 04/15/25 (Call 11/29/21)(a)

    5,070       5,268,652  

Del Monte Foods Inc., 11.88%, 05/15/25 (Call 05/15/22)(a) .

    5,818       6,534,341  

FAGE International SA/FAGE USA Dairy Industry Inc., 5.63%, 08/15/26 (Call 11/29/21)(a)(b)

    3,750       3,840,112  

Fresh Market Inc. (The), 9.75%, 05/01/23 (Call 11/29/21)(a)

    4,900       5,041,474  

H-Food Holdings LLC/Hearthside Finance Co. Inc., 8.50%, 06/01/26 (Call 11/29/21)(a)

    4,025       4,164,869  

JBS USA Food Co., 7.00%, 01/15/26 (Call 01/15/22)(a)

    9,459       9,863,669  

Kraft Heinz Foods Co.

   

3.00%, 06/01/26 (Call 03/01/26)

    18,075       18,876,988  

3.50%, 06/06/22(b)

    3,030       3,082,557  

Lamb Weston Holdings Inc., 4.63%, 11/01/24 (Call 11/18/21)(a)

    7,568       7,746,478  

Performance Food Group Inc., 5.50%, 06/01/24(a)

    0        

Sigma Holdco BV, 7.88%, 05/15/26 (Call 11/09/21)(a)(b)

    4,665       4,550,801  

U.S. Foods Inc., 6.25%, 04/15/25
(Call 04/15/22)(a)

    10,184       10,676,798  
   

 

 

 
          110,545,766  
Food Service — 0.4%            

Aramark Services Inc.

   

5.00%, 04/01/25 (Call 11/29/21)(a)(b)

    5,848       5,986,890  

6.38%, 05/01/25 (Call 05/01/22)(a)

    15,367       16,174,889  
   

 

 

 
      22,161,779  
Forest Products & Paper — 0.1%            

Schweitzer-Mauduit International Inc., 6.88%, 10/01/26 (Call 11/29/21)(a)

    3,500       3,649,505  
   

 

 

 
Gas — 0.5%            

AmeriGas Partners LP/AmeriGas Finance Corp.

   

5.50%, 05/20/25 (Call 02/20/25)(b)

    7,007       7,606,589  

5.63%, 05/20/24 (Call 03/20/24)(b)

    6,235       6,742,217  

5.88%, 08/20/26 (Call 05/20/26)(b)

    6,400       7,148,000  

Rockpoint Gas Storage Canada Ltd., 7.00%, 03/31/23 (Call 11/29/21)(a)

    2,981       2,992,978  
   

 

 

 
      24,489,784  
Health Care - Products — 0.0%            

Ortho-Clinical Diagnostics Inc./Ortho-Clinical Diagnostics SA, 7.38%, 06/01/25 (Call 06/01/22)(a)

    446       467,653  
   

 

 

 
Health Care - Services — 4.6%            

Air Methods Corp., 8.00%, 05/15/25 (Call 11/29/21)(a)(b)

    4,000       3,070,000  

Akumin Inc., 7.00%, 11/01/25
(Call 11/01/22)(a)(b)

    4,400       4,198,821  

CHS/Community Health Systems Inc.

   

6.63%, 02/15/25 (Call 02/15/22)(a)

    14,275       14,902,108  

8.00%, 03/15/26 (Call 03/15/22)(a)

        20,582       21,739,737  

Encompass Health Corp., 5.75%, 09/15/25 (Call 11/29/21)(b)

    2,990       3,061,352  

Global Medical Response Inc., 6.50%, 10/01/25 (Call 11/03/21)(a)(b)

    6,330       6,244,545  

HCA Inc.

   

5.38%, 02/01/25

    25,094       27,917,075  

5.38%, 09/01/26 (Call 03/01/26)(b)

    8,600       9,785,834  

5.88%, 05/01/23

    11,367       12,162,916  

5.88%, 02/15/26 (Call 08/15/25)

    14,563       16,592,791  

IQVIA Inc., 5.00%, 10/15/26 (Call 11/29/21)(a)(b)

    3,150       3,237,311  

Legacy LifePoint Health LLC, 6.75%, 04/15/25 (Call 04/15/22)(a)

    6,192       6,510,468  

Magellan Health Inc., 4.90%, 09/22/24 (Call 07/22/24)

    3,869       4,235,665  

 

 

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  (continued)

October 31, 2021

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Health Care - Services (continued)            

ModivCare Inc., 5.88%, 11/15/25
(Call 11/15/22)(a)

  $ 5,880     $ 6,166,650  

Molina Healthcare Inc., 5.38%, 11/15/22 (Call 08/15/22)(b)

    7,311       7,530,330  

Prime Healthcare Services Inc., 7.25%, 11/01/25 (Call 11/01/22)(a)

    10,304       11,001,066  

Quorum Health Corp., 11.63%, 04/15/23(e)(f)

    2,653        

RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)(a)(b)

    8,340       8,340,000  

Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a)

    11,425       11,957,308  

Surgery Center Holdings Inc., 6.75%, 07/01/25 (Call 11/29/21)(a)(b)

    3,420       3,489,896  

Tenet Healthcare Corp.

   

4.63%, 07/15/24 (Call 11/29/21)

    6,528       6,633,794  

4.63%, 09/01/24 (Call 11/15/21)(a)

    5,830       5,909,434  

4.88%, 01/01/26 (Call 03/01/22)(a)

    20,798       21,343,948  

6.75%, 06/15/23

    17,889       19,221,731  

7.50%, 04/01/25 (Call 04/01/22)(a)

    6,885       7,306,706  

U.S. Acute Care Solutions LLC, 6.38%, 03/01/26 (Call 03/01/23)(a)

    5,065       5,254,938  
   

 

 

 
          247,814,424  
Holding Companies - Diversified — 1.0%            

FS Energy & Power Fund, 7.50%, 08/15/23 (Call 05/15/23)(a)

    5,215       5,436,638  

Icahn Enterprises LP/Icahn Enterprises Finance Corp.

   

4.75%, 09/15/24 (Call 06/15/24)

        11,185       11,592,637  

6.25%, 05/15/26 (Call 05/15/22)

    10,756       11,272,697  

6.38%, 12/15/25 (Call 11/29/21)(b)

    7,850       8,012,839  

6.75%, 02/01/24 (Call 11/29/21)(b)

    5,011       5,078,990  

Stena AB, 7.00%, 02/01/24(a)(b)

    4,837       5,012,583  

Stena International SA

   

5.75%, 03/01/24(a)

    2,470       2,561,884  

6.13%, 02/01/25 (Call 02/01/22)(a)

    3,315       3,397,851  
   

 

 

 
      52,366,119  
Home Builders — 1.0%            

Empire Communities Corp., 7.00%, 12/15/25 (Call 12/15/22)(a)

    5,130       5,340,731  

Forestar Group Inc., 3.85%, 05/15/26 (Call 05/15/23)(a)(b)

    4,500       4,488,750  

KB Home

   

7.50%, 09/15/22(b)

    3,622       3,820,576  

7.63%, 05/15/23 (Call 11/15/22)

    4,013       4,269,914  

Meritage Homes Corp., 6.00%, 06/01/25 (Call 03/01/25)(b)

    5,180       5,813,902  

Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)(a)(b)

    5,396       5,670,690  

Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc.

   

5.63%, 03/01/24 (Call 12/01/23)(a)(b)

    4,035       4,314,373  

5.88%, 04/15/23 (Call 01/15/23)(a)

    3,413       3,568,647  

Toll Brothers Finance Corp.

   

4.38%, 04/15/23 (Call 01/15/23)(b)

    5,194       5,380,413  

5.88%, 02/15/22 (Call 11/15/21)

    4,570       4,580,720  

TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(b)

    4,895       5,413,707  
   

 

 

 
      52,662,423  
Household Products & Wares — 0.1%            

Spectrum Brands Inc., 5.75%, 07/15/25 (Call 11/29/21)(b)

    3,559       3,651,485  
   

 

 

 
Housewares — 0.8%            

CD&R Smokey Buyer Inc., 6.75%, 07/15/25 (Call 07/15/22)(a)

    8,429       8,920,411  
Security  

Par

(000)

    Value  
Housewares (continued)            

Newell Brands Inc.

   

4.35%, 04/01/23 (Call 02/01/23)

  $ 10,716     $ 11,180,110  

4.70%, 04/01/26 (Call 01/01/26)

    17,437       19,105,942  

4.88%, 06/01/25 (Call 05/01/25)(b)

    5,300       5,805,302  
   

 

 

 
      45,011,765  
Insurance — 1.2%            

Acrisure LLC/Acrisure Finance Inc.

   

7.00%, 11/15/25 (Call 11/29/21)(a)(b)

    8,910       9,009,509  

10.13%, 08/01/26 (Call 08/01/22)(a)(b)

    3,400       3,771,779  

AssuredPartners Inc., 7.00%, 08/15/25 (Call 11/29/21)(a)

    4,910       4,973,011  

Genworth Holdings Inc.

   

4.80%, 02/15/24

    4,051       4,128,860  

4.90%, 08/15/23

    3,251       3,332,438  

HUB International Ltd., 7.00%, 05/01/26 (Call 11/09/21)(a)

    16,150       16,691,933  

NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)(a)(b)

    4,506       5,182,891  

Radian Group Inc.

   

4.50%, 10/01/24 (Call 07/01/24)

    4,739       5,028,201  

6.63%, 03/15/25 (Call 09/15/24)(b)

    5,223       5,829,211  

USI Inc./NY, 6.88%, 05/01/25 (Call 11/29/21)(a)(b)

    6,440       6,534,454  
   

 

 

 
      64,482,287  
Internet — 1.5%            

Cogent Communications Group Inc.

   

3.50%, 05/01/26 (Call 02/01/26)(a)(b)

    5,035       5,073,417  

5.38%, 03/01/22 (Call 12/01/21)(a)(b)

    2,457       2,466,249  

Millennium Escrow Corp., 6.63%, 08/01/26 (Call 08/01/23)(a)(b)

    7,940       8,075,900  

Netflix Inc.

   

3.63%, 06/15/25 (Call 03/15/25)(a)

    4,915       5,228,918  

5.50%, 02/15/22

    5,828       5,908,135  

5.75%, 03/01/24

    3,054       3,363,218  

5.88%, 02/15/25

    7,657       8,681,124  

NortonLifeLock Inc.

   

3.95%, 06/15/22 (Call 03/15/22)

    3,526       3,560,357  

5.00%, 04/15/25 (Call 11/09/21)(a)

        11,121       11,270,160  

Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)(a)(b)

    7,750       8,149,125  

TripAdvisor Inc., 7.00%, 07/15/25 (Call 07/15/22)(a)

    5,349       5,678,097  

Uber Technologies Inc., 7.50%, 05/15/25 (Call 05/15/22)(a)(b)

    10,059       10,717,271  

VeriSign Inc., 5.25%, 04/01/25 (Call 01/01/25)

    700       782,250  
   

 

 

 
      78,954,221  
Iron & Steel — 0.6%            

ArcelorMittal SA, 4.55%, 03/11/26(b)

    4,323       4,745,155  

Baffinland Iron Mines Corp./Baffinland Iron Mines LP, 8.75%, 07/15/26 (Call 11/29/21)(a)(b)

    5,095       5,377,773  

Cleveland-Cliffs Inc.

   

6.75%, 03/15/26 (Call 03/15/22)(a)(b)

    9,075       9,650,193  

9.88%, 10/17/25 (Call 10/17/22)(a)

    5,878       6,724,890  

United States Steel Corp., 6.25%, 03/15/26 (Call 10/31/21)(b)

    3,857       3,979,508  
   

 

 

 
          30,477,519  
Leisure Time — 1.1%            

Constellation Merger Sub Inc., 8.50%, 09/15/25 (Call 11/29/21)(a)

    3,987       3,839,897  

Life Time Inc.

   

5.75%, 01/15/26 (Call 01/15/23)(a)

    8,990       9,240,551  

8.00%, 04/15/26 (Call 02/01/23)(a)(b)

    5,101       5,356,050  

NCL Corp. Ltd.

   

3.63%, 12/15/24 (Call 12/15/21)(a)(b)

    5,388       5,105,130  

 

 

18  

2 0 2 1   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments  (continued)

October 31, 2021

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Leisure Time (continued)            

5.88%, 03/15/26 (Call 12/15/25)(a)(b)

  $     14,047     $ 14,130,165  

10.25%, 02/01/26 (Call 08/01/23)(a)(b)

    7,423       8,492,756  

12.25%, 05/15/24 (Call 02/15/24)(a)

    6,517       7,697,196  

Viking Cruises Ltd., 13.00%, 05/15/25 (Call 05/15/22)(a)(b)

    7,336       8,420,697  
   

 

 

 
      62,282,442  
Lodging — 3.1%            

Boyd Gaming Corp., 8.63%, 06/01/25 (Call 06/01/22)(a)

    5,989       6,462,430  

Genting New York LLC/GENNY Capital Inc., 3.30%, 02/15/26 (Call 01/15/26)(a)

    4,700       4,674,961  

Hilton Domestic Operating Co. Inc., 5.38%, 05/01/25 (Call 05/01/22)(a)

    4,491       4,682,683  

Marriott Ownership Resorts Inc., 6.13%, 09/15/25 (Call 05/15/22)(a)

    2,679       2,811,557  

Melco Resorts Finance Ltd.

   

4.88%, 06/06/25 (Call 11/29/21)(a)(b)

    9,285       9,205,084  

5.25%, 04/26/26 (Call 04/26/22)(a)(b)

    5,552       5,496,561  

MGM China Holdings Ltd.

   

5.25%, 06/18/25 (Call 06/18/22)(a)(b)

    4,475       4,430,514  

5.38%, 05/15/24 (Call 11/09/21)(a)(b)

    7,379       7,395,736  

5.88%, 05/15/26 (Call 05/15/22)(a)(b)

    7,670       7,679,326  

MGM Resorts International

   

4.63%, 09/01/26 (Call 06/01/26)(b)

    4,200       4,394,355  

5.75%, 06/15/25 (Call 03/15/25)(b)

    6,703       7,272,546  

6.00%, 03/15/23

    11,608       12,263,504  

6.75%, 05/01/25 (Call 05/01/22)(b)

    7,432       7,844,476  

7.75%, 03/15/22

    10,939       11,205,040  

Studio City Finance Ltd., 6.00%, 07/15/25 (Call 07/15/22)(a)

    5,052       4,901,703  

Travel + Leisure Co.

   

3.90%, 03/01/23 (Call 12/01/22)

    3,086       3,175,494  

4.25%, 03/01/22 (Call 12/01/21)

    7,159       7,174,750  

6.60%, 10/01/25 (Call 07/01/25)

    3,578       3,997,878  

6.63%, 07/31/26 (Call 04/30/26)(a)(b)

    6,350       7,082,282  

Universal Entertainment Corp., 8.50%, 12/11/24 (Call 12/11/23)(a)

    6,135       6,414,143  

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.

   

4.25%, 05/30/23 (Call 02/28/23)(a)

    4,309       4,350,140  

5.50%, 03/01/25 (Call 12/01/24)(a)

    18,005       18,320,087  

Wynn Macau Ltd.

   

4.88%, 10/01/24 (Call 11/09/21)(a)(b)

    6,001       5,689,636  

5.50%, 01/15/26 (Call 06/15/22)(a)(b)

    10,165       9,576,523  
   

 

 

 
          166,501,409  
Machinery — 0.5%            

Cleaver-Brooks Inc., 7.88%, 03/01/23 (Call 11/29/21)(a)(b)

    3,568       3,528,879  

Colfax Corp., 6.38%, 02/15/26 (Call 02/15/22)(a)

    1,565       1,632,599  

Maxim Crane Works Holdings Capital LLC, 10.13%, 08/01/24 (Call 11/29/21)(a)(b)

    3,574       3,676,753  

Stevens Holding Co. Inc., 6.13%, 10/01/26 (Call 10/01/23)(a)

    4,000       4,324,000  

Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 11/29/21)(a)(b)

    6,840       6,964,579  

Weir Group PLC (The), 2.20%, 05/13/26 (Call 04/13/26)(a)(b)

    3,470       3,446,404  

Welbilt Inc., 9.50%, 02/15/24
(Call 11/29/21)(b)

    3,523       3,612,837  
   

 

 

 
      27,186,051  
Manufacturing — 0.5%            

FXI Holdings Inc., 7.88%, 11/01/24 (Call 11/29/21)(a)

    5,667       5,773,256  

Gates Global LLC/Gates Corp., 6.25%, 01/15/26 (Call 01/15/22)(a)(b)

    6,970       7,211,476  
Security  

Par

(000)

    Value  
Manufacturing (continued)            

Hillenbrand Inc.

   

5.00%, 09/15/26 (Call 07/15/26)(b)

  $ 3,900     $ 4,382,586  

5.75%, 06/15/25 (Call 06/15/22)

    3,375       3,557,180  

Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24)

    4,640       4,915,152  
   

 

 

 
      25,839,650  
Media — 4.4%            

AMC Networks Inc.

   

4.75%, 08/01/25 (Call 11/29/21)(b)

    7,500       7,687,500  

5.00%, 04/01/24 (Call 11/29/21)

    4,726       4,783,108  

CCO Holdings LLC/CCO Holdings Capital Corp.

   

4.00%, 03/01/23 (Call 11/15/21)(a)

    5,467       5,476,260  

5.50%, 05/01/26 (Call 11/29/21)(a)(b)

    250       258,250  

Cengage Learning Inc., 9.50%, 06/15/24 (Call 11/29/21)(a)(b)

    5,857       5,992,434  

CSC Holdings LLC

   

5.25%, 06/01/24(b)

    7,507       7,891,533  

5.88%, 09/15/22

    6,683       6,865,947  

6.75%, 11/15/21

    9,989       10,012,744  

Cumulus Media New Holdings Inc., 6.75%, 07/01/26 (Call 07/01/22)(a)(b)

    4,685       4,880,013  

Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 08/15/26 (Call 08/15/22)(a)

        22,750       12,853,750  

DISH DBS Corp.

   

5.00%, 03/15/23

    14,908       15,431,643  

5.88%, 07/15/22

    19,359       19,879,273  

5.88%, 11/15/24

    20,299       21,604,226  

7.75%, 07/01/26(b)

    20,012       22,262,221  

Gannett Holdings LLC, 6.00%, 11/01/26 (Call 11/01/23)(a)

    1,520       1,516,580  

Gray Television Inc., 5.88%, 07/15/26 (Call 11/29/21)(a)(b)

    5,650       5,831,271  

iHeartCommunications Inc., 6.38%, 05/01/26 (Call 05/01/22)(b)

    7,225       7,568,188  

Meredith Corp., 6.88%, 02/01/26 (Call 12/01/21)(b)

    10,604       11,005,892  

Quebecor Media Inc., 5.75%, 01/15/23

    8,280       8,714,700  

Radiate Holdco LLC/Radiate Finance Inc., 4.50%, 09/15/26 (Call 09/15/23)(a)(b)

    9,000       9,144,360  

Sirius XM Radio Inc., 3.13%, 09/01/26 (Call 09/01/23)(a)(b)

    10,075       10,100,187  

TEGNA Inc., 4.75%, 03/15/26 (Call 03/15/23)(a)

    6,169       6,416,068  

Townsquare Media Inc., 6.88%, 02/01/26 (Call 02/01/23)(a)

    5,765       6,067,045  

Univision Communications Inc.

   

5.13%, 02/15/25 (Call 11/09/21)(a)(b)

    12,811       13,036,474  

9.50%, 05/01/25 (Call 05/01/22)(a)

    3,488       3,783,645  

Videotron Ltd., 5.38%, 06/15/24 (Call 03/15/24)(a)

    6,669       7,185,090  
   

 

 

 
          236,248,402  
Mining — 1.0%            

Arconic Corp., 6.00%, 05/15/25
(Call 05/15/22)(a)

    6,530       6,844,397  

Constellium SE, 5.88%, 02/15/26
(Call 11/29/21)(a)

    4,947       5,031,655  

FMG Resources August 2006 Pty Ltd., 5.13%, 05/15/24 (Call 02/15/24)(a)

    7,324       7,806,560  

Freeport-McMoRan Inc.

   

3.55%, 03/01/22 (Call 12/01/21)(b)

    6,528       6,542,277  

3.88%, 03/15/23 (Call 12/15/22)(b)

    9,141       9,415,230  

4.55%, 11/14/24 (Call 08/14/24)

    7,097       7,673,773  

Novelis Corp., 3.25%, 11/15/26
(Call 11/15/23)(a)

    2,105       2,097,106  

Perenti Finance Pty Ltd., 6.50%, 10/07/25 (Call 10/07/22)(a)(b)

    4,507       4,708,801  

Taseko Mines Ltd., 7.00%, 02/15/26 (Call 02/15/23)(a)(b)

    3,725       3,857,275  
   

 

 

 
      53,977,074  

 

 

S C H E D U L E   O F   I N V E S T M E N T S

    19  


Schedule of Investments  (continued)

October 31, 2021

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Office & Business Equipment — 0.5%            

CDW LLC/CDW Finance Corp.

   

4.13%, 05/01/25 (Call 05/01/22)

  $ 5,318     $ 5,487,112  

5.50%, 12/01/24 (Call 06/01/24)

    5,630       6,166,710  

Xerox Corp., 4.38%, 03/15/23 (Call 02/15/23)

    9,891       10,216,612  

Xerox Holdings Corp., 5.00%, 08/15/25 (Call 07/15/25)(a)(b)

    7,540       7,841,600  
   

 

 

 
      29,712,034  
Oil & Gas — 9.0%            

Aethon United BR LP/Aethon United Finance Corp., 8.25%, 02/15/26 (Call 02/15/23)(a)

    6,895       7,406,678  

Antero Resources Corp., 5.00%, 03/01/25 (Call 11/29/21)(b)

    5,319       5,396,126  

Apache Corp., 4.63%, 11/15/25 (Call 08/15/25)

    4,354       4,693,568  

Baytex Energy Corp., 5.63%, 06/01/24 (Call 11/29/21)(a)(b)

    381       384,187  

Berry Petroleum Co. LLC, 7.00%, 02/15/26 (Call 11/29/21)(a)

    3,773       3,824,803  

Bonanza Creek Energy Inc., 5.00%, 10/15/26 (Call 10/15/23)(a)

    4,017       4,057,973  

California Resources Corp., 7.13%, 02/01/26 (Call 02/01/23)(a)(b)

    4,961       5,233,855  

Callon Petroleum Co., 6.13%, 10/01/24 (Call 11/29/21)

    4,223       4,153,203  

Calumet Specialty Products Partners LP/Calumet Finance Corp.

   

9.25%, 07/15/24 (Call 11/15/21)(a)

    17       18,470  

11.00%, 04/15/25 (Call 11/29/21)(a)

    5,240       5,691,950  

Chesapeake Energy Corp., 5.50%, 02/01/26 (Call 02/05/23)(a)(b)

    4,460       4,659,362  

Citgo Holding Inc., 9.25%, 08/01/24
(Call 11/29/21)(a)(b)

    13,058       13,329,784  

CITGO Petroleum Corp.

   

6.38%, 06/15/26 (Call 06/15/23)(a)

    6,635       6,834,050  

7.00%, 06/15/25 (Call 06/15/22)(a)

        11,465           11,808,606  

Comstock Resources Inc., 7.50%, 05/15/25 (Call 11/29/21)(a)

    297       308,011  

Continental Resources Inc./OK

   

3.80%, 06/01/24 (Call 03/01/24)

    8,935       9,381,750  

4.50%, 04/15/23 (Call 01/15/23)

    5,517       5,738,673  

CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 11/29/21)(a)(b)

    12,036       12,328,371  

CVR Energy Inc., 5.25%, 02/15/25 (Call 02/15/22)(a)

    5,607       5,549,436  

Devon Energy Corp.

   

5.25%, 09/15/24 (Call 06/15/24)(a)

    1,752       1,918,952  

8.25%, 08/01/23 (Call 06/01/23)(a)

    565       627,093  

Endeavor Energy Resources LP/EER Finance Inc., 6.63%, 07/15/25 (Call 07/15/22)(a)(b)

    5,493       5,792,573  

Energean Israel Finance Ltd.

   

4.50%, 03/30/24 (Call 12/30/23)(a)

    5,700       5,812,860  

4.88%, 03/30/26 (Call 12/30/25)(a)

    6,410       6,514,163  

Ensign Drilling Inc., 9.25%, 04/15/24
(Call 11/29/21)(a)

    6,034       5,973,660  

EQT Corp.

   

3.00%, 10/01/22 (Call 09/01/22)(b)

    3,839       3,883,110  

3.13%, 05/15/26 (Call 05/15/23)(a)

    5,826       5,872,972  

6.63%, 02/01/25 (Call 01/01/25)

    9,214       10,356,207  

Gulfport Energy Operating Corp.

   

8.00%, 05/17/26 (Call 05/17/24)(b)

    5,400       5,965,380  

8.00%, 05/17/26 (Call 05/17/24)(a)

    75       82,853  

Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)(a)

    4,840       4,836,418  

Hilcorp Energy I LP/Hilcorp Finance Co., 5.75%, 10/01/25 (Call 11/15/21)(a)(b)

    880       897,644  

Independence Energy Finance LLC, 7.25%, 05/01/26 (Call 05/01/23)(a)(b)

    4,805       4,992,996  
Security  

Par

(000)

    Value  
Oil & Gas (continued)            

Ithaca Energy North Sea PLC, 9.00%, 07/15/26 (Call 07/15/23)(a)

  $ 6,070     $ 6,257,354  

Laredo Petroleum Inc., 9.50%, 01/15/25 (Call 01/15/22)

    5,478       5,641,427  

Leviathan Bond Ltd.

   

5.75%, 06/30/23 (Call 03/30/23)(a)

    4,835       5,018,204  

6.13%, 06/30/25 (Call 03/30/25)(a)

    5,589       6,032,832  

Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp., 6.00%, 08/01/26
(Call 11/09/21)(a)

    3,500       3,591,875  

Matador Resources Co., 5.88%, 09/15/26 (Call 11/15/21)(b)

    10,500       10,840,316  

MEG Energy Corp., 6.50%, 01/15/25
(Call 11/29/21)(a)

    4,249       4,349,914  

Moss Creek Resources Holdings Inc., 7.50%, 01/15/26 (Call 11/29/21)(a)

    6,855       6,238,050  

Murphy Oil Corp.

   

5.75%, 08/15/25 (Call 11/29/21)(b)

    4,953       5,075,999  

6.88%, 08/15/24 (Call 11/29/21)(b)

    3,958       4,037,488  

Nabors Industries Inc., 5.75%, 02/01/25 (Call 11/01/24)(b)

    5,886       5,591,700  

Nabors Industries Ltd., 7.25%, 01/15/26 (Call 07/15/22)(a)

    5,675       5,500,494  

Neptune Energy Bondco PLC, 6.63%, 05/15/25 (Call 11/29/21)(a)(b)

    8,090       8,271,193  

Oasis Petroleum Inc., 6.38%, 06/01/26 (Call 06/01/23)(a)(b)

    3,705       3,918,038  

Occidental Petroleum Corp.

   

2.70%, 02/15/23 (Call 11/15/22)

    7,674       7,766,906  

2.90%, 08/15/24 (Call 07/15/24)

        26,779           27,279,767  

3.13%, 02/15/22 (Call 11/29/21)

    6,260       6,260,926  

3.20%, 08/15/26 (Call 06/15/26)

    3,600       3,651,570  

3.40%, 04/15/26 (Call 01/15/26)

    8,590       8,755,601  

3.50%, 06/15/25 (Call 03/15/25)

    6,275       6,488,171  

5.50%, 12/01/25 (Call 09/01/25)

    7,169       7,882,244  

5.55%, 03/15/26 (Call 12/15/25)

    10,035       11,076,131  

5.88%, 09/01/25 (Call 06/01/25)

    8,675       9,629,250  

6.95%, 07/01/24

    5,275       5,927,781  

8.00%, 07/15/25 (Call 04/15/25)(b)

    4,170       4,935,275  

Ovintiv Exploration Inc.

   

5.38%, 01/01/26 (Call 10/01/25)(b)

    6,385       7,099,622  

5.63%, 07/01/24

    9,430       10,379,412  

PBF Holding Co. LLC/PBF Finance Corp.

   

7.25%, 06/15/25 (Call 11/29/21)

    5,990       4,660,220  

9.25%, 05/15/25 (Call 05/15/22)(a)

    11,878       11,491,965  

PDC Energy Inc.

   

5.75%, 05/15/26 (Call 11/29/21)

    7,545       7,761,919  

6.13%, 09/15/24 (Call 11/29/21)(b)

    3,779       3,838,897  

Penn Virginia Escrow LLC, 9.25%, 08/15/26 (Call 08/15/23)(a)

    3,775       3,942,044  

Puma International Financing SA, 5.13%, 10/06/24 (Call 11/09/21)(a)

    4,500       4,527,500  

Range Resources Corp.

   

4.88%, 05/15/25 (Call 02/15/25)(b)

    6,600       6,884,916  

5.00%, 08/15/22 (Call 05/15/22)

    4,142       4,205,051  

5.00%, 03/15/23 (Call 12/15/22)

    4,529       4,644,605  

9.25%, 02/01/26 (Call 02/01/22)

    7,950       8,611,804  

SM Energy Co.

   

6.75%, 09/15/26 (Call 11/29/21)

    3,925       4,024,005  

10.00%, 01/15/25 (Call 06/17/22)(a)

    3,991       4,447,414  

Southwestern Energy Co., 6.45%, 01/23/25 (Call 10/23/24)

    7,289       7,954,121  

Strathcona Resources Ltd., 6.88%, 08/01/26 (Call 08/01/23)(a)

    4,700       4,678,192  

Talos Production Inc., 12.00%, 01/15/26 (Call 01/15/23)

    6,180       6,706,880  

 

 

20  

2 0 2 1   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments  (continued)

October 31, 2021

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Oil & Gas (continued)            

Tap Rock Resources LLC, 7.00%, 10/01/26 (Call 10/01/23)(a)

  $ 2,730     $ 2,811,900  

Transocean Guardian Ltd., 5.88%, 01/15/24 (Call 11/29/21)(a)

    3,974       3,900,275  

Transocean Inc.

   

7.25%, 11/01/25 (Call 11/09/21)(a)

    4,091       3,375,525  

7.50%, 01/15/26 (Call 11/09/21)(a)

    5,435       4,375,175  

Transocean Pontus Ltd., 6.13%, 08/01/25
(Call 11/29/21)(a)(b)

    2,958       2,968,114  

Transocean Sentry Ltd., 5.38%, 05/15/23
(Call 11/29/21)(a)(b)

    4,891       4,817,408  

Vantage Drilling International, 9.25%, 11/15/23 (Call 11/29/21)(a)

    2,850       2,633,685  

W&T Offshore Inc., 9.75%, 11/01/23 (Call 11/29/21)(a)

    4,933       4,811,155  
   

 

 

 
          489,896,047  
Oil & Gas Services — 1.0%            

CSI Compressco LP/CSI Compressco Finance Inc., 7.50%, 04/01/25
(Call 11/29/21)(a)(b)

    3,340       3,306,600  

Exterran Energy Solutions LP/EES Finance Corp., 8.13%, 05/01/25 (Call 11/29/21)

    3,580       3,459,175  

KCA Deutag UK Finance PLC, 9.88%, 12/01/25 (Call 12/01/22)(a)

    4,410       4,801,435  

Oceaneering International Inc., 4.65%, 11/15/24 (Call 08/15/24)(b)

    4,315       4,479,509  

TechnipFMC PLC, 6.50%, 02/01/26 (Call 02/01/23)(a)

    9,235       9,868,098  

Transocean Phoenix 2 Ltd., 7.75%, 10/15/24 (Call 11/29/21)(a)

    1,225       1,243,373  

USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 04/01/26 (Call 11/29/21)(b)

    6,630       6,855,950  

Weatherford International Ltd., 11.00%, 12/01/24
(Call 12/01/21)(a)(b)

    17,472       18,214,560  
   

 

 

 
      52,228,700  
Packaging & Containers — 2.8%  

Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc.

   

4.13%, 08/15/26 (Call 08/15/22)(a)

        11,325       11,557,099  

5.25%, 04/30/25 (Call 04/30/22)(a)

    8,114       8,417,630  

Ball Corp.

   

4.00%, 11/15/23(b)

    9,656       10,151,104  

4.88%, 03/15/26 (Call 12/15/25)

    7,415       8,129,258  

5.25%, 07/01/25(b)

    10,021       11,171,536  

Berry Global Inc., 4.50%, 02/15/26 (Call 11/29/21)(a)(b)

    2,800       2,844,075  

Cascades Inc./Cascades USA Inc., 5.13%, 01/15/26 (Call 01/15/23)(a)

    4,012       4,247,394  

Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)(b)

    3,700       3,949,750  

Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 11/29/21)

    8,910       9,187,156  

Flex Acquisition Co. Inc.

   

6.88%, 01/15/25 (Call 11/29/21)(a)

    7,614       7,652,070  

7.88%, 07/15/26 (Call 11/29/21)(a)(b)

    4,600       4,807,993  

LABL Inc., 6.75%, 07/15/26 (Call 07/15/22)(a)

    7,100       7,352,228  

Mauser Packaging Solutions Holding Co.

   

5.50%, 04/15/24 (Call 11/29/21)(a)(b)

    15,304       15,326,956  

7.25%, 04/15/25 (Call 11/29/21)(a)(b)

    13,572       13,150,318  

Owens-Brockway Glass Container Inc., 5.88%, 08/15/23(a)(b)

    7,719       8,104,950  

Plastipak Holdings Inc., 6.25%, 10/15/25 (Call 11/29/21)(a)(b)

    5,615       5,716,800  

Security

 

Par

(000)

    Value  
Packaging & Containers (continued)  

Sealed Air Corp.

   

5.13%, 12/01/24 (Call 09/01/24)(a)(b)

  $ 5,013     $ 5,400,479  

5.25%, 04/01/23 (Call 01/01/23)(a)

    3,668       3,834,894  

5.50%, 09/15/25 (Call 06/15/25)(a)

    4,145       4,576,309  

Trivium Packaging Finance BV, 5.50%, 08/15/26 (Call 08/15/22)(a)(b)

    8,425       8,755,651  
   

 

 

 
      154,333,650  
Pharmaceuticals — 3.3%            

Bausch Health Americas Inc., 9.25%, 04/01/26 (Call 04/01/22)(a)

        15,220       16,188,916  

Bausch Health Companies Inc.

   

5.50%, 11/01/25 (Call 11/29/21)(a)

    16,910       17,188,124  

6.13%, 04/15/25 (Call 11/29/21)(a)

    23,832       24,288,264  

9.00%, 12/15/25 (Call 12/15/21)(a)

    14,660       15,413,341  

Elanco Animal Health Inc., 5.27%, 08/28/23 (Call 07/28/23)

    7,765       8,302,726  

Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)(a)

    5,994       6,443,310  

Lannett Co. Inc., 7.75%, 04/15/26 (Call 04/15/23)(a)

    3,415       3,158,631  

P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (Call 11/15/22)(a)

    4,855       4,993,374  

Perrigo Finance Unlimited Co.

   

3.90%, 12/15/24 (Call 09/15/24)

    5,025       5,302,234  

4.38%, 03/15/26 (Call 12/15/25)

    6,825       7,269,446  

PRA Health Sciences Inc., 2.88%, 07/15/26 (Call 07/15/23)(a)(b)

    4,475       4,512,944  

Teva Pharmaceutical Finance Netherlands
III BV

   

2.80%, 07/21/23

    28,563       28,771,510  

3.15%, 10/01/26(b)

    17,000       16,017,754  

6.00%, 04/15/24 (Call 01/15/24)(b)

    12,060       12,694,948  

7.13%, 01/31/25 (Call 10/31/24)(b)

    9,358       10,045,251  
   

 

 

 
          180,590,773  
Pipelines — 4.1%            

Antero Midstream Partners LP/Antero Midstream Finance Corp., 7.88%, 05/15/26 (Call 05/15/23)(a)

    4,910       5,358,038  

Blue Racer Midstream LLC/Blue Racer Finance Corp., 7.63%, 12/15/25 (Call 12/15/22)(a)(b)

    5,447       5,848,716  

Buckeye Partners LP

   

4.13%, 03/01/25 (Call 02/01/25)(a)

    4,973       5,091,730  

4.15%, 07/01/23 (Call 04/01/23)

    3,669       3,786,958  

Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp., 5.75%, 04/01/25 (Call 11/29/21)

    4,343       4,450,706  

DCP Midstream Operating LP

   

3.88%, 03/15/23 (Call 12/15/22)(b)

    4,264       4,391,920  

4.95%, 04/01/22 (Call 01/01/22)

    2,936       2,947,010  

5.38%, 07/15/25 (Call 04/15/25)(b)

    7,659       8,486,792  

EnLink Midstream Partners LP

   

4.15%, 06/01/25 (Call 03/01/25)

    7,550       7,831,147  

4.40%, 04/01/24 (Call 01/01/24)

    4,897       5,111,244  

4.85%, 07/15/26 (Call 04/15/26)(b)

    4,875       5,066,547  

EQM Midstream Partners LP

   

4.00%, 08/01/24 (Call 05/01/24)(b)

    5,174       5,355,090  

4.75%, 07/15/23 (Call 06/15/23)(b)

    5,570       5,863,038  

6.00%, 07/01/25 (Call 04/01/25)(a)

    6,405       6,966,505  

Genesis Energy LP/Genesis Energy Finance Corp.

   

6.25%, 05/15/26 (Call 11/29/21)(b)

    3,470       3,365,280  

6.50%, 10/01/25 (Call 11/29/21)(b)

    5,195       5,120,712  

Hess Midstream Operations LP, 5.63%, 02/15/26 (Call 11/29/21)(a)(b)

    7,200       7,450,200  

 

 

S C H E D U L E   O F   I N V E S T M E N T S

    21  


Schedule of Investments  (continued)

October 31, 2021

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

    Value  
Pipelines (continued)            

New Fortress Energy Inc.

   

6.50%, 09/30/26 (Call 03/31/23)(a)(b)

  $ 14,950     $ 14,538,875  

6.75%, 09/15/25 (Call 09/15/22)(a)

    12,420       12,113,474  

NGL Energy Operating LLC/NGL Energy Finance Corp., 7.50%, 02/01/26 (Call 02/01/23)(a)

    20,507       20,802,916  

NGL Energy Partners LP/NGL Energy Finance Corp.

   

6.13%, 03/01/25 (Call 11/29/21)

    3,650       3,101,405  

7.50%, 11/01/23 (Call 11/29/21)

    5,534       5,324,784  

7.50%, 04/15/26 (Call 04/15/22)(b)

    2,805       2,400,379  

Northriver Midstream Finance LP, 5.63%, 02/15/26 (Call 10/15/22)(a)(b)

    4,650       4,811,878  

NuStar Logistics LP

   

5.75%, 10/01/25 (Call 07/01/25)

    5,949       6,365,430  

6.00%, 06/01/26 (Call 03/01/26)

    5,097       5,421,934  

PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 05/15/23 (Call 11/29/21)(b)

    4,909       4,755,594  

Rattler Midstream LP, 5.63%, 07/15/25 (Call 07/15/22)(a)

    4,922       5,142,260  

Rockies Express Pipeline LLC, 3.60%, 05/15/25 (Call 04/15/25)(a)

    3,387       3,513,239  

Southeast Supply Header LLC, 4.25%, 06/15/24 (Call 03/15/24)(a)(b)

    3,470       3,600,288  

Summit Midstream Holdings LLC/Summit Midstream Finance Corp., 8.50%, 10/15/26 (Call 10/15/23)(a)

    3,260       3,278,908  

Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 7.50%, 10/01/25 (Call 10/01/22)(a)(b)

    5,284       5,713,325  

Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.88%, 04/15/26 (Call 11/29/21)

    5,400       5,642,503  

Western Midstream Operating LP

   

3.95%, 06/01/25 (Call 03/01/25)

    4,437       4,658,451  

4.00%, 07/01/22 (Call 04/01/22)(b)

    5,781       5,839,460  

4.35%, 02/01/25 (Call 01/01/25)

    8,472       8,894,910  

4.65%, 07/01/26 (Call 04/01/26)

    4,655       5,041,598  
   

 

 

 
          223,453,244  
Real Estate — 0.6%            

Five Point Operating Co. LP/Five Point Capital Corp., 7.88%, 11/15/25 (Call 11/29/21)(a)

    5,877       6,122,365  

Greystar Real Estate Partners LLC, 5.75%, 12/01/25 (Call 11/29/21)(a)(b)

    4,838       4,922,665  

Newmark Group Inc., 6.13%, 11/15/23 (Call 10/15/23)

    5,383       5,806,911  

Realogy Group LLC/Realogy Co-Issuer Corp.

   

4.88%, 06/01/23 (Call 03/01/23)(a)

    4,130       4,253,900  

7.63%, 06/15/25 (Call 06/15/22)(a)(b)

    5,880       6,282,486  

WeWork Companies Inc., 7.88%, 05/01/25(a)

    4,750       4,797,738  
   

 

 

 
      32,186,065  
Real Estate Investment Trusts — 3.7%  

Blackstone Mortgage Trust Inc., 3.75%, 01/15/27 (Call 10/15/26)(a)

    3,700       3,685,015  

Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL, 5.75%, 05/15/26 (Call 05/15/22)(a)(b)

        10,360       10,717,420  

Diversified Healthcare Trust, 9.75%, 06/15/25 (Call 06/15/22)

    9,915       10,801,798  

HAT Holdings I LLC/HAT Holdings II LLC

   

3.38%, 06/15/26 (Call 03/15/26)(a)(b)

    9,450       9,420,461  

6.00%, 04/15/25 (Call 04/15/22)(a)

    4,010       4,181,227  

iStar Inc.

   

4.25%, 08/01/25 (Call 05/01/25)

    5,411       5,555,342  

4.75%, 10/01/24 (Call 07/01/24)(b)

    6,950       7,325,300  

5.50%, 02/15/26 (Call 08/15/22)

    4,690       4,887,041  
Security  

Par

(000)

    Value  
Real Estate Investment Trusts (continued)  

Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp., 5.25%, 10/01/25 (Call 11/15/21)(a)

  $ 2,765     $ 2,796,989  

MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc.

   

4.63%, 06/15/25 (Call 03/15/25)(a)

    7,611       8,183,886  

5.63%, 05/01/24 (Call 02/01/24)(b)

    10,286       11,133,034  

MPT Operating Partnership LP/MPT Finance Corp., 5.25%, 08/01/26 (Call 11/29/21)

    3,000       3,093,400  

New Residential Investment Corp., 6.25%, 10/15/25 (Call 10/15/22)(a)(b)

    5,535       5,548,837  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer, 7.50%, 06/01/25 (Call 06/01/22)(a)(b)

    5,070       5,379,270  

RLJ Lodging Trust LP, 3.75%, 07/01/26 (Call 07/01/23)(a)

    5,215       5,267,150  

SBA Communications Corp., 4.88%, 09/01/24 (Call 11/08/21)

    10,620       10,742,661  

Service Properties Trust

   

4.35%, 10/01/24 (Call 09/01/24)

    8,747       8,838,231  

4.50%, 06/15/23 (Call 12/15/22)(b)

    4,515       4,625,110  

4.50%, 03/15/25 (Call 09/15/24)(b)

    3,344       3,336,643  

4.65%, 03/15/24 (Call 09/15/23)

    3,030       3,060,300  

4.75%, 10/01/26 (Call 08/01/26)

    4,500       4,456,125  

5.00%, 08/15/22 (Call 02/15/22)

    4,360       4,381,800  

5.25%, 02/15/26 (Call 08/15/25)

    3,080       3,102,145  

7.50%, 09/15/25 (Call 06/15/25)

    7,601       8,400,625  

Starwood Property Trust Inc.

   

3.63%, 07/15/26 (Call 01/15/26)(a)

    4,010       4,009,198  

4.75%, 03/15/25 (Call 09/15/24)(b)

    5,252       5,519,327  

5.00%, 12/15/21 (Call 11/29/21)(b)

    3,047       3,056,446  

Uniti Group LP/Uniti Fiber Holdings Inc./CSL Capital LLC

   

7.13%, 12/15/24 (Call 12/15/21)(a)

    4,975       5,099,485  

7.88%, 02/15/25 (Call 02/15/22)(a)

        22,229       23,378,239  

VICI Properties LP/VICI Note Co. Inc., 3.50%, 02/15/25 (Call 02/15/22)(a)(b)

    7,710       7,859,998  

XHR LP, 6.38%, 08/15/25 (Call 08/15/22)(a)(b)

    5,245       5,533,475  
   

 

 

 
          203,375,978  
Retail — 3.7%            

1011778 BC ULC/New Red Finance Inc., 5.75%, 04/15/25 (Call 04/15/22)(a)

    4,491       4,681,391  

99 Escrow Issuer Inc., 7.50%, 01/15/26 (Call 01/15/23)(a)(b)

    3,425       3,110,114  

Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 07/15/22)(a)

    2,860       3,091,985  

Bath & Body Works Inc., 9.38%, 07/01/25(a)(b)

    4,990       6,221,550  

Brinker International Inc., 5.00%, 10/01/24 (Call 07/01/24)(a)(b)

    3,694       3,911,023  

Carvana Co., 5.63%, 10/01/25
(Call 10/01/22)(a)(b)

    5,353       5,460,060  

CEC Entertainment LLC, 6.75%, 05/01/26 (Call 05/01/23)(a)

    6,291       6,275,928  

Dave & Buster’s Inc., 7.63%, 11/01/25 (Call 11/01/22)(a)(b)

    5,157       5,537,896  

eG Global Finance PLC

   

6.75%, 02/07/25 (Call 11/09/21)(a)

    7,820       8,008,527  

8.50%, 10/30/25 (Call 11/29/21)(a)(b)

    5,685       5,902,167  

Ferrellgas LP/Ferrellgas Finance Corp., 5.38%, 04/01/26 (Call 04/01/23)(a)

    6,606       6,428,449  

Golden Nugget Inc.

   

6.75%, 10/15/24 (Call 11/29/21)(a)(b)

    13,507       13,557,651  

8.75%, 10/01/25 (Call 11/29/21)(a)(b)

    5,675       5,908,775  

Guitar Center Inc., 8.50%, 01/15/26 (Call 01/15/23)(a)

    1,993       2,117,363  

 

 

22  

2 0 2 1   I S H A R E S   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S


Schedule of Investments  (continued)

October 31, 2021

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security

 

Par

(000)

    Value  
Retail (continued)            

IRB Holding Corp.

   

6.75%, 02/15/26 (Call 11/29/21)(a)

  $ 3,217     $ 3,294,394  

7.00%, 06/15/25 (Call 06/15/22)(a)

    7,875       8,336,769  

LSF9 Atlantis Holdings LLC/Victra Finance Corp., 7.75%, 02/15/26 (Call 02/15/23)(a)

    7,480       7,581,429  

Macy’s Retail Holdings LLC

   

2.88%, 02/15/23 (Call 11/15/22)

    4,145       4,191,631  

3.63%, 06/01/24 (Call 03/01/24)(b)

    4,560       4,706,832  

NMG Holding Co. Inc./Neiman Marcus Group LLC, 7.13%, 04/01/26 (Call 04/01/23)(a)(b)

    11,295       11,876,221  

Party City Holdings Inc., 8.75%, 02/15/26 (Call 08/15/23)(a)

    7,195       7,376,674  

Penske Automotive Group Inc., 3.50%, 09/01/25 (Call 09/01/22)(b)

    5,454       5,603,985  

QVC Inc.

   

4.38%, 03/15/23

    6,159       6,414,085  

4.45%, 02/15/25 (Call 11/15/24)(b)

    5,752       6,142,848  

4.85%, 04/01/24(b)

    6,933       7,436,509  

Rite Aid Corp.

   

7.50%, 07/01/25 (Call 07/01/22)(a)(b)

    5,635       5,663,175  

8.00%, 11/15/26 (Call 01/15/23)(a)

    440       444,060  

Sally Holdings LLC/Sally Capital Inc., 5.63%, 12/01/25 (Call 11/29/21)(b)

    2,959       3,018,180  

Sizzling Platter LLC/Sizzling Platter Finance Corp., 8.50%, 11/28/25 (Call 11/28/22)(a)

    3,620       3,667,663  

Specialty Building Products Holdings LLC/SBP Finance Corp., 6.38%, 09/30/26 (Call 09/30/22)(a)

    7,100       7,404,590  

Staples Inc., 7.50%, 04/15/26
(Call 04/15/22)(a)(b)

        19,265       19,409,487  

Yum! Brands Inc., 7.75%, 04/01/25 (Call 04/01/22)(a)

    5,846       6,211,375  
   

 

 

 
          198,992,786  
Semiconductors — 0.3%            

ams AG, 7.00%, 07/31/25 (Call 07/31/22)(a)(b)

    4,965       5,244,281  

Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)(b)

    12,182       12,658,517  
   

 

 

 
      17,902,798  
Software — 1.1%            

Boxer Parent Co. Inc.

   

7.13%, 10/02/25 (Call 06/01/22)(a)(b)

    6,575       6,971,979  

9.13%, 03/01/26 (Call 11/09/21)(a)

    3,710       3,884,941  

CDK Global Inc., 5.00%, 10/15/24 (Call 07/15/24)(b)

    4,674       5,168,587  

Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 11/09/21)(a)

    13,099       13,206,029  

Dun & Bradstreet Corp. (The), 6.88%, 08/15/26 (Call 02/15/22)(a)

    3,275       3,424,139  

Fair Isaac Corp., 5.25%, 05/15/26 (Call 02/15/26)(a)

    4,800       5,373,750  

Open Text Corp., 5.88%, 06/01/26 (Call 11/29/21)(a)(b)

    500       517,274  

PTC Inc., 3.63%, 02/15/25 (Call 02/15/22)(a)

    5,737       5,836,210  

Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 11/29/21)(a)

    17,175       17,797,594  
   

 

 

 
      62,180,503  
Telecommunications — 6.9%            

Cincinnati Bell Inc.

   

7.00%, 07/15/24 (Call 11/29/21)(a)

    6,374       6,491,674  

8.00%, 10/15/25 (Call 11/29/21)(a)

    1,000       1,042,167  

CommScope Inc., 6.00%, 03/01/26 (Call 03/01/22)(a)

    15,515       16,044,659  

CommScope Technologies LLC, 6.00%, 06/15/25 (Call 11/09/21)(a)

    12,451       12,324,373  

Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 10/01/22)(a)

    17,275       17,922,813  
Security  

Par

(000)

    Value  
Telecommunications (continued)            

DKT Finance ApS, 9.38%, 06/17/23 (Call 11/09/21)(a)

  $ 3,441     $ 3,502,972  

Hughes Satellite Systems Corp.

   

5.25%, 08/01/26

    7,525       8,409,468  

6.63%, 08/01/26(b)

    7,800       8,835,450  

Iliad Holding SAS, 6.50%, 10/15/26 (Call 10/15/23)(a)(b)

    12,055       12,421,713  

Intelsat Jackson Holdings SA

   

8.00%, 02/15/24 (Call 11/29/21)(a)(f)

    10,811       11,039,382  

9.50%, 09/30/22(a)(f)

    3,595       4,215,138  

Intrado Corp., 8.50%, 10/15/25
(Call 11/29/21)(a)(b)

    9,815       9,698,202  

Level 3 Financing Inc., 5.38%, 05/01/25 (Call 11/29/21)

    6,950       7,110,825  

Lumen Technologies Inc.

   

5.63%, 04/01/25 (Call 01/01/25)(b)

    4,834       5,196,928  

Series T, 5.80%, 03/15/22

    14,078       14,255,805  

Series W, 6.75%, 12/01/23

    7,283       7,996,661  

Series Y, 7.50%, 04/01/24 (Call 01/01/24)(b)

    9,934       10,925,662  

Nokia OYJ, 3.38%, 06/12/22

    3,427       3,469,838  

Qwest Corp., 6.75%, 12/01/21

    8,988       9,029,261  

Sprint Communications Inc.

   

6.00%, 11/15/22(b)

        22,035       23,114,274  

11.50%, 11/15/21

    9,217       9,250,181  

Sprint Corp.

   

7.13%, 06/15/24

    25,006       28,256,780  

7.63%, 02/15/25 (Call 11/15/24)

    14,965       17,415,519  

7.63%, 03/01/26 (Call 11/01/25)(b)

    14,675       17,591,656  

7.88%, 09/15/23

    42,592       47,265,407  

Telecom Italia SpA/Milano,
5.30%, 05/30/24(a)(b)

    15,194       16,181,610  

T-Mobile USA Inc.

   

2.25%, 02/15/26 (Call 02/15/23)

    9,645       9,705,281  

2.25%, 02/15/26 (Call 02/15/23)(a)

    7,520       7,567,000  

2.63%, 04/15/26 (Call 04/15/23)

    11,510       11,704,711  

4.00%, 04/15/22 (Call 03/16/22)(b)

    4,783       4,837,492  

Trilogy International South Pacific LLC/TISP Finance Inc., 8.88%, 05/15/23 (Call 11/29/21)(a)(b)

    2,145       2,090,946  

ViaSat Inc., 5.63%, 09/15/25 (Call 11/09/21)(a)

    7,255       7,359,291  
   

 

 

 
          372,273,139  
Toys, Games & Hobbies — 0.1%            

Mattel Inc., 3.38%, 04/01/26 (Call 04/01/23)(a)

    7,186       7,406,071  
   

 

 

 
Transportation — 0.4%            

Altera Infrastructure LP/Teekay Offshore Finance Corp., 8.50%, 07/15/23 (Call 11/15/21)(a)(b)

    5,879       4,495,377  

Western Global Airlines LLC, 10.38%, 08/15/25 (Call 05/15/25)(a)(b)

    3,413       3,796,323  

XPO Logistics Inc., 6.25%, 05/01/25 (Call 05/01/22)(a)

    11,229       11,829,190  
   

 

 

 
      20,120,890  
Trucking & Leasing — 0.2%            

Fly Leasing Ltd., 7.00%, 10/15/24 (Call 11/29/21)(a)

    3,810       3,765,372  

Fortress Transportation and Infrastructure Investors LLC, 6.50%, 10/01/25 (Call 11/29/21)(a)

    8,709       8,964,174  
   

 

 

 
      12,729,546  
Water — 0.1%            

Solaris Midstream Holdings LLC, 7.63%, 04/01/26 (Call 04/01/23)(a)(b)

    3,525       3,717,818  
   

 

 

 

Total Corporate Bonds & Notes — 95.5%
(Cost: $5,109,579,549)

      5,185,933,321  
   

 

 

 

 

 

S C H E D U L E   O F   I N V E S T M E N T S

    23  


Schedule of Investments  (continued)

October 31, 2021

  

iShares® 0-5 Year High Yield Corporate Bond ETF

(Percentages shown are based on Net Assets)

 

Security  

Shares

(000)

    Value  

 

 

Common Stocks

   

Health Care Technology — 0.0%

   

Quincy Health LLC(e)

    26     $ 274,960  
   

 

 

 

Total Common Stocks — 0.0%
(Cost $2,673,769)

      274,960  
   

 

 

 

Warrants

   
Advertising — 0.0%            

Affinion Group Inc. (Expires 12/12/23)

    9       0  
   

 

 

 

Total Warrants — 0.0%
(Cost $0)

       
   

 

 

 

Short-Term Investments

   

Money Market Funds — 12.9%

   

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(g)(h)(i)

        527,696       527,959,918  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(g)(h)

    174,829       174,829,000  
   

 

 

 
      702,788,918  
   

 

 

 

Total Short-Term Investments — 12.9%
(Cost: $702,626,125)

      702,788,918  
   

 

 

 

Total Investments in Securities — 108.4%
(Cost: $5,814,879,443)

 

    5,888,997,199  

Other Assets, Less Liabilities — (8.4)%

      (455,150,903
   

 

 

 

Net Assets — 100.0%

    $     5,433,846,296  
   

 

 

 

 

(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)

Rounds to less than 1,000.

(d)

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.

(e)

Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

(f)

Non-income producing security.

(g)

Affiliate of the Fund.

(h)

Annualized 7-day yield as of period end.

(i)

All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
       Affiliated Issuer  

Value at

10/31/20

   

Purchases

at Cost

   

Proceeds

from Sales

   

Net Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

10/31/21

   

Shares

Held at
10/31/21
(000)

    Income     Capital Gain
Distributions from
Underlying Funds
          
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 479,936,596     $ 48,123,890 (a)    $     $ (68,855   $ (31,713   $ 527,959,918       527,696     $ 1,704,385 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    102,009,000       72,820,000 (a)                        174,829,000       174,829       27,231