|
OCTOBER 31, 2021 |
2021 Annual Report |
iShares U.S. ETF Trust
· |
iShares Inflation Hedged Corporate Bond ETF | LQDI | Cboe BZX |
· |
iShares Interest Rate Hedged Corporate Bond ETF | LQDH | NYSE Arca |
· |
iShares Interest Rate Hedged High Yield Bond ETF | HYGH | NYSE Arca |
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,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of October 31, 2021 | ||||
6-Month | 12-Month | |||
U.S.
large cap equities |
10.91% | 42.91% | ||
U.S.
small cap equities |
1.85 | 50.80 | ||
International
equities |
4.14 | 34.18 | ||
Emerging
market equities |
(4.87) | 16.96 | ||
3-month
Treasury bills |
0.01 | 0.06 | ||
U.S.
Treasury securities |
1.59 | (4.77) | ||
U.S.
investment grade bonds |
1.06 | (0.48) | ||
Tax-exempt
municipal bonds |
0.33 | 2.76 | ||
U.S.
high yield bonds |
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 |
Page | ||||
2 | ||||
4 | ||||
5 | ||||
11 | ||||
11 | ||||
12 | ||||
Financial Statements |
||||
23 | ||||
24 | ||||
25 | ||||
27 | ||||
30 | ||||
38 | ||||
39 | ||||
40 | ||||
44 | ||||
45 | ||||
47 | ||||
48 | ||||
49 |
iShares U.S. ETF 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.
4 |
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® Inflation Hedged Corporate Bond ETF |
Investment Objective
The iShares Inflation Hedged Corporate Bond ETF (the “Fund”) seeks to mitigate the inflation risk of a portfolio composed of U.S. dollar-denominated, investment grade corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the inflation risk of the underlying fund by holding inflation swaps.
Effective December 1, 2021, the Fund will change from operating as a transparent active ETF to tracking an underlying index, the BlackRock Inflation Hedged Corporate Bond Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
Fund NAV |
12.60 | % | 8.92 | % | 12.60 | % | 34.69 | % | ||||||||||||
Fund Market |
12.53 | 9.10 | 12.53 | 35.48 | ||||||||||||||||
Markit iBoxx® USD Liquid Investment Grade Inflation Hedged Index |
15.91 | 10.13 | 15.91 | 39.87 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was 5/8/18. The first day of secondary market trading was 5/10/18.
The Markit iBoxx® USD Liquid Investment Grade Inflation Hedged Index is an unmanaged index that is designed to reflect the inflation hedged performance of U.S. dollar-denominated investment-grade corporate debt.
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 11 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)(b) |
|
Beginning Account Value (05/01/21) |
|
|
Ending Account Value (10/31/21) |
|
|
Expenses Paid During the Period |
(a)(b) |
|
Annualized Expense Ratio |
(a) | ||||||||||
$ | 1,000.00 | $ | 1,070.00 | $ | 0.26 | $ | 1,000.00 | $ | 1,025.00 | $ | 0.26 | 0.05 | % |
(a) |
Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. |
(b) |
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 11 for more information. |
F U N D S U M M A R Y |
5 |
Fund Summary as of October 31, 2021 (continued) | iShares® Inflation Hedged Corporate Bond ETF |
Portfolio Management Commentary
The Fund posted a positive return for the reporting period, largely driven by the strong performance of inflation-hedging securities in an environment of rising inflation. The Fund’s inflation hedge contributed the majority of the Fund’s return amid investors’ increasing inflation expectations. Inflation rose consistently during the reporting period due to the reopening of the global economy, persistent fiscal and monetary stimulus, and supply chain bottlenecks. Meanwhile, corporate yield spreads (the difference between yields of corporate bonds and U.S. Treasuries) declined, which supported corporate bond prices, while the relatively high yields of corporate bonds also helped the Fund’s performance.
On an unhedged basis, bonds issued by energy companies were the largest contributors to the Fund’s return. Oil prices more than doubled during the reporting period, as robust demand from the economic recovery met supply disruptions. Bonds issued by financial companies, especially banks, were also solid contributors to the Fund’s performance, as banks benefited from rising earnings, increased loan issuance, and somewhat higher bond yields relative to other types of corporate bonds. In the consumer non-cyclicals sector, bonds issued by food and beverage companies advanced, as an increase in consumption of alcohol and stockpiling of staples since the onset of the coronavirus pandemic continued throughout the reporting period. From a maturity perspective, the longest-term bonds contributed the most to the Fund’s return, as investors sought higher yields in the low interest rate environment.
In terms of the performance of the inflation hedge, the portfolio managers sought to mitigate the impact of inflation by using zero-coupon Consumer Price Index inflation swaps. These securities posted strong gains, as inflation expectations rose sharply during the reporting period to a seven-year high, reflecting higher realized inflation and concern that inflation could erode the value of fixed-income investments. The hedge, which is designed to offset the inflation risk of the entire Fund, was very effective during the reporting period, as it increased in value at a higher rate than inflation rose.
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | Percent of Net Assets |
|||
Investment Companies |
95.0 | % | ||
Short-term Investments |
45.4 | |||
Swaps, net cumulative appreciation |
3.8 | |||
Other assets less liabilities |
(44.2 | ) |
ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)
Credit Rating(a) | Percent of Total Investment(b) |
|||
Aaa |
1.7 | % | ||
Aa |
7.0 | |||
A |
40.9 | |||
Baa |
47.5 | |||
Ba |
2.2 | |||
Not Rated |
0.7 |
(a) |
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. |
(b) |
Excludes money market funds. |
6 |
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® Interest Rate Hedged Corporate Bond ETF |
Investment Objective
The iShares Interest Rate Hedged Corporate Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, investment-grade corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ Investment Grade Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.
Effective December 1, 2021, the Fund will change from operating as a transparent active ETF to tracking an underlying index, the BlackRock Interest Rate Hedged Corporate Bond Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
6.46 | % | 3.79 | % | 2.34 | % | 6.46 | % | 20.42 | % | 18.73 | % | ||||||||||||||||
Fund Market |
6.37 | 3.79 | 2.36 | 6.37 | 20.44 | 18.90 | ||||||||||||||||||||||
Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index |
6.74 | 3.88 | 2.72 | 6.74 | 20.95 | 22.08 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.
The Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index is an unmanaged index that is designed to reflect the duration hedged performance of U.S. dollar-denominated investment-grade corporate debt.
The Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps Index reflects the performance of the Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Index through June 16, 2016 and beginning June 17, 2016 reflects the performance of the Markit iBoxx® USD Liquid Investment Grade Interest Rate Hedged Swaps 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 11 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)(b) |
|
Beginning Account Value (05/01/21) |
|
|
Ending Account Value (10/31/21) |
|
|
Expenses Paid During the Period |
(a)(b) |
|
Annualized Expense Ratio |
(a) | ||||||||||
$ | 1,000.00 | $ | 1,009.60 | $ | 0.51 | $ | 1,000.00 | $ | 1,024.70 | $ | 0.51 | 0.10 | % |
(a) |
Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. |
(b) |
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 11 for more information. |
F U N D S U M M A R Y |
7 |
Fund Summary as of October 31, 2021 (continued) | iShares® Interest Rate Hedged Corporate Bond ETF |
Portfolio Management Commentary
The Fund posted a positive return for the reporting period despite rising long-term interest rates. The Fund’s interest rate hedge contributed the most to the Fund’s return, as the rising interest rate environment increased the value of the hedge. Similarly, corporate yield spreads (the difference between yields of corporate bonds and U.S. Treasuries) declined, which supported corporate bond prices, while the relatively high yields of corporate bonds also helped the Fund’s performance.
On an unhedged basis, bonds issued by energy companies were the largest contributors to the Fund’s return. Oil prices more than doubled during the reporting period, as robust demand from the economic recovery met supply disruptions. Bonds issued by financial companies, especially banks, were also solid contributors to the Fund’s performance, as banks benefited from rising earnings, increased loan issuance, and somewhat higher bond yields relative to other types of corporate bonds. In the consumer non-cyclicals sector, bonds issued by food and beverage companies advanced, as an increase in consumption of alcohol and stockpiling of staples since the onset of the coronavirus pandemic continued throughout the reporting period. From a maturity perspective, the longest-term bonds contributed the most to the Fund’s return, as investors sought higher yields in the low interest rate environment.
Interest rate hedging activity was beneficial to the Index’s performance. Typically, increasing interest rates reduce the price of existing bonds, meaning a rise in interest rates detracts from bond fund performance. Conversely, decreasing interest rates usually increase bond prices. An interest rate hedged fund attempts to avoid these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and U.S. Treasury futures contracts.
The Fund’s interest rate hedge seeks near-zero interest rate sensitivity. Consequently, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund fluctuated based on direct exposure to the yield premium of investment-grade corporate bonds, independent of rising interest rates.
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | Percent of Net Assets |
|||
Investment Companies |
99.0 | % | ||
Short-term Investments |
46.1 | |||
Swaps, net cumulative appreciation |
2.7 | |||
Other assets less liabilities |
(47.8 | ) |
ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)
Credit Rating(a) | Percent of Total Investment(b) |
|||
Aaa |
1.7 | % | ||
Aa |
7.0 | |||
A |
40.9 | |||
Baa |
47.5 | |||
Ba |
2.2 | |||
Not Rated |
0.7 |
(a) |
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. |
(b) |
Excludes money market funds. |
8 |
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® Interest Rate Hedged High Yield Bond ETF |
Investment Objective
The iShares Interest Rate Hedged HighYield Bond ETF (the “Fund”) seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds. The Fund is an actively managed exchange-traded fund that does not seek to replicate the performance of a specified index. The Fund currently seeks to achieve its investment objective by investing a substantial portion of its assets in one underlying fund, the iShares iBoxx $ High Yield Corporate Bond ETF. The Fund attempts to mitigate the interest rate risk of the underlying fund by holding short positions in U.S. Treasury futures or interest rate swaps.
Effective December 1, 2021, the Fund will change from operating as a transparent active ETF to tracking an underlying index, the BlackRock Interest Rate Hedged High Yield Bond Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
9.70 | % | 5.03 | % | 3.17 | % | 9.70 | % | 27.78 | % | 26.12 | % | ||||||||||||||||
Fund Market |
9.62 | 5.02 | 3.17 | 9.62 | 27.77 | 26.15 | ||||||||||||||||||||||
Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Swaps Index |
10.60 | 5.15 | 3.67 | 10.60 | 28.54 | 30.67 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was 5/27/14. The first day of secondary market trading was 5/28/14.
The Markit iBoxx® USD Liquid High Yield Interest Rate Hedged Swaps Index is an unmanaged index that reflects the duration hedged performance of U.S. dollar-denominated high yield corporate debt.
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 11 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)(b) |
|
Beginning Account Value (05/01/21) |
|
|
Ending Account Value (10/31/21) |
|
|
Expenses Paid During the Period |
(a)(b) |
|
Annualized Expense Ratio |
(a) | ||||||||||
$ | 1,000.00 | $ | 1,017.40 | $ | 0.25 | $ | 1,000.00 | $ | 1,025.00 | $ | 0.26 | 0.05 | % |
(a) |
Annualized expense ratio and expenses paid during the period do not include fees and expenses of the underlying fund in which the Fund invests. |
(b) |
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 11 for more information. |
F U N D S U M M A R Y |
9 |
Fund Summary as of October 31, 2021 (continued) | iShares® Interest Rate Hedged High Yield Bond ETF |
Portfolio Management Commentary
The Fund posted a positive return for the reporting period. High-yield credit spreads, the difference in yield between high-yield bonds and U.S. Treasuries, declined to record lows during the reporting period due to healthy corporate balance sheets combined with strong investor demand. Previous downgrading of companies’ credit quality led to investor expectations of subsequent upgrades, contributing to the fall in yields. Rising interest rates also increased the value of the Fund’s hedge.
On an unhedged basis, bonds issued by energy companies were the largest contributors to the Fund’s return. Oil prices more than doubled during the reporting period, as robust demand from the economic recovery met supply disruptions. Consumer-oriented sectors were also strong contributors to the Fund’s performance, as rising wages and pent-up demand drove consumer spending on a wide variety of items, which led to strong performance in many industries, including automotive, gaming, healthcare, and food and beverage. Bonds issued by companies in the communications sector also posted gains, as remote work, learning, and entertainment led to a surge in demand for voice and data traffic. Most industries in the financial sector also benefited broadly from a rebound in global economic activity, especially real estate investment trusts, as business fundamentals improved.
Rising interest rates during the reporting period led to positive performance from hedging activity, which was the largest contributor to the Fund’s return. Typically, increasing interest rates reduce the price of existing bonds, meaning a rise in interest rates detracts from bond fund performance. Conversely, decreasing interest rates usually increase bond prices. An interest rate hedged fund attempts to avoid these fluctuations by offsetting interest rate risk, primarily using interest rate swaps and U.S. Treasury futures contracts.
The Fund’s interest rate hedge seeks near-zero interest rate sensitivity. Consequently, the Fund’s return was minimally affected by interest rate fluctuations during the reporting period. With interest rate sensitivity hedged, the Fund fluctuated based on direct exposure to the yield premium of high-yield corporate bonds, independent of rising interest rates.
Portfolio Information
ALLOCATION BY INVESTMENT TYPE
Investment Type | Percent of Net Assets |
|||
Investment Companies |
96.5 | % | ||
Short-term Investments |
43.1 | |||
Swaps, net cumulative appreciation |
0.8 | |||
Other assets less liabilities |
(40.4 | ) |
ALLOCATION BY CREDIT QUALITY (of the UNDERLYING FUND)
Credit Rating(a) | Percent of Total Investment(b) |
|||
Baa |
3.5 | % | ||
Ba |
49.2 | |||
B |
35.8 | |||
Caa |
10.3 | |||
Ca |
0.2 | |||
Not Rated |
1.0 |
(a) |
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. |
(b) |
Excludes money market funds. |
10 |
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 |
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.
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 |
11 |
October 31, 2021 |
iShares® Inflation Hedged Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Investment Companies |
||||||||
Exchange-Traded Funds — 95.0% |
||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b) |
519,893 | $ | 69,395,318 | |||||
|
|
|||||||
Total
Investment Companies — 95.0% |
|
69,395,318 |
| |||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 45.4% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(a)(c)(d) |
|
32,582,611 |
|
|
32,598,902 |
| ||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(c) |
|
600,000 |
|
|
600,000 |
| ||
|
|
|||||||
33,198,902 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 45.4% |
|
33,198,902 |
| |||||
|
|
|||||||
Total
Investments in Securities — 140.4% |
|
|
102,594,220 |
| ||||
Other Assets, Less Liabilities — (40.4)% |
(29,521,412 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 73,072,808 | ||||||
|
|
(a) |
Affiliate of the Fund. |
(b) |
All or a portion of this security is on loan. |
(c) |
Annualized 7-day yield as of period end. |
(d) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the 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 (Depreciation) |
Value at 10/31/21 |
Shares Held at 10/31/21 |
Income |
Capital Gain |
|||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 8,309,664 | $ | 24,291,532 | (a) | $ | — | $ | (3,123 | ) | $ | 829 | $ | 32,598,902 | 32,582,611 | $ | 54,024 | (b) | $ | — | ||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
330,000 | 270,000 | (a) | — | — | — | 600,000 | 600,000 | 177 | — | ||||||||||||||||||||||||||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF |
16,463,367 | 55,923,856 | (2,645,469 | ) | 323,059 | (669,495 | ) | 69,395,318 | 519,893 | 701,126 | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | 319,936 | $ | (668,666 | ) | $ | 102,594,220 | $ | 755,327 | $ | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
|
||||||||||||||||
Description | Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
Long
Contracts |
6 | 12/31/21 | $ | 730 | $ | (11,023 | ) |
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 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Inflation Hedged Corporate Bond ETF |
Futures Contracts (continued)
|
||||||||||||||||
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Ultra Long U.S. Treasury Bond |
4 | 12/31/21 | $ | 877 | $ | (3,912 | ) | |||||||||
|
|
|||||||||||||||
(14,935 | ) | |||||||||||||||
|
|
|||||||||||||||
Short Contracts |
||||||||||||||||
10-Year U.S. Ultra Long Treasury Bond |
(1 | ) | 12/21/21 | 145 | 3,119 | |||||||||||
U.S. Long Bond |
(4 | ) | 12/21/21 | 643 | (6,099 | ) | ||||||||||
Ultra Long U.S. Treasury Bond |
(2 | ) | 12/21/21 | 393 | (9,940 | ) | ||||||||||
|
|
|||||||||||||||
(12,920 | ) | |||||||||||||||
|
|
|||||||||||||||
$ | (27,855 | ) | ||||||||||||||
|
|
Centrally Cleared Inflation Swaps
|
||||||||||||||||||||||||||
Paid by the Fund |
Received by the Fund |
Termination Date |
Notional Amount (000) |
|
Upfront Premium Paid (Received) |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||
Reference | Frequency | Rate | Frequency | Value | ||||||||||||||||||||||
|
||||||||||||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
1.74% | At Termination | Consumers NSA | At Termination | 08/20/22 | $ | (10 | ) | $ | 633 | $ | — | $ | 633 | |||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
1.75% | At Termination | Consumers NSA | At Termination | 08/20/23 | (10 | ) | 793 | — | 793 | |||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
2.97% | At Termination | Consumers NSA | At Termination | 10/13/24 | (4,000 | ) | 40,332 | 42 | 40,290 | |||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
1.80% | At Termination | Consumers NSA | At Termination | 08/20/25 | (10 | ) | 1,027 | — | 1,027 | |||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
2.57% | At Termination | Consumers NSA | At Termination | 04/19/26 | (1,250 | ) | 66,055 | 17 | 66,038 | |||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
2.70% | At Termination | Consumers NSA | At Termination | 09/01/26 | (2,500 | ) | 58,266 | 14 | 58,252 | |||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
2.68% | At Termination | Consumers NSA | At Termination | 09/07/26 | (2,000 | ) | 47,372 | 27 | 47,345 | |||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
2.74% | At Termination | Consumers NSA | At Termination | 09/15/26 | (2,000 | ) | 38,624 | 27 | 38,597 | |||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
2.92% | At Termination | Consumers NSA | At Termination | 10/21/26 | (3,500 | ) | 26,729 | 46 | 26,683 | |||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
3.13% | At Termination | Consumers NSA | At Termination | 10/27/26 | (10,000 | ) | (33,898 | ) | 133 | (34,031 | ) | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
3.15% | At Termination | Consumers NSA | At Termination | 10/29/26 | (2,000 | ) | (9,374 | ) | 27 | (9,401 | ) | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
2.37% | At Termination | Consumers NSA | At Termination | 05/15/28 | (1,775 | ) | 98,251 | 41 | 98,210 | |||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
2.66% | At Termination | Consumers NSA | At Termination | 10/01/28 | (2,000 | ) | 38,481 | 37 | 38,444 | |||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
2.96% | At Termination | Consumers NSA | At Termination | 10/26/28 | (3,000 | ) | (13,152 | ) | 55 | (13,207 | ) | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
3.01% | At Termination | Consumers NSA | At Termination | 10/27/28 | (2,000 | ) | (15,331 | ) | 37 | (15,368 | ) | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
2.97% | At Termination | Consumers NSA | At Termination | 11/01/28 | (2,000 | ) | (9,757 | ) | 37 | (9,794 | ) | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
2.19% | At Termination | Consumers NSA | At Termination | 12/03/28 | (2,663 | ) | 206,034 | (74,540 | ) | 280,574 | ||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
1.89% | At Termination | Consumers NSA | At Termination | 08/20/30 | (1,410 | ) | 192,006 | 28,433 | 163,573 | |||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
1.90% | At Termination | Consumers NSA | At Termination | 08/20/30 | (5,900 | ) | 798,904 | 33,637 | 765,267 | |||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||||
2.24% | At Termination | Consumers NSA | At Termination | 01/12/31 | (2,000 | ) | 177,872 | 47 | 177,825 |
S C H E D U L E O F I N V E S T M E N T S |
13 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Inflation Hedged Corporate Bond ETF |
Centrally Cleared Inflation Swaps (continued)
|
||||||||||||||||||||||||
Paid by the Fund |
Received by the Fund |
Termination |
Notional Amount |
|
Upfront Paid |
Unrealized Appreciation |
||||||||||||||||||
Reference | Frequency | Rate | Frequency | Date | (000) | Value | (Received) | (Depreciation) | ||||||||||||||||
|
||||||||||||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
2.40% | At Termination | Consumers NSA | At Termination | 02/09/31 | $(3,000 | ) | $ 211,806 | $ | 70 | $ | 211,736 | |||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
2.47% | At Termination | Consumers NSA | At Termination | 04/07/31 | (2,000 | ) | 123,005 | 47 | 122,958 | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
2.67% | At Termination | Consumers NSA | At Termination | 05/19/31 | (1,000 | ) | 35,286 | 23 | 35,263 | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
2.57% | At Termination | Consumers NSA | At Termination | 06/02/31 | (3,000 | ) | 137,045 | 2,870 | 134,175 | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
2.60% | At Termination | Consumers NSA | At Termination | 09/30/31 | (2,000 | ) | 33,540 | 47 | 33,493 | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
2.40% | At Termination | Consumers NSA | At Termination | 06/29/41 | (500 | ) | 24,449 | 19 | 24,430 | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
2.45% | At Termination | Consumers NSA | At Termination | 06/29/41 | (1,000 | ) | 38,584 | 38 | 38,546 | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
2.38% | At Termination | Consumers NSA | At Termination | 07/16/41 | (300 | ) | 14,829 | 4 | 14,825 | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
2.40% | At Termination | Consumers NSA | At Termination | 05/15/48 | (362 | ) | 12,134 | (30,782 | ) | 42,916 | ||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
1.83% | At Termination | Consumers NSA | At Termination | 10/18/49 | (418 | ) | 104,119 | (11,789 | ) | 115,908 | ||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
1.94% | At Termination | Consumers NSA | At Termination | 08/20/50 | (10 | ) | 2,374 | — | 2,374 | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
1.95% | At Termination | Consumers NSA | At Termination | 08/20/50 | (600 | ) | 140,419 | 16,730 | 123,689 | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
2.23% | At Termination | Consumers NSA | At Termination | 01/06/51 | (300 | ) | 36,987 | 15 | 36,972 | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
2.41% | At Termination | Consumers NSA | At Termination | 07/30/51 | (1,000 | ) | 34,719 | 49 | 34,670 | |||||||||||||||
U.S. CPI Urban | ||||||||||||||||||||||||
2.42% | At Termination | Consumers NSA | At Termination | 08/02/51 | (2,000 | ) | 58,610 | 98 | 58,512 | |||||||||||||||
|
|
|
|
|
||||||||||||||||||||
$2,717,773 | $ | (34,444 | ) | $ | 2,752,217 | |||||||||||||||||||
|
|
|
|
|
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps
Premiums Paid |
Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||
Centrally Cleared Swaps(a) |
$82,667 | $(117,111) | $2,834,018 | $(81,801) |
(a) |
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||||||||||
Interest Rate Contracts |
Inflation Linked Contracts |
Total | ||||||||||
|
||||||||||||
Assets — Derivative Financial Instruments |
||||||||||||
Futures contracts |
||||||||||||
Unrealized appreciation on futures contracts(a) |
$ | 3,119 | $ | — | $ | 3,119 | ||||||
Swaps — centrally cleared |
||||||||||||
Unrealized appreciation on centrally cleared swaps(a) |
$ | — | $ | 2,834,018 | $ | 2,834,018 | ||||||
|
|
|
|
|
|
|||||||
$ | 3,119 | $ | 2,834,018 | $ | 2,837,137 | |||||||
|
|
|
|
|
|
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® Inflation Hedged Corporate Bond ETF |
Derivative Financial Instruments Categorized by Risk Exposure (continued)
|
||||||||||||
Interest Rate Contracts |
Inflation Linked |
Total | ||||||||||
|
||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||
Futures contracts |
||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | 30,974 | $ | — | $ | 30,974 | ||||||
Swaps — centrally cleared |
||||||||||||
Unrealized depreciation on centrally cleared swaps(a) |
$ | — | $ | 81,801 | $ | 81,801 | ||||||
|
|
|
|
|
|
|||||||
$ | 30,974 | $ | 81,801 | $ | 112,775 | |||||||
|
|
|
|
|
|
(a) |
Net cumulative appreciation (depreciation) on futures contracts and centrally cleared inflation swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||||||||||
Interest Rate Contracts |
Inflation Linked Contracts |
Total |
||||||||||
|
||||||||||||
Net Realized Gain (Loss) from: |
||||||||||||
Futures contracts |
$ | (98,154 | ) | $ | — | $ | (98,154 | ) | ||||
Swaps |
— | 404,190 | 404,190 | |||||||||
|
|
|
|
|
|
|||||||
$ | (98,154 | ) | $ | 404,190 | $ | 306,036 | ||||||
|
|
|
|
|
|
|||||||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||||||||||
Futures contracts |
$ | (6,454 | ) | $ | — | $ | (6,454 | ) | ||||
Swaps |
— | 2,803,908 | 2,803,908 | |||||||||
|
|
|
|
|
|
|||||||
$ | (6,454 | ) | $ | 2,803,908 | $ | 2,797,454 | ||||||
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts: |
||||
Average notional value of contracts — long |
$ | 1,373,633 | ||
Average notional value of contracts — short |
$ | (531,356 | ) | |
Inflation swaps: |
||||
Average notional value — pays fixed rate |
$ | 34,981,200 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
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® Inflation Hedged Corporate Bond ETF |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Investment Companies |
$ | 69,395,318 | $ | — | $ | — | $ | 69,395,318 | ||||||||
Money Market Funds |
33,198,902 | — | — | 33,198,902 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 102,594,220 | $ | — | $ | — | $ | 102,594,220 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Futures Contracts |
$ | 3,119 | $ | — | $ | — | $ | 3,119 | ||||||||
Swaps |
— | 2,834,018 | — | 2,834,018 | ||||||||||||
Liabilities |
||||||||||||||||
Futures Contracts |
(30,974 | ) | — | — | (30,974 | ) | ||||||||||
Swaps |
— | (81,801 | ) | — | (81,801 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | (27,855 | ) | $ | 2,752,217 | $ | — | $ | 2,724,362 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
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 October 31, 2021 |
iShares® Interest Rate Hedged Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Investment Companies |
||||||||
Exchange-Traded Funds — 99.0% |
||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF(a)(b)(c) |
|
5,311,881 |
|
$ |
709,029,875 |
| ||
|
|
|||||||
Total
Investment Companies — 99.0% |
||||||||
709,029,875 | ||||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 46.1% |
||||||||
BlackRock
Cash Funds: Institutional, SL Agency |
|
322,459,229 |
|
|
322,620,459 |
| ||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(d) |
|
7,390,000 |
|
|
7,390,000 |
| ||
|
|
|||||||
330,010,459 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 46.1% |
|
330,010,459 |
| |||||
|
|
|||||||
Total
Investments in Securities — 145.1% |
|
1,039,040,334 |
| |||||
Other Assets, Less Liabilities — (45.1)% |
(322,950,776 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 716,089,558 | ||||||
|
|
(a) |
Affiliate of the Fund. |
(b) |
All or a portion of the security has been pledged in connection with outstanding centrally cleared swaps. |
(c) |
All or a portion of this security is on loan. |
(d) |
Annualized 7-day yield as of period end. |
(e) |
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 |
Value at 10/31/21 |
Shares Held at 10/31/21 |
Income |
Capital Gain Distributions from Underlying Funds |
|
|||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 173,299,904 | $ | 149,366,273 | (a) | $ | — | $ | (63,036 | ) | $ | 17,318 | $ | 322,620,459 | 322,459,229 | $ | 943,860 | (b) | $ | — | ||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
11,240,000 | — | (3,850,000 | )(a) | — | — | 7,390,000 | 7,390,000 | 2,838 | — | ||||||||||||||||||||||||||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF |
445,044,213 | 381,035,380 | (119,480,304 | ) | 6,670,564 | (4,239,978 | ) | 709,029,875 | 5,311,881 | 12,346,167 | — | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
$ | 6,607,528 | $ | (4,222,660 | ) | $ | 1,039,040,334 | $ | 13,292,865 | $ | — | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Centrally Cleared Interest Rate Swaps
|
||||||||||||||||||||||||||||
Paid by the Fund |
Received by the Fund |
Effective Date |
Termination Date |
Notional (000) |
Value |
Upfront Premium Paid (Received) |
Unrealized (Depreciation) |
|||||||||||||||||||||
Rate | Frequency | Rate | Frequency | |||||||||||||||||||||||||
|
||||||||||||||||||||||||||||
1.17% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 12/08/21 | $ | (41,731 | ) | $ | (47,568 | ) | $ | (31,558 | ) | $ | (16,010 | ) | |||||||||||
0.23% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 10/19/22 | (57,770 | ) | 40,699 | 934 | 39,765 | ||||||||||||||||||
2.38% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 01/12/23 | (14,338 | ) | (345,291 | ) | (272,001 | ) | (73,290 | ) |
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® Interest Rate Hedged Corporate Bond ETF |
Centrally Cleared Interest Rate Swaps (continued)
|
||||||||||||||||||||||||||||
Paid by the Fund |
Received by the Fund |
Effective | Termination | Notional Amount |
|
Upfront Premium Paid |
Unrealized Appreciation |
|||||||||||||||||||||
Rate | Frequency | Rate | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||
|
||||||||||||||||||||||||||||
2.46% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 01/12/25 | $ | (29,448 | ) | $ | (1,369,026) | $ | (1,800,764 | ) | $ | 431,738 | |||||||||||||
0.35% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/22/25 | (36,500 | ) | 1,076,644 | 20,557 | 1,056,087 | ||||||||||||||||||
0.40% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 10/19/25 | (70,900 | ) | 2,014,212 | 588,048 | 1,426,164 | ||||||||||||||||||
0.93% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 05/17/26 | (1,000 | ) | 11,802 | 8 | 11,794 | ||||||||||||||||||
0.93% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 05/17/26 | (17,100 | ) | 202,581 | (6,327 | ) | 208,908 | |||||||||||||||||
0.86% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 08/23/26 | (8,000 | ) | 134,536 | 70 | 134,466 | ||||||||||||||||||
0.92% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/14/26 | (5,600 | ) | 81,565 | 50 | 81,515 | ||||||||||||||||||
0.87% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/01/26 | (7,500 | ) | 44,061 | 67 | 43,994 | ||||||||||||||||||
1.01% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/29/26 | (950 | ) | (434 | ) | 9 | (443 | ) | ||||||||||||||||
0.49% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/22/27 | (65,232 | ) | 3,138,572 | 847,169 | 2,291,403 | ||||||||||||||||||
1.08% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 08/19/28 | (11,800 | ) | 256,892 | 12,674 | 244,218 | ||||||||||||||||||
3.25% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 10/18/28 | (34,860 | ) | (4,268,447 | ) | (5,301,441 | ) | 1,032,994 | ||||||||||||||||
1.19% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/20/28 | (38,300 | ) | (65,625 | ) | 493 | (66,118 | ) | ||||||||||||||||
1.23% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/22/28 | (1,460 | ) | (6,533 | ) | 19 | (6,552 | ) | ||||||||||||||||
0.77% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 04/01/30 | (18,514 | ) | 1,106,395 | (138,285 | ) | 1,244,680 | |||||||||||||||||
0.78% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 10/19/30 | (27,400 | ) | 1,796,084 | 453 | 1,795,631 | ||||||||||||||||||
1.22% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 02/12/31 | (25,180 | ) | 767,996 | 890,446 | (122,450 | ) | |||||||||||||||||
1.63% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 05/25/31 | (18,080 | ) | (80,180 | ) | (148,883 | ) | 68,703 | ||||||||||||||||
1.03% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 08/23/31 | (1,000 | ) | 26,101 | 16 | 26,085 | ||||||||||||||||||
1.28% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 08/23/31 | (5,000 | ) | 145,132 | 79 | 145,053 | ||||||||||||||||||
1.37% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/22/31 | (10,460 | ) | 217,992 | 166 | 217,826 | ||||||||||||||||||
1.43% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/28/31 | (7,000 | ) | (76,858 | ) | 114 | (76,972 | ) | ||||||||||||||||
0.91% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/25/35 | (26,000 | ) | 2,618,287 | 131,500 | 2,486,787 | ||||||||||||||||||
1.59% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/14/36 | (3,200 | ) | 55,385 | 63 | 55,322 | ||||||||||||||||||
1.44% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/05/36 | (3,600 | ) | (6,281 | ) | 72 | (6,353 | ) | ||||||||||||||||
1.46% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/29/36 | (8,360 | ) | (45,810 | ) | 168 | (45,978 | ) | ||||||||||||||||
2.34% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 12/08/36 | (20,706 | ) | (1,745,784 | ) | (2,278,568 | ) | 532,784 | ||||||||||||||||
1.11% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 10/19/40 | (21,700 | ) | 2,390,898 | 1,240,757 | 1,150,141 | ||||||||||||||||||
2.03% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 05/17/41 | (14,180 | ) | (622,334 | ) | (535,273 | ) | (87,061 | ) | |||||||||||||||
1.57% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 08/23/41 | (17,970 | ) | 621,620 | 38,322 | 583,298 | ||||||||||||||||||
0.86% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 03/30/45 | (23,747 | ) | 4,312,532 | 1,172,624 | 3,139,908 | ||||||||||||||||||
1.16% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 10/19/45 | (23,700 | ) | 2,948,953 | 3,898,543 | (949,590 | ) | |||||||||||||||||
1.61% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 08/23/46 | (4,820 | ) | 165,230 | 12,983 | 152,247 | ||||||||||||||||||
1.58% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/01/46 | (3,000 | ) | (71,508 | ) | 82 | (71,590 | ) | ||||||||||||||||
1.67% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/12/46 | (4,700 | ) | (197,402 | ) | 131 | (197,533 | ) | ||||||||||||||||
1.66% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/22/46 | (2,190 | ) | (88,608 | ) | 61 | (88,669 | ) | ||||||||||||||||
1.06% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/18/50 | (22,605 | ) | 3,726,804 | 463,932 | 3,262,872 | ||||||||||||||||||
1.18% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 10/19/50 | (18,750 | ) | 2,543,988 | 2,460,004 | 83,984 | ||||||||||||||||||
2.08% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 05/17/51 | (5,900 | ) | (463,711 | ) | (25,818 | ) | (437,893 | ) | |||||||||||||||
1.63% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/16/51 | (2,500 | ) | 75,089 | 77 | 75,012 | ||||||||||||||||||
1.52% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 09/29/51 | (4,900 | ) | (80,769 | ) | 151 | (80,920 | ) | ||||||||||||||||
1.55% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/20/51 | (8,600 | ) | (204,851 | ) | (2,655 | ) | (202,196 | ) | |||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
$ | 20,733,030 | $ | 1,239,269 | $ | 19,493,761 | |||||||||||||||||||||||
|
|
|
|
|
|
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps
Premiums Paid |
Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||
Centrally Cleared Swaps(a) |
$ | 11,780,842 | $ | (10,541,573) | $ | 22,023,379 | $ | (2,529,618) |
(a) |
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
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® Interest Rate Hedged Corporate Bond ETF |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
|
||||
Interest Rate Contracts |
||||
|
||||
Assets — Derivative Financial Instruments |
||||
Swaps — centrally cleared |
||||
Unrealized appreciation on centrally cleared swaps(a) |
$ | 22,023,379 | ||
|
|
|||
Liabilities — Derivative Financial Instruments |
||||
Swaps — centrally cleared |
||||
Unrealized depreciation on centrally cleared swaps(a) |
$ | 2,529,618 | ||
|
|
(a) |
Net cumulative appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||
Interest Rate Contracts |
||||
|
||||
Net Realized Gain (Loss) from: |
||||
Swaps |
$ | 433,028 | ||
|
|
|||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||
Swaps |
$ | 15,640,151 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Interest rate swaps: |
||||
Average notional value — pays fixed rate |
$ | 629,011,800 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Investment Companies |
$ | 709,029,875 | $ | — | $ | — | $ | 709,029,875 | ||||||||
Money Market Funds |
330,010,459 | — | — | 330,010,459 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 1,039,040,334 | $ | — | $ | — | $ | 1,039,040,334 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Swaps |
$ | — | $ | 22,023,379 | $ | — | $ | 22,023,379 | ||||||||
Liabilities |
||||||||||||||||
Swaps |
— | (2,529,618 | ) | — | (2,529,618 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | 19,493,761 | $ | — | $ | 19,493,761 | |||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments October 31, 2021 |
iShares® Interest Rate Hedged High Yield Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
|
||||||||
Investment Companies |
||||||||
Exchange-Traded Funds — 96.5% |
||||||||
iShares iBoxx $ High Yield Corporate Bond ETF(a)(b) |
1,508,855 | $ | 131,164,765 | |||||
|
|
|||||||
Total
Investment Companies — 96.5% |
131,164,765 | |||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 43.1% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(a)(c)(d) |
56,290,502 | 56,318,647 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(a)(c) |
2,310,000 | 2,310,000 | ||||||
|
|
|||||||
58,628,647 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 43.1% |
58,628,647 | |||||||
|
|
|||||||
Total
Investments in Securities — 139.6% |
189,793,412 | |||||||
Other Assets, Less Liabilities — (39.6)% |
(53,872,959 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 135,920,453 | ||||||
|
|
(a) |
Affiliate of the Fund. |
(b) |
All or a portion of this security is on loan. |
(c) |
Annualized 7-day yield as of period end. |
(d) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the 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 (Depreciation) |
Value at 10/31/21 |
Shares Held at 10/31/21 |
Income |
Capital Gain |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 31,857,833 | $ | 24,470,449 | (a) | $ | — | $ | (12,818 | ) | $ | 3,183 | $ | 56,318,647 | 56,290,502 | $ | 504,630 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
550,000 | 1,760,000 | (a) | — | — | — | 2,310,000 | 2,310,000 | 282 | — | ||||||||||||||||||||||||||
iShares iBoxx $ High Yield Corporate Bond ETF |
60,409,118 | 86,939,538 | (18,144,223) | 19,536 | 1,940,796 | 131,164,765 | 1,508,855 | 3,591,951 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | 6,718 | $ | 1,943,979 | $ | 189,793,412 | $ | 4,096,863 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Centrally Cleared Interest Rate Swaps
|
||||||||||||||||||||||||||||
Paid by the Fund |
Received by the Fund |
Effective | Termination | Notional Amount |
|
Upfront Premium Paid |
Unrealized Appreciation |
|||||||||||||||||||||
Rate | Frequency | Rate | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||
|
||||||||||||||||||||||||||||
0.22% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/18/22 | $(11,150) | $ | 5,946 | $ | 486 | $ | 5,460 | ||||||||||||||||
2.38% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 01/12/23 | (13,705 | ) | (330,047 | ) | 3,306 | (333,353 | ) | ||||||||||||||||
0.33% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 06/30/23 | (8,900 | ) | 32,235 | 33 | 32,202 | ||||||||||||||||||
0.44% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 06/17/24 | (6,120 | ) | 68,480 | 6,839 | 61,641 | ||||||||||||||||||
0.33% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/15/25 | (28,900 | ) | 865,526 | 125,033 | 740,493 |
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® Interest Rate Hedged High Yield Bond ETF |
Centrally Cleared Interest Rate Swaps (continued)
|
||||||||||||||||||||||||||||
Paid by the Fund |
Received by the Fund |
Effective | Termination | Notional Amount |
|
Upfront Premium Paid |
Unrealized Appreciation |
|||||||||||||||||||||
Rate | Frequency | Rate | Frequency | Date | Date | (000) | Value | (Received) | (Depreciation) | |||||||||||||||||||
|
||||||||||||||||||||||||||||
0.87% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 06/17/26 | $ | (5,600 | ) | $ | 84,408 | $ | (13,067 | ) | $ | 97,475 | |||||||||||||
0.87% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 09/29/26 | (3,850 | ) | 21,738 | 35 | 21,703 | ||||||||||||||||||
1.42% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 04/07/28 | (9,450 | ) | (21,042 | ) | (56,615 | ) | 35,573 | ||||||||||||||||
1.23% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 06/08/28 | (5,780 | ) | 60,415 | (26,458 | ) | 86,873 | |||||||||||||||||
1.12% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/03/28 | (1,960 | ) | 39,102 | 24 | 39,078 | ||||||||||||||||||
1.14% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/12/28 | (2,500 | ) | 3,209 | 32 | 3,177 | ||||||||||||||||||
1.21% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/22/28 | (2,100 | ) | (7,105 | ) | 27 | (7,132 | ) | ||||||||||||||||
0.77% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 04/01/30 | (10,500 | ) | 627,479 | 395,099 | 232,380 | ||||||||||||||||||
1.59% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 06/04/31 | (4,614 | ) | (4,697 | ) | (74,564 | ) | 69,867 | ||||||||||||||||
1.36% | Annual | 1-Year SOFR, 0.05% | Annual | N/A | 10/20/31 | (2,470 | ) | (11,386 | ) | 40 | (11,426 | ) | ||||||||||||||||
0.86% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 03/30/45 | (80 | ) | 14,529 | 2,375 | 12,154 | ||||||||||||||||||
0.87% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 03/30/50 | (10 | ) | 2,064 | — | 2,064 | ||||||||||||||||||
1.06% | Semi-annual | 3-Month LIBOR, 0.13% | Quarterly | N/A | 09/18/50 | (15 | ) | 2,473 | 38 | 2,435 | ||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||||||
$ | 1,453,327 | $ | 362,663 | $ | 1,090,664 | |||||||||||||||||||||||
|
|
|
|
|
|
Balances Reported in the Statements of Assets and Liabilities for Centrally Cleared Swaps
Premiums Paid |
Premiums Received |
Unrealized Appreciation |
Unrealized Depreciation |
|||||||||||||
Centrally Cleared Swaps(a) |
$ | 533,367 | $ | (170,704 | ) | $1,442,575 | $(351,911) |
(a) |
Includes cumulative appreciation (depreciation) on centrally cleared swaps, as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Assets and Liabilities and is net of any previously paid (received) swap premium amounts. |
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Interest Rate |
||||
|
||||
Assets — Derivative Financial Instruments |
||||
Swaps — centrally cleared |
||||
Unrealized appreciation on centrally cleared swaps(a) |
$ | 1,442,575 | ||
|
|
|||
Liabilities — Derivative Financial Instruments |
||||
Swaps — centrally cleared |
||||
Unrealized depreciation on centrally cleared swaps(a) |
$ | 351,911 | ||
|
|
(a) |
Net cumulative appreciation (depreciation) on centrally cleared interest rate swaps contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:
|
||||
Interest Rate |
||||
|
||||
Net Realized Gain (Loss) from: |
||||
Swaps |
$ | (579,414 | ) | |
|
|
|||
Net Change in Unrealized Appreciation (Depreciation) on: |
||||
Swaps |
$ | 1,538,324 | ||
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Interest rate swaps: |
||||
Average notional value — pays fixed rate |
$ | 78,718,800 |
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® Interest Rate Hedged High Yield Bond ETF |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Investment Companies |
$ | 131,164,765 | $ | — | $ | — | $ | 131,164,765 | ||||||||
Money Market Funds |
58,628,647 | — | — | 58,628,647 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 189,793,412 | $ | — | $ | — | $ | 189,793,412 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative financial instruments(a) |
||||||||||||||||
Assets |
||||||||||||||||
Swaps |
$ | — | $ | 1,442,575 | $ | — | $ | 1,442,575 | ||||||||
Liabilities |
||||||||||||||||
Swaps |
— | (351,911 | ) | — | (351,911 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | — | $ | 1,090,664 | $ | — | $ | 1,090,664 | |||||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are swaps. Swaps are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
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 |
Statements of Assets and Liabilities
October 31, 2021
iShares Inflation Hedged Corporate Bond ETF |
iShares Interest Rate Hedged Corporate |
iShares Interest Rate Yield Bond ETF |
||||||||||
ASSETS |
||||||||||||
Investments in securities, at value (including securities on loan)(a): |
||||||||||||
Affiliated(b) |
$ | 102,594,220 | $ | 1,039,040,334 | $ | 189,793,412 | ||||||
Cash |
2,603 | 678,207 | 71,110 | |||||||||
Cash pledged: |
||||||||||||
Futures contracts |
26,000 | — | — | |||||||||
Centrally cleared swaps |
3,544,000 | — | 2,338,000 | |||||||||
Receivables: |
||||||||||||
Securities lending income — Affiliated |
4,675 | 48,836 | 74,421 | |||||||||
Dividends |
6 | 93,423 | 9 | |||||||||
|
|
|
|
|
|
|||||||
Total assets |
106,171,504 | 1,039,860,800 | 192,276,952 | |||||||||
|
|
|
|
|
|
|||||||
LIABILITIES |
||||||||||||
Collateral on securities loaned, at value |
32,598,903 | 322,683,495 | 56,325,341 | |||||||||
Payables: |
||||||||||||
Variation margin on futures contracts |
3,206 | — | — | |||||||||
Variation margin on centrally cleared swaps |
493,984 | 1,030,913 | 25,615 | |||||||||
Investment advisory fees |
2,603 | 56,834 | 5,543 | |||||||||
|
|
|
|
|
|
|||||||
Total liabilities |
33,098,696 | 323,771,242 | 56,356,499 | |||||||||
|
|
|
|
|
|
|||||||
NET ASSETS |
$ | 73,072,808 | $ | 716,089,558 | $ | 135,920,453 | ||||||
|
|
|
|
|
|
|||||||
NET ASSETS CONSIST OF: |
||||||||||||
Paid-in capital |
$ | 69,946,070 | $ | 714,047,406 | $ | 147,168,708 | ||||||
Accumulated earnings (loss) |
3,126,738 | 2,042,152 | (11,248,255 | ) | ||||||||
|
|
|
|
|
|
|||||||
NET ASSETS |
$ | 73,072,808 | $ | 716,089,558 | $ | 135,920,453 | ||||||
|
|
|
|
|
|
|||||||
Shares outstanding |
2,400,000 | 7,450,000 | 1,550,000 | |||||||||
|
|
|
|
|
|
|||||||
Net asset value |
$ | 30.45 | $ | 96.12 | $ | 87.69 | ||||||
|
|
|
|
|
|
|||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | |||||||||
|
|
|
|
|
|
|||||||
Par value |
None | None | None | |||||||||
|
|
|
|
|
|
|||||||
(a) Securities loaned, at value |
$ | 31,936,157 | $ | 315,896,438 | $ | 55,022,169 | ||||||
(b) Investments, at cost — Affiliated |
$ | 102,409,198 | $ | 1,037,015,527 | $ | 190,951,763 |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
23 |
Year Ended October 31, 2021
iShares Inflation Hedged Corporate Bond ETF |
iShares Interest Rate Corporate Bond ETF |
iShares Interest Rate Yield Bond ETF |
||||||||||
|
||||||||||||
INVESTMENT INCOME |
||||||||||||
Dividends — Affiliated |
$ | 701,303 | $ | 12,349,005 | $ | 3,592,233 | ||||||
Interest — Unaffiliated |
11 | — | — | |||||||||
Securities lending income — Affiliated — net |
54,024 | 943,860 | 504,630 | |||||||||
|
|
|
|
|
|
|||||||
Total investment income |
755,338 | 13,292,865 | 4,096,863 | |||||||||
|
|
|
|
|
|
|||||||
EXPENSES |
||||||||||||
Investment advisory fees |
69,132 | 1,640,532 | 603,091 | |||||||||
Miscellaneous |
— | 173 | 173 | |||||||||
|
|
|
|
|
|
|||||||
Total expenses |
69,132 | 1,640,705 | 603,264 | |||||||||
Less: |
||||||||||||
Investment advisory fees waived |
(51,849 | ) | (1,093,688 | ) | (556,699 | ) | ||||||
|
|
|
|
|
|
|||||||
Total expenses after fees waived |
17,283 | 547,017 | 46,565 | |||||||||
|
|
|
|
|
|
|||||||
Net investment income |
738,055 | 12,745,848 | 4,050,298 | |||||||||
|
|
|
|
|
|
|||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||
Net realized gain (loss) from: |
||||||||||||
Investments — Unaffiliated |
— | 22,541 | — | |||||||||
Investments — Affiliated |
(3,123 | ) | (473,132 | ) | (114,645 | ) | ||||||
In-kind redemptions — Affiliated |
323,059 | 7,080,660 | 121,363 | |||||||||
Futures contracts |
(98,154 | ) | — | — | ||||||||
Swaps |
404,190 | 433,028 | (579,414 | ) | ||||||||
|
|
|
|
|
|
|||||||
Net realized gain (loss) |
625,972 | 7,063,097 | (572,696 | ) | ||||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||
Investments — Affiliated |
(668,666 | ) | (4,222,660 | ) | 1,943,979 | |||||||
Futures contracts |
(6,454 | ) | — | — | ||||||||
Swaps |
2,803,908 | 15,640,151 | 1,538,324 | |||||||||
|
|
|
|
|
|
|||||||
Net change in unrealized appreciation (depreciation) |
2,128,788 | 11,417,491 | 3,482,303 | |||||||||
|
|
|
|
|
|
|||||||
Net realized and unrealized gain |
2,754,760 | 18,480,588 | 2,909,607 | |||||||||
|
|
|
|
|
|
|||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 3,492,815 | $ | 31,226,436 | $ | 6,959,905 | ||||||
|
|
|
|
|
|
See notes to financial statements.
24 |
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 |
Statements of Changes in Net Assets
iShares Inflation Hedged Corporate Bond ETF |
iShares Interest Rate Hedged Corporate Bond ETF |
|||||||||||||||
|
|
|
|
|||||||||||||
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
|||||||||||||
|
||||||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
OPERATIONS |
||||||||||||||||
Net investment income |
$ | 738,055 | $ | 256,326 | $ | 12,745,848 | $ | 5,278,486 | ||||||||
Net realized gain (loss) |
625,972 | (68,354 | ) | 7,063,097 | (416,576 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) |
2,128,788 | 407,386 | 11,417,491 | 11,692,070 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase in net assets resulting from operations |
3,492,815 | 595,358 | 31,226,436 | 16,553,980 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(735,803 | ) | (257,076 | ) | (9,086,966 | ) | (4,725,247 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Net increase in net assets derived from capital share transactions |
52,336,980 | 9,742,193 | 243,946,436 | 311,943,315 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
||||||||||||||||
Total increase in net assets |
55,093,992 | 10,080,475 | 266,085,906 | 323,772,048 | ||||||||||||
Beginning of year |
17,978,816 | 7,898,341 | 450,003,652 | 126,231,604 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 73,072,808 | $ | 17,978,816 | $ | 716,089,558 | $ | 450,003,652 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
25 |
Statements of Changes in Net Assets (continued)
iShares Interest Rate Hedged High Yield Bond ETF |
||||||||
|
|
|||||||
Year Ended 10/31/21 |
Year Ended 10/31/20 |
|||||||
|
||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||
OPERATIONS |
||||||||
Net investment income |
$ | 4,050,298 | $ | 4,490,364 | ||||
Net realized loss |
(572,696 | ) | (10,296,906 | ) | ||||
Net change in unrealized appreciation (depreciation) |
3,482,303 | 1,769,252 | ||||||
|
|
|
|
|||||
Net increase (decrease) in net assets resulting from operations |
6,959,905 | (4,037,290 | ) | |||||
|
|
|
|
|||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||
From net investment income |
(3,454,455 | ) | (3,757,382 | ) | ||||
Return of capital |
— | (29,722 | ) | |||||
|
|
|
|
|||||
Decrease in net assets resulting from distributions to shareholders |
(3,454,455 | ) | (3,787,104 | ) | ||||
|
|
|
|
|||||
CAPITAL SHARE TRANSACTIONS |
||||||||
Net increase (decrease) in net assets derived from capital share transactions |
70,089,848 | (44,062,036 | ) | |||||
|
|
|
|
|||||
NET ASSETS |
||||||||
Total increase (decrease) in net assets |
73,595,298 | (51,886,430 | ) | |||||
Beginning of year |
62,325,155 | 114,211,585 | ||||||
|
|
|
|
|||||
End of year |
$ | 135,920,453 | $ | 62,325,155 | ||||
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
26 |
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 |
(For a share outstanding throughout each period)
iShares Inflation Hedged Corporate Bond ETF | ||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||
Period From | ||||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | 05/08/18 | (a) | ||||||||||||||||||||||||||||
10/31/21 | 10/31/20 | 10/31/19 | to 10/31/18 | |||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||
Net asset value, beginning of period |
$ | 27.66 | $ | 26.33 | $ | 24.31 | $ | 25.00 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net investment income(b) |
0.63 | 0.71 | 0.91 | 0.37 | ||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(c) |
2.82 | 1.36 | 2.01 | (0.70 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net increase (decrease) from investment operations |
3.45 | 2.07 | 2.92 | (0.33 | ) | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Distributions(d) |
||||||||||||||||||||||||||||||||
From net investment income |
(0.66 | ) | (0.74 | ) | (0.90 | ) | (0.36 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total distributions |
(0.66 | ) | (0.74 | ) | (0.90 | ) | (0.36 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net asset value, end of period |
$ | 30.45 | $ | 27.66 | $ | 26.33 | $ | 24.31 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total Return(e) |
||||||||||||||||||||||||||||||||
Based on net asset value |
12.60 | % | 8.00 | %(f) | 12.26 | %(g) | (1.34 | )%(h) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||||||||||
Total expenses(i) |
0.20 | % | 0.20 | % | 0.20 | % | 0.20 | %(j) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total expenses after fees waived(i) |
0.05 | % | 0.05 | % | 0.05 | % | 0.05 | %(j) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Net investment income |
2.14 | % | 2.64 | % | 3.60 | % | 3.04 | %(j) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||
Net assets, end of period (000) |
$ | 73,073 | $ | 17,979 | $ | 7,898 | $ | 9,725 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Portfolio turnover rate(k)(l) |
0 | % | 13 | % | 0 | % | 0 | %(h)(m) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Includes payment received from an affiliate, which had no impact on the Fund’s total return. |
(g) |
Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been 12.22%. |
(h) |
Not annualized. |
(i) |
The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested (“acquired fund fees and expenses”). This ratio does not include these acquired fund fees and expenses. |
(j) |
Annualized. |
(k) |
Portfolio turnover rate excludes in-kind transactions. |
(l) |
Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates. |
(m) |
Rounds to less than 1%. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
27 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Interest Rate Hedged Corporate Bond ETF | ||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 |
Year Ended 10/31/17 |
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 91.84 | $ | 93.50 | $ | 95.79 | $ | 96.62 | $ | 92.49 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income(a) |
2.23 | 2.38 | 3.35 | 3.16 | 2.76 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
3.68 | (1.69 | ) | (0.97 | ) | (1.16 | ) | 3.73 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net increase from investment operations |
5.91 | 0.69 | 2.38 | 2.00 | 6.49 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Distributions(c) |
||||||||||||||||||||||||||||||||||||
From net investment income |
(1.63 | ) | (2.35 | ) | (3.12 | ) | (2.83 | ) | (2.36 | ) | ||||||||||||||||||||||||||
From net realized gain |
— | — | (1.55 | ) | — | — | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total distributions |
(1.63 | ) | (2.35 | ) | (4.67 | ) | (2.83 | ) | (2.36 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net asset value, end of year |
$ | 96.12 | $ | 91.84 | $ | 93.50 | $ | 95.79 | $ | 96.62 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||
Based on net asset value |
6.46 | % | 0.79 | % | 2.63 | % | 2.08 | % | 7.11 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||||||||||||||
Total expenses(e) |
0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | 0.30 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total expenses after fees waived(e) |
0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income |
2.33 | % | 2.64 | % | 3.59 | % | 3.27 | % | 2.91 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 716,090 | $ | 450,004 | $ | 126,232 | $ | 215,530 | $ | 77,295 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Portfolio turnover rate(f)(g) |
5 | % | 7 | % | 4 | % | 2 | % | 0 | %(h) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested (“acquired fund fees and expenses”). This ratio does not include these acquired fund fees and expenses. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
(g) |
Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates. |
(h) |
Rounds to less than 1%. |
See notes to financial statements.
28 |
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 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Interest Rate Hedged High Yield Bond ETF | ||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 |
Year Ended 10/31/17 |
||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year |
$ | 83.10 | $ | 87.86 | $ | 90.47 | $ | 91.78 | $ | 87.42 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income(a) |
3.81 | 4.31 | 5.51 | 4.98 | 4.57 | |||||||||||||||||||||||||||||||
Net realized and unrealized gain (loss)(b) |
4.15 | (5.53 | ) | (2.92 | ) | (1.46 | ) | 4.21 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net increase (decrease) from investment operations |
7.96 | (1.22 | ) | 2.59 | 3.52 | 8.78 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Distributions(c) |
||||||||||||||||||||||||||||||||||||
From net investment income |
(3.37 | ) | (3.51 | ) | (5.18 | ) | (4.83 | ) | (4.42 | ) | ||||||||||||||||||||||||||
Return of capital |
— | (0.03 | ) | (0.02 | ) | — | — | |||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total distributions |
(3.37 | ) | (3.54 | ) | (5.20 | ) | (4.83 | ) | (4.42 | ) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net asset value, end of year |
$ | 87.69 | $ | 83.10 | $ | 87.86 | $ | 90.47 | $ | 91.78 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Return(d) |
||||||||||||||||||||||||||||||||||||
Based on net asset value |
9.70 | % | (1.32 | )% | 3.00 | % | 3.93 | % | 10.26 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||||||||||||||||||
Total expenses(e) |
0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | 0.65 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total expenses after fees waived(e) |
0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | 0.05 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Net investment income |
4.37 | % | 5.12 | % | 6.22 | % | 5.46 | % | 5.04 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Supplemental Data |
||||||||||||||||||||||||||||||||||||
Net assets, end of year (000) |
$ | 135,920 | $ | 62,325 | $ | 114,212 | $ | 416,178 | $ | 137,670 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Portfolio turnover rate(f)(g) |
1 | % | 1 | % | 1 | % | 0 | %(h) | 0 | % | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
The Fund indirectly bears its proportionate share of fees and expenses incurred by the underlying fund in which the Fund is invested (“acquired fund fees and expenses”). This ratio does not include these acquired fund fees and expenses. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
(g) |
Portfolio turnover rate excludes the portfolio activity of the underlying fund in which the Fund is invested. See the underlying fund’s financial highlights for its respective portfolio turnover rates. |
(h) |
Rounds to less than 1%. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
29 |
Notes to Financial Statements |
1. ORGANIZATION
iShares U.S. ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF |
Diversification Classification |
|||
Inflation Hedged Corporate Bond(a) |
Diversified | |||
Interest Rate Hedged Corporate Bond |
Diversified | |||
Interest Rate Hedged High Yield Bond |
Diversified |
(a) |
The Fund’s classification changed from non-diversified to diversified during the reporting period. |
Currently each Fund seeks to achieve its investment objective by investing a substantial portion of its assets in an iShares fund (an “underlying fund”). The financial statements, including the accounting policies, and schedules of investments for the underlying funds are available on iShares.com and should be read in conjunction with the Funds’ financial statements.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions from the underlying funds, if any, are recorded on the ex-dividend date. Interest income is recognized daily on an accrual basis.
Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts and swaps) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
30 |
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 |
Notes to Financial Statements (continued) |
• |
Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s last traded price or official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
• |
Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded. |
• |
Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. |
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. |
SECURITIES AND OTHER INVESTMENTS |
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
31 |
Notes to Financial Statements (continued) |
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty |
|
Market Value of Securities on Loan |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received |
|
Net Amount | ||||||
|
||||||||||||||||
Inflation Hedged Corporate Bond |
||||||||||||||||
Citigroup Global Markets, Inc. |
$ | 31,936,157 | $ | 31,936,157 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Interest Rate Hedged Corporate Bond |
||||||||||||||||
BNP Paribas SA |
$ | 88,096,800 | $ | 88,096,800 | $ | — | $ | — | ||||||||
Citigroup Global Markets, Inc. |
103,663,238 | 103,663,238 | — | — | ||||||||||||
J.P. Morgan Securities LLC |
124,136,400 | 124,136,400 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 315,896,438 | $ | 315,896,438 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Interest Rate Hedged High Yield Bond |
||||||||||||||||
Barclays Capital, Inc. |
$ | 38,243,636 | $ | 38,243,636 | $ | — | $ | — | ||||||||
BNP Paribas SA |
4,529,053 | 4,529,053 | — | — | ||||||||||||
Citigroup Global Markets, Inc. |
12,223,314 | 12,223,314 | — | — | ||||||||||||
SG Americas Securities LLC |
26,166 | 26,166 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 55,022,169 | $ | 55,022,169 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
DERIVATIVE FINANCIAL INSTRUMENTS |
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk) .
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”).
In a centrally cleared swap, immediately following execution of the swap agreement, the swap agreement is novated to a central counterparty (“CCP”) and the CCP becomes the Fund’s counterparty on the swap. Each Fund is required to interface with the CCP through a broker. Upon entering into a centrally cleared swap, each Fund is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Schedule of Investments and cash deposited is shown as cash pledged for centrally cleared swaps on the Statements of Assets and Liabilities. Amounts pledged, which are considered restricted cash, are included in cash pledged for centrally cleared swaps in the Statements of Assets and Liabilities. Pursuant to the contract, each Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and shown as variation margin receivable (or payable) on centrally cleared swaps in the Statements of Assets and Liabilities. Payments received from (paid to) the counterparty are amortized over the term of the contract and recorded as realized gains (losses) in the Statements of Operations, including those at termination.
Inflation swaps are entered into to gain or reduce exposure to inflation (inflation risk). In an inflation swap, one party makes fixed interest payments on a notional principal amount in exchange for another party’s variable payments based on an inflation index, such as the Consumer Price Index.
32 |
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 |
Notes to Financial Statements (continued) |
Interest rate swaps are entered into to gain or reduce exposure to interest rates or to manage duration, the yield curve or interest rate (interest rate risk).
Interest rate swaps are agreements in which one party pays a stream of interest payments, either fixed or floating, in exchange for another party’s stream of interest payments, either fixed or floating, on the same notional amount for a specified period of time. In more complex interest rate swaps, the notional principal amount may decline (or amortize) over time.
The iShares Inflation Hedged Corporate Bond ETF uses inflation swaps to mitigate the potential impact of inflation on the performance of the bonds held by the Fund or its underlying fund. The iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF use interest rate swaps to mitigate the potential impact of interest rates on the performance of the bonds held by each Fund or its underlying fund.
Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.
6. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Inflation Hedged Corporate Bond |
0.20 | % | ||
Interest Rate Hedged Corporate Bond |
0.30 | |||
Interest Rate Hedged High Yield Bond |
0.65 |
Expense Waivers: A fund may incur its pro rata share of fees and expenses attributable to its investments in other investment companies (“acquired fund fees and expenses”). The total of the investment advisory fee and acquired fund fees and expenses, if any, is a fund’s total annual operating expenses. Total expenses as shown in the Statement of Operations does not include acquired fund fees and expenses.
For the iShares Inflation Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2023 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ Investment Grade Corporate Bond ETF (“LQD”), after taking into account any fee waivers by LQD, plus 0.05%.
For the iShares Interest Rate Hedged Corporate Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in LQD, after taking into account any fee waivers by LQD, plus 0.10%.
For the iShares Interest Rate Hedged High Yield Bond ETF, BFA has contractually agreed to waive a portion of its investment advisory fee for the Fund through February 28, 2022 so that the Fund’s total annual operating expenses after fee waiver is equal to the acquired fund fees and expenses attributable to the Fund’s investment in the iShares iBoxx $ High Yield Corporate Bond ETF (“HYG”), after taking into account any fee waivers by HYG, plus 0.05%.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts waived | |||
Inflation Hedged Corporate Bond |
$ | 51,849 | ||
Interest Rate Hedged Corporate Bond |
1,093,688 | |||
Interest Rate Hedged High Yield Bond |
556,699 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money
N O T E S T O F I N A N C I A L S T A T E M E N T S |
33 |
Notes to Financial Statements (continued) |
market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC |
|||
Inflation Hedged Corporate Bond |
$ | 16,621 | ||
Interest Rate Hedged Corporate Bond |
285,293 | |||
Interest Rate Hedged High Yield Bond |
126,364 |
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
7. |
PURCHASES AND SALES |
For the year ended October 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
iShares ETF | Purchases | Sales | ||||||
Inflation Hedged Corporate Bond |
$ | 4,570,356 | $ | — | ||||
Interest Rate Hedged Corporate Bond |
52,248,584 | 29,463,947 | ||||||
Interest Rate Hedged High Yield Bond |
2,270,568 | 1,312,673 |
For the year ended October 31, 2021, in-kind transactions were as follows:
iShares ETF | In-kind Purchases |
In-kind Sales |
||||||
Inflation Hedged Corporate Bond |
$ | 51,353,500 | $ | 2,645,469 | ||||
Interest Rate Hedged Corporate Bond |
328,786,796 | 90,016,356 | ||||||
Interest Rate Hedged High Yield Bond |
84,668,971 | 16,831,550 |
8. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
34 |
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 |
Notes to Financial Statements (continued) |
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2021, permanent differences attributable to certain deemed distributions, distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:
iShares ETF | Paid-in Capital | Accumulated Earnings (Loss) |
||||||
Inflation Hedged Corporate Bond |
$ | 334,647 | $ | (334,647 | ) | |||
Interest Rate Hedged Corporate Bond |
6,557,708 | (6,557,708 | ) | |||||
Interest Rate Hedged High Yield Bond |
120,383 | (120,383 | ) |
The tax character of distributions paid was as follows:
|
||||||||
iShares ETF | Year Ended 10/31/21 |
Year Ended 10/31/20 |
||||||
Inflation Hedged Corporate Bond |
||||||||
Ordinary income |
$ | 735,803 | $ | 257,076 | ||||
|
|
|
|
|||||
Interest Rate Hedged Corporate Bond |
||||||||
Ordinary income |
$ | 9,086,966 | $ | 4,725,247 | ||||
|
|
|
|
|||||
Interest Rate Hedged High Yield Bond |
||||||||
Ordinary income |
$ | 3,454,455 | $ | 3,757,382 | ||||
Return of capital |
— | 29,722 | ||||||
|
|
|
|
|||||
$ | 3,454,455 | $ | 3,787,104 | |||||
|
|
|
|
As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:
|
||||||||||||||||
iShares ETF |
|
Undistributed Ordinary Income |
|
|
Non-expiring Capital Loss Carryforwards |
(a) |
|
Net Unrealized Gains (Losses |
)(b) |
Total | ||||||
|
||||||||||||||||
Inflation Hedged Corporate Bond |
$ | 193,362 | $ | — | $ | 2,933,376 | $ | 3,126,738 | ||||||||
Interest Rate Hedged Corporate Bond |
— | (19,476,468 | ) | 21,518,620 | 2,042,152 | |||||||||||
Interest Rate Hedged High Yield Bond |
— | (11,176,733 | ) | (71,522 | ) | (11,248,255) |
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains (losses) on certain futures contracts. |
For the year ended October 31, 2021, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:
iShares ETF | Utilized | |||
Inflation Hedged Corporate Bond |
$ | 93,761 | ||
Interest Rate Hedged Corporate Bond |
4,154,517 |
As of October 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
|
||||||||||||||||
iShares ETF | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
|
||||||||||||||||
Inflation Hedged Corporate Bond |
$ | 102,413,061 | $ | 3,050,014 | $ | (116,638) | $ | 2,933,376 | ||||||||
Interest Rate Hedged Corporate Bond |
1,037,015,527 | 24,048,186 | (2,529,618 | ) | 21,518,568 | |||||||||||
Interest Rate Hedged High Yield Bond |
190,955,598 | 1,442,575 | (1,514,097 | ) | (71,522) |
9. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
35 |
Notes to Financial Statements (continued) |
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures and centrally cleared swaps, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures and centrally cleared swaps with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
10. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
|
||||||||||||||||
Year Ended 10/31/21 |
Year Ended 10/31/20 |
|||||||||||||||
|
|
|
|
|||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
Inflation Hedged Corporate Bond |
||||||||||||||||
Shares sold |
1,850,000 | $ | 55,174,954 | 350,000 | $ | 9,742,193 | ||||||||||
Shares redeemed |
(100,000 | ) | (2,837,974 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase |
1,750,000 | $ | 52,336,980 | 350,000 | $ | 9,742,193 | ||||||||||
|
|
|
|
|
|
|
|
36 |
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 |
Notes to Financial Statements (continued) |
|
||||||||||||||||
Year Ended 10/31/21 |
Year Ended 10/31/20 |
|||||||||||||||
|
|
|
|
|||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
Interest Rate Hedged Corporate Bond |
||||||||||||||||
Shares sold |
3,500,000 | $ | 335,029,941 | 5,150,000 | $ | 457,227,626 | ||||||||||
Shares redeemed |
(950,000 | ) | (91,083,505 | ) | (1,600,000 | ) | (145,284,311 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase |
2,550,000 | $ | 243,946,436 | 3,550,000 | $ | 311,943,315 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Interest Rate Hedged High Yield Bond |
||||||||||||||||
Shares sold |
1,000,000 | $ | 87,477,811 | — | $ | — | ||||||||||
Shares redeemed |
(200,000 | ) | (17,387,963 | ) | (550,000 | ) | (44,062,036 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) |
800,000 | $ | 70,089,848 | (550,000 | ) | $ | (44,062,036 | ) | ||||||||
|
|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
11. SUBSEQUENT EVENTS
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
37 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of iShares U.S. ETF Trust and Shareholders of iShares Inflation Hedged
Corporate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate
Hedged High Yield Bond ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Inflation Hedged Corporate Bond ETF, iShares Interest Rate Hedged Corporate Bond ETF and iShares Interest Rate Hedged High Yield Bond ETF (three of the funds constituting iShares U.S. ETF Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 21, 2021
We have served as the auditor of one or more BlackRock investment companies since 2000.
38 |
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 |
Important Tax Information (unaudited) |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:
iShares ETF | Interest Dividends | |||
Inflation Hedged Corporate Bond |
$ | 570,394 | ||
Interest Rate Hedged Corporate Bond |
5,530,306 | |||
Interest Rate Hedged High Yield Bond |
3,504,665 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2021:
iShares ETF | Interest-Related Dividends |
|||
Inflation Hedged Corporate Bond |
$ | 351,716 | ||
Interest Rate Hedged Corporate Bond |
5,292,258 | |||
Interest Rate Hedged High Yield Bond |
2,572,724 |
The Funds hereby designate the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2021:
iShares ETF | Federal Obligation Interest |
|||
Inflation Hedged Corporate Bond |
$ | 17 | ||
Interest Rate Hedged Corporate Bond |
244 | |||
Interest Rate Hedged High Yield Bond |
31 |
The law varies in each state as to whether and what percent of ordinary income dividends attribute to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
I M P O R T A N T T A X I N F O R M A T I O N |
39 |
Board Review and Approval of Investment Advisory Contract
iShares Inflation Hedged Corporate Bond ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were within range of the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.
The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized
40 |
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 |
Board Review and Approval of Investment Advisory Contract (continued)
that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares Interest Rate Hedged Corporate Bond ETF, iShares Interest Rate Hedged High Yield Bond ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
41 |
Board Review and Approval of Investment Advisory Contract (continued)
Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.
The Board noted that the Fund was, during the periods under review, an actively managed ETF that did not seek to track the performance of a specified index and that the management team for the Fund managed the Fund’s portfolio in accordance with its investment objective. The Board further noted that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its reference benchmark. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with expectations relative to the Fund’s peer group (where applicable) and reference benchmark.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.
42 |
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 |
Board Review and Approval of Investment Advisory Contract (continued)
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with a similar investment strategy or investment mandate as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
43 |
Supplemental Information (unaudited)
Regulation Regarding Derivatives
On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
October 31, 2021
Total Cumulative
Distributions for the Fiscal Year |
% Breakdown of the Total
Cumulative Distributions for the Fiscal Year |
|||||||||||||||||||||||||||||||
iShares ETF |
Net |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
||||||||||||||||||||||||
Inflation Hedged Corporate Bond |
$ | 0.658248 | $ | — | $ | — | $ | 0.658248 | 100 | % | — | % | — | % | 100 | % | ||||||||||||||||
Interest Rate Hedged Corporate Bond |
1.626579 | — | — | 1.626579 | 100 | — | — | 100 | ||||||||||||||||||||||||
Interest Rate Hedged High Yield Bond |
3.372705 | — | — | 3.372705 | 100 | — | — | 100 |
Premium/Discount Information
Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
44 |
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 |
Trustee and Officer Information
The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. The President, Chief Compliance Officer, Treasurer and Secretary shall each hold office until their successors are chosen and qualify, and all other officers shall hold office until he or she resigns or is removed. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).
The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares Trust, and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).
Interested Trustees | ||||||
Name (Age) | Position(s) |
Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito(a) (64) | Trustee (since 2011). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares Trust (since 2009). | |||
Salim Ramji(b) (51) | Trustee (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares Trust (since 2019). | |||
(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | ||||||
(b) Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. | ||||||
Independent Trustees | ||||||
Name (Age) | Position(s) |
Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Cecilia H. Herbert (72) | Trustee (since 2011); Independent Board Chair (since 2016). |
Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005); Independent Board Chair of iShares, Inc. and iShares Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Jane D. Carlin (65) | Trustee (since 2015); Risk Committee Chair (since 2016). |
Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since (2016). | |||
Richard L. Fagnani (66) | Trustee (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016). |
Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017). |
T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
45 |
Trustee and Officer Information (continued)
Independent Trustees (continued) | ||||||
Name (Age) | Position(s) |
Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (66) | Trustee (since 2011); Nominating and Governance and Equity Plus Committee Chairs (since 2019). |
Chief Investment Officer, Santa Clara University (since 2002). |
Director of iShares, Inc. (since 2005); Trustee of iShares Trust (since 2005). | |||
Drew E. Lawton (62) | Trustee (since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). | Director of iShares, Inc. (since 2017); Trustee of iShares Trust (since 2017). | |||
John E. Martinez (60) | Trustee (since 2011); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). | Director of iShares, Inc. (since 2003); Trustee of iShares Trust (since 2003). | |||
Madhav V. Rajan (57) | Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Director of iShares, Inc. (since 2011); Trustee of iShares Trust (since 2011). |
Officers | ||||
Name (Age) | Position(s) |
Principal Occupation(s) During the Past 5 Years | ||
Armando Senra (50) | President (since 2019). |
Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker (47) | Treasurer and Chief Financial Officer (since 2020). |
Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
Charles Park (54) | Chief Compliance Officer (since 2011). |
Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre Smith (46) | Secretary (since 2019). |
Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Scott Radell (52) | Executive Vice President (since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan Mason (60) | Executive Vice President (since 2016). |
Managing Director, BlackRock, Inc. (since 2009). | ||
Marybeth Leithead (58) | Executive Vice President (since 2019). |
Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
46 |
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 |
Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
G E N E R A L I N F O R M A T I O N |
47 |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Fixed Income | ||
CPI | Consumer Price Index | |
LIBOR | London Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate |
48 |
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 |
Additional Financial Information
Schedules of Investments (Unaudited)
October 31, 2021
Statements of Assets and Liabilities (Unaudited)
October 31, 2021
iShares Trust
iShares iBoxx $ High Yield Corporate Bond ETF | HYG | NYSE Arca
iShares iBoxx $ Investment Grade Corporate Bond ETF | LQD | NYSE Arca
Schedule of Investments (unaudited) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Advertising — 0.7% |
||||||||
Clear Channel Outdoor Holdings Inc. |
||||||||
7.50%, 06/01/29 (Call 06/01/24)(a)(b) |
$ | 18,243 | $ | 18,699,075 | ||||
7.75%, 04/15/28 (Call 04/15/24)(a)(b) |
16,764 | 17,349,567 | ||||||
Lamar Media Corp. |
||||||||
3.63%, 01/15/31 (Call 01/15/26) |
9,281 | 9,086,534 | ||||||
3.75%, 02/15/28 (Call 02/15/23)(b) |
11,188 | 11,322,815 | ||||||
4.00%, 02/15/30 (Call 02/15/25) |
10,377 | 10,509,826 | ||||||
4.88%, 01/15/29 (Call 01/15/24)(b) |
5,407 | 5,661,102 | ||||||
Midas
OpCo Holdings LLC, |
18,188 | 18,549,941 | ||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. |
||||||||
4.25%, 01/15/29 (Call 01/15/24)(a)(b) |
7,754 | 7,598,920 | ||||||
4.63%, 03/15/30 (Call 03/15/25)(a)(b) |
9,175 | 9,172,248 | ||||||
5.00%, 08/15/27 (Call 08/15/22)(a)(b) |
13,620 | 13,892,400 | ||||||
6.25%, 06/15/25 (Call 06/15/22)(a)(b) |
5,151 | 5,410,696 | ||||||
Terrier
Media Buyer Inc., |
16,713 | 17,675,147 | ||||||
|
|
|||||||
144,928,271 | ||||||||
Aerospace & Defense — 2.4% | ||||||||
Bombardier Inc. |
||||||||
6.00%, 02/15/28 (Call 02/15/24)(a)(b) |
12,458 | 12,554,361 | ||||||
7.13%, 06/15/26 (Call 06/15/23)(a)(b) |
20,516 | 21,516,155 | ||||||
7.50%, 12/01/24 (Call 11/29/21)(a) |
16,170 | 16,837,013 | ||||||
7.50%, 03/15/25 (Call 11/29/21)(a)(b) |
23,804 | 24,428,855 | ||||||
7.88%, 04/15/27 (Call 04/15/22)(a)(b) |
34,600 | 35,971,025 | ||||||
Howmet Aerospace Inc. |
||||||||
3.00%, 01/15/29 (Call 11/15/28)(b) |
9,560 | 9,416,600 | ||||||
5.13%, 10/01/24 (Call 07/01/24)(b) |
22,838 | 25,204,017 | ||||||
6.88%, 05/01/25 (Call 04/01/25) |
17,531 | 20,335,609 | ||||||
Rolls-Royce PLC |
||||||||
3.63%, 10/14/25 (Call 07/14/25)(a)(b) |
15,252 | 15,557,040 | ||||||
5.75%, 10/15/27 (Call 07/15/27)(a) |
18,211 | 20,209,657 | ||||||
Spirit AeroSystems Inc. |
||||||||
4.60%, 06/15/28 (Call 03/15/28)(b) |
12,342 | 12,183,294 | ||||||
5.50%, 01/15/25 (Call 10/15/22)(a)(b) |
6,673 | 6,960,551 | ||||||
7.50%, 04/15/25 (Call 04/15/22)(a)(b) |
22,914 | 24,134,171 | ||||||
TransDigm Inc. |
||||||||
4.63%, 01/15/29 (Call 01/15/24) |
20,882 | 20,751,488 | ||||||
4.88%, 05/01/29 (Call 05/01/24) |
11,959 | 11,979,106 | ||||||
5.50%, 11/15/27 (Call 11/15/22)(b) |
45,032 | 46,157,800 | ||||||
6.25%, 03/15/26 (Call 03/15/22)(a)(b) |
69,839 | 72,981,755 | ||||||
6.38%, 06/15/26 (Call 11/29/21) |
15,998 | 16,517,935 | ||||||
7.50%, 03/15/27 (Call 03/15/22)(b) |
8,365 | 8,780,403 | ||||||
8.00%, 12/15/25 (Call 04/08/22)(a) |
19,303 | 20,527,775 | ||||||
TransDigm
UK Holdings PLC, |
6,403 | 6,751,771 | ||||||
Triumph Group Inc. |
||||||||
6.25%, 09/15/24 (Call 11/29/21)(a)(b) |
8,524 | 8,521,528 | ||||||
7.75%, 08/15/25 (Call 11/29/21)(b) |
7,931 | 8,059,998 | ||||||
8.88%, 06/01/24 (Call 02/01/23)(a)(b) |
10,832 | 11,942,280 | ||||||
|
|
|||||||
478,280,187 | ||||||||
Agriculture — 0.1% | ||||||||
Vector Group Ltd. |
||||||||
5.75%, 02/01/29 (Call 02/01/24)(a) |
14,964 | 14,934,072 | ||||||
10.50%, 11/01/26 (Call 11/29/21)(a) |
9,069 | 9,579,131 | ||||||
|
|
|||||||
24,513,203 |
Security |
Par (000) |
Value | ||||||
Airlines — 1.8% |
||||||||
Air
Canada, 3.88%, 08/15/26 |
$ | 21,350 | $ | 21,635,360 | ||||
American
Airlines Group Inc., |
8,002 | 7,300,625 | ||||||
American Airlines Inc., 11.75%, 07/15/25(a) |
42,828 | 53,053,185 | ||||||
American Airlines Inc./AAdvantage Loyalty IP Ltd. |
||||||||
5.50%, 04/20/26(a)(b) |
58,326 | 61,147,520 | ||||||
5.75%, 04/20/29(a) |
50,384 | 54,225,780 | ||||||
Delta Air Lines Inc. |
||||||||
2.90%, 10/28/24 (Call 09/28/24)(b) |
16,560 | 16,897,142 | ||||||
3.75%, 10/28/29 (Call 07/28/29)(b) |
11,371 | 11,541,565 | ||||||
3.80%, 04/19/23 (Call 03/19/23)(b) |
6,650 | 6,886,488 | ||||||
4.38%, 04/19/28 (Call 01/19/28)(b) |
6,661 | 7,093,965 | ||||||
7.38%, 01/15/26 (Call 12/15/25)(b) |
19,398 | 22,782,951 | ||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd., 5.75%, 01/20/26 (Call 01/20/24)(a)(b) |
21,328 | 22,394,400 | ||||||
United Airlines Holdings Inc., 4.25%, 10/01/22(b) |
1,076 | 1,098,327 | ||||||
United Airlines Inc. |
||||||||
4.38%, 04/15/26 (Call 10/15/25)(a) |
35,128 | 36,334,573 | ||||||
4.63%, 04/15/29 (Call 10/15/28)(a) |
34,200 | 35,290,809 | ||||||
|
|
|||||||
357,682,690 | ||||||||
Apparel — 0.3% | ||||||||
Hanesbrands Inc. |
||||||||
4.63%, 05/15/24 (Call 02/15/24)(a) |
12,915 | 13,497,368 | ||||||
4.88%, 05/15/26 (Call 02/15/26)(a) |
13,998 | 14,960,363 | ||||||
5.38%, 05/15/25 (Call 05/15/22)(a)(b) |
14,137 | 14,732,080 | ||||||
William Carter Co. (The) |
||||||||
5.50%, 05/15/25 (Call 05/15/22)(a) |
8,587 | 8,988,442 | ||||||
5.63%, 03/15/27 (Call 03/15/22)(a)(b) |
8,143 | 8,428,005 | ||||||
|
|
|||||||
60,606,258 | ||||||||
Auto Manufacturers — 3.3% | ||||||||
Allison Transmission Inc. |
||||||||
3.75%, 01/30/31 (Call 01/30/26)(a)(b) |
17,282 | 16,612,323 | ||||||
4.75%, 10/01/27 (Call 10/01/22)(a)(b) |
6,522 | 6,783,998 | ||||||
5.88%, 06/01/29 (Call 06/01/24)(a)(b) |
8,049 | 8,680,480 | ||||||
Aston
Martin Capital Holdings Ltd., |
19,258 | 21,079,266 | ||||||
Ford Motor Co. |
||||||||
4.35%, 12/08/26 (Call 09/08/26)(b) |
21,663 | 23,157,205 | ||||||
8.50%, 04/21/23 |
46,332 | 50,787,980 | ||||||
9.00%, 04/22/25 (Call 03/22/25)(b) |
51,029 | 61,362,372 | ||||||
9.63%, 04/22/30 (Call 01/22/30)(b) |
14,116 | 20,355,296 | ||||||
Ford Motor Credit Co. LLC |
||||||||
2.70%, 08/10/26 (Call 07/10/26) |
20,830 | 20,777,896 | ||||||
2.90%, 02/16/28 (Call 12/16/27)(b) |
10,495 | 10,413,108 | ||||||
3.09%, 01/09/23 |
18,918 | 19,232,985 | ||||||
3.10%, 05/04/23 |
13,294 | 13,529,381 | ||||||
3.35%, 11/01/22 |
12,338 | 12,523,070 | ||||||
3.37%, 11/17/23 |
13,014 | 13,355,618 | ||||||
3.38%, 11/13/25 (Call 10/13/25) |
30,667 | 31,510,342 | ||||||
3.55%, 10/07/22(b) |
1,414 | 1,436,893 | ||||||
3.63%, 06/17/31 (Call 03/17/31)(b) |
13,723 | 13,877,384 | ||||||
3.66%, 09/08/24 |
10,810 | 11,203,063 | ||||||
3.81%, 01/09/24 (Call 11/09/23) |
10,109 | 10,462,815 | ||||||
3.82%, 11/02/27 (Call 08/02/27) |
10,717 | 11,129,583 | ||||||
4.00%, 11/13/30 (Call 08/13/30)(b) |
24,113 | 25,107,661 | ||||||
4.06%, 11/01/24 (Call 10/01/24) |
20,922 | 21,914,749 | ||||||
4.13%, 08/04/25(b) |
17,920 | 18,928,575 | ||||||
4.13%, 08/17/27 (Call 06/17/27) |
18,346 | 19,419,485 | ||||||
4.14%, 02/15/23 (Call 01/15/23)(b) |
11,012 | 11,329,503 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Auto Manufacturers (continued) | ||||||||
4.27%, 01/09/27 (Call 11/09/26) |
$ | 12,590 | $ | 13,378,008 | ||||
4.38%, 08/06/23(b) |
12,975 | 13,510,219 | ||||||
4.39%, 01/08/26(b) |
16,135 | 17,266,651 | ||||||
4.54%, 08/01/26 (Call 06/01/26) |
11,126 | 11,980,254 | ||||||
4.69%, 06/09/25 (Call 04/09/25) |
8,770 | 9,375,569 | ||||||
5.11%, 05/03/29 (Call 02/03/29)(b) |
20,687 | 23,025,781 | ||||||
5.13%, 06/16/25 (Call 05/16/25)(b) |
23,795 | 25,869,660 | ||||||
5.58%, 03/18/24 (Call 02/18/24) |
19,826 | 21,362,515 | ||||||
Jaguar Land Rover Automotive PLC |
||||||||
4.50%, 10/01/27 (Call 07/01/27)(a)(b) |
8,481 | 8,158,104 | ||||||
5.50%, 07/15/29 (Call 07/15/24)(a)(b) |
9,442 | 9,141,036 | ||||||
5.63%, 02/01/23 (Call 11/29/21)(a)(b) |
5,708 | 5,730,975 | ||||||
5.88%, 01/15/28 (Call 01/15/24)(a) |
9,486 | 9,462,285 | ||||||
7.75%, 10/15/25 (Call 10/15/22)(a) |
13,225 | 14,201,273 | ||||||
|
|
|||||||
657,433,361 | ||||||||
Auto Parts & Equipment — 1.3% | ||||||||
Adient Global Holdings Ltd., 4.88%, 08/15/26 (Call 11/29/21)(a)(b) |
12,021 | 12,245,851 | ||||||
Adient U.S. LLC, 9.00%, 04/15/25 (Call 04/15/22)(a) |
10,450 | 11,189,024 | ||||||
American Axle & Manufacturing Inc. |
||||||||
5.00%, 10/01/29 (Call 10/01/24)(b) |
12,922 | 12,322,970 | ||||||
6.25%, 03/15/26 (Call 11/09/21)(b) |
4,118 | 4,236,393 | ||||||
6.50%, 04/01/27 (Call 04/01/22) |
7,527 | 7,856,306 | ||||||
6.88%, 07/01/28 (Call 07/01/23)(b) |
4,119 | 4,374,790 | ||||||
Clarios Global LP, 6.75%, 05/15/25 (Call 05/15/22)(a)(b) . |
6,037 | 6,362,565 | ||||||
Clarios Global LP/Clarios US Finance Co. |
||||||||
6.25%, 05/15/26 (Call 05/15/22)(a)(b) |
15,568 | 16,288,020 | ||||||
8.50%, 05/15/27 (Call 05/15/22)(a)(b) |
31,839 | 33,876,696 | ||||||
Dana
Financing Luxembourg Sarl, |
3,319 | 3,418,570 | ||||||
Dana Inc. |
||||||||
4.25%, 09/01/30 (Call 05/01/26)(b) |
7,465 | 7,544,885 | ||||||
5.38%, 11/15/27 (Call 11/15/22)(b) |
4,695 | 4,923,177 | ||||||
5.63%, 06/15/28 (Call 06/15/23)(b) |
4,540 | 4,806,725 | ||||||
Goodyear Tire & Rubber Co. (The) |
||||||||
4.88%, 03/15/27 (Call 12/15/26)(b) |
11,477 | 12,205,789 | ||||||
5.00%, 05/31/26 (Call 11/29/21)(b) |
13,340 | 13,654,644 | ||||||
5.00%, 07/15/29 (Call 04/15/29)(a)(b) |
15,191 | 16,026,505 | ||||||
5.25%, 04/30/31 (Call 01/30/31)(b) |
8,962 | 9,591,867 | ||||||
5.25%, 07/15/31 (Call 04/15/31)(a)(b) |
9,431 | 10,031,384 | ||||||
5.63%, 04/30/33 (Call 01/30/33) |
7,667 | 8,236,548 | ||||||
9.50%, 05/31/25 (Call 05/31/22) |
14,269 | 15,552,350 | ||||||
Tenneco Inc. |
||||||||
5.00%, 07/15/26 (Call 11/29/21)(b) |
9,014 | 8,757,101 | ||||||
5.13%, 04/15/29 (Call 04/15/24)(a) |
12,633 | 12,528,778 | ||||||
7.88%, 01/15/29 (Call 01/15/24)(a) |
7,714 | 8,409,224 | ||||||
ZF
North America Capital Inc., |
17,020 | 18,247,142 | ||||||
|
|
|||||||
262,687,304 | ||||||||
Banks — 1.6% | ||||||||
CIT Group Inc. |
||||||||
3.93%, 06/19/24 (Call 06/19/23)(b)(c) |
6,320 | 6,573,151 | ||||||
4.75%, 02/16/24 (Call 11/16/23)(b) |
8,046 | 8,564,833 | ||||||
5.00%, 08/01/23 |
9,364 | 9,955,847 | ||||||
5.25%, 03/07/25 (Call 12/07/24)(b) |
7,990 | 8,794,893 | ||||||
6.13%, 03/09/28(b) |
9,079 | 10,804,010 | ||||||
Commerzbank AG, 8.13%, 09/19/23(a)(b) |
18,983 | 21,253,312 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
Deutsche Bank AG |
||||||||
4.30%,
05/24/28 (Call 05/24/23), |
$ | 25,091 | $ | 26,002,154 | ||||
4.50%, 04/01/25(b) |
28 | 30,005 | ||||||
Deutsche Bank AG/New York NY |
||||||||
3.73%, 01/14/32 (Call 01/14/31)(b)(c) |
21,831 | 22,389,874 | ||||||
4.88%, 12/01/32 (Call 12/01/27)(b)(c) |
15,804 | 17,158,852 | ||||||
5.88%, 07/08/31 (Call 04/08/30)(b)(c) |
8,505 | 9,974,187 | ||||||
Fifth
Third Bancorp., Series H, 5.10%, |
11,064 | 11,316,525 | ||||||
Freedom Mortgage Corp. |
||||||||
6.63%, 01/15/27 (Call 01/15/24)(a) |
11,360 | 10,793,420 | ||||||
7.63%, 05/01/26 (Call 05/01/23)(a)(b) |
9,544 | 9,336,020 | ||||||
8.13%, 11/15/24 (Call 11/29/21)(a)(b) |
6,500 | 6,572,109 | ||||||
8.25%, 04/15/25 (Call 11/29/21)(a) |
11,719 | 11,873,934 | ||||||
Intesa Sanpaolo SpA |
||||||||
4.20%, 06/01/32 (Call 06/01/31)(a) |
13,317 | 13,426,452 | ||||||
5.02%, 06/26/24(a)(b) |
33,128 | 35,694,158 | ||||||
UniCredit SpA |
||||||||
5.46%, 06/30/35 (Call 06/30/30)(a)(b)(c) |
25,902 | 28,333,392 | ||||||
5.86%, 06/19/32 (Call 06/19/27)(a)(b)(c) |
16,023 | 17,657,320 | ||||||
7.30%, 04/02/34 (Call 04/02/29)(a)(b)(c) |
20,134 | 24,182,881 | ||||||
|
|
|||||||
310,687,329 | ||||||||
Building Materials — 0.9% | ||||||||
Builders
FirstSource Inc. |
17,434 | 17,559,389 | ||||||
5.00%, 03/01/30 (Call 03/01/25)(a)(b) |
7,243 | 7,676,760 | ||||||
6.75%, 06/01/27 (Call 06/01/22)(a) |
12,622 | 13,320,580 | ||||||
Griffon
Corp., 5.75%, 03/01/28 |
18,525 | 19,358,625 | ||||||
Jeld-Wen
Inc. |
7,652 | 7,745,737 | ||||||
4.88%, 12/15/27 (Call 12/15/22)(a)(b) |
7,855 | 8,121,500 | ||||||
SRM Escrow Issuer LLC, 6.00%, 11/01/28 (Call 11/01/23)(a)(b) |
19,836 | 20,670,481 | ||||||
Standard Industries Inc./NJ |
||||||||
3.38%, 01/15/31 (Call 07/15/25)(a)(b) |
19,666 | 18,240,215 | ||||||
4.38%, 07/15/30 (Call 07/15/25)(a)(b) |
17,564 | 17,581,857 | ||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) |
13,520 | 13,920,530 | ||||||
5.00%, 02/15/27 (Call 02/15/22)(a) |
16,884 | 17,327,205 | ||||||
Summit Materials LLC/Summit Materials Finance Corp., 5.25%, 01/15/29 (Call 07/15/23)(a)(b) |
13,959 | 14,675,950 | ||||||
|
|
|||||||
176,198,829 | ||||||||
Chemicals — 1.6% | ||||||||
Axalta Coating Systems LLC, 3.38%, 02/15/29 (Call 02/15/24)(a)(b) |
12,538 | 11,941,910 | ||||||
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/27 (Call 06/15/23)(a)(b) |
6,579 | 6,784,183 | ||||||
CF Industries Inc., 3.45%, 06/01/23 |
5,716 | 5,927,892 | ||||||
Chemours Co. (The) |
||||||||
4.63%, 11/15/29 (Call 11/15/24)(a)(b) |
12,218 | 11,759,825 | ||||||
5.38%, 05/15/27 (Call 02/15/27)(b) |
7,492 | 7,951,110 | ||||||
5.75%, 11/15/28 (Call 11/15/23)(a)(b) |
11,657 | 12,007,617 | ||||||
Methanex Corp. |
||||||||
5.13%, 10/15/27 (Call 04/15/27)(b) |
10,755 | 11,319,637 | ||||||
5.25%, 12/15/29 (Call 09/15/29)(b) |
11,440 | 12,140,700 | ||||||
NOVA Chemicals Corp. |
||||||||
4.25%, 05/15/29 (Call 05/15/24)(a)(b) |
10,216 | 10,088,981 | ||||||
4.88%, 06/01/24 (Call 03/03/24)(a) |
15,655 | 16,322,216 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Chemicals (continued) | ||||||||
5.00%, 05/01/25 (Call 01/31/25)(a)(b) |
$ | 7,212 | $ | 7,626,916 | ||||
5.25%, 06/01/27 (Call 03/03/27)(a)(b) |
17,723 | 18,586,996 | ||||||
Olin Corp. |
||||||||
5.00%, 02/01/30 (Call 02/01/24)(b) |
9,327 | 9,894,675 | ||||||
5.13%, 09/15/27 (Call 03/15/22) |
7,276 | 7,529,502 | ||||||
5.63%, 08/01/29 (Call 08/01/24)(b) |
14,710 | 16,060,460 | ||||||
9.50%, 06/01/25 (Call 03/01/25)(a)(b) |
8,680 | 10,698,410 | ||||||
Olympus Water U.S. Holding Corp. |
||||||||
4.25%, 10/01/28 (Call 10/01/24)(a) |
10,589 | 10,405,347 | ||||||
6.25%, 10/01/29 (Call 10/01/24)(a) |
7,903 | 7,875,814 | ||||||
SCIH Salt Holdings Inc. |
||||||||
4.88%, 05/01/28 (Call 05/01/24)(a)(b) |
19,710 | 19,266,525 | ||||||
6.63%, 05/01/29 (Call 05/01/24)(a)(b) |
11,126 | 10,463,244 | ||||||
Tronox Inc. |
||||||||
4.63%, 03/15/29 (Call 03/15/24)(a)(b) |
17,859 | 17,496,462 | ||||||
6.50%, 05/01/25 (Call 05/01/22)(a)(b) |
9,448 | 9,920,400 | ||||||
Unifrax Escrow Issuer Corp. |
||||||||
5.25%, 09/30/28 (Call 09/30/24)(a) |
12,865 | 12,849,862 | ||||||
7.50%, 09/30/29 (Call 09/30/24)(a)(b) |
6,709 | 6,674,337 | ||||||
Valvoline Inc. |
||||||||
3.63%, 06/15/31 (Call 06/15/26)(a) |
11,080 | 10,828,853 | ||||||
4.25%, 02/15/30 (Call 02/15/25)(a) |
8,806 | 8,938,090 | ||||||
WR Grace Holdings LLC |
||||||||
4.88%, 06/15/27 (Call 06/15/23)(a)(b) |
12,711 | 12,919,143 | ||||||
5.63%, 08/15/29 (Call 08/15/24)(a) |
19,020 | 19,186,425 | ||||||
|
|
|||||||
323,465,532 | ||||||||
Commercial Services — 3.8% | ||||||||
ADT Security Corp. (The) |
||||||||
4.13%, 06/15/23 |
9,166 | 9,533,520 | ||||||
4.13%, 08/01/29 (Call 08/01/28)(a)(b) |
17,469 | 17,260,128 | ||||||
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(a) |
9,390 | 9,478,078 | ||||||
Albion Financing 2SARL, 8.75%, 04/15/27 (Call 10/15/23)(a)(b) |
7,550 | 7,578,011 | ||||||
Allied
Universal Holdco LLC/Allied Universal |
||||||||
6.00%, 06/01/29 (Call 06/01/24)(a)(b) |
15,080 | 14,872,801 | ||||||
6.63%, 07/15/26 (Call 07/15/22)(a) |
35,588 | 37,434,127 | ||||||
9.75%, 07/15/27 (Call 07/15/22)(a) |
20,317 | 21,925,308 | ||||||
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl |
||||||||
4.63%, 06/01/28 (Call 06/01/24)(a)(b) |
20,829 | 20,686,738 | ||||||
4.63%, 06/01/28 (Call 06/01/24)(a) |
14,638 | 14,523,824 | ||||||
APX Group Inc. |
||||||||
5.75%, 07/15/29 (Call 07/15/24)(a)(b) |
13,761 | 13,622,244 | ||||||
6.75%, 02/15/27 (Call 02/15/23)(a)(b) |
9,498 | 10,032,442 | ||||||
Avis Budget Car Rental LLC/Avis Budget Finance Inc. |
||||||||
4.75%, 04/01/28 (Call 04/01/24)(a)(b) |
7,743 | 8,027,517 | ||||||
5.38%, 03/01/29 (Call 03/01/24)(a)(b) |
11,332 | 11,954,481 | ||||||
5.75%, 07/15/27 (Call 07/15/22)(a)(b) |
6,799 | 7,107,599 | ||||||
Brink’s Co. (The) |
||||||||
4.63%, 10/15/27 (Call 10/15/22)(a)(b) |
9,371 | 9,652,599 | ||||||
5.50%, 07/15/25 (Call 07/15/22)(a)(b) |
5,647 | 5,898,292 | ||||||
Garda World Security Corp. |
||||||||
4.63%, 02/15/27 (Call 02/15/23)(a)(b) |
9,795 | 9,721,537 | ||||||
6.00%, 06/01/29 (Call 06/01/24)(a)(b) |
8,349 | 8,183,759 | ||||||
9.50%, 11/01/27 (Call 11/01/22)(a)(b) |
10,386 | 11,204,709 | ||||||
Gartner Inc. |
||||||||
3.63%, 06/15/29 (Call 06/15/24)(a)(b) |
9,955 | 10,004,775 | ||||||
3.75%, 10/01/30 (Call 10/01/25)(a)(b) |
15,384 | 15,666,815 |
Security |
Par (000) |
Value | ||||||
Commercial Services (continued) | ||||||||
4.50%, 07/01/28 (Call 07/01/23)(a)(b) |
$ | 13,105 | $ | 13,649,513 | ||||
Herc
Holdings Inc., 5.50%, 07/15/27 |
22,681 | 23,672,586 | ||||||
Jaguar
Holding Co. II/PPD Development LP |
7,491 | 7,794,386 | ||||||
5.00%, 06/15/28 (Call 06/15/23)(a)(b) |
15,115 | 16,248,625 | ||||||
MPH Acquisition Holdings LLC |
||||||||
5.50%, 09/01/28 (Call 09/01/24)(a)(b) |
18,283 | 18,155,617 | ||||||
5.75%, 11/01/28 (Call 11/01/23)(a)(b) |
21,344 | 19,452,922 | ||||||
Nielsen
Co Luxembourg SARL (The), |
9,248 | 9,404,060 | ||||||
Nielsen Finance LLC/Nielsen Finance Co. |
||||||||
4.50%, 07/15/29 (Call 07/15/24)(a)(b) |
12,177 | 11,906,062 | ||||||
4.75%, 07/15/31 (Call 07/15/26)(a) |
11,464 | 11,187,144 | ||||||
5.63%, 10/01/28 (Call 10/01/23)(a)(b) |
16,350 | 17,009,888 | ||||||
5.88%, 10/01/30 (Call 10/01/25)(a) |
11,173 | 11,709,863 | ||||||
Prime
Security Services Borrower LLC/Prime |
||||||||
3.38%, 08/31/27 (Call 08/31/26)(a)(b) |
17,596 | 16,849,308 | ||||||
5.25%, 04/15/24(a)(b) |
12,036 | 12,798,033 | ||||||
5.75%, 04/15/26(a)(b) |
22,368 | 23,901,950 | ||||||
6.25%, 01/15/28 (Call 01/15/23)(a)(b) |
22,452 | 23,013,300 | ||||||
Sabre GLBL Inc. |
||||||||
7.38%, 09/01/25 (Call 09/01/22)(a)(b) |
14,560 | 15,506,991 | ||||||
9.25%, 04/15/25 (Call 03/16/25)(a) |
11,593 | 13,397,566 | ||||||
Service Corp. International/U.S. |
||||||||
3.38%, 08/15/30 (Call 08/15/25)(b) |
14,954 | 14,729,690 | ||||||
4.00%, 05/15/31 (Call 05/15/26)(b) |
15,557 | 15,907,032 | ||||||
4.63%, 12/15/27 (Call 12/15/22)(b) |
7,338 | 7,729,440 | ||||||
5.13%, 06/01/29 (Call 06/01/24)(b) |
11,338 | 12,231,812 | ||||||
Sotheby’s, 7.38%, 10/15/27 (Call 10/15/22)(a) |
2,500 | 2,628,125 | ||||||
Square Inc. |
||||||||
2.75%, 06/01/26 (Call 05/01/26)(a)(b) |
17,444 | 17,664,192 | ||||||
3.50%, 06/01/31 (Call 03/01/31)(a)(b) |
17,300 | 17,727,599 | ||||||
United Rentals North America Inc. |
||||||||
3.75%, 01/15/32 (Call 07/15/26) |
11,971 | 11,936,383 | ||||||
3.88%, 02/15/31 (Call 08/15/25)(b) |
20,863 | 21,017,386 | ||||||
4.00%, 07/15/30 (Call 07/15/25)(b) |
11,521 | 11,759,715 | ||||||
4.88%, 01/15/28 (Call 01/15/23)(b) |
28,230 | 29,798,176 | ||||||
5.25%, 01/15/30 (Call 01/15/25)(b) |
12,242 | 13,251,965 | ||||||
5.50%, 05/15/27 (Call 05/15/22)(b) |
16,780 | 17,580,272 | ||||||
Verscend
Escrow Corp., 9.75%, 08/15/26 |
19,680 | 20,847,221 | ||||||
|
|
|||||||
754,836,126 | ||||||||
Computers — 1.3% | ||||||||
Booz Allen Hamilton Inc. |
||||||||
3.88%, 09/01/28 (Call 09/01/23)(a)(b) |
10,551 | 10,662,840 | ||||||
4.00%, 07/01/29 (Call 07/01/24)(a)(b) |
10,692 | 10,819,564 | ||||||
Dell International LLC/EMC Corp., 7.13%, 06/15/24 (Call 11/02/21)(a) |
27,150 | 27,699,850 | ||||||
Diebold Nixdorf Inc. |
||||||||
8.50%, 04/15/24 (Call 11/29/21)(b) |
4,300 | 4,293,980 | ||||||
9.38%, 07/15/25 (Call 07/15/22)(a) |
12,607 | 13,529,675 | ||||||
Exela
Intermediate LLC/Exela Finance Inc., |
15,621 | 13,082,587 | ||||||
NCR Corp. |
||||||||
5.00%, 10/01/28 (Call 10/01/23)(a)(b) |
9,046 | 9,210,605 | ||||||
5.13%, 04/15/29 (Call 04/15/24)(a)(b) |
22,489 | 23,024,913 | ||||||
5.25%, 10/01/30 (Call 10/01/25)(a)(b) |
7,088 | 7,314,144 | ||||||
5.75%, 09/01/27 (Call 09/01/22)(a)(b) |
8,604 | 9,039,669 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Computers (continued) | ||||||||
6.13%, 09/01/29 (Call 09/01/24)(a)(b) |
$ | 8,788 | $ | 9,441,704 | ||||
Seagate HDD Cayman |
||||||||
3.13%, 07/15/29 (Call 01/15/24)(a)(b) |
6,018 | 5,778,484 | ||||||
3.38%, 07/15/31 (Call 01/15/26)(a) |
10,258 | 9,812,841 | ||||||
4.09%, 06/01/29 (Call 03/01/29) |
7,737 | 7,999,826 | ||||||
4.13%, 01/15/31 (Call 10/15/30) |
8,470 | 8,601,115 | ||||||
4.75%, 06/01/23(b) |
7,159 | 7,481,155 | ||||||
4.75%, 01/01/25(b) |
8,721 | 9,407,779 | ||||||
4.88%, 03/01/24 (Call 01/01/24) |
5,858 | 6,239,063 | ||||||
4.88%, 06/01/27 (Call 03/01/27)(b) |
10,268 | 11,324,496 | ||||||
Vericast Corp., 11.00%, 09/15/26 (Call 09/15/23)(a) |
21,808 | 22,789,759 | ||||||
Western
Digital Corp., 4.75%, 02/15/26 |
38,456 | 42,253,530 | ||||||
|
|
|||||||
269,807,579 | ||||||||
Cosmetics & Personal Care — 0.3% | ||||||||
Coty Inc. |
||||||||
5.00%, 04/15/26 (Call 04/15/23)(a)(b) |
16,793 | 17,241,877 | ||||||
6.50%, 04/15/26 (Call 11/29/21)(a)(b) |
9,426 | 9,696,997 | ||||||
Edgewell Personal Care Co. |
||||||||
4.13%, 04/01/29 (Call 04/01/24)(a)(b) |
7,214 | 7,106,941 | ||||||
5.50%, 06/01/28 (Call 06/01/23)(a)(b) |
15,566 | 16,284,460 | ||||||
|
|
|||||||
50,330,275 | ||||||||
Distribution & Wholesale — 0.5% | ||||||||
American Builders & Contractors Supply Co. Inc. |
||||||||
3.88%, 11/15/29 (Call 11/15/24)(a)(b) |
7,600 | 7,474,072 | ||||||
4.00%, 01/15/28 (Call 01/15/23)(a)(b) |
11,563 | 11,748,157 | ||||||
Avient Corp. |
||||||||
5.25%, 03/15/23(b) |
7,292 | 7,683,945 | ||||||
5.75%, 05/15/25 (Call 05/15/22)(a) |
14,422 | 15,099,877 | ||||||
H&E
Equipment Services Inc., |
21,729 | 21,631,469 | ||||||
Wolverine Escrow LLC |
||||||||
8.50%, 11/15/24 (Call 11/29/21)(a)(b) |
9,803 | 9,092,283 | ||||||
9.00%, 11/15/26 (Call 11/15/22)(a)(b) |
14,747 | 13,567,240 | ||||||
13.13%, 11/15/27 (Call 11/15/22)(a)(b) |
8,680 | 5,747,090 | ||||||
|
|
|||||||
92,044,133 | ||||||||
Diversified Financial Services — 3.1% | ||||||||
AerCap
Holdings NV, 5.88%, 10/10/79 |
13,102 | 13,647,829 | ||||||
Ally
Financial Inc., 5.75%, 11/20/25 |
18,879 | 21,420,113 | ||||||
Coinbase Global Inc. |
||||||||
3.38%, 10/01/28 (Call 10/01/24)(a)(b) |
16,328 | 15,722,683 | ||||||
3.63%, 10/01/31 (Call 10/01/26)(a)(b) |
17,462 | 16,626,056 | ||||||
Enact Holdings Inc., 6.50%, 08/15/25 |
||||||||
(Call 02/15/25)(a)(b) |
10,697 | 11,749,323 | ||||||
Jefferies
Finance LLC/JFIN Co-Issuer Corp., |
16,995 | 17,246,696 | ||||||
LD Holdings Group LLC |
||||||||
6.13%, 04/01/28 (Call 04/01/24)(a)(b) |
10,041 | 9,207,848 | ||||||
6.50%, 11/01/25 (Call 11/01/22)(a)(b) |
7,629 | 7,495,016 | ||||||
LPL Holdings Inc. |
||||||||
4.00%, 03/15/29 (Call 03/15/24)(a)(b) |
16,859 | 17,221,469 | ||||||
4.38%, 05/15/31 (Call 05/15/26)(a)(b) |
7,439 | 7,612,422 | ||||||
4.63%, 11/15/27 (Call 11/15/22)(a) |
4,390 | 4,529,332 | ||||||
Midcap Financial Issuer Trust |
||||||||
5.63%, 01/15/30 (Call 01/15/25)(a) |
6,634 | 6,526,198 | ||||||
6.50%, 05/01/28 (Call 05/01/24)(a) |
17,376 | 18,016,015 | ||||||
Nationstar Mortgage Holdings Inc. |
||||||||
5.13%, 12/15/30 (Call 12/15/25)(a)(b) |
10,904 | 10,977,084 |
Security |
Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
5.50%, 08/15/28 (Call 08/15/23)(a)(b) |
$ | 12,712 | $ | 13,038,275 | ||||
6.00%, 01/15/27 (Call 01/15/23)(a) |
11,001 | 11,524,521 | ||||||
Navient Corp. |
||||||||
4.88%, 03/15/28 (Call 06/15/27) |
7,948 | 7,976,699 | ||||||
5.00%, 03/15/27 (Call 09/15/26)(b) |
14,301 | 14,587,020 | ||||||
5.50%, 01/25/23 |
16,612 | 17,348,078 | ||||||
5.88%, 10/25/24(b) |
6,846 | 7,308,105 | ||||||
6.13%, 03/25/24 |
14,478 | 15,490,121 | ||||||
6.75%, 06/25/25(b) |
7,335 | 8,040,610 | ||||||
6.75%, 06/15/26(b) |
7,881 | 8,702,003 | ||||||
7.25%, 09/25/23(b) |
8,039 | 8,754,024 | ||||||
NFP Corp. |
||||||||
4.88%, 08/15/28 (Call 08/15/23)(a)(b) |
5,684 | 5,769,260 | ||||||
6.88%, 08/15/28 (Call 08/15/23)(a)(b) |
30,141 | 30,592,461 | ||||||
OneMain Finance Corp. |
||||||||
3.50%, 01/15/27 (Call 01/15/24)(b) |
11,954 | 11,708,184 | ||||||
3.88%, 09/15/28 (Call 09/15/24)(b) |
10,066 | 9,801,768 | ||||||
4.00%, 09/15/30 (Call 09/15/25)(b) |
16,108 | 15,644,895 | ||||||
5.38%, 11/15/29 (Call 05/15/29)(b) |
12,501 | 13,380,987 | ||||||
5.63%, 03/15/23(b) |
14,204 | 14,938,631 | ||||||
6.13%, 03/15/24 (Call 09/15/23)(b) |
20,248 | 21,538,810 | ||||||
6.63%, 01/15/28 (Call 07/15/27)(b) |
14,200 | 16,008,691 | ||||||
6.88%, 03/15/25(b) |
22,043 | 24,591,867 | ||||||
7.13%, 03/15/26 |
25,913 | 29,443,646 | ||||||
8.88%, 06/01/25 (Call 06/01/22) |
9,988 | 10,793,615 | ||||||
PennyMac Financial Services Inc. |
||||||||
4.25%, 02/15/29 (Call 02/15/24)(a)(b) |
10,820 | 10,244,723 | ||||||
5.38%, 10/15/25 (Call 10/15/22)(a) |
11,171 | 11,505,013 | ||||||
5.75%, 09/15/31 (Call 09/15/26)(a) |
9,190 | 9,057,319 | ||||||
Quicken Loans LLC/Quicken Loans Co-Issuer Inc. |
||||||||
3.63%, 03/01/29 (Call 03/01/24)(a)(b) |
15,428 | 15,330,489 | ||||||
3.88%, 03/01/31 (Call 03/01/26)(a)(b) |
20,753 | 20,524,717 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. |
||||||||
2.88%, 10/15/26 (Call 10/15/23)(a) |
15,707 | 15,599,014 | ||||||
4.00%, 10/15/33 (Call 10/15/27)(a)(b) |
11,787 | 11,631,314 | ||||||
SLM Corp., 3.13%, 11/02/26 (Call 10/02/26) |
8,550 | 8,485,875 | ||||||
United Wholesale Mortgage LLC |
||||||||
5.50%, 11/15/25 (Call 11/15/22)(a) |
12,710 | 12,664,775 | ||||||
5.50%, 04/15/29 (Call 04/15/24)(a)(b) |
12,192 | 11,935,968 | ||||||
|
|
|||||||
621,959,562 | ||||||||
Electric — 2.7% | ||||||||
Calpine Corp. |
||||||||
3.75%, 03/01/31 (Call 03/01/26)(a)(b) |
17,481 | 16,736,089 | ||||||
4.50%, 02/15/28 (Call 02/15/23)(a)(b) |
23,040 | 23,322,339 | ||||||
4.63%, 02/01/29 (Call 02/01/24)(a) |
10,128 | 9,843,775 | ||||||
5.00%, 02/01/31 (Call 02/01/26)(a)(b) |
13,656 | 13,372,447 | ||||||
5.13%, 03/15/28 (Call 03/15/23)(a)(b) |
21,612 | 21,554,968 | ||||||
5.25%, 06/01/26 (Call 11/29/21)(a) |
13,718 | 14,110,255 | ||||||
Clearway Energy Operating LLC |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a)(b) |
17,223 | 17,156,261 | ||||||
4.75%, 03/15/28 (Call 03/15/23)(a)(b) |
13,667 | 14,459,686 | ||||||
DPL Inc. |
||||||||
4.13%, 07/01/25 (Call 04/01/25) |
7,034 | 7,439,369 | ||||||
4.35%, 04/15/29 (Call 01/15/29)(b) |
8,221 | 8,899,233 | ||||||
Electricite de France SA |
||||||||
5.25%, (Call 01/29/23)(a)(b)(c)(d) |
30,704 | 31,801,954 | ||||||
5.63%, (Call 01/22/24)(a)(b)(c)(d) |
23,044 | 24,521,077 | ||||||
Emera
Inc., Series 16-A, 6.75%, 06/15/76 |
8,741 | 10,260,885 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Electric (continued) |
||||||||
FirstEnergy Corp. |
||||||||
2.65%, 03/01/30 (Call 12/01/29)(b) |
$ | 12,240 | $ | 12,125,519 | ||||
Series B, 2.25%, 09/01/30 (Call 06/01/30) |
8,275 | 7,961,521 | ||||||
Series B, 4.40%, 07/15/27 (Call 04/15/27) |
27,087 | 29,389,395 | ||||||
Series B, 4.75%, 03/15/23 (Call 12/15/22) |
3,723 | 3,860,016 | ||||||
FirstEnergy Transmission LLC |
||||||||
2.87%, 09/15/28 (Call 07/15/28)(a) |
6,529 | 6,735,012 | ||||||
4.35%, 01/15/25 (Call 10/15/24)(a) |
8,671 | 9,384,533 | ||||||
NextEra Energy Operating Partners LP |
||||||||
3.88%,
10/15/26 |
10,106 | 10,744,325 | ||||||
4.25%, 07/15/24 (Call 04/15/24)(a) |
10,700 | 11,328,090 | ||||||
4.25%, 09/15/24 (Call 07/15/24)(a) |
983 | 1,042,239 | ||||||
4.50%,
09/15/27 |
8,872 | 9,468,908 | ||||||
NRG Energy Inc. |
||||||||
3.38%, 02/15/29 (Call 02/15/24)(a) |
8,070 | 7,893,267 | ||||||
3.63%,
02/15/31 |
17,435 | 16,991,497 | ||||||
3.88%,
02/15/32 |
20,939 | 20,520,220 | ||||||
5.25%,
06/15/29 |
10,949 | 11,639,699 | ||||||
5.75%, 01/15/28 (Call 01/15/23) |
12,542 | 13,306,059 | ||||||
6.63%, 01/15/27 (Call 11/15/21)(b) |
5,957 | 6,180,388 | ||||||
PG&E Corp. |
||||||||
5.00%, 07/01/28 (Call 07/01/23)(b) |
14,774 | 15,364,960 | ||||||
5.25%, 07/01/30 (Call 07/01/25)(b) |
17,991 | 18,796,097 | ||||||
Talen Energy Supply LLC |
||||||||
6.50%, 06/01/25 (Call 11/29/21)(b) |
10,010 | 6,031,025 | ||||||
6.63%, 01/15/28 (Call 01/15/23)(a) |
7,384 | 6,962,810 | ||||||
7.25%, 05/15/27 (Call 05/15/22)(a) |
12,485 | 11,954,387 | ||||||
7.63%, 06/01/28 (Call 06/01/23)(a) |
6,502 | 6,210,833 | ||||||
10.50%,
01/15/26 |
10,414 | 6,795,135 | ||||||
Vistra Operations Co. LLC |
||||||||
4.38%, 05/01/29 (Call 05/01/24)(a) |
21,566 | 21,313,740 | ||||||
5.00%,
07/31/27 |
21,766 | 22,295,608 | ||||||
5.50%,
09/01/26 |
16,673 | 17,168,188 | ||||||
5.63%,
02/15/27 |
20,906 | 21,616,804 | ||||||
|
|
|||||||
546,558,613 | ||||||||
Electrical Components & Equipment — 0.4% | ||||||||
Energizer Holdings Inc. |
||||||||
4.38%, 03/31/29 (Call 09/30/23)(a)(b) |
14,531 | 13,877,105 | ||||||
4.75%, 06/15/28 (Call 06/15/23)(a)(b) |
9,604 | 9,544,509 | ||||||
WESCO Distribution Inc. |
||||||||
7.13%, 06/15/25 (Call 06/15/22)(a) |
27,946 | 29,700,514 | ||||||
7.25%, 06/15/28 (Call 06/15/23)(a) |
21,806 | 24,038,270 | ||||||
|
|
|||||||
77,160,398 | ||||||||
Electronics — 0.5% | ||||||||
Imola
Merger Corp., |
33,889 | 34,819,253 | ||||||
Sensata Technologies BV |
||||||||
4.00%, 04/15/29 (Call 04/15/24)(a)(b) |
17,591 | 17,866,475 | ||||||
4.88%, 10/15/23(a) |
6,008 | 6,379,370 | ||||||
5.00%, 10/01/25(a)(b) |
12,145 | 13,282,298 | ||||||
5.63%, 11/01/24(a)(b) |
4,886 | 5,386,819 | ||||||
Sensata Technologies Inc. |
||||||||
3.75%,
02/15/31 |
14,264 | 14,086,797 | ||||||
4.38%,
02/15/30 |
6,216 | 6,570,312 | ||||||
|
|
|||||||
98,391,324 | ||||||||
Energy - Alternate Sources — 0.2% | ||||||||
TerraForm Power Operating LLC |
||||||||
4.25%,
01/31/23 |
5,291 | 5,418,793 | ||||||
4.75%,
01/15/30 |
12,737 | 13,198,716 |
Security |
Par (000) |
Value | ||||||
Energy - Alternate Sources (continued) |
||||||||
5.00%, 01/31/28 (Call 07/31/27)(a)(b) |
$ | 12,084 | $ | 12,899,428 | ||||
|
|
|||||||
31,516,937 | ||||||||
Engineering & Construction — 0.1% | ||||||||
AECOM, 5.13%, 03/15/27 (Call 12/15/26)(b) |
624 | 687,596 | ||||||
Brand
Industrial Services Inc., 8.50%, 07/15/25 |
16,378 | 16,414,032 | ||||||
Fluor Corp. |
||||||||
3.50%, 12/15/24 (Call 09/15/24)(b) |
2,469 | 2,567,760 | ||||||
4.25%, 09/15/28 (Call 06/15/28)(b) |
1,820 | 1,892,605 | ||||||
|
|
|||||||
21,561,993 | ||||||||
Entertainment — 2.9% | ||||||||
AMC
Entertainment Holdings Inc., |
8,097 | 8,704,275 | ||||||
Caesars Entertainment Inc. |
||||||||
4.63%, 10/15/29 (Call 10/15/24)(a) |
22,440 | 22,575,015 | ||||||
6.25%, 07/01/25 (Call 07/01/22)(a) |
55,937 | 58,809,645 | ||||||
8.13%, 07/01/27 (Call 07/01/23)(a)(b) |
29,004 | 32,485,930 | ||||||
Caesars Resort Collection LLC/CRC Finco Inc., 5.75%, 07/01/25 (Call 07/01/22)(a) |
13,644 | 14,336,433 | ||||||
Cedar
Fair LP, 5.25%, 07/15/29 |
7,795 | 8,139,929 | ||||||
Cedar
Fair LP/Canada’s Wonderland Co./Magnum Management Corp., |
5,516 | 5,569,350 | ||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op |
||||||||
5.38%, 04/15/27 (Call 04/15/22)(b) |
8,285 | 8,545,770 | ||||||
5.50%, 05/01/25 (Call 05/01/22)(a) |
20,847 | 21,663,318 | ||||||
Churchill Downs Inc. |
||||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) |
12,026 | 12,497,194 | ||||||
5.50%, 04/01/27 (Call 04/01/22)(a) |
10,004 | 10,366,645 | ||||||
Cinemark USA Inc. |
||||||||
5.25%, 07/15/28 (Call 07/15/24)(a)(b) |
12,407 | 12,096,825 | ||||||
5.88%, 03/15/26 (Call 03/15/23)(a)(b) |
7,182 | 7,219,804 | ||||||
International Game Technology PLC |
||||||||
4.13%, 04/15/26 (Call 04/15/23)(a) |
15,110 | 15,582,641 | ||||||
5.25%, 01/15/29 (Call 01/15/24)(a) |
13,115 | 13,803,538 | ||||||
6.25%, 01/15/27 (Call 07/15/26)(a) |
10,213 | 11,504,551 | ||||||
6.50%, 02/15/25 (Call 08/15/24)(a)(b) |
17,726 | 19,692,662 | ||||||
Lions
Gate Capital Holdings LLC, |
16,702 | 17,098,505 | ||||||
Live Nation Entertainment Inc. |
||||||||
3.75%, 01/15/28 (Call 01/15/24)(a)(b) |
9,486 | 9,379,283 | ||||||
4.75%, 10/15/27 (Call 10/15/22)(a)(b) |
15,637 | 15,949,740 | ||||||
4.88%, 11/01/24 (Call 11/29/21)(a) |
8,158 | 8,249,778 | ||||||
6.50%, 05/15/27 (Call 05/15/23)(a)(b) |
21,836 | 23,877,031 | ||||||
Mohegan Gaming & Entertainment |
||||||||
7.88%, 10/15/24 (Call 11/15/21)(a)(b) |
3,323 | 3,447,613 | ||||||
8.00%, 02/01/26 (Call 02/01/23)(a)(b) |
19,888 | 20,531,874 | ||||||
Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. |
||||||||
5.63%, 09/01/29 (Call 09/01/24)(a)(b) |
12,544 | 12,780,768 | ||||||
5.88%, 09/01/31 (Call 09/01/26)(a)(b) |
13,425 | 13,693,500 | ||||||
Resorts
World Las Vegas LLC/RWLV Capital Inc., |
15,254 | 15,425,132 | ||||||
Scientific Games International Inc. |
||||||||
5.00%, 10/15/25 (Call 11/29/21)(a) |
17,754 | 18,287,582 | ||||||
7.00%, 05/15/28 (Call 05/15/23)(a) |
11,812 | 12,762,275 | ||||||
7.25%, 11/15/29 (Call 11/15/24)(a)(b) |
7,705 | 8,707,266 | ||||||
8.25%, 03/15/26 (Call 03/15/22)(a)(b) |
17,259 | 18,316,114 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Entertainment (continued) |
||||||||
8.63%, 07/01/25 (Call 07/01/22)(a)(b) |
$ | 8,050 | $ | 8,701,044 | ||||
Six Flags Entertainment Corp. |
||||||||
4.88%, 07/31/24 (Call 11/29/21)(a)(b) |
16,140 | 16,322,777 | ||||||
5.50%, 04/15/27 (Call 04/15/22)(a)(b) |
7,320 | 7,585,350 | ||||||
Six
Flags Theme Parks Inc., 7.00%, 07/01/25 |
13,047 | 13,862,437 | ||||||
WMG Acquisition Corp. |
||||||||
3.00%, 02/15/31 (Call 02/15/26)(a)(b) |
15,356 | 14,923,575 | ||||||
3.88%, 07/15/30 (Call 07/15/25)(a)(b) |
8,003 | 8,317,868 | ||||||
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |
||||||||
5.13%, 10/01/29 (Call 07/01/29)(a)(b) |
12,908 | 12,963,182 | ||||||
7.75%, 04/15/25 (Call 04/15/22)(a) |
10,230 | 10,776,384 | ||||||
|
|
|||||||
575,552,603 | ||||||||
Environmental Control — 0.8% | ||||||||
Covanta Holding Corp. |
||||||||
5.00%, 09/01/30 (Call 09/01/25)(b) |
8,761 | 8,719,823 | ||||||
5.88%, 07/01/25 (Call 11/29/21) |
4,177 | 4,310,142 | ||||||
6.00%, 01/01/27 (Call 01/01/22) |
7,187 | 7,435,626 | ||||||
GFL Environmental Inc. |
||||||||
3.50%, 09/01/28 (Call 03/01/28)(a)(b) |
14,575 | 14,516,543 | ||||||
3.75%, 08/01/25 (Call 08/01/22)(a)(b) |
15,140 | 15,578,303 | ||||||
4.00%, 08/01/28 (Call 08/01/23)(a)(b) |
11,596 | 11,326,872 | ||||||
4.25%, 06/01/25 (Call 06/01/22)(a)(b) |
9,718 | 10,020,188 | ||||||
4.38%, 08/15/29 (Call 08/15/24)(a)(b) |
9,236 | 9,155,668 | ||||||
4.75%, 06/15/29 (Call 06/15/24)(a)(b) |
12,550 | 12,651,969 | ||||||
5.13%, 12/15/26 (Call 12/15/22)(a)(b) |
7,208 | 7,546,750 | ||||||
Madison IAQ LLC |
||||||||
4.13%, 06/30/28 (Call 06/30/24)(a)(b) |
12,740 | 12,671,140 | ||||||
5.88%, 06/30/29 (Call 06/30/24)(a)(b) |
17,100 | 16,971,750 | ||||||
Stericycle Inc. |
||||||||
3.88%, 01/15/29 (Call 11/15/23)(a)(b) |
9,860 | 9,712,100 | ||||||
5.38%, 07/15/24 (Call 11/15/21)(a)(b) |
9,552 | 9,800,352 | ||||||
|
|
|||||||
150,417,226 | ||||||||
Food — 3.3% | ||||||||
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC |
||||||||
3.25%, 03/15/26 (Call 09/15/22)(a)(b) |
16,109 | 16,384,588 | ||||||
3.50%, 02/15/23 (Call 12/15/22)(a)(b) |
9,642 | 9,810,827 | ||||||
3.50%, 03/15/29 (Call 09/15/23)(a)(b) |
20,693 | 20,415,000 | ||||||
4.63%, 01/15/27 (Call 01/15/23)(a)(b) |
22,113 | 23,080,444 | ||||||
4.88%, 02/15/30 (Call 02/15/25)(a)(b) |
18,981 | 20,350,637 | ||||||
5.88%, 02/15/28 (Call 08/15/22)(a)(b) |
14,152 | 15,048,202 | ||||||
7.50%, 03/15/26 (Call 03/15/22)(a)(b) |
8,042 | 8,655,203 | ||||||
B&G Foods Inc. |
||||||||
5.25%, 04/01/25 (Call 11/29/21) |
14,722 | 15,042,203 | ||||||
5.25%, 09/15/27 (Call 03/01/22)(b) |
10,994 | 11,280,575 | ||||||
JBS
Finance Luxembourg Sarl, |
2,762 | 2,727,475 | ||||||
JBS USA Food Co. |
||||||||
5.75%, 01/15/28 (Call 07/15/22)(a)(b) |
11,671 | 12,142,217 | ||||||
7.00%, 01/15/26 (Call 01/15/22)(a)(b) |
17,931 | 18,698,113 | ||||||
JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)(a)(b) |
17,695 | 19,107,643 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. |
||||||||
3.75%, 12/01/31 (Call 12/01/26)(a)(b) |
9,207 | 9,411,461 | ||||||
5.50%, 01/15/30 (Call 01/15/25)(a)(b) |
22,577 | 24,691,255 | ||||||
6.50%, 04/15/29 (Call 04/15/24)(a)(b) |
22,784 | 25,277,294 |
Security |
Par (000) |
Value | ||||||
Food (continued) |
||||||||
Kraft Heinz Foods Co. |
||||||||
3.00%, 06/01/26 (Call 03/01/26) |
$ | 27,452 | $ | 28,670,045 | ||||
3.50%, 06/06/22(b) |
991 | 1,008,189 | ||||||
3.75%, 04/01/30 (Call 01/01/30) |
13,596 | 14,759,518 | ||||||
3.88%, 05/15/27 (Call 02/15/27)(b) |
22,509 | 24,420,802 | ||||||
4.25%, 03/01/31 (Call 12/01/30) |
23,660 | 26,620,103 | ||||||
4.63%, 01/30/29 (Call 10/30/28)(b) |
11,297 | 12,840,905 | ||||||
Lamb Weston Holdings Inc. |
||||||||
4.13%, 01/31/30 (Call 01/31/25)(a) |
13,350 | 13,362,682 | ||||||
4.38%, 01/31/32 (Call 01/31/27)(a) |
13,300 | 13,319,684 | ||||||
4.63%, 11/01/24 (Call 11/18/21)(a) |
12,502 | 12,796,838 | ||||||
4.88%, 11/01/26 (Call 11/18/21)(a) |
13,926 | 14,285,451 | ||||||
4.88%, 05/15/28 (Call 11/15/27)(a)(b) |
9,490 | 10,171,952 | ||||||
Performance Food Group Inc. |
||||||||
4.25%, 08/01/29 (Call 08/01/24)(a)(b) |
19,170 | 19,181,502 | ||||||
5.50%, 10/15/27 (Call 10/15/22)(a)(b) |
16,177 | 16,878,383 | ||||||
Pilgrim’s Pride Corp. |
||||||||
3.50%, 03/01/32 (Call 09/01/26)(a)(b) |
16,080 | 16,151,890 | ||||||
4.25%, 04/15/31 (Call 04/15/26)(a) |
16,104 | 16,988,445 | ||||||
5.88%, 09/30/27 (Call 09/30/22)(a) |
14,169 | 14,930,584 | ||||||
Post Holdings Inc. |
||||||||
4.50%, 09/15/31 (Call 09/15/26)(a) |
32,209 | 31,605,081 | ||||||
4.63%, 04/15/30 (Call 04/15/25)(a)(b) |
27,045 | 27,184,958 | ||||||
5.50%, 12/15/29 (Call 12/15/24)(a)(b) |
12,382 | 13,171,353 | ||||||
5.63%, 01/15/28 (Call 12/01/22)(a)(b) |
15,043 | 15,700,379 | ||||||
5.75%, 03/01/27 (Call 03/01/22)(a)(b) |
24,422 | 25,342,245 | ||||||
U.S. Foods Inc. |
||||||||
4.75%, 02/15/29 (Call 02/15/24)(a)(b) |
16,298 | 16,510,200 | ||||||
6.25%, 04/15/25 (Call 04/15/22)(a)(b) |
17,372 | 18,212,621 | ||||||
|
|
|||||||
656,236,947 | ||||||||
Food Service — 0.4% | ||||||||
Aramark Services Inc. |
||||||||
5.00%, 04/01/25 (Call 11/29/21)(a)(b) |
7,269 | 7,441,639 | ||||||
5.00%, 02/01/28 (Call 02/01/23)(a)(b) |
20,788 | 21,366,507 | ||||||
6.38%, 05/01/25 (Call 05/01/22)(a)(b) |
27,531 | 28,978,387 | ||||||
TKC Holdings Inc. |
||||||||
6.88%, 05/15/28 (Call 05/15/24)(a) |
6,930 | 7,120,575 | ||||||
10.50%, 05/15/29 (Call 05/15/24)(a)(b) |
10,769 | 11,626,332 | ||||||
|
|
|||||||
76,533,440 | ||||||||
Forest Products & Paper — 0.1% | ||||||||
Mercer International Inc., 5.13%, 02/01/29 (Call 02/01/24)(b) |
15,347 | 15,329,182 | ||||||
Pearl Merger Sub Inc., 6.75%, 10/01/28 (Call 10/01/24)(a) |
3,357 | 3,340,215 | ||||||
|
|
|||||||
18,669,397 | ||||||||
Gas — 0.2% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. |
||||||||
5.50%, 05/20/25 (Call 02/20/25)(b) |
12,767 | 13,859,472 | ||||||
5.63%, 05/20/24 (Call 03/20/24) |
9,528 | 10,303,103 | ||||||
5.75%, 05/20/27 (Call 02/20/27)(b) |
8,091 | 9,031,579 | ||||||
5.88%, 08/20/26 (Call 05/20/26)(b) |
10,539 | 11,770,745 | ||||||
|
|
|||||||
44,964,899 | ||||||||
Health Care - Products — 0.8% | ||||||||
Avantor Funding Inc. |
||||||||
3.88%, 11/01/29 (Call 11/01/24)(a) |
10,450 | 10,465,372 | ||||||
4.63%, 07/15/28 (Call 07/15/23)(a) |
27,356 | 28,380,482 | ||||||
Hologic Inc. |
||||||||
3.25%, 02/15/29 (Call 09/28/23)(a)(b) |
19,751 | 19,606,768 | ||||||
4.63%, 02/01/28 (Call 02/01/23)(a)(b) |
4,862 | 5,067,751 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Health Care - Products (continued) |
||||||||
Mozart Debt Merger Sub Inc. |
||||||||
3.88%, 04/01/29 (Call 10/01/24)(a) |
$ | 29,396 | $ | 29,249,020 | ||||
5.25%, 10/01/29 (Call 10/01/24)(a)(b) |
38,041 | 38,611,615 | ||||||
Teleflex Inc. |
||||||||
4.25%, 06/01/28 (Call 06/01/23)(a) |
10,453 | 10,740,458 | ||||||
4.63%, 11/15/27 (Call 11/15/22)(b) |
8,471 | 8,839,827 | ||||||
|
|
|||||||
150,961,293 | ||||||||
Health Care - Services — 6.4% | ||||||||
Catalent Pharma Solutions Inc. |
||||||||
3.13%, 02/15/29 (Call 02/15/24)(a)(b) |
11,170 | 10,910,856 | ||||||
3.50%, 04/01/30 (Call 04/01/25)(a) |
12,505 | 12,411,213 | ||||||
5.00%, 07/15/27 (Call 07/15/22)(a) |
10,172 | 10,538,333 | ||||||
Centene Corp. |
||||||||
2.45%, 07/15/28 (Call 05/15/28) |
27,037 | 26,970,632 | ||||||
2.50%, 03/01/31 (Call 12/01/30)(b) |
37,368 | 36,487,360 | ||||||
2.63%, 08/01/31 (Call 05/01/31) |
21,683 | 21,355,357 | ||||||
3.00%, 10/15/30 (Call 07/15/30)(b) |
37,488 | 38,139,823 | ||||||
3.38%, 02/15/30 (Call 02/15/25) |
34,299 | 35,251,442 | ||||||
4.25%, 12/15/27 (Call 12/15/22)(b) |
40,328 | 42,241,564 | ||||||
4.63%, 12/15/29 (Call 12/15/24)(b) |
57,508 | 62,108,640 | ||||||
Charles River Laboratories International Inc. |
||||||||
3.75%, 03/15/29 (Call 03/15/24)(a)(b) |
8,519 | 8,604,190 | ||||||
4.00%, 03/15/31 (Call 03/15/26)(a)(b) |
9,863 | 10,188,528 | ||||||
4.25%, 05/01/28 (Call 05/01/23)(a) |
7,506 | 7,750,570 | ||||||
CHS/Community Health Systems Inc. |
||||||||
4.75%, 02/15/31 (Call 02/15/26)(a)(b) |
20,567 | 20,567,000 | ||||||
5.63%, 03/15/27 (Call 12/15/23)(a) |
29,926 | 31,313,893 | ||||||
6.00%, 01/15/29 (Call 01/15/24)(a)(b) |
13,603 | 14,358,817 | ||||||
6.13%, 04/01/30 (Call 04/01/25)(a)(b) |
24,121 | 23,716,491 | ||||||
6.63%, 02/15/25 (Call 02/15/22)(a) |
23,108 | 24,123,146 | ||||||
6.88%, 04/01/28 (Call 04/01/23)(a)(b) |
12,579 | 11,963,887 | ||||||
6.88%, 04/15/29 (Call 04/15/24)(a)(b) |
29,592 | 30,442,770 | ||||||
8.00%, 03/15/26 (Call 03/15/22)(a)(b) |
34,324 | 36,254,725 | ||||||
8.00%, 12/15/27 (Call 12/15/22)(a) |
11,521 | 12,537,949 | ||||||
DaVita Inc. |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a)(b) |
26,407 | 25,004,128 | ||||||
4.63%, 06/01/30 (Call 06/01/25)(a)(b) |
46,072 | 46,187,180 | ||||||
Encompass Health Corp. |
||||||||
4.50%, 02/01/28 (Call 02/01/23)(b) |
13,881 | 14,140,714 | ||||||
4.63%, 04/01/31 (Call 04/01/26)(b) |
6,536 | 6,696,815 | ||||||
4.75%, 02/01/30 (Call 02/01/25)(b) |
14,737 | 15,118,034 | ||||||
HCA Inc. |
||||||||
3.50%, 09/01/30 (Call 03/01/30) |
45,357 | 47,779,917 | ||||||
5.38%, 02/01/25 |
41,836 | 46,542,550 | ||||||
5.38%, 09/01/26 (Call 03/01/26)(b) |
15,985 | 18,189,135 | ||||||
5.63%, 09/01/28 (Call 03/01/28) |
25,171 | 29,598,989 | ||||||
5.88%, 05/01/23 |
18,239 | 19,516,093 | ||||||
5.88%, 02/15/26 (Call 08/15/25)(b) |
24,695 | 28,136,989 | ||||||
5.88%, 02/01/29 (Call 08/01/28)(b) |
16,197 | 19,296,296 | ||||||
IQVIA Inc. |
||||||||
5.00%, 10/15/26 (Call 11/29/21)(a) |
16,634 | 17,095,060 | ||||||
5.00%, 05/15/27 (Call 05/15/22)(a)(b) |
19,069 | 19,766,353 | ||||||
Legacy LifePoint Health LLC |
||||||||
4.38%, 02/15/27 (Call 02/15/22)(a) |
10,342 | 10,276,234 | ||||||
6.75%, 04/15/25 (Call 04/15/22)(a)(b) |
11,366 | 11,950,577 | ||||||
Lifepoint Health Inc., 5.38%, 01/15/29 (Call 01/15/24)(a)(b) |
8,002 | 7,885,371 | ||||||
MEDNAX Inc., 6.25%, 01/15/27 (Call 01/15/22)(a)(b) |
17,716 | 18,598,611 | ||||||
ModivCare Escrow Issuer Inc., 5.00%, 10/01/29 (Call 10/01/24)(a)(b) |
8,565 | 8,713,462 |
Security |
Par (000) |
Value | ||||||
Health Care - Services (continued) |
||||||||
ModivCare Inc., 5.88%, 11/15/25 (Call 11/15/22)(a)(b) |
$ | 8,100 | $ | 8,494,875 | ||||
Molina Healthcare Inc. |
||||||||
3.88%, 11/15/30 (Call 08/17/30)(a)(b) |
11,884 | 12,285,085 | ||||||
4.38%, 06/15/28 (Call 06/15/23)(a)(b) |
14,062 | 14,596,206 | ||||||
5.38%, 11/15/22 (Call 08/15/22)(b) |
7,700 | 7,931,000 | ||||||
Radiology Partners Inc., 9.25%, 02/01/28 (Call 02/01/23)(a)(b) |
11,678 | 12,363,499 | ||||||
RegionalCare Hospital Partners Holdings Inc./LifePoint Health Inc., 9.75%, 12/01/26 (Call 12/01/21)(a) |
21,523 | 22,706,765 | ||||||
RP Escrow Issuer LLC, 5.25%, 12/15/25 (Call 12/15/22)(a) |
13,490 | 13,490,000 | ||||||
Select Medical Corp., 6.25%, 08/15/26 (Call 08/15/22)(a)(b) |
21,250 | 22,240,069 | ||||||
Tenet Healthcare Corp. |
||||||||
4.25%, 06/01/29 (Call 06/01/24)(a) |
24,131 | 24,457,492 | ||||||
4.63%, 07/15/24 (Call 11/29/21)(b) |
11,316 | 11,499,389 | ||||||
4.63%, 09/01/24 (Call 11/15/21)(a) |
8,975 | 9,097,284 | ||||||
4.63%, 06/15/28 (Call 06/15/23)(a)(b) |
8,254 | 8,558,985 | ||||||
4.88%, 01/01/26 (Call 03/01/22)(a) |
35,761 | 36,699,726 | ||||||
5.13%, 11/01/27 (Call 11/01/22)(a)(b) |
26,645 | 27,834,510 | ||||||
6.13%, 10/01/28 (Call 10/01/23)(a)(b) |
43,780 | 45,976,648 | ||||||
6.25%, 02/01/27 (Call 02/01/22)(a)(b) |
24,761 | 25,720,489 | ||||||
6.75%, 06/15/23(b) |
30,085 | 32,326,333 | ||||||
7.50%, 04/01/25 (Call 04/01/22)(a)(b) |
12,482 | 13,246,523 | ||||||
|
|
|||||||
1,288,254,572 | ||||||||
Holding Companies - Diversified — 0.6% | ||||||||
Compass Group Diversified Holdings LLC, 5.25%, 04/15/29 (Call 04/15/24)(a)(b) |
17,275 | 17,966,000 | ||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||
4.38%, 02/01/29 (Call 08/01/28)(b) |
13,284 | 13,335,841 | ||||||
4.75%, 09/15/24 (Call 06/15/24)(b) |
19,392 | 20,098,741 | ||||||
5.25%, 05/15/27 (Call 11/15/26) |
23,744 | 24,696,989 | ||||||
6.25%, 05/15/26 (Call 05/15/22)(b) |
24,076 | 25,232,563 | ||||||
6.38%, 12/15/25 (Call 11/29/21) |
12,374 | 12,630,684 | ||||||
6.75%, 02/01/24 (Call 11/29/21)(b) |
5,711 | 5,788,488 | ||||||
Stena AB, 7.00%, 02/01/24(a)(b) |
307 | 318,144 | ||||||
|
|
|||||||
120,067,450 | ||||||||
Home Builders — 0.8% | ||||||||
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC |
||||||||
4.88%, 02/15/30 (Call 02/15/25)(a)(b) |
7,652 | 7,648,939 | ||||||
6.25%, 09/15/27 (Call 09/15/22)(a)(b) |
12,729 | 13,290,667 | ||||||
Century Communities Inc. |
||||||||
3.88%, 08/15/29 (Call 02/15/29)(a)(b) |
9,812 | 9,786,663 | ||||||
6.75%, 06/01/27 (Call 06/01/22)(b) |
3,798 | 4,037,464 | ||||||
Mattamy Group Corp. |
||||||||
4.63%, 03/01/30 (Call 03/01/25)(a)(b) |
10,987 | 11,137,592 | ||||||
5.25%, 12/15/27 (Call 12/15/22)(a)(b) |
8,920 | 9,294,354 | ||||||
Meritage Homes Corp. |
||||||||
3.88%, 04/15/29 (Call 10/15/28)(a)(b) |
9,159 | 9,499,165 | ||||||
6.00%, 06/01/25 (Call 03/01/25)(b) |
5,786 | 6,494,062 | ||||||
Picasso Finance Sub Inc., 6.13%, 06/15/25 (Call 06/15/22)(a)(b) |
10,077 | 10,589,982 | ||||||
Taylor Morrison Communities Inc. |
||||||||
5.13%, 08/01/30 (Call 02/01/30)(a) |
9,087 | 9,654,938 | ||||||
5.75%, 01/15/28 (Call 10/15/27)(a)(b) |
5,535 | 6,090,161 | ||||||
5.88%, 06/15/27 (Call 03/15/27)(a)(b) |
9,691 | 10,867,245 | ||||||
Toll Brothers Finance Corp. |
||||||||
3.80%, 11/01/29 (Call 08/01/29)(b) |
8,588 | 9,205,621 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Home Builders (continued) |
||||||||
4.35%, 02/15/28 (Call 11/15/27)(b) |
$ | 4,663 | $ | 5,090,497 | ||||
4.38%, 04/15/23 (Call 01/15/23)(b) |
4,851 | 5,025,102 | ||||||
4.88%, 03/15/27 (Call 12/15/26) |
6,667 | 7,409,146 | ||||||
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24(b) |
8,736 | 9,661,725 | ||||||
Williams Scotsman International Inc., 4.63%, 08/15/28 (Call 08/15/23)(a) |
6,563 | 6,784,501 | ||||||
|
|
|||||||
151,567,824 | ||||||||
Home Furnishings — 0.1% | ||||||||
Tempur Sealy International Inc. |
||||||||
3.88%, 10/15/31 (Call 10/15/26)(a) |
14,059 | 13,918,614 | ||||||
4.00%, 04/15/29 (Call 04/15/24)(a)(b) |
6,596 | 6,704,391 | ||||||
|
|
|||||||
20,623,005 | ||||||||
Household Products & Wares — 0.2% | ||||||||
Central Garden & Pet Co. |
||||||||
4.13%, 10/15/30 (Call 10/15/25) |
7,842 | 7,881,210 | ||||||
4.13%, 04/30/31 (Call 04/30/26)(a)(b) |
8,481 | 8,519,376 | ||||||
Kronos Acquisition Holdings Inc./KIK Custom Products Inc. |
||||||||
5.00%, 12/31/26 (Call 06/30/23)(a)(b) |
8,262 | 8,189,191 | ||||||
7.00%, 12/31/27 (Call 12/31/23)(a)(b) |
8,708 | 8,368,562 | ||||||
Spectrum Brands Inc. |
||||||||
3.88%, 03/15/31 (Call 03/15/26)(a)(b) |
9,807 | 9,647,869 | ||||||
5.75%, 07/15/25 (Call 11/29/21) |
6,421 | 6,587,857 | ||||||
|
|
|||||||
49,194,065 | ||||||||
Housewares — 0.4% | ||||||||
Newell Brands Inc. |
||||||||
4.35%, 04/01/23 (Call 02/01/23) |
15,131 | 15,786,324 | ||||||
4.70%, 04/01/26 (Call 01/01/26)(b) |
35,549 | 38,951,491 | ||||||
4.88%, 06/01/25 (Call 05/01/25)(b) |
9,193 | 10,069,461 | ||||||
Scotts Miracle-Gro Co. (The) |
||||||||
4.00%, 04/01/31 (Call 04/01/26)(a)(b) |
9,277 | 9,201,392 | ||||||
4.38%, 02/01/32 (Call 08/01/26)(a)(b) |
7,390 | 7,413,683 | ||||||
4.50%, 10/15/29 (Call 10/15/24)(b) |
5,690 | 5,919,947 | ||||||
|
|
|||||||
87,342,298 | ||||||||
Insurance — 1.0% | ||||||||
Acrisure LLC/Acrisure Finance Inc. |
||||||||
4.25%, 02/15/29 (Call 02/15/24)(a) |
11,136 | 10,761,172 | ||||||
6.00%, 08/01/29 (Call 08/01/24)(a)(b) |
7,720 | 7,585,088 | ||||||
7.00%, 11/15/25 (Call 11/29/21)(a)(b) |
17,278 | 17,470,964 | ||||||
10.13%, 08/01/26 (Call 08/01/22)(a)(b) |
5,381 | 5,969,396 | ||||||
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |
||||||||
4.25%, 10/15/27 (Call 10/15/23)(a)(b) |
11,338 | 11,350,036 | ||||||
5.88%, 11/01/29 (Call 11/01/24)(a) |
4,610 | 4,633,431 | ||||||
6.75%, 10/15/27 (Call 10/15/22)(a)(b) |
22,440 | 23,211,712 | ||||||
AssuredPartners Inc. |
||||||||
5.63%, 01/15/29 (Call 12/15/23)(a)(b) |
8,075 | 8,025,557 | ||||||
7.00%, 08/15/25 (Call 11/29/21)(a)(b) |
10,974 | 11,114,833 | ||||||
Global Atlantic Fin Co., 4.70%, 10/15/51 (Call 07/15/26)(a)(b)(c) |
14,480 | 14,927,148 | ||||||
GTCR AP Finance Inc., 8.00%, 05/15/27 (Call 05/15/22)(a)(b) |
8,296 | 8,728,118 | ||||||
HUB International Ltd., 7.00%, 05/01/26 (Call 11/09/21)(a) |
28,288 | 29,237,238 | ||||||
Liberty Mutual Group Inc. |
||||||||
4.13%, 12/15/51 (Call 12/15/26)(a)(b)(c) |
820 | 841,717 | ||||||
4.30%, 02/01/61 (Call 02/01/26)(a)(b) |
16,286 | 15,163,678 |
Security |
Par (000) |
Value | ||||||
Insurance (continued) |
||||||||
Radian Group Inc. |
||||||||
4.50%, 10/01/24 (Call 07/01/24) |
$ | 6,579 | $ | 6,980,489 | ||||
4.88%, 03/15/27 (Call 09/15/26)(b) |
8,350 | 9,111,937 | ||||||
6.63%, 03/15/25 (Call 09/15/24) |
7,130 | 7,957,548 | ||||||
|
|
|||||||
193,070,062 | ||||||||
Internet — 1.9% | ||||||||
Arches Buyer Inc. |
||||||||
4.25%, 06/01/28 (Call 12/01/23)(a)(b) |
13,548 | 13,650,529 | ||||||
6.13%, 12/01/28 (Call 12/01/23)(a)(b) |
7,516 | 7,581,765 | ||||||
Go Daddy Operating Co. LLC/GD Finance Co. Inc. |
||||||||
3.50%, 03/01/29 (Call 03/01/24)(a)(b) |
14,580 | 14,106,150 | ||||||
5.25%, 12/01/27 (Call 06/01/22)(a)(b) |
11,455 | 11,886,853 | ||||||
Match Group Holdings II LLC |
||||||||
3.63%, 10/01/31 (Call 10/01/26)(a) |
5,637 | 5,473,809 | ||||||
4.13%, 08/01/30 (Call 05/01/25)(a)(b) |
9,667 | 9,984,803 | ||||||
4.63%, 06/01/28 (Call 06/01/23)(a) |
7,928 | 8,232,871 | ||||||
5.00%, 12/15/27 (Call 12/15/22)(a) |
6,854 | 7,162,687 | ||||||
Netflix Inc. |
||||||||
3.63%, 06/15/25 (Call 03/15/25)(a)(b) |
3,792 | 4,034,192 | ||||||
4.38%, 11/15/26(b) |
10,586 | 11,790,158 | ||||||
4.88%, 04/15/28 |
20,096 | 23,035,040 | ||||||
4.88%, 06/15/30 (Call 03/15/30)(a)(b) |
14,339 | 16,848,325 | ||||||
5.38%, 11/15/29(a)(b) |
13,973 | 16,872,397 | ||||||
5.75%, 03/01/24 |
3,190 | 3,512,988 | ||||||
5.88%, 02/15/25(b) |
8,127 | 9,213,986 | ||||||
5.88%, 11/15/28 |
27,541 | 33,531,167 | ||||||
6.38%, 05/15/29(b) |
11,092 | 13,989,785 | ||||||
NortonLifeLock Inc. |
||||||||
3.95%, 06/15/22 (Call 03/15/22) |
740 | 747,211 | ||||||
5.00%, 04/15/25 (Call 11/09/21)(a) |
18,319 | 18,564,678 | ||||||
Photo Holdings Merger Sub Inc., 8.50%, 10/01/26 (Call 10/01/22)(a)(b) |
14,246 | 14,979,669 | ||||||
Rakuten Group Inc. |
||||||||
5.13%, (Call 04/22/26)(a)(b)(c)(d) |
8,497 | 8,530,867 | ||||||
6.25%, (Call 04/22/31)(a)(b)(c)(d) |
13,733 | 14,462,173 | ||||||
Uber Technologies Inc. |
||||||||
4.50%, 08/15/29 (Call 08/15/24)(a)(b) |
26,370 | 26,515,723 | ||||||
6.25%, 01/15/28 (Call 09/15/23)(a)(b) |
7,931 | 8,515,622 | ||||||
7.50%, 05/15/25 (Call 05/15/22)(a) |
19,871 | 21,171,378 | ||||||
7.50%, 09/15/27 (Call 09/15/22)(a)(b) |
21,632 | 23,668,869 | ||||||
8.00%, 11/01/26 (Call 11/29/21)(a) |
21,764 | 23,192,807 | ||||||
|
|
|||||||
371,256,502 | ||||||||
Iron & Steel — 0.3% | ||||||||
Cleveland-Cliffs Inc. |
||||||||
4.63%, 03/01/29 (Call 03/01/24)(a)(b) |
8,131 | 8,415,585 | ||||||
4.88%, 03/01/31 (Call 03/01/26)(a)(b) |
7,969 | 8,308,663 | ||||||
5.88%, 06/01/27 (Call 06/01/22)(b) |
9,983 | 10,381,627 | ||||||
6.75%, 03/15/26 (Call 03/15/22)(a) |
12,633 | 13,433,707 | ||||||
9.88%, 10/17/25 (Call 10/17/22)(a)(b) |
8,338 | 9,539,322 | ||||||
United States Steel Corp. |
||||||||
6.25%, 03/15/26 (Call 10/31/21)(b) |
6,520 | 6,727,092 | ||||||
6.88%, 03/01/29 (Call 03/01/24)(b) |
11,074 | 11,849,180 | ||||||
|
|
|||||||
68,655,176 | ||||||||
Leisure Time — 0.7% | ||||||||
Life Time Inc. |
||||||||
5.75%, 01/15/26 (Call 01/15/23)(a)(b) |
16,993 | 17,466,595 | ||||||
8.00%, 04/15/26 (Call 02/01/23)(a)(b) |
7,000 | 7,350,000 | ||||||
NCL Corp. Ltd. |
||||||||
3.63%, 12/15/24 (Call 12/15/21)(a)(b) |
9,273 | 8,786,168 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ 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) |
$ | 24,488 | $ | 24,632,981 | ||||
10.25%, 02/01/26 (Call 08/01/23)(a)(b) |
11,820 | 13,523,424 | ||||||
12.25%, 05/15/24 (Call 02/15/24)(a) |
11,130 | 13,145,587 | ||||||
NCL Finance Ltd., 6.13%, 03/15/28 (Call 12/15/27)(a)(b) |
9,379 | 9,502,334 | ||||||
Viking Cruises Ltd. |
||||||||
5.88%, 09/15/27 (Call 09/15/22)(a) |
14,743 | 14,295,181 | ||||||
7.00%, 02/15/29 (Call 02/15/24)(a) |
3,970 | 3,989,929 | ||||||
13.00%, 05/15/25 (Call 05/15/22)(a)(b) |
13,233 | 15,189,624 | ||||||
VOC Escrow Ltd., 5.00%, 02/15/28 (Call 02/15/23)(a) |
10,373 | 10,303,307 | ||||||
|
|
|||||||
138,185,130 | ||||||||
Lodging — 2.8% | ||||||||
Boyd Gaming Corp. |
||||||||
4.75%, 12/01/27 (Call 12/01/22)(b) |
18,950 | 19,524,185 | ||||||
4.75%, 06/15/31 (Call 06/15/26)(a)(b) |
15,965 | 16,444,226 | ||||||
8.63%, 06/01/25 (Call 06/01/22)(a)(b) |
8,214 | 8,863,317 | ||||||
Hilton Domestic Operating Co. Inc. |
||||||||
3.63%, 02/15/32 (Call 08/15/26)(a)(b) |
26,581 | 25,908,735 | ||||||
3.75%, 05/01/29 (Call 05/01/24)(a)(b) |
12,598 | 12,638,243 | ||||||
4.00%, 05/01/31 (Call 05/01/26)(a)(b) |
18,925 | 19,062,206 | ||||||
4.88%, 01/15/30 (Call 01/15/25)(b) |
17,389 | 18,562,410 | ||||||
5.38%, 05/01/25 (Call 05/01/22)(a)(b) |
7,467 | 7,785,703 | ||||||
5.75%, 05/01/28 (Call 05/01/23)(a) |
5,890 | 6,331,750 | ||||||
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc |
||||||||
4.88%, 07/01/31 (Call 07/01/26)(a)(b) |
8,091 | 8,060,659 | ||||||
5.00%, 06/01/29 (Call 06/01/24)(a) |
14,687 | 14,918,908 | ||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/22)(b) |
10,841 | 11,220,435 | ||||||
Marriott Ownership Resorts Inc. |
||||||||
4.50%, 06/15/29 (Call 06/15/24)(a)(b) |
8,824 | 8,826,363 | ||||||
6.13%, 09/15/25 (Call 05/15/22)(a) |
2,881 | 3,023,552 | ||||||
Melco Resorts Finance Ltd. |
||||||||
4.88%, 06/06/25 (Call 11/29/21)(a)(b) |
15,889 | 15,752,243 | ||||||
5.25%, 04/26/26 (Call 04/26/22)(a)(b) |
7,675 | 7,598,362 | ||||||
5.38%, 12/04/29 (Call 12/04/24)(a)(b) |
18,557 | 18,318,060 | ||||||
5.63%, 07/17/27 (Call 07/17/22)(a) |
10,573 | 10,594,642 | ||||||
5.75%, 07/21/28 (Call 07/21/23)(a) |
14,355 | 14,301,169 | ||||||
MGM China Holdings Ltd. |
||||||||
4.75%, 02/01/27 (Call 02/01/24)(a) |
13,723 | 13,187,313 | ||||||
5.25%, 06/18/25 (Call 06/18/22)(a)(b) |
8,250 | 8,167,986 | ||||||
5.38%, 05/15/24 (Call 11/09/21)(a)(b) |
10,556 | 10,579,942 | ||||||
5.88%, 05/15/26 (Call 05/15/22)(a)(b) |
12,288 | 12,302,941 | ||||||
MGM Resorts International |
||||||||
4.63%, 09/01/26 (Call 06/01/26)(b) |
6,112 | 6,394,833 | ||||||
4.75%, 10/15/28 (Call 07/15/28)(b) |
11,808 | 12,270,002 | ||||||
5.50%, 04/15/27 (Call 01/15/27)(b) |
11,899 | 12,821,172 | ||||||
5.75%, 06/15/25 (Call 03/15/25)(b) |
15,528 | 16,847,396 | ||||||
6.00%, 03/15/23 |
19,910 | 21,034,318 | ||||||
6.75%, 05/01/25 (Call 05/01/22) |
12,559 | 13,256,024 | ||||||
Studio City Finance Ltd. |
||||||||
5.00%, 01/15/29 (Call 01/15/24)(a)(b) |
17,672 | 15,993,160 | ||||||
6.00%, 07/15/25 (Call 07/15/22)(a)(b) |
8,037 | 7,797,899 | ||||||
6.50%, 01/15/28 (Call 07/15/23)(a)(b) |
8,414 | 8,109,186 | ||||||
Travel + Leisure Co. |
||||||||
3.90%, 03/01/23 (Call 12/01/22) |
5,724 | 5,889,996 | ||||||
6.00%, 04/01/27 (Call 01/01/27) |
7,427 | 8,105,349 | ||||||
6.63%, 07/31/26 (Call 04/30/26)(a)(b) |
12,237 | 13,648,171 | ||||||
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |
||||||||
4.25%, 05/30/23 (Call 02/28/23)(a)(b) |
8,728 | 8,811,331 | ||||||
5.25%, 05/15/27 (Call 02/15/27)(a)(b) |
13,496 | 13,603,968 |
Security |
Par (000) |
Value | ||||||
Lodging (continued) |
||||||||
5.50%, 03/01/25 (Call 12/01/24)(a) |
$ | 30,452 | $ | 30,984,910 | ||||
Wynn Macau Ltd. |
||||||||
4.88%, 10/01/24 (Call 11/09/21)(a)(b) |
9,661 | 9,159,736 | ||||||
5.13%, 12/15/29 (Call 12/15/24)(a)(b) |
16,328 | 14,713,233 | ||||||
5.50%, 01/15/26 (Call 06/15/22)(a)(b) |
16,347 | 15,400,631 | ||||||
5.50%, 10/01/27 (Call 10/01/22)(a)(b) |
12,709 | 11,877,911 | ||||||
5.63%, 08/26/28 (Call 08/26/23)(a)(b) |
22,484 | 20,986,116 | ||||||
|
|
|||||||
559,678,692 | ||||||||
Machinery — 0.2% | ||||||||
Titan Acquisition Ltd./Titan Co-Borrower LLC, 7.75%, 04/15/26 (Call 11/29/21)(a)(b) |
10,861 | 11,058,815 | ||||||
TK Elevator U.S. Newco Inc., 5.25%, 07/15/27 (Call 07/15/23)(a)(b) |
26,970 | 27,450,066 | ||||||
Vertical Holdco GmbH, 7.63%, 07/15/28 (Call 07/15/23)(a)(b) |
6,372 | 6,750,390 | ||||||
|
|
|||||||
45,259,271 | ||||||||
Manufacturing — 0.2% | ||||||||
FXI Holdings Inc. |
||||||||
7.88%, 11/01/24 (Call 11/29/21)(a)(b) |
9,638 | 9,818,713 | ||||||
12.25%, 11/15/26 (Call 11/15/22)(a) |
14,188 | 15,777,198 | ||||||
Hillenbrand Inc., 5.75%, 06/15/25 (Call 06/15/22) |
5,899 | 6,217,424 | ||||||
|
|
|||||||
31,813,335 | ||||||||
Media — 9.2% | ||||||||
Altice Financing SA |
||||||||
5.00%, 01/15/28 (Call 01/15/23)(a)(b) |
21,137 | 20,383,973 | ||||||
5.75%, 08/15/29 (Call 08/15/24)(a)(b) |
32,369 | 31,824,414 | ||||||
AMC Networks Inc. |
||||||||
4.25%, 02/15/29 (Call 02/15/24)(b) |
18,111 | 17,839,335 | ||||||
4.75%, 08/01/25 (Call 11/29/21)(b) |
11,350 | 11,633,750 | ||||||
5.00%, 04/01/24 (Call 11/29/21)(b) |
6,330 | 6,406,490 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||
4.00%, 03/01/23 (Call 11/15/21)(a) |
8,128 | 8,141,767 | ||||||
4.25%, 02/01/31 (Call 07/01/25)(a)(b) |
50,376 | 50,095,335 | ||||||
4.25%, 01/15/34 (Call 01/15/28)(a)(b) |
34,170 | 33,102,188 | ||||||
4.50%, 08/15/30 (Call 02/15/25)(a) |
46,920 | 47,758,930 | ||||||
4.50%, 05/01/32 (Call 05/01/26)(b) |
47,195 | 47,577,105 | ||||||
4.50%, 06/01/33 (Call 06/01/27)(a) |
29,568 | 29,494,080 | ||||||
4.75%, 03/01/30 (Call 09/01/24)(a)(b) |
50,711 | 52,359,107 | ||||||
5.00%, 02/01/28 (Call 08/01/22)(a) |
41,539 | 43,200,560 | ||||||
5.13%, 05/01/27 (Call 05/01/22)(a) |
53,373 | 55,374,487 | ||||||
5.38%, 06/01/29 (Call 06/01/24)(a)(b) |
23,449 | 25,195,951 | ||||||
5.50%, 05/01/26 (Call 11/29/21)(a)(b) |
11,665 | 12,049,945 | ||||||
Clear Channel Worldwide Holdings Inc., 5.13%, 08/15/27 (Call 08/15/22)(a) |
23,607 | 24,234,946 | ||||||
CSC Holdings LLC |
||||||||
3.38%, 02/15/31 (Call 02/15/26)(a)(b) |
17,238 | 15,697,354 | ||||||
4.13%, 12/01/30 (Call 12/01/25)(a)(b) |
18,295 | 17,521,213 | ||||||
4.50%, 11/15/31 (Call 11/15/26)(a)(b) |
26,600 | 25,776,730 | ||||||
4.63%, 12/01/30 (Call 12/01/25)(a)(b) |
38,495 | 35,332,701 | ||||||
5.00%, 11/15/31 (Call 11/15/26)(a)(b) |
7,652 | 7,101,209 | ||||||
5.25%, 06/01/24 |
11,370 | 11,952,409 | ||||||
5.38%, 02/01/28 (Call 02/01/23)(a)(b) |
15,948 | 16,446,375 | ||||||
5.50%, 04/15/27 (Call 04/15/22)(a)(b) |
24,161 | 24,946,233 | ||||||
5.75%, 01/15/30 (Call 01/15/25)(a)(b) |
38,196 | 37,667,749 | ||||||
5.88%, 09/15/22 |
821 | 843,475 | ||||||
6.50%, 02/01/29 (Call 02/01/24)(a)(b) |
31,665 | 33,960,712 | ||||||
7.50%, 04/01/28 (Call 04/01/23)(a) |
16,463 | 17,580,769 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Media (continued) |
||||||||
Diamond Sports Group LLC/Diamond Sports Finance Co. |
||||||||
5.38%, 08/15/26 (Call 08/15/22)(a)(b) |
$ | 50,465 | $ | 28,512,725 | ||||
6.63%, 08/15/27 (Call 08/15/22)(a)(b) |
29,589 | 8,803,784 | ||||||
DIRECTV
Holdings LLC/DIRECTV Financing Co. Inc., 5.88%, 08/15/27 |
29,589 | 30,710,423 | ||||||
DISH DBS Corp. |
||||||||
5.00%, 03/15/23(b) |
21,975 | 22,746,872 | ||||||
5.88%, 07/15/22 |
764 | 784,533 | ||||||
5.88%, 11/15/24(b) |
33,944 | 36,126,599 | ||||||
7.38%, 07/01/28 (Call 07/01/23)(b) |
16,627 | 17,499,918 | ||||||
7.75%, 07/01/26(b) |
34,903 | 38,827,619 | ||||||
5.13%, 06/01/29(b) |
26,293 | 25,293,866 | ||||||
Entercom Media Corp. |
||||||||
6.50%, 05/01/27 (Call 05/01/22)(a) |
5,550 | 5,580,345 | ||||||
6.75%, 03/31/29 (Call 03/31/24)(a) |
3,250 | 3,225,625 | ||||||
Gray Escrow II Inc., 5.38%, 11/15/31 (Call 11/15/26)(a) |
7,410 | 7,503,088 | ||||||
Gray Television Inc. |
||||||||
4.75%, 10/15/30 (Call 10/15/25)(a)(b) |
13,842 | 13,658,180 | ||||||
5.88%, 07/15/26 (Call 11/29/21)(a)(b) |
8,721 | 9,000,798 | ||||||
7.00%, 05/15/27 (Call 05/15/22)(a)(b) |
14,069 | 15,076,888 | ||||||
iHeartCommunications Inc. |
||||||||
4.75%, 01/15/28 (Call 01/15/23)(a)(b) |
7,031 | 7,064,819 | ||||||
5.25%, 08/15/27 (Call 08/15/22)(a)(b) |
14,861 | 15,194,956 | ||||||
6.38%, 05/01/26 (Call 05/01/22)(b) |
13,586 | 14,230,965 | ||||||
8.38%, 05/01/27 (Call 05/01/22)(b) |
26,502 | 28,225,088 | ||||||
LCPR Senior Secured Financing DAC |
||||||||
5.13%, 07/15/29 (Call 07/15/24)(a) |
14,379 | 14,561,613 | ||||||
6.75%, 10/15/27 (Call 10/15/22)(a) |
22,496 | 23,733,406 | ||||||
Mav Acquisition Corp. |
||||||||
5.75%, 08/01/28 (Call 08/01/24)(a) |
14,921 | 14,667,343 | ||||||
8.00%, 08/01/29 (Call 08/01/24)(a) |
12,115 | 11,805,159 | ||||||
Meredith Corp., 6.88%, 02/01/26 (Call 12/01/21)(b) |
17,023 | 17,668,172 | ||||||
News
Corp., 3.88%, 05/15/29 |
18,018 | 18,289,531 | ||||||
Nexstar Media Inc. |
||||||||
4.75%, 11/01/28 (Call 11/01/23)(a)(b) |
17,179 | 17,550,925 | ||||||
5.63%, 07/15/27 (Call 07/15/22)(a)(b) |
31,901 | 33,655,555 | ||||||
Quebecor Media Inc., 5.75%, 01/15/23 |
13,784 | 14,507,660 | ||||||
Radiate Holdco LLC/Radiate Finance Inc. |
||||||||
4.50%, 09/15/26 (Call 09/15/23)(a)(b) |
18,736 | 19,036,525 | ||||||
6.50%, 09/15/28 (Call 09/15/23)(a)(b) |
15,777 | 15,777,000 | ||||||
Scripps Escrow II Inc. |
||||||||
3.88%, 01/15/29 (Call 01/15/24)(a)(b) |
9,810 | 9,787,976 | ||||||
5.38%, 01/15/31 (Call 01/15/26)(a)(b) |
9,295 | 9,120,634 | ||||||
Scripps Escrow Inc., 5.88%, 07/15/27 (Call 07/15/22)(a)(b) |
7,449 | 7,607,291 | ||||||
Sinclair Television Group Inc. |
||||||||
4.13%, 12/01/30 (Call 12/01/25)(a)(b) |
11,349 | 10,821,555 | ||||||
5.13%, 02/15/27 (Call 11/15/21)(a)(b) |
6,403 | 6,181,911 | ||||||
5.50%, 03/01/30 (Call 12/01/24)(a)(b) |
7,777 | 7,442,670 | ||||||
Sirius XM Radio Inc. |
||||||||
3.13%, 09/01/26 (Call 09/01/23)(a)(b) |
16,272 | 16,312,680 | ||||||
3.88%, 09/01/31 (Call 09/01/26)(a)(b) |
26,078 | 25,067,478 | ||||||
4.00%, 07/15/28 (Call 07/15/24)(a)(b) |
35,245 | 35,498,764 | ||||||
4.13%, 07/01/30 (Call 07/01/25)(a)(b) |
24,910 | 24,798,901 | ||||||
5.00%, 08/01/27 (Call 08/01/22)(a)(b) |
24,361 | 25,457,245 | ||||||
5.50%, 07/01/29 (Call 07/01/24)(a)(b) |
20,245 | 21,813,988 | ||||||
TEGNA Inc. |
||||||||
4.63%, 03/15/28 (Call 03/15/23)(b) |
19,072 | 19,255,509 | ||||||
4.75%, 03/15/26 (Call 03/15/23)(a)(b) |
7,850 | 8,164,393 |
Security |
Par (000) |
Value | ||||||
Media (continued) |
||||||||
5.00%, 09/15/29 (Call 09/15/24)(b) |
$ | 18,565 | $ | 18,830,247 | ||||
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a) |
17,400 | 18,134,280 | ||||||
Univision Communications Inc. |
||||||||
4.50%, 05/01/29 (Call 05/01/24)(a)(b) |
18,039 | 18,250,056 | ||||||
5.13%, 02/15/25 (Call 11/09/21)(a)(b) |
24,558 | 24,990,221 | ||||||
6.63%, 06/01/27 (Call 06/01/23)(a)(b) |
27,412 | 29,635,799 | ||||||
UPC Broadband Finco BV, 4.88%, 07/15/31 (Call 07/15/26)(a)(b) |
21,715 | 22,077,641 | ||||||
UPC Holding BV, 5.50%, 01/15/28 (Call 10/15/22)(a)(b) |
8,591 | 8,901,890 | ||||||
ViacomCBS Inc., 6.25%, 02/28/57 (Call 02/28/27)(c) |
11,236 | 12,825,669 | ||||||
Videotron Ltd. |
||||||||
3.63%, 06/15/29 (Call 06/15/24)(a)(b) |
10,853 | 10,891,076 | ||||||
5.13%, 04/15/27 (Call 04/15/22)(a)(b) |
11,749 | 12,152,872 | ||||||
5.38%, 06/15/24 (Call 03/15/24)(a)(b) |
8,145 | 8,775,312 | ||||||
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(b) |
16,651 | 16,577,527 | ||||||
Virgin Media Secured Finance PLC |
||||||||
4.50%, 08/15/30 (Call 08/15/25)(a)(b) |
15,353 | 15,342,253 | ||||||
5.50%, 05/15/29 (Call 05/15/24)(a)(b) |
23,375 | 24,616,446 | ||||||
Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/28 (Call 07/15/23)(a) |
9,064 | 9,211,290 | ||||||
Ziggo Bond Co. BV |
||||||||
5.13%, 02/28/30 (Call 02/15/25)(a)(b) |
8,487 | 8,588,844 | ||||||
6.00%, 01/15/27 (Call 01/15/22)(a) |
11,434 | 11,785,453 | ||||||
Ziggo BV |
||||||||
4.88%, 01/15/30 (Call 10/15/24)(a)(b) |
17,710 | 17,986,719 | ||||||
5.50%, 01/15/27 (Call 01/15/22)(a) |
29,190 | 30,082,878 | ||||||
|
|
|||||||
1,837,806,740 | ||||||||
Mining — 1.4% | ||||||||
Alcoa Nederland Holding BV |
||||||||
4.13%, 03/31/29 (Call 03/31/24)(a)(b) |
7,593 | 7,898,998 | ||||||
5.50%, 12/15/27 (Call 06/15/23)(a)(b) |
11,528 | 12,359,745 | ||||||
6.13%, 05/15/28 (Call 05/15/23)(a) |
7,720 | 8,285,876 | ||||||
Arconic Corp. |
||||||||
6.00%, 05/15/25 (Call 05/15/22)(a)(b) |
10,638 | 11,150,182 | ||||||
6.13%, 02/15/28 (Call 02/15/23)(a)(b) |
14,165 | 14,944,075 | ||||||
Constellium SE |
||||||||
3.75%, 04/15/29 (Call 04/15/24)(a)(b) |
7,743 | 7,480,590 | ||||||
5.88%, 02/15/26 (Call 11/29/21)(a)(b) |
6,384 | 6,493,245 | ||||||
FMG Resources August 2006 Pty Ltd. |
||||||||
4.38%, 04/01/31 (Call 01/01/31)(a)(b) |
24,999 | 25,437,482 | ||||||
4.50%, 09/15/27 (Call 06/15/27)(a)(b) |
9,318 | 9,769,632 | ||||||
5.13%, 05/15/24 (Call 02/15/24)(a)(b) |
10,618 | 11,317,594 | ||||||
Freeport-McMoRan Inc. |
||||||||
3.88%, 03/15/23 (Call 12/15/22) |
13,298 | 13,696,940 | ||||||
4.13%, 03/01/28 (Call 03/01/23)(b) |
11,481 | 11,882,835 | ||||||
4.25%, 03/01/30 (Call 03/01/25)(b) |
12,219 | 12,875,771 | ||||||
4.38%, 08/01/28 (Call 08/01/23) |
9,619 | 10,015,495 | ||||||
4.55%, 11/14/24 (Call 08/14/24)(b) |
11,292 | 12,209,701 | ||||||
4.63%, 08/01/30 (Call 08/01/25)(b) |
12,934 | 13,936,385 | ||||||
5.00%, 09/01/27 (Call 09/01/22)(b) |
9,198 | 9,605,012 | ||||||
5.25%, 09/01/29 (Call 09/01/24)(b) |
10,511 | 11,504,290 | ||||||
Kaiser Aluminum Corp. |
||||||||
4.50%, 06/01/31 (Call 06/01/26)(a)(b) |
8,676 | 8,497,231 | ||||||
4.63%, 03/01/28 (Call 03/01/23)(a)(b) |
8,007 | 8,093,976 | ||||||
Novelis Corp. |
||||||||
3.25%, 11/15/26 (Call 11/15/23)(a)(b) |
13,190 | 13,140,538 | ||||||
3.88%, 08/15/31 (Call 08/15/26)(a)(b) |
11,628 | 11,308,811 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Mining (continued) |
||||||||
4.75%, 01/30/30 (Call 01/30/25)(a)(b) |
$ | 27,607 | $ | 28,719,562 | ||||
|
|
|||||||
280,623,966 | ||||||||
Office & Business Equipment — 0.4% | ||||||||
CDW LLC/CDW Finance Corp. |
||||||||
3.25%, 02/15/29 (Call 08/15/23)(b) |
11,413 | 11,572,782 | ||||||
4.13%, 05/01/25 (Call 05/01/22) |
8,060 | 8,316,308 | ||||||
4.25%, 04/01/28 (Call 10/01/22)(b) |
10,854 | 11,274,551 | ||||||
5.50%, 12/01/24 (Call 06/01/24) |
7,254 | 7,945,526 | ||||||
Pitney Bowes Inc., 6.88%, 03/15/27 (Call 03/15/24)(a)(b) |
5,479 | 5,689,070 | ||||||
Xerox Corp., 4.38%, 03/15/23 (Call 02/15/23) |
14,985 | 15,478,306 | ||||||
Xerox Holdings Corp. |
||||||||
5.00%, 08/15/25 (Call 07/15/25)(a) |
12,681 | 13,188,240 | ||||||
5.50%, 08/15/28 (Call 07/15/28)(a)(b) |
12,373 | 12,535,480 | ||||||
|
|
|||||||
86,000,263 | ||||||||
Oil & Gas — 7.0% | ||||||||
Antero Resources Corp. |
||||||||
5.00%, 03/01/25 (Call 11/29/21)(b) |
7,209 | 7,313,530 | ||||||
5.38%, 03/01/30 (Call 03/01/25)(a)(b) |
9,588 | 10,155,130 | ||||||
7.63%, 02/01/29 (Call 02/01/24)(a)(b) |
9,674 | 10,713,955 | ||||||
8.38%, 07/15/26 (Call 01/15/24)(a) |
5,648 | 6,346,940 | ||||||
Apache Corp. |
||||||||
4.25%, 01/15/30 (Call 10/15/29)(b) |
7,686 | 8,175,464 | ||||||
4.38%, 10/15/28 (Call 07/15/28)(b) |
11,113 | 11,899,912 | ||||||
4.63%, 11/15/25 (Call 08/15/25)(b) |
5,684 | 6,127,295 | ||||||
4.88%, 11/15/27 (Call 05/15/27)(b) |
9,100 | 9,881,265 | ||||||
Ascent Resources Utica Holdings LLC/ARU Finance Corp. |
||||||||
5.88%, 06/30/29 (Call 09/01/24)(a) |
6,996 | 7,080,372 | ||||||
7.00%, 11/01/26 (Call 11/29/21)(a)(b) |
9,266 | 9,568,674 | ||||||
Callon Petroleum Co. |
||||||||
6.13%, 10/01/24 (Call 11/29/21) |
7,153 | 7,034,777 | ||||||
8.00%, 08/01/28 (Call 08/01/24)(a)(b) |
10,565 | 10,644,237 | ||||||
Calumet Specialty Products Partners LP/Calumet Finance Corp., 11.00%, 04/15/25 (Call 11/29/21)(a) |
8,161 | 8,864,886 | ||||||
Chesapeake Energy Corp. |
||||||||
5.50%, 02/01/26 (Call 02/05/23)(a)(b) |
7,453 | 7,786,149 | ||||||
5.88%, 02/01/29 (Call 02/05/24)(a)(b) |
7,596 | 8,089,604 | ||||||
Citgo Holding Inc., 9.25%, 08/01/24 (Call 11/29/21)(a)(b) |
21,705 | 22,156,759 | ||||||
CITGO Petroleum Corp. |
||||||||
6.38%, 06/15/26 (Call 06/15/23)(a)(b) |
10,657 | 10,976,710 | ||||||
7.00%, 06/15/25 (Call 06/15/22)(a) |
17,362 | 17,882,339 | ||||||
CNX Resources Corp. |
||||||||
6.00%, 01/15/29 (Call 01/15/24)(a)(b) |
8,152 | 8,600,360 | ||||||
7.25%, 03/14/27 (Call 03/14/22)(a)(b) |
13,096 | 13,921,866 | ||||||
Comstock Resources Inc. |
||||||||
5.88%, 01/15/30 (Call 01/15/25)(a)(b) |
16,372 | 17,023,606 | ||||||
6.75%, 03/01/29 (Call 03/01/24)(a)(b) |
19,706 | 21,178,507 | ||||||
7.50%, 05/15/25 (Call 11/29/21)(a) |
2,768 | 2,870,624 | ||||||
Continental Resources Inc./OK |
||||||||
3.80%, 06/01/24 (Call 03/01/24)(b) |
15,602 | 16,382,100 | ||||||
4.38%, 01/15/28 (Call 10/15/27)(b) |
15,486 | 16,841,025 | ||||||
4.50%, 04/15/23 (Call 01/15/23)(b) |
8,184 | 8,512,833 | ||||||
5.75%, 01/15/31 (Call 07/15/30)(a)(b) |
25,626 | 30,591,037 | ||||||
CrownRock LP/CrownRock Finance Inc. |
||||||||
5.00%, 05/01/29 (Call 05/01/24)(a)(b) |
6,127 | 6,324,596 | ||||||
5.63%, 10/15/25 (Call 11/29/21)(a)(b) |
18,979 | 19,440,026 |
Security |
Par (000) |
Value | ||||||
Oil & Gas (continued) |
||||||||
CVR Energy Inc. |
||||||||
5.25%, 02/15/25 (Call 02/15/22)(a)(b) |
$ | 9,569 | $ | 9,470,760 | ||||
5.75%, 02/15/28 (Call 02/15/23)(a)(b) |
5,956 | 5,876,807 | ||||||
Endeavor Energy Resources LP/EER Finance Inc. |
||||||||
5.75%, 01/30/28 (Call 01/30/23)(a)(b) |
15,437 | 16,208,850 | ||||||
6.63%, 07/15/25 (Call 07/15/22)(a)(b) |
7,120 | 7,508,305 | ||||||
Energean Israel Finance Ltd. |
||||||||
4.50%, 03/30/24 (Call 12/30/23)(a)(e) |
10,346 | 10,550,851 | ||||||
4.88%, 03/30/26 (Call 12/30/25)(a)(e) |
8,033 | 8,163,536 | ||||||
5.38%, 03/30/28 (Call 09/30/27)(a)(e) |
10,050 | 10,145,475 | ||||||
5.88%, 03/30/31 (Call 09/30/30)(a)(e) |
10,270 | 10,413,780 | ||||||
EQT Corp. |
||||||||
3.00%, 10/01/22 (Call 09/01/22)(b) |
1,523 | 1,540,499 | ||||||
3.13%, 05/15/26 (Call 05/15/23)(a)(b) |
9,657 | 9,734,860 | ||||||
3.63%, 05/15/31 (Call 05/15/30)(a)(b) |
9,234 | 9,435,225 | ||||||
3.90%, 10/01/27 (Call 07/01/27)(b) |
18,794 | 20,037,368 | ||||||
6.63%, 02/01/25 (Call 01/01/25)(b) |
18,697 | 21,014,761 | ||||||
7.50%, 02/01/30 (Call 11/01/29)(b) |
11,654 | 14,923,707 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. |
||||||||
5.75%, 10/01/25 (Call 11/15/21)(a) |
5,730 | 5,844,887 | ||||||
5.75%, 02/01/29 (Call 02/01/24)(a)(b) |
9,546 | 9,717,645 | ||||||
6.00%, 02/01/31 (Call 02/01/26)(a)(b) |
10,055 | 10,297,368 | ||||||
6.25%, 11/01/28 (Call 11/01/23)(a)(b) |
8,388 | 8,608,604 | ||||||
Laredo Petroleum Inc. |
||||||||
7.75%, 07/31/29 (Call 07/31/24)(a)(b) |
6,662 | 6,580,557 | ||||||
9.50%, 01/15/25 (Call 01/15/22)(b) |
8,885 | 9,150,069 | ||||||
Leviathan Bond Ltd. |
||||||||
5.75%, 06/30/23 (Call 03/30/23)(a)(e) |
5,963 | 6,188,696 | ||||||
6.13%, 06/30/25 (Call 03/30/25)(a)(e) |
9,582 | 10,342,923 | ||||||
6.50%, 06/30/27 (Call 12/30/26)(a)(e) |
8,118 | 8,874,354 | ||||||
6.75%, 06/30/30 (Call 12/30/29)(a)(e) |
9,035 | 9,999,938 | ||||||
Matador Resources Co., 5.88%, 09/15/26 (Call 11/15/21)(b) |
15,160 | 15,651,351 | ||||||
MEG Energy Corp. |
||||||||
5.88%, 02/01/29 (Call 02/01/24)(a)(b) |
8,541 | 8,786,554 | ||||||
6.50%, 01/15/25 (Call 11/29/21)(a) |
2,907 | 2,976,041 | ||||||
7.13%, 02/01/27 (Call 02/01/23)(a)(b) |
20,595 | 21,655,642 | ||||||
Moss Creek Resources Holdings Inc. |
||||||||
7.50%, 01/15/26 (Call 11/29/21)(a)(b) |
11,633 | 10,586,030 | ||||||
10.50%, 05/15/27 (Call 05/15/22)(a)(b) |
7,930 | 7,857,922 | ||||||
Murphy Oil Corp. |
||||||||
5.75%, 08/15/25 (Call 11/29/21)(b) |
9,756 | 9,998,274 | ||||||
5.88%, 12/01/27 (Call 12/01/22) |
8,296 | 8,635,763 | ||||||
6.38%, 07/15/28 (Call 07/15/24) |
8,575 | 9,068,920 | ||||||
6.88%, 08/15/24 (Call 11/29/21)(b) |
3,928 | 4,006,885 | ||||||
Nabors Industries Inc. |
||||||||
5.75%, 02/01/25 (Call 11/01/24) |
9,424 | 8,952,800 | ||||||
9.00%, 02/01/25 (Call 12/01/21)(a) |
226 | 233,916 | ||||||
Nabors Industries Ltd. |
||||||||
7.25%, 01/15/26 (Call 07/15/22)(a)(b) |
9,265 | 8,980,101 | ||||||
7.50%, 01/15/28 (Call 01/15/23)(a) |
2,523 | 2,411,002 | ||||||
Occidental Petroleum Corp. |
||||||||
2.70%, 02/15/23 (Call 11/15/22) |
6,801 | 6,883,337 | ||||||
2.90%, 08/15/24 (Call 07/15/24) |
42,871 | 43,672,688 | ||||||
3.00%, 02/15/27 (Call 11/15/26)(b) |
11,179 | 11,170,966 | ||||||
3.20%, 08/15/26 (Call 06/15/26)(b) |
13,091 | 13,278,529 | ||||||
3.40%, 04/15/26 (Call 01/15/26) |
15,032 | 15,321,791 | ||||||
3.50%, 06/15/25 (Call 03/15/25) |
7,611 | 7,869,556 | ||||||
3.50%, 08/15/29 (Call 05/15/29)(b) |
25,360 | 25,740,400 | ||||||
5.50%, 12/01/25 (Call 09/01/25) |
11,232 | 12,349,472 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
5.55%, 03/15/26 (Call 12/15/25) |
$ | 16,661 | $ | 18,389,579 | ||||
5.88%, 09/01/25 (Call 06/01/25)(b) |
13,547 | 15,037,170 | ||||||
6.13%, 01/01/31 (Call 07/01/30)(b) |
21,401 | 25,627,697 | ||||||
6.38%, 09/01/28 (Call 03/01/28)(b) |
9,772 | 11,405,878 | ||||||
6.63%, 09/01/30 (Call 03/01/30)(b) |
25,706 | 31,472,285 | ||||||
6.95%, 07/01/24 |
10,794 | 12,129,757 | ||||||
7.50%, 05/01/31(b) |
14,415 | 18,754,347 | ||||||
7.88%, 09/15/31 |
7,383 | 9,820,202 | ||||||
8.00%, 07/15/25 (Call 04/15/25)(b) |
7,318 | 8,660,994 | ||||||
8.50%, 07/15/27 (Call 01/15/27) |
7,709 | 9,620,110 | ||||||
8.88%, 07/15/30 (Call 01/15/30) |
15,950 | 21,622,219 | ||||||
Ovintiv Exploration Inc. |
||||||||
5.38%, 01/01/26 (Call 10/01/25)(b) |
10,335 | 11,491,714 | ||||||
5.63%, 07/01/24(b) |
13,729 | 15,111,236 | ||||||
Parkland Corp. |
||||||||
4.50%, 10/01/29 (Call 10/01/24)(a) |
13,048 | 13,129,550 | ||||||
5.88%, 07/15/27 (Call 07/15/22)(a)(b) |
7,412 | 7,824,447 | ||||||
PBF Holding Co. LLC/PBF Finance Corp. |
||||||||
6.00%, 02/15/28 (Call 02/15/23) |
17,974 | 13,031,150 | ||||||
7.25%, 06/15/25 (Call 11/29/21) |
12,596 | 9,799,688 | ||||||
9.25%, 05/15/25 (Call 05/15/22)(a)(b) |
20,157 | 19,501,897 | ||||||
PDC Energy Inc. |
||||||||
5.75%, 05/15/26 (Call 11/29/21)(b) |
11,026 | 11,342,997 | ||||||
6.13%, 09/15/24 (Call 11/29/21) |
5,142 | 5,223,501 | ||||||
Puma International Financing SA |
||||||||
5.00%, 01/24/26 (Call 11/09/21)(a) |
10,170 | 10,236,896 | ||||||
5.13%, 10/06/24 (Call 11/09/21)(a) |
9,356 | 9,413,175 | ||||||
Range Resources Corp. |
||||||||
4.88%, 05/15/25 (Call 02/15/25) |
12,906 | 13,463,140 | ||||||
5.00%, 08/15/22 (Call 05/15/22) |
5,743 | 5,830,422 | ||||||
5.00%, 03/15/23 (Call 12/15/22) |
6,340 | 6,501,832 | ||||||
8.25%, 01/15/29 (Call 01/15/24)(a)(b) |
8,304 | 9,341,111 | ||||||
9.25%, 02/01/26 (Call 02/01/22)(b) |
11,408 | 12,357,668 | ||||||
SM Energy Co. |
||||||||
6.50%, 07/15/28 (Call 07/15/24)(b) |
5,779 | 6,067,950 | ||||||
6.63%, 01/15/27 (Call 01/15/22) |
6,484 | 6,698,797 | ||||||
6.75%, 09/15/26 (Call 11/29/21)(b) |
6,661 | 6,829,018 | ||||||
10.00%, 01/15/25 (Call 06/17/22)(a) |
8,571 | 9,551,186 | ||||||
Southwestern Energy Co. |
||||||||
5.38%, 02/01/29 (Call 02/01/24)(a) |
12,075 | 12,734,673 | ||||||
5.38%, 03/15/30 (Call 03/15/25)(b) |
20,615 | 21,748,413 | ||||||
6.45%, 01/23/25 (Call 10/23/24) |
11,684 | 12,750,165 | ||||||
7.75%, 10/01/27 (Call 10/01/22)(b) |
8,003 | 8,587,125 | ||||||
Sunoco LP/Sunoco Finance Corp. |
||||||||
4.50%, 05/15/29 (Call 05/15/24) |
13,392 | 13,572,658 | ||||||
4.50%, 04/30/30 (Call 04/30/25)(a) |
12,972 | 13,086,413 | ||||||
5.88%, 03/15/28 (Call 03/15/23)(b) |
6,605 | 6,983,533 | ||||||
6.00%, 04/15/27 (Call 04/15/22)(b) |
9,238 | 9,681,408 | ||||||
Transocean
Guardian Ltd., 5.88%, 01/15/24 |
11,641 | 11,425,287 | ||||||
Transocean Inc. |
||||||||
7.25%, 11/01/25 (Call 11/09/21)(a)(b) |
6,247 | 5,154,462 | ||||||
7.50%, 01/15/26 (Call 11/09/21)(a) |
10,116 | 8,143,380 | ||||||
8.00%, 02/01/27 (Call 02/01/23)(a)(b) |
5,518 | 4,212,717 | ||||||
11.50%, 01/30/27 (Call 07/30/23)(a)(b) |
11,484 | 11,824,558 | ||||||
Transocean
Pontus Ltd., 6.13%, 08/01/25 |
9,749 | 9,780,124 | ||||||
Transocean
Poseidon Ltd., 6.88%, 02/01/27 |
12,016 | 11,953,717 |
Security |
Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
Transocean
Sentry Ltd., 5.38%, 05/15/23 |
$ | 8,934 | $ | 8,800,233 | ||||
|
|
|||||||
1,394,828,822 | ||||||||
Oil & Gas Services — 0.4% | ||||||||
Archrock Partners LP/Archrock Partners Finance Corp. |
||||||||
6.25%, 04/01/28 (Call 04/01/23)(a)(b) |
12,737 | 13,223,580 | ||||||
6.88%, 04/01/27 (Call 04/01/22)(a)(b) |
8,835 | 9,208,479 | ||||||
USA Compression Partners LP/USA Compression Finance Corp. |
||||||||
6.88%, 04/01/26 (Call 11/29/21)(b) |
12,226 | 12,642,662 | ||||||
6.88%, 09/01/27 (Call 09/01/22)(b) |
10,827 | 11,239,654 | ||||||
Weatherford International Ltd. |
||||||||
6.50%, 09/15/28 (Call 09/15/24)(a)(b) |
9,545 | 10,081,906 | ||||||
8.63%, 04/30/30 (Call 10/30/24)(a)(b) |
23,725 | 24,407,094 | ||||||
11.00%, 12/01/24 (Call 12/01/21)(a)(b) |
4,064 | 4,236,720 | ||||||
|
|
|||||||
85,040,095 | ||||||||
Packaging & Containers — 2.2% | ||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |
||||||||
3.25%, 09/01/28 (Call 05/15/24)(a)(b) |
8,847 | 8,658,264 | ||||||
4.00%, 09/01/29 (Call 05/15/24)(a) |
19,733 | 19,647,161 | ||||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. |
||||||||
4.13%, 08/15/26 (Call 08/15/22)(a)(b) |
19,718 | 20,122,109 | ||||||
5.25%, 04/30/25 (Call 04/30/22)(a) |
12,431 | 12,896,174 | ||||||
5.25%, 08/15/27 (Call 08/15/22)(a)(b) |
31,890 | 31,810,276 | ||||||
Ball Corp. |
||||||||
2.88%, 08/15/30 (Call 05/15/30)(b) |
23,216 | 22,345,400 | ||||||
3.13%, 09/15/31 (Call 06/15/31)(b) |
14,254 | 13,862,015 | ||||||
4.00%, 11/15/23 |
13,815 | 14,523,353 | ||||||
4.88%, 03/15/26 (Call 12/15/25)(b) |
12,901 | 14,143,703 | ||||||
5.25%, 07/01/25(b) |
16,353 | 18,230,529 | ||||||
Berry Global Inc. |
||||||||
4.50%, 02/15/26 (Call 11/29/21)(a)(b) |
991 | 1,006,599 | ||||||
4.88%, 07/15/26 (Call 07/15/22)(a) |
1,276 | 1,334,413 | ||||||
5.63%, 07/15/27 (Call 07/15/22)(a)(b) |
9,025 | 9,453,462 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)(b) |
8,586 | 9,165,555 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 11/29/21) |
14,695 | 15,152,106 | ||||||
Flex Acquisition Co. Inc. |
||||||||
6.88%, 01/15/25 (Call 11/29/21)(a)(b) |
12,770 | 12,833,850 | ||||||
7.88%, 07/15/26 (Call 11/29/21)(a)(b) |
8,660 | 9,051,570 | ||||||
Graphic
Packaging International LLC, |
8,051 | 8,102,526 | ||||||
LABL Inc. |
||||||||
5.88%, 11/01/28 (Call 11/01/24)(a)(b) |
2,305 | 2,324,477 | ||||||
6.75%, 07/15/26 (Call 07/15/22)(a) |
13,275 | 13,746,594 | ||||||
8.25%, 11/01/29 (Call 11/01/24)(a) |
3,160 | 3,096,800 | ||||||
10.50%, 07/15/27 (Call 07/15/22)(a)(b) |
13,766 | 14,559,204 | ||||||
Mauser Packaging Solutions Holding Co. |
||||||||
5.50%, 04/15/24 (Call 11/29/21)(a) |
25,628 | 25,666,442 | ||||||
7.25%, 04/15/25 (Call 11/29/21)(a)(b) |
23,640 | 22,905,505 | ||||||
Owens-Brockway Glass Container Inc. |
||||||||
5.88%, 08/15/23(a)(b) |
9,966 | 10,464,300 | ||||||
6.63%, 05/13/27 (Call 05/15/23)(a)(b) |
13,003 | 13,873,898 | ||||||
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a) |
8,224 | 8,100,640 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Packaging & Containers (continued) | ||||||||
Reynolds Group Issuer Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 4.00%, 10/15/27 (Call 10/15/23)(a)(b) |
$ | 18,006 | $ | 17,618,871 | ||||
Sealed Air Corp. |
||||||||
4.00%, 12/01/27 (Call 09/01/27)(a) |
10,268 | 10,757,270 | ||||||
5.13%, 12/01/24 (Call 09/01/24)(a) |
6,842 | 7,370,852 | ||||||
5.25%, 04/01/23 (Call 01/01/23)(a)(b) |
6,681 | 6,984,986 | ||||||
5.50%, 09/15/25 (Call 06/15/25)(a) |
4,777 | 5,274,072 | ||||||
Silgan Holdings Inc., 4.13%, 02/01/28 |
||||||||
(Call 10/01/22)(b) |
10,915 | 11,106,013 | ||||||
Trivium Packaging Finance BV |
||||||||
5.50%, 08/15/26 (Call 08/15/22)(a)(b) |
20,983 | 21,806,507 | ||||||
8.50%, 08/15/27 (Call 08/15/22)(a)(b) |
10,395 | 10,966,621 | ||||||
|
|
|||||||
448,962,117 | ||||||||
Pharmaceuticals — 3.9% | ||||||||
AdaptHealth LLC |
||||||||
4.63%, 08/01/29 (Call 02/01/24)(a)(b) |
6,659 | 6,593,890 | ||||||
5.13%, 03/01/30 (Call 03/01/25)(a)(b) |
11,293 | 11,345,633 | ||||||
Bausch Health Americas Inc. |
||||||||
8.50%, 01/31/27 (Call 07/31/22)(a)(b) |
28,712 | 30,528,792 | ||||||
9.25%, 04/01/26 (Call 04/01/22)(a) |
26,244 | 27,914,711 | ||||||
Bausch Health Companies Inc. |
||||||||
4.88%, 06/01/28 (Call 06/01/24)(a)(b) |
28,583 | 29,434,773 | ||||||
5.00%, 01/30/28 (Call 01/30/23)(a)(b) |
20,234 | 18,690,146 | ||||||
5.00%, 02/15/29 (Call 02/15/24)(a)(b) |
16,481 | 15,121,317 | ||||||
5.25%, 01/30/30 (Call 01/30/25)(a)(b) |
22,040 | 19,918,650 | ||||||
5.25%, 02/15/31 (Call 02/15/26)(a) |
16,017 | 14,410,295 | ||||||
5.50%, 11/01/25 (Call 11/29/21)(a)(b) |
28,659 | 29,130,363 | ||||||
5.75%, 08/15/27 (Call 08/15/22)(a)(b) |
6,920 | 7,240,811 | ||||||
6.13%, 04/15/25 (Call 11/29/21)(a) |
48,406 | 49,332,733 | ||||||
6.25%, 02/15/29 (Call 02/15/24)(a)(b) |
25,742 | 24,935,807 | ||||||
7.00%, 01/15/28 (Call 01/15/23)(a)(b) |
12,465 | 12,597,441 | ||||||
7.25%, 05/30/29 (Call 05/30/24)(a)(b) |
12,175 | 12,320,491 | ||||||
9.00%, 12/15/25 (Call 12/15/21)(a)(b) |
24,361 | 25,612,851 | ||||||
Elanco Animal Health Inc. |
||||||||
5.27%, 08/28/23 (Call 07/28/23)(b) |
11,415 | 12,205,489 | ||||||
5.90%, 08/28/28 (Call 05/28/28)(b) |
14,249 | 16,598,803 | ||||||
Endo Dac/Endo Finance LLC/Endo Finco Inc. |
||||||||
6.00%, 06/30/28 (Call 06/30/23)(a)(b) |
20,847 | 14,540,783 | ||||||
9.50%, 07/31/27 (Call 07/31/23)(a)(b) |
15,417 | 15,301,372 | ||||||
Endo
Luxembourg Finance Co. I Sarl/Endo U.S. Inc., 6.13%,
04/01/29 |
22,151 | 21,818,735 | ||||||
Herbalife Nutrition Ltd./HLF Financing Inc., 7.88%, 09/01/25 (Call 09/01/22)(a) |
10,851 | 11,664,391 | ||||||
HLF Financing Sarl LLC/Herbalife International Inc., 4.88%, 06/01/29 (Call 06/01/24)(a)(b) |
10,127 | 10,192,117 | ||||||
Jazz Securities DAC, 4.38%, 01/15/29 |
||||||||
(Call 07/15/24)(a)(b) |
26,148 | 26,868,464 | ||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV |
||||||||
4.13%, 04/30/28 (Call 04/30/24)(a) |
34,490 | 34,826,277 | ||||||
5.13%, 04/30/31 (Call 04/30/26)(a)(b) |
34,916 | 36,013,410 | ||||||
Par Pharmaceutical Inc., 7.50%, 04/01/27 |
||||||||
(Call 04/01/22)(a)(b) |
34,212 | 34,511,355 | ||||||
Perrigo Finance Unlimited Co. |
||||||||
3.15%, 06/15/30 (Call 03/15/30)(b) |
13,803 | 13,901,442 | ||||||
3.90%, 12/15/24 (Call 09/15/24) |
10,015 | 10,567,537 | ||||||
4.38%, 03/15/26 (Call 12/15/25) |
11,065 | 11,785,556 | ||||||
Prestige Brands Inc. |
||||||||
3.75%, 04/01/31 (Call 04/01/26)(a) |
11,305 | 10,937,588 | ||||||
5.13%, 01/15/28 (Call 01/15/23)(a)(b) |
5,360 | 5,605,657 |
Security |
Par (000) |
Value |
||||||
Pharmaceuticals (continued) | ||||||||
Teva Pharmaceutical Finance Netherlands III BV |
||||||||
2.80%, 07/21/23 |
$ | 51,544 | $ | 51,920,271 | ||||
3.15%, 10/01/26(b) |
57,750 | 54,413,251 | ||||||
6.00%, 04/15/24 (Call 01/15/24)(b) |
19,509 | 20,536,131 | ||||||
6.75%, 03/01/28 (Call 12/01/27)(b) |
22,201 | 24,395,726 | ||||||
7.13%, 01/31/25 (Call 10/31/24)(b) |
14,657 | 15,733,410 | ||||||
|
|
|||||||
789,466,469 | ||||||||
Pipelines — 4.8% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. |
||||||||
5.38%, 06/15/29 (Call 06/15/24)(a) |
12,357 | 12,882,173 | ||||||
5.75%, 03/01/27 (Call 03/01/22)(a) |
13,488 | 13,949,964 | ||||||
5.75%, 01/15/28 (Call 01/15/23)(a) |
11,426 | 11,954,453 | ||||||
7.88%, 05/15/26 (Call 05/15/23)(a)(b) |
7,565 | 8,255,306 | ||||||
Buckeye Partners LP |
||||||||
3.95%, 12/01/26 (Call 09/01/26) |
10,807 | 11,038,486 | ||||||
4.13%, 03/01/25 (Call 02/01/25)(a)(b) |
11,576 | 11,852,377 | ||||||
4.13%, 12/01/27 (Call 09/01/27) |
5,854 | 5,904,674 | ||||||
4.15%, 07/01/23 (Call 04/01/23) |
6,420 | 6,626,403 | ||||||
4.50%, 03/01/28 (Call 12/01/27)(a)(b) |
7,311 | 7,279,319 | ||||||
6.38%, 01/22/78 (Call 01/22/23)(c) |
7,023 | 6,396,162 | ||||||
Cheniere Energy Inc., 4.63%, 10/15/28 |
||||||||
(Call 10/15/23)(b) |
34,462 | 36,183,377 | ||||||
Cheniere Energy Partners LP |
||||||||
3.25%, 01/31/32 (Call 01/31/27)(a) |
13,393 | 13,252,641 | ||||||
4.00%, 03/01/31 (Call 03/01/26)(a)(b) |
26,448 | 27,541,133 | ||||||
4.50%, 10/01/29 (Call 10/01/24)(b) |
27,072 | 28,836,553 | ||||||
CQP Holdco LP/BIP-V Chinook Holdco LLC, 5.50%, 06/15/31 (Call 06/15/26)(a)(b) |
24,426 | 25,497,356 | ||||||
Crestwood Midstream Partners LP/Crestwood |
||||||||
Midstream Finance Corp. |
||||||||
5.63%, 05/01/27 (Call 05/01/22)(a)(b) |
9,776 | 10,026,754 | ||||||
5.75%, 04/01/25 (Call 11/29/21)(b) |
6,000 | 6,148,800 | ||||||
6.00%, 02/01/29 (Call 02/01/24)(a)(b) |
11,044 | 11,418,556 | ||||||
DCP Midstream Operating LP |
||||||||
3.88%, 03/15/23 (Call 12/15/22)(b) |
5,370 | 5,531,100 | ||||||
5.13%, 05/15/29 (Call 02/15/29)(b) |
10,406 | 11,784,795 | ||||||
5.38%, 07/15/25 (Call 04/15/25) |
11,917 | 13,205,001 | ||||||
5.63%, 07/15/27 (Call 04/15/27)(b) |
9,084 | 10,359,175 | ||||||
5.85%, 05/21/43 (Call 05/21/23)(a)(b)(c) |
9,151 | 8,614,141 | ||||||
DT Midstream Inc. |
||||||||
4.13%, 06/15/29 (Call 06/15/24)(a) |
18,194 | 18,316,142 | ||||||
4.38%, 06/15/31 (Call 06/15/26)(a)(b) |
17,236 | 17,486,462 | ||||||
EnLink Midstream Partners LP |
||||||||
4.15%, 06/01/25 (Call 03/01/25) |
13,128 | 13,616,861 | ||||||
4.40%, 04/01/24 (Call 01/01/24) |
6,292 | 6,567,275 | ||||||
4.85%, 07/15/26 (Call 04/15/26)(b) |
7,286 | 7,572,279 | ||||||
EQM Midstream Partners LP |
||||||||
4.00%, 08/01/24 (Call 05/01/24) |
6,105 | 6,318,675 | ||||||
4.13%, 12/01/26 (Call 09/01/26) |
6,925 | 7,125,038 | ||||||
4.50%, 01/15/29 (Call 07/15/28)(a)(b) |
12,218 | 12,569,268 | ||||||
4.75%, 07/15/23 (Call 06/15/23) |
11,352 | 11,949,229 | ||||||
4.75%, 01/15/31 (Call 07/15/30)(a)(b) |
19,773 | 20,462,419 | ||||||
5.50%, 07/15/28 (Call 04/15/28)(b) |
12,399 | 13,691,596 | ||||||
6.00%, 07/01/25 (Call 04/01/25)(a)(b) |
12,075 | 13,133,575 | ||||||
6.50%, 07/01/27 (Call 01/01/27)(a) |
15,259 | 16,975,638 | ||||||
Genesis Energy LP/Genesis Energy Finance Corp. |
||||||||
6.50%, 10/01/25 (Call 11/29/21)(b) |
7,843 | 7,730,845 | ||||||
7.75%, 02/01/28 (Call 02/01/23)(b) |
11,984 | 11,864,160 | ||||||
8.00%, 01/15/27 (Call 01/15/24)(b) |
16,762 | 16,840,781 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Pipelines (continued) | ||||||||
Hess Midstream Operations LP |
||||||||
4.25%, 02/15/30 (Call 02/15/25)(a) |
$ | 13,195 | $ | 13,165,311 | ||||
5.13%, 06/15/28 (Call 06/15/23)(a)(b) |
7,854 | 8,157,950 | ||||||
5.63%, 02/15/26 (Call 11/29/21)(a) |
10,296 | 10,653,786 | ||||||
ITT Holdings LLC, 6.50%, 08/01/29 (Call 08/01/24)(a) |
20,520 | 20,571,300 | ||||||
New Fortress Energy Inc. |
||||||||
6.50%, 09/30/26 (Call 03/31/23)(a)(b) |
24,696 | 24,016,860 | ||||||
6.75%, 09/15/25 (Call 09/15/22)(a) |
20,363 | 19,860,441 | ||||||
NGL Energy Operating LLC/NGL Energy Finance Corp., |
||||||||
7.50%, 02/01/26 (Call 02/01/23)(a)(b) |
33,771 | 34,258,316 | ||||||
NGL Energy Partners LP/NGL Energy Finance Corp. |
||||||||
7.50%, 11/01/23 (Call 11/29/21) |
7,353 | 7,075,015 | ||||||
7.50%, 04/15/26 (Call 04/15/22)(b) |
3,585 | 3,067,864 | ||||||
NuStar Logistics LP |
||||||||
5.63%, 04/28/27 (Call 01/28/27)(b) |
9,072 | 9,534,649 | ||||||
5.75%, 10/01/25 (Call 07/01/25)(b) |
7,917 | 8,471,190 | ||||||
6.00%, 06/01/26 (Call 03/01/26)(b) |
6,676 | 7,101,595 | ||||||
6.38%, 10/01/30 (Call 04/01/30)(b) |
11,153 | 12,226,476 | ||||||
Rockies Express Pipeline LLC |
||||||||
3.60%, 05/15/25 (Call 04/15/25)(a) |
6,217 | 6,448,718 | ||||||
4.95%, 07/15/29 (Call 04/15/29)(a) |
7,931 | 8,469,019 | ||||||
Tallgrass
Energy Partners LP/Tallgrass |
||||||||
5.50%, 01/15/28 (Call 01/15/23)(a)(b) |
12,798 | 12,819,213 | ||||||
6.00%, 03/01/27 (Call 03/01/23)(a)(b) |
6,323 | 6,581,812 | ||||||
6.00%, 12/31/30 (Call 12/31/25)(a) |
12,793 | 12,806,263 | ||||||
6.00%, 09/01/31 (Call 09/01/26)(a)(b) |
9,507 | 9,392,322 | ||||||
7.50%, 10/01/25 (Call 10/01/22)(a) |
8,177 | 8,841,381 | ||||||
Targa
Resources Partners LP/Targa |
||||||||
4.00%, 01/15/32 (Call 07/15/26)(a)(b) |
17,002 | 17,544,687 | ||||||
4.88%, 02/01/31 (Call 02/01/26)(b) |
17,969 | 19,397,176 | ||||||
5.00%, 01/15/28 (Call 01/15/23) |
10,881 | 11,464,679 | ||||||
5.38%, 02/01/27 (Call 02/01/22) |
5,248 | 5,425,076 | ||||||
5.50%, 03/01/30 (Call 03/01/25)(b) |
15,357 | 16,877,960 | ||||||
5.88%, 04/15/26 (Call 11/29/21)(b) |
13,071 | 13,657,991 | ||||||
6.50%, 07/15/27 (Call 07/15/22) |
11,014 | 11,823,403 | ||||||
6.88%, 01/15/29 (Call 01/15/24)(b) |
8,537 | 9,562,507 | ||||||
Venture Global Calcasieu Pass LLC |
||||||||
3.88%, 08/15/29 (Call 02/15/29)(a)(b) |
21,072 | 21,467,100 | ||||||
4.13%, 08/15/31 (Call 02/15/31)(a)(b) |
21,315 | 22,059,959 | ||||||
Western Midstream Operating LP |
||||||||
3.95%, 06/01/25 (Call 03/01/25) |
7,909 | 8,303,738 | ||||||
4.35%, 02/01/25 (Call 01/01/25) |
12,156 | 12,762,811 | ||||||
4.50%, 03/01/28 (Call 12/01/27) |
5,441 | 5,899,336 | ||||||
4.65%, 07/01/26 (Call 04/01/26)(b) |
6,217 | 6,733,322 | ||||||
4.75%, 08/15/28 (Call 05/15/28)(b) |
5,395 | 5,935,579 | ||||||
5.30%, 02/01/30 (Call 11/01/29)(b) |
19,778 | 21,706,355 | ||||||
|
|
|||||||
960,900,102 | ||||||||
Real Estate — 0.5% | ||||||||
Howard Hughes Corp. (The) |
||||||||
4.13%, 02/01/29 (Call 02/01/24)(a)(b) |
9,266 | 9,293,242 | ||||||
4.38%, 02/01/31 (Call 02/01/26)(a) |
12,215 | 12,217,687 | ||||||
5.38%, 08/01/28 (Call 08/01/23)(a)(b) |
13,445 | 14,127,334 | ||||||
Kennedy-Wilson Inc. |
||||||||
4.75%, 03/01/29 (Call 03/01/24)(b) |
8,121 | 8,283,420 | ||||||
4.75%, 02/01/30 (Call 09/01/24)(b) |
11,199 | 11,317,155 | ||||||
5.00%, 03/01/31 (Call 03/01/26) |
9,490 | 9,703,525 | ||||||
Realogy Group LLC/Realogy Co-Issuer Corp. |
||||||||
4.88%, 06/01/23 (Call 03/01/23)(a) |
4,705 | 4,846,150 |
Security |
Par (000) |
Value | ||||||
Real Estate (continued) | ||||||||
5.75%, 01/15/29 (Call 01/15/24)(a)(b) |
$ | 16,130 | $ | 16,683,259 | ||||
7.63%, 06/15/25 (Call 06/15/22)(a)(b) |
9,832 | 10,505,001 | ||||||
9.38%, 04/01/27 (Call 04/01/22)(a)(b) |
10,809 | 11,829,099 | ||||||
|
|
|||||||
108,805,872 | ||||||||
Real Estate Investment Trusts — 4.0% | ||||||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR |
||||||||
Nimbus LLC/GGSI Sellco LL |
||||||||
4.50%, 04/01/27 (Call 10/01/23)(a) |
14,526 | 14,162,850 | ||||||
5.75%, 05/15/26 (Call 05/15/22)(a)(b) |
6,825 | 7,060,462 | ||||||
Diversified Healthcare Trust |
||||||||
4.38%, 03/01/31 (Call 09/01/30)(b) |
8,685 | 8,424,540 | ||||||
4.75%, 02/15/28 (Call 08/15/27)(b) |
6,999 | 6,974,504 | ||||||
9.75%, 06/15/25 (Call 06/15/22) |
18,586 | 20,248,332 | ||||||
EPR Properties |
||||||||
4.50%, 06/01/27 (Call 03/01/27) |
691 | 742,806 | ||||||
4.75%, 12/15/26 (Call 09/15/26) |
1,191 | 1,295,040 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC |
||||||||
3.38%, 06/15/26 (Call 03/15/26)(a) |
17,660 | 17,604,798 | ||||||
6.00%, 04/15/25 (Call 04/15/22)(a)(b) |
6,231 | 6,497,064 | ||||||
Iron Mountain Inc. |
||||||||
4.50%, 02/15/31 (Call 02/15/26)(a)(b) |
18,997 | 19,154,179 | ||||||
4.88%, 09/15/27 (Call 09/15/22)(a)(b) |
18,804 | 19,403,660 | ||||||
4.88%, 09/15/29 (Call 09/15/24)(a)(b) |
16,791 | 17,378,853 | ||||||
5.00%, 07/15/28 (Call 07/15/23)(a) |
6,544 | 6,770,968 | ||||||
5.25%, 03/15/28 (Call 12/27/22)(a) |
13,058 | 13,634,184 | ||||||
5.25%, 07/15/30 (Call 07/15/25)(a) |
23,510 | 24,564,240 | ||||||
5.63%, 07/15/32 (Call 07/15/26)(a)(b) |
9,425 | 10,063,544 | ||||||
iStar Inc. |
||||||||
4.25%, 08/01/25 (Call 05/01/25)(b) |
6,559 | 6,733,965 | ||||||
4.75%, 10/01/24 (Call 07/01/24)(b) |
14,670 | 15,462,180 | ||||||
5.50%, 02/15/26 (Call 08/15/22)(b) |
6,929 | 7,220,107 | ||||||
Ladder
Capital Finance Holdings |
||||||||
4.25%, 02/01/27 (Call 02/01/23)(a)(b) |
11,197 | 11,259,516 | ||||||
4.75%, 06/15/29 (Call 06/15/24)(a)(b) |
10,492 | 10,570,690 | ||||||
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc. |
||||||||
3.88%, 02/15/29 (Call 11/15/28)(a)(b) |
12,120 | 12,820,172 | ||||||
4.50%, 09/01/26 (Call 06/01/26)(b) |
6,067 | 6,566,011 | ||||||
4.63%, 06/15/25 (Call 03/15/25)(a) |
10,797 | 11,609,699 | ||||||
5.63%, 05/01/24 (Call 02/01/24)(b) |
16,954 | 18,350,131 | ||||||
5.75%, 02/01/27 (Call 11/01/26) |
11,265 | 12,847,732 | ||||||
MPT Operating Partnership LP/MPT Finance Corp. |
||||||||
3.50%, 03/15/31 (Call 03/15/26) |
22,824 | 22,973,497 | ||||||
4.63%, 08/01/29 (Call 08/01/24)(b) |
15,822 | 16,751,542 | ||||||
5.00%, 10/15/27 (Call 10/15/22)(b) |
24,981 | 26,302,697 | ||||||
5.25%, 08/01/26 (Call 11/29/21) |
6,646 | 6,852,912 | ||||||
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer |
||||||||
4.88%, 05/15/29 (Call 05/15/24)(a)(b) |
12,189 | 12,363,564 | ||||||
5.88%, 10/01/28 (Call 10/01/23)(a)(b) |
14,726 | 15,451,926 | ||||||
7.50%, 06/01/25 (Call 06/01/22)(a) |
8,461 | 8,977,121 | ||||||
RHP Hotel Properties LP/RHP Finance Corp. |
||||||||
4.50%, 02/15/29 (Call 02/15/24)(a)(b) |
9,488 | 9,437,081 | ||||||
4.75%, 10/15/27 (Call 10/15/22)(b) |
11,100 | 11,368,244 | ||||||
RLJ Lodging Trust LP |
||||||||
3.75%, 07/01/26 (Call 07/01/23)(a)(b) |
4,627 | 4,673,270 | ||||||
4.00%, 09/15/29 (Call 09/15/24)(a)(b) |
9,593 | 9,565,660 | ||||||
SBA Communications Corp. |
||||||||
3.13%, 02/01/29 (Call 02/01/24)(a) |
25,230 | 24,157,725 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
3.88%, 02/15/27 (Call 02/15/23)(b) |
$ | 27,323 | $ | 28,177,663 | ||||
4.88%, 09/01/24 (Call 11/08/21)(b) |
16,893 | 17,088,114 | ||||||
Service Properties Trust |
||||||||
3.95%, 01/15/28 (Call 07/15/27)(b) |
6,703 | 6,247,805 | ||||||
4.35%, 10/01/24 (Call 09/01/24)(b) |
15,505 | 15,666,717 | ||||||
4.38%, 02/15/30 (Call 08/15/29)(b) |
6,902 | 6,487,880 | ||||||
4.50%, 06/15/23 (Call 12/15/22)(b) |
9,767 | 10,005,193 | ||||||
4.75%, 10/01/26 (Call 08/01/26) |
5,688 | 5,632,542 | ||||||
4.95%, 02/15/27 (Call 08/15/26)(b) |
5,255 | 5,176,175 | ||||||
4.95%, 10/01/29 (Call 07/01/29)(b) |
6,378 | 6,149,987 | ||||||
5.50%, 12/15/27 (Call 09/15/27)(b) |
8,576 | 8,983,360 | ||||||
7.50%, 09/15/25 (Call 06/15/25) |
15,262 | 16,867,562 | ||||||
Starwood Property Trust Inc. |
||||||||
3.63%, 07/15/26 (Call 01/15/26)(a) |
6,521 | 6,519,696 | ||||||
4.75%, 03/15/25 (Call 09/15/24)(b) |
7,427 | 7,805,034 | ||||||
Uniti
Group LP/Uniti Fiber Holdings Inc./CSL |
||||||||
6.00%, 01/15/30 (Call 01/15/25)(a) |
12,715 | 12,546,526 | ||||||
7.13%, 12/15/24 (Call 12/15/21)(a) |
9,044 | 9,270,301 | ||||||
7.88%, 02/15/25 (Call 02/15/22)(a) |
37,361 | 39,292,564 | ||||||
Uniti
Group LP/Uniti Group Finance Inc./CSL |
||||||||
4.75%, 04/15/28 (Call 04/15/24)(a)(b) |
9,015 | 9,060,075 | ||||||
6.50%, 02/15/29 (Call 02/15/24)(a)(b) |
19,423 | 19,678,607 | ||||||
VICI Properties LP/VICI Note Co. Inc. |
||||||||
3.50%, 02/15/25 (Call 02/15/22)(a)(b) |
11,407 | 11,628,923 | ||||||
3.75%, 02/15/27 (Call 02/15/23)(a)(b) |
13,677 | 14,068,846 | ||||||
4.13%, 08/15/30 (Call 02/15/25)(a)(b) |
18,546 | 19,465,572 | ||||||
4.25%, 12/01/26 (Call 12/01/22)(a)(b) |
19,865 | 20,601,594 | ||||||
4.63%, 12/01/29 (Call 12/01/24)(a)(b) |
16,784 | 17,895,940 | ||||||
XHR LP |
||||||||
4.88%, 06/01/29 (Call 06/01/24)(a) |
7,248 | 7,436,086 | ||||||
6.38%, 08/15/25 (Call 08/15/22)(a)(b) |
8,697 | 9,175,335 | ||||||
|
|
|||||||
807,223,563 | ||||||||
Retail — 4.0% | ||||||||
1011778 BC ULC/New Red Finance Inc. |
||||||||
3.50%, 02/15/29 (Call 02/15/24)(a)(b) |
12,512 | 12,118,185 | ||||||
3.88%, 01/15/28 (Call 09/15/22)(a) |
26,467 | 26,402,950 | ||||||
4.00%, 10/15/30 (Call 10/15/25)(a)(b) |
50,203 | 48,508,649 | ||||||
4.38%, 01/15/28 (Call 11/15/22)(a)(b) |
12,633 | 12,699,323 | ||||||
5.75%, 04/15/25 (Call 04/15/22)(a) |
9,523 | 9,926,716 | ||||||
Bath & Body Works Inc. |
||||||||
5.25%, 02/01/28 |
6,839 | 7,355,345 | ||||||
6.63%, 10/01/30 (Call 10/01/25)(a)(b) |
16,594 | 18,564,537 | ||||||
7.50%, 06/15/29 (Call 06/15/24) |
7,506 | 8,459,262 | ||||||
9.38%, 07/01/25(a) |
3,690 | 4,600,705 | ||||||
Carvana Co. |
||||||||
4.88%, 09/01/29 (Call 09/01/24)(a)(b) |
12,937 | 12,516,547 | ||||||
5.50%, 04/15/27 (Call 04/15/24)(a) |
9,523 | 9,582,519 | ||||||
5.63%, 10/01/25 (Call 10/01/22)(a)(b) |
9,813 | 10,009,260 | ||||||
5.88%, 10/01/28 (Call 10/01/23)(a) |
8,137 | 8,286,314 | ||||||
eG Global Finance PLC |
||||||||
6.75%, 02/07/25 (Call 11/09/21)(a) |
12,718 | 13,024,609 | ||||||
8.50%, 10/30/25 (Call 11/29/21)(a) |
9,619 | 9,986,446 | ||||||
Ferrellgas LP/Ferrellgas Finance Corp. |
||||||||
5.38%, 04/01/26 (Call 04/01/23)(a)(b) |
10,796 | 10,505,833 | ||||||
5.88%, 04/01/29 (Call 04/01/24)(a) |
13,203 | 12,839,917 | ||||||
Gap Inc. (The) |
||||||||
3.63%, 10/01/29 (Call 10/01/24)(a) |
12,845 | 12,610,602 | ||||||
3.88%, 10/01/31 (Call 10/01/26)(a) |
12,285 | 12,039,300 |
Security |
Par (000) |
Value | ||||||
Retail (continued) | ||||||||
Golden Nugget Inc. |
||||||||
6.75%, 10/15/24 (Call 11/29/21)(a)(b) |
$ | 26,921 | $ | 27,021,954 | ||||
8.75%, 10/01/25 (Call 11/29/21)(a)(b) |
13,156 | 13,697,946 | ||||||
IRB Holding Corp. |
||||||||
6.75%, 02/15/26 (Call 11/29/21)(a)(b) |
6,062 | 6,207,838 | ||||||
7.00%, 06/15/25 (Call 06/15/22)(a)(b) |
13,456 | 14,245,024 | ||||||
KFC
Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, |
12,462 | 12,899,694 | ||||||
LBM Acquisition LLC, 6.25%, 01/15/29 |
||||||||
(Call 01/15/24)(a)(b) |
12,861 | 12,489,317 | ||||||
LCM
Investments Holdings II LLC, |
||||||||
(Call 05/01/24)(a)(b) |
7,764 | 7,972,230 | ||||||
Lithia Motors Inc. |
||||||||
3.88%, 06/01/29 (Call 06/01/24)(a)(b) |
13,490 | 13,979,012 | ||||||
4.38%, 01/15/31 (Call 10/15/25)(a)(b) |
8,599 | 9,170,834 | ||||||
4.63%, 12/15/27 (Call 12/15/22)(a)(b) |
7,565 | 7,997,332 | ||||||
Macy’s Retail Holdings LLC |
||||||||
2.88%, 02/15/23 (Call 11/15/22)(b) |
6,368 | 6,439,640 | ||||||
3.63%, 06/01/24 (Call 03/01/24)(b) |
2,338 | 2,413,284 | ||||||
5.88%, 04/01/29 (Call 04/01/24)(a)(b) |
7,189 | 7,665,921 | ||||||
Michaels Companies Inc (The) |
||||||||
5.25%, 05/01/28 (Call 11/01/23)(a)(b) |
14,314 | 14,475,748 | ||||||
7.88%, 05/01/29 (Call 05/01/24)(a)(b) |
21,145 | 21,433,623 | ||||||
Murphy Oil USA Inc. |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a)(b) |
9,085 | 8,939,362 | ||||||
4.75%, 09/15/29 (Call 09/15/24) |
9,276 | 9,772,266 | ||||||
NMG Holding Co. Inc./Neiman Marcus Group LLC, |
||||||||
7.13%, 04/01/26 (Call 04/01/23)(a)(b) |
18,364 | 19,308,980 | ||||||
Nordstrom Inc. |
||||||||
4.25%, 08/01/31 (Call 05/01/31)(b) |
7,023 | 7,023,000 | ||||||
4.38%, 04/01/30 (Call 01/01/30)(b) |
8,782 | 8,935,685 | ||||||
Penske Automotive Group Inc. |
||||||||
3.50%, 09/01/25 (Call 09/01/22)(b) |
10,119 | 10,397,273 | ||||||
3.75%, 06/15/29 (Call 06/15/24)(b) |
8,588 | 8,540,852 | ||||||
PetSmart Inc./PetSmart Finance Corp. |
||||||||
4.75%, 02/15/28 (Call 02/15/24)(a)(b) |
20,332 | 20,891,130 | ||||||
7.75%, 02/15/29 (Call 02/15/24)(a)(b) |
20,312 | 21,926,195 | ||||||
QVC Inc. |
||||||||
4.38%, 03/15/23 |
9,630 | 10,028,843 | ||||||
4.38%, 09/01/28 (Call 06/01/28) |
7,625 | 7,796,563 | ||||||
4.45%, 02/15/25 (Call 11/15/24)(b) |
11,661 | 12,453,365 | ||||||
4.75%, 02/15/27 (Call 11/15/26)(b) |
10,820 | 11,315,015 | ||||||
4.85%, 04/01/24(b) |
9,961 | 10,684,418 | ||||||
Rite Aid Corp. |
||||||||
7.50%, 07/01/25 (Call 07/01/22)(a)(b) |
10,519 | 10,571,595 | ||||||
8.00%, 11/15/26 (Call 01/15/23)(a)(b) |
12,971 | 13,090,686 | ||||||
Sonic Automotive Inc. |
||||||||
4.63%, 11/15/29 (Call 11/15/24)(a) |
10,801 | 10,828,002 | ||||||
4.88%, 11/15/31 (Call 11/15/26)(a) |
8,310 | 8,310,000 | ||||||
SRS Distribution Inc. |
||||||||
4.63%, 07/01/28 (Call 07/01/24)(a)(b) |
12,802 | 13,096,318 | ||||||
6.13%, 07/01/29 (Call 07/01/24)(a)(b) |
6,923 | 7,122,036 | ||||||
Staples Inc. |
||||||||
7.50%, 04/15/26 (Call 04/15/22)(a)(b) |
35,109 | 35,372,317 | ||||||
10.75%, 04/15/27 (Call 04/15/22)(a)(b) |
16,212 | 15,482,460 | ||||||
Suburban
Propane Partners LP/Suburban Energy Finance Corp., |
10,424 | 10,684,600 | ||||||
Yum! Brands Inc. |
||||||||
3.63%, 03/15/31 (Call 12/15/30)(b) |
19,047 | 18,808,912 | ||||||
4.63%, 01/31/32 (Call 10/01/26) |
19,420 | 20,238,370 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Retail (continued) |
||||||||
4.75%, 01/15/30 (Call 10/15/29)(a)(b) |
$ | 12,179 | $ | 13,059,542 | ||||
7.75%, 04/01/25 (Call 04/01/22)(a) |
9,859 | 10,475,187 | ||||||
|
|
|||||||
793,299,388 | ||||||||
Semiconductors — 0.1% |
||||||||
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22)(b) |
19,622 | 20,389,544 | ||||||
Qorvo Inc., 4.38%, 10/15/29 (Call 10/15/24) |
836 | 898,524 | ||||||
|
|
|||||||
21,288,068 | ||||||||
Software — 1.8% |
||||||||
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 09/01/23)(a)(b) |
16,888 | 16,803,560 | ||||||
Boxer Parent Co. Inc., 7.13%, 10/02/25 (Call 06/01/22)(a)(b) |
11,084 | 11,753,220 | ||||||
CDK Global Inc. |
||||||||
4.88%, 06/01/27 (Call 06/01/22)(b) |
12,099 | 12,594,523 | ||||||
5.00%, 10/15/24 (Call 07/15/24)(b) |
6,137 | 6,786,397 | ||||||
5.25%, 05/15/29 (Call 05/15/24)(a)(b) |
10,291 | 11,036,767 | ||||||
Change Healthcare Holdings LLC/Change Healthcare Finance Inc., 5.75%, 03/01/25 (Call 11/09/21)(a) |
21,512 | 21,687,770 | ||||||
Clarivate Science Holdings Corp. |
||||||||
3.88%, 07/01/28 (Call 06/30/24)(a)(b) |
16,323 | 16,139,347 | ||||||
4.88%, 07/01/29 (Call 06/30/24)(a) |
14,512 | 14,461,208 | ||||||
MSCI Inc. |
||||||||
3.25%, 08/15/33 (Call 08/15/27)(a)(b) |
13,210 | 13,276,010 | ||||||
3.63%, 09/01/30 (Call 03/01/25)(a) |
13,799 | 14,115,687 | ||||||
3.63%, 11/01/31 (Call 11/01/26)(a) |
10,526 | 10,841,780 | ||||||
3.88%, 02/15/31 (Call 06/01/25)(a)(b) |
16,315 | 16,851,463 | ||||||
4.00%, 11/15/29 (Call 11/15/24)(a)(b) |
16,408 | 17,156,732 | ||||||
Open Text Corp. |
||||||||
3.88%, 02/15/28 (Call 02/15/23)(a)(b) |
15,244 | 15,365,952 | ||||||
5.88%, 06/01/26 (Call 11/29/21)(a)(b) |
10,739 | 11,110,001 | ||||||
Open Text Holdings Inc., 4.13%, 02/15/30 (Call 02/15/25)(a)(b) |
16,999 | 17,226,929 | ||||||
PTC Inc. |
||||||||
3.63%, 02/15/25 (Call 02/15/22)(a) |
9,100 | 9,257,366 | ||||||
4.00%, 02/15/28 (Call 02/15/23)(a)(b) |
7,689 | 7,804,685 | ||||||
Rackspace Technology Global Inc. |
||||||||
3.50%, 02/15/28 (Call 02/15/24)(a)(b) |
9,323 | 8,876,661 | ||||||
5.38%, 12/01/28 (Call 12/01/23)(a)(b) |
8,439 | 8,143,729 | ||||||
ROBLOX
Corp., 3.88%, 05/01/30 |
15,415 | 15,357,194 | ||||||
SS&C Technologies Inc., 5.50%, 09/30/27 (Call 03/30/22)(a)(b) |
35,568 | 37,435,320 | ||||||
Twilio Inc. |
||||||||
3.63%, 03/15/29 (Call 03/15/24)(b) |
7,777 | 7,830,856 | ||||||
3.88%, 03/15/31 (Call 03/15/26)(b) |
8,931 | 8,992,088 | ||||||
Veritas U.S. Inc./Veritas Bermuda Ltd., 7.50%, 09/01/25 (Call 11/29/21)(a) |
29,027 | 30,079,229 | ||||||
|
|
|||||||
360,984,474 | ||||||||
Telecommunications — 7.5% |
||||||||
Altice France Holding SA |
||||||||
6.00%, 02/15/28 (Call 02/15/23)(a)(b) |
19,827 | 18,835,650 | ||||||
10.50%, 05/15/27 (Call 05/15/22)(a) |
26,908 | 29,161,545 | ||||||
Altice
France SA, 5.50%, 10/15/29 |
32,275 | 31,651,524 | ||||||
Altice France SA/France |
||||||||
5.13%, 01/15/29 (Call 09/15/23)(a) |
7,531 | 7,325,517 | ||||||
5.13%, 07/15/29 (Call 04/15/24)(a)(b) |
42,841 | 41,523,639 | ||||||
5.50%, 01/15/28 (Call 09/15/22)(a)(b) |
17,678 | 17,744,293 | ||||||
8.13%, 02/01/27 (Call 02/01/22)(a) |
28,042 | 30,145,150 | ||||||
Avaya
Inc., 6.13%, 09/15/28 |
16,503 | 17,203,717 |
Security |
Par (000) |
Value | ||||||
Telecommunications (continued) |
||||||||
Cincinnati
Bell Inc., 7.00%, 07/15/24 |
$ | 14,271 | $ | 14,534,466 | ||||
CommScope Inc. |
||||||||
4.75%, 09/01/29 (Call 09/01/24)(a)(b) |
23,055 | 22,622,500 | ||||||
6.00%, 03/01/26 (Call 03/01/22)(a) |
24,139 | 24,963,069 | ||||||
7.13%, 07/01/28 (Call 07/01/23)(a)(b) |
11,556 | 11,389,160 | ||||||
8.25%, 03/01/27 (Call 03/01/22)(a)(b) |
17,165 | 17,490,105 | ||||||
CommScope Technologies LLC |
||||||||
5.00%, 03/15/27 (Call 03/15/22)(a)(b) |
11,374 | 10,561,946 | ||||||
6.00%, 06/15/25 (Call 11/09/21)(a) |
21,631 | 21,411,013 | ||||||
Connect
Finco Sarl/Connect U.S. Finco LLC, |
36,377 | 37,741,138 | ||||||
Consolidated Communications Inc. |
||||||||
5.00%, 10/01/28 (Call 10/01/23)(a)(b) |
5,989 | 6,063,007 | ||||||
6.50%, 10/01/28 (Call 10/01/23)(a)(b) |
13,856 | 14,739,597 | ||||||
Frontier Communications Holdings LLC |
||||||||
5.00%, 05/01/28 (Call 05/01/24)(a) |
26,537 | 27,029,142 | ||||||
5.88%, 10/15/27 (Call 10/15/23)(a)(b) |
20,652 | 21,688,844 | ||||||
5.88%, 11/01/29 (Call 11/01/24)(b) |
14,564 | 14,527,590 | ||||||
6.00%, 01/15/30 (Call 10/15/24)(a)(b) |
16,155 | 16,221,316 | ||||||
6.75%, 05/01/29 (Call 05/01/24)(a)(b) |
18,200 | 18,845,885 | ||||||
Hughes Satellite Systems Corp. |
||||||||
5.25%, 08/01/26 |
14,929 | 16,683,714 | ||||||
6.63%, 08/01/26(b) |
13,240 | 14,997,610 | ||||||
Iliad Holding SAS |
||||||||
6.50%, 10/15/26 (Call 10/15/23)(a) |
19,605 | 20,201,384 | ||||||
7.00%, 10/15/28 (Call 10/15/24)(a)(b) |
14,730 | 15,161,147 | ||||||
Intelsat Jackson Holdings SA |
||||||||
8.00%, 02/15/24 (Call 11/29/21)(a)(f)(g) |
24,990 | 25,517,914 | ||||||
9.50%, 09/30/22(a)(f)(g) |
7,476 | 8,765,610 | ||||||
Intrado
Corp., 8.50%, 10/15/25 |
783 | 773,682 | ||||||
Koninklijke
KPN NV, 7.00%, 03/28/73 |
12,259 | 12,979,484 | ||||||
Level 3 Financing Inc. |
||||||||
3.63%, 01/15/29 (Call 01/15/24)(a)(b) |
13,474 | 12,749,234 | ||||||
3.75%, 07/15/29 (Call 01/15/24)(a)(b) |
14,802 | 13,987,890 | ||||||
4.25%, 07/01/28 (Call 07/01/23)(a)(b) |
20,037 | 19,812,385 | ||||||
4.63%, 09/15/27 (Call 09/15/22)(a)(b) |
17,421 | 17,856,525 | ||||||
5.25%, 03/15/26 (Call 11/29/21)(b) |
12,329 | 12,707,500 | ||||||
5.38%, 05/01/25 (Call 11/29/21) |
12,397 | 12,683,870 | ||||||
Lumen Technologies Inc. |
||||||||
4.00%, 02/15/27 (Call 02/15/23)(a) |
23,601 | 23,690,040 | ||||||
4.50%, 01/15/29 (Call 01/15/24)(a)(b) |
15,433 | 14,912,136 | ||||||
5.13%, 12/15/26 (Call 12/15/22)(a)(b) |
23,807 | 24,389,795 | ||||||
5.38%, 06/15/29 (Call 06/15/24)(a)(b) |
17,236 | 17,279,090 | ||||||
5.63%, 04/01/25 (Call 01/01/25)(b) |
8,480 | 9,116,662 | ||||||
Series W, 6.75%, 12/01/23 |
10,309 | 11,319,179 | ||||||
Series Y, 7.50%, 04/01/24 (Call 01/01/24)(b) |
15,840 | 17,421,228 | ||||||
Nokia OYJ, 4.38%, 06/12/27(b) |
8,650 | 9,316,944 | ||||||
Sprint Communications Inc., 6.00%, 11/15/22 |
34,924 | 36,634,578 | ||||||
Sprint Corp. |
||||||||
7.13%, 06/15/24 |
42,263 | 47,757,190 | ||||||
7.63%, 02/15/25 (Call 11/15/24)(b) |
25,449 | 29,616,274 | ||||||
7.63%, 03/01/26 (Call 11/01/25) |
25,331 | 30,365,536 | ||||||
7.88%, 09/15/23 |
69,596 | 77,232,421 | ||||||
Switch Ltd. |
||||||||
3.75%, 09/15/28 (Call 09/15/23)(a)(b) |
9,649 | 9,612,816 | ||||||
4.13%, 06/15/29 (Call 06/15/24)(a) |
10,088 | 10,147,036 | ||||||
Telecom Italia SpA/Milano, 5.30%, 05/30/24(a) |
23,625 | 25,160,625 | ||||||
Telesat Canada/Telesat LLC |
||||||||
4.88%, 06/01/27 (Call 12/01/22)(a)(b) |
6,406 | 5,733,370 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Telecommunications (continued) | ||||||||
5.63%, 12/06/26 (Call 12/06/23)(a)(b) |
$ | 9,279 | $ | 8,672,153 | ||||
6.50%, 10/15/27 (Call 10/15/22)(a)(b) |
9,114 | 7,382,340 | ||||||
T-Mobile USA Inc. |
||||||||
2.25%, 02/15/26 (Call 02/15/23)(b) |
14,713 | 14,804,956 | ||||||
2.25%, 02/15/26 (Call 02/15/23)(a) |
13,273 | 13,355,956 | ||||||
2.63%, 04/15/26 (Call 04/15/23)(b) |
19,501 | 19,830,893 | ||||||
2.63%, 02/15/29 (Call 02/15/24)(b) |
15,329 | 15,192,003 | ||||||
2.88%, 02/15/31 (Call 02/15/26)(b) |
16,256 | 16,189,350 | ||||||
3.38%, 04/15/29 (Call 04/15/24)(b) |
19,953 | 20,520,663 | ||||||
3.38%, 04/15/29 (Call 04/15/24)(a) |
18,686 | 19,217,617 | ||||||
3.50%, 04/15/31 (Call 04/15/26) |
21,981 | 22,784,406 | ||||||
3.50%, 04/15/31 (Call 04/15/26)(a)(b) |
18,737 | 19,390,921 | ||||||
4.75%, 02/01/28 (Call 02/01/23)(b) |
27,538 | 29,087,013 | ||||||
5.38%, 04/15/27 (Call 04/15/22)(b) |
6,070 | 6,337,866 | ||||||
ViaSat Inc. |
||||||||
5.63%, 09/15/25 (Call 11/09/21)(a) |
12,501 | 12,680,702 | ||||||
5.63%, 04/15/27 (Call 04/15/22)(a)(b) |
12,587 | 13,086,022 | ||||||
6.50%, 07/15/28 (Call 07/15/23)(a) |
6,722 | 7,041,295 | ||||||
Vmed O2 UK Financing I PLC |
||||||||
4.25%, 01/31/31 (Call 01/31/26)(a) |
23,060 | 22,455,828 | ||||||
4.75%, 07/15/31 (Call 07/15/26)(a) |
23,601 | 23,720,971 | ||||||
Vodafone Group PLC |
||||||||
3.25%, 06/04/81 (Call 06/04/26)(b)(c) |
7,843 | 7,831,216 | ||||||
4.13%, 06/04/81 (Call 03/04/31)(c) |
15,787 | 15,709,170 | ||||||
7.00%, 04/04/79 (Call 01/04/29)(c) |
34,517 | 41,592,985 | ||||||
Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 08/15/28 (Call 08/15/23)(a)(b) |
24,092 | 25,512,946 | ||||||
Zayo Group Holdings Inc. |
||||||||
4.00%, 03/01/27 (Call 11/29/21)(a)(b) |
26,440 | 25,653,410 | ||||||
6.13%, 03/01/28 (Call 03/01/23)(a)(b) |
18,823 | 18,370,307 | ||||||
|
|
|||||||
1,504,423,671 | ||||||||
Toys, Games & Hobbies — 0.2% | ||||||||
Mattel Inc. |
||||||||
3.38%, 04/01/26 (Call 04/01/23)(a)(b) |
11,106 | 11,446,121 | ||||||
3.75%, 04/01/29 (Call 04/01/24)(a)(b) |
11,771 | 12,228,598 | ||||||
5.88%, 12/15/27 (Call 12/15/22)(a)(b) |
8,755 | 9,434,294 | ||||||
|
|
|||||||
33,109,013 | ||||||||
Transportation — 0.1% | ||||||||
XPO
Logistics Inc., 6.25%, 05/01/25 |
20,261 | 21,343,950 | ||||||
|
|
|||||||
Trucking & Leasing — 0.2% | ||||||||
AerCap
Global Aviation Trust, |
7,884 | 8,494,419 |
Security |
Par/ Shares (000) |
Value | ||||||
Trucking & Leasing (continued) | ||||||||
Fortress Transportation and Infrastructure Investors LLC |
||||||||
5.50%, 05/01/28 (Call 05/01/24)(a)(b) |
$ | 17,848 | $ | 17,892,620 | ||||
6.50%, 10/01/25 (Call 11/29/21)(a)(b) |
14,678 | 15,108,065 | ||||||
9.75%, 08/01/27 (Call 08/01/23)(a)(b) |
6,240 | 7,019,805 | ||||||
|
|
|||||||
48,514,909 | ||||||||
|
|
|||||||
Total
Corporate Bonds & Notes — 98.7% |
|
19,741,574,573 | ||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 15.3% |
||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(h)(i)(j) |
2,950,329 | 2,951,803,759 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(h)(i) |
108,480 | 108,480,000 | ||||||
|
|
|||||||
3,060,283,759 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 15.3% |
|
3,060,283,759 | ||||||
|
|
|||||||
Total
Investments in Securities — 114.0% |
|
22,801,858,332 | ||||||
Other Assets, Less Liabilities — (14.0)% |
|
(2,807,783,921 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 19,994,074,411 | ||||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
All or a portion of this security is on loan. |
(c) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(d) |
Perpetual security with no stated maturity date. |
(e) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(f) |
Issuer filed for bankruptcy and/or is in default. |
(g) |
Non-income producing security. |
(h) |
Affiliate of the Fund. |
(i) |
Annualized 7-day yield as of period end. |
(j) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ High Yield Corporate Bond ETF |
Fair Value Measurements (continued)
inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Corporate Bonds & Notes |
$ | — | $ | 19,741,574,573 | $ | — | $ | 19,741,574,573 | ||||||||
Money Market Funds |
3,060,283,759 | — | — | 3,060,283,759 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 3,060,283,759 | $ | 19,741,574,573 | $ | — | $ | 22,801,858,332 | |||||||||
|
|
|
|
|
|
|
|
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Advertising — 0.1% | ||||||||
Omnicom Group Inc., 2.60%, 08/01/31 |
||||||||
(Call 05/01/31)(a) |
$ | 9,175 | $ | 9,251,643 | ||||
Omnicom Group Inc./Omnicom Capital Inc. |
||||||||
3.60%, 04/15/26 (Call 01/15/26) |
12,978 | 14,016,254 | ||||||
3.65%, 11/01/24 (Call 08/01/24)(a) |
2,307 | 2,462,915 | ||||||
|
|
|||||||
25,730,812 | ||||||||
Aerospace & Defense — 2.5% | ||||||||
Boeing Co. (The) |
||||||||
2.20%, 02/04/26 (Call 02/04/23)(a) |
10,896 | 10,919,953 | ||||||
2.70%, 02/01/27 (Call 12/01/26)(a) |
10,277 | 10,532,120 | ||||||
2.75%, 02/01/26 (Call 01/01/26)(a) |
4,847 | 5,004,817 | ||||||
2.95%, 02/01/30 (Call 11/01/29)(a) |
8,537 | 8,634,828 | ||||||
3.20%, 03/01/29 (Call 12/01/28)(a) |
10,741 | 11,120,212 | ||||||
3.25%, 02/01/28 (Call 12/01/27)(a) |
6,011 | 6,287,342 | ||||||
3.25%, 02/01/35 (Call 11/01/34)(a) |
7,282 | 7,290,806 | ||||||
3.60%, 05/01/34 (Call 02/01/34)(a) |
8,680 | 9,030,463 | ||||||
3.63%, 02/01/31 (Call 11/01/30)(a) |
13,288 | 14,145,245 | ||||||
3.75%, 02/01/50 (Call 08/01/49)(a) |
12,036 | 12,657,357 | ||||||
3.90%, 05/01/49 (Call 11/01/48) |
7,837 | 8,359,156 | ||||||
3.95%, 08/01/59 (Call 02/01/59) |
9,496 | 10,012,323 | ||||||
4.88%, 05/01/25 (Call 04/01/25) |
33,156 | 36,621,389 | ||||||
5.04%, 05/01/27 (Call 03/01/27) |
18,405 | 20,913,916 | ||||||
5.15%, 05/01/30 (Call 02/01/30)(a) |
43,219 | 50,438,868 | ||||||
5.71%, 05/01/40 (Call 11/01/39) |
31,553 | 40,385,827 | ||||||
5.81%, 05/01/50 (Call 11/01/49) |
53,739 | 73,640,884 | ||||||
5.93%, 05/01/60 (Call 11/01/59) |
34,781 | 48,784,836 | ||||||
General Dynamics Corp. |
||||||||
3.25%, 04/01/25 (Call 03/01/25) |
9,467 | 10,080,437 | ||||||
3.50%, 05/15/25 (Call 03/15/25) |
6,985 | 7,512,309 | ||||||
3.50%, 04/01/27 (Call 02/01/27) |
8,552 | 9,353,684 | ||||||
3.63%, 04/01/30 (Call 01/01/30)(a) |
10,637 | 11,884,183 | ||||||
3.75%, 05/15/28 (Call 02/15/28) |
9,670 | 10,821,730 | ||||||
4.25%, 04/01/40 (Call 10/01/39) |
10,078 | 12,306,369 | ||||||
4.25%, 04/01/50 (Call 10/01/49)(a) |
6,216 | 8,081,319 | ||||||
L3Harris Technologies Inc., 4.40%, 06/15/28 |
||||||||
(Call 03/15/28) |
21,133 | 24,110,390 | ||||||
Lockheed Martin Corp. |
||||||||
2.80%, 06/15/50 (Call 12/15/49)(a) |
5,870 | 5,964,589 | ||||||
2.90%, 03/01/25 (Call 12/01/24)(a) |
7,370 | 7,761,872 | ||||||
3.55%, 01/15/26 (Call 10/15/25)(a) |
18,659 | 20,315,531 | ||||||
3.80%, 03/01/45 (Call 09/01/44) |
11,545 | 13,595,131 | ||||||
4.07%, 12/15/42 |
16,393 | 19,569,781 | ||||||
4.09%, 09/15/52 (Call 03/15/52)(a) |
12,446 | 15,628,180 | ||||||
4.70%, 05/15/46 (Call 11/15/45) |
13,140 | 17,369,673 | ||||||
Northrop Grumman Corp. |
||||||||
2.93%, 01/15/25 (Call 11/15/24) |
7,715 | 8,086,151 | ||||||
3.20%, 02/01/27 (Call 11/01/26)(a) |
8,812 | 9,440,940 | ||||||
3.25%, 01/15/28 (Call 10/15/27)(a) |
18,058 | 19,448,090 | ||||||
4.03%, 10/15/47 (Call 04/15/47)(a) |
19,261 | 23,098,338 | ||||||
4.40%, 05/01/30 (Call 02/01/30)(a) |
7,828 | 9,132,383 | ||||||
4.75%, 06/01/43 |
12,181 | 15,534,020 | ||||||
5.25%, 05/01/50 (Call 11/01/49)(a) |
9,541 | 13,591,469 | ||||||
Raytheon Technologies Corp. |
||||||||
1.90%, 09/01/31 (Call 06/01/31) |
11,654 | 11,251,735 | ||||||
2.25%, 07/01/30 (Call 04/01/30)(a) |
13,772 | 13,832,754 | ||||||
2.82%, 09/01/51 (Call 03/01/51) |
11,957 | 11,760,792 | ||||||
3.13%, 05/04/27 (Call 02/04/27)(a) |
10,886 | 11,652,368 | ||||||
3.13%, 07/01/50 (Call 01/01/50)(a) |
10,558 | 11,029,032 |
Security | Par (000) |
Value | ||||||
Aerospace & Defense (continued) | ||||||||
3.50%, 03/15/27 (Call 12/15/26) |
$ | 14,591 | $ | 15,838,762 | ||||
3.75%, 11/01/46 (Call 05/01/46) |
11,403 | 12,912,174 | ||||||
3.95%, 08/16/25 (Call 06/16/25) |
13,251 | 14,462,556 | ||||||
4.13%, 11/16/28 (Call 08/16/28) |
26,939 | 30,536,825 | ||||||
4.15%, 05/15/45 (Call 11/16/44) |
6,737 | 8,031,688 | ||||||
4.35%, 04/15/47 (Call 10/15/46) |
11,118 | 13,732,698 | ||||||
4.45%, 11/16/38 (Call 05/16/38) |
7,497 | 9,048,721 | ||||||
4.50%, 06/01/42 |
33,491 | 41,098,089 | ||||||
4.63%, 11/16/48 (Call 05/16/48)(a) |
14,544 | 18,830,918 | ||||||
5.70%, 04/15/40 |
10,033 | 13,854,577 | ||||||
6.13%, 07/15/38 |
9,884 | 13,984,706 | ||||||
Teledyne Technologies Inc., 2.75%, 04/01/31 |
||||||||
(Call 01/01/31) |
7,687 | 7,839,003 | ||||||
|
|
|||||||
937,164,309 | ||||||||
Agriculture — 1.6% | ||||||||
Altria Group Inc. |
||||||||
2.35%, 05/06/25 (Call 04/06/25) |
7,430 | 7,657,183 | ||||||
2.45%, 02/04/32 (Call 11/04/31)(a) |
19,099 | 18,047,541 | ||||||
3.40%, 05/06/30 (Call 02/06/30) |
7,945 | 8,294,377 | ||||||
3.40%, 02/04/41 (Call 08/04/40)(a) |
16,255 | 15,168,685 | ||||||
3.70%, 02/04/51 (Call 08/04/50) |
12,301 | 11,677,699 | ||||||
3.88%, 09/16/46 (Call 03/16/46) |
14,204 | 13,979,219 | ||||||
4.00%, 02/04/61 (Call 08/04/60) |
8,979 | 8,617,737 | ||||||
4.25%, 08/09/42 |
10,441 | 10,729,835 | ||||||
4.40%, 02/14/26 (Call 12/14/25) |
8,862 | 9,834,326 | ||||||
4.80%, 02/14/29 (Call 11/14/28) |
15,680 | 17,853,711 | ||||||
5.38%, 01/31/44(a) |
15,656 | 18,454,048 | ||||||
5.80%, 02/14/39 (Call 08/14/38) |
18,241 | 22,208,355 | ||||||
5.95%, 02/14/49 (Call 08/14/48) |
25,422 | 32,394,378 | ||||||
Archer-Daniels-Midland Co. |
||||||||
2.50%, 08/11/26 (Call 05/11/26)(a) |
11,821 | 12,441,787 | ||||||
2.70%, 09/15/51 (Call 03/15/51)(a) |
6,550 | 6,598,199 | ||||||
3.25%, 03/27/30 (Call 12/27/29)(a) |
10,848 | 11,850,455 | ||||||
BAT Capital Corp. |
||||||||
2.26%, 03/25/28 (Call 01/25/28)(a) |
17,084 | 16,749,075 | ||||||
2.73%, 03/25/31 (Call 12/25/30)(a) |
11,234 | 10,945,399 | ||||||
3.22%, 08/15/24 (Call 06/15/24) |
1,490 | 1,564,930 | ||||||
3.22%, 09/06/26 (Call 07/06/26)(a) |
11,878 | 12,500,392 | ||||||
3.56%, 08/15/27 (Call 05/15/27)(a) |
34,909 | 36,988,396 | ||||||
3.73%, 09/25/40 (Call 03/25/40)(a) |
7,723 | 7,491,003 | ||||||
3.98%, 09/25/50 (Call 03/25/50)(a) |
10,969 | 10,704,716 | ||||||
4.39%, 08/15/37 (Call 02/15/37)(a) |
21,416 | 22,861,980 | ||||||
4.54%, 08/15/47 (Call 02/15/47) |
25,763 | 27,008,942 | ||||||
4.70%, 04/02/27 (Call 02/02/27) |
9,226 | 10,264,177 | ||||||
4.76%, 09/06/49 (Call 03/06/49)(a) |
10,970 | 11,881,158 | ||||||
4.91%, 04/02/30 (Call 01/02/30)(a) |
8,363 | 9,479,141 | ||||||
BAT International Finance PLC, 1.67%, 03/25/26 |
||||||||
(Call 02/25/26)(a) |
17,656 | 17,455,193 | ||||||
Bunge Ltd. Finance Corp., 2.75%, 05/14/31 |
||||||||
(Call 02/14/31)(a) |
11,899 | 11,994,462 | ||||||
Philip Morris International Inc. |
||||||||
0.88%, 05/01/26 (Call 04/01/26) |
11,227 | 10,906,319 | ||||||
1.50%, 05/01/25 (Call 04/01/25) |
6,298 | 6,347,373 | ||||||
1.75%, 11/01/30 (Call 08/01/30)(a) |
7,738 | 7,410,525 | ||||||
2.10%, 05/01/30 (Call 02/01/30)(a) |
4,155 | 4,101,473 | ||||||
2.75%, 02/25/26 (Call 11/25/25) |
8,155 | 8,566,320 | ||||||
3.25%, 11/10/24 |
2,751 | 2,925,828 | ||||||
3.38%, 08/11/25 (Call 05/11/25)(a) |
8,247 | 8,833,263 | ||||||
3.38%, 08/15/29 (Call 05/15/29)(a) |
8,260 | 9,017,292 | ||||||
3.88%, 08/21/42 |
8,009 | 8,693,031 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Agriculture (continued) | ||||||||
4.13%, 03/04/43 |
$ | 9,409 | $ | 10,514,862 | ||||
4.25%, 11/10/44(a) |
10,373 | 11,903,475 | ||||||
4.38%, 11/15/41 |
7,641 | 8,793,968 | ||||||
4.88%, 11/15/43(a) |
8,418 | 10,324,291 | ||||||
6.38%, 05/16/38 |
14,899 | 20,964,943 | ||||||
Reynolds American Inc. |
||||||||
4.45%, 06/12/25 (Call 03/12/25) |
22,708 | 24,774,294 | ||||||
5.70%, 08/15/35 (Call 02/15/35) |
6,434 | 7,622,772 | ||||||
5.85%, 02/12/45 (Call 02/15/45) |
20,235 | 24,646,086 | ||||||
|
|
|||||||
620,042,614 | ||||||||
Airlines — 0.1% | ||||||||
Southwest Airlines Co. |
||||||||
5.13%, 06/15/27 (Call 04/15/27)(a) |
20,132 | 23,237,770 | ||||||
5.25%, 05/04/25 (Call 04/04/25)(a) |
13,720 | 15,375,161 | ||||||
|
|
|||||||
38,612,931 | ||||||||
Apparel — 0.3% | ||||||||
NIKE Inc. |
||||||||
2.38%, 11/01/26 (Call 08/01/26)(a) |
11,275 | 11,816,741 | ||||||
2.40%, 03/27/25 (Call 02/27/25)(a) |
4,271 | 4,447,182 | ||||||
2.75%, 03/27/27 (Call 01/27/27) |
12,344 | 13,122,883 | ||||||
2.85%, 03/27/30 (Call 12/27/29)(a) |
14,863 | 15,931,804 | ||||||
3.25%, 03/27/40 (Call 09/27/39) |
8,848 | 9,713,965 | ||||||
3.38%, 03/27/50 (Call 09/27/49)(a) |
11,607 | 13,291,235 | ||||||
3.88%, 11/01/45 (Call 05/01/45) |
9,055 | 10,974,323 | ||||||
VF Corp. |
||||||||
2.40%, 04/23/25 (Call 03/23/25)(a) |
8,681 | 8,983,933 | ||||||
2.95%, 04/23/30 (Call 01/23/30)(a) |
11,275 | 11,774,962 | ||||||
|
|
|||||||
100,057,028 | ||||||||
Auto Manufacturers — 1.3% | ||||||||
American Honda Finance Corp. |
||||||||
1.00%, 09/10/25(a) |
4,519 | 4,479,512 | ||||||
1.20%, 07/08/25 |
10,262 | 10,234,609 | ||||||
1.30%, 09/09/26(a) |
4,477 | 4,439,223 | ||||||
2.00%, 03/24/28(a) |
8,766 | 8,849,690 | ||||||
Cummins Inc., 1.50%, 09/01/30 (Call 06/01/30)(a) |
7,460 | 7,103,148 | ||||||
Daimler
Finance North America LLC, |
14,639 | 22,062,752 | ||||||
General Motors Co. |
||||||||
4.20%, 10/01/27 (Call 07/01/27)(a) |
8,005 | 8,794,648 | ||||||
5.00%, 10/01/28 (Call 07/01/28)(a) |
6,137 | 7,061,153 | ||||||
5.00%, 04/01/35(a) |
8,350 | 9,886,923 | ||||||
5.15%, 04/01/38 (Call 10/01/37)(a) |
10,853 | 13,075,576 | ||||||
5.20%, 04/01/45(a) |
11,943 | 14,944,773 | ||||||
5.40%, 04/01/48 (Call 10/01/47) |
7,249 | 9,267,216 | ||||||
5.95%, 04/01/49 (Call 10/01/48)(a) |
10,141 | 13,873,345 | ||||||
6.13%, 10/01/25 (Call 09/01/25)(a) |
22,787 | 26,407,257 | ||||||
6.25%, 10/02/43 |
12,271 | 16,751,387 | ||||||
6.60%, 04/01/36 (Call 10/01/35) |
9,474 | 12,815,743 | ||||||
6.75%, 04/01/46 (Call 10/01/45) |
8,432 | 12,220,828 | ||||||
6.80%, 10/01/27 (Call 08/01/27) |
9,740 | 12,000,376 | ||||||
General Motors Financial Co. Inc. |
||||||||
1.25%, 01/08/26 (Call 12/08/25) |
16,569 | 16,237,923 | ||||||
1.50%, 06/10/26 (Call 05/10/26)(a) |
15,301 | 15,072,105 | ||||||
2.35%, 01/08/31 (Call 10/08/30)(a) |
9,478 | 9,196,846 | ||||||
2.40%, 04/10/28 (Call 02/10/28)(a) |
10,291 | 10,283,001 | ||||||
2.40%, 10/15/28 (Call 08/15/28) |
19,365 | 19,263,667 | ||||||
2.70%, 08/20/27 (Call 06/20/27)(a) |
9,913 | 10,135,075 | ||||||
2.70%, 06/10/31 (Call 03/10/31) |
11,132 | 11,001,268 | ||||||
2.75%, 06/20/25 (Call 05/20/25) |
15,808 | 16,398,252 |
Security |
Par (000) |
Value | ||||||
Auto Manufacturers (continued) | ||||||||
2.90%, 02/26/25 (Call 01/26/25) |
$ | 12,285 | $ | 12,782,402 | ||||
3.50%, 11/07/24 (Call 09/07/24) |
4,170 | 4,417,288 | ||||||
3.60%, 06/21/30 (Call 03/21/30)(a) |
9,181 | 9,774,121 | ||||||
4.00%, 01/15/25 (Call 10/15/24) |
4,816 | 5,154,371 | ||||||
4.00%, 10/06/26 (Call 07/06/26) |
8,087 | 8,811,985 | ||||||
4.30%, 07/13/25 (Call 04/13/25) |
3,369 | 3,659,287 | ||||||
4.35%, 04/09/25 (Call 02/09/25)(a) |
10,949 | 11,906,388 | ||||||
4.35%, 01/17/27 (Call 10/17/26)(a) |
11,058 | 12,205,771 | ||||||
5.25%, 03/01/26 (Call 12/01/25) |
12,865 | 14,554,245 | ||||||
Toyota Motor Corp., 1.34%, 03/25/26 (Call 02/25/26) |
14,246 | 14,217,269 | ||||||
Toyota Motor Credit Corp. |
||||||||
0.80%, 10/16/25 |
13,561 | 13,293,939 | ||||||
1.13%, 06/18/26(a) |
5,301 | 5,227,076 | ||||||
1.80%, 02/13/25(a) |
13,643 | 13,929,010 | ||||||
1.90%, 04/06/28 |
8,531 | 8,575,712 | ||||||
2.15%, 02/13/30 |
6,682 | 6,744,850 | ||||||
3.00%, 04/01/25 |
10,310 | 10,902,932 | ||||||
3.20%, 01/11/27(a) |
9,133 | 9,838,224 | ||||||
3.38%, 04/01/30(a) |
9,361 | 10,337,070 | ||||||
|
|
|||||||
498,188,236 | ||||||||
Auto Parts & Equipment — 0.1% | ||||||||
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27)(a) |
12,710 | 13,223,995 | ||||||
Magna
International Inc., 2.45%, 06/15/30 |
7,559 | 7,688,832 | ||||||
|
|
|||||||
20,912,827 | ||||||||
Banks — 23.0% | ||||||||
Australia & New Zealand Banking Group Ltd./New York NY, 3.70%, 11/16/25(a) |
5,430 | 5,947,875 | ||||||
Banco
Bilbao Vizcaya Argentaria SA, |
7,759 | 7,611,671 | ||||||
Banco Santander SA |
||||||||
1.72%, 09/14/27 (Call 09/14/26)(b) |
18,126 | 17,834,811 | ||||||
1.85%, 03/25/26 |
15,978 | 15,988,418 | ||||||
2.75%, 05/28/25(a) |
13,705 | 14,242,244 | ||||||
2.75%, 12/03/30 |
12,836 | 12,620,086 | ||||||
2.96%, 03/25/31 |
10,423 | 10,610,319 | ||||||
3.31%, 06/27/29 |
14,395 | 15,395,406 | ||||||
3.49%, 05/28/30 |
9,615 | 10,218,965 | ||||||
3.80%, 02/23/28 |
8,828 | 9,634,949 | ||||||
4.25%, 04/11/27 |
11,541 | 12,758,593 | ||||||
4.38%, 04/12/28(a) |
10,353 | 11,647,369 | ||||||
Bank of America Corp. |
||||||||
1.20%, 10/24/26 (Call 10/24/25)(b) |
17,644 | 17,341,762 | ||||||
1.32%,
06/19/26 (Call 06/19/25), |
24,450 | 24,258,547 | ||||||
1.73%, 07/22/27 (Call 07/22/26)(b) |
45,358 | 45,078,463 | ||||||
1.90%, 07/23/31 (Call 07/23/30)(b) |
19,880 | 18,991,853 | ||||||
1.92%, 10/24/31 (Call 10/24/30)(a)(b) |
19,492 | 18,598,097 | ||||||
2.02%,
02/13/26 (Call 02/13/25), |
12,272 | 12,500,464 | ||||||
2.09%, 06/14/29 (Call 06/14/28)(b) |
22,661 | 22,393,412 | ||||||
2.30%,
07/21/32 (Call 07/21/31), |
31,442 | 30,786,557 | ||||||
2.48%, 09/21/36 (Call 09/21/31)(b) |
24,300 | 23,601,414 | ||||||
2.50%,
02/13/31 (Call 02/13/30), |
27,010 | 27,140,083 | ||||||
2.57%, 10/20/32 (Call 10/20/31)(b) |
26,671 | 26,672,096 | ||||||
2.59%,
04/29/31 (Call 04/29/30), |
27,358 | 27,624,604 | ||||||
2.68%, 06/19/41 (Call 06/19/40)(b) |
40,162 | 38,744,069 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
2.69%, 04/22/32 (Call 04/22/31)(b) |
$ | 35,901 | $ | 36,354,835 | ||||
2.83%,
10/24/51 (Call 10/24/50), |
6,640 | 6,544,434 | ||||||
2.88%,
10/22/30 (Call 10/22/29), |
15,081 | 15,611,602 | ||||||
2.97%,
07/21/52 (Call 07/21/51), |
20,493 | 20,680,400 | ||||||
3.19%,
07/23/30 (Call 07/23/29), |
17,723 | 18,757,997 | ||||||
3.25%, 10/21/27 (Call 10/21/26)(a) |
19,861 | 21,138,984 | ||||||
3.31%, 04/22/42 (Call 04/22/41)(b) |
26,977 | 28,515,709 | ||||||
3.37%,
01/23/26 (Call 01/23/25), |
14,270 | 15,135,104 | ||||||
3.42%,
12/20/28 (Call 12/20/27), |
47,797 | 51,120,698 | ||||||
3.50%, 04/19/26 |
20,609 | 22,245,486 | ||||||
3.56%,
04/23/27 (Call 04/23/26), |
22,445 | 24,128,786 | ||||||
3.59%,
07/21/28 (Call 07/21/27), |
15,429 | 16,698,885 | ||||||
3.71%,
04/24/28 (Call 04/24/27), |
15,758 | 17,057,071 | ||||||
3.82%,
01/20/28 (Call 01/20/27), |
16,381 | 17,839,423 | ||||||
3.88%, 08/01/25 |
14,202 | 15,491,618 | ||||||
3.95%,
01/23/49 (Call 01/23/48), |
9,406 | 11,091,378 | ||||||
3.97%,
03/05/29 (Call 03/05/28), |
18,937 | 20,962,636 | ||||||
3.97%,
02/07/30 (Call 02/07/29), |
22,990 | 25,564,524 | ||||||
4.00%, 01/22/25(a) |
16,820 | 18,125,383 | ||||||
4.08%,
04/23/40 (Call 04/23/39), |
10,763 | 12,420,262 | ||||||
4.08%,
03/20/51 (Call 03/20/50), |
43,705 | 52,829,909 | ||||||
4.20%, 08/26/24 |
6,046 | 6,543,384 | ||||||
4.24%,
04/24/38 (Call 04/24/37), |
16,347 | 19,176,633 | ||||||
4.25%, 10/22/26(a) |
16,312 | 18,063,021 | ||||||
4.27%,
07/23/29 (Call 07/23/28), |
22,464 | 25,259,364 | ||||||
4.33%,
03/15/50 (Call 03/15/49), |
25,969 | 32,274,182 | ||||||
4.44%,
01/20/48 (Call 01/20/47), |
15,408 | 19,474,912 | ||||||
4.45%, 03/03/26(a) |
14,472 | 16,040,645 | ||||||
5.00%, 01/21/44 |
15,202 | 19,949,434 | ||||||
5.88%, 02/07/42(a) |
11,596 | 16,551,916 | ||||||
6.11%, 01/29/37 |
17,978 | 24,323,038 | ||||||
7.75%, 05/14/38(a) |
13,333 | 20,886,662 | ||||||
Series L, 3.95%, 04/21/25(a) |
19,841 | 21,432,528 | ||||||
Series L, 4.18%, 11/25/27 (Call 11/25/26)(a) |
15,254 | 16,804,371 | ||||||
Series N, 1.66%, 03/11/27 (Call 03/11/26)(b) |
21,365 | 21,270,874 | ||||||
Series
N, 2.65%, 03/11/32 (Call 03/11/31), |
18,023 | 18,167,872 | ||||||
Series
N, 3.48%, 03/11/51 (Call 03/13/51), |
8,915 | 9,841,614 | ||||||
Bank of America N.A., 6.00%, 10/15/36(a) |
10,577 | 14,497,852 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
0.95%, 01/22/27 (Call 01/22/26)(b) |
$ | 5,685 | $ | 5,530,093 | ||||
1.25%, 09/15/26(a) |
17,316 | 16,997,993 | ||||||
1.85%, 05/01/25(a) |
12,709 | 12,972,286 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
1.60%, 04/24/25 (Call 03/24/25)(a) |
12,770 | 12,945,980 | ||||||
2.45%, 08/17/26 (Call 05/17/26) |
9,004 | 9,405,546 | ||||||
2.80%, 05/04/26 (Call 02/04/26) |
6,831 | 7,219,564 | ||||||
3.25%, 05/16/27 (Call 02/16/27) |
8,692 | 9,380,042 | ||||||
3.30%, 08/23/29 (Call 05/23/29) |
3,955 | 4,311,939 | ||||||
3.40%, 01/29/28 (Call 10/29/27) |
9,150 | 10,000,439 | ||||||
3.85%, 04/28/28(a) |
9,622 | 10,871,555 | ||||||
Series G, 3.00%, 02/24/25 (Call 01/24/25) |
7,377 | 7,809,318 | ||||||
Bank of Nova Scotia (The) |
||||||||
1.05%, 03/02/26(a) |
13,057 | 12,797,553 | ||||||
1.30%, 06/11/25(a) |
7,247 | 7,237,565 | ||||||
1.30%, 09/15/26 (Call 06/15/26) |
7,018 | 6,897,447 | ||||||
1.35%, 06/24/26 |
7,597 | 7,524,613 | ||||||
2.20%, 02/03/25(a) |
5,909 | 6,093,468 | ||||||
2.70%, 08/03/26(a) |
14,918 | 15,661,339 | ||||||
4.50%, 12/16/25(a) |
13,903 | 15,450,215 | ||||||
Barclays PLC |
||||||||
2.65%, 06/24/31 (Call 06/24/30)(b) |
8,549 | 8,562,631 | ||||||
2.67%, 03/10/32 (Call 03/10/31)(b) |
8,150 | 8,109,829 | ||||||
2.85%, 05/07/26 (Call 05/07/25)(b) |
20,724 | 21,544,654 | ||||||
3.65%, 03/16/25 |
19,235 | 20,522,204 | ||||||
4.34%, 01/10/28 (Call 01/10/27)(a) |
14,120 | 15,574,313 | ||||||
4.38%, 09/11/24 |
3,469 | 3,744,844 | ||||||
4.38%, 01/12/26 |
24,177 | 26,643,076 | ||||||
4.84%, 05/09/28 (Call 05/07/27)(a) |
20,440 | 22,771,354 | ||||||
4.95%, 01/10/47(a) |
13,744 | 18,057,135 | ||||||
4.97%, 05/16/29 (Call 05/16/28)(a)(b) |
16,866 | 19,493,444 | ||||||
5.20%, 05/12/26(a) |
18,095 | 20,497,527 | ||||||
5.25%, 08/17/45(a) |
11,869 | 16,117,059 | ||||||
Canadian Imperial Bank of Commerce |
||||||||
1.25%, 06/22/26 |
25,367 | 24,850,650 | ||||||
2.25%, 01/28/25 |
4,944 | 5,100,136 | ||||||
Citigroup Inc. |
||||||||
1.12%, 01/28/27 (Call 01/28/26)(b) |
23,353 | 22,795,811 | ||||||
1.46%, 06/09/27 (Call 06/09/26)(b) |
25,315 | 24,917,322 | ||||||
2.52%, 11/03/32 (Call 11/03/31)(b) |
5,080 | 5,080,000 | ||||||
2.56%, 05/01/32 (Call 05/01/31)(a)(b) |
28,490 | 28,515,479 | ||||||
2.57%, 06/03/31 (Call 06/03/30)(b) |
32,805 | 33,021,165 | ||||||
2.67%,
01/29/31 (Call 01/29/30), |
21,253 | 21,585,546 | ||||||
2.90%, 11/03/42 (Call 11/03/41)(b) |
7,365 | 7,297,389 | ||||||
2.98%, 11/05/30 (Call 11/05/29)(b) |
19,450 | 20,269,228 | ||||||
3.11%,
04/08/26 (Call 04/08/25), |
32,590 | 34,331,192 | ||||||
3.20%, 10/21/26 (Call 07/21/26)(a) |
30,909 | 32,865,061 | ||||||
3.30%, 04/27/25 |
16,095 | 17,194,430 | ||||||
3.40%, 05/01/26(a) |
18,512 | 19,955,712 | ||||||
3.52%,
10/27/28 (Call 10/27/27), |
19,907 | 21,352,252 | ||||||
3.67%, 07/24/28 (Call 07/24/27), |
||||||||
(3 mo. LIBOR US + 1.390%)(b) |
22,467 | 24,292,862 | ||||||
3.70%, 01/12/26(a) |
20,554 | 22,291,333 | ||||||
3.88%, 03/26/25(a) |
11,669 | 12,536,262 | ||||||
3.88%,
01/22/38 (Call 01/24/38), |
9,651 | 10,962,593 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
3.89%,
01/10/28 (Call 01/10/27), |
$ | 25,893 | $ | 28,183,223 | ||||
3.98%,
03/20/30 (Call 03/20/29), |
23,616 | 26,240,706 | ||||||
4.08%,
04/23/29 (Call 04/23/28), |
18,738 | 20,792,185 | ||||||
4.13%, 07/25/28(a) |
19,884 | 22,087,813 | ||||||
4.28%,
04/24/48 (Call 04/24/47), |
10,736 | 13,339,110 | ||||||
4.30%, 11/20/26 |
8,169 | 9,052,248 | ||||||
4.40%, 06/10/25 |
26,290 | 28,730,530 | ||||||
4.41%,
03/31/31 (Call 03/31/30), |
37,876 | 43,364,316 | ||||||
4.45%, 09/29/27(a) |
37,418 | 41,920,721 | ||||||
4.60%, 03/09/26(a) |
15,985 | 17,831,996 | ||||||
4.65%, 07/30/45(a) |
12,464 | 16,118,105 | ||||||
4.65%, 07/23/48 (Call 06/23/48)(a) |
24,081 | 31,591,426 | ||||||
4.75%, 05/18/46(a) |
16,346 | 20,764,724 | ||||||
5.30%, 05/06/44(a) |
8,899 | 11,715,161 | ||||||
5.32%,
03/26/41 (Call 03/26/40), |
10,576 | 13,897,807 | ||||||
5.50%, 09/13/25(a) |
15,810 | 18,047,371 | ||||||
5.88%, 01/30/42(a) |
11,593 | 16,529,503 | ||||||
6.63%, 06/15/32 |
10,317 | 13,793,523 | ||||||
6.68%, 09/13/43 |
9,866 | 15,014,822 | ||||||
8.13%, 07/15/39(a) |
18,115 | 30,802,494 | ||||||
Citizens
Bank N.A./Providence RI, 2.25%, 04/28/25 |
4,825 | 4,982,017 | ||||||
Citizens
Financial Group Inc., |
12,016 | 12,818,663 | ||||||
Cooperatieve Rabobank U.A. |
||||||||
3.75%, 07/21/26 |
14,852 | 16,134,702 | ||||||
4.38%, 08/04/25 |
15,479 | 16,990,888 | ||||||
5.25%, 05/24/41(a) |
13,949 | 19,285,036 | ||||||
5.25%, 08/04/45 |
11,921 | 16,188,654 | ||||||
5.75%, 12/01/43(a) |
10,751 | 15,123,505 | ||||||
Cooperatieve Rabobank U.A./New York, |
8,952 | 9,627,940 | ||||||
Credit
Suisse AG/New York NY |
23,386 | 22,856,656 | ||||||
2.95%, 04/09/25(a) |
15,972 | 16,809,653 | ||||||
Credit
Suisse Group AG |
22,137 | 23,685,778 | ||||||
4.55%, 04/17/26 |
21,616 | 24,006,269 | ||||||
4.88%, 05/15/45(a) |
16,264 | 20,604,471 | ||||||
Deutsche
Bank AG/New York NY |
7,468 | 7,428,708 | ||||||
2.13%, 11/24/26 (Call 11/24/25)(b) |
21,169 | 21,269,692 | ||||||
3.04%, 05/28/32 (Call 05/28/31)(b) |
17,111 | 17,221,528 | ||||||
3.55%,
09/18/31 (Call 09/18/30), |
13,339 | 14,124,013 | ||||||
3.96%, 11/26/25 (Call 11/26/24)(b) |
21,576 | 23,062,800 | ||||||
Discover
Bank |
6,688 | 7,166,306 | ||||||
4.65%, 09/13/28 (Call 06/13/28)(a) |
9,815 | 11,317,821 | ||||||
Fifth
Third Bancorp. |
6,918 | 7,137,451 | ||||||
2.55%, 05/05/27 (Call 04/05/27) |
4,614 | 4,786,267 | ||||||
8.25%, 03/01/38 |
8,168 | 13,443,041 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
Fifth
Third Bank NA |
$ | 10,316 | $ | 11,249,108 | ||||
3.95%, 07/28/25 (Call 06/28/25) |
5,840 | 6,408,212 | ||||||
Goldman
Sachs Group Inc. (The) |
8,408 | 8,364,466 | ||||||
1.09%, 12/09/26 (Call 12/09/25)(b) |
18,154 | 17,706,898 | ||||||
1.43%,
03/09/27 (Call 03/09/26), |
27,748 | 27,305,253 | ||||||
1.54%, 09/10/27 (Call 09/10/26)(b) |
25,712 | 25,261,330 | ||||||
1.95%, 10/21/27 (Call 10/21/26)(b) |
21,701 | 21,730,518 | ||||||
1.99%, 01/27/32 (Call 01/27/31)(b) |
21,614 | 20,654,691 | ||||||
2.38%,
07/21/32 (Call 07/21/31), |
44,192 | 43,419,391 | ||||||
2.60%, 02/07/30 (Call 11/07/29) |
17,598 | 17,893,083 | ||||||
2.62%,
04/22/32 (Call 04/22/31), |
35,081 | 35,186,225 | ||||||
2.65%, 10/21/32 (Call 10/21/31)(b) |
27,046 | 27,187,215 | ||||||
2.91%,
07/21/42 (Call 07/21/41), |
15,812 | 15,713,368 | ||||||
3.21%, 04/22/42 (Call 04/22/41)(b) |
23,035 | 23,856,603 | ||||||
3.50%, 01/23/25 (Call 10/23/24)(a) |
16,190 | 17,217,268 | ||||||
3.50%, 04/01/25 (Call 03/01/25)(a) |
33,832 | 36,095,296 | ||||||
3.50%, 11/16/26 (Call 11/16/25) |
27,458 | 29,410,909 | ||||||
3.69%,
06/05/28 (Call 06/05/27), |
24,530 | 26,577,818 | ||||||
3.75%, 05/22/25 (Call 02/22/25) |
22,903 | 24,599,730 | ||||||
3.75%, 02/25/26 (Call 11/25/25) |
16,592 | 17,990,336 | ||||||
3.80%, 03/15/30 (Call 12/15/29)(a) |
22,633 | 24,934,756 | ||||||
3.81%,
04/23/29 (Call 04/23/28), |
22,926 | 25,109,314 | ||||||
3.85%, 01/26/27 (Call 01/26/26) |
30,133 | 32,633,153 | ||||||
4.02%,
10/31/38 (Call 10/31/37), |
26,754 | 30,707,176 | ||||||
4.22%,
05/01/29 (Call 05/01/28), |
32,173 | 36,012,111 | ||||||
4.25%, 10/21/25(a) |
17,572 | 19,261,332 | ||||||
4.41%,
04/23/39 (Call 04/23/38), |
15,741 | 18,860,150 | ||||||
4.75%, 10/21/45 (Call 04/21/45)(a) |
12,612 | 16,477,780 | ||||||
4.80%, 07/08/44 (Call 01/08/44) |
18,973 | 24,206,801 | ||||||
5.15%, 05/22/45 |
21,569 | 28,528,678 | ||||||
5.95%, 01/15/27 |
7,938 | 9,430,329 | ||||||
6.13%, 02/15/33 |
11,071 | 14,683,993 | ||||||
6.25%, 02/01/41 |
24,369 | 35,641,556 | ||||||
6.75%, 10/01/37 |
54,753 | 78,167,655 | ||||||
HSBC
Holdings PLC |
19,724 | 19,376,572 | ||||||
1.65%, 04/18/26 (Call 04/18/25)(b) |
21,091 | 21,033,980 | ||||||
2.01%, 09/22/28 (Call 09/22/27)(a)(b) |
16,901 | 16,659,106 | ||||||
2.10%, 06/04/26 (Call 06/04/25)(b) |
21,166 | 21,426,513 | ||||||
2.21%,
08/17/29 (Call 08/17/28), |
20,807 | 20,409,672 | ||||||
2.36%, 08/18/31 (Call 08/18/30)(a)(b) |
10,614 | 10,377,711 | ||||||
2.63%,
11/07/25 (Call 11/07/24), |
20,079 | 20,734,754 | ||||||
2.80%, 05/24/32 (Call 05/24/31)(b) |
31,454 | 31,662,892 | ||||||
2.85%, 06/04/31 (Call 06/04/30)(a)(b) |
14,357 | 14,572,833 | ||||||
3.90%, 05/25/26(a) |
22,981 | 24,945,411 | ||||||
3.97%, 05/22/30 (Call 05/22/29)(a)(b) |
29,442 | 32,209,904 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
4.04%, 03/13/28 (Call 03/13/27), |
||||||||
(3 mo. LIBOR US + 1.546%)(b) |
$ | 26,730 | $ | 29,084,282 | ||||
4.25%, 08/18/25 |
13,412 | 14,546,607 | ||||||
4.29%, 09/12/26 (Call 09/12/25)(a)(b) |
22,828 | 24,863,518 | ||||||
4.30%, 03/08/26(a) |
29,521 | 32,476,758 | ||||||
4.38%, 11/23/26 |
16,011 | 17,604,698 | ||||||
4.58%, 06/19/29 (Call 06/19/28)(b) |
31,503 | 35,598,771 | ||||||
4.95%, 03/31/30 |
23,184 | 27,283,386 | ||||||
5.25%, 03/14/44(a) |
16,390 | 21,245,331 | ||||||
6.10%, 01/14/42(a) |
5,001 | 7,158,150 | ||||||
6.50%, 05/02/36(a) |
21,099 | 28,751,384 | ||||||
6.50%, 09/15/37 |
25,613 | 35,432,425 | ||||||
6.80%, 06/01/38(a) |
13,642 | 19,538,820 | ||||||
Huntington Bancshares Inc./OH,
2.55%, 02/04/30 |
4,963 | 5,090,679 | ||||||
ING Groep NV |
||||||||
1.73%, 04/01/27 (Call 04/01/26)(b) |
12,275 | 12,247,490 | ||||||
2.73%, 04/01/32 (Call 04/01/31)(b) |
8,654 | 8,834,987 | ||||||
3.95%, 03/29/27(a) |
16,555 | 18,216,639 | ||||||
4.05%, 04/09/29(a) |
7,902 | 8,932,343 | ||||||
4.55%, 10/02/28 |
11,238 | 12,999,833 | ||||||
JPMorgan Chase & Co. |
||||||||
1.04%, 02/04/27 (Call 02/04/26)(b) |
18,617 | 18,091,245 | ||||||
1.05%,
11/19/26 (Call 11/19/25), |
25,447 | 24,823,643 | ||||||
1.47%, 09/22/27 (Call 09/22/26)(b) |
35,671 | 35,001,174 | ||||||
1.58%,
04/22/27 (Call 04/22/26), |
31,946 | 31,657,687 | ||||||
1.76%, 11/19/31 (Call 11/19/30)(a)(b) |
14,401 | 13,635,143 | ||||||
1.95%, 02/04/32 (Call 02/04/31)(b) |
27,228 | 26,044,132 | ||||||
2.01%, 03/13/26 (Call 03/13/25)(a)(b) |
21,959 | 22,367,196 | ||||||
2.07%, 06/01/29 (Call 06/01/28)(b) |
19,335 | 19,138,725 | ||||||
2.08%, 04/22/26 (Call 04/22/25)(b) |
32,369 | 33,018,173 | ||||||
2.18%, 06/01/28 (Call 06/01/27)(b) |
15,375 | 15,461,607 | ||||||
2.52%,
04/22/31 (Call 04/22/30), |
24,724 | 25,010,269 | ||||||
2.53%, 11/19/41 (Call 11/19/40)(b) |
15,736 | 14,916,505 | ||||||
2.58%, 04/22/32 (Call 04/22/31)(b) |
32,107 | 32,376,397 | ||||||
2.74%,
10/15/30 (Call 10/15/29), |
35,326 | 36,192,727 | ||||||
2.95%, 10/01/26 (Call 07/01/26)(a) |
27,941 | 29,566,968 | ||||||
3.11%,
04/22/41 (Call 04/22/40), |
14,759 | 15,245,060 | ||||||
3.11%,
04/22/51 (Call 04/22/50), |
20,677 | 21,404,872 | ||||||
3.13%, 01/23/25 (Call 10/23/24) |
16,537 | 17,441,268 | ||||||
3.16%, 04/22/42 (Call 04/22/41)(b) |
20,079 | 20,877,154 | ||||||
3.20%, 06/15/26 (Call 03/15/26) |
18,054 | 19,274,779 | ||||||
3.30%, 04/01/26 (Call 01/01/26)(a) |
22,254 | 23,781,982 | ||||||
3.33%,
04/22/52 (Call 04/22/51), |
38,447 | 41,433,371 | ||||||
3.51%,
01/23/29 (Call 01/23/28), |
20,129 | 21,746,146 | ||||||
3.54%,
05/01/28 (Call 05/01/27), |
23,008 | 24,843,024 | ||||||
3.63%, 12/01/27 (Call 12/01/26) |
11,492 | 12,394,330 | ||||||
3.70%, 05/06/30 (Call 05/06/29)(b) |
23,466 | 25,620,803 | ||||||
3.78%,
02/01/28 (Call 02/01/27), |
24,767 | 26,984,892 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
3.88%,
07/24/38 (Call 07/24/37), |
$ | 23,859 | $ | 27,232,851 | ||||
3.90%, 07/15/25 (Call 04/15/25) |
24,252 | 26,333,219 | ||||||
3.90%,
01/23/49 (Call 01/23/48), |
17,244 | 20,113,619 | ||||||
3.96%, 01/29/27 (Call 01/29/26)(b) |
18,474 | 20,127,122 | ||||||
3.96%,
11/15/48 (Call 11/15/47), |
32,946 | 38,844,711 | ||||||
4.01%, 04/23/29 (Call 04/23/28)(b) |
21,321 | 23,663,619 | ||||||
4.03%,
07/24/48 (Call 07/24/47), |
14,390 | 17,010,292 | ||||||
4.13%, 12/15/26 |
20,281 | 22,456,328 | ||||||
4.20%,
07/23/29 (Call 07/23/28), |
22,576 | 25,342,206 | ||||||
4.25%, 10/01/27(a) |
13,408 | 15,073,817 | ||||||
4.26%,
02/22/48 (Call 02/22/47), |
18,146 | 22,204,151 | ||||||
4.45%,
12/05/29 (Call 12/05/28), |
23,564 | 26,884,535 | ||||||
4.49%,
03/24/31 (Call 03/24/30), |
27,943 | 32,383,517 | ||||||
4.85%, 02/01/44(a) |
9,313 | 12,126,276 | ||||||
4.95%, 06/01/45 |
16,087 | 21,226,956 | ||||||
5.40%, 01/06/42(a) |
11,782 | 16,062,766 | ||||||
5.50%, 10/15/40 |
10,002 | 13,618,985 | ||||||
5.60%, 07/15/41(a) |
17,926 | 24,758,982 | ||||||
5.63%, 08/16/43 |
11,363 | 15,708,395 | ||||||
6.40%, 05/15/38 |
22,226 | 32,218,472 | ||||||
KeyBank N.A./Cleveland OH, 3.30%, 06/01/25 |
9,917 | 10,646,655 | ||||||
KeyCorp. |
||||||||
2.25%, 04/06/27 |
10,365 | 10,610,175 | ||||||
2.55%, 10/01/29(a) |
7,993 | 8,256,324 | ||||||
4.10%, 04/30/28 |
9,329 | 10,587,426 | ||||||
Lloyds Banking Group PLC |
||||||||
1.63%, 05/11/27 (Call 05/11/26)(b) |
12,141 | 12,003,107 | ||||||
2.44%, 02/05/26 (Call 02/05/25)(b) |
11,170 | 11,496,574 | ||||||
3.57%, 11/07/28 (Call 11/07/27)(b) |
12,875 | 13,821,512 | ||||||
3.75%, 01/11/27(a) |
14,848 | 16,118,814 | ||||||
4.34%, 01/09/48 |
15,798 | 18,997,307 | ||||||
4.38%, 03/22/28 |
12,696 | 14,348,307 | ||||||
4.45%, 05/08/25 |
16,327 | 17,962,908 | ||||||
4.50%, 11/04/24 |
4,233 | 4,608,250 | ||||||
4.55%, 08/16/28(a) |
10,246 | 11,742,274 | ||||||
4.58%, 12/10/25 |
16,843 | 18,620,209 | ||||||
4.65%, 03/24/26 |
11,944 | 13,270,018 | ||||||
5.30%, 12/01/45(a) |
6,059 | 8,155,371 | ||||||
Mitsubishi UFJ Financial Group Inc. |
||||||||
1.41%, 07/17/25(a) |
21,554 | 21,489,554 | ||||||
1.54%, 07/20/27 (Call 07/20/26)(b) |
23,932 | 23,625,204 | ||||||
1.64%, 10/13/27 (Call 10/13/26)(b) |
10,146 | 10,082,821 | ||||||
2.05%, 07/17/30(a) |
13,235 | 12,887,164 | ||||||
2.19%, 02/25/25(a) |
22,173 | 22,777,270 | ||||||
2.31%, 07/20/32 (Call 07/20/31)(b) |
18,814 | 18,465,226 | ||||||
2.49%, 10/13/32 (Call 10/13/31)(b) |
5,907 | 5,904,113 | ||||||
2.56%, 02/25/30(a) |
10,805 | 10,946,788 | ||||||
2.76%, 09/13/26 |
10,300 | 10,758,148 | ||||||
3.20%, 07/18/29 |
19,974 | 21,179,703 | ||||||
3.29%, 07/25/27(a) |
4,334 | 4,658,763 | ||||||
3.68%, 02/22/27(a) |
9,144 | 9,982,081 | ||||||
3.74%, 03/07/29 |
16,261 | 17,949,139 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
||||||||
3.75%, 07/18/39(a) |
$ | 12,897 | $ | 14,415,218 | ||||
3.78%, 03/02/25 |
5,248 | 5,655,913 | ||||||
3.85%, 03/01/26(a) |
24,585 | 26,841,517 | ||||||
3.96%, 03/02/28 |
11,775 | 13,124,490 | ||||||
4.05%, 09/11/28(a) |
8,892 | 9,999,234 | ||||||
Mizuho Financial Group Inc. |
||||||||
1.23%, 05/22/27 (Call 05/22/26)(b) |
13,413 | 13,060,007 | ||||||
1.55%, 07/09/27 (Call 07/09/26)(b) |
14,943 | 14,750,591 | ||||||
1.98%, 09/08/31 (Call 09/08/30)(a)(b) |
2,885 | 2,762,552 | ||||||
2.20%, 07/10/31 (Call 07/10/30)(b) |
12,411 | 12,111,745 | ||||||
2.23%, 05/25/26 (Call 05/25/25)(a)(b) |
3,773 | 3,844,537 | ||||||
2.56%, 09/13/31 |
15,179 | 14,829,220 | ||||||
2.84%, 09/13/26(a) |
9,874 | 10,354,320 | ||||||
3.15%, 07/16/30 (Call 07/16/29), (3 mo. LIBOR US + 1.130%)(b) |
8,066 | 8,501,525 | ||||||
3.17%, 09/11/27 |
11,150 | 11,859,402 | ||||||
4.02%, 03/05/28(a) |
10,425 | 11,669,866 | ||||||
4.25%, 09/11/29 (Call 09/11/28)(a)(b) |
10,763 | 12,119,649 | ||||||
Morgan Stanley |
||||||||
0.99%, 12/10/26 (Call 12/10/25)(b) |
23,402 | 22,747,268 | ||||||
1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)(b) |
29,917 | 29,439,193 | ||||||
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)(b) |
33,096 | 32,780,886 | ||||||
1.79%, 02/13/32 (Call 02/13/31)(a)(b) |
23,609 | 22,243,802 | ||||||
1.93%, 04/28/32 (Call 04/28/31), (SOFR + 1.020%)(b) |
24,477 | 23,329,303 | ||||||
2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)(a)(b) |
27,741 | 28,400,171 | ||||||
2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)(b) |
33,385 | 32,589,672 | ||||||
2.48%, 09/16/36 (Call 09/16/31)(b) |
30,560 | 29,662,386 | ||||||
2.51%, 10/20/32 (Call 10/20/31)(b) |
16,576 | 16,539,533 | ||||||
2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)(a)(b) |
33,384 | 34,123,726 | ||||||
2.80%, 07/25/51 (Call 01/25/51)(a)(b) |
18,776 | 18,618,558 | ||||||
3.13%, 07/27/26 |
27,995 | 29,738,229 | ||||||
3.22%, 04/22/42 (Call 04/22/41)(a)(b) |
18,225 | 19,201,308 | ||||||
3.59%, 07/22/28 (Call 07/22/27), (3 mo. LIBOR US + 1.340%)(b) |
28,094 | 30,388,724 | ||||||
3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)(a)(b) |
28,564 | 31,207,281 | ||||||
3.63%, 01/20/27 |
29,453 | 31,993,371 | ||||||
3.77%, 01/24/29 (Call 01/24/28), (3 mo. LIBOR US + 1.140%)(a)(b) |
27,987 | 30,743,980 | ||||||
3.88%, 01/27/26 |
29,109 | 31,767,231 | ||||||
3.95%, 04/23/27 |
19,146 | 21,027,123 | ||||||
3.97%, 07/22/38 (Call 07/22/37), (3 mo. LIBOR US + 1.455%)(b) |
18,445 | 21,150,114 | ||||||
4.00%, 07/23/25(a) |
29,005 | 31,657,693 | ||||||
4.30%, 01/27/45 |
23,408 | 28,838,001 | ||||||
4.35%, 09/08/26 |
21,786 | 24,213,725 | ||||||
4.38%, 01/22/47 |
19,554 | 24,690,754 | ||||||
4.43%, 01/23/30 (Call 01/23/29), (3 mo. LIBOR US + 1.628%)(b) |
27,606 | 31,576,458 | ||||||
4.46%, 04/22/39 (Call 04/22/38), (3 mo. LIBOR US + 1.431%)(a)(b) |
9,822 | 11,891,861 | ||||||
5.00%, 11/24/25 |
19,335 | 21,778,062 | ||||||
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)(a)(b) |
18,016 | 27,078,929 |
Security |
Par (000) |
Value | ||||||
Banks (continued) | ||||||||
6.38%, 07/24/42(a) |
$ | 18,419 | $ | 28,085,453 | ||||
7.25%, 04/01/32 |
9,706 | 13,888,723 | ||||||
National Australia Bank Ltd./New York |
||||||||
2.50%, 07/12/26(a) |
10,332 | 10,828,429 | ||||||
3.38%, 01/14/26(a) |
5,746 | 6,219,002 | ||||||
Natwest Group PLC |
||||||||
1.64%, 06/14/27 (Call 06/14/26)(a)(b) |
14,668 | 14,489,441 | ||||||
3.07%, 05/22/28 (Call 05/22/27)(a)(b) |
8,374 | 8,746,687 | ||||||
4.45%, 05/08/30 (Call 05/08/29), (3 mo. LIBOR US + 1.871%)(b) |
11,644 | 13,209,337 | ||||||
4.80%, 04/05/26 |
13,491 | 15,131,197 | ||||||
4.89%, 05/18/29 (Call 05/18/28)(b) |
14,788 | 17,046,064 | ||||||
5.08%, 01/27/30 (Call 01/27/29), (3 mo. LIBOR US + 1.905%)(b) |
15,501 | 18,156,610 | ||||||
Northern Trust Corp. |
||||||||
1.95%, 05/01/30 (Call 02/01/30)(a) |
6,671 | 6,652,757 | ||||||
3.95%, 10/30/25 |
6,437 | 7,113,934 | ||||||
PNC Bank N.A. |
||||||||
2.70%, 10/22/29 |
10,097 | 10,506,700 | ||||||
2.95%, 02/23/25 (Call 01/24/25) |
4,626 | 4,884,930 | ||||||
3.10%, 10/25/27 (Call 09/25/27) |
7,315 | 7,889,699 | ||||||
3.25%, 06/01/25 (Call 05/02/25)(a) |
8,677 | 9,298,827 | ||||||
4.05%, 07/26/28 |
11,351 | 12,834,740 | ||||||
PNC Financial Services Group Inc. (The) |
||||||||
2.31%, 04/23/32 (Call 04/23/31)(a)(b) |
10,499 | 10,591,780 | ||||||
2.55%, 01/22/30 (Call 10/24/29)(a) |
19,403 | 20,033,202 | ||||||
2.60%, 07/23/26 (Call 05/23/26) |
9,212 | 9,680,837 | ||||||
3.15%, 05/19/27 (Call 04/19/27)(a) |
9,412 | 10,178,679 | ||||||
3.45%, 04/23/29 (Call 01/23/29)(a) |
19,086 | 20,987,008 | ||||||
Royal Bank of Canada |
||||||||
0.88%, 01/20/26 |
15,899 | 15,518,518 | ||||||
1.15%, 06/10/25 |
14,389 | 14,318,720 | ||||||
1.15%, 07/14/26 |
15,914 | 15,642,572 | ||||||
1.20%, 04/27/26 |
16,408 | 16,173,648 | ||||||
1.40%, 11/02/26 |
20,422 | 20,175,562 | ||||||
2.25%, 11/01/24 |
12,066 | 12,484,188 | ||||||
2.30%, 11/03/31 |
20,000 | 19,965,750 | ||||||
4.65%, 01/27/26 |
16,873 | 18,904,595 | ||||||
Santander Holdings USA Inc. |
||||||||
3.24%, 10/05/26 (Call 08/05/26) |
10,256 | 10,801,955 | ||||||
3.45%, 06/02/25 (Call 05/02/25) |
8,597 | 9,123,598 | ||||||
4.40%, 07/13/27 (Call 04/14/27) |
7,499 | 8,342,191 | ||||||
4.50%, 07/17/25 (Call 04/17/25)(a) |
12,163 | 13,324,975 | ||||||
Santander UK Group Holdings PLC |
||||||||
1.53%, 08/21/26 (Call 08/21/25)(b) |
6,984 | 6,909,139 | ||||||
3.82%, 11/03/28 (Call 11/03/27)(a)(b) |
5,674 | 6,117,520 | ||||||
Santander UK Group Holdings PLC., 1.67%, 06/14/27 (Call 06/14/26)(b) |
12,039 | 11,854,476 | ||||||
State Street Corp. |
||||||||
2.20%, 03/03/31(a) |
10,472 | 10,390,497 | ||||||
2.40%, 01/24/30(a) |
6,003 | 6,174,805 | ||||||
2.65%, 05/19/26(a) |
6,717 | 7,105,325 | ||||||
3.30%, 12/16/24(a) |
2,911 | 3,124,329 | ||||||
3.55%, 08/18/25 |
13,333 | 14,487,454 | ||||||
Sumitomo Mitsui Financial Group Inc. |
||||||||
0.95%, 01/12/26 |
10,649 | 10,376,488 | ||||||
1.40%, 09/17/26 |
25,249 | 24,757,521 | ||||||
1.47%, 07/08/25 |
21,986 | 21,996,283 | ||||||
1.90%, 09/17/28(a) |
22,673 | 22,092,542 | ||||||
2.13%, 07/08/30 |
15,350 | 15,051,674 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
||||||||
2.14%, 09/23/30 |
$ | 9,805 | $ | 9,426,183 | ||||
2.22%, 09/17/31 |
8,694 | 8,480,718 | ||||||
2.35%, 01/15/25(a) |
6,132 | 6,320,860 | ||||||
2.63%, 07/14/26 |
25,187 | 26,168,842 | ||||||
2.75%, 01/15/30(a) |
12,584 | 12,933,088 | ||||||
2.93%, 09/17/41(a) |
9,058 | 8,855,777 | ||||||
3.01%, 10/19/26 |
15,500 | 16,395,547 | ||||||
3.04%, 07/16/29 |
26,084 | 27,403,417 | ||||||
3.35%, 10/18/27 |
9,373 | 10,094,618 | ||||||
3.36%, 07/12/27(a) |
14,499 | 15,621,582 | ||||||
3.45%, 01/11/27 |
13,961 | 15,049,205 | ||||||
3.54%, 01/17/28(a) |
9,583 | 10,443,894 | ||||||
3.78%, 03/09/26 |
18,176 | 19,786,953 | ||||||
3.94%, 07/19/28 |
5,182 | 5,786,488 | ||||||
Toronto-Dominion Bank (The) |
||||||||
0.75%, 09/11/25(a) |
10,899 | 10,667,192 | ||||||
0.75%, 01/06/26(a) |
18,907 | 18,428,568 | ||||||
1.15%, 06/12/25(a) |
13,229 | 13,176,797 | ||||||
1.20%, 06/03/26(a) |
14,444 | 14,259,149 | ||||||
1.25%, 09/10/26 |
15,816 | 15,523,127 | ||||||
2.00%, 09/10/31(a) |
11,736 | 11,539,721 | ||||||
Truist Bank |
||||||||
1.50%, 03/10/25 (Call 02/10/25) |
14,501 | 14,670,679 | ||||||
2.15%, 12/06/24 (Call 11/05/24) |
4,685 | 4,843,854 | ||||||
2.25%, 03/11/30 (Call 12/11/29) |
11,031 | 11,006,124 | ||||||
3.30%, 05/15/26 (Call 04/15/26)(a) |
11,192 | 12,059,204 | ||||||
3.63%, 09/16/25 (Call 08/16/25) |
11,711 | 12,670,681 | ||||||
3.80%, 10/30/26 (Call 09/30/26) |
9,342 | 10,261,773 | ||||||
Truist Financial Corp. |
||||||||
1.13%, 08/03/27 (Call 06/03/27)(a) |
7,133 | 6,888,331 | ||||||
1.20%, 08/05/25 (Call 07/03/25)(a) |
8,795 | 8,787,017 | ||||||
1.27%, 03/02/27 (Call 03/02/26)(b) |
15,097 | 14,875,119 | ||||||
1.89%, 06/07/29 (Call 06/07/28)(b) |
13,081 | 12,959,895 | ||||||
1.95%, 06/05/30 (Call 03/05/30)(a) |
7,011 | 6,957,241 | ||||||
3.70%, 06/05/25 (Call 05/05/25)(a) |
11,588 | 12,558,501 | ||||||
4.00%, 05/01/25 (Call 03/01/25)(a) |
9,966 | 10,864,719 | ||||||
U.S. Bancorp. |
||||||||
1.38%, 07/22/30 (Call 04/22/30) |
15,917 | 15,032,362 | ||||||
1.45%, 05/12/25 (Call 04/11/25) |
14,793 | 14,937,985 | ||||||
2.49%, 11/03/36 (Call 11/03/31)(b) |
10,000 | 9,947,321 | ||||||
3.00%, 07/30/29 (Call 04/30/29)(a) |
10,038 | 10,706,872 | ||||||
3.10%, 04/27/26 (Call 03/27/26)(a) |
8,217 | 8,763,983 | ||||||
3.90%, 04/26/28 (Call 03/24/28)(a) |
8,540 | 9,642,850 | ||||||
3.95%, 11/17/25 (Call 10/17/25) |
8,046 | 8,866,743 | ||||||
Series V, 2.38%, 07/22/26 (Call 06/22/26) |
14,567 | 15,222,380 | ||||||
Series X, 3.15%, 04/27/27 (Call 03/27/27) |
13,430 | 14,433,198 | ||||||
U.S. Bank N.A./Cincinnati OH |
||||||||
2.05%, 01/21/25 (Call 12/20/24)(a) |
8,362 | 8,616,669 | ||||||
2.80%, 01/27/25 (Call 12/27/24) |
4,946 | 5,206,011 | ||||||
Wachovia Corp., 5.50%, 08/01/35 |
8,529 | 10,930,124 | ||||||
Wells Fargo & Co. |
||||||||
2.16%, 02/11/26 (Call 02/11/25)(b) |
31,306 | 32,037,959 | ||||||
2.19%, 04/30/26 (Call 04/30/25)(a)(b) |
31,709 | 32,396,464 | ||||||
2.39%, 06/02/28 (Call 06/02/27)(b) |
30,989 | 31,483,959 | ||||||
2.41%, 10/30/25 (Call 10/30/24)(b) |
30,239 | 31,238,387 | ||||||
2.57%, 02/11/31 (Call 02/11/30)(b) |
27,862 | 28,185,358 | ||||||
2.88%, 10/30/30 (Call 10/30/29)(b) |
36,388 | 37,711,683 | ||||||
3.00%, 02/19/25 |
18,110 | 19,061,248 | ||||||
3.00%, 04/22/26(a) |
35,306 | 37,386,148 | ||||||
3.00%, 10/23/26(a) |
33,276 | 35,163,478 |
Security |
Par (000) |
Value | ||||||
Banks (continued) |
||||||||
3.07%, 04/29/40 (Call 04/30/40)(b) |
$ | 40,386 | $ | 41,276,394 | ||||
3.20%, 06/17/27 (Call 06/17/26)(b) |
23,987 | 25,447,674 | ||||||
3.55%, 09/29/25 |
26,031 | 28,023,007 | ||||||
3.58%, 05/22/28 (Call 05/22/27)(a)(b) |
27,978 | 30,166,056 | ||||||
3.90%, 05/01/45(a) |
19,098 | 22,443,681 | ||||||
4.10%, 06/03/26 |
23,979 | 26,301,064 | ||||||
4.15%, 01/24/29 (Call 10/24/28) |
25,702 | 28,933,402 | ||||||
4.30%, 07/22/27(a) |
21,964 | 24,544,208 | ||||||
4.40%, 06/14/46(a) |
19,229 | 23,251,907 | ||||||
4.48%, 04/04/31 (Call 04/04/30)(b) |
23,726 | 27,422,157 | ||||||
4.65%, 11/04/44 |
19,563 | 24,044,105 | ||||||
4.75%, 12/07/46 |
20,767 | 26,351,666 | ||||||
4.90%, 11/17/45 |
19,563 | 25,179,574 | ||||||
5.01%, 04/04/51 (Call 04/04/50)(b) |
52,244 | 72,088,810 | ||||||
5.38%, 11/02/43 |
20,705 | 27,566,442 | ||||||
5.61%, 01/15/44 |
22,613 | 30,906,917 | ||||||
Wells Fargo Bank N.A. |
||||||||
5.85%, 02/01/37 |
9,302 | 12,545,202 | ||||||
6.60%, 01/15/38 |
14,094 | 20,555,472 | ||||||
Westpac Banking Corp. |
||||||||
1.15%, 06/03/26 |
13,795 | 13,631,110 | ||||||
2.15%, 06/03/31 |
14,510 | 14,484,174 | ||||||
2.35%, 02/19/25 |
11,764 | 12,206,462 | ||||||
2.65%, 01/16/30(a) |
6,317 | 6,661,526 | ||||||
2.70%, 08/19/26(a) |
10,329 | 10,921,856 | ||||||
2.85%, 05/13/26(a) |
14,447 | 15,342,054 | ||||||
2.96%, 11/16/40(a) |
7,482 | 7,466,315 | ||||||
3.35%, 03/08/27(a) |
10,093 | 10,930,519 | ||||||
3.40%, 01/25/28(a) |
8,539 | 9,367,634 | ||||||
4.42%, 07/24/39(a) |
10,242 | 12,042,509 | ||||||
|
|
|||||||
8,758,277,323 | ||||||||
Beverages — 3.2% | ||||||||
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. |
||||||||
3.65%, 02/01/26 (Call 11/01/25) |
34,791 | 37,808,256 | ||||||
4.70%, 02/01/36 (Call 08/01/35) |
51,694 | 62,551,710 | ||||||
4.90%, 02/01/46 (Call 08/01/45) |
92,171 | 117,574,037 | ||||||
Anheuser-Busch InBev Finance Inc. |
||||||||
3.65%, 02/01/26 (Call 11/01/25) |
17,315 | 18,797,630 | ||||||
4.00%, 01/17/43(a) |
9,545 | 10,675,859 | ||||||
4.63%, 02/01/44(a) |
7,683 | 9,280,641 | ||||||
4.90%, 02/01/46 (Call 08/01/45)(a) |
14,774 | 18,585,893 | ||||||
Anheuser-Busch InBev Worldwide Inc. |
||||||||
3.50%, 06/01/30 (Call 03/01/30)(a) |
15,911 | 17,427,573 | ||||||
3.75%, 07/15/42(a) |
10,156 | 11,106,238 | ||||||
4.00%, 04/13/28 (Call 01/13/28)(a) |
24,448 | 27,477,391 | ||||||
4.35%, 06/01/40 (Call 12/01/39)(a) |
12,441 | 14,660,318 | ||||||
4.38%, 04/15/38 (Call 10/15/37) |
16,837 | 19,813,529 | ||||||
4.44%, 10/06/48 (Call 04/06/48) |
15,518 | 18,753,961 | ||||||
4.50%, 06/01/50 (Call 12/01/49)(a) |
21,604 | 26,747,057 | ||||||
4.60%, 04/15/48 (Call 10/15/47)(a) |
23,222 | 28,673,139 | ||||||
4.60%, 06/01/60 (Call 12/01/59)(a) |
10,726 | 13,405,723 | ||||||
4.75%, 01/23/29 (Call 10/23/28)(a) |
40,272 | 47,277,910 | ||||||
4.75%, 04/15/58 (Call 10/15/57) |
13,349 | 16,984,886 | ||||||
4.90%, 01/23/31 (Call 10/23/30) |
7,330 | 8,871,511 | ||||||
4.95%, 01/15/42 |
15,823 | 19,908,511 | ||||||
5.45%, 01/23/39 (Call 07/23/38)(a) |
18,481 | 24,236,931 | ||||||
5.55%, 01/23/49 (Call 07/23/48)(a) |
38,524 | 54,075,372 | ||||||
5.80%, 01/23/59 (Call 07/23/58) |
18,719 | 27,618,803 | ||||||
8.20%, 01/15/39 |
12,923 | 21,243,918 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Beverages (continued) |
||||||||
Coca-Cola Co. (The) |
||||||||
1.00%, 03/15/28(a) |
$ | 11,149 | $ | 10,670,131 | ||||
1.38%, 03/15/31 |
11,384 | 10,735,125 | ||||||
1.45%, 06/01/27 |
12,458 | 12,392,476 | ||||||
1.50%, 03/05/28 |
7,737 | 7,615,425 | ||||||
1.65%, 06/01/30(a) |
16,121 | 15,653,493 | ||||||
2.00%, 03/05/31(a) |
2,776 | 2,764,009 | ||||||
2.13%, 09/06/29 |
10,658 | 10,868,068 | ||||||
2.25%, 01/05/32 |
17,242 | 17,409,991 | ||||||
2.50%, 06/01/40 |
10,222 | 10,068,456 | ||||||
2.50%, 03/15/51 |
14,171 | 13,729,823 | ||||||
2.60%, 06/01/50 |
13,593 | 13,427,319 | ||||||
2.75%, 06/01/60 |
10,559 | 10,540,692 | ||||||
2.88%, 05/05/41 |
8,441 | 8,763,280 | ||||||
3.00%, 03/05/51(a) |
14,291 | 15,206,210 | ||||||
3.38%, 03/25/27(a) |
11,206 | 12,219,149 | ||||||
3.45%, 03/25/30(a) |
12,946 | 14,393,909 | ||||||
Constellation Brands Inc. |
||||||||
2.25%, 08/01/31 (Call 05/01/31) |
13,883 | 13,576,826 | ||||||
3.15%, 08/01/29 (Call 05/01/29)(a) |
5,594 | 5,943,889 | ||||||
Diageo Capital PLC |
||||||||
1.38%, 09/29/25 (Call 08/29/25) |
8,562 | 8,602,407 | ||||||
2.00%, 04/29/30 (Call 01/29/30)(a) |
8,520 | 8,463,955 | ||||||
2.13%, 04/29/32 (Call 01/29/32) |
8,216 | 8,142,257 | ||||||
2.38%, 10/24/29 (Call 07/24/29) |
9,357 | 9,586,107 | ||||||
Keurig Dr Pepper Inc. |
||||||||
3.20%, 05/01/30 (Call 02/01/30)(a) |
9,976 | 10,592,024 | ||||||
3.80%, 05/01/50 (Call 11/01/49)(a) |
7,113 | 8,017,683 | ||||||
4.42%, 05/25/25 (Call 03/25/25) |
11,572 | 12,726,204 | ||||||
4.60%, 05/25/28 (Call 02/25/28) |
18,333 | 21,111,839 | ||||||
5.09%, 05/25/48 (Call 11/25/47)(a) |
7,422 | 9,850,267 | ||||||
Molson Coors Beverage Co. |
||||||||
3.00%, 07/15/26 (Call 04/15/26) |
21,012 | 22,240,696 | ||||||
4.20%, 07/15/46 (Call 01/15/46) |
16,409 | 18,370,405 | ||||||
5.00%, 05/01/42 |
11,315 | 13,771,278 | ||||||
PepsiCo Inc. |
||||||||
1.40%, 02/25/31 (Call 11/25/30) |
5,879 | 5,610,718 | ||||||
1.63%, 05/01/30 (Call 02/01/30) |
14,916 | 14,541,534 | ||||||
1.95%, 10/21/31 (Call 07/21/31)(a) |
14,755 | 14,630,717 | ||||||
2.25%, 03/19/25 (Call 02/19/25) |
10,037 | 10,435,696 | ||||||
2.38%, 10/06/26 (Call 07/06/26)(a) |
12,179 | 12,765,706 | ||||||
2.63%, 07/29/29 (Call 04/29/29) |
4,079 | 4,303,122 | ||||||
2.63%, 10/21/41 (Call 04/21/41)(a) |
10,160 | 10,261,854 | ||||||
2.75%, 04/30/25 (Call 01/30/25) |
11,857 | 12,483,987 | ||||||
2.75%, 03/19/30 (Call 12/19/29) |
17,346 | 18,380,758 | ||||||
2.75%, 10/21/51 (Call 04/21/51) |
10,000 | 10,304,266 | ||||||
2.85%, 02/24/26 (Call 11/24/25)(a) |
10,105 | 10,741,047 | ||||||
2.88%, 10/15/49 (Call 04/15/49)(a) |
10,289 | 10,837,225 | ||||||
3.00%, 10/15/27 (Call 07/15/27)(a) |
14,249 | 15,405,462 | ||||||
3.38%, 07/29/49 (Call 01/29/49) |
4,970 | 5,680,750 | ||||||
3.45%, 10/06/46 (Call 04/06/46) |
6,241 | 7,108,589 | ||||||
3.63%, 03/19/50 (Call 09/19/49) |
6,815 | 8,160,175 | ||||||
|
|
|||||||
1,202,661,796 | ||||||||
Biotechnology — 1.7% | ||||||||
Amgen Inc. |
||||||||
1.65%, 08/15/28 (Call 06/15/28) |
12,896 | 12,507,400 | ||||||
2.00%, 01/15/32 (Call 10/15/31)(a) |
15,186 | 14,577,734 | ||||||
2.20%, 02/21/27 (Call 12/21/26) |
16,734 | 17,078,791 | ||||||
2.30%, 02/25/31 (Call 11/25/30)(a) |
9,785 | 9,739,234 | ||||||
2.45%, 02/21/30 (Call 11/21/29)(a) |
13,844 | 14,074,998 |
Security |
Par (000) |
Value | ||||||
Biotechnology (continued) |
||||||||
2.60%, 08/19/26 (Call 05/19/26)(a) |
$ | 12,684 | $ | 13,244,416 | ||||
2.77%, 09/01/53 (Call 03/01/53)(a) |
11,191 | 10,552,932 | ||||||
2.80%, 08/15/41 (Call 02/15/41) |
12,234 | 11,847,734 | ||||||
3.00%, 01/15/52 (Call 07/15/51)(a) |
14,278 | 14,016,217 | ||||||
3.13%, 05/01/25 (Call 02/01/25)(a) |
10,105 | 10,682,936 | ||||||
3.15%, 02/21/40 (Call 08/21/39) |
17,801 | 18,202,423 | ||||||
3.20%, 11/02/27 (Call 08/02/27)(a) |
7,906 | 8,464,822 | ||||||
3.38%, 02/21/50 (Call 08/21/49) |
21,309 | 22,299,302 | ||||||
4.40%, 05/01/45 (Call 11/01/44)(a) |
24,575 | 29,704,899 | ||||||
4.56%, 06/15/48 (Call 12/15/47)(a) |
11,681 | 14,640,589 | ||||||
4.66%, 06/15/51 (Call 12/15/50) |
31,654 | 40,850,611 | ||||||
Baxalta Inc., 4.00%, 06/23/25 (Call 03/23/25) |
10,954 | 11,899,654 | ||||||
Biogen Inc. |
||||||||
2.25%, 05/01/30 (Call 02/01/30) |
16,635 | 16,390,447 | ||||||
3.15%, 05/01/50 (Call 11/01/49) |
16,505 | 16,214,883 | ||||||
4.05%, 09/15/25 (Call 06/15/25)(a) |
16,400 | 17,940,181 | ||||||
5.20%, 09/15/45 (Call 03/15/45) |
8,938 | 11,954,316 | ||||||
Gilead Sciences Inc. |
||||||||
1.20%, 10/01/27 (Call 08/01/27) |
9,484 | 9,138,918 | ||||||
1.65%, 10/01/30 (Call 07/01/30)(a) |
8,054 | 7,700,646 | ||||||
2.60%, 10/01/40 (Call 04/01/40)(a) |
12,860 | 12,285,980 | ||||||
2.80%, 10/01/50 (Call 04/01/50)(a) |
14,911 | 14,463,613 | ||||||
2.95%, 03/01/27 (Call 12/01/26)(a) |
13,783 | 14,585,777 | ||||||
3.50%, 02/01/25 (Call 11/01/24) |
8,682 | 9,255,260 | ||||||
3.65%, 03/01/26 (Call 12/01/25) |
28,662 | 31,055,575 | ||||||
4.00%, 09/01/36 (Call 03/01/36) |
4,571 | 5,219,095 | ||||||
4.15%, 03/01/47 (Call 09/01/46)(a) |
17,998 | 21,382,268 | ||||||
4.50%, 02/01/45 (Call 08/01/44) |
18,001 | 22,209,533 | ||||||
4.60%, 09/01/35 (Call 03/01/35) |
10,663 | 12,841,938 | ||||||
4.75%, 03/01/46 (Call 09/01/45) |
21,197 | 27,099,828 | ||||||
4.80%, 04/01/44 (Call 10/01/43) |
15,824 | 19,972,668 | ||||||
5.65%, 12/01/41 (Call 06/01/41)(a) |
10,003 | 13,797,207 | ||||||
Regeneron Pharmaceuticals Inc. |
||||||||
1.75%, 09/15/30 (Call 06/15/30) |
16,350 | 15,453,845 | ||||||
2.80%, 09/15/50 (Call 03/15/50) |
6,160 | 5,799,893 | ||||||
Royalty Pharma PLC |
||||||||
1.20%, 09/02/25 (Call 08/02/25)(a) |
12,161 | 12,012,775 | ||||||
1.75%, 09/02/27 (Call 07/02/27)(a) |
10,984 | 10,762,288 | ||||||
2.20%, 09/02/30 (Call 06/02/30) |
9,901 | 9,593,315 | ||||||
3.30%, 09/02/40 (Call 03/02/40)(a) |
10,855 | 10,818,626 | ||||||
3.55%, 09/02/50 (Call 03/02/50) |
9,926 | 9,865,671 | ||||||
|
|
|||||||
632,199,238 | ||||||||
Building Materials — 0.3% | ||||||||
Carrier Global Corp. |
||||||||
2.24%, 02/15/25 (Call 01/15/25) |
18,334 | 18,818,520 | ||||||
2.49%, 02/15/27 (Call 12/15/26) |
12,368 | 12,710,744 | ||||||
2.70%, 02/15/31 (Call 11/15/30)(a) |
7,436 | 7,566,145 | ||||||
2.72%, 02/15/30 (Call 11/15/29) |
16,417 | 16,818,379 | ||||||
3.38%, 04/05/40 (Call 10/05/39) |
14,580 | 15,244,431 | ||||||
3.58%, 04/05/50 (Call 10/05/49) |
19,999 | 21,636,176 | ||||||
Martin Marietta Materials Inc. |
||||||||
2.40%, 07/15/31 (Call 04/15/31) |
8,623 | 8,559,503 | ||||||
3.20%, 07/15/51 (Call 01/15/51)(a) |
10,744 | 11,003,933 | ||||||
|
|
|||||||
112,357,831 | ||||||||
Chemicals — 1.0% | ||||||||
Air Products and Chemicals Inc. |
||||||||
2.05%, 05/15/30 (Call 02/15/30) |
9,090 | 9,155,939 | ||||||
2.70%, 05/15/40 (Call 11/15/39) |
6,116 | 6,207,482 | ||||||
2.80%, 05/15/50 (Call 11/15/49)(a) |
9,060 | 9,269,381 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Chemicals (continued) | ||||||||
CF Industries Inc. |
||||||||
4.95%, 06/01/43 |
$ | 389 | $ | 475,179 | ||||
5.15%, 03/15/34 |
10,050 | 12,296,446 | ||||||
5.38%, 03/15/44 |
10,000 | 12,989,900 | ||||||
Dow Chemical Co. (The) |
||||||||
2.10%, 11/15/30 (Call 08/15/30)(a) |
3,457 | 3,401,443 | ||||||
3.60%, 11/15/50 (Call 05/15/50)(a) |
11,364 | 12,357,372 | ||||||
3.63%, 05/15/26 (Call 03/15/26)(a) |
8,567 | 9,291,394 | ||||||
4.38%, 11/15/42 (Call 05/15/42)(a) |
10,447 | 12,422,043 | ||||||
4.80%, 05/15/49 (Call 11/15/48) |
7,337 | 9,453,853 | ||||||
5.25%, 11/15/41 (Call 05/15/41) |
6,942 | 8,972,667 | ||||||
5.55%, 11/30/48 (Call 05/30/48) |
8,927 | 12,571,885 | ||||||
7.38%, 11/01/29 |
6,705 | 9,090,054 | ||||||
DuPont de Nemours Inc. |
||||||||
4.49%, 11/15/25 (Call 09/15/25) |
20,929 | 23,296,691 | ||||||
4.73%, 11/15/28 (Call 08/15/28)(a) |
18,784 | 21,966,988 | ||||||
5.32%, 11/15/38 (Call 05/15/38) |
17,415 | 22,514,499 | ||||||
5.42%, 11/15/48 (Call 05/15/48)(a) |
20,148 | 28,130,414 | ||||||
Eastman Chemical Co., 4.65%, 10/15/44 |
||||||||
(Call 04/15/44) |
6,267 | 7,529,122 | ||||||
Ecolab Inc. |
||||||||
2.70%, 11/01/26 (Call 08/01/26)(a) |
3,059 | 3,229,631 | ||||||
4.80%, 03/24/30 (Call 12/24/29)(a) |
4,398 | 5,296,934 | ||||||
International
Flavors & Fragrances Inc., |
3,658 | 4,800,376 | ||||||
LYB International Finance BV |
||||||||
4.88%, 03/15/44 (Call 09/15/43) |
10,900 | 13,454,326 | ||||||
5.25%, 07/15/43 |
7,458 | 9,634,377 | ||||||
LYB International Finance II BV, 3.50%, 03/02/27 |
||||||||
(Call 12/02/26) |
10,806 | 11,669,016 | ||||||
LYB
International Finance III LLC |
6,123 | 6,331,053 | ||||||
3.63%, 04/01/50 (Call 10/01/50)(a) |
9,040 | 9,639,026 | ||||||
4.20%, 10/15/49 (Call 04/15/49) |
11,255 | 13,129,647 | ||||||
4.20%, 05/01/50 (Call 11/01/49)(a) |
10,411 | 12,127,546 | ||||||
LyondellBasell Industries NV, 4.63%, 02/26/55 |
||||||||
(Call 08/26/54)(a) |
9,697 | 11,990,293 | ||||||
Nutrien
Ltd. |
4,124 | 4,676,911 | ||||||
5.00%, 04/01/49 (Call 10/01/48) |
6,645 | 8,921,572 | ||||||
Sherwin-Williams
Co. (The) |
10,086 | 10,673,706 | ||||||
3.45%, 06/01/27 (Call 03/01/27)(a) |
16,510 | 17,890,272 | ||||||
4.50%, 06/01/47 (Call 12/01/46) |
10,211 | 12,757,161 | ||||||
Westlake Chemical Corp., 3.60%, 08/15/26 |
||||||||
(Call 05/15/26)(a) |
611 | 667,901 | ||||||
|
|
|||||||
388,282,500 | ||||||||
Commercial Services — 0.5% | ||||||||
Automatic
Data Processing Inc. |
9,588 | 9,048,282 | ||||||
1.70%, 05/15/28 (Call 03/15/28) |
10,876 | 10,819,360 | ||||||
3.38%, 09/15/25 (Call 06/15/25)(a) |
8,094 | 8,725,482 | ||||||
Equifax
Inc., |
6,388 | 6,262,855 | ||||||
Global
Payments Inc. |
12,169 | 11,877,073 | ||||||
2.65%, 02/15/25 (Call 01/15/25) |
4,352 | 4,511,953 | ||||||
2.90%, 05/15/30 (Call 02/15/30)(a) |
12,442 | 12,693,790 | ||||||
3.20%, 08/15/29 (Call 05/15/29)(a) |
8,420 | 8,804,641 | ||||||
4.15%, 08/15/49 (Call 02/15/49)(a) |
8,119 | 9,207,747 | ||||||
4.80%, 04/01/26 (Call 01/01/26)(a) |
7,497 | 8,389,004 |
Security | Par (000) |
Value | ||||||
Commercial Services (continued) | ||||||||
IHS
Markit Ltd. |
$ | 7,841 | $ | 8,945,130 | ||||
4.75%, 08/01/28 (Call 05/01/28) |
7,742 | 9,026,519 | ||||||
Massachusetts
Institute of Technology, |
2,535 | 4,520,775 | ||||||
PayPal
Holdings Inc. |
10,509 | 10,665,288 | ||||||
2.30%, 06/01/30 (Call 03/01/30) |
7,083 | 7,200,729 | ||||||
2.65%, 10/01/26 (Call 08/01/26)(a) |
14,413 | 15,189,012 | ||||||
2.85%, 10/01/29 (Call 07/01/29) |
17,790 | 18,779,330 | ||||||
3.25%, 06/01/50 (Call 12/01/49) |
8,346 | 9,029,253 | ||||||
Quanta
Services Inc., 2.90%, 10/01/30 |
2,829 | 2,923,139 | ||||||
RELX
Capital Inc. |
8,514 | 8,992,804 | ||||||
4.00%, 03/18/29 (Call 12/18/28)(a) |
8,229 | 9,198,650 | ||||||
Verisk Analytics Inc., 4.00%, 06/15/25 (Call 03/15/25) |
9,643 | 10,494,223 | ||||||
|
|
|||||||
205,305,039 | ||||||||
Computers — 3.3% | ||||||||
Apple Inc. |
||||||||
0.55%, 08/20/25 (Call 07/20/25) |
16,392 | 16,048,091 | ||||||
0.70%, 02/08/26 (Call 01/08/26)(a) |
25,985 | 25,445,021 | ||||||
1.13%, 05/11/25 (Call 04/11/25) |
19,834 | 19,810,766 | ||||||
1.25%, 08/20/30 (Call 05/20/30)(a) |
11,700 | 11,029,369 | ||||||
1.40%, 08/05/28 (Call 06/05/28)(a) |
23,458 | 22,858,878 | ||||||
1.65%, 05/11/30 (Call 02/11/30) |
18,451 | 18,014,580 | ||||||
1.65%, 02/08/31 (Call 11/08/30) |
25,713 | 24,918,854 | ||||||
1.70%, 08/05/31 (Call 05/05/31)(a) |
13,682 | 13,269,174 | ||||||
2.05%, 09/11/26 (Call 07/11/26) |
19,832 | 20,413,300 | ||||||
2.20%, 09/11/29 (Call 06/11/29)(a) |
14,802 | 15,123,570 | ||||||
2.38%, 02/08/41 (Call 08/08/40)(a) |
14,388 | 13,955,753 | ||||||
2.40%, 06/20/50 (Call 02/20/50) |
12,102 | 11,400,547 | ||||||
2.45%, 08/04/26 (Call 05/04/26)(a) |
23,026 | 24,116,990 | ||||||
2.50%, 02/09/25 |
13,701 | 14,314,709 | ||||||
2.55%, 08/20/60 (Call 02/20/60) |
12,388 | 11,593,398 | ||||||
2.65%, 05/11/50 (Call 11/11/49) |
24,236 | 23,924,068 | ||||||
2.65%, 02/08/51 (Call 08/08/50)(a) |
28,949 | 28,563,883 | ||||||
2.70%, 08/05/51 (Call 02/05/51) |
18,614 | 18,505,378 | ||||||
2.75%, 01/13/25 (Call 11/13/24) |
4,719 | 4,960,404 | ||||||
2.80%, 02/08/60 (Call 08/08/60) |
20,144 | 19,866,520 | ||||||
2.85%, 08/05/61 (Call 02/05/61) |
14,366 | 14,313,081 | ||||||
2.90%, 09/12/27 (Call 06/12/27)(a) |
21,531 | 23,013,009 | ||||||
2.95%, 09/11/49 (Call 03/11/49) |
12,780 | 13,284,598 | ||||||
3.00%, 06/20/27 (Call 03/20/27)(a) |
12,010 | 12,945,786 | ||||||
3.00%, 11/13/27 (Call 08/13/27) |
15,886 | 17,076,440 | ||||||
3.20%, 05/13/25(a) |
16,195 | 17,329,876 | ||||||
3.20%, 05/11/27 (Call 02/11/27) |
21,326 | 23,096,384 | ||||||
3.25%, 02/23/26 (Call 11/23/25) |
32,396 | 34,890,780 | ||||||
3.35%, 02/09/27 (Call 11/09/26)(a) |
21,063 | 22,941,723 | ||||||
3.45%, 02/09/45 |
19,915 | 22,337,704 | ||||||
3.75%, 09/12/47 (Call 03/12/47) |
11,621 | 13,687,299 | ||||||
3.75%, 11/13/47 (Call 05/13/47) |
12,446 | 14,622,753 | ||||||
3.85%, 05/04/43 |
28,585 | 33,709,527 | ||||||
3.85%, 08/04/46 (Call 02/04/46) |
19,337 | 22,967,038 | ||||||
4.25%, 02/09/47 (Call 08/09/46) |
9,810 | 12,428,131 | ||||||
4.38%, 05/13/45 |
19,235 | 24,592,015 | ||||||
4.45%, 05/06/44 |
9,282 | 11,833,328 | ||||||
4.50%, 02/23/36 (Call 08/23/35)(a) |
6,827 | 8,529,314 | ||||||
4.65%, 02/23/46 (Call 08/23/45) |
38,723 | 51,243,521 | ||||||
Dell
International LLC/EMC Corp. |
17,969 | 20,475,983 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Computers (continued) | ||||||||
5.30%, 10/01/29 (Call 07/01/29) |
$ | 18,048 | $ | 21,711,650 | ||||
5.85%, 07/15/25 (Call 06/15/25) |
12,461 | 14,371,174 | ||||||
6.02%, 06/15/26 (Call 03/15/26) |
42,522 | 50,117,203 | ||||||
6.20%, 07/15/30 (Call 04/15/30)(a) |
5,409 | 6,892,827 | ||||||
8.10%, 07/15/36 (Call 01/15/36) |
13,513 | 20,493,243 | ||||||
8.35%, 07/15/46 (Call 01/15/46) |
17,631 | 29,426,520 | ||||||
Hewlett
Packard Enterprise Co. |
9,266 | 9,324,392 | ||||||
4.90%, 10/15/25 (Call 07/15/25)(a) |
27,027 | 30,286,967 | ||||||
6.20%, 10/15/35 (Call 04/15/35)(a) |
8,923 | 11,727,624 | ||||||
6.35%, 10/15/45 (Call 04/15/45) |
13,300 | 18,282,733 | ||||||
HP
Inc. |
10,405 | 10,267,229 | ||||||
2.20%, 06/17/25 (Call 05/17/25) |
9,989 | 10,245,840 | ||||||
2.65%, 06/17/31 (Call 03/17/31)(c) |
14,356 | 14,129,247 | ||||||
3.00%, 06/17/27 (Call 04/17/27)(a) |
9,610 | 10,167,242 | ||||||
3.40%, 06/17/30 (Call 03/17/30)(a) |
5,957 | 6,277,951 | ||||||
6.00%, 09/15/41 |
10,098 | 13,312,047 | ||||||
International
Business Machines Corp. |
16,813 | 16,823,227 | ||||||
1.95%, 05/15/30 (Call 02/15/30)(a) |
14,561 | 14,247,816 | ||||||
2.95%, 05/15/50 (Call 11/15/49) |
7,871 | 7,817,503 | ||||||
3.30%, 05/15/26 |
27,977 | 30,184,301 | ||||||
3.45%, 02/19/26(a) |
13,240 | 14,333,845 | ||||||
3.50%, 05/15/29(a) |
31,481 | 34,479,499 | ||||||
4.00%, 06/20/42(a) |
11,476 | 13,192,133 | ||||||
4.15%, 05/15/39(a) |
19,253 | 22,510,756 | ||||||
4.25%, 05/15/49(a) |
29,887 | 36,588,661 | ||||||
Leidos
Inc. |
11,324 | 10,890,028 | ||||||
4.38%, 05/15/30 (Call 02/15/30) |
8,012 | 9,004,790 | ||||||
NetApp Inc., 1.88%, 06/22/25 (Call 05/22/25) |
9,389 | 9,535,592 | ||||||
|
|
|||||||
1,270,093,583 | ||||||||
Cosmetics & Personal Care — 0.3% | ||||||||
Procter & Gamble Co. (The) |
||||||||
0.55%, 10/29/25 |
8,698 | 8,506,002 | ||||||
1.00%, 04/23/26(a) |
11,205 | 11,102,770 | ||||||
1.20%, 10/29/30 |
13,893 | 13,146,024 | ||||||
1.95%, 04/23/31(a) |
6,199 | 6,235,954 | ||||||
2.45%, 11/03/26 |
6,987 | 7,363,778 | ||||||
2.85%, 08/11/27 |
8,264 | 8,870,731 | ||||||
3.00%, 03/25/30(a) |
14,184 | 15,427,111 | ||||||
Unilever
Capital Corp. |
9,521 | 9,286,250 | ||||||
2.13%, 09/06/29 (Call 06/06/29)(a) |
8,292 | 8,430,120 | ||||||
2.90%, 05/05/27 (Call 02/05/27)(a) |
11,103 | 11,826,508 | ||||||
3.50%, 03/22/28 (Call 12/22/27)(a) |
10,893 | 12,039,634 | ||||||
5.90%, 11/15/32(a) |
9,951 | 13,453,333 | ||||||
|
|
|||||||
125,688,215 | ||||||||
Diversified Financial Services — 3.4% | ||||||||
AerCap Ireland Capital DAC/AerCap Global |
||||||||
Aviation
Trust |
13,174 | 12,961,368 | ||||||
2.45%, 10/29/26 (Call 09/29/26) |
25,870 | 26,091,020 | ||||||
3.00%, 10/29/28 (Call 08/29/28)(a) |
30,175 | 30,561,551 | ||||||
3.30%, 01/30/32 (Call 10/30/31)(a) |
33,840 | 34,374,817 | ||||||
3.40%, 10/29/33 (Call 07/29/33)(a) |
15,285 | 15,576,639 | ||||||
3.50%, 01/15/25 (Call 11/15/24) |
5,134 | 5,390,053 | ||||||
3.65%, 07/21/27 (Call 04/21/27)(a) |
10,017 | 10,585,635 |
Security |
Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
3.85%, 10/29/41 (Call 04/29/41)(a) |
$ | 12,975 | $ | 13,428,092 | ||||
6.50%, 07/15/25 (Call 06/15/25)(a) |
9,630 | 11,147,114 | ||||||
Air Lease Corp. 1.88%, 08/15/26 (Call 07/15/26) |
15,058 | 14,893,258 | ||||||
2.30%, 02/01/25 (Call 01/01/25)(a) |
3,839 | 3,914,056 | ||||||
2.88%, 01/15/26 (Call 12/15/25)(a) |
15,528 | 16,031,321 | ||||||
3.13%, 12/01/30 (Call 09/01/30)(a) |
7,505 | 7,662,953 | ||||||
3.38%, 07/01/25 (Call 06/01/25) |
12,403 | 13,063,271 | ||||||
3.75%, 06/01/26 (Call 04/01/26) |
10,501 | 11,236,460 | ||||||
Ally
Financial Inc. |
10,795 | 10,660,062 | ||||||
5.80%, 05/01/25 (Call 04/01/25)(a) |
3,516 | 4,005,971 | ||||||
8.00%, 11/01/31 |
20,514 | 29,381,743 | ||||||
American
Express Co. |
10,307 | 10,898,824 | ||||||
3.13%, 05/20/26 (Call 04/20/26) |
8,451 | 9,063,054 | ||||||
4.05%, 12/03/42 |
8,288 | 9,914,402 | ||||||
4.20%, 11/06/25 (Call 10/06/25)(a) |
7,279 | 8,089,731 | ||||||
American
Express Credit Corp., |
20,613 | 22,455,913 | ||||||
Brookfield
Finance Inc. |
7,055 | 7,488,445 | ||||||
4.35%, 04/15/30 (Call 01/15/30) |
5,942 | 6,771,761 | ||||||
4.70%, 09/20/47 (Call 03/20/47) |
9,869 | 12,157,201 | ||||||
4.85%, 03/29/29 (Call 12/29/28)(a) |
10,189 | 11,904,779 | ||||||
Capital
One Financial Corp. |
15,000 | 14,958,600 | ||||||
3.20%, 02/05/25 (Call 01/05/25) |
5,675 | 6,014,505 | ||||||
3.30%, 10/30/24 (Call 09/30/24)(a) |
6,950 | 7,381,044 | ||||||
3.65%, 05/11/27 (Call 04/11/27)(a) |
10,472 | 11,379,938 | ||||||
3.75%, 07/28/26 (Call 06/28/26) |
14,247 | 15,401,416 | ||||||
3.75%, 03/09/27 (Call 02/09/27)(a) |
12,972 | 14,144,177 | ||||||
3.80%, 01/31/28 (Call 12/31/27)(a) |
16,029 | 17,685,182 | ||||||
4.20%, 10/29/25 (Call 09/29/25) |
12,373 | 13,533,449 | ||||||
4.25%, 04/30/25 (Call 03/31/25) |
8,773 | 9,609,335 | ||||||
Charles
Schwab Corp. (The) |
7,763 | 7,621,703 | ||||||
1.15%, 05/13/26 (Call 04/13/26)(a) |
12,632 | 12,526,784 | ||||||
1.65%, 03/11/31 (Call 12/11/30)(a) |
7,707 | 7,393,135 | ||||||
1.95%, 12/01/31 (Call 09/01/31)(a) |
15,171 | 14,900,163 | ||||||
2.00%, 03/20/28 (Call 01/20/28) |
16,246 | 16,396,916 | ||||||
2.30%, 05/13/31 (Call 02/13/31)(a) |
2,905 | 2,932,891 | ||||||
3.85%, 05/21/25 (Call 03/21/25) |
8,180 | 8,893,463 | ||||||
CME
Group Inc. |
3,772 | 3,980,498 | ||||||
5.30%, 09/15/43 (Call 03/15/43) |
10,070 | 14,116,208 | ||||||
Discover Financial Services, 4.10%, 02/09/27 |
||||||||
(Call 11/09/26) |
11,161 | 12,279,051 | ||||||
GE
Capital Funding LLC |
14,649 | 15,671,226 | ||||||
4.05%, 05/15/27 (Call 03/15/27) |
11,452 | 12,754,924 | ||||||
4.40%, 05/15/30 (Call 02/15/30) |
26,950 | 31,498,489 | ||||||
4.55%, 05/15/32 (Call 02/15/32) |
6,361 | 7,619,234 | ||||||
GE
Capital International Funding Co. Unlimited Co. |
19,681 | 21,236,891 | ||||||
4.42%, 11/15/35 |
110,961 | 135,097,237 | ||||||
Intercontinental
Exchange Inc. |
15,225 | 14,316,326 | ||||||
2.10%, 06/15/30 (Call 03/15/30) |
14,996 | 14,800,214 | ||||||
2.65%, 09/15/40 (Call 03/15/40)(a) |
6,674 | 6,413,149 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Diversified Financial Services (continued) |
| |||||||
3.00%, 06/15/50 (Call 12/15/49)(a) |
$ | 15,353 | $ | 15,346,031 | ||||
3.00%, 09/15/60 (Call 03/15/60) |
16,590 | 16,123,544 | ||||||
3.75%, 12/01/25 (Call 09/01/25)(a) |
12,418 | 13,521,460 | ||||||
4.25%, 09/21/48 (Call 03/21/48) |
11,213 | 13,515,583 | ||||||
Jefferies
Group LLC/Jefferies Group Capital Finance Inc. |
146 | 143,328 | ||||||
4.15%, 01/23/30 |
10,797 | 12,033,890 | ||||||
4.85%, 01/15/27(a) |
7,591 | 8,683,064 | ||||||
Mastercard
Inc. |
5,067 | 5,217,026 | ||||||
2.95%, 11/21/26 (Call 08/21/26)(a) |
4,465 | 4,780,343 | ||||||
2.95%, 06/01/29 (Call 03/01/29) |
9,629 | 10,357,083 | ||||||
3.30%, 03/26/27 (Call 01/26/27) |
12,854 | 13,965,059 | ||||||
3.35%, 03/26/30 (Call 12/26/29)(a) |
15,223 | 16,832,650 | ||||||
3.65%, 06/01/49 (Call 12/01/48) |
9,277 | 10,868,159 | ||||||
3.85%, 03/26/50 (Call 09/26/49)(a) |
13,847 | 16,780,738 | ||||||
Nomura
Holdings Inc. |
14,089 | 13,871,060 | ||||||
1.85%, 07/16/25 |
13,246 | 13,314,054 | ||||||
2.17%, 07/14/28(a) |
16,016 | 15,690,869 | ||||||
2.61%, 07/14/31(a) |
10,284 | 10,136,332 | ||||||
2.65%, 01/16/25(a) |
8,490 | 8,784,478 | ||||||
2.68%, 07/16/30(a) |
6,148 | 6,155,664 | ||||||
3.10%, 01/16/30(a) |
13,966 | 14,423,240 | ||||||
Raymond
James Financial Inc. |
9,408 | 10,750,329 | ||||||
4.95%, 07/15/46 |
8,841 | 11,660,367 | ||||||
Synchrony
Financial |
8,974 | 9,769,275 | ||||||
4.50%, 07/23/25 (Call 04/23/25) |
7,632 | 8,351,382 | ||||||
Visa Inc. |
||||||||
1.10%, 02/15/31 (Call 11/15/30)(a) |
7,939 | 7,405,506 | ||||||
1.90%, 04/15/27 (Call 02/15/27)(a) |
13,732 | 13,987,255 | ||||||
2.00%, 08/15/50 (Call 02/15/50)(a) |
16,090 | 14,288,311 | ||||||
2.05%, 04/15/30 (Call 01/15/30)(a) |
14,554 | 14,766,710 | ||||||
2.70%, 04/15/40 (Call 10/15/39) |
12,249 | 12,560,717 | ||||||
2.75%, 09/15/27 (Call 06/15/27) |
7,721 | 8,220,953 | ||||||
3.15%, 12/14/25 (Call 09/14/25) |
32,018 | 34,396,611 | ||||||
3.65%, 09/15/47 (Call 03/15/47) |
7,969 | 9,371,197 | ||||||
4.15%, 12/14/35 (Call 06/14/35)(a) |
15,379 | 18,464,318 | ||||||
4.30%, 12/14/45 (Call 06/14/45) |
33,376 | 42,782,308 | ||||||
|
|
|||||||
1,297,584,536 | ||||||||
Electric — 2.9% |
||||||||
AES
Corp. (The) |
9,276 | 9,073,519 | ||||||
2.45%, 01/15/31 (Call 10/15/30) |
11,452 | 11,236,969 | ||||||
Ameren Corp., 3.50%, 01/15/31 (Call 10/15/30)(a) |
3,770 | 4,092,735 | ||||||
Avangrid
Inc. |
6,489 | 6,857,623 | ||||||
3.80%, 06/01/29 (Call 03/01/29)(a) |
8,175 | 9,082,569 | ||||||
Berkshire
Hathaway Energy Co. |
12,753 | 12,474,170 | ||||||
3.70%, 07/15/30 (Call 04/15/30) |
11,243 | 12,571,910 | ||||||
3.80%, 07/15/48 (Call 01/15/48) |
7,164 | 8,187,056 | ||||||
4.05%, 04/15/25 (Call 03/15/25)(a) |
10,511 | 11,466,678 | ||||||
4.25%, 10/15/50 (Call 04/15/50)(a) |
7,929 | 9,774,776 | ||||||
4.45%, 01/15/49 (Call 07/15/48) |
10,098 | 12,697,781 | ||||||
4.50%, 02/01/45 (Call 08/01/44) |
7,611 | 9,392,060 | ||||||
5.15%, 11/15/43 (Call 05/15/43) |
7,697 | 10,074,632 |
Security |
Par (000) |
Value | ||||||
Electric (continued) |
||||||||
6.13%, 04/01/36(a) |
$ | 17,400 | $ | 23,917,497 | ||||
Commonwealth Edison Co., 4.00%, 03/01/48 (Call 09/01/47)(a) |
8,598 | 10,296,422 | ||||||
Connecticut Light & Power Co. (The), 4.00%, 04/01/48 (Call 10/01/47) |
8,581 | 10,523,825 | ||||||
Consolidated
Edison Co. of New York Inc. |
4,577 | 4,615,716 | ||||||
3.60%, 06/15/61 (Call 12/15/60)(a) |
9,063 | 9,793,464 | ||||||
4.45%, 03/15/44 (Call 09/15/43) |
7,246 | 8,619,163 | ||||||
4.63%, 12/01/54 (Call 06/01/54) |
6,437 | 8,197,612 | ||||||
Series
20B, 3.95%, 04/01/50 |
9,791 | 11,398,237 | ||||||
Dominion
Energy Inc. |
10,227 | 11,124,563 | ||||||
Series C, 2.25%, 08/15/31 (Call 05/15/31)(a) |
9,942 | 9,800,752 | ||||||
Series C, 3.38%, 04/01/30 (Call 01/01/30)(a) |
14,688 | 15,787,676 | ||||||
DTE Energy Co., Series F, 1.05%, 06/01/25 (Call 05/01/25)(a) |
10,089 | 9,962,179 | ||||||
Duke
Energy Carolinas LLC |
7,783 | 8,244,902 | ||||||
5.30%, 02/15/40(a) |
8,086 | 10,757,481 | ||||||
Duke
Energy Corp. |
9,138 | 9,160,845 | ||||||
2.55%, 06/15/31 (Call 03/15/31) |
9,554 | 9,604,554 | ||||||
2.65%, 09/01/26 (Call 06/01/26)(a) |
12,650 | 13,210,349 | ||||||
3.15%, 08/15/27 (Call 05/15/27)(a) |
8,606 | 9,188,663 | ||||||
3.30%, 06/15/41 (Call 12/15/40)(a) |
5,309 | 5,415,333 | ||||||
3.50%, 06/15/51 (Call 12/15/50) |
7,862 | 8,303,257 | ||||||
3.75%, 09/01/46 (Call 03/01/46) |
15,025 | 16,348,883 | ||||||
Duke Energy Florida LLC, 6.40%, 06/15/38(a) |
9,832 | 14,295,100 | ||||||
Emera
U.S. Finance LP |
5,300 | 5,673,789 | ||||||
4.75%, 06/15/46 (Call 12/15/45) |
11,978 | 14,393,808 | ||||||
Entergy
Corp. |
12,193 | 11,875,015 | ||||||
2.95%, 09/01/26 (Call 06/01/26)(a) |
7,433 | 7,838,569 | ||||||
Entergy Louisiana LLC, 4.20%, 09/01/48 (Call 03/01/48) |
9,326 | 11,460,033 | ||||||
Evergy Inc., 2.90%, 09/15/29 (Call 06/15/29) |
6,973 | 7,274,909 | ||||||
Exelon
Corp. |
8,781 | 9,412,701 | ||||||
3.95%, 06/15/25 (Call 03/15/25) |
8,409 | 9,087,138 | ||||||
4.05%, 04/15/30 (Call 01/15/30)(a) |
12,702 | 14,292,309 | ||||||
4.45%, 04/15/46 (Call 10/15/45) |
7,166 | 8,883,508 | ||||||
4.70%, 04/15/50 (Call 10/15/49) |
4,864 | 6,269,906 | ||||||
Exelon
Generation Co. LLC |
9,176 | 9,706,911 | ||||||
5.60%, 06/15/42 (Call 12/15/41)(a) |
7,854 | 9,428,207 | ||||||
6.25%, 10/01/39 |
9,771 | 12,480,409 | ||||||
Florida
Power & Light Co. |
8,374 | 8,808,423 | ||||||
3.15%, 10/01/49 (Call 04/01/49)(a) |
8,341 | 9,117,906 | ||||||
3.95%, 03/01/48 (Call 09/01/47) |
8,860 | 10,906,050 | ||||||
Georgia
Power Co. |
11,484 | 13,226,552 | ||||||
Series A, 3.25%, 03/15/51 (Call 09/15/50)(a) |
6,787 | 6,947,783 | ||||||
MidAmerican
Energy Co. |
6,023 | 6,691,277 | ||||||
4.25%, 07/15/49 (Call 01/15/49) |
8,423 | 10,539,633 | ||||||
NextEra
Energy Capital Holdings Inc. |
17,216 | 17,018,748 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Electric (continued) |
||||||||
2.25%, 06/01/30 (Call 03/01/30)(a) |
$ | 18,212 | $ | 18,198,844 | ||||
2.75%, 05/01/25 (Call 04/01/25)(a) |
14,854 | 15,504,121 | ||||||
2.75%, 11/01/29 (Call 08/01/29) |
6,033 | 6,255,562 | ||||||
3.55%, 05/01/27 (Call 02/01/27) |
17,754 | 19,250,525 | ||||||
Pacific
Gas and Electric Co. |
10,212 | 9,913,675 | ||||||
2.50%, 02/01/31 (Call 11/01/30) |
20,884 | 19,947,587 | ||||||
3.00%, 06/15/28 (Call 04/15/28)(a) |
8,062 | 8,124,806 | ||||||
3.15%, 01/01/26(a) |
20,024 | 20,619,909 | ||||||
3.30%, 12/01/27 (Call 09/01/27) |
13,058 | 13,360,870 | ||||||
3.30%, 08/01/40 (Call 02/01/40) |
8,552 | 8,040,114 | ||||||
3.45%, 07/01/25(a) |
7,248 | 7,565,733 | ||||||
3.50%, 08/01/50 (Call 02/01/50) |
20,592 | 19,570,128 | ||||||
3.75%, 07/01/28(a) |
5,797 | 6,086,331 | ||||||
3.95%, 12/01/47 (Call 06/01/47) |
8,471 | 8,398,997 | ||||||
4.50%, 07/01/40 (Call 01/01/40) |
20,775 | 21,652,409 | ||||||
4.55%, 07/01/30 (Call 01/01/30) |
28,702 | 31,280,825 | ||||||
4.95%, 07/01/50 (Call 01/01/50) |
28,909 | 32,021,950 | ||||||
PacifiCorp., 2.90%, 06/15/52 (Call 12/15/51)(a) |
10,517 | 10,468,014 | ||||||
Public
Service Co. of Colorado, |
6,258 | 6,122,113 | ||||||
San Diego Gas & Electric Co. |
||||||||
Series VVV, 1.70%, 10/01/30 (Call 07/01/30)(a) |
8,544 | 8,164,593 | ||||||
Series WWW, 2.95%, 08/15/51 (Call 02/15/51) |
8,464 | 8,604,746 | ||||||
Sempra
Energy |
8,190 | 8,748,013 | ||||||
3.40%, 02/01/28 (Call 11/01/27) |
12,413 | 13,359,979 | ||||||
3.80%, 02/01/38 (Call 08/01/37) |
9,831 | 10,874,167 | ||||||
4.00%, 02/01/48 (Call 08/01/47) |
6,838 | 7,769,578 | ||||||
6.00%, 10/15/39 |
6,962 | 9,668,090 | ||||||
Southern
California Edison Co. |
11,863 | 12,764,729 | ||||||
4.00%, 04/01/47 (Call 10/01/46) |
16,287 | 18,124,348 | ||||||
4.65%, 10/01/43 (Call 04/01/43) |
8,251 | 9,740,104 | ||||||
Series 20A, 2.95%, 02/01/51 (Call 08/01/50)(a) |
8,347 | 7,979,984 | ||||||
Series C, 4.13%, 03/01/48 (Call 09/01/47)(a) |
13,341 | 15,008,756 | ||||||
Series E, 3.70%, 08/01/25 (Call 06/01/25)(a) |
10,434 | 11,261,382 | ||||||
Southern
Co. (The) |
17,792 | 18,969,206 | ||||||
4.40%, 07/01/46 (Call 01/01/46) |
20,279 | 24,268,127 | ||||||
Series A, 3.70%, 04/30/30 (Call 01/30/30)(a) |
9,909 | 10,767,291 | ||||||
Series B, 4.00%, 01/15/51 (Call 10/15/25)(b) |
11,452 | 12,065,512 | ||||||
Virginia
Electric & Power Co. |
10,037 | 9,352,607 | ||||||
Series A, 3.15%, 01/15/26 (Call 10/15/25) |
5,229 | 5,574,972 | ||||||
Series A, 3.50%, 03/15/27 (Call 12/15/26)(a) |
6,999 | 7,625,946 | ||||||
|
|
|||||||
1,099,957,178 | ||||||||
Electrical Components & Equipment — 0.0% |
| |||||||
Emerson Electric Co., 0.88%, 10/15/26 |
||||||||
(Call 09/15/26)(a) |
5,943 | 5,775,055 | ||||||
|
|
|||||||
Electronics — 0.3% |
||||||||
Agilent Technologies Inc., 2.30%, 03/12/31 |
||||||||
(Call 12/12/30) |
7,859 | 7,807,861 | ||||||
Amphenol
Corp. |
9,965 | 9,795,665 | ||||||
2.80%, 02/15/30 (Call 11/15/29) |
5,506 | 5,710,614 | ||||||
Honeywell
International Inc. |
27,990 | 27,487,750 | ||||||
1.35%, 06/01/25 (Call 05/01/25)(a) |
12,249 | 12,352,137 |
Security |
Par (000) |
Value | ||||||
Electronics (continued) |
||||||||
1.75%, 09/01/31 (Call 06/01/31)(a) |
$ | 19,630 | $ | 19,084,119 | ||||
1.95%, 06/01/30 (Call 03/01/30)(a) |
5,277 | 5,268,341 | ||||||
2.50%, 11/01/26 (Call 08/01/26)(a) |
7,652 | 8,053,355 | ||||||
2.70%, 08/15/29 (Call 05/15/29) |
7,452 | 7,876,955 | ||||||
2.80%, 06/01/50 (Call 12/01/49)(a) |
7,483 | 7,830,394 | ||||||
|
|
|||||||
111,267,191 | ||||||||
Environmental Control — 0.1% |
||||||||
Republic
Services Inc. |
4,529 | 4,277,858 | ||||||
3.95%, 05/15/28 (Call 02/15/28) |
8,980 | 10,042,069 | ||||||
Waste Connections Inc., 2.95%, 01/15/52 |
||||||||
(Call 07/15/51) |
10,450 | 10,395,877 | ||||||
Waste
Management Inc. |
12,487 | 11,724,719 | ||||||
3.15%, 11/15/27 (Call 08/15/27) |
9,369 | 10,049,010 | ||||||
|
|
|||||||
46,489,533 | ||||||||
Food — 1.0% |
||||||||
Campbell
Soup Co. |
8,683 | 9,385,900 | ||||||
4.15%, 03/15/28 (Call 12/15/27)(a) |
10,433 | 11,684,743 | ||||||
Conagra
Brands Inc. |
14,676 | 14,130,424 | ||||||
4.60%, 11/01/25 (Call 09/01/25) |
9,389 | 10,459,995 | ||||||
4.85%, 11/01/28 (Call 08/01/28)(a) |
13,653 | 15,936,051 | ||||||
5.30%, 11/01/38 (Call 05/01/38) |
11,210 | 14,233,907 | ||||||
5.40%, 11/01/48 (Call 05/01/48)(a) |
7,977 | 10,876,027 | ||||||
General
Mills Inc. |
7,597 | 7,956,539 | ||||||
3.20%, 02/10/27 (Call 11/10/26) |
6,782 | 7,271,323 | ||||||
4.00%, 04/17/25 (Call 02/17/25) |
8,711 | 9,464,753 | ||||||
4.20%, 04/17/28 (Call 01/17/28)(a) |
15,447 | 17,501,182 | ||||||
Hormel
Foods Corp. |
10,106 | 10,027,171 | ||||||
1.80%, 06/11/30 (Call 03/11/30)(a) |
4,034 | 3,953,300 | ||||||
J M Smucker Co. (The), 2.13%, 03/15/32 |
||||||||
(Call 12/15/31) |
5,710 | 5,536,220 | ||||||
JM Smucker Co. (The), 3.50%, 03/15/25 |
10,780 | 11,545,491 | ||||||
Kellogg Co., 3.25%, 04/01/26 |
8,641 | 9,255,367 | ||||||
Kroger
Co. (The) |
9,859 | 10,327,017 | ||||||
3.95%, 01/15/50 (Call 07/15/49)(a) |
8,111 | 9,387,095 | ||||||
4.45%, 02/01/47 (Call 08/01/46)(a) |
9,867 | 12,030,437 | ||||||
McCormick & Co. Inc./MD, 3.40%, 08/15/27 |
||||||||
(Call 05/15/27)(a) |
7,435 | 8,063,654 | ||||||
Mondelez
International Inc. |
11,252 | 11,342,623 | ||||||
2.63%, 09/04/50 (Call 03/04/50) |
9,522 | 8,955,147 | ||||||
2.75%, 04/13/30 (Call 01/13/30)(a) |
9,659 | 10,062,087 | ||||||
Sysco
Corp. |
4,165 | 4,464,299 | ||||||
3.30%, 07/15/26 (Call 04/15/26)(a) |
8,363 | 8,960,116 | ||||||
3.75%, 10/01/25 (Call 07/01/25)(a) |
6,300 | 6,830,446 | ||||||
5.65%, 04/01/25 (Call 03/01/25)(a) |
9,623 | 10,948,519 | ||||||
5.95%, 04/01/30 (Call 01/01/30)(a) |
11,334 | 14,365,481 | ||||||
6.60%, 04/01/50 (Call 10/01/49)(a) |
12,723 | 20,416,561 | ||||||
Tyson
Foods Inc. |
13,393 | 14,561,372 | ||||||
4.00%, 03/01/26 (Call 01/01/26) |
13,072 | 14,369,226 | ||||||
4.35%, 03/01/29 (Call 12/01/28)(a) |
8,869 | 10,192,694 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Food (continued) |
||||||||
4.55%, 06/02/47 (Call 12/02/46)(a) |
$ | 5,319 | $ | 6,682,878 | ||||
5.10%, 09/28/48 (Call 03/28/48)(a) |
15,582 | 21,078,547 | ||||||
|
|
|||||||
372,256,592 | ||||||||
Gas — 0.2% |
||||||||
Atmos Energy Corp., 4.13%, 10/15/44 (Call 04/15/44) |
3,912 | 4,572,336 | ||||||
NiSource
Inc. |
15,977 | 15,665,365 | ||||||
1.70%, 02/15/31 (Call 11/15/30) |
9,022 | 8,493,262 | ||||||
2.95%, 09/01/29 (Call 06/01/29) |
8,250 | 8,606,152 | ||||||
3.49%, 05/15/27 (Call 02/15/27)(a) |
10,951 | 11,832,387 | ||||||
3.60%, 05/01/30 (Call 02/01/30)(a) |
10,219 | 11,134,702 | ||||||
3.95%, 03/30/48 (Call 09/30/47)(a) |
6,986 | 8,040,384 | ||||||
4.38%, 05/15/47 (Call 11/15/46) |
8,812 | 10,662,485 | ||||||
4.80%, 02/15/44 (Call 08/15/43) |
7,367 | 9,159,898 | ||||||
|
|
|||||||
88,166,971 | ||||||||
Hand & Machine Tools — 0.0% |
||||||||
Stanley
Black & Decker Inc. |
7,357 | 7,513,591 | ||||||
2.75%, 11/15/50 (Call 05/15/50) |
9,013 | 8,850,123 | ||||||
|
|
|||||||
16,363,714 | ||||||||
Health Care - Products — 1.1% |
||||||||
Abbott
Laboratories |
6,715 | 7,104,837 | ||||||
3.75%, 11/30/26 (Call 08/30/26)(a) |
20,540 | 22,739,760 | ||||||
4.75%, 11/30/36 (Call 05/30/36) |
13,646 | 17,426,381 | ||||||
4.90%, 11/30/46 (Call 05/30/46) |
31,195 | 43,370,156 | ||||||
Boston
Scientific Corp. |
10,759 | 11,013,780 | ||||||
3.75%, 03/01/26 (Call 01/01/26) |
10,343 | 11,247,136 | ||||||
4.00%, 03/01/29 (Call 12/01/28)(a) |
7,717 | 8,658,948 | ||||||
4.55%, 03/01/39 (Call 09/01/38) |
6,722 | 8,168,730 | ||||||
4.70%, 03/01/49 (Call 09/01/48)(a) |
11,060 | 14,290,767 | ||||||
Danaher Corp., 2.60%, 10/01/50 (Call 04/01/50)(a) |
10,111 | 9,837,629 | ||||||
DH
Europe Finance II Sarl |
9,986 | 10,386,130 | ||||||
3.25%, 11/15/39 (Call 05/15/39)(a) |
6,390 | 6,833,484 | ||||||
3.40%, 11/15/49 (Call 05/15/49) |
7,461 | 8,324,578 | ||||||
Medtronic
Inc. |
17,094 | 18,436,276 | ||||||
4.38%, 03/15/35(a) |
19,873 | 24,391,564 | ||||||
4.63%, 03/15/45 |
16,535 | 21,989,204 | ||||||
PerkinElmer
Inc. |
4,500 | 4,548,435 | ||||||
3.30%, 09/15/29 (Call 06/15/29) |
2,193 | 2,347,927 | ||||||
Stryker
Corp. |
10,042 | 9,879,236 | ||||||
3.38%, 11/01/25 (Call 08/01/25) |
8,732 | 9,391,431 | ||||||
3.50%, 03/15/26 (Call 12/15/25) |
9,947 | 10,749,766 | ||||||
4.63%, 03/15/46 (Call 09/15/45)(a) |
7,886 | 10,299,647 | ||||||
Thermo
Fisher Scientific Inc. |
11,612 | 11,366,035 | ||||||
2.60%, 10/01/29 (Call 07/01/29) |
8,473 | 8,815,306 | ||||||
2.80%, 10/15/41 (Call 04/15/41) |
15,088 | 15,183,797 | ||||||
2.95%, 09/19/26 (Call 06/19/26)(a) |
13,934 | 14,822,762 | ||||||
3.20%, 08/15/27 (Call 05/15/27) |
8,939 | 9,620,541 | ||||||
4.10%, 08/15/47 (Call 02/15/47)(a) |
4,233 | 5,267,298 | ||||||
4.13%, 03/25/25 (Call 02/25/25) |
8,919 | 9,724,098 | ||||||
4.50%, 03/25/30 (Call 12/25/29) |
9,759 | 11,485,963 |
Security |
Par (000) |
Value | ||||||
Health Care - Products (continued) |
||||||||
Zimmer
Biomet Holdings Inc. |
$ | 18,295 | $ | 19,496,767 | ||||
3.55%, 03/20/30 (Call 12/20/29)(a) |
7,442 | 8,086,503 | ||||||
|
|
|||||||
405,304,872 | ||||||||
Health Care - Services — 2.3% |
||||||||
Aetna
Inc. |
1,936 | 2,064,893 | ||||||
3.88%, 08/15/47 (Call 02/15/47)(a) |
7,922 | 9,036,903 | ||||||
6.63%, 06/15/36(a) |
10,314 | 14,712,323 | ||||||
Anthem
Inc. |
11,004 | 10,961,382 | ||||||
2.25%, 05/15/30 (Call 02/15/30) |
12,121 | 12,097,533 | ||||||
2.38%, 01/15/25 (Call 12/15/24) |
2,130 | 2,203,443 | ||||||
2.55%, 03/15/31 (Call 12/15/30) |
9,073 | 9,262,794 | ||||||
2.88%, 09/15/29 (Call 06/15/29) |
9,705 | 10,183,525 | ||||||
3.13%, 05/15/50 (Call 11/15/49)(a) |
9,385 | 9,727,447 | ||||||
3.35%, 12/01/24 (Call 10/01/24) |
2,456 | 2,617,809 | ||||||
3.60%, 03/15/51 (Call 09/15/50)(a) |
11,496 | 12,819,805 | ||||||
3.65%, 12/01/27 (Call 09/01/27)(a) |
12,006 | 13,157,515 | ||||||
3.70%, 09/15/49 (Call 03/15/49) |
8,148 | 9,141,266 | ||||||
4.10%, 03/01/28 (Call 12/01/27)(a) |
13,077 | 14,660,321 | ||||||
4.38%, 12/01/47 (Call 06/01/47) |
11,859 | 14,538,369 | ||||||
4.55%, 03/01/48 (Call 09/01/47) |
9,180 | 11,579,866 | ||||||
4.63%, 05/15/42 |
9,517 | 11,665,845 | ||||||
4.65%, 01/15/43 |
10,434 | 12,840,722 | ||||||
4.65%, 08/15/44 (Call 02/15/44) |
9,205 | 11,409,424 | ||||||
Ascension
Health |
4,993 | 6,208,210 | ||||||
Series B, 2.53%, 11/15/29 (Call 08/15/29) |
3,058 | 3,188,111 | ||||||
CommonSpirit
Health |
9,336 | 9,955,937 | ||||||
4.19%, 10/01/49 (Call 04/01/49)(a) |
5,511 | 6,490,305 | ||||||
HCA
Inc. |
10,543 | 10,289,296 | ||||||
3.50%, 07/15/51 (Call 01/15/51) |
15,374 | 15,616,619 | ||||||
4.13%, 06/15/29 (Call 03/15/29) |
17,043 | 18,889,137 | ||||||
4.50%, 02/15/27 (Call 08/15/26) |
10,991 | 12,189,907 | ||||||
5.13%, 06/15/39 (Call 12/15/38) |
10,569 | 13,063,044 | ||||||
5.25%, 04/15/25 |
12,308 | 13,795,256 | ||||||
5.25%, 06/15/26 (Call 12/15/25) |
15,101 | 17,122,757 | ||||||
5.25%, 06/15/49 (Call 12/15/48) |
20,156 | 26,057,505 | ||||||
5.50%, 06/15/47 (Call 12/15/46) |
15,186 | 20,024,522 | ||||||
Humana
Inc. |
15,659 | 15,252,178 | ||||||
2.15%, 02/03/32 (Call 11/03/31)(a) |
13,340 | 12,906,287 | ||||||
4.95%, 10/01/44 (Call 04/01/44)(a) |
5,880 | 7,607,739 | ||||||
Kaiser
Foundation Hospitals |
14,277 | 17,730,237 | ||||||
Series
2019, 3.27%, 05/12/49 |
10,164 | 11,078,800 | ||||||
Series
2021, 2.81%, 06/01/41 |
13,192 | 13,371,877 | ||||||
Series 2021, 3.00%, 06/01/51 (Call 12/01/50) |
14,505 | 15,077,604 | ||||||
Laboratory
Corp. of America Holdings |
8,065 | 8,600,401 | ||||||
4.70%, 02/01/45 (Call 08/01/44)(a) |
6,804 | 8,415,574 | ||||||
Quest Diagnostics Inc., 2.95%, 06/30/30 |
||||||||
(Call 03/30/30) |
9,871 | 10,342,180 | ||||||
UnitedHealth
Group Inc. |
10,476 | 10,381,243 | ||||||
2.00%, 05/15/30(a) |
13,045 | 13,000,702 | ||||||
2.30%, 05/15/31 (Call 02/15/31) |
12,315 | 12,469,770 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Health Care - Services (continued) |
||||||||
2.75%, 05/15/40 (Call 11/15/39) |
$ | 11,063 | $ | 11,121,372 | ||||
2.88%, 08/15/29(a) |
10,648 | 11,345,821 | ||||||
2.90%, 05/15/50 (Call 11/15/49) |
12,351 | 12,621,528 | ||||||
2.95%, 10/15/27(a) |
9,171 | 9,838,356 | ||||||
3.05%, 05/15/41 (Call 11/15/40)(a) |
15,394 | 16,085,383 | ||||||
3.10%, 03/15/26(a) |
9,747 | 10,464,089 | ||||||
3.13%, 05/15/60 (Call 11/15/59)(a) |
8,957 | 9,394,309 | ||||||
3.25%, 05/15/51 (Call 11/15/50)(a) |
18,963 | 20,622,858 | ||||||
3.45%, 01/15/27(a) |
9,155 | 10,007,294 | ||||||
3.50%, 08/15/39 (Call 02/15/39) |
13,794 | 15,295,602 | ||||||
3.70%, 08/15/49 (Call 02/15/49) |
12,084 | 13,982,390 | ||||||
3.75%, 07/15/25 |
18,582 | 20,269,905 | ||||||
3.75%, 10/15/47 (Call 04/15/47) |
10,151 | 11,777,937 | ||||||
3.85%, 06/15/28 |
11,555 | 13,014,222 | ||||||
3.88%, 12/15/28 |
8,672 | 9,810,781 | ||||||
3.88%, 08/15/59 (Call 02/15/59) |
13,458 | 16,179,911 | ||||||
4.20%, 01/15/47 (Call 07/15/46) |
8,035 | 9,910,826 | ||||||
4.25%, 03/15/43 (Call 09/15/42)(a) |
6,944 | 8,426,607 | ||||||
4.25%, 06/15/48 (Call 12/15/47) |
14,152 | 17,725,980 | ||||||
4.45%, 12/15/48 (Call 06/15/48) |
11,827 | 15,249,736 | ||||||
4.63%, 07/15/35(a) |
8,248 | 10,215,046 | ||||||
4.75%, 07/15/45 |
19,205 | 25,523,040 | ||||||
5.80%, 03/15/36(a) |
9,443 | 13,011,798 | ||||||
6.88%, 02/15/38 |
10,379 | 15,972,094 | ||||||
Universal
Health Services Inc. |
2,103 | 2,091,824 | ||||||
2.65%,
01/15/32 |
4,500 | 4,420,918 | ||||||
|
|
|||||||
858,186,010 | ||||||||
Holding Companies - Diversified — 0.2% |
| |||||||
Ares
Capital Corp. |
10,690 | 10,587,232 | ||||||
2.88%, 06/15/28 (Call 04/15/28)(a) |
15,307 | 15,368,865 | ||||||
3.25%, 07/15/25 (Call 06/15/25) |
13,920 | 14,467,586 | ||||||
3.88%, 01/15/26 (Call 12/15/25) |
17,114 | 18,152,921 | ||||||
Blackstone Secured Lending Fund, 3.63%, 01/15/26 |
||||||||
(Call 12/15/25) |
2,486 | 2,600,211 | ||||||
FS
KKR Capital Corp. |
2,231 | 2,198,606 | ||||||
3.40%, 01/15/26 (Call 12/15/25) |
1,273 | 1,309,815 | ||||||
Owl
Rock Capital Corp. |
9,078 | 8,956,681 | ||||||
3.40%, 07/15/26 (Call 06/15/26) |
16,408 | 16,886,400 | ||||||
|
|
|||||||
90,528,317 | ||||||||
Home Builders — 0.0% |
||||||||
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27)(a) |
8,156 | 9,300,991 | ||||||
|
|
|||||||
Household Products & Wares — 0.0% |
| |||||||
Kimberly-Clark Corp., 3.10%, 03/26/30 (Call 12/26/29)(a) |
7,401 | 8,045,814 | ||||||
|
|
|||||||
Insurance — 2.0% |
||||||||
Aflac
Inc. |
8,492 | 9,404,813 | ||||||
3.63%, 11/15/24 |
2,344 | 2,522,618 | ||||||
American
International Group Inc. |
13,966 | 14,488,349 | ||||||
3.40%, 06/30/30 (Call 03/30/30) |
14,643 | 15,845,820 | ||||||
3.75%, 07/10/25 (Call 04/10/25) |
11,030 | 11,895,771 | ||||||
3.88%, 01/15/35 (Call 07/15/34)(a) |
10,866 | 12,133,094 | ||||||
3.90%, 04/01/26 (Call 01/01/26)(a) |
16,933 | 18,566,593 |
Security |
Par (000) |
Value | ||||||
Insurance (continued) |
||||||||
4.20%, 04/01/28 (Call 01/01/28) |
$ | 5,965 | $ | 6,733,470 | ||||
4.38%, 06/30/50 (Call 12/30/49) |
11,859 | 14,793,635 | ||||||
4.38%, 01/15/55 (Call 07/15/54) |
8,902 | 11,134,297 | ||||||
4.50%, 07/16/44 (Call 01/16/44)(a) |
19,770 | 24,122,310 | ||||||
4.75%, 04/01/48 (Call 10/01/47) |
9,118 | 11,737,910 | ||||||
4.80%, 07/10/45 (Call 01/10/45)(a) |
8,240 | 10,561,390 | ||||||
6.25%, 05/01/36 |
8,585 | 11,841,261 | ||||||
Aon
Corp. |
14,098 | 14,578,272 | ||||||
3.75%, 05/02/29 (Call 02/02/29)(a) |
3,962 | 4,392,608 | ||||||
Aon PLC, 3.88%, 12/15/25 (Call 09/15/25)(a) |
4,457 | 4,867,185 | ||||||
Arch Capital Group Ltd., 3.64%, 06/30/50 |
||||||||
(Call 12/30/49) |
11,114 | 12,244,903 | ||||||
Athene Holding Ltd., 4.13%, 01/12/28 (Call 10/12/27)(a). |
11,163 | 12,325,718 | ||||||
Berkshire
Hathaway Finance Corp. |
7,998 | 7,634,675 | ||||||
2.50%, 01/15/51 (Call 07/15/50) |
9,710 | 9,112,714 | ||||||
2.85%, 10/15/50 (Call 04/15/50) |
18,585 | 18,641,759 | ||||||
4.20%, 08/15/48 (Call 02/15/48) |
21,585 | 26,689,593 | ||||||
4.25%, 01/15/49 (Call 07/15/48) |
19,620 | 24,348,371 | ||||||
5.75%, 01/15/40(a) |
5,947 | 8,412,389 | ||||||
Berkshire
Hathaway Inc. |
26,647 | 28,680,574 | ||||||
4.50%, 02/11/43 |
12,808 | 16,057,541 | ||||||
Brighthouse
Financial Inc. |
11,168 | 12,107,158 | ||||||
4.70%, 06/22/47 (Call 12/22/46)(a) |
9,576 | 10,941,743 | ||||||
Chubb Corp. (The), 6.00%, 05/11/37 |
8,321 | 11,900,231 | ||||||
Chubb
INA Holdings Inc. |
4,881 | 5,201,521 | ||||||
3.35%, 05/03/26 (Call 02/03/26) |
7,274 | 7,860,249 | ||||||
4.35%, 11/03/45 (Call 05/03/45)(a) |
8,660 | 11,060,714 | ||||||
Equitable
Holdings Inc. |
13,503 | 15,277,969 | ||||||
5.00%, 04/20/48 (Call 10/20/47) |
14,458 | 18,498,333 | ||||||
Everest
Reinsurance Holdings Inc. |
13,254 | 13,009,432 | ||||||
3.50%, 10/15/50 (Call 04/15/50)(a) |
3,082 | 3,281,026 | ||||||
Hartford Financial Services Group Inc. (The), 3.60%, 08/19/49 (Call 02/19/49)(a) |
6,828 | 7,561,606 | ||||||
Manulife
Financial Corp. |
8,266 | 9,163,405 | ||||||
5.38%, 03/04/46(a) |
5,669 | 8,033,915 | ||||||
Marsh &
McLennan Companies Inc. |
3,317 | 3,314,711 | ||||||
4.38%, 03/15/29 (Call 12/15/28)(a) |
16,611 | 19,191,642 | ||||||
4.90%, 03/15/49 (Call 09/15/48) |
12,099 | 16,517,475 | ||||||
MetLife
Inc. |
8,139 | 9,821,334 | ||||||
4.13%, 08/13/42 |
9,908 | 11,790,154 | ||||||
4.55%, 03/23/30 (Call 12/23/29)(a) |
10,968 | 12,921,336 | ||||||
4.60%, 05/13/46 (Call 11/13/45) |
6,924 | 9,036,634 | ||||||
4.88%, 11/13/43 |
9,520 | 12,432,885 | ||||||
5.70%, 06/15/35(a) |
10,393 | 14,019,630 | ||||||
5.88%, 02/06/41 |
9,143 | 13,033,587 | ||||||
6.38%, 06/15/34 |
7,992 | 11,229,415 | ||||||
Progressive Corp. (The), 4.13%, 04/15/47 |
||||||||
(Call 10/15/46) |
9,929 | 12,252,923 | ||||||
Prudential Financial Inc. 3.70%, 03/13/51 (Call 09/13/50)(a) |
10,873 | 12,612,297 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Insurance (continued) |
||||||||
3.91%, 12/07/47 (Call 06/07/47)(a) |
$ | 10,293 | $ | 12,129,055 | ||||
3.94%, 12/07/49 (Call 06/07/49)(a) |
12,236 | 14,578,368 | ||||||
4.35%, 02/25/50 (Call 08/25/49)(a) |
10,529 | 13,454,981 | ||||||
4.60%, 05/15/44(a) |
8,587 | 10,832,109 | ||||||
5.70%, 12/14/36(a) |
8,717 | 11,751,976 | ||||||
Travelers
Companies Inc. (The) |
8,310 | 8,842,509 | ||||||
5.35%, 11/01/40 |
7,998 | 10,984,906 | ||||||
6.25%, 06/15/37 |
9,054 | 13,130,068 | ||||||
|
|
|||||||
751,542,930 | ||||||||
Internet — 1.8% |
||||||||
Alphabet
Inc. |
6,509 | 6,357,431 | ||||||
0.80%, 08/15/27 (Call 06/15/27)(a) |
13,733 | 13,205,092 | ||||||
1.10%, 08/15/30 (Call 05/15/30)(a) |
23,517 | 22,039,987 | ||||||
1.90%, 08/15/40 (Call 02/15/40) |
8,239 | 7,450,248 | ||||||
2.00%, 08/15/26 (Call 05/15/26)(a) |
21,868 | 22,558,755 | ||||||
2.05%, 08/15/50 (Call 02/15/50)(a) |
25,616 | 22,936,052 | ||||||
2.25%, 08/15/60 (Call 02/15/60) |
18,882 | 16,918,693 | ||||||
Amazon.com
Inc. |
8,925 | 8,839,009 | ||||||
1.00%, 05/12/26 (Call 04/12/26)(a) |
22,380 | 22,153,817 | ||||||
1.20%, 06/03/27 (Call 04/03/27) |
14,072 | 13,824,362 | ||||||
1.50%, 06/03/30 (Call 03/03/30) |
18,888 | 18,278,339 | ||||||
1.65%, 05/12/28 (Call 03/12/28)(a) |
20,910 | 20,835,945 | ||||||
2.10%, 05/12/31 (Call 02/12/31) |
22,933 | 23,059,664 | ||||||
2.50%, 06/03/50 (Call 12/03/49) |
22,784 | 21,713,674 | ||||||
2.70%, 06/03/60 (Call 12/03/59) |
19,733 | 19,031,237 | ||||||
2.88%, 05/12/41 (Call 11/12/40) |
22,705 | 23,472,783 | ||||||
3.10%, 05/12/51 (Call 11/12/50)(a) |
31,427 | 33,531,650 | ||||||
3.15%, 08/22/27 (Call 05/22/27) |
32,530 | 35,227,693 | ||||||
3.25%, 05/12/61 (Call 11/12/60) |
19,593 | 21,347,095 | ||||||
3.80%, 12/05/24 (Call 09/05/24) |
2,653 | 2,869,873 | ||||||
3.88%, 08/22/37 (Call 02/22/37)(a) |
26,556 | 31,238,686 | ||||||
4.05%, 08/22/47 (Call 02/22/47) |
33,194 | 40,753,950 | ||||||
4.25%, 08/22/57 (Call 02/22/57) |
22,660 | 29,470,690 | ||||||
4.80%, 12/05/34 (Call 06/05/34)(a) |
12,406 | 15,753,974 | ||||||
4.95%, 12/05/44 (Call 06/05/44) |
13,374 | 17,995,729 | ||||||
5.20%, 12/03/25 (Call 09/03/25) |
8,536 | 9,784,209 | ||||||
Booking
Holdings Inc. |
11,257 | 12,244,461 | ||||||
4.63%, 04/13/30 (Call 01/13/30)(a) |
14,161 | 16,690,637 | ||||||
eBay
Inc. |
6,859 | 6,788,238 | ||||||
1.90%, 03/11/25 (Call 02/11/25) |
9,148 | 9,321,090 | ||||||
2.60%, 05/10/31 (Call 02/10/31)(a) |
6,142 | 6,202,227 | ||||||
2.70%, 03/11/30 (Call 12/11/29)(a) |
11,764 | 12,090,831 | ||||||
3.60%, 06/05/27 (Call 03/05/27)(a) |
9,588 | 10,457,148 | ||||||
3.65%, 05/10/51 (Call 11/10/50)(a) |
9,304 | 10,201,789 | ||||||
4.00%, 07/15/42 (Call 01/15/42)(a) |
6,152 | 6,936,403 | ||||||
Expedia
Group Inc. |
8,986 | 9,068,554 | ||||||
3.25%, 02/15/30 (Call 11/15/29) |
14,537 | 14,958,073 | ||||||
3.80%, 02/15/28 (Call 11/15/27)(a) |
13,132 | 14,167,662 | ||||||
4.63%, 08/01/27 (Call 05/01/27)(a) |
5,781 | 6,469,928 | ||||||
5.00%, 02/15/26 (Call 11/15/25)(a) |
5,344 | 5,993,094 | ||||||
Netflix Inc. |
||||||||
4.38%, 11/15/26 |
6,000 | 6,682,500 | ||||||
4.88%, 04/15/28 |
8,777 | 10,060,636 | ||||||
5.88%, 11/15/28 |
8,000 | 9,740,000 |
Security |
Par (000) |
Value | ||||||
Internet (continued) |
||||||||
6.38%, 05/15/29 |
$ | 4,000 | $ | 5,045,000 | ||||
|
|
|||||||
693,766,908 | ||||||||
Lodging — 0.2% |
||||||||
Las
Vegas Sands Corp. |
2,622 | 2,677,477 | ||||||
3.50%, 08/18/26 (Call 06/18/26) |
8,721 | 8,910,842 | ||||||
3.90%, 08/08/29 (Call 05/08/29)(a) |
2,789 | 2,832,473 | ||||||
Marriott International Inc./MD |
||||||||
Series FF, 4.63%, 06/15/30 (Call 03/15/30) |
13,159 | 14,969,205 | ||||||
Series GG, 3.50%, 10/15/32 (Call 07/15/32) |
8,378 | 8,857,076 | ||||||
Series HH, 2.85%, 04/15/31 (Call 01/15/31) |
6,077 | 6,114,341 | ||||||
Series R, 3.13%, 06/15/26 (Call 03/15/26)(a) |
7,583 | 8,017,722 | ||||||
Sands
China Ltd. |
1,000 | 1,008,974 | ||||||
5.13%, 08/08/25 (Call 06/08/25) |
13,030 | 13,871,988 | ||||||
5.40%, 08/08/28 (Call 05/08/28)(a) |
16,314 | 17,681,470 | ||||||
|
|
|||||||
84,941,568 | ||||||||
Machinery — 0.5% |
||||||||
Caterpillar
Financial Services Corp. |
12,678 | 12,492,189 | ||||||
0.90%, 03/02/26(a) |
9,099 | 8,941,128 | ||||||
1.10%, 09/14/27(a) |
9,643 | 9,397,492 | ||||||
2.15%, 11/08/24(a) |
7,441 | 7,715,204 | ||||||
Caterpillar
Inc. |
8,464 | 8,875,868 | ||||||
3.25%, 09/19/49 (Call 03/19/49) |
11,549 | 12,837,389 | ||||||
3.25%, 04/09/50 (Call 10/09/49)(a) |
9,666 | 10,781,064 | ||||||
3.80%, 08/15/42 |
16,944 | 20,077,552 | ||||||
5.20%, 05/27/41 |
7,477 | 10,215,943 | ||||||
Deere &
Co. |
8,361 | 10,194,109 | ||||||
3.90%, 06/09/42 (Call 12/09/41)(a) |
13,322 | 16,017,687 | ||||||
John
Deere Capital Corp. |
7,435 | 7,253,594 | ||||||
3.45%, 03/13/25(a) |
8,792 | 9,465,521 | ||||||
Otis
Worldwide Corp. |
10,493 | 10,738,528 | ||||||
2.57%, 02/15/30 (Call 11/15/29)(a) |
17,650 | 18,007,232 | ||||||
3.11%, 02/15/40 (Call 08/15/39)(a) |
5,533 | 5,652,920 | ||||||
Westinghouse
Air Brake Technologies Corp. |
3,472 | 3,685,728 | ||||||
4.95%, 09/15/28 (Call 06/15/28) |
11,682 | 13,439,032 | ||||||
|
|
|||||||
195,788,180 | ||||||||
Manufacturing — 0.6% |
||||||||
3M
Co. |
7,523 | 7,736,212 | ||||||
2.38%, 08/26/29 (Call 05/26/29)(a) |
4,070 | 4,185,790 | ||||||
2.88%, 10/15/27 (Call 07/15/27)(a) |
7,622 | 8,144,380 | ||||||
3.25%, 08/26/49 (Call 02/26/49)(a) |
8,337 | 9,085,520 | ||||||
3.38%, 03/01/29 (Call 12/01/28) |
8,483 | 9,306,314 | ||||||
4.00%, 09/14/48 (Call 03/14/48) |
10,719 | 13,117,567 | ||||||
Eaton Corp., 4.15%, 11/02/42(a) |
9,659 | 11,440,899 | ||||||
General
Electric Co. |
10,311 | 11,229,357 | ||||||
3.63%, 05/01/30 (Call 02/01/30)(a) |
9,962 | 11,157,995 | ||||||
4.35%, 05/01/50 (Call 11/01/49)(a) |
10,667 | 13,575,033 | ||||||
5.88%, 01/14/38 |
16,596 | 22,918,535 | ||||||
6.75%, 03/15/32 |
31,443 | 43,244,567 | ||||||
6.88%, 01/10/39 |
14,218 | 21,613,368 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Manufacturing (continued) |
||||||||
Illinois
Tool Works Inc. |
$ | 11,025 | $ | 11,647,908 | ||||
3.90%, 09/01/42 (Call 03/01/42)(a) |
11,141 | 13,015,267 | ||||||
Parker-Hannifin
Corp. |
9,653 | 10,348,223 | ||||||
4.00%, 06/14/49 (Call 12/14/48)(a) |
5,912 | 6,935,020 | ||||||
Trane Technologies Luxembourg Finance SA, 3.80%, 03/21/29 (Call 12/21/28)(a) |
7,996 | 8,848,940 | ||||||
|
|
|||||||
237,550,895 | ||||||||
Media — 4.9% |
||||||||
Charter
Communications Operating LLC/Charter Communications Operating
Capital |
11,826 | 11,612,189 | ||||||
2.30%, 02/01/32 (Call 11/01/31) |
3,669 | 3,473,002 | ||||||
2.80%, 04/01/31 (Call 01/01/31) |
13,871 | 13,794,288 | ||||||
3.50%, 06/01/41 (Call 12/01/40)(a) |
15,060 | 14,797,164 | ||||||
3.50%, 03/01/42 (Call 09/01/41) |
16,125 | 15,720,582 | ||||||
3.70%, 04/01/51 (Call 10/01/50)(a) |
19,479 | 19,080,356 | ||||||
3.75%, 02/15/28 (Call 11/15/27) |
9,056 | 9,867,161 | ||||||
3.85%, 04/01/61 (Call 10/01/60) |
18,672 | 18,067,640 | ||||||
3.90%, 06/01/52 (Call 12/01/51) |
23,392 | 23,679,195 | ||||||
3.95%, 06/30/62 (Call 12/30/61) |
10,102 | 9,905,324 | ||||||
4.20%, 03/15/28 (Call 12/15/27)(a) |
12,401 | 13,769,501 | ||||||
4.40%, 12/01/61 (Call 06/01/61) |
11,907 | 12,629,535 | ||||||
4.80%, 03/01/50 (Call 09/01/49)(a) |
26,966 | 30,683,916 | ||||||
4.91%, 07/23/25 (Call 04/23/25) |
42,894 | 47,688,087 | ||||||
5.05%, 03/30/29 (Call 12/30/28)(a) |
12,042 | 14,038,741 | ||||||
5.13%, 07/01/49 (Call 01/01/49)(a) |
13,265 | 15,677,524 | ||||||
5.38%, 04/01/38 (Call 10/01/37) |
9,332 | 11,218,755 | ||||||
5.38%, 05/01/47 (Call 11/01/46) |
24,439 | 29,607,289 | ||||||
5.75%, 04/01/48 (Call 10/01/47)(a) |
21,144 | 27,065,318 | ||||||
6.38%, 10/23/35 (Call 04/23/35) |
20,291 | 26,331,127 | ||||||
6.48%, 10/23/45 (Call 04/23/45)(a) |
33,533 | 46,091,249 | ||||||
Comcast
Corp. |
15,669 | 14,696,754 | ||||||
1.95%, 01/15/31 (Call 10/15/30)(a) |
12,983 | 12,666,485 | ||||||
2.35%, 01/15/27 (Call 10/15/26) |
13,880 | 14,379,386 | ||||||
2.45%, 08/15/52 (Call 02/15/52)(a) |
10,653 | 9,619,754 | ||||||
2.65%, 02/01/30 (Call 11/01/29) |
15,198 | 15,735,005 | ||||||
2.65%, 08/15/62 (Call 02/15/62)(a) |
14,077 | 12,687,366 | ||||||
2.80%, 01/15/51 (Call 07/15/50) |
19,841 | 19,092,663 | ||||||
2.89%, 11/01/51 (Call 05/01/51)(c) |
47,223 | 46,094,403 | ||||||
2.94%, 11/01/56 (Call 05/01/56)(c) |
57,968 | 55,920,651 | ||||||
2.99%, 11/01/63 (Call 05/01/63)(c) |
41,193 | 39,476,393 | ||||||
3.10%, 04/01/25 (Call 03/01/25) |
5,817 | 6,168,019 | ||||||
3.15%, 03/01/26 (Call 12/01/25)(a) |
21,740 | 23,289,273 | ||||||
3.15%, 02/15/28 (Call 11/15/27) |
14,678 | 15,809,995 | ||||||
3.20%, 07/15/36 (Call 01/15/36) |
9,503 | 10,102,368 | ||||||
3.25%, 11/01/39 (Call 05/01/39) |
13,043 | 13,709,193 | ||||||
3.30%, 02/01/27 (Call 11/01/26) |
13,047 | 14,075,567 | ||||||
3.30%, 04/01/27 (Call 02/01/27) |
7,393 | 7,982,687 | ||||||
3.38%, 02/15/25 (Call 11/15/24) |
8,757 | 9,344,792 | ||||||
3.38%, 08/15/25 (Call 05/15/25)(a) |
14,860 | 15,950,051 | ||||||
3.40%, 04/01/30 (Call 01/01/30)(a) |
13,820 | 15,045,338 | ||||||
3.40%, 07/15/46 (Call 01/15/46) |
14,244 | 15,308,503 | ||||||
3.45%, 02/01/50 (Call 08/01/49)(a) |
17,434 | 18,776,802 | ||||||
3.55%, 05/01/28 (Call 02/01/28)(a) |
7,287 | 8,037,291 | ||||||
3.75%, 04/01/40 (Call 10/01/39) |
15,703 | 17,567,199 | ||||||
3.90%, 03/01/38 (Call 09/01/37) |
11,875 | 13,450,413 | ||||||
3.95%, 10/15/25 (Call 08/15/25) |
26,483 | 29,087,878 |
Security |
Par (000) |
Value | ||||||
Media (continued) |
||||||||
3.97%, 11/01/47 (Call 05/01/47) |
$ | 18,340 | $ | 21,151,414 | ||||
4.00%, 08/15/47 (Call 02/15/47) |
9,602 | 11,131,367 | ||||||
4.00%, 03/01/48 (Call 09/01/47) |
10,329 | 11,962,882 | ||||||
4.00%, 11/01/49 (Call 05/01/49) |
19,184 | 22,364,308 | ||||||
4.05%, 11/01/52 (Call 05/01/52) |
11,522 | 13,565,774 | ||||||
4.15%, 10/15/28 (Call 07/15/28) |
37,498 | 42,797,761 | ||||||
4.20%, 08/15/34 (Call 02/15/34)(a) |
9,577 | 11,184,117 | ||||||
4.25%, 10/15/30 (Call 07/15/30) |
8,879 | 10,239,748 | ||||||
4.25%, 01/15/33 |
16,549 | 19,328,525 | ||||||
4.40%, 02/25/35 (Call 02/15/35) |
6,958 | 8,232,834 | ||||||
4.60%, 10/15/38 (Call 04/15/38) |
10,590 | 12,946,173 | ||||||
4.60%, 08/15/45 (Call 02/15/45) |
9,351 | 11,797,136 | ||||||
4.70%, 10/15/48 (Call 04/15/48) |
19,441 | 25,203,439 | ||||||
4.95%, 10/15/58 (Call 04/15/58)(a) |
9,733 | 13,500,914 | ||||||
5.65%, 06/15/35(a) |
6,092 | 8,010,847 | ||||||
7.05%, 03/15/33 |
7,881 | 11,324,870 | ||||||
Discovery
Communications LLC |
9,578 | 10,304,444 | ||||||
3.95%, 03/20/28 (Call 12/20/27)(a) |
13,531 | 14,888,052 | ||||||
4.00%, 09/15/55 (Call 03/15/55) |
14,729 | 15,649,588 | ||||||
4.13%, 05/15/29 (Call 02/15/29)(a) |
8,854 | 9,839,616 | ||||||
4.65%, 05/15/50 (Call 11/15/49)(a) |
12,338 | 14,526,832 | ||||||
5.20%, 09/20/47 (Call 03/20/47)(a) |
12,159 | 15,126,292 | ||||||
5.30%, 05/15/49 (Call 11/15/48)(a) |
8,064 | 10,271,866 | ||||||
Fox
Corp. |
19,873 | 22,963,257 | ||||||
5.48%, 01/25/39 (Call 07/25/38) |
9,718 | 12,553,246 | ||||||
5.58%, 01/25/49 (Call 07/25/48)(a) |
16,541 | 22,713,064 | ||||||
Time
Warner Cable LLC |
10,851 | 11,829,129 | ||||||
5.50%, 09/01/41 (Call 03/01/41) |
10,552 | 12,888,129 | ||||||
5.88%, 11/15/40 (Call 05/15/40) |
13,576 | 17,095,757 | ||||||
6.55%, 05/01/37 |
17,047 | 22,872,737 | ||||||
6.75%, 06/15/39 |
12,737 | 17,385,599 | ||||||
7.30%, 07/01/38(a) |
16,793 | 24,150,114 | ||||||
Time Warner Entertainment Co. LP, 8.38%, 07/15/33 |
12,218 | 17,950,163 | ||||||
TWDC
Enterprises 18 Corp. |
9,911 | 10,066,413 | ||||||
2.95%, 06/15/27(a) |
9,610 | 10,340,249 | ||||||
3.00%, 02/13/26 |
7,859 | 8,369,898 | ||||||
3.15%, 09/17/25(a) |
8,122 | 8,671,222 | ||||||
4.13%, 06/01/44 |
11,226 | 13,395,546 | ||||||
ViacomCBS
Inc. |
5,857 | 6,392,579 | ||||||
4.20%, 05/19/32 (Call 02/19/32) |
8,089 | 9,191,320 | ||||||
4.38%, 03/15/43(a) |
11,744 | 13,402,192 | ||||||
4.75%, 05/15/25 (Call 04/15/25) |
14,760 | 16,369,613 | ||||||
4.95%, 01/15/31 (Call 10/15/30)(a) |
14,727 | 17,476,644 | ||||||
4.95%, 05/19/50 (Call 11/19/49)(a) |
8,867 | 11,234,178 | ||||||
5.85%, 09/01/43 (Call 03/01/43)(a) |
12,252 | 16,620,663 | ||||||
6.88%, 04/30/36(a) |
13,009 | 18,541,647 | ||||||
7.88%, 07/30/30(a) |
12,208 | 17,140,365 | ||||||
Walt
Disney Co. (The) |
14,619 | 14,832,108 | ||||||
2.00%, 09/01/29 (Call 06/01/29)(a) |
17,080 | 17,102,892 | ||||||
2.20%, 01/13/28 |
8,273 | 8,451,820 | ||||||
2.65%, 01/13/31(a) |
22,928 | 23,804,774 | ||||||
2.75%, 09/01/49 (Call 03/01/49)(a) |
15,579 | 15,291,764 | ||||||
3.35%, 03/24/25(a) |
15,644 | 16,751,107 | ||||||
3.50%, 05/13/40 (Call 11/13/39) |
19,447 | 21,465,091 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Media (continued) | ||||||||
3.60%, 01/13/51 (Call 07/13/50)(a) |
$ | 27,738 | $ | 31,611,442 | ||||
3.80%, 03/22/30 |
12,612 | 14,198,479 | ||||||
3.80%, 05/13/60 (Call 11/13/59) |
12,471 | 14,710,051 | ||||||
4.63%, 03/23/40 (Call 09/23/39) |
8,641 | 10,798,059 | ||||||
4.70%, 03/23/50 (Call 09/23/49)(a) |
22,032 | 29,585,457 | ||||||
6.20%, 12/15/34(a) |
9,621 | 13,474,163 | ||||||
6.40%, 12/15/35(a) |
8,904 | 12,788,424 | ||||||
6.65%, 11/15/37(a) |
12,885 | 19,244,244 | ||||||
|
|
|||||||
1,857,944,570 | ||||||||
Metal Fabricate & Hardware — 0.0% | ||||||||
Precision Castparts Corp., 3.25%, 06/15/25 (Call 03/15/25)(a) |
9,088 | 9,730,421 | ||||||
|
|
|||||||
Mining — 0.5% | ||||||||
Barrick Gold Corp., 5.25%, 04/01/42(a) |
4,117 | 5,374,524 | ||||||
Barrick
North America Finance LLC |
8,435 | 11,480,697 | ||||||
5.75%, 05/01/43 |
8,888 | 12,355,115 | ||||||
Barrick PD Australia Finance Pty Ltd., 5.95%, 10/15/39(a) |
8,745 | 11,973,365 | ||||||
BHP
Billiton Finance USA Ltd. |
7,736 | 9,176,828 | ||||||
5.00%, 09/30/43 |
26,050 | 34,677,234 | ||||||
Newmont
Corp. |
12,980 | 12,786,588 | ||||||
4.88%, 03/15/42 (Call 09/15/41)(a) |
6,797 | 8,561,096 | ||||||
6.25%, 10/01/39 |
9,811 | 13,947,742 | ||||||
Rio Tinto Alcan Inc., 6.13%, 12/15/33(a) |
7,342 | 10,144,040 | ||||||
Rio
Tinto Finance USA Ltd. |
15,665 | 15,494,095 | ||||||
3.75%, 06/15/25 (Call 03/15/25) |
14,277 | 15,548,926 | ||||||
5.20%, 11/02/40 |
11,667 | 15,685,283 | ||||||
7.13%, 07/15/28(a) |
7,267 | 9,600,372 | ||||||
Rio
Tinto Finance USA PLC, |
6,966 | 8,398,281 | ||||||
|
|
|||||||
195,204,186 | ||||||||
Oil & Gas — 4.7% | ||||||||
BP
Capital Markets America Inc. |
9,951 | 9,627,002 | ||||||
2.77%, 11/10/50 (Call 05/10/50) |
15,613 | 14,789,444 | ||||||
2.94%, 06/04/51 (Call 12/04/50)(a) |
22,496 | 21,927,618 | ||||||
3.00%, 02/24/50 (Call 08/24/49)(a) |
17,919 | 17,710,822 | ||||||
3.00%, 03/17/52 (Call 09/17/51) |
15,897 | 15,712,274 | ||||||
3.02%, 01/16/27 (Call 10/16/26) |
9,488 | 10,079,494 | ||||||
3.06%, 06/17/41 (Call 12/17/40) |
15,681 | 15,843,218 | ||||||
3.12%, 05/04/26 (Call 02/04/26) |
10,410 | 11,136,536 | ||||||
3.19%, 04/06/25 (Call 03/06/25)(a) |
6,220 | 6,607,926 | ||||||
3.38%, 02/08/61 (Call 08/08/60) |
19,211 | 19,815,870 | ||||||
3.41%, 02/11/26 (Call 12/11/25) |
11,024 | 11,890,715 | ||||||
3.63%, 04/06/30 (Call 01/06/30)(a) |
12,968 | 14,370,453 | ||||||
3.80%, 09/21/25 (Call 07/21/25) |
11,762 | 12,831,365 | ||||||
3.94%, 09/21/28 (Call 06/21/28) |
8,618 | 9,656,608 | ||||||
4.23%, 11/06/28 (Call 08/06/28)(a) |
18,063 | 20,621,230 | ||||||
BP
Capital Markets PLC |
14,117 | 15,277,745 | ||||||
3.51%, 03/17/25 |
8,981 | 9,638,625 | ||||||
3.54%, 11/04/24(a) |
2,356 | 2,523,633 | ||||||
3.72%, 11/28/28 (Call 08/28/28) |
6,959 | 7,711,380 | ||||||
Canadian
Natural Resources Ltd. |
13,588 | 14,742,613 |
Security |
Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
4.95%, 06/01/47 (Call 12/01/46)(a) |
$ | 7,527 | $ | 9,572,574 | ||||
6.25%, 03/15/38(a) |
14,239 | 19,085,348 | ||||||
Cenovus
Energy Inc. |
8,227 | 8,307,867 | ||||||
4.25%, 04/15/27 (Call 01/15/27)(a) |
13,433 | 14,750,732 | ||||||
4.40%, 04/15/29 (Call 01/15/29)(a) |
8,953 | 10,030,553 | ||||||
5.40%, 06/15/47 (Call 12/15/46)(a) |
6,188 | 7,750,432 | ||||||
6.75%, 11/15/39 |
13,931 | 19,025,845 | ||||||
Chevron
Corp. |
25,742 | 26,113,264 | ||||||
2.00%, 05/11/27 (Call 03/11/27)(a) |
7,737 | 7,881,185 | ||||||
2.24%, 05/11/30 (Call 02/11/30)(a) |
15,393 | 15,726,228 | ||||||
2.95%, 05/16/26 (Call 02/16/26) |
20,792 | 22,164,312 | ||||||
3.08%, 05/11/50 (Call 11/11/49)(a) |
10,247 | 10,982,847 | ||||||
3.33%, 11/17/25 (Call 08/17/25) |
8,228 | 8,861,305 | ||||||
Chevron
USA Inc. |
8,961 | 8,804,243 | ||||||
1.02%, 08/12/27 (Call 06/12/27)(a) |
10,360 | 10,014,275 | ||||||
2.34%, 08/12/50 (Call 02/12/50) |
9,925 | 9,358,080 | ||||||
5.05%, 11/15/44 (Call 05/15/44) |
1,000 | 1,360,657 | ||||||
ConocoPhillips |
8,953 | 9,822,351 | ||||||
4.30%, 08/15/28 (Call 05/15/28)(c) |
12,990 | 14,871,699 | ||||||
4.88%, 10/01/47 (Call 04/01/47)(c) |
5,674 | 7,543,871 | ||||||
6.50%, 02/01/39 |
25,871 | 38,162,548 | ||||||
ConocoPhillips
Co. |
7,288 | 8,830,623 | ||||||
4.95%, 03/15/26 (Call 12/15/25)(a) |
9,918 | 11,278,947 | ||||||
6.95%, 04/15/29 |
18,884 | 25,026,234 | ||||||
Devon
Energy Corp. |
8,010 | 9,281,145 | ||||||
5.00%, 06/15/45 (Call 12/15/44)(a) |
5,173 | 6,300,487 | ||||||
5.60%, 07/15/41 (Call 01/15/41)(a) |
12,197 | 15,379,939 | ||||||
Diamondback
Energy Inc. |
2,686 | 2,798,151 | ||||||
3.13%, 03/24/31 (Call 12/24/30)(a) |
7,251 | 7,484,158 | ||||||
3.25%, 12/01/26 (Call 10/01/26)(a) |
9,993 | 10,568,297 | ||||||
3.50%, 12/01/29 (Call 09/01/29) |
15,098 | 16,076,954 | ||||||
EOG
Resources Inc. |
7,752 | 8,559,982 | ||||||
4.38%, 04/15/30 (Call 01/15/30)(a) |
7,423 | 8,644,245 | ||||||
4.95%, 04/15/50 (Call 10/15/49)(a) |
5,602 | 7,627,140 | ||||||
Equinor
ASA |
4,680 | 4,745,076 | ||||||
2.38%, 05/22/30 (Call 02/22/30)(a) |
7,044 | 7,214,926 | ||||||
2.88%, 04/06/25 (Call 03/06/25) |
8,555 | 9,013,199 | ||||||
3.13%, 04/06/30 (Call 01/06/30)(a) |
6,141 | 6,621,806 | ||||||
3.25%, 11/18/49 (Call 05/18/49) |
8,717 | 9,410,490 | ||||||
3.63%, 09/10/28 (Call 06/10/28)(a) |
8,119 | 9,024,547 | ||||||
3.70%, 04/06/50 (Call 10/06/49)(a) |
10,596 | 12,449,641 | ||||||
3.95%, 05/15/43(a) |
7,625 | 8,953,067 | ||||||
4.80%, 11/08/43(a) |
4,822 | 6,353,262 | ||||||
5.10%, 08/17/40 |
6,607 | 8,827,331 | ||||||
Exxon
Mobil Corp. |
6,877 | 7,150,696 | ||||||
2.44%, 08/16/29 (Call 05/16/29)(a) |
13,798 | 14,252,291 | ||||||
2.61%, 10/15/30 (Call 07/15/30)(a) |
17,864 | 18,604,341 | ||||||
2.71%, 03/06/25 (Call 12/06/24) |
16,951 | 17,780,958 | ||||||
2.99%, 03/19/25 (Call 02/19/25) |
24,758 | 26,179,245 | ||||||
3.00%, 08/16/39 (Call 02/16/39)(a) |
8,707 | 8,997,033 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Oil & Gas (continued) |
||||||||
3.04%, 03/01/26 (Call 12/01/25) |
$ | 27,509 | $ | 29,348,422 | ||||
3.10%, 08/16/49 (Call 02/16/49)(a) |
16,932 | 17,584,950 | ||||||
3.29%, 03/19/27 (Call 01/19/27) |
11,402 | 12,372,286 | ||||||
3.45%, 04/15/51 (Call 10/15/50)(a) |
25,372 | 28,130,276 | ||||||
3.48%, 03/19/30 (Call 12/19/29)(a) |
19,210 | 21,223,854 | ||||||
3.57%, 03/06/45 (Call 09/06/44) |
8,313 | 9,288,030 | ||||||
4.11%, 03/01/46 (Call 09/01/45) |
25,956 | 31,215,703 | ||||||
4.23%, 03/19/40 (Call 09/19/39)(a) |
19,722 | 23,543,035 | ||||||
4.33%, 03/19/50 (Call 09/19/49)(a) |
28,544 | 35,965,577 | ||||||
Hess
Corp. |
4,985 | 5,470,526 | ||||||
5.60%, 02/15/41(a) |
12,370 | 15,560,254 | ||||||
6.00%, 01/15/40(a) |
6,116 | 7,956,186 | ||||||
Marathon
Oil Corp. |
12,195 | 13,543,173 | ||||||
6.60%, 10/01/37 |
6,510 | 8,765,027 | ||||||
Marathon
Petroleum Corp. |
14,458 | 15,977,553 | ||||||
4.75%, 09/15/44 (Call 03/15/44)(a) |
10,283 | 12,092,675 | ||||||
6.50%, 03/01/41 (Call 09/01/40) |
11,846 | 16,435,565 | ||||||
Phillips
66 |
8,286 | 8,005,580 | ||||||
3.90%, 03/15/28 (Call 12/15/27) |
8,280 | 9,135,348 | ||||||
4.65%, 11/15/34 (Call 05/15/34) |
8,580 | 10,146,974 | ||||||
4.88%, 11/15/44 (Call 05/15/44)(a) |
18,222 | 22,933,910 | ||||||
5.88%, 05/01/42 |
15,058 | 20,771,936 | ||||||
Pioneer
Natural Resources Co. |
5,450 | 5,325,121 | ||||||
1.90%, 08/15/30 (Call 05/15/30)(a) |
8,090 | 7,699,629 | ||||||
2.15%, 01/15/31 (Call 10/15/30)(a) |
9,817 | 9,468,021 | ||||||
Shell
International Finance BV |
2,250 | 2,317,380 | ||||||
2.38%, 04/06/25 (Call 03/06/25) |
15,357 | 15,948,782 | ||||||
2.38%, 11/07/29 (Call 08/07/29)(a) |
14,709 | 15,144,673 | ||||||
2.50%, 09/12/26(a) |
10,998 | 11,561,531 | ||||||
2.75%, 04/06/30 (Call 01/06/30)(a) |
15,258 | 16,097,706 | ||||||
2.88%, 05/10/26(a) |
17,751 | 18,909,700 | ||||||
3.13%, 11/07/49 (Call 05/07/49)(a) |
14,513 | 15,472,679 | ||||||
3.25%, 05/11/25(a) |
26,826 | 28,694,973 | ||||||
3.25%, 04/06/50 (Call 10/06/49)(a) |
19,792 | 21,657,630 | ||||||
3.75%, 09/12/46 |
13,701 | 15,941,300 | ||||||
3.88%, 11/13/28 (Call 08/13/28)(a) |
14,437 | 16,280,707 | ||||||
4.00%, 05/10/46 |
20,547 | 24,600,580 | ||||||
4.13%, 05/11/35(a) |
15,323 | 18,067,588 | ||||||
4.38%, 05/11/45(a) |
28,458 | 35,733,165 | ||||||
4.55%, 08/12/43 |
13,235 | 16,709,439 | ||||||
5.50%, 03/25/40 |
9,376 | 12,975,221 | ||||||
6.38%, 12/15/38(a) |
27,101 | 40,004,220 | ||||||
Suncor
Energy Inc. |
7,271 | 7,933,228 | ||||||
4.00%, 11/15/47 (Call 05/15/47)(a) |
7,902 | 8,895,131 | ||||||
6.50%, 06/15/38(a) |
13,311 | 18,468,420 | ||||||
6.80%, 05/15/38 |
7,738 | 11,010,550 | ||||||
6.85%, 06/01/39 |
7,354 | 10,668,123 | ||||||
TotalEnergies
Capital International SA |
6,784 | 7,039,023 | ||||||
2.83%, 01/10/30 (Call 10/10/29)(a) |
9,406 | 9,996,478 | ||||||
2.99%, 06/29/41 (Call 12/29/40)(a) |
7,379 | 7,549,355 | ||||||
3.13%, 05/29/50 (Call 11/29/49)(a) |
24,626 | 25,708,569 | ||||||
3.39%, 06/29/60 (Call 12/29/59) |
9,882 | 10,696,893 |
Security |
Par (000) |
Value | ||||||
Oil & Gas (continued) |
||||||||
3.46%, 02/19/29 (Call 11/19/28)(a) |
$ | 12,156 | $ | 13,400,223 | ||||
3.46%, 07/12/49 (Call 01/12/49) |
8,143 | 8,972,369 | ||||||
TotalEnergies Capital SA, 3.88%, 10/11/28 |
11,260 | 12,748,717 | ||||||
Valero
Energy Corp. |
11,421 | 11,909,704 | ||||||
3.40%, 09/15/26 (Call 06/15/26) |
10,105 | 10,801,899 | ||||||
4.00%, 04/01/29 (Call 01/01/29)(a) |
8,439 | 9,260,037 | ||||||
4.35%, 06/01/28 (Call 03/01/28) |
6,580 | 7,368,854 | ||||||
6.63%, 06/15/37(a) |
16,928 | 23,098,061 | ||||||
7.50%, 04/15/32 |
7,421 | 10,225,760 | ||||||
|
|
|||||||
1,805,967,277 | ||||||||
Oil & Gas Services — 0.4% | ||||||||
Baker
Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc. |
14,296 | 15,418,200 | ||||||
4.08%, 12/15/47 (Call 06/15/47) |
14,574 | 16,641,836 | ||||||
Baker Hughes Holdings LLC, 5.13%, 09/15/40 |
9,878 | 12,534,867 | ||||||
Halliburton
Co. |
10,562 | 10,917,587 | ||||||
3.80%, 11/15/25 (Call 08/15/25)(a) |
9,870 | 10,756,401 | ||||||
4.75%, 08/01/43 (Call 02/01/43) |
9,594 | 11,214,181 | ||||||
4.85%, 11/15/35 (Call 05/15/35)(a) |
10,775 | 12,824,087 | ||||||
5.00%, 11/15/45 (Call 05/15/45)(a) |
19,011 | 23,556,127 | ||||||
6.70%, 09/15/38 |
7,002 | 9,748,267 | ||||||
7.45%, 09/15/39(a) |
8,393 | 12,506,015 | ||||||
Schlumberger Investment SA, 2.65%, 06/26/30 |
||||||||
(Call 03/26/30)(a) |
13,850 | 14,220,115 | ||||||
|
|
|||||||
150,337,683 | ||||||||
Packaging & Containers — 0.1% | ||||||||
Berry Global Inc., 1.57%, 01/15/26 (Call 12/15/25) |
13,122 | 12,978,412 | ||||||
WRKCo
Inc. |
7,408 | 8,325,707 | ||||||
4.90%, 03/15/29 (Call 12/15/28)(a) |
8,588 | 10,077,447 | ||||||
|
|
|||||||
31,381,566 | ||||||||
Pharmaceuticals — 8.0% | ||||||||
AbbVie
Inc. |
30,460 | 31,797,078 | ||||||
2.95%, 11/21/26 (Call 09/21/26) |
37,839 | 39,980,839 | ||||||
3.20%, 05/14/26 (Call 02/14/26)(a) |
19,450 | 20,727,542 | ||||||
3.20%, 11/21/29 (Call 08/21/29) |
52,764 | 56,406,689 | ||||||
3.60%, 05/14/25 (Call 02/14/25) |
37,099 | 39,810,937 | ||||||
3.80%, 03/15/25 (Call 12/15/24) |
26,200 | 28,219,339 | ||||||
4.05%, 11/21/39 (Call 05/21/39) |
39,034 | 44,754,772 | ||||||
4.25%, 11/14/28 (Call 08/14/28)(a) |
14,633 | 16,609,517 | ||||||
4.25%, 11/21/49 (Call 05/21/49)(a) |
56,908 | 68,530,998 | ||||||
4.30%, 05/14/36 (Call 11/14/35) |
9,061 | 10,591,263 | ||||||
4.40%, 11/06/42 |
25,338 | 30,424,976 | ||||||
4.45%, 05/14/46 (Call 11/14/45) |
19,209 | 23,462,074 | ||||||
4.50%, 05/14/35 (Call 11/14/34) |
24,845 | 29,529,738 | ||||||
4.55%, 03/15/35 (Call 09/15/34) |
14,628 | 17,458,992 | ||||||
4.70%, 05/14/45 (Call 11/14/44)(a) |
25,441 | 31,832,756 | ||||||
4.75%, 03/15/45 (Call 09/15/44) |
9,172 | 11,522,397 | ||||||
4.85%, 06/15/44 (Call 12/15/43) |
10,688 | 13,458,668 | ||||||
4.88%, 11/14/48 (Call 05/14/48) |
17,130 | 22,371,571 | ||||||
AmerisourceBergen
Corp. |
10,034 | 10,186,948 | ||||||
3.45%, 12/15/27 (Call 09/15/27) |
8,227 | 8,872,281 | ||||||
Astrazeneca
Finance LLC |
14,298 | 14,167,722 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
1.75%, 05/28/28 (Call 03/28/28) |
$ | 10,826 | $ | 10,768,372 | ||||
2.25%, 05/28/31 (Call 02/28/31)(a) |
7,289 | 7,386,890 | ||||||
AstraZeneca PLC |
||||||||
0.70%, 04/08/26 (Call 03/08/26)(a) |
12,619 | 12,246,401 | ||||||
1.38%, 08/06/30 (Call 05/06/30)(a) |
12,931 | 12,249,004 | ||||||
3.00%, 05/28/51 (Call 11/28/50)(a) |
7,302 | 7,717,639 | ||||||
3.13%, 06/12/27 (Call 03/12/27)(a) |
8,232 | 8,858,221 | ||||||
3.38%, 11/16/25 |
17,991 | 19,458,389 | ||||||
4.00%, 01/17/29 (Call 10/17/28) |
8,111 | 9,227,696 | ||||||
4.00%, 09/18/42(a) |
10,446 | 12,579,866 | ||||||
4.38%, 11/16/45 |
8,223 | 10,605,360 | ||||||
4.38%, 08/17/48 (Call 02/17/48) |
6,176 | 8,033,690 | ||||||
6.45%, 09/15/37(a) |
27,160 | 40,381,708 | ||||||
Becton Dickinson and Co. |
||||||||
1.96%, 02/11/31 (Call 11/11/30)(a) |
12,133 | 11,768,215 | ||||||
2.82%, 05/20/30 (Call 02/20/30)(a) |
7,435 | 7,736,561 | ||||||
3.70%, 06/06/27 (Call 03/06/27)(a) |
17,397 | 18,991,552 | ||||||
3.73%, 12/15/24 (Call 09/15/24) |
2,038 | 2,184,581 | ||||||
3.79%, 05/20/50 (Call 11/20/49)(a) |
6,255 | 7,114,424 | ||||||
4.67%, 06/06/47 (Call 12/06/46)(a) |
13,407 | 17,003,393 | ||||||
4.69%, 12/15/44 (Call 06/15/44) |
10,709 | 13,403,496 | ||||||
Bristol-Myers Squibb Co. |
||||||||
0.75%, 11/13/25 (Call 10/13/25)(a) |
10,704 | 10,496,116 | ||||||
1.13%, 11/13/27 (Call 09/13/27)(a) |
10,455 | 10,165,914 | ||||||
1.45%, 11/13/30 (Call 08/13/30)(a) |
10,196 | 9,728,919 | ||||||
2.35%, 11/13/40 (Call 05/13/40)(a) |
9,678 | 9,167,069 | ||||||
2.55%, 11/13/50 (Call 05/13/50)(a) |
15,024 | 14,356,945 | ||||||
3.20%, 06/15/26 (Call 04/15/26)(a) |
23,172 | 24,999,573 | ||||||
3.25%, 02/27/27(a) |
8,258 | 8,983,261 | ||||||
3.40%, 07/26/29 (Call 04/26/29) |
35,917 | 39,497,623 | ||||||
3.45%, 11/15/27 (Call 08/15/27) |
11,102 | 12,181,255 | ||||||
3.88%, 08/15/25 (Call 05/15/25) |
16,490 | 18,010,545 | ||||||
3.90%, 02/20/28 (Call 11/20/27) |
13,598 | 15,270,389 | ||||||
4.13%, 06/15/39 (Call 12/15/38) |
19,138 | 22,833,071 | ||||||
4.25%, 10/26/49 (Call 04/26/49) |
32,583 | 40,953,423 | ||||||
4.35%, 11/15/47 (Call 05/15/47) |
14,483 | 18,346,427 | ||||||
4.55%, 02/20/48 (Call 08/20/47) |
14,446 | 18,839,627 | ||||||
5.00%, 08/15/45 (Call 02/15/45) |
19,589 | 26,608,797 | ||||||
Cardinal Health Inc., 3.41%, 06/15/27 (Call 03/15/27)(a) |
12,957 | 13,973,219 | ||||||
Cigna Corp. |
||||||||
1.25%, 03/15/26 (Call 02/15/26)(a) |
9,783 | 9,665,801 | ||||||
2.38%, 03/15/31 (Call 12/15/30)(a) |
14,710 | 14,739,395 | ||||||
2.40%, 03/15/30 (Call 12/15/29)(a) |
15,700 | 15,871,989 | ||||||
3.20%, 03/15/40 (Call 09/15/39) |
8,608 | 8,882,904 | ||||||
3.25%, 04/15/25 (Call 01/15/25) |
8,836 | 9,371,637 | ||||||
3.40%, 03/01/27 (Call 12/01/26)(a) |
12,743 | 13,725,912 | ||||||
3.40%, 03/15/50 (Call 09/15/49) |
12,461 | 13,108,816 | ||||||
3.40%, 03/15/51 (Call 09/15/50)(a) |
14,248 | 15,005,153 | ||||||
3.88%, 10/15/47 (Call 04/15/47) |
11,809 | 13,230,492 | ||||||
4.13%, 11/15/25 (Call 09/15/25) |
19,594 | 21,549,123 | ||||||
4.38%, 10/15/28 (Call 07/15/28) |
35,923 | 41,200,082 | ||||||
4.50%, 02/25/26 (Call 11/27/25) |
11,512 | 12,817,622 | ||||||
4.80%, 08/15/38 (Call 02/15/38) |
22,388 | 27,535,290 | ||||||
4.80%, 07/15/46 (Call 01/16/46) |
15,069 | 19,058,010 | ||||||
4.90%, 12/15/48 (Call 06/15/48) |
26,606 | 34,474,251 | ||||||
CVS Health Corp. |
||||||||
1.30%, 08/21/27 (Call 06/21/27)(a) |
21,342 | 20,627,711 | ||||||
1.75%, 08/21/30 (Call 05/21/30)(a) |
13,522 | 12,872,487 | ||||||
1.88%, 02/28/31 (Call 11/28/30)(a) |
11,939 | 11,425,870 | ||||||
2.13%, 09/15/31 (Call 06/15/31)(a) |
23,835 | 23,257,318 |
Security |
Par (000) |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
2.70%, 08/21/40 (Call 02/21/40) |
$ | 15,281 | $ | 14,643,545 | ||||
2.88%, 06/01/26 (Call 03/01/26)(a) |
17,643 | 18,570,129 | ||||||
3.00%, 08/15/26 (Call 06/15/26)(a) |
7,893 | 8,383,880 | ||||||
3.25%, 08/15/29 (Call 05/15/29)(a) |
16,087 | 17,184,135 | ||||||
3.63%, 04/01/27 (Call 02/01/27) |
7,047 | 7,682,465 | ||||||
3.75%, 04/01/30 (Call 01/01/30) |
15,510 | 17,093,708 | ||||||
3.88%, 07/20/25 (Call 04/20/25) |
24,300 | 26,384,107 | ||||||
4.10%, 03/25/25 (Call 01/25/25)(a) |
8,671 | 9,432,676 | ||||||
4.13%, 04/01/40 (Call 10/01/39)(a) |
11,322 | 12,966,489 | ||||||
4.25%, 04/01/50 (Call 10/01/49)(a) |
7,174 | 8,668,772 | ||||||
4.30%, 03/25/28 (Call 12/25/27) |
30,348 | 34,383,656 | ||||||
4.78%, 03/25/38 (Call 09/25/37)(a) |
47,667 | 58,334,346 | ||||||
5.05%, 03/25/48 (Call 09/25/47) |
76,663 | 100,741,530 | ||||||
5.13%, 07/20/45 (Call 01/20/45)(a) |
33,945 | 44,666,097 | ||||||
5.30%, 12/05/43 (Call 06/05/43)(a) |
8,367 | 11,006,866 | ||||||
Eli Lilly & Co. |
||||||||
2.25%, 05/15/50 (Call 11/15/49)(a) |
13,729 | 12,673,348 | ||||||
2.50%, 09/15/60 (Call 03/15/60)(a) |
10,397 | 9,774,935 | ||||||
3.38%, 03/15/29 (Call 12/15/28)(a) |
9,865 | 10,854,861 | ||||||
3.95%, 03/15/49 (Call 09/15/48) |
2,813 | 3,485,915 | ||||||
GlaxoSmithKline Capital Inc. |
||||||||
3.63%, 05/15/25 |
9,683 | 10,483,322 | ||||||
3.88%, 05/15/28 |
17,577 | 19,834,110 | ||||||
6.38%, 05/15/38 |
25,467 | 37,670,300 | ||||||
GlaxoSmithKline
Capital PLC, 3.38%, 06/01/29 |
12,073 | 13,219,958 | ||||||
Johnson & Johnson |
||||||||
0.55%, 09/01/25 (Call 08/01/25)(a) |
11,305 | 11,048,598 | ||||||
0.95%, 09/01/27 (Call 07/01/27)(a) |
14,493 | 14,005,057 | ||||||
1.30%, 09/01/30 (Call 06/01/30)(a) |
13,639 | 13,056,244 | ||||||
2.10%, 09/01/40 (Call 03/01/40) |
10,461 | 9,901,467 | ||||||
2.25%, 09/01/50 (Call 03/01/50)(a) |
11,052 | 10,547,642 | ||||||
2.45%, 03/01/26 (Call 12/01/25)(a) |
19,592 | 20,552,905 | ||||||
2.45%, 09/01/60 (Call 03/01/60) |
14,009 | 13,539,239 | ||||||
2.63%, 01/15/25 (Call 11/15/24) |
2,768 | 2,903,595 | ||||||
2.90%, 01/15/28 (Call 10/15/27) |
15,407 | 16,566,059 | ||||||
2.95%, 03/03/27 (Call 12/03/26)(a) |
10,748 | 11,531,924 | ||||||
3.40%, 01/15/38 (Call 07/15/37) |
11,457 | 12,969,837 | ||||||
3.50%, 01/15/48 (Call 07/15/47)(a) |
5,851 | 6,865,723 | ||||||
3.55%, 03/01/36 (Call 09/01/35) |
11,848 | 13,584,321 | ||||||
3.63%, 03/03/37 (Call 09/03/36)(a) |
12,088 | 14,007,645 | ||||||
3.70%, 03/01/46 (Call 09/01/45) |
18,759 | 22,420,449 | ||||||
3.75%, 03/03/47 (Call 09/03/46)(a) |
9,923 | 12,057,217 | ||||||
4.38%, 12/05/33 (Call 06/05/33)(a) |
9,210 | 11,294,383 | ||||||
5.95%, 08/15/37(a) |
9,970 | 14,453,610 | ||||||
Mead
Johnson Nutrition Co., 4.13%, 11/15/25 |
9,324 | 10,269,414 | ||||||
Merck & Co. Inc. |
||||||||
0.75%, 02/24/26 (Call 01/24/26)(a) |
13,313 | 13,037,603 | ||||||
1.45%, 06/24/30 (Call 03/24/30)(a) |
14,344 | 13,782,576 | ||||||
2.35%, 06/24/40 (Call 12/24/39) |
14,022 | 13,357,131 | ||||||
2.45%, 06/24/50 (Call 12/24/49)(a) |
9,878 | 9,422,116 | ||||||
2.75%, 02/10/25 (Call 11/10/24)(a) |
18,986 | 19,910,876 | ||||||
3.40%, 03/07/29 (Call 12/07/28) |
15,719 | 17,275,373 | ||||||
3.70%, 02/10/45 (Call 08/10/44)(a) |
18,957 | 22,019,407 | ||||||
3.90%, 03/07/39 (Call 09/07/38) |
11,400 | 13,325,826 | ||||||
4.00%, 03/07/49 (Call 09/07/48)(a) |
11,834 | 14,614,564 | ||||||
4.15%, 05/18/43 |
15,123 | 18,450,669 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Pharmaceuticals (continued) |
||||||||
Mylan
Inc. |
$ | 8,476 | $ | 9,593,900 | ||||
5.20%, 04/15/48 (Call 10/15/47)(a) |
8,533 | 10,593,496 | ||||||
Novartis
Capital Corp. |
10,737 | 10,958,106 | ||||||
2.00%, 02/14/27 (Call 12/14/26)(a) |
12,334 | 12,627,649 | ||||||
2.20%, 08/14/30 (Call 05/14/30)(a) |
15,388 | 15,707,556 | ||||||
2.75%, 08/14/50 (Call 02/14/50)(a) |
13,019 | 13,321,189 | ||||||
3.00%, 11/20/25 (Call 08/20/25)(a) |
14,951 | 15,947,048 | ||||||
3.10%, 05/17/27 (Call 02/17/27) |
11,411 | 12,312,196 | ||||||
4.00%, 11/20/45 (Call 05/20/45) |
10,850 | 13,302,946 | ||||||
4.40%, 05/06/44 |
16,199 | 20,733,111 | ||||||
Pfizer
Inc. |
4,870 | 4,819,636 | ||||||
1.70%, 05/28/30 (Call 02/28/30)(a) |
8,276 | 8,109,090 | ||||||
1.75%, 08/18/31 (Call 05/18/31)(a) |
16,635 | 16,198,331 | ||||||
2.55%, 05/28/40 (Call 11/28/39) |
11,470 | 11,395,276 | ||||||
2.63%, 04/01/30 (Call 01/01/30)(a) |
11,709 | 12,291,268 | ||||||
2.70%, 05/28/50 (Call 11/28/49)(a) |
9,735 | 9,849,781 | ||||||
2.75%, 06/03/26(a) |
10,076 | 10,730,330 | ||||||
3.00%, 12/15/26(a) |
16,676 | 18,013,722 | ||||||
3.45%, 03/15/29 (Call 12/15/28)(a) |
10,375 | 11,484,882 | ||||||
3.60%, 09/15/28 (Call 06/15/28)(a) |
8,423 | 9,426,890 | ||||||
3.90%, 03/15/39 (Call 09/15/38) |
8,332 | 9,831,015 | ||||||
4.00%, 12/15/36(a) |
10,481 | 12,405,343 | ||||||
4.00%, 03/15/49 (Call 09/15/48)(a) |
10,586 | 13,105,315 | ||||||
4.13%, 12/15/46 |
11,006 | 13,685,458 | ||||||
4.20%, 09/15/48 (Call 03/15/48) |
9,837 | 12,483,213 | ||||||
4.30%, 06/15/43 |
8,388 | 10,366,040 | ||||||
4.40%, 05/15/44 |
11,097 | 14,000,435 | ||||||
7.20%, 03/15/39 |
23,747 | 38,298,269 | ||||||
Sanofi, 3.63%, 06/19/28 (Call 03/19/28)(a) |
9,821 | 11,080,877 | ||||||
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/26 (Call 06/23/26)(a) |
28,203 | 30,002,160 | ||||||
Takeda
Pharmaceutical Co. Ltd. |
26,141 | 25,500,582 | ||||||
3.03%, 07/09/40 (Call 01/09/40) |
13,305 | 13,423,675 | ||||||
3.18%, 07/09/50 (Call 01/09/50)(a) |
19,786 | 20,244,586 | ||||||
3.38%, 07/09/60 (Call 01/09/60)(a) |
8,698 | 9,226,615 | ||||||
5.00%, 11/26/28 (Call 08/26/28)(a) |
16,891 | 19,983,313 | ||||||
Utah
Acquisition Sub Inc. |
24,080 | 26,169,039 | ||||||
5.25%, 06/15/46 (Call 12/15/45)(a) |
10,726 | 13,367,901 | ||||||
Viatris
Inc. |
4,091 | 4,097,862 | ||||||
2.30%, 06/22/27 (Call 04/22/27)(a)(c) |
3,975 | 4,013,146 | ||||||
2.70%, 06/22/30 (Call 03/22/30)(a)(c) |
14,886 | 14,871,208 | ||||||
3.85%, 06/22/40 (Call 12/22/39)(c) |
9,752 | 10,428,561 | ||||||
4.00%, 06/22/50 (Call 12/22/49)(a)(c) |
21,513 | 23,166,577 | ||||||
Wyeth
LLC |
23,253 | 32,889,097 | ||||||
6.50%, 02/01/34 |
7,648 | 10,913,873 | ||||||
Zoetis
Inc. |
8,809 | 8,649,200 | ||||||
3.00%, 09/12/27 (Call 06/12/27)(a) |
8,499 | 9,040,562 | ||||||
4.50%, 11/13/25 (Call 08/13/25) |
9,541 | 10,637,627 | ||||||
4.70%, 02/01/43 (Call 08/01/42) |
8,629 | 10,983,637 | ||||||
|
|
|||||||
3,046,456,800 |
Security |
Par (000) |
Value | ||||||
Pipelines — 3.2% |
||||||||
Cheniere
Corpus Christi Holdings LLC |
$ | 11,221 | $ | 11,032,280 | ||||
3.70%, 11/15/29 (Call 05/18/29)(a) |
17,040 | 18,341,878 | ||||||
5.13%, 06/30/27 (Call 01/01/27) |
16,548 | 18,903,682 | ||||||
5.88%, 03/31/25 (Call 10/02/24) |
12,970 | 14,518,829 | ||||||
Enable Midstream Partners LP, 4.95%, 05/15/28 |
||||||||
(Call 02/15/28) |
8,459 | 9,457,607 | ||||||
Enbridge
Inc. |
13,355 | 13,225,782 | ||||||
3.13%, 11/15/29 (Call 08/15/29)(a) |
11,142 | 11,778,310 | ||||||
3.40%, 08/01/51 (Call 02/01/51)(a) |
804 | 827,369 | ||||||
4.25%, 12/01/26 (Call 09/01/26) |
8,111 | 9,016,141 | ||||||
5.50%, 05/29/46 (Call 06/01/46)(a) |
6,371 | 8,702,017 | ||||||
Energy
Transfer LP |
10,878 | 11,354,095 | ||||||
3.75%, 05/15/30 (Call 02/15/30)(a) |
13,747 | 14,643,997 | ||||||
4.00%, 10/01/27 (Call 07/01/27) |
5,362 | 5,815,330 | ||||||
4.05%, 03/15/25 (Call 12/15/24)(a) |
8,042 | 8,614,925 | ||||||
4.75%, 01/15/26 (Call 10/15/25) |
10,014 | 11,075,457 | ||||||
4.95%, 06/15/28 (Call 03/15/28)(a) |
6,897 | 7,883,192 | ||||||
5.00%, 05/15/50 (Call 11/15/49) |
20,628 | 24,172,014 | ||||||
5.15%, 03/15/45 (Call 09/15/44) |
10,275 | 11,952,964 | ||||||
5.25%, 04/15/29 (Call 01/15/29) |
14,816 | 17,179,925 | ||||||
5.30%, 04/15/47 (Call 10/15/46) |
9,611 | 11,353,068 | ||||||
5.35%, 05/15/45 (Call 11/15/44) |
7,767 | 9,136,386 | ||||||
5.40%, 10/01/47 (Call 04/01/47) |
13,592 | 16,322,936 | ||||||
5.50%, 06/01/27 (Call 03/01/27)(a) |
9,371 | 10,834,040 | ||||||
6.00%, 06/15/48 (Call 12/15/47) |
11,321 | 14,454,876 | ||||||
6.13%, 12/15/45 (Call 06/15/45) |
9,905 | 12,683,608 | ||||||
6.25%, 04/15/49 (Call 10/15/48)(a) |
16,256 | 21,618,277 | ||||||
6.50%, 02/01/42 (Call 08/01/41)(a) |
9,344 | 12,041,389 | ||||||
Enterprise
Products Operating LLC |
13,827 | 14,363,439 | ||||||
3.13%, 07/31/29 (Call 04/30/29)(a) |
9,871 | 10,515,387 | ||||||
3.20%, 02/15/52 (Call 08/15/51)(a) |
10,857 | 10,709,602 | ||||||
3.30%, 02/15/53 (Call 08/15/52)(a) |
10,261 | 10,285,867 | ||||||
3.70%, 02/15/26 (Call 11/15/25)(a) |
8,301 | 9,017,506 | ||||||
3.70%, 01/31/51 (Call 07/31/50) |
10,383 | 11,028,795 | ||||||
3.75%, 02/15/25 (Call 11/15/24)(a) |
11,689 | 12,575,372 | ||||||
3.95%, 01/31/60 (Call 07/31/59)(a) |
10,985 | 12,030,334 | ||||||
4.15%, 10/16/28 (Call 07/16/28) |
7,540 | 8,508,294 | ||||||
4.20%, 01/31/50 (Call 07/31/49)(a) |
9,713 | 11,090,379 | ||||||
4.25%, 02/15/48 (Call 08/15/47) |
12,695 | 14,488,755 | ||||||
4.45%, 02/15/43 (Call 08/15/42) |
10,321 | 11,889,036 | ||||||
4.80%, 02/01/49 (Call 08/01/48)(a) |
11,944 | 14,721,406 | ||||||
4.85%, 08/15/42 (Call 02/15/42) |
7,819 | 9,484,934 | ||||||
4.85%, 03/15/44 (Call 09/15/43) |
13,937 | 16,879,720 | ||||||
4.90%, 05/15/46 (Call 11/15/45) |
8,826 | 10,876,771 | ||||||
5.10%, 02/15/45 (Call 08/15/44) |
11,714 | 14,563,127 | ||||||
5.95%, 02/01/41 |
7,262 | 9,890,604 | ||||||
Kinder
Morgan Energy Partners LP |
7,328 | 9,157,594 | ||||||
6.95%, 01/15/38 |
9,594 | 13,533,828 | ||||||
Kinder
Morgan Inc. |
7,089 | 6,742,123 | ||||||
3.60%, 02/15/51 (Call 08/15/50) |
9,000 | 9,159,136 | ||||||
4.30%, 06/01/25 (Call 03/01/25)(a) |
14,972 | 16,360,710 | ||||||
4.30%, 03/01/28 (Call 12/01/27)(a) |
12,537 | 14,089,378 | ||||||
5.05%, 02/15/46 (Call 08/15/45) |
8,390 | 10,198,371 | ||||||
5.20%, 03/01/48 (Call 09/01/47) |
9,680 | 12,157,009 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Pipelines (continued) | ||||||||
5.30%, 12/01/34 (Call 06/01/34) |
$ | 4,549 | $ | 5,547,345 | ||||
5.55%, 06/01/45 (Call 12/01/44)(a) |
16,390 | 21,076,819 | ||||||
7.75%, 01/15/32 |
10,602 | 15,064,246 | ||||||
Magellan
Midstream Partners LP, 3.95%, 03/01/50 |
10,158 | 10,956,043 | ||||||
MPLX LP |
||||||||
1.75%, 03/01/26 (Call 02/01/26) |
15,102 | 15,040,044 | ||||||
2.65%, 08/15/30 (Call 05/15/30)(a) |
14,234 | 14,166,727 | ||||||
4.00%, 03/15/28 (Call 12/15/27) |
11,028 | 12,145,366 | ||||||
4.13%, 03/01/27 (Call 12/01/26) |
12,076 | 13,310,956 | ||||||
4.50%, 04/15/38 (Call 10/15/37)(a) |
14,878 | 16,740,641 | ||||||
4.70%, 04/15/48 (Call 10/15/47)(a) |
12,645 | 14,833,445 | ||||||
4.80%, 02/15/29 (Call 11/15/28)(a) |
7,991 | 9,186,284 | ||||||
4.88%, 12/01/24 (Call 09/01/24) |
3,009 | 3,305,070 | ||||||
4.88%, 06/01/25 (Call 03/01/25) |
13,988 | 15,487,730 | ||||||
5.20%, 03/01/47 (Call 09/01/46) |
9,557 | 11,759,934 | ||||||
5.50%, 02/15/49 (Call 08/15/48) |
16,071 | 20,715,596 | ||||||
ONEOK Inc. |
||||||||
3.10%, 03/15/30 (Call 12/15/29) |
7,434 | 7,672,486 | ||||||
3.40%, 09/01/29 (Call 06/01/29) |
6,325 | 6,651,655 | ||||||
4.55%, 07/15/28 (Call 04/15/28) |
7,161 | 8,067,502 | ||||||
5.20%, 07/15/48 (Call 01/15/48)(a) |
6,994 | 8,601,783 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. |
||||||||
3.55%, 12/15/29 (Call 09/15/29) |
12,387 | 12,929,146 | ||||||
3.60%, 11/01/24 (Call 08/01/24) |
1,966 | 2,078,336 | ||||||
3.80%, 09/15/30 (Call 06/15/30)(a) |
7,178 | 7,599,110 | ||||||
4.50%, 12/15/26 (Call 09/15/26)(a) |
8,566 | 9,446,670 | ||||||
4.65%, 10/15/25 (Call 07/15/25)(a) |
9,968 | 10,949,183 | ||||||
Sabine Pass Liquefaction LLC |
||||||||
4.20%, 03/15/28 (Call 09/15/27)(a) |
10,872 | 12,059,987 | ||||||
4.50%, 05/15/30 (Call 11/15/29) |
18,450 | 20,994,410 | ||||||
5.00%, 03/15/27 (Call 09/15/26) |
13,767 | 15,639,253 | ||||||
5.63%, 03/01/25 (Call 12/01/24) |
18,325 | 20,565,964 | ||||||
5.88%, 06/30/26 (Call 12/31/25) |
15,855 | 18,430,737 | ||||||
TransCanada PipeLines Ltd. |
||||||||
2.50%, 10/12/31 (Call 07/12/31) |
15,141 | 15,034,901 | ||||||
4.10%, 04/15/30 (Call 01/15/30)(a) |
14,383 | 16,101,497 | ||||||
4.25%, 05/15/28 (Call 02/15/28)(a) |
13,753 | 15,518,662 | ||||||
4.63%, 03/01/34 (Call 12/01/33)(a) |
12,590 | 14,754,979 | ||||||
4.88%, 01/15/26 (Call 10/15/25)(a) |
8,381 | 9,461,961 | ||||||
4.88%, 05/15/48 (Call 11/15/47) |
8,555 | 10,891,660 | ||||||
5.10%, 03/15/49 (Call 09/15/48)(a) |
9,916 | 13,192,266 | ||||||
6.10%, 06/01/40 |
6,164 | 8,449,061 | ||||||
6.20%, 10/15/37 |
11,050 | 15,067,683 | ||||||
7.63%, 01/15/39 |
10,855 | 16,810,843 | ||||||
Transcontinental
Gas Pipe Line Co. LLC, 7.85%, 02/01/26 |
10,067 | 12,398,992 | ||||||
Williams Companies Inc. (The) |
||||||||
2.60%, 03/15/31 (Call 12/15/30)(a) |
6,568 | 6,567,732 | ||||||
3.50%, 11/15/30 (Call 08/15/30)(a) |
9,595 | 10,300,278 | ||||||
3.75%, 06/15/27 (Call 03/15/27)(a) |
15,523 | 16,896,792 | ||||||
3.90%, 01/15/25 (Call 10/15/24) |
4,295 | 4,610,451 | ||||||
4.00%, 09/15/25 (Call 06/15/25)(a) |
7,858 | 8,537,048 | ||||||
4.85%, 03/01/48 (Call 09/01/47)(a) |
7,437 | 9,129,063 | ||||||
5.10%, 09/15/45 (Call 03/15/45)(a) |
10,107 | 12,637,558 | ||||||
6.30%, 04/15/40 |
11,849 | 16,141,880 | ||||||
|
|
|||||||
1,234,783,626 | ||||||||
Real Estate Investment Trusts — 1.8% | ||||||||
Alexandria Real Estate Equities Inc. 1.88%, 02/01/33 (Call 11/01/32)(a) |
10,624 | 9,952,999 |
Security |
Par (000) |
Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
2.00%, 05/18/32 (Call 02/18/32)(a) |
$ | 8,937 | $ | 8,599,795 | ||||
3.00%, 05/18/51 (Call 11/18/50)(a) |
9,072 | 9,057,354 | ||||||
3.38%, 08/15/31 (Call 05/15/31)(a) |
6,991 | 7,556,001 | ||||||
American Tower Corp. |
||||||||
1.88%, 10/15/30 (Call 07/15/30) |
6,008 | 5,717,175 | ||||||
2.10%, 06/15/30 (Call 03/15/30) |
5,438 | 5,280,442 | ||||||
2.40%, 03/15/25 (Call 02/15/25) |
8,201 | 8,461,785 | ||||||
2.75%, 01/15/27 (Call 11/15/26)(a) |
10,237 | 10,645,836 | ||||||
2.90%, 01/15/30 (Call 10/15/29) |
8,387 | 8,668,697 | ||||||
2.95%, 01/15/51 (Call 07/15/50) |
10,937 | 10,580,798 | ||||||
3.10%, 06/15/50 (Call 12/15/49) |
10,146 | 10,066,138 | ||||||
3.38%, 10/15/26 (Call 07/15/26) |
9,786 | 10,470,228 | ||||||
3.55%, 07/15/27 (Call 04/15/27)(a) |
4,257 | 4,591,513 | ||||||
3.80%, 08/15/29 (Call 05/15/29) |
15,587 | 17,130,835 | ||||||
4.00%, 06/01/25 (Call 03/01/25) |
7,002 | 7,578,839 | ||||||
Boston Properties LP |
||||||||
2.45%, 10/01/33 (Call 07/01/33)(a) |
20,400 | 19,758,057 | ||||||
2.55%, 04/01/32 (Call 01/01/32)(a) |
7,033 | 6,998,476 | ||||||
2.75%, 10/01/26 (Call 07/01/26) |
10,095 | 10,545,801 | ||||||
3.20%, 01/15/25 (Call 10/15/24) |
5,625 | 5,925,366 | ||||||
3.25%, 01/30/31 (Call 10/30/30) |
10,024 | 10,510,380 | ||||||
3.40%, 06/21/29 (Call 03/21/29) |
7,812 | 8,381,521 | ||||||
3.65%, 02/01/26 (Call 11/03/25) |
8,920 | 9,623,849 | ||||||
4.50%, 12/01/28 (Call 09/01/28)(a) |
7,191 | 8,213,755 | ||||||
Brixmor Operating Partnership LP |
||||||||
4.05%, 07/01/30 (Call 04/01/30) |
7,733 | 8,538,663 | ||||||
4.13%, 05/15/29 (Call 02/15/29) |
7,239 | 8,085,555 | ||||||
Crown Castle International Corp. |
||||||||
1.05%, 07/15/26 (Call 06/15/26)(a) |
15,432 | 14,937,232 | ||||||
2.10%, 04/01/31 (Call 01/01/31) |
9,414 | 9,018,395 | ||||||
2.25%, 01/15/31 (Call 10/15/30)(a) |
9,779 | 9,502,731 | ||||||
2.50%, 07/15/31 (Call 04/15/31)(a) |
8,377 | 8,304,543 | ||||||
2.90%, 04/01/41 (Call 10/01/40) |
11,943 | 11,513,169 | ||||||
3.25%, 01/15/51 (Call 07/15/50) |
10,222 | 10,268,973 | ||||||
3.30%, 07/01/30 (Call 04/01/30) |
5,866 | 6,202,546 | ||||||
3.65%, 09/01/27 (Call 06/01/27)(a) |
8,226 | 8,931,796 | ||||||
3.70%, 06/15/26 (Call 03/15/26)(a) |
9,337 | 10,083,796 | ||||||
3.80%, 02/15/28 (Call 11/15/27) |
8,795 | 9,644,943 | ||||||
4.45%, 02/15/26 (Call 11/15/25)(a) |
9,357 | 10,356,607 | ||||||
Digital Realty Trust LP |
||||||||
3.60%, 07/01/29 (Call 04/01/29)(a) |
9,897 | 10,775,228 | ||||||
3.70%, 08/15/27 (Call 05/15/27)(a) |
9,966 | 10,911,983 | ||||||
Equinix Inc. |
||||||||
2.15%, 07/15/30 (Call 04/15/30)(a) |
12,907 | 12,570,738 | ||||||
2.50%, 05/15/31 (Call 02/15/31) |
16,024 | 16,043,687 | ||||||
2.63%, 11/18/24 (Call 10/18/24) |
5,101 | 5,296,897 | ||||||
3.20%, 11/18/29 (Call 08/18/29) |
11,014 | 11,612,266 | ||||||
ERP Operating LP, 4.50%, 07/01/44 (Call 01/01/44) |
6,550 | 8,188,903 | ||||||
GLP Capital LP/GLP Financing II Inc. |
||||||||
5.25%, 06/01/25 (Call 03/01/25) |
6,290 | 6,984,665 | ||||||
5.30%, 01/15/29 (Call 10/15/28) |
5,984 | 6,859,469 | ||||||
5.38%, 04/15/26 (Call 01/15/26)(a) |
11,976 | 13,447,612 | ||||||
Healthcare
Trust of America Holdings LP, 2.00%, 03/15/31 |
8,026 | 7,575,709 | ||||||
Healthpeak
Properties Inc., 3.00%, 01/15/30 |
7,941 | 8,351,412 | ||||||
Prologis LP |
||||||||
1.25%, 10/15/30 (Call 07/15/30)(a) |
8,831 | 8,221,713 | ||||||
2.25%, 04/15/30 (Call 01/15/30)(a) |
11,209 | 11,308,340 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Real Estate Investment Trusts (continued) | ||||||||
Realty Income Corp., 3.25%, 01/15/31 (Call 10/15/30)(a) |
$ | 9,696 | $ | 10,461,128 | ||||
Simon Property Group LP |
7,409 | 7,280,752 | ||||||
1.75%, 02/01/28 (Call 11/01/27)(a) |
||||||||
2.45%, 09/13/29 (Call 06/13/29)(a) |
12,010 | 12,206,641 | ||||||
2.65%, 07/15/30 (Call 04/15/30)(a) |
5,683 | 5,808,374 | ||||||
3.25%, 11/30/26 (Call 08/30/26)(a) |
7,480 | 8,028,205 | ||||||
3.25%, 09/13/49 (Call 03/13/49)(a) |
11,087 | 11,479,949 | ||||||
3.30%, 01/15/26 (Call 10/15/25)(a) |
8,766 | 9,410,250 | ||||||
3.38%, 06/15/27 (Call 03/15/27) |
7,197 | 7,776,725 | ||||||
3.38%, 12/01/27 (Call 09/01/27)(a) |
8,391 | 9,036,446 | ||||||
3.50%, 09/01/25 (Call 06/01/25)(a) |
11,877 | 12,796,920 | ||||||
3.80%, 07/15/50 (Call 01/15/50)(a) |
6,910 | 7,813,418 | ||||||
Ventas Realty LP, 4.40%, 01/15/29 (Call 10/15/28)(a) |
7,256 | 8,238,106 | ||||||
Welltower Inc. |
||||||||
2.80%, 06/01/31 (Call 03/01/31) |
7,312 | 7,496,301 | ||||||
3.10%, 01/15/30 (Call 10/15/29) |
8,035 | 8,437,878 | ||||||
4.00%, 06/01/25 (Call 03/01/25) |
14,301 | 15,490,796 | ||||||
4.25%, 04/15/28 (Call 01/15/28)(a) |
8,517 | 9,640,263 | ||||||
Weyerhaeuser Co. |
||||||||
4.00%, 11/15/29 (Call 08/15/29)(a) |
6,882 | 7,719,363 | ||||||
4.00%, 04/15/30 (Call 01/15/30) |
10,296 | 11,546,459 | ||||||
7.38%, 03/15/32 |
11,237 | 15,906,569 | ||||||
|
|
|||||||
664,427,754 | ||||||||
Retail — 2.7% | ||||||||
AutoZone Inc., 4.00%, 04/15/30 (Call 01/15/30)(a) |
7,881 | 8,861,777 | ||||||
Costco Wholesale Corp. |
||||||||
1.38%, 06/20/27 (Call 04/20/27) |
16,756 | 16,617,234 | ||||||
1.60%, 04/20/30 (Call 01/20/30)(a) |
16,541 | 16,082,816 | ||||||
1.75%, 04/20/32 (Call 01/20/32) |
8,081 | 7,867,922 | ||||||
3.00%, 05/18/27 (Call 02/18/27)(a) |
9,506 | 10,298,881 | ||||||
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30)(a) |
12,392 | 13,491,428 | ||||||
Dollar Tree Inc. |
||||||||
4.00%, 05/15/25 (Call 03/15/25) |
11,054 | 11,980,920 | ||||||
4.20%, 05/15/28 (Call 02/15/28)(a) |
11,866 | 13,368,435 | ||||||
Home Depot Inc. (The) |
||||||||
1.38%, 03/15/31 (Call 12/15/30)(a) |
10,218 | 9,601,566 | ||||||
1.50%, 09/15/28 (Call 07/15/28)(a) |
6,142 | 6,028,718 | ||||||
1.88%, 09/15/31 (Call 06/15/31)(a) |
6,373 | 6,217,251 | ||||||
2.13%, 09/15/26 (Call 06/15/26)(a) |
10,864 | 11,235,616 | ||||||
2.38%, 03/15/51 (Call 09/15/50)(a) |
11,397 | 10,625,683 | ||||||
2.50%, 04/15/27 (Call 02/15/27)(a) |
7,527 | 7,901,987 | ||||||
2.70%, 04/15/30 (Call 01/15/30) |
15,330 | 16,157,198 | ||||||
2.75%, 09/15/51 (Call 03/15/51)(a) |
7,166 | 7,194,645 | ||||||
2.80%, 09/14/27 (Call 06/14/27)(a) |
10,596 | 11,284,253 | ||||||
2.95%, 06/15/29 (Call 03/15/29)(a) |
18,183 | 19,500,684 | ||||||
3.00%, 04/01/26 (Call 01/01/26) |
13,482 | 14,404,387 | ||||||
3.13%, 12/15/49 (Call 06/15/49)(a) |
12,947 | 13,845,971 | ||||||
3.30%, 04/15/40 (Call 10/15/39) |
15,370 | 16,679,060 | ||||||
3.35%, 09/15/25 (Call 06/15/25) |
8,335 | 8,976,530 | ||||||
3.35%, 04/15/50 (Call 10/15/49)(a) |
16,962 | 18,860,010 | ||||||
3.50%, 09/15/56 (Call 03/15/56) |
9,963 | 11,366,549 | ||||||
3.90%, 12/06/28 (Call 09/06/28)(a) |
10,971 | 12,487,558 | ||||||
3.90%, 06/15/47 (Call 12/15/46)(a) |
12,826 | 15,376,188 | ||||||
4.20%, 04/01/43 (Call 10/01/42) |
9,564 | 11,576,707 | ||||||
4.25%, 04/01/46 (Call 10/01/45)(a) |
18,222 | 22,906,865 | ||||||
4.40%, 03/15/45 (Call 09/15/44) |
9,612 | 12,220,752 | ||||||
4.50%, 12/06/48 (Call 06/06/48) |
13,491 | 17,703,702 | ||||||
4.88%, 02/15/44 (Call 08/15/43) |
10,638 | 14,009,644 |
Security |
Par (000) |
Value |
||||||
Retail (continued) | ||||||||
5.88%, 12/16/36 |
$ | 25,630 | $ | 36,082,022 | ||||
5.95%, 04/01/41 (Call 10/01/40) |
10,201 | 14,635,899 | ||||||
Lowe’s Companies Inc. |
||||||||
1.30%, 04/15/28 (Call 02/15/28) |
10,802 | 10,388,820 | ||||||
1.70%, 09/15/28 (Call 07/15/28) |
10,640 | 10,448,694 | ||||||
1.70%, 10/15/30 (Call 07/15/30) |
14,625 | 13,935,497 | ||||||
2.50%, 04/15/26 (Call 01/15/26)(a) |
13,015 | 13,594,764 | ||||||
2.63%, 04/01/31 (Call 01/01/31)(a) |
12,190 | 12,443,123 | ||||||
2.80%, 09/15/41 (Call 03/15/41)(a) |
10,734 | 10,545,730 | ||||||
3.00%, 10/15/50 (Call 04/15/50)(a) |
19,166 | 19,184,666 | ||||||
3.10%, 05/03/27 (Call 02/03/27) |
15,408 | 16,496,541 | ||||||
3.38%, 09/15/25 (Call 06/15/25) |
9,576 | 10,287,638 | ||||||
3.65%, 04/05/29 (Call 01/05/29)(a) |
8,614 | 9,507,249 | ||||||
3.70%, 04/15/46 (Call 10/15/45)(a) |
12,447 | 13,836,469 | ||||||
4.00%, 04/15/25 (Call 03/15/25) |
2,754 | 2,998,643 | ||||||
4.05%, 05/03/47 (Call 11/03/46) |
15,712 | 18,317,166 | ||||||
4.50%, 04/15/30 (Call 01/15/30)(a) |
11,464 | 13,368,138 | ||||||
McDonald’s Corp. |
||||||||
2.13%, 03/01/30 (Call 12/01/29)(a) |
9,667 | 9,678,420 | ||||||
2.63%, 09/01/29 (Call 06/01/29)(a) |
11,095 | 11,495,861 | ||||||
3.30%, 07/01/25 (Call 06/01/25) |
5,398 | 5,758,615 | ||||||
3.50%, 03/01/27 (Call 12/01/26)(a) |
9,389 | 10,225,293 | ||||||
3.50%, 07/01/27 (Call 05/01/27)(a) |
8,826 | 9,614,096 | ||||||
3.60%, 07/01/30 (Call 04/01/30)(a) |
10,224 | 11,340,731 | ||||||
3.63%, 09/01/49 (Call 03/01/49)(a) |
19,385 | 21,639,852 | ||||||
3.70%, 01/30/26 (Call 10/30/25) |
17,734 | 19,283,508 | ||||||
3.80%, 04/01/28 (Call 01/01/28)(a) |
10,243 | 11,412,943 | ||||||
4.20%, 04/01/50 (Call 10/01/49)(a) |
6,467 | 7,906,933 | ||||||
4.45%, 03/01/47 (Call 09/01/46) |
10,312 | 12,824,564 | ||||||
4.45%, 09/01/48 (Call 03/01/48) |
5,699 | 7,146,755 | ||||||
4.70%, 12/09/35 (Call 06/09/35)(a) |
7,297 | 8,963,144 | ||||||
4.88%, 12/09/45 (Call 06/09/45) |
17,521 | 22,839,168 | ||||||
6.30%, 10/15/37(a) |
8,192 | 11,724,637 | ||||||
6.30%, 03/01/38(a) |
7,474 | 10,676,500 | ||||||
O’Reilly Automotive Inc., 3.60%, 09/01/27 (Call 06/01/27)(a) |
10,692 | 11,728,337 | ||||||
Starbucks Corp. |
||||||||
2.25%, 03/12/30 (Call 12/12/29)(a) |
8,567 | 8,589,979 | ||||||
2.55%, 11/15/30 (Call 08/15/30)(a) |
10,511 | 10,723,167 | ||||||
3.50%, 11/15/50 (Call 05/15/50) |
11,153 | 12,099,724 | ||||||
3.55%, 08/15/29 (Call 05/15/29)(a) |
11,169 | 12,274,957 | ||||||
3.80%, 08/15/25 (Call 06/15/25)(a) |
12,461 | 13,541,878 | ||||||
4.00%, 11/15/28 (Call 08/15/28)(a) |
6,410 | 7,252,006 | ||||||
4.45%, 08/15/49 (Call 02/15/49) |
9,605 | 11,955,084 | ||||||
4.50%, 11/15/48 (Call 05/15/48)(a) |
12,384 | 15,481,001 | ||||||
Target Corp. |
||||||||
2.25%, 04/15/25 (Call 03/15/25)(a) |
16,392 | 17,003,302 | ||||||
2.35%, 02/15/30 (Call 11/15/29)(a) |
8,170 | 8,424,975 | ||||||
2.50%, 04/15/26(a) |
10,771 | 11,366,357 | ||||||
3.38%, 04/15/29 (Call 01/15/29)(a) |
10,880 | 12,003,454 | ||||||
4.00%, 07/01/42(a) |
7,032 | 8,636,965 | ||||||
TJX
Companies Inc. (The), |
9,958 | 10,354,367 | ||||||
Walgreens Boots Alliance Inc. |
||||||||
3.45%, 06/01/26 (Call 03/01/26)(a) |
5,454 | 5,844,770 | ||||||
4.10%, 04/15/50 (Call 10/15/49)(a) |
7,846 | 8,832,970 | ||||||
Walmart Inc. |
||||||||
3.05%, 07/08/26 (Call 05/08/26) |
331 | 356,783 | ||||||
3.55%, 06/26/25 (Call 04/26/25)(a) |
977 | 1,065,581 | ||||||
3.70%, 06/26/28 (Call 03/26/28) |
1,914 | 2,157,577 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Retail (continued) | ||||||||
4.05%, 06/29/48 (Call 12/29/47) |
$ | 1,745 | $ | 2,236,546 | ||||
5.25%, 09/01/35 |
770 | 1,050,400 | ||||||
6.20%, 04/15/38 |
265 | 395,613 | ||||||
6.50%, 08/15/37 |
66 | 100,777 | ||||||
|
|
|||||||
1,006,809,586 | ||||||||
Semiconductors — 3.3% | ||||||||
Analog Devices Inc. |
||||||||
1.70%, 10/01/28 (Call 08/01/28) |
10,239 | 10,166,495 | ||||||
2.10%, 10/01/31 (Call 07/01/31) |
5,789 | 5,792,068 | ||||||
2.80%, 10/01/41 (Call 04/01/41) |
9,203 | 9,346,569 | ||||||
2.95%, 10/01/51 (Call 04/01/51) |
9,580 | 9,945,909 | ||||||
3.50%, 12/05/26 (Call 09/05/26) |
10,446 | 11,403,570 | ||||||
Applied Materials Inc. |
||||||||
1.75%, 06/01/30 (Call 03/01/30)(a) |
7,783 | 7,614,100 | ||||||
2.75%, 06/01/50 (Call 12/01/49)(a) |
8,907 | 8,972,118 | ||||||
3.30%, 04/01/27 (Call 01/01/27)(a) |
14,138 | 15,349,082 | ||||||
4.35%, 04/01/47 (Call 10/01/46)(a) |
9,122 | 11,678,802 | ||||||
Broadcom Corp./Broadcom Cayman Finance Ltd. |
||||||||
3.50%, 01/15/28 (Call 10/15/27)(a) |
14,502 | 15,660,085 | ||||||
3.88%, 01/15/27 (Call 10/15/26) |
36,717 | 39,800,240 | ||||||
Broadcom Inc. |
||||||||
1.95%, 02/15/28 (Call 12/15/27)(a)(c) |
10,233 | 10,021,900 | ||||||
2.45%, 02/15/31 (Call 11/15/30)(c) |
25,517 | 24,666,082 | ||||||
2.60%, 02/15/33 (Call 11/15/32)(c) |
16,407 | 15,808,044 | ||||||
3.14%, 11/15/35 (Call 08/15/35)(c) |
16,621 | 16,315,976 | ||||||
3.15%, 11/15/25 (Call 10/15/25)(a) |
17,489 | 18,472,585 | ||||||
3.19%, 11/15/36 (Call 08/15/36)(c) |
13,194 | 12,967,480 | ||||||
3.42%, 04/15/33 (Call 01/15/33)(c) |
20,854 | 21,530,646 | ||||||
3.46%, 09/15/26 (Call 07/15/26)(a) |
19,042 | 20,309,533 | ||||||
3.47%, 04/15/34 (Call 01/15/34)(c) |
29,347 | 30,280,232 | ||||||
3.50%, 02/15/41 (Call 08/15/40)(c) |
27,873 | 27,697,539 | ||||||
3.75%, 02/15/51 (Call 08/15/50)(a)(c) |
15,603 | 16,134,689 | ||||||
4.11%, 09/15/28 (Call 06/15/28)(a) |
20,767 | 22,892,338 | ||||||
4.15%, 11/15/30 (Call 08/15/30) |
25,519 | 28,038,795 | ||||||
4.25%, 04/15/26 (Call 02/15/26) |
13,115 | 14,426,909 | ||||||
4.30%, 11/15/32 (Call 08/15/32)(a) |
21,064 | 23,439,202 | ||||||
4.70%, 04/15/25 (Call 03/15/25) |
12,918 | 14,264,243 | ||||||
4.75%, 04/15/29 (Call 01/15/29) |
28,003 | 31,901,835 | ||||||
5.00%, 04/15/30 (Call 01/15/30) |
17,644 | 20,463,554 | ||||||
Intel Corp. |
||||||||
1.60%, 08/12/28 (Call 06/12/28)(a) |
9,931 | 9,784,659 | ||||||
2.00%, 08/12/31 (Call 05/12/31)(a) |
9,829 | 9,657,460 | ||||||
2.45%, 11/15/29 (Call 08/15/29) |
18,594 | 19,180,178 | ||||||
2.60%, 05/19/26 (Call 02/19/26)(a) |
11,061 | 11,659,145 | ||||||
2.80%, 08/12/41 (Call 02/12/41)(a) |
9,098 | 9,069,975 | ||||||
3.05%, 08/12/51 (Call 02/12/51)(a) |
12,150 | 12,364,447 | ||||||
3.10%, 02/15/60 (Call 08/15/59) |
9,657 | 9,741,686 | ||||||
3.15%, 05/11/27 (Call 02/11/27)(a) |
11,433 | 12,354,256 | ||||||
3.20%, 08/12/61 (Call 02/12/61)(a) |
7,583 | 7,771,868 | ||||||
3.25%, 11/15/49 (Call 05/15/49) |
20,563 | 21,705,797 | ||||||
3.40%, 03/25/25 (Call 02/25/25)(a) |
11,748 | 12,586,906 | ||||||
3.70%, 07/29/25 (Call 04/29/25) |
20,078 | 21,795,388 | ||||||
3.73%, 12/08/47 (Call 06/08/47) |
19,487 | 22,037,342 | ||||||
3.75%, 03/25/27 (Call 01/25/27)(a) |
10,154 | 11,236,260 | ||||||
3.90%, 03/25/30 (Call 12/25/29)(a) |
13,757 | 15,626,690 | ||||||
4.00%, 12/15/32(a) |
7,423 | 8,632,599 | ||||||
4.10%, 05/19/46 (Call 11/19/45) |
13,476 | 16,041,271 | ||||||
4.10%, 05/11/47 (Call 11/11/46)(a) |
10,206 | 12,176,987 | ||||||
4.60%, 03/25/40 (Call 09/25/39) |
9,360 | 11,659,896 | ||||||
4.75%, 03/25/50 (Call 09/25/49)(a) |
20,675 | 27,474,106 |
Security |
Par (000) |
Value |
||||||
Semiconductors (continued) | ||||||||
4.80%, 10/01/41(a) |
$ | 7,841 | $ | 10,051,615 | ||||
4.90%, 07/29/45 (Call 01/29/45)(a) |
7,029 | 9,316,604 | ||||||
4.95%, 03/25/60 (Call 09/25/59) |
9,287 | 13,121,832 | ||||||
KLA Corp. |
||||||||
3.30%, 03/01/50 (Call 08/28/49)(a) |
5,085 | 5,438,044 | ||||||
4.10%, 03/15/29 (Call 12/15/28)(a) |
6,250 | 7,104,379 | ||||||
4.65%, 11/01/24 (Call 08/01/24) |
3,499 | 3,826,949 | ||||||
Lam Research Corp. |
||||||||
1.90%, 06/15/30 (Call 03/15/30) |
7,927 | 7,846,357 | ||||||
2.88%, 06/15/50 (Call 12/15/49) |
11,005 | 11,213,430 | ||||||
3.75%, 03/15/26 (Call 01/15/26) |
8,806 | 9,658,379 | ||||||
4.00%, 03/15/29 (Call 12/15/28) |
8,389 | 9,539,946 | ||||||
4.88%, 03/15/49 (Call 09/15/48) |
6,340 | 8,666,123 | ||||||
Marvell Technology Inc. |
||||||||
2.45%, 04/15/28 (Call 02/15/28) |
6,998 | 7,065,407 | ||||||
2.95%, 04/15/31 (Call 01/15/31) |
8,473 | 8,664,392 | ||||||
Micron Technology Inc. |
||||||||
2.70%, 04/15/32 (Call 01/15/32) |
15,000 | 14,977,918 | ||||||
4.19%, 02/15/27 (Call 12/15/26) |
11,177 | 12,321,308 | ||||||
4.66%, 02/15/30 (Call 11/15/29) |
9,419 | 10,763,542 | ||||||
NVIDIA Corp. |
||||||||
1.55%, 06/15/28 (Call 04/15/28) |
13,317 | 13,092,503 | ||||||
2.00%, 06/15/31 (Call 03/15/31)(a) |
12,819 | 12,693,007 | ||||||
2.85%, 04/01/30 (Call 01/01/30) |
14,075 | 14,960,584 | ||||||
3.20%, 09/16/26 (Call 06/16/26) |
7,314 | 7,934,332 | ||||||
3.50%, 04/01/40 (Call 10/01/39) |
6,157 | 6,873,046 | ||||||
3.50%, 04/01/50 (Call 10/01/49) |
20,352 | 23,238,834 | ||||||
NXP BV/NXP Funding LLC/NXP USA Inc. |
||||||||
2.50%, 05/11/31 (Call 02/11/31)(c) |
12,106 | 12,015,381 | ||||||
3.25%, 05/11/41 (Call 11/11/40)(a)(c) |
9,433 | 9,630,499 | ||||||
3.40%, 05/01/30 (Call 02/01/30)(c) |
11,847 | 12,734,345 | ||||||
3.88%, 06/18/26 (Call 04/18/26)(c) |
7,410 | 8,069,794 | ||||||
4.30%, 06/18/29 (Call 03/18/29)(c) |
8,626 | 9,713,901 | ||||||
QUALCOMM Inc. |
||||||||
1.30%, 05/20/28 (Call 02/20/28) |
7,701 | 7,460,163 | ||||||
1.65%, 05/20/32 (Call 02/20/32) |
15,472 | 14,626,266 | ||||||
2.15%, 05/20/30 (Call 02/20/30)(a) |
10,928 | 11,034,536 | ||||||
3.25%, 05/20/27 (Call 02/20/27)(a) |
22,330 | 24,173,446 | ||||||
3.25%, 05/20/50 (Call 11/20/49)(a) |
7,663 | 8,364,551 | ||||||
3.45%, 05/20/25 (Call 02/20/25) |
11,483 | 12,322,780 | ||||||
4.30%, 05/20/47 (Call 11/20/46) |
14,960 | 18,855,535 | ||||||
4.65%, 05/20/35 (Call 11/20/34) |
9,179 | 11,339,217 | ||||||
4.80%, 05/20/45 (Call 11/20/44) |
15,148 | 20,100,992 | ||||||
Texas Instruments Inc. |
||||||||
1.38%, 03/12/25 (Call 02/12/25) |
4,969 | 5,008,761 | ||||||
1.75%, 05/04/30 (Call 02/04/30) |
7,503 | 7,372,265 | ||||||
2.25%, 09/04/29 (Call 06/04/29) |
9,053 | 9,296,501 | ||||||
3.88%, 03/15/39 (Call 09/15/38) |
7,052 | 8,355,578 | ||||||
4.15%, 05/15/48 (Call 11/15/47) |
15,378 | 19,562,368 | ||||||
|
|
|||||||
1,256,322,946 | ||||||||
Software — 4.0% | ||||||||
Activision Blizzard Inc. |
||||||||
2.50%, 09/15/50 (Call 03/15/50) |
12,476 | 11,190,333 | ||||||
3.40%, 09/15/26 (Call 06/15/26) |
10,449 | 11,258,862 | ||||||
Adobe Inc. |
||||||||
2.15%, 02/01/27 (Call 12/01/26) |
9,959 | 10,311,819 | ||||||
2.30%, 02/01/30 (Call 11/01/29) |
15,002 | 15,382,539 | ||||||
3.25%, 02/01/25 (Call 11/01/24)(a) |
7,236 | 7,699,283 | ||||||
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31) |
8,503 | 8,364,495 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value |
||||||
Software (continued) | ||||||||
Broadridge Financial Solutions Inc. |
||||||||
2.60%, 05/01/31 (Call 02/01/31) |
$ | 12,670 | $ | 12,745,978 | ||||
2.90%, 12/01/29 (Call 09/01/29)(a) |
7,083 | 7,349,591 | ||||||
Citrix Systems Inc. |
||||||||
1.25%, 03/01/26 (Call 02/01/26) |
7,164 | 6,971,696 | ||||||
3.30%, 03/01/30 (Call 12/01/29)(a) |
9,855 | 9,999,601 | ||||||
4.50%, 12/01/27 (Call 09/01/27)(a) |
7,278 | 7,945,470 | ||||||
Fidelity National Information Services Inc. |
||||||||
1.15%, 03/01/26 (Call 02/01/26 |
11,884 | 11,648,964 | ||||||
1.65%, 03/01/28 (Call 01/01/28)(a) |
9,698 | 9,430,515 | ||||||
2.25%, 03/01/31 (Call 12/01/30)(a) |
12,411 | 12,203,860 | ||||||
3.10%, 03/01/41 (Call 09/01/40)(a) |
7,866 | 7,974,874 | ||||||
Fiserv Inc. |
||||||||
2.25%, 06/01/27 (Call 04/01/27)(a) |
10,526 | 10,692,314 | ||||||
2.65%, 06/01/30 (Call 03/01/30)(a) |
7,065 | 7,183,631 | ||||||
3.20%, 07/01/26 (Call 05/01/26)(a) |
21,622 | 22,973,211 | ||||||
3.50%, 07/01/29 (Call 04/01/29)(a) |
30,915 | 33,396,006 | ||||||
3.85%, 06/01/25 (Call 03/01/25)(a) |
7,184 | 7,752,581 | ||||||
4.20%, 10/01/28 (Call 07/01/28)(a) |
11,720 | 13,258,555 | ||||||
4.40%, 07/01/49 (Call 01/01/49)(a) |
17,150 | 20,690,738 | ||||||
Microsoft Corp. |
||||||||
2.40%, 08/08/26 (Call 05/08/26)(a) |
41,519 | 43,559,468 | ||||||
2.53%, 06/01/50 (Call 12/01/49) |
67,945 | 67,009,805 | ||||||
2.68%, 06/01/60 (Call 12/01/59) |
38,644 | 38,532,964 | ||||||
2.70%, 02/12/25 (Call 11/12/24) |
7,627 | 8,027,488 | ||||||
2.92%, 03/17/52 (Call 09/17/51) |
64,375 | 68,066,082 | ||||||
3.04%, 03/17/62 (Call 09/17/61) |
22,939 | 24,707,081 | ||||||
3.13%, 11/03/25 (Call 08/03/25)(a) |
26,523 | 28,448,018 | ||||||
3.30%, 02/06/27 (Call 11/06/26) |
42,474 | 46,299,540 | ||||||
3.45%, 08/08/36 (Call 02/08/36)(a) |
18,188 | 20,828,903 | ||||||
3.50%, 02/12/35 (Call 08/12/34) |
17,417 | 19,939,356 | ||||||
3.70%, 08/08/46 (Call 02/08/46) |
19,636 | 23,566,134 | ||||||
4.10%, 02/06/37 (Call 08/06/36) |
7,183 | 8,777,360 | ||||||
4.25%, 02/06/47 (Call 08/06/46) |
8,089 | 10,514,576 | ||||||
4.45%, 11/03/45 (Call 05/03/45) |
2,621 | 3,472,902 | ||||||
4.50%, 02/06/57 (Call 08/06/56) |
2,424 | 3,398,569 | ||||||
Oracle Corp. |
||||||||
1.65%, 03/25/26 (Call 02/25/26)(a) |
25,746 | 25,798,669 | ||||||
2.30%, 03/25/28 (Call 01/25/28) |
20,319 | 20,541,928 | ||||||
2.50%, 04/01/25 (Call 03/01/25)(a) |
33,767 | 35,019,215 | ||||||
2.65%, 07/15/26 (Call 04/15/26) |
28,520 | 29,634,915 | ||||||
2.80%, 04/01/27 (Call 02/01/27)(a) |
22,116 | 23,103,097 | ||||||
2.88%, 03/25/31 (Call 12/25/30) |
33,643 | 34,466,641 | ||||||
2.95%, 11/15/24 (Call 09/15/24) |
9,543 | 10,017,092 | ||||||
2.95%, 05/15/25 (Call 02/15/25)(a) |
23,671 | 24,871,475 | ||||||
2.95%, 04/01/30 (Call 01/01/30)(a) |
31,801 | 32,978,648 | ||||||
3.25%, 11/15/27 (Call 08/15/27) |
27,673 | 29,555,201 | ||||||
3.60%, 04/01/40 (Call 10/01/39) |
30,494 | 31,696,043 | ||||||
3.60%, 04/01/50 (Call 10/01/49) |
42,893 | 43,851,599 | ||||||
3.65%, 03/25/41 (Call 09/25/40) |
22,413 | 23,501,877 | ||||||
3.80%, 11/15/37 (Call 05/15/37) |
21,009 | 22,520,358 | ||||||
3.85%, 07/15/36 (Call 01/15/36) |
10,378 | 11,190,085 | ||||||
3.85%, 04/01/60 (Call 10/01/59) |
31,208 | 32,588,985 | ||||||
3.90%, 05/15/35 (Call 11/15/34) |
12,024 | 13,093,651 | ||||||
3.95%, 03/25/51 (Call 09/25/50)(a) |
33,141 | 35,884,269 | ||||||
4.00%, 07/15/46 (Call 01/15/46) |
27,953 | 30,196,941 | ||||||
4.00%, 11/15/47 (Call 05/15/47) |
21,828 | 23,611,132 | ||||||
4.10%, 03/25/61 (Call 09/25/60)(a) |
18,078 | 19,780,680 | ||||||
4.13%, 05/15/45 (Call 11/15/44)(a) |
20,900 | 22,998,556 | ||||||
4.30%, 07/08/34 (Call 01/08/34) |
20,894 | 23,599,832 |
Security |
Par (000) |
Value |
||||||
Software (continued) | ||||||||
4.38%, 05/15/55 (Call 11/15/54)(a) |
$ | 9,974 | $ | 11,400,028 | ||||
4.50%, 07/08/44 (Call 01/08/44) |
9,859 | 11,330,776 | ||||||
5.38%, 07/15/40 |
22,558 | 28,492,387 | ||||||
6.13%, 07/08/39 |
11,263 | 15,277,872 | ||||||
6.50%, 04/15/38 |
10,926 | 15,283,750 | ||||||
Roper Technologies Inc. |
||||||||
1.75%, 02/15/31 (Call 11/15/30)(a) |
11,216 | 10,595,342 | ||||||
4.20%, 09/15/28 (Call 06/15/28)(a) |
9,187 | 10,376,390 | ||||||
salesforce.com Inc. |
||||||||
1.50%, 07/15/28 (Call 05/15/28)(a) |
11,235 | 11,076,362 | ||||||
1.95%, 07/15/31 (Call 04/15/31)(a) |
15,316 | 15,242,771 | ||||||
2.70%, 07/15/41 (Call 01/15/41)(a) |
12,545 | 12,604,153 | ||||||
2.90%, 07/15/51 (Call 01/15/51)(a) |
18,788 | 19,342,588 | ||||||
3.05%, 07/15/61 (Call 01/15/61) |
13,614 | 14,222,392 | ||||||
3.70%, 04/11/28 (Call 01/11/28)(a) |
13,411 | 15,009,963 | ||||||
VMware Inc. |
||||||||
1.40%, 08/15/26 (Call 07/15/26)(a) |
8,061 | 7,936,480 | ||||||
1.80%, 08/15/28 (Call 06/15/28)(a) |
9,223 | 8,984,729 | ||||||
2.20%, 08/15/31 (Call 05/15/31)(a) |
6,030 | 5,870,749 | ||||||
3.90%, 08/21/27 (Call 05/21/27)(a) |
14,105 | 15,456,922 | ||||||
4.50%, 05/15/25 (Call 04/15/25)(a) |
9,074 | 10,006,900 | ||||||
4.70%, 05/15/30 (Call 02/15/30) |
7,815 | 9,132,491 | ||||||
|
|
|||||||
1,529,717,096 | ||||||||
Telecommunications — 7.3% | ||||||||
AT&T Inc. |
||||||||
1.65%, 02/01/28 (Call 12/01/27)(a) |
22,401 | 21,851,649 | ||||||
1.70%, 03/25/26 (Call 03/25/23)(a) |
12,868 | 12,926,448 | ||||||
2.25%, 02/01/32 (Call 11/01/31) |
24,535 | 23,604,878 | ||||||
2.30%, 06/01/27 (Call 04/01/27) |
25,199 | 25,749,220 | ||||||
2.55%, 12/01/33 (Call 09/01/33)(a) |
38,272 | 37,192,282 | ||||||
2.75%, 06/01/31 (Call 03/01/31)(a) |
28,588 | 29,078,822 | ||||||
3.10%, 02/01/43 (Call 08/01/42) |
24,926 | 23,999,999 | ||||||
3.30%, 02/01/52 (Call 08/01/51) |
20,454 | 20,074,423 | ||||||
3.40%, 05/15/25 (Call 02/15/25)(a) |
21,590 | 23,059,210 | ||||||
3.50%, 06/01/41 (Call 12/01/40)(a) |
21,431 | 22,073,525 | ||||||
3.50%, 09/15/53 (Call 03/15/53) |
74,353 | 75,303,960 | ||||||
3.50%, 02/01/61 (Call 08/01/60)(a) |
16,280 | 15,933,342 | ||||||
3.55%, 09/15/55 (Call 03/15/55)(a) |
75,308 | 76,478,836 | ||||||
3.65%, 06/01/51 (Call 12/01/50) |
24,866 | 25,860,456 | ||||||
3.65%, 09/15/59 (Call 03/15/59) |
64,591 | 65,534,145 | ||||||
3.80%, 02/15/27 (Call 11/15/26)(a) |
7,546 | 8,252,372 | ||||||
3.80%, 12/01/57 (Call 06/01/57)(a) |
57,113 | 60,007,487 | ||||||
3.85%, 06/01/60 (Call 12/01/59) |
15,522 | 16,360,430 | ||||||
4.10%, 02/15/28 (Call 11/15/27)(a) |
15,363 | 17,218,058 | ||||||
4.13%, 02/17/26 (Call 11/17/25)(a) |
7,875 | 8,689,821 | ||||||
4.25%, 03/01/27 (Call 12/01/26)(a) |
12,059 | 13,474,651 | ||||||
4.30%, 02/15/30 (Call 11/15/29) |
30,277 | 34,362,248 | ||||||
4.30%, 12/15/42 (Call 06/15/42) |
13,145 | 14,880,601 | ||||||
4.35%, 03/01/29 (Call 12/01/28)(a) |
29,396 | 33,383,409 | ||||||
4.35%, 06/15/45 (Call 12/15/44) |
12,594 | 14,407,369 | ||||||
4.50%, 05/15/35 (Call 11/15/34)(a) |
23,468 | 27,118,602 | ||||||
4.50%, 03/09/48 (Call 09/09/47) |
17,232 | 20,383,826 | ||||||
4.55%, 03/09/49 (Call 09/09/48) |
8,659 | 10,193,118 | ||||||
4.75%, 05/15/46 (Call 11/15/45)(a) |
19,521 | 23,886,388 | ||||||
4.85%, 03/01/39 (Call 09/01/38) |
11,435 | 13,741,072 | ||||||
5.15%, 02/15/50 (Call 08/14/49)(a) |
8,374 | 10,774,369 | ||||||
5.25%, 03/01/37 (Call 09/01/36) |
18,602 | 23,073,099 | ||||||
5.35%, 09/01/40 |
10,990 | 13,998,444 | ||||||
5.65%, 02/15/47 (Call 08/15/46)(a) |
9,976 | 13,522,092 | ||||||
Bell Canada, 4.46%, 04/01/48 (Call 10/01/47)(a) |
10,329 | 12,829,752 |
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Telecommunications (continued) | ||||||||
British Telecommunications PLC, 9.63%, 12/15/30(a) |
$ | 26,267 | $ | 39,435,414 | ||||
Cisco Systems Inc. |
||||||||
2.50%, 09/20/26 (Call 06/20/26)(a) |
13,651 | 14,446,444 | ||||||
2.95%, 02/28/26 |
8,292 | 8,873,591 | ||||||
5.50%, 01/15/40 |
17,811 | 24,987,413 | ||||||
5.90%, 02/15/39(a) |
22,111 | 32,026,548 | ||||||
Corning Inc. |
||||||||
4.38%, 11/15/57 (Call 05/15/57)(a) |
9,148 | 11,156,071 | ||||||
5.45%, 05/15/79 (Call 05/19/79)(a) |
9,364 | 12,580,853 | ||||||
Deutsche Telekom International Finance BV, 8.75%, 06/15/30 |
36,724 | 53,771,560 | ||||||
Motorola Solutions Inc. |
||||||||
2.30%, 11/15/30 (Call 08/15/30) |
10,271 | 10,024,855 | ||||||
2.75%, 05/24/31 (Call 02/24/31) |
7,831 | 7,904,724 | ||||||
4.60%, 05/23/29 (Call 02/23/29) |
8,103 | 9,327,904 | ||||||
Orange SA |
||||||||
5.38%, 01/13/42 |
8,522 | 11,330,930 | ||||||
5.50%, 02/06/44 (Call 08/06/43) |
9,368 | 12,808,138 | ||||||
9.00%, 03/01/31 |
27,191 | 41,717,952 | ||||||
Rogers Communications Inc. |
||||||||
3.70%, 11/15/49 (Call 05/15/49) |
10,055 | 10,438,381 | ||||||
4.30%, 02/15/48 (Call 08/15/47)(a) |
10,423 | 11,778,046 | ||||||
4.35%, 05/01/49 (Call 11/01/48) |
9,387 | 10,698,440 | ||||||
5.00%, 03/15/44 (Call 09/15/43) |
12,791 | 15,543,687 | ||||||
Telefonica Emisiones SA |
||||||||
4.10%, 03/08/27 |
13,095 | 14,513,238 | ||||||
4.67%, 03/06/38 |
9,217 | 10,739,274 | ||||||
4.90%, 03/06/48(a) |
13,946 | 16,987,158 | ||||||
5.21%, 03/08/47(a) |
23,872 | 30,072,375 | ||||||
5.52%, 03/01/49 (Call 09/01/48)(a) |
9,890 | 13,060,972 | ||||||
7.05%, 06/20/36(a) |
20,169 | 28,861,234 | ||||||
Telefonica Europe BV, 8.25%, 09/15/30(a) |
14,522 | 20,686,428 | ||||||
TELUS
Corp., 4.60%, 11/16/48 |
5,937 | 7,591,435 | ||||||
T-Mobile USA Inc. |
||||||||
1.50%, 02/15/26 (Call 01/15/26) |
9,241 | 9,175,199 | ||||||
2.05%, 02/15/28 (Call 12/15/27)(a) |
17,106 | 16,963,502 | ||||||
2.25%, 11/15/31 (Call 08/15/31)(a) |
9,588 | 9,253,358 | ||||||
2.55%, 02/15/31 (Call 11/15/30) |
22,938 | 22,764,465 | ||||||
3.00%, 02/15/41 (Call 08/15/40) |
25,467 | 24,470,321 | ||||||
3.30%, 02/15/51 (Call 08/15/50)(a) |
28,244 | 27,698,377 | ||||||
3.40%, 10/15/52 (Call 04/15/52)(a)(c) |
15,774 | 15,689,361 | ||||||
3.50%, 04/15/25 (Call 03/15/25) |
33,560 | 35,798,818 | ||||||
3.60%, 11/15/60 (Call 05/15/60) |
8,057 | 8,092,427 | ||||||
3.75%, 04/15/27 (Call 02/15/27) |
39,287 | 42,612,342 | ||||||
3.88%, 04/15/30 (Call 01/15/30) |
67,304 | 73,537,670 | ||||||
4.38%, 04/15/40 (Call 10/15/39) |
21,803 | 24,873,569 | ||||||
4.50%, 04/15/50 (Call 10/15/49) |
28,591 | 33,756,241 | ||||||
Verizon Communications Inc. |
||||||||
0.85%, 11/20/25 (Call 10/20/25) |
12,227 | 11,971,890 | ||||||
1.45%, 03/20/26 (Call 02/20/26) |
20,426 | 20,374,096 | ||||||
1.50%, 09/18/30 (Call 06/18/30)(a) |
8,254 | 7,736,415 | ||||||
1.68%, 10/30/30 (Call 07/30/30) |
10,086 | 9,510,132 | ||||||
1.75%, 01/20/31 (Call 10/20/30)(a) |
21,441 | 20,254,515 | ||||||
2.10%, 03/22/28 (Call 01/22/28)(a) |
26,908 | 26,988,708 | ||||||
2.36%, 03/15/32 (Call 12/15/31)(c) |
30,569 | 30,110,578 | ||||||
2.55%, 03/21/31 (Call 12/21/30) |
40,140 | 40,481,258 | ||||||
2.63%, 08/15/26(a) |
20,387 | 21,336,757 | ||||||
2.65%, 11/20/40 (Call 05/20/40)(a) |
30,806 | 29,140,042 | ||||||
2.85%, 09/03/41 (Call 03/03/41)(a) |
9,269 | 9,051,694 | ||||||
2.88%, 11/20/50 (Call 05/20/50) |
31,157 | 29,687,496 |
Security |
Par (000) |
Value | ||||||
Telecommunications (continued) | ||||||||
2.99%, 10/30/56 (Call 04/30/56) |
$ | 45,483 | $ | 43,198,121 | ||||
3.00%, 03/22/27 (Call 01/22/27) |
7,841 | 8,292,529 | ||||||
3.00%, 11/20/60 (Call 05/20/60)(a) |
22,525 | 21,386,285 | ||||||
3.15%, 03/22/30 (Call 12/22/29)(a) |
13,265 | 14,062,372 | ||||||
3.38%, 02/15/25 |
10,557 | 11,278,985 | ||||||
3.40%, 03/22/41 (Call 09/22/40)(a) |
37,067 | 38,836,556 | ||||||
3.50%, 11/01/24 (Call 08/01/24) |
6,633 | 7,077,779 | ||||||
3.55%, 03/22/51 (Call 09/22/50)(a) |
43,478 | 46,742,841 | ||||||
3.70%, 03/22/61 (Call 09/22/60)(a) |
33,302 | 36,315,288 | ||||||
3.85%, 11/01/42 (Call 05/01/42) |
12,646 | 14,017,005 | ||||||
3.88%, 02/08/29 (Call 11/08/28) |
9,416 | 10,504,362 | ||||||
4.00%, 03/22/50 (Call 09/22/49) |
12,135 | 13,967,919 | ||||||
4.02%, 12/03/29 (Call 09/03/29) |
37,795 | 42,449,220 | ||||||
4.13%, 03/16/27(a) |
30,323 | 33,896,359 | ||||||
4.13%, 08/15/46 |
14,493 | 16,998,173 | ||||||
4.27%, 01/15/36(a) |
25,408 | 29,669,232 | ||||||
4.33%, 09/21/28 |
40,283 | 46,002,968 | ||||||
4.40%, 11/01/34 (Call 05/01/34)(a) |
22,981 | 26,820,626 | ||||||
4.50%, 08/10/33(a) |
28,600 | 33,795,442 | ||||||
4.52%, 09/15/48 |
22,607 | 28,623,629 | ||||||
4.67%, 03/15/55 |
20,061 | 26,442,845 | ||||||
4.86%, 08/21/46 |
20,131 | 26,402,416 | ||||||
5.01%, 04/15/49 |
10,932 | 14,927,721 | ||||||
5.01%, 08/21/54(a) |
5,764 | 8,054,815 | ||||||
5.25%, 03/16/37(a) |
12,302 | 16,019,330 | ||||||
6.55%, 09/15/43(a) |
4,553 | 7,037,213 | ||||||
Vodafone Group PLC |
||||||||
4.13%, 05/30/25(a) |
13,484 | 14,774,165 | ||||||
4.25%, 09/17/50(a) |
14,193 | 16,516,457 | ||||||
4.38%, 05/30/28(a) |
25,670 | 29,271,101 | ||||||
4.38%, 02/19/43(a) |
14,299 | 16,604,336 | ||||||
4.88%, 06/19/49 |
18,628 | 23,298,150 | ||||||
5.00%, 05/30/38(a) |
13,427 | 16,700,656 | ||||||
5.25%, 05/30/48(a) |
26,867 | 35,314,098 | ||||||
6.15%, 02/27/37(a) |
18,799 | 25,616,063 | ||||||
|
|
|||||||
2,772,885,756 | ||||||||
Toys, Games & Hobbies — 0.0% | ||||||||
Hasbro Inc., 3.90%, 11/19/29 (Call 08/19/29) |
9,091 | 9,979,368 | ||||||
|
|
|||||||
Transportation — 1.8% | ||||||||
Burlington Northern Santa Fe LLC |
||||||||
3.30%, 09/15/51 (Call 03/15/51) |
9,647 | 10,711,495 | ||||||
3.55%, 02/15/50 (Call 08/15/49) |
9,228 | 10,608,568 | ||||||
3.90%, 08/01/46 (Call 02/01/46) |
7,873 | 9,380,060 | ||||||
4.05%, 06/15/48 (Call 12/15/47) |
6,247 | 7,670,005 | ||||||
4.13%, 06/15/47 (Call 12/15/46) |
7,958 | 9,827,026 | ||||||
4.15%, 04/01/45 (Call 10/01/44)(a) |
10,676 | 13,075,377 | ||||||
4.15%, 12/15/48 (Call 06/15/48) |
6,984 | 8,710,298 | ||||||
4.45%, 03/15/43 (Call 09/15/42) |
6,986 | 8,731,257 | ||||||
4.55%, 09/01/44 (Call 03/01/44) |
8,428 | 10,726,372 | ||||||
4.90%, 04/01/44 (Call 10/01/43) |
10,267 | 13,516,551 | ||||||
5.75%, 05/01/40 (Call 11/01/39) |
7,715 | 10,814,382 | ||||||
Canadian Pacific Railway Co., 6.13%, 09/15/2115 (Call 03/15/2115) |
8,062 | 12,460,253 | ||||||
CSX Corp. |
||||||||
3.25%, 06/01/27 (Call 03/01/27)(a) |
9,802 | 10,530,529 | ||||||
3.80%, 03/01/28 (Call 12/01/27) |
8,855 | 9,832,599 | ||||||
3.80%, 11/01/46 (Call 05/01/46)(a) |
8,393 | 9,665,782 | ||||||
4.10%, 03/15/44 (Call 09/15/43) |
6,714 | 7,795,658 | ||||||
4.25%, 03/15/29 (Call 12/15/28) |
9,152 | 10,481,853 |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par |
Value | ||||||
Transportation (continued) | ||||||||
4.30%, 03/01/48 (Call 09/01/47) |
$ | 8,172 | $ | 10,067,665 | ||||
FedEx
Corp. |
10,356 | 10,384,520 | ||||||
3.10%, 08/05/29 (Call 05/05/29)(a) |
4,637 | 4,941,473 | ||||||
3.25%, 04/01/26 (Call 01/01/26)(a) |
7,525 | 8,091,741 | ||||||
3.25%, 05/15/41 (Call 11/15/40) |
8,520 | 8,671,394 | ||||||
4.05%, 02/15/48 (Call 08/15/47) |
10,760 | 12,270,023 | ||||||
4.25%, 05/15/30 (Call 02/15/30) |
7,787 | 8,895,880 | ||||||
4.40%, 01/15/47 (Call 07/15/46) |
8,044 | 9,587,271 | ||||||
4.55%, 04/01/46 (Call 10/01/45) |
11,580 | 14,018,391 | ||||||
4.75%, 11/15/45 (Call 05/15/45)(a) |
12,554 | 15,606,690 | ||||||
4.95%, 10/17/48 (Call 04/17/48) |
9,005 | 11,640,682 | ||||||
5.10%, 01/15/44(a) |
7,614 | 9,733,811 | ||||||
5.25%, 05/15/50 (Call 11/15/49)(a) |
12,160 | 16,477,548 | ||||||
Norfolk
Southern Corp. |
6,462 | 6,645,360 | ||||||
3.16%, 05/15/55 (Call 11/15/54) |
7,956 | 8,194,483 | ||||||
Union
Pacific Corp. |
10,956 | 11,188,806 | ||||||
2.40%, 02/05/30 (Call 11/05/29)(a) |
8,418 | 8,637,544 | ||||||
2.95%, 03/10/52 (Call 09/10/51)(a) |
8,528 | 8,738,370 | ||||||
2.97%, 09/16/62 (Call 03/16/62) |
7,820 | 7,852,765 | ||||||
3.20%, 05/20/41 (Call 11/20/40) |
13,236 | 14,129,622 | ||||||
3.25%, 02/05/50 (Call 08/05/49)(a) |
16,850 | 18,293,106 | ||||||
3.70%, 03/01/29 (Call 12/01/28)(a) |
8,117 | 9,027,386 | ||||||
3.75%, 02/05/70 (Call 08/05/69)(a) |
7,442 | 8,620,668 | ||||||
3.80%, 10/01/51 (Call 04/01/51)(a) |
10,558 | 12,541,573 | ||||||
3.80%, 04/06/71 (Call 10/06/70) |
2,571 | 3,015,852 | ||||||
3.84%, 03/20/60 (Call 09/20/59) |
16,832 | 19,943,360 | ||||||
3.95%, 09/10/28 (Call 06/10/28) |
12,553 | 14,165,703 | ||||||
United
Parcel Service Inc. |
9,716 | 10,540,594 | ||||||
3.40%, 03/15/29 (Call 12/15/28)(a) |
7,656 | 8,450,456 | ||||||
3.75%, 11/15/47 (Call 05/15/47) |
11,374 | 13,688,284 | ||||||
3.90%, 04/01/25 (Call 03/01/25) |
12,386 | 13,451,932 | ||||||
4.25%, 03/15/49 (Call 09/15/48)(a) |
7,035 | 9,077,891 | ||||||
4.45%, 04/01/30 (Call 01/01/30)(a) |
8,657 | 10,252,178 | ||||||
5.30%, 04/01/50 (Call 10/01/49) |
12,051 | 17,890,494 | ||||||
6.20%, 01/15/38 |
13,553 | 19,785,697 | ||||||
Walmart
Inc. |
15,643 | 15,429,575 |
Security |
Par/ Shares (000) |
Value | ||||||
Transportation (continued) | ||||||||
1.50%, 09/22/28 (Call 07/22/28)(a) |
$ | 19,455 | $ | 19,234,491 | ||||
1.80%, 09/22/31 (Call 06/22/31) |
17,163 | 16,893,069 | ||||||
2.50%, 09/22/41 (Call 03/22/41) |
27,313 | 27,442,218 | ||||||
2.65%, 09/22/51 (Call 03/22/51) |
30,302 | 31,058,683 | ||||||
|
|
|||||||
679,115,314 | ||||||||
Water — 0.1% | ||||||||
American
Water Capital Corp. |
||||||||
3.75%, 09/01/47 (Call 03/01/47) |
8,132 | 9,237,863 | ||||||
6.59%, 10/15/37 |
6,904 | 10,097,318 | ||||||
|
|
|||||||
19,335,181 | ||||||||
|
|
|||||||
Total
Corporate Bonds & Notes — 98.7% |
|
37,578,790,667 | ||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 8.3% |
||||||||
BlackRock
Cash Funds: Institutional, SL Agency |
2,805,836 | 2,807,239,074 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e) |
365,184 | 365,184,000 | ||||||
|
|
|||||||
3,172,423,074 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 8.3% |
|
3,172,423,074 | ||||||
|
|
|||||||
Total
Investments in Securities — 107.0% |
|
40,751,213,741 | ||||||
Other Assets, Less Liabilities — (7.0)% |
|
(2,671,488,956 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
$ | 38,079,724,785 | ||||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
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. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
(f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the BlackRock Global Valuation Methodologies Committee’s (the “Global Valuation Committee’s”) assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments
S C H E D U L E O F I N V E S T M E N T S |
Schedule of Investments (unaudited) (continued) October 31, 2021 |
iShares® iBoxx $ Investment Grade Corporate Bond ETF |
Fair Value Measurements (continued)
is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Corporate Bonds & Notes |
$ | — | $ | 37,578,790,667 | $ | — | $ | 37,578,790,667 | ||||||||
Money Market Funds |
3,172,423,074 | — | — | 3,172,423,074 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 3,172,423,074 | $ | 37,578,790,667 | $ | — | $ | 40,751,213,741 | |||||||||
|
|
|
|
|
|
|
|
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Assets and Liabilities (unaudited) (continued)
October 31, 2021
iShares iBoxx $ High Yield Corporate Bond ETF |
iShares iBoxx $ Investment Grade Corporate Bond ETF |
|||||||||
ASSETS |
||||||||||
Investments in securities, at value (including securities on loan)(a): |
||||||||||
Unaffiliated(b) |
$ | 19,741,574,573 | $ | 37,578,790,667 | ||||||
Affiliated(c) |
3,060,283,759 | 3,172,423,074 | ||||||||
Cash |
26,627,216 | 1,851,775 | ||||||||
Receivables: |
||||||||||
Investments sold |
20,749,350 | 107,399,229 | ||||||||
Securities lending income — Affiliated |
605,709 | 326,365 | ||||||||
Capital shares sold |
— | 2,716,072 | ||||||||
Dividends |
478 | 1,407 | ||||||||
Interest |
261,472,412 | 311,570,561 | ||||||||
|
|
|
|
|||||||
Total assets |
23,111,313,497 | 41,175,079,150 | ||||||||
|
|
|
|
|||||||
LIABILITIES |
||||||||||
Collateral on securities loaned, at value |
2,950,702,408 | 2,805,869,158 | ||||||||
Payables: |
||||||||||
Investments purchased |
158,176,615 | 268,149,948 | ||||||||
Capital shares redeemed |
303,383 | 16,741,567 | ||||||||
Investment advisory fees |
8,056,680 | 4,593,692 | ||||||||
|
|
|
|
|||||||
Total liabilities |
3,117,239,086 | 3,095,354,365 | ||||||||
|
|
|
|
|||||||
NET ASSETS |
$ | 19,994,074,411 | $ | 38,079,724,785 | ||||||
|
|
|
|
|||||||
NET ASSETS CONSIST OF: |
||||||||||
Paid-in capital |
$ | 21,471,783,916 | $ | 37,585,470,412 | ||||||
Accumulated earnings (loss) |
(1,477,709,505 | ) | 494,254,373 | |||||||
|
|
|
|
|||||||
NET ASSETS |
$ | 19,994,074,411 | $ | 38,079,724,785 | ||||||
|
|
|
|
|||||||
Shares outstanding |
230,000,000 | 285,300,000 | ||||||||
|
|
|
|
|||||||
Net asset value |
$ | 86.93 | $ | 133.47 | ||||||
|
|
|
|
|||||||
Shares authorized |
Unlimited | Unlimited | ||||||||
|
|
|
|
|||||||
Par value |
None | None | ||||||||
|
|
|
|
|||||||
(a) Securities loaned, at value |
$ | 2,845,897,179 | $ | 2,722,932,782 | ||||||
(b) Investments, at cost — Unaffiliated |
$ | 19,987,785,833 | $ | 38,039,983,364 | ||||||
(c) Investments, at cost — Affiliated |
$ | 3,059,502,100 | $ | 3,171,450,862 |
F I N A N C I A L S T A T E M E N T S |
Glossary of Terms Used in this Report
Portfolio Abbreviations - Fixed Income | ||
LIBOR | London Interbank Offered Rate | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate |
2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-AR-1010-1021
|