LOGO

  SEPTEMBER 30, 2021

 

  

2021 Semi-Annual Report

(Unaudited)

    

 

iShares Trust

 

·  

iShares Biotechnology ETF | IBB | NASDAQ

 

·  

iShares Expanded Tech Sector ETF | IGM | NYSE Arca

 

·  

iShares Expanded Tech-Software Sector ETF | IGV | Cboe BZX

 

·  

iShares North American Natural Resources ETF | IGE | Cboe BZX

 

·  

iShares North American Tech-Multimedia Networking ETF | IGN | NYSE Arca

 

·  

iShares Semiconductor ETF | SOXX | NASDAQ


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 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 brisk pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. 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, although investment-grade corporates declined slightly.

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,

Trust

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of September 30, 2021

 

     
     6-Month     12-Month
   

U.S. large cap equities
(S&P 500® Index)

    9.18%     30.00%
   

U.S. small cap equities
(Russell 2000® Index)

  (0.25)   47.68
   

International equities
(MSCI Europe, Australasia, Far East Index)

  4.70   25.73
   

Emerging market equities
(MSCI Emerging Markets Index)

  (3.45)   18.20
   

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

  0.01   0.07
   

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

  2.92   (6.22)
   

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

  1.88   (0.90)
   

Tax-exempt municipal bonds
(S&P Municipal Bond Index)

  1.24   2.71
   

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

  3.65   11.27

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  

H I S  A G E  I S  N O T  A R T  O F  O U R  U N D  E P O R T


Table of Contents

 

      Page  

The Markets in Review

     2  

Fund Summary

     4  

About Fund Performance

     10  

Shareholder Expenses

     10  

Schedules of Investments

     11  

Financial Statements

  

Statements of Assets and Liabilities

     32  

Statements of Operations

     34  

Statements of Changes in Net Assets

     36  

Financial Highlights

     39  

Notes to Financial Statements

     45  

Board Review and Approval of Investment Advisory Contract

     55  

Supplemental Information

     61  

General Information

     62  

Glossary of Terms Used in this Report

     63  

 

 

 


Fund Summary as of September 30, 2021    iShares® Biotechnology ETF

 

Investment Objective

The iShares Biotechnology ETF (the “Fund”) (formerly the iShares Nasdaq Biotechnology ETF) seeks to track the investment results of an index composed of U.S.-listed equities in the biotechnology sector, as represented by the ICE Biotechnology Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

               Average Annual Total Returns                   Cumulative Total Returns      
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    7.60      19.59      11.13      18.15       19.59      69.49      430.14

Fund Market

    7.48        19.66        11.14        18.16         19.66        69.55        430.62  

Index(a)

    7.83        20.06        11.51        18.50         20.06        72.41        446.09  

Nasdaq Biotechnology Index

    7.97        20.21        11.54        18.52         20.21        72.64        446.81  

ICE Biotechnology Index(b)

    N/A        N/A        N/A        N/A               N/A        N/A        N/A  

 

  (a) 

Index performance through June 20, 2021 reflects the performance of the NASDAQ Biotechnology Index. Index performance beginning on June 21, 2021 reflects the performance of the ICE Biotechnology Index, which, effective as of June 21, 2021, replaced the NASDAQ Biotechnology Index as the underlying index of the fund.

 
  (b) 

The inception date of the ICE Biotechnology Index was April 13, 2021. The cumulative total return for this index for the period April 13, 2021 through September 30, 2021 was 10.20%.

 

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 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,076.00        $ 2.29             $ 1,000.00        $ 1,022.90        $ 2.23          0.44

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 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 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Biotechnology

    76.9

Life Sciences Tools & Services

    19.0  

Pharmaceuticals

    1.8  

Health Care Providers & Services

    1.2  

Other (each representing less than 1%)

    1.1  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Moderna Inc.

    8.7

Amgen Inc.

    8.1  

Gilead Sciences Inc.

    6.8  

Regeneron Pharmaceuticals Inc.

    4.8  

Illumina Inc.

    3.8  

Vertex Pharmaceuticals Inc.

    3.7  

BioNTech SE

    3.6  

IQVIA Holdings Inc.

    3.6  

Biogen Inc.

    3.3  

Mettler-Toledo International Inc.

    2.5  

 

 

 

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Fund Summary as of September 30, 2021    iShares® Expanded Tech Sector ETF

 

Investment Objective

The iShares Expanded Tech Sector ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the technology sector and select North American equities from communication services and consumer discretionary sectors, as represented by the S&P North American Expanded Technology Sector IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

               Average Annual Total Returns                   Cumulative Total Returns      
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    12.00      30.86      27.32      22.84       30.86      234.63      682.40

Fund Market

    11.95        30.86        27.33        22.84         30.86        234.72        682.22  

Index

    12.23        31.40        27.88        23.39               31.40        242.01        718.25  

Index performance through December 23, 2018 reflects the performance of the S&P North American Technology Sector IndexTM. Index Performance beginning on December 24, 2018 reflects the performance of the S&P North American Expanded Technology Sector IndexTM.

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 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,120.00        $ 2.18             $ 1,000.00        $ 1,023.00        $ 2.08          0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 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 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Interactive Media & Services

    15.9

Semiconductors

    13.6  

Application Software

    12.2  

Systems Software

    12.2  

Data Processing & Outsourced Services

    10.9  

Internet & Direct Marketing Retail

    9.4  

Technology Hardware, Storage & Peripherals

    9.3  

IT Consulting & Other Services

    3.3  

Internet Services & Infrastructure

    3.0  

Semiconductor Equipment

    2.5  

Communications Equipment

    2.5  

Movies & Entertainment

    1.9  

Other (each representing less than 1%)

    3.3  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Microsoft Corp.

    8.5

Amazon.com Inc.

    8.5  

Apple Inc.

    8.3  

Facebook Inc., Class A

    5.8  

Alphabet Inc., Class A

    4.3  

Alphabet Inc., Class C

    4.0  

NVIDIA Corp.

    3.7  

Visa Inc., Class A

    2.7  

PayPal Holdings Inc.

    2.2  

Mastercard Inc., Class A

    2.2  

 

 

 

U N D   S U M M A R Y

  5


Fund Summary as of September 30, 2021    iShares® Expanded Tech-Software Sector ETF

 

Investment Objective

The iShares Expanded Tech-Software Sector ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the software industry and select North American equities from interactive home entertainment and interactive media and services industries, as represented by the S&P North American Expanded Technology Software IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

               Average Annual Total Returns                   Cumulative Total Returns      
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    16.93      27.98      28.81      22.95       27.98      254.57      689.69

Fund Market

    16.90        28.29        28.82        22.95         28.29        254.72        689.55  

Index

    17.18        28.51        29.21        23.41               28.51        260.11        719.46  

Index performance through December 23, 2018 reflects the performance of the S&P North American Technology Software IndexTM. Index performance beginning on December 24, 2018 reflects the performance of the S&P North American Expanded Technology Software IndexTM.

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 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,169.30        $ 2.23             $ 1,000.00        $ 1,023.00        $ 2.08          0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 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 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Software

    90.8

Entertainment

    5.0  

Interactive Media & Services

    3.0  

IT Services

    1.2  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

salesforce.com Inc.

    9.3

Microsoft Corp.

    8.5  

Adobe Inc.

    7.8  

Intuit Inc.

    5.8  

Oracle Corp.

    5.6  

ServiceNow Inc.

    4.8  

Snap Inc., Class A

    3.0  

Autodesk Inc.

    2.5  

Activision Blizzard Inc.

    2.4  

Zoom Video Communications Inc., Class A

    2.2  

 

 

 

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Fund Summary as of September 30, 2021    iShares® North American Natural Resources ETF

 

Investment Objective

The iShares North American Natural Resources ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the natural resources sector, as represented by the S&P North American Natural Resources Sector IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

               Average Annual Total Returns                   Cumulative Total Returns      
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    8.07      53.17      0.15      1.32       53.17      0.76      13.98

Fund Market

    8.11        53.14        0.16        1.32         53.14        0.80        14.02  

Index

    8.36        53.93        0.68        1.83               53.93        3.47        19.83  

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(04/01/21)

 
 
      

Ending
Account Value
(09/30/21)


 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(04/01/21)


 
      

Ending
Account Value
(09/30/21)


 
      

Expenses
Paid During
the Period


 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,080.70        $ 2.14             $ 1,000.00        $ 1,023.00        $ 2.08          0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 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 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Oil, Gas & Consumable Fuels

    66.6

Metals & Mining

    14.6  

Containers & Packaging

    9.4  

Energy Equipment & Services

    5.5  

Construction Materials

    3.0  

Paper & Forest Products

    0.9  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Exxon Mobil Corp.

    10.2

Chevron Corp.

    10.0  

ConocoPhillips

    4.7  

Enbridge Inc.

    4.4  

Freeport-McMoRan Inc.

    2.7  

TC Energy Corp.

    2.6  

EOG Resources Inc.

    2.6  

Newmont Corp.

    2.4  

Canadian Natural Resources Ltd.

    2.4  

Schlumberger NV

    2.3  

 

 

 

U N D   S U M M A R Y

  7


Fund Summary as of September 30, 2021    iShares® North American Tech-Multimedia Networking ETF

 

Investment Objective

The iShares North American Tech-Multimedia Networking ETF (the “Fund”) seeks to track the investment results of an index composed of North American equities in the multimedia and networking technology sectors, as represented by the S&P North American Technology Multimedia Networking IndexTM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

               Average Annual Total Returns                   Cumulative Total Returns      
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    2.90      48.49      11.61      11.49       48.49      73.21      196.62

Fund Market

    2.86        48.70        11.65        11.50         48.70        73.47        197.03  

Index

    3.11        49.03        11.97        11.84               49.03        76.00        206.22  

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,029.00        $ 2.09             $ 1,000.00        $ 1,023.00        $ 2.08          0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 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 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Communications Equipment

    97.4

Alternative Carriers

    2.6  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

F5 Networks Inc.

    8.6

Juniper Networks Inc.

    8.6  

Arista Networks Inc.

    8.4  

Motorola Solutions Inc.

    8.4  

Cisco Systems Inc.

    8.2  

Viasat Inc.

    5.2  

Calix Inc.

    5.0  

NetScout Systems Inc.

    4.6  

Viavi Solutions Inc.

    4.5  

Ubiquiti Inc.

    4.4  

 

 

 

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Fund Summary as of September 30, 2021    iShares® Semiconductor ETF

 

Investment Objective

The iShares Semiconductor ETF (the “Fund”) (formerly the iShares PHLX Semiconductor ETF) seeks to track the investment results of an index composed of U.S.-listed equities in the semiconductor sector, as represented by the ICE Semiconductor Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

               Average Annual Total Returns                   Cumulative Total Returns      
     6 Months      1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    5.51      47.50      33.07      27.09       47.50      317.25      999.20

Fund Market

    5.54        47.48        33.08        27.08         47.48        317.36        998.83  

Index(a)

    5.75        48.22        33.74        27.71         48.22        327.79        1,054.12  

PHLX Semiconductor Sector Index

    4.89        47.01        33.52        27.61         47.01        324.30        1,044.70  

ICE Semiconductor Index(b)

    N/A        N/A        N/A        N/A               N/A        N/A        N/A  

 

  (a) 

Index performance through June 20, 2021 reflects the performance of the PHLX Semiconductor Sector Index. Index performance beginning on June 21, 2021 reflects the performance of the ICE Semiconductor Index, which, effective as of June 21, 2021, replaced the PHLX Semiconductor Sector Index as the underlying index of the fund.

 
  (b) 

The inception date of the ICE Semiconductor Index was April 13, 2021. The cumulative total return for this index for the period April 13, 2021 through September 30, 2021 was 2.03%.

 

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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 10 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(04/01/21)
 
 
 
      

Ending
Account Value
(09/30/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,055.10        $ 2.11             $ 1,000.00        $ 1,023.00        $ 2.08          0.41

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (183 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 10 for more information.

 

Portfolio Information

 

ALLOCATION BY SECTOR

 

Sector    
Percent of
Total Investments
 
(a) 

Semiconductors

    80.3

Semiconductor Equipment

    19.7  

 

  (a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

Intel Corp.

    8.3

Broadcom Inc.

    8.2  

NVIDIA Corp.

    7.8  

Texas Instruments Inc.

    6.0  

QUALCOMM Inc.

    5.3  

Analog Devices Inc.

    4.3  

Marvell Technology Inc.

    4.1  

KLA Corp.

    4.1  

Micron Technology Inc.

    4.0  

Microchip Technology Inc.

    4.0  

 

 

 

U N D   S U M M A R Y

  9


About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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

 

 

10  

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


Schedule of Investments (unaudited)

September 30, 2021

  

iShares® Biotechnology ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Biotechnology — 76.8%            

AC Immune SA(a)(b)

    264,593     $ 1,775,419  

ACADIA Pharmaceuticals Inc.(a)(b)

    1,312,263       21,796,688  

Acceleron Pharma Inc.(a)(b)

    437,164       75,235,924  

Achillion Pharmaceuticals Inc.(b)(c)

    4,112       1,892  

Adaptimmune Therapeutics PLC, ADR(a)(b)

    788,556       4,076,835  

ADC Therapeutics SA(a)(b)

    313,641       8,518,490  

Adverum Biotechnologies Inc.(a)(b)

    735,656       1,596,374  

Aeglea BioTherapeutics Inc.(a)

    331,968       2,639,146  

Affimed NV(a)

    912,856       5,641,450  

Agios Pharmaceuticals Inc.(a)(b)

    477,112       22,018,719  

Akebia Therapeutics Inc.(a)(b)

    1,364,348       3,929,322  

Akero Therapeutics Inc.(a)(b)

    178,922       3,998,907  

Alector Inc.(a)(b)

    462,518       10,554,661  

Alkermes PLC(a)

    1,309,235       40,376,807  

Allakos Inc.(a)(b)

    279,682       29,609,933  

Allogene Therapeutics Inc.(a)(b)

    585,791       15,054,829  

Alnylam Pharmaceuticals Inc.(a)(b)

    965,504       182,296,810  

Altimmune Inc.(a)(b)

    278,701       3,152,108  

ALX Oncology Holdings Inc.(a)(b)

    161,229       11,908,374  

Amgen Inc.

    3,985,778       847,575,692  

Amicus Therapeutics Inc.(a)(b)

    2,143,255       20,468,085  

AnaptysBio Inc.(a)(b)

    208,853       5,664,093  

Annexon Inc.(a)

    218,828       4,072,389  

Apellis Pharmaceuticals Inc.(a)

    556,048       18,327,342  

Applied Molecular Transport Inc.(a)(b)

    203,387       5,261,622  

Applied Therapeutics Inc.(a)

    125,355       2,080,893  

Aprea Therapeutics Inc.(a)(b)

    114,610       585,657  

Arbutus Biopharma Corp.(a)

    661,015       2,835,754  

Arcturus Therapeutics Holdings Inc.(a)(b)

    176,983       8,456,248  

Arcus Biosciences Inc.(a)(b)

    349,797       12,197,421  

Arcutis Biotherapeutics Inc.(a)(b)

    224,793       5,370,305  

Ardelyx Inc.(a)(b)

    603,896       797,143  

Arena Pharmaceuticals Inc.(a)(b)

    499,153       29,724,561  

Argenx SE, ADR(a)(b)

    292,974       88,478,148  

Arrowhead Pharmaceuticals Inc.(a)

    794,116       49,576,662  

Ascendis Pharma A/S, ADR(a)(b)

    295,624       47,119,509  

Assembly Biosciences Inc.(a)

    348,769       1,213,716  

Atara Biotherapeutics Inc.(a)(b)

    669,898       11,991,174  

Athenex Inc.(a)(b)

    703,486       2,117,493  

Atreca Inc., Class A(a)(b)

    235,376       1,466,392  

Avidity Biosciences Inc.(a)(b)

    327,614       8,069,133  

Avrobio Inc.(a)

    305,482       1,704,590  

Beam Therapeutics Inc.(a)(b)

    398,017       34,631,459  

BeiGene Ltd., ADR(a)(b)

    423,728       153,813,264  

BioCryst Pharmaceuticals Inc.(a)(b)

    1,452,872       20,877,771  

Biogen Inc.(a)

    1,219,172       345,013,484  

Biohaven Pharmaceutical Holding Co. Ltd.(a)

    470,782       65,396,328  

BioMarin Pharmaceutical Inc.(a)(b)

    1,492,592       115,362,436  

BioNTech SE, ADR(a)(b)

    1,380,158       376,769,332  

Black Diamond Therapeutics Inc.(a)(b)

    204,474       1,729,850  

Bluebird Bio Inc.(a)(b)

    540,744       10,333,618  

Blueprint Medicines Corp.(a)(b)

    474,044       48,736,464  

Bridgebio Pharma Inc.(a)(b)

    866,283       40,602,684  

Cabaletta Bio Inc.(a)

    123,103       1,496,932  

Calithera Biosciences Inc.(a)(b)

    578,176       1,260,424  

CareDx Inc.(a)(b)

    423,403       26,831,048  

Cellectis SA, ADR(a)(b)

    259,016       3,266,192  

CEL-SCI Corp.(a)(b)

    339,308       3,728,995  
Security   Shares     Value  
Biotechnology (continued)            

ChemoCentryx Inc.(a)(b)

    437,565     $ 7,482,361  

Chinook Therapeutics Inc.(a)(b)

    220,930       2,819,067  

Clovis Oncology Inc.(a)(b)

    934,482       4,167,790  

Cogent Biosciences Inc.(a)(b)

    274,430       2,307,956  

Coherus Biosciences Inc.(a)(b)

    583,530       9,377,327  

Concert Pharmaceuticals Inc.(a)

    256,812       839,775  

Cortexyme Inc.(a)(b)

    121,814       11,165,471  

Crinetics Pharmaceuticals Inc.(a)

    229,852       4,838,385  

CRISPR Therapeutics AG(a)(b)

    547,245       61,253,133  

Cytokinetics Inc.(a)(b)

    646,981       23,123,101  

CytomX Therapeutics Inc.(a)

    515,513       2,623,961  

Deciphera Pharmaceuticals Inc.(a)

    295,165       10,029,707  

Denali Therapeutics Inc.(a)(b)

    674,632       34,035,184  

Dicerna Pharmaceuticals Inc.(a)(b)

    559,151       11,272,484  

Eagle Pharmaceuticals Inc./DE(a)(b)

    93,037       5,189,604  

Editas Medicine Inc.(a)(b)

    559,183       22,971,238  

Eiger BioPharmaceuticals Inc.(a)

    251,907       1,682,739  

Emergent BioSolutions Inc.(a)(b)

    397,043       19,879,943  

Enanta Pharmaceuticals Inc.(a)(b)

    146,695       8,333,743  

Epizyme Inc.(a)(b)

    746,644       3,822,817  

Exelixis Inc.(a)

    2,520,816       53,290,050  

Fate Therapeutics Inc.(a)(b)

    732,142       43,394,056  

FibroGen Inc.(a)(b)

    694,107       7,093,774  

Flexion Therapeutics Inc.(a)(b)

    342,713       2,090,549  

Forma Therapeutics Holdings Inc.(a)(b)

    311,807       7,230,804  

Frequency Therapeutics Inc.(a)(b)

    256,834       1,813,248  

G1 Therapeutics Inc.(a)(b)

    277,217       3,720,252  

Galapagos NV, ADR(a)(b)

    375,548       19,757,580  

Gamida Cell Ltd.(a)(b)

    334,765       1,312,279  

Generation Bio Co.(a)(b)

    368,195       9,230,649  

Genmab A/S, ADR(a)(b)

    3,778,210       165,107,777  

Geron Corp.(a)(b)

    2,540,493       3,480,475  

Gilead Sciences Inc.

    10,280,345       718,082,098  

Global Blood Therapeutics Inc.(a)(b)

    498,615       12,704,710  

Gossamer Bio Inc.(a)(b)

    449,599       5,651,459  

Grifols SA, ADR

    1,503,464       21,965,609  

Halozyme Therapeutics Inc.(a)(b)

    1,147,482       46,679,568  

Harpoon Therapeutics Inc.(a)

    164,927       1,302,923  

Homology Medicines Inc.(a)(b)

    327,914       2,580,683  

Ideaya Biosciences Inc.(a)

    255,589       6,514,964  

IGM Biosciences Inc.(a)(b)

    118,166       7,770,596  

I-Mab, ADR(a)

    442,147       32,051,236  

Immunic Inc.(a)

    145,726       1,289,675  

ImmunityBio Inc.(a)(b)

    558,895       5,443,637  

ImmunoGen Inc.(a)(b)

    1,544,550       8,757,598  

Immunovant Inc.(a)(b)

    332,079       2,885,767  

Incyte Corp.(a)

    1,796,080       123,534,382  

Inovio Pharmaceuticals Inc.(a)(b)

    1,697,987       12,157,587  

Inozyme Pharma Inc.(a)(b)

    84,511       979,482  

Insmed Inc.(a)(b)

    913,885       25,168,393  

Intellia Therapeutics Inc.(a)(b)

    543,167       72,865,853  

Intercept Pharmaceuticals Inc.(a)(b)

    223,628       3,320,876  

Invitae Corp.(a)(b)

    1,755,524       49,909,547  

Ionis Pharmaceuticals Inc.(a)(b)

    1,145,321       38,414,066  

Iovance Biotherapeutics Inc.(a)(b)

    1,109,745       27,366,312  

Ironwood Pharmaceuticals Inc.(a)(b)

    1,303,937       17,029,417  

iTeos Therapeutics Inc.(a)(b)

    245,499       6,628,473  

IVERIC bio Inc.(a)

    810,257       13,158,574  

Jounce Therapeutics Inc.(a)

    251,267       1,866,914  

Kadmon Holdings Inc.(a)(b)

    1,364,537       11,885,117  

 

 

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

  11


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Biotechnology ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Biotechnology (continued)            

KalVista Pharmaceuticals Inc.(a)

    183,268     $ 3,198,027  

Karuna Therapeutics Inc.(a)(b)

    173,746       21,254,348  

Karyopharm Therapeutics Inc.(a)(b)

    528,055       3,073,280  

Keros Therapeutics Inc.(a)(b)

    107,791       4,264,212  

Kezar Life Sciences Inc.(a)

    323,578       2,795,714  

Kiniksa Pharmaceuticals Ltd., Class A(a)(b)

    250,209       2,849,881  

Kodiak Sciences Inc.(a)(b)

    376,399       36,126,776  

Krystal Biotech Inc.(a)(b)

    131,886       6,885,768  

Kura Oncology Inc.(a)(b)

    500,929       9,382,400  

Larimar Therapeutics Inc.(a)(b)

    133,168       1,535,427  

Legend Biotech Corp., ADR(a)(b)

    813,071       41,108,870  

Ligand Pharmaceuticals Inc.(a)(b)

    130,188       18,137,792  

MacroGenics Inc.(a)(b)

    485,437       10,165,051  

Madrigal Pharmaceuticals Inc.(a)

    91,297       7,284,588  

Magenta Therapeutics Inc.(a)

    332,665       2,421,801  

MannKind Corp.(a)(b)

    1,926,934       8,382,163  

MediciNova Inc.(a)(b)

    387,063       1,466,969  

MeiraGTx Holdings PLC(a)

    260,179       3,429,159  

Mersana Therapeutics Inc.(a)(b)

    518,530       4,889,738  

Mesoblast Ltd., SP ADR(a)(b)

    746,277       4,485,125  

Mirati Therapeutics Inc.(a)(b)

    390,248       69,038,774  

Moderna Inc.(a)(b)

    2,386,346       918,409,122  

MorphoSys AG, ADR(a)(b)

    787,820       9,264,763  

Myovant Sciences Ltd.(a)(b)

    330,853       7,424,341  

Myriad Genetics Inc.(a)(b)

    622,070       20,086,640  

Natera Inc.(a)

    692,247       77,144,006  

Neoleukin Therapeutics Inc.(a)

    266,282       1,925,219  

Neurocrine Biosciences Inc.(a)

    754,179       72,333,308  

NextCure Inc.(a)(b)

    127,226       857,503  

Nkarta Inc.(a)(b)

    142,851       3,972,686  

Novavax Inc.(a)(b)

    604,486       125,315,993  

NuCana PLC, ADR(a)(b)

    237,259       612,128  

Nurix Therapeutics Inc.(a)

    276,804       8,293,048  

OPKO Health Inc.(a)(b)

    3,359,686       12,262,854  

Orchard Therapeutics PLC, ADR(a)(b)

    625,523       1,438,703  

ORIC Pharmaceuticals Inc.(a)(b)

    244,700       5,116,677  

Ovid therapeutics Inc.(a)(b)

    384,030       1,290,341  

Passage Bio Inc.(a)

    202,782       2,019,709  

Poseida Therapeutics Inc.(a)(b)

    279,180       2,035,222  

Precigen Inc.(a)(b)

    811,701       4,050,388  

Precision BioSciences Inc.(a)(b)

    398,237       4,595,655  

Protagonist Therapeutics Inc.(a)

    344,434       6,103,370  

Prothena Corp. PLC(a)

    369,601       26,326,679  

PTC Therapeutics Inc.(a)(b)

    560,388       20,852,037  

Puma Biotechnology Inc.(a)

    277,462       1,945,009  

Radius Health Inc.(a)(b)

    385,763       4,787,319  

RAPT Therapeutics Inc.(a)

    179,595       5,576,425  

Regeneron Pharmaceuticals Inc.(a)(b)

    838,769       507,606,223  

REGENXBIO Inc.(a)(b)

    297,610       12,475,811  

Relay Therapeutics Inc.(a)(b)

    459,523       14,488,760  

Repare Therapeutics Inc.(a)

    164,167       4,307,742  

Replimune Group Inc.(a)(b)

    240,683       7,133,844  

REVOLUTION Medicines Inc.(a)(b)

    469,549       12,917,293  

Rhythm Pharmaceuticals Inc.(a)(b)

    351,675       4,592,875  

Rigel Pharmaceuticals Inc.(a)(b)

    1,400,379       5,083,376  

Rocket Pharmaceuticals Inc.(a)(b)

    500,067       14,947,003  

Rubius Therapeutics Inc.(a)(b)

    369,745       6,611,041  

Sage Therapeutics Inc.(a)(b)

    423,048       18,745,257  

Sangamo Therapeutics Inc.(a)(b)

    985,961       8,883,509  

Sarepta Therapeutics Inc.(a)(b)

    621,206       57,449,131  
Security   Shares     Value  
Biotechnology (continued)            

Scholar Rock Holding Corp.(a)(b)

    225,543     $ 7,447,430  

Seagen Inc.(a)(b)

    1,477,511       250,881,368  

Selecta Biosciences Inc.(a)(b)

    669,652       2,785,752  

Seres Therapeutics Inc.(a)(b)

    555,552       3,866,642  

Spectrum Pharmaceuticals Inc.(a)(b)

    1,308,495       2,852,519  

Spero Therapeutics Inc.(a)(b)

    202,371       3,725,650  

SpringWorks Therapeutics Inc.(a)

    258,534       16,401,397  

Stoke Therapeutics Inc.(a)

    162,465       4,133,110  

Surface Oncology Inc.(a)(b)

    314,449       2,380,379  

Sutro Biopharma Inc.(a)(b)

    296,886       5,608,177  

Syndax Pharmaceuticals Inc.(a)(b)

    353,722       6,759,627  

Syros Pharmaceuticals Inc.(a)(b)

    321,717       1,438,075  

TCR2 Therapeutics Inc.(a)

    261,036       2,221,416  

Tiziana Life Sciences PLC., ADR (a)(b)

    550,731       804,067  

Travere Therapeutics Inc.(a)(b)

    492,070       11,932,697  

Turning Point Therapeutics Inc.(a)

    353,340       23,472,376  

Twist Bioscience Corp.(a)(b)

    363,146       38,845,728  

Ultragenyx Pharmaceutical Inc.(a)(b)

    516,987       46,627,058  

uniQure NV(a)(b)

    287,266       9,195,385  

United Therapeutics Corp.(a)(b)

    360,234       66,491,992  

UNITY Biotechnology Inc.(a)(b)

    299,330       897,990  

UroGen Pharma Ltd.(a)(b)

    152,559       2,566,042  

Vanda Pharmaceuticals Inc.(a)

    439,686       7,536,218  

Veracyte Inc.(a)(b)

    574,866       26,702,526  

Verastem Inc.(a)(b)

    1,461,455       4,501,281  

Vertex Pharmaceuticals Inc.(a)(b)

    2,115,245       383,684,291  

Vir Biotechnology Inc.(a)(b)

    558,128       24,289,731  

Voyager Therapeutics Inc.(a)(b)

    199,616       524,990  

XBiotech Inc.

    150,550       1,949,622  

Xencor Inc.(a)

    475,248       15,521,600  

Xenon Pharmaceuticals Inc.(a)(b)

    309,942       4,735,914  

Y-mAbs Therapeutics Inc.(a)(b)

    282,397       8,059,610  

Zai Lab Ltd., ADR(a)

    542,922       57,218,550  

Zentalis Pharmaceuticals Inc.(a)

    328,208       21,871,781  

ZIOPHARM Oncology Inc.(a)(b)

    1,593,170       2,899,569  

Zymeworks Inc.(a)(b)

    375,313       10,899,090  
   

 

 

 
      8,075,076,309  
Chemicals — 0.2%            

Amyris Inc.(a)(b)

    1,421,590       19,518,431  
   

 

 

 
Health Care Equipment & Supplies — 0.9%            

Cerus Corp.(a)(b)

    1,368,389       8,333,489  

Meridian Bioscience Inc.(a)(b)

    351,368       6,760,320  

Novocure Ltd.(a)(b)

    730,543       84,867,180  
   

 

 

 
      99,960,989  
Health Care Providers & Services — 1.2%            

Castle Biosciences Inc.(a)(b)

    181,053       12,040,025  

Fulgent Genetics Inc.(a)(b)

    156,731       14,097,953  

Guardant Health Inc.(a)(b)

    779,193       97,406,917  
   

 

 

 
      123,544,895  
Life Sciences Tools & Services — 19.0%            

10X Genomics Inc., Class A(a)(b)

    665,156       96,833,410  

Adaptive Biotechnologies Corp.(a)(b)

    1,138,444       38,695,712  

Berkeley Lights Inc.(a)(b)

    401,908       7,861,320  

Bio-Techne Corp.

    316,587       153,408,563  

Bruker Corp.

    832,382       65,009,034  

Charles River Laboratories International
Inc.(a)(b)

    407,106       168,000,433  

Codexis Inc.(a)(b)

    513,087       11,934,404  

Compugen Ltd.(a)(b)

    693,878       4,142,452  

 

 

12  

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


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Biotechnology ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Life Sciences Tools & Services (continued)  

Fluidigm Corp.(a)(b)

    576,750     $ 3,800,782  

Illumina Inc.(a)

    983,147       398,774,255  

IQVIA Holdings Inc.(a)

    1,556,237       372,781,011  

Medpace Holdings Inc.(a)(b)

    237,842       45,018,734  

Mettler-Toledo International Inc.(a)(b)

    186,854       257,365,225  

NanoString Technologies Inc.(a)(b)

    364,364       17,493,116  

Pacific Biosciences of California Inc.(a)(b)

    1,560,373       39,867,530  

Personalis Inc.(a)

    289,015       5,560,649  

Quanterix Corp.(a)

    264,481       13,168,509  

Repligen Corp.(a)

    418,558       120,959,076  

Waters Corp.(a)(b)

    500,690       178,896,537  
   

 

 

 
      1,999,570,752  
Pharmaceuticals — 1.8%  

Arvinas Inc.(a)

    323,784       26,608,569  

Axsome Therapeutics Inc.(a)(b)

    243,017       8,009,840  

Cara Therapeutics Inc.(a)(b)

    329,713       5,094,066  

Cymabay Therapeutics Inc.(a)(b)

    521,026       1,901,745  

Esperion Therapeutics Inc.(a)(b)

    225,658       2,719,179  

Fulcrum Therapeutics Inc.(a)

    235,331       6,638,688  

Intra-Cellular Therapies Inc.(a)(b)

    595,697       22,207,584  

Kala Pharmaceuticals Inc.(a)(b)

    426,542       1,117,540  

Kaleido Biosciences Inc.(a)(b)

    162,458       887,021  

Marinus Pharmaceuticals Inc.(a)(b)

    264,570       3,010,807  

Nektar Therapeutics(a)(b)

    1,490,696       26,772,900  

NGM Biopharmaceuticals Inc.(a)

    207,563       4,362,974  

Odonate Therapeutics Inc.(a)(b)

    308,232       896,955  

Omeros Corp.(a)(b)

    491,739       6,781,081  

Pliant Therapeutics Inc.(a)(b)

    203,932       3,442,372  

Provention Bio Inc.(a)(b)

    414,226       2,651,046  

Reata Pharmaceuticals Inc., Class A(a)(b)

    243,844       24,533,145  

Redhill Biopharma Ltd., ADR(a)(b)

    263,468       1,206,684  

Relmada Therapeutics Inc.(a)

    128,344       3,363,896  

Restorbio Inc.

    50,900       55,896  

Revance Therapeutics Inc.(a)(b)

    562,849       15,680,973  

SIGA Technologies Inc.(a)(b)

    354,982       2,623,317  

Supernus Pharmaceuticals Inc.(a)(b)

    420,229       11,207,508  

Theravance Biopharma Inc.(a)(b)

    446,121       3,301,295  

Tricida Inc.(a)(b)

    244,095       1,132,601  

Veritex Holdings Inc., ADR(a)(b)

    245,594       1,345,855  

WaVe Life Sciences Ltd.(a)

    395,378       1,937,352  
   

 

 

 
      189,490,889  
   

 

 

 

Total Common Stocks — 99.9%
(Cost: $11,460,073,418)

 

    10,507,162,265  
   

 

 

 
Security   Shares     Value  

Short-Term Investments

 

Money Market Funds — 8.4%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(d)(e)(f)

    865,866,449     $ 866,299,382  

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)

    17,710,000       17,710,000  
   

 

 

 
      884,009,382  
   

 

 

 

Total Short-Term Investments — 8.4%
(Cost: $883,503,205)

 

    884,009,382  
   

 

 

 

Total Investments Before Investments Sold Short — 108.3%
(Cost: $12,343,576,623)

 

    11,391,171,647  

Investments In Securities Sold Short

 

Common Stocks — (0.0%)  

PDL BioPharma Inc.(a)(c)

    (4,374     (9,183
   

 

 

 

Total Investments Sold Short
(Proceeds $(10,702))

 

    (9,183
   

 

 

 

Total Investments, Net of Investments Sold Short — 108.3%
(Cost: $12,343,565,921)

 

    11,391,162,464  

Other Assets, Less Liabilities — (8.3)%

 

    (876,493,709
   

 

 

 

Net Assets — 100.0%

    $   10,514,668,755  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

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

(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.

 

 

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

  13


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Biotechnology ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
03/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
09/30/21
    Shares
Held at
09/30/21
    Income     Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 1,133,003,134     $     $ (266,606,257 )(a)    $ 76,897     $ (174,392   $ 866,299,382       865,866,449     $ 1,351,160 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    24,820,000             (7,110,000 )(a)                   17,710,000       17,710,000       594        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 76,897     $ (174,392   $ 884,009,382       $ 1,351,754     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

                 

E-Mini Health Care Sector Index

     34          12/17/21        $ 4,364        $ (167,686

Russell 2000 E-Mini Index

     18          12/17/21          1,981          (36,140
                 

 

 

 
                  $ (203,826
                 

 

 

 

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:

 

      Equity
Contracts
 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts(a)

   $ 203,826  
  

 

 

 

 

  (a) 

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

 

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 35,215  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (153,756
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 6,721,103  

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

 

 

14   2 0 2 1   IH A R E S  E M I - A N N U A L  E P O R T   T O  H A R E H O L D E R S


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Biotechnology ETF

 

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

                 

Common Stocks

   $ 10,507,104,477        $ 55,896        $ 1,892        $ 10,507,162,265  

Money Market Funds

     884,009,382                            884,009,382  

Liabilities

                 

Common Stocks

                       (9,183        (9,183
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 11,391,113,859        $         55,896        $             (7,291      $ 11,391,162,464  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (203,826      $        $        $ (203,826
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

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

  15


Schedule of Investments (unaudited) 

September 30, 2021

  

iShares® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Communications Equipment — 2.5%  

Arista Networks Inc.(a)

    14,502     $ 4,983,467  

Calix Inc.(a)

    13,905       687,324  

Cambium Networks Corp.(a)

    2,883       104,336  

Ciena Corp.(a)

    39,795       2,043,473  

Cisco Systems Inc.

    1,090,081       59,333,109  

CommScope Holding Co. Inc.(a)

    53,934       732,963  

Extreme Networks Inc.(a)

    32,782       322,903  

F5 Networks Inc.(a)

    15,502       3,081,488  

Harmonic Inc.(a)

    27,605       241,544  

Infinera Corp.(a)(b)

    51,807       431,034  

Inseego Corp.(a)(b)

    15,995       106,527  

Juniper Networks Inc.

    83,512       2,298,250  

Lumentum Holdings Inc.(a)

    19,844       1,657,768  

Motorola Solutions Inc.

    43,845       10,186,070  

NETGEAR Inc.(a)

    8,132       259,492  

NetScout Systems Inc.(a)

    18,811       506,957  

Plantronics Inc.(a)

    9,708       249,593  

Ribbon Communications Inc.(a)

    32,507       194,392  

Ubiquiti Inc.

    1,626       485,637  

Viasat Inc.(a)(b)

    18,986       1,045,559  

Viavi Solutions Inc.(a)

    60,033       944,919  
   

 

 

 
      89,896,805  
Diversified Telecommunication Services — 0.0%  

EchoStar Corp., Class A(a)(b)

    11,220       286,222  
   

 

 

 
Electronic Equipment, Instruments & Components — 2.5%  

Advanced Energy Industries Inc.

    10,031       880,220  

Amphenol Corp., Class A

    154,894       11,342,888  

Arrow Electronics Inc.(a)

    18,596       2,088,145  

Avnet Inc.

    25,910       957,893  

Badger Meter Inc.

    7,635       772,204  

Belden Inc.

    11,519       671,097  

Benchmark Electronics Inc.

    9,637       257,404  

CDW Corp./DE

    35,603       6,480,458  

Celestica Inc.(a)(b)

    28,626       254,199  

Cognex Corp.

    45,495       3,649,609  

Coherent Inc.(a)

    6,350       1,588,071  

Corning Inc.

    199,028       7,262,532  

Fabrinet(a)

    9,584       982,456  

II-VI Inc.(a)(b)

    27,190       1,613,998  

Insight Enterprises Inc.(a)(b)

    9,204       829,096  

IPG Photonics Corp.(a)

    9,151       1,449,518  

Itron Inc.(a)

    11,819       893,871  

Jabil Inc.

    37,761       2,204,110  

Keysight Technologies Inc.(a)

    47,703       7,837,126  

Knowles Corp.(a)

    24,404       457,331  

Littelfuse Inc.

    6,385       1,744,829  

Methode Electronics Inc.

    9,649       405,740  

MicroVision Inc.(a)(b)

    41,079       453,923  

National Instruments Corp.

    34,407       1,349,787  

Novanta Inc.(a)(b)

    9,221       1,424,644  

OSI Systems Inc.(a)

    4,327       410,200  

PAR Technology Corp.(a)(b)

    6,215       382,285  

Plexus Corp.(a)

    7,137       638,119  

Rogers Corp.(a)

    4,898       913,379  

Sanmina Corp.(a)(b)

    17,065       657,685  

SYNNEX Corp.

    10,808       1,125,113  

TE Connectivity Ltd.

    84,931       11,654,232  
Security   Shares     Value  
Electronic Equipment, Instruments & Components (continued)  

Trimble Inc.(a)

    64,935     $ 5,340,904  

TTM Technologies Inc.(a)(b)

    25,826       324,633  

Velodyne Lidar Inc.(a)(b)

    25,319       149,888  

Vishay Intertechnology Inc.

    34,295       688,986  

Vontier Corp.

    43,970       1,477,392  

Zebra Technologies Corp., Class A(a)

    13,828       7,127,228  
   

 

 

 
      88,741,193  
Entertainment — 2.9%  

Activision Blizzard Inc.

    201,379       15,584,721  

Electronic Arts Inc.

    73,689       10,482,260  

Netflix Inc.(a)

    114,486       69,875,385  

Skillz Inc.(a)(b)

    65,464       642,857  

Take-Two Interactive Software Inc.(a)

    30,075       4,633,655  

Zynga Inc., Class A(a)

    263,324       1,982,830  
   

 

 

 
      103,201,708  
Interactive Media & Services — 15.9%  

Alphabet Inc., Class A(a)

    58,431       156,216,447  

Alphabet Inc., Class C, NVS(a)

    54,678       145,733,820  

Bumble Inc., Class A(a)(b)

    18,334       916,333  

Cargurus Inc.(a)

    22,387       703,176  

Eventbrite Inc., Class A(a)

    19,475       368,272  

Facebook Inc., Class A(a)

    616,617       209,273,644  

fuboTV Inc.(a)(b)

    36,683       878,925  

IAC/InterActiveCorp.(a)

    21,688       2,825,729  

Match Group Inc.(a)

    71,677       11,252,572  

MediaAlpha Inc., Class A(a)

    5,722       106,887  

Pinterest Inc., Class A(a)

    143,757       7,324,419  

Snap Inc., Class A, NVS(a)

    270,738       19,999,416  

TripAdvisor Inc.(a)

    25,214       853,494  

Twitter Inc.(a)

    206,625       12,478,084  

Vimeo Inc.(a)(b)

    40,269       1,182,701  

Yelp Inc.(a)

    18,240       679,258  

Zillow Group Inc., Class A(a)

    9,524       843,636  

Zillow Group Inc., Class C, NVS(a)(b)

    43,825       3,862,735  

ZoomInfo Technologies Inc., Class A(a)

    46,773       2,862,040  
   

 

 

 
      578,361,588  
Internet & Direct Marketing Retail — 9.3%  

Amazon.com Inc.(a)

    93,628       307,571,725  

Chewy Inc., Class A(a)(b)

    22,400       1,525,664  

eBay Inc.

    168,312       11,726,297  

Etsy Inc.(a)

    32,776       6,816,097  

Groupon Inc.(a)(b)

    5,971       136,199  

Overstock.com Inc.(a)(b)

    11,144       868,341  

Porch Group Inc.(a)

    19,511       344,954  

Qurate Retail Inc., Series A

    94,885       966,878  

RealReal Inc. (The)(a)

    20,865       275,001  

Revolve Group Inc.(a)

    9,303       574,646  

Shutterstock Inc.

    5,935       672,554  

Stamps.com Inc.(a)

    4,805       1,584,641  

Stitch Fix Inc., Class A(a)

    18,595       742,870  

Wayfair Inc., Class A(a)(b)

    20,025       5,116,588  
   

 

 

 
      338,922,455  
IT Services — 17.1%  

Accenture PLC, Class A

    164,031       52,476,798  

Affirm Holdings Inc.(a)

    24,075       2,868,055  

Akamai Technologies Inc.(a)(b)

    42,163       4,409,828  

Alliance Data Systems Corp.

    12,928       1,304,306  

Automatic Data Processing Inc.

    109,362       21,863,651  

Broadridge Financial Solutions Inc.

    29,971       4,994,367  

 

 

16  

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


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
IT Services (continued)  

CGI Inc.(a)(b)

    56,708     $ 4,806,570  

Cloudflare Inc., Class A(a)

    68,214       7,684,307  

Cognizant Technology Solutions Corp., Class A

    136,097       10,099,758  

Concentrix Corp.(a)

    11,088       1,962,576  

Conduent Inc.(a)

    38,940       256,615  

CSG Systems International Inc

    8,633       416,111  

DXC Technology Co.(a)

    65,227       2,192,279  

EPAM Systems Inc.(a)

    14,672       8,370,083  

Euronet Worldwide Inc.(a)

    13,713       1,745,391  

EVERTEC Inc.

    15,229       696,270  

ExlService Holdings Inc.(a)

    8,530       1,050,214  

Fastly Inc., Class A(a)(b)

    27,475       1,111,089  

Fidelity National Information Services Inc.

    159,636       19,424,509  

Fiserv Inc.(a)(b)

    153,977       16,706,505  

FleetCor Technologies Inc.(a)

    21,390       5,588,565  

Gartner Inc.(a)

    21,660       6,582,041  

Genpact Ltd.

    44,489       2,113,672  

Global Payments Inc.

    76,063       11,986,008  

GoDaddy Inc., Class A(a)

    43,494       3,031,532  

International Business Machines Corp.

    231,812       32,205,641  

Jack Henry & Associates Inc.

    19,316       3,168,983  

LiveRamp Holdings Inc.(a)

    17,389       821,282  

Mastercard Inc., Class A

    225,341       78,346,559  

Maximus Inc.

    16,097       1,339,270  

MongoDB Inc.(a)(b)

    16,738       7,892,134  

Okta Inc.(a)

    32,373       7,683,408  

Paychex Inc.

    82,925       9,324,916  

PayPal Holdings Inc.(a)

    303,944       79,089,268  

Perficient Inc.(a)(b)

    8,602       995,251  

Repay Holdings Corp.(a)(b)

    19,463       448,233  

Sabre Corp.(a)

    83,724       991,292  

Shift4 Payments Inc., Class A(a)(b)

    12,230       948,070  

Shopify Inc., Class A(a)(b)

    29,198       39,586,064  

Snowflake Inc., Class A(a)(b)

    58,923       17,820,083  

SolarWinds Corp.

    9,348       156,392  

Square Inc., Class A(a)

    102,757       24,645,239  

Switch Inc., Class A

    32,708       830,456  

TTEC Holdings Inc.

    4,777       446,793  

Twilio Inc., Class A(a)

    43,225       13,790,936  

Unisys Corp.(a)

    17,432       438,240  

VeriSign Inc.(a)

    25,203       5,166,867  

Verra Mobility Corp.(a)(b)

    35,315       532,197  

Visa Inc., Class A

    436,540       97,239,285  

Western Union Co. (The)

    104,389       2,110,746  

WEX Inc.(a)

    11,636       2,049,565  
   

 

 

 
      621,808,270  
Semiconductors & Semiconductor Equipment — 16.0%  

Advanced Micro Devices Inc.(a)

    313,724       32,282,200  

Allegro MicroSystems Inc.(a)

    14,241       455,142  

Ambarella Inc.(a)

    9,432       1,468,940  

Amkor Technology Inc.

    25,298       631,185  

Analog Devices Inc.

    139,066       23,290,774  

Applied Materials Inc.

    236,392       30,430,742  

Broadcom Inc.

    106,122       51,461,742  

Brooks Automation Inc.

    19,354       1,980,882  

Cirrus Logic Inc.(a)

    14,756       1,215,157  

CMC Materials Inc.

    7,624       939,506  

Cohu Inc.(a)

    12,593       402,220  

Diodes Inc.(a)

    11,643       1,054,739  

Enphase Energy Inc.(a)

    34,859       5,227,804  
Security   Shares     Value  
Semiconductors & Semiconductor Equipment (continued)  

Entegris Inc.

    34,960     $ 4,401,464  

First Solar Inc.(a)

    25,603       2,444,062  

FormFactor Inc.(a)

    20,286       757,276  

Ichor Holdings Ltd.(a)

    7,302       300,039  

Intel Corp.

    1,049,417       55,912,938  

KLA Corp.

    39,550       13,229,871  

Kulicke & Soffa Industries Inc.

    16,051       935,452  

Lam Research Corp.

    36,836       20,965,209  

Lattice Semiconductor Corp.(a)

    35,105       2,269,538  

MACOM Technology Solutions Holdings Inc.(a)

    12,215       792,387  

Marvell Technology Inc.

    212,200       12,797,782  

MaxLinear Inc.(a)

    17,792       876,256  

Microchip Technology Inc.

    70,899       10,882,288  

Micron Technology Inc.

    290,994       20,654,754  

MKS Instruments Inc.

    14,224       2,146,544  

Monolithic Power Systems Inc.

    11,146       5,402,243  

NVIDIA Corp.

    644,601       133,535,543  

NXP Semiconductors NV

    68,653       13,447,063  

ON Semiconductor Corp.(a)

    111,046       5,082,575  

Onto Innovation Inc.(a)

    12,802       924,945  

Power Integrations Inc.

    15,691       1,553,252  

Qorvo Inc.(a)

    28,779       4,811,561  

QUALCOMM Inc.

    291,778       37,633,526  

Rambus Inc.(a)

    28,198       625,996  

Semtech Corp.(a)

    16,581       1,292,821  

Silicon Laboratories Inc.(a)

    10,570       1,481,491  

SiTime Corp.(a)

    3,240       661,511  

Skyworks Solutions Inc.

    42,717       7,038,907  

SolarEdge Technologies Inc.(a)

    13,515       3,584,448  

SunPower Corp.(a)

    20,972       475,645  

Synaptics Inc.(a)

    9,052       1,626,916  

Teradyne Inc.

    42,718       4,663,524  

Texas Instruments Inc.

    238,805       45,900,709  

Ultra Clean Holdings Inc.(a)

    11,393       485,342  

Universal Display Corp.

    11,264       1,925,693  

Xilinx Inc.

    63,930       9,652,791  
   

 

 

 
      582,013,395  
Software — 24.4%  

8x8 Inc.(a)(b)

    28,753       672,533  

ACI Worldwide Inc.(a)

    30,608       940,584  

Adobe Inc.(a)

    123,230       70,945,976  

Alarm.com Holdings Inc.(a)(b)

    12,022       940,000  

Altair Engineering Inc., Class A(a)(b)

    12,209       841,688  

Alteryx Inc., Class A(a)(b)

    15,225       1,112,947  

Anaplan Inc.(a)

    37,603       2,289,647  

ANSYS Inc.(a)

    22,564       7,681,914  

Appfolio Inc., Class A(a)

    4,894       589,238  

Appian Corp.(a)(b)

    10,231       946,470  

Asana Inc., Class A(a)

    20,215       2,099,126  

Aspen Technology Inc.(a)

    17,485       2,147,158  

Autodesk Inc.(a)

    56,971       16,246,420  

Avalara Inc.(a)

    22,417       3,917,819  

Avaya Holdings Corp.(a)

    21,806       431,541  

Bill.com Holdings Inc.(a)

    22,858       6,101,943  

Black Knight Inc.(a)

    40,510       2,916,720  

Blackbaud Inc.(a)

    10,885       765,760  

BlackBerry Ltd.(a)(b)

    131,000       1,274,630  

Blackline Inc.(a)(b)

    13,763       1,624,860  

Bottomline Technologies DE Inc.(a)

    10,186       400,106  

Box Inc., Class A(a)

    38,521       911,792  

 

 

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

  17


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  
Software (continued)  

BTRS Holdings Inc.(a)

    16,736      $ 178,071  

Cadence Design Systems Inc.(a)

    71,669        10,853,553  

CDK Global Inc.

    31,185        1,326,922  

Cerence Inc.(a)

    9,758        937,841  

Ceridian HCM Holding Inc.(a)

    34,925        3,933,253  

Citrix Systems Inc.

    32,287        3,466,655  

Cloudera Inc.(a)

    58,587        935,634  

CommVault Systems Inc.(a)

    11,718        882,483  

Cornerstone OnDemand Inc.(a)

    15,039        861,133  

Coupa Software Inc.(a)

    19,089        4,183,927  

Crowdstrike Holdings Inc., Class A(a)

    51,592        12,680,282  

Datadog Inc., Class A(a)

    62,077        8,774,584  

Descartes Systems Group Inc.
(The)(a)(b)

    22,147        1,799,665  

Digital Turbine Inc.(a)

    22,644        1,556,775  

DocuSign Inc.(a)

    50,450        12,987,343  

Dolby Laboratories Inc., Class A

    16,832        1,481,216  

Domo Inc., Class B(a)

    7,390        624,012  

Dropbox Inc., Class A(a)

    74,381        2,173,413  

Duck Creek Technologies Inc.(a)(b)

    19,440        860,026  

Dynatrace Inc.(a)

    50,793        3,604,779  

E2open Parent Holdings Inc.(a)

    44,968        508,138  

Elastic NV(a)

    18,481        2,753,484  

Envestnet Inc.(a)

    13,215        1,060,372  

Everbridge Inc.(a)

    9,795        1,479,437  

Fair Isaac Corp.(a)

    7,351        2,925,183  

Five9 Inc.(a)

    17,509        2,796,888  

Fortinet Inc.(a)

    35,101        10,250,896  

Guidewire Software Inc.(a)

    21,532        2,559,509  

HubSpot Inc.(a)

    11,563        7,817,629  

InterDigital Inc.

    7,835        531,370  

Intuit Inc.

    70,684        38,134,725  

J2 Global Inc.(a)(b)

    12,482        1,705,291  

Jamf Holding Corp.(a)(b)

    14,065        541,784  

Lightspeed Commerce Inc.(a)(b)

    32,382        3,122,596  

LivePerson Inc.(a)(b)

    16,900        996,255  

Mandiant Inc.

    61,698        1,098,224  

Manhattan Associates Inc.(a)

    16,404        2,510,304  

Marathon Digital Holdings Inc.(a)

    25,760        813,501  

McAfee Corp., Class A

    18,962        419,250  

Medallia Inc.(a)

    30,315        1,026,769  

Microsoft Corp.

    1,097,441        309,390,567  

MicroStrategy Inc., Class A(a)(b)

    2,027        1,172,417  

Mimecast Ltd.(a)

    15,831        1,006,852  

Momentive Global Inc.(a)

    33,232        651,347  

N-Able Inc.(a)(b)

    17,588        218,267  

NCR Corp.(a)

    33,728        1,307,297  

New Relic Inc.(a)

    15,113        1,084,660  

NortonLifeLock Inc.

    150,480        3,807,144  

Nuance Communications Inc.(a)

    74,057        4,076,097  

Nutanix Inc., Class A(a)

    53,136        2,003,227  

Open Text Corp.

    70,313        3,427,056  

Oracle Corp.

    426,099        37,126,006  

Pagerduty Inc.(a)(b)

    19,276        798,412  

Palantir Technologies Inc., Class A(a)

    405,871        9,757,139  

Palo Alto Networks Inc.(a)

    25,218        12,079,422  

Paycom Software Inc.(a)

    12,447        6,170,600  

Paylocity Holding Corp.(a)

    10,180        2,854,472  

Pegasystems Inc.

    10,368        1,317,773  

Ping Identity Holding Corp.(a)

    12,754        313,366  

Progress Software Corp.

    10,995        540,844  
Security   Shares      Value  
Software (continued)  

PROS Holdings Inc.(a)

    10,248      $ 363,599  

PTC Inc.(a)

    27,451        3,288,355  

Q2 Holdings Inc.(a)

    14,620        1,171,647  

QAD Inc., Class A

    3,032        264,966  

Qualtrics International Inc., Class A(a)

    16,339        698,329  

Qualys Inc.(a)

    8,791        978,350  

Rapid7 Inc.(a)(b)

    14,339        1,620,594  

RingCentral Inc., Class A(a)

    20,997        4,566,847  

Riot Blockchain Inc.(a)

    21,881        562,342  

SailPoint Technologies Holdings
Inc.(a)(b)

    23,834        1,022,002  

salesforce.com Inc.(a)

    251,304        68,158,671  

ServiceNow Inc.(a)

    51,239        31,884,492  

Smartsheet Inc., Class A(a)

    32,396        2,229,493  

Splunk Inc.(a)

    42,369        6,131,218  

Sprout Social Inc., Class A(a)

    11,672        1,423,400  

SPS Commerce Inc.(a)

    9,205        1,484,858  

SS&C Technologies Holdings Inc

    57,353        3,980,298  

Synopsys Inc.(a)

    39,507        11,828,791  

Telos Corp.(a)

    13,652        387,990  

Tenable Holdings Inc.(a)

    23,457        1,082,306  

Teradata Corp.(a)

    27,936        1,602,130  

Trade Desk Inc. (The), Class A(a)(b)

    112,140        7,883,442  

Tyler Technologies Inc.(a)

    10,593        4,858,479  

Varonis Systems Inc.(a)

    27,608        1,679,947  

Verint Systems Inc.(a)(b)

    17,142        767,790  

VMware Inc., Class A(a)

    20,813        3,094,893  

Vonage Holdings Corp.(a)

    65,215        1,051,266  

Wolfspeed Inc.

    29,776        2,403,816  

Workday Inc., Class A(a)

    48,940        12,229,617  

Workiva Inc.(a)(b)

    11,103        1,565,079  

Xperi Holding Corp.

    27,101        510,583  

Yext Inc.(a)(b)

    29,420        353,923  

Zendesk Inc.(a)

    30,859        3,591,679  

Zoom Video Communications Inc., Class A(a)

    55,975        14,637,462  

Zscaler Inc.(a)

    20,218        5,301,564  

Zuora Inc., Class A(a)(b)

    27,618        457,906  
    

 

 

 
       887,173,133  
Technology Hardware, Storage & Peripherals — 9.3%  

3D Systems Corp.(a)

    32,100        884,997  

Apple Inc.

    2,117,313        299,599,790  

Corsair Gaming Inc.(a)(b)

    8,501        220,431  

Dell Technologies Inc., Class C(a)

    71,878        7,478,187  

Hewlett Packard Enterprise Co

    336,824        4,799,742  

HP Inc.

    311,022        8,509,562  

NetApp Inc.

    57,994        5,205,541  

Pure Storage Inc., Class A(a)

    68,945        1,734,656  

Seagate Technology Holdings PLC

    54,220        4,474,234  

Super Micro Computer Inc.(a)

    11,151        407,792  

Western Digital Corp.(a)

    79,033        4,460,623  

Xerox Holdings Corp.

    35,587        717,790  
    

 

 

 
       338,493,345  
    

 

 

 

Total Common Stocks — 99.9%
(Cost: $2,071,246,316)

 

     3,628,898,114  
    

 

 

 
Short-Term Investments  
Money Market Funds — 1.9%  

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)

    64,891,637        64,924,083  

 

 

18  

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Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Expanded Tech Sector ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Money Market Funds (continued)            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)

    4,159,000     $ 4,159,000  
   

 

 

 
      69,083,083  
   

 

 

 

Total Short-Term Investments — 1.9%
(Cost: $69,049,168)

 

    69,083,083  
   

 

 

 

Total Investments in Securities — 101.8%
(Cost: $2,140,295,484)

 

    3,697,981,197  

Other Assets, Less Liabilities — (1.8)%

 

    (65,554,268
   

 

 

 

Net Assets — 100.0%

 

  $ 3,632,426,929  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(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 six months ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
03/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
09/30/21
    Shares
Held at
09/30/21
    Income     Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 43,347,251     $ 21,572,254 (a)    $     $ 7,001     $ (2,423   $ 64,924,083       64,891,637     $ 71,571 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    2,339,000       1,820,000 (a)                         4,159,000       4,159,000       158        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 7,001     $ (2,423   $ 69,083,083       $ 71,729     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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

                                   

E-Mini S&P Communication Services Index

     17        12/17/21      $ 1,782      $ (56,172

E-Mini Technoloy Select Sector Index

     10        12/17/21        1,505        (84,823
           

 

 

 
            $ (140,995
           

 

 

 

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:

 

      Equity
Contracts
 

Liabilities — Derivative Financial Instruments

  

Futures contracts

  

Unrealized depreciation on futures contracts

   $ 140,995  
  

 

 

 

 

 

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

  19


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Expanded Tech Sector ETF

 

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 386,240  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ (139,166
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 2,761,558  

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

                 

Common Stocks

   $ 3,628,898,114        $        $        $ 3,628,898,114  

Money Market Funds

     69,083,083                            69,083,083  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 3,697,981,197        $                 —        $                 —        $ 3,697,981,197  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Liabilities

                 

Futures Contracts

   $ (140,995      $        $        $ (140,995
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a) 

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

See notes to financial statements.

 

 

20  

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Schedule of Investments (unaudited)

September 30, 2021

  

iShares® Expanded Tech-Software Sector ETF

(Percentages shown are based on Net Assets)

 

Security   Shares      Value  

Common Stocks

 

Application Software — 62.4%  

8x8 Inc.(a)

    243,159      $ 5,687,489  

ACI Worldwide Inc.(a)

    255,103        7,839,315  

Adobe Inc.(a)

    745,036        428,932,126  

Alarm.com Holdings Inc.(a)

    99,449        7,775,917  

Altair Engineering Inc., Class A(a)(b)

    101,069        6,967,697  

Alteryx Inc., Class A(a)

    128,850        9,418,935  

Anaplan Inc.(a)

    313,521        19,090,294  

ANSYS Inc.(a)

    189,007        64,347,433  

Appfolio Inc., Class A(a)(b)

    40,947        4,930,019  

Asana Inc., Class A(a)

    169,117        17,561,109  

Aspen Technology Inc.(a)

    147,263        18,083,896  

Autodesk Inc.(a)

    476,397        135,854,132  

Avalara Inc.(a)

    186,979        32,678,320  

Avaya Holdings Corp.(a)

    182,423        3,610,151  

Bill.com Holdings Inc.(a)(b)

    191,085        51,010,141  

Blackbaud Inc.(a)

    91,352        6,426,613  

Blackline Inc.(a)

    115,141        13,593,546  

Bottomline Technologies DE Inc.(a)

    85,672        3,365,196  

Box Inc., Class A(a)

    332,544        7,871,316  

BTRS Holdings Inc.(a)(b)

    156,625        1,666,490  

Cadence Design Systems Inc.(a)

    599,208        90,744,060  

CDK Global Inc.

    263,787        11,224,137  

Cerence Inc.(a)(b)

    82,328        7,912,544  

Ceridian HCM Holding Inc.(a)

    292,171        32,904,298  

Citrix Systems Inc.

    269,115        28,894,878  

Cloudera Inc.(a)

    483,982        7,729,193  

Cornerstone OnDemand Inc.(a)

    125,804        7,203,537  

Coupa Software Inc.(a)

    159,271        34,909,018  

Datadog Inc., Class A(a)

    518,934        73,351,321  

Descartes Systems Group Inc. (The)(a)(b)

    183,308        14,895,608  

Digital Turbine Inc.(a)(b)

    189,430        13,023,313  

DocuSign Inc.(a)

    421,846        108,595,816  

Domo Inc., Class B(a)

    61,556        5,197,789  

Dropbox Inc., Class A(a)

    622,876        18,200,437  

Duck Creek Technologies Inc.(a)(b)

    162,630        7,194,751  

Dynatrace Inc.(a)

    424,918        30,156,430  

E2open Parent Holdings Inc.(a)

    376,192        4,250,970  

Elastic NV(a)

    154,607        23,034,897  

Envestnet Inc.(a)

    108,970        8,743,753  

Everbridge Inc.(a)

    83,146        12,558,372  

Fair Isaac Corp.(a)

    61,492        24,469,512  

Five9 Inc.(a)

    146,650        23,425,871  

Guidewire Software Inc.(a)(b)

    180,130        21,412,053  

HubSpot Inc.(a)(b)

    96,731        65,398,862  

InterDigital Inc.

    66,800        4,530,376  

Intuit Inc.

    591,696        319,225,909  

J2 Global Inc.(a)(b)

    104,559        14,284,851  

Jamf Holding Corp.(a)(b)

    117,668        4,532,571  

Lightspeed Commerce Inc.(a)(b)

    270,901        26,122,983  

LivePerson Inc.(a)(b)

    140,545        8,285,128  

Mandiant Inc.

    518,143        9,222,945  

Manhattan Associates Inc.(a)(b)

    137,339        21,016,987  

Medallia Inc.(a)

    254,181        8,609,110  

MicroStrategy Inc., Class A(a)(b)

    16,890        9,769,176  

Mimecast Ltd.(a)(b)

    132,436        8,422,930  

Momentive Global Inc.(a)(b)

    278,005        5,448,898  

New Relic Inc.(a)

    126,425        9,073,522  

Nuance Communications Inc.(a)

    617,499        33,987,145  
Security   Shares      Value  
Application Software (continued)  

Nutanix Inc., Class A(a)

    442,603      $ 16,686,133  

Open Text Corp.

    588,217        28,669,697  

Pagerduty Inc.(a)(b)

    161,255        6,679,182  

Palantir Technologies Inc., Class A(a)

    3,393,323        81,575,485  

Paycom Software Inc.(a)

    104,133        51,623,935  

Paylocity Holding Corp.(a)

    85,157        23,878,023  

Pegasystems Inc.

    88,231        11,214,160  

PROS Holdings Inc.(a)

    86,519        3,069,694  

PTC Inc.(a)

    228,846        27,413,462  

Q2 Holdings Inc.(a)(b)

    122,538        9,820,195  

QAD Inc., Class A

    25,251        2,206,685  

Qualtrics International Inc., Class A(a)

    136,687        5,842,002  

RingCentral Inc., Class A(a)

    176,349        38,355,908  

Riot Blockchain Inc.(a)

    178,739        4,593,592  

salesforce.com Inc.(a)

    1,890,679        512,789,958  

Smartsheet Inc., Class A(a)(b)

    271,017        18,651,390  

Splunk Inc.(a)(b)

    355,079        51,383,482  

Sprout Social Inc., Class A(a)

    97,785        11,924,881  

SPS Commerce Inc.(a)

    77,619        12,520,721  

SS&C Technologies Holdings Inc.

    481,060        33,385,564  

Synopsys Inc.(a)

    330,329        98,903,806  

Trade Desk Inc. (The), Class A(a)(b)

    940,394        66,109,698  

Tyler Technologies Inc.(a)

    88,473        40,578,141  

Verint Systems Inc.(a)(b)

    140,800        6,306,432  

Vonage Holdings Corp.(a)(b)

    545,573        8,794,637  

Workday Inc., Class A(a)

    409,203        102,255,738  

Workiva Inc.(a)

    93,065        13,118,442  

Yext Inc.(a)

    246,126        2,960,896  

Zendesk Inc.(a)

    259,991        30,260,352  

Zoom Video Communications Inc., Class A(a)

    468,072        122,400,828  
    

 

 

 
       3,448,647,205  
Interactive Home Entertainment — 5.0%  

Activision Blizzard Inc.

    1,683,895        130,316,634  

Electronic Arts Inc.

    616,015        87,628,134  

Take-Two Interactive Software Inc.(a)

    252,402        38,887,576  

Zynga Inc., Class A(a)

    2,223,352        16,741,841  
    

 

 

 
       273,574,185  
Interactive Media & Services — 3.0%  

Snap Inc., Class A, NVS(a)(b)

    2,267,990        167,536,421  
    

 

 

 
Internet Services & Infrastructure — 1.2%  

Cloudflare Inc., Class A(a)

    570,236        64,237,085  

SolarWinds Corp

    95,848        1,603,537  
    

 

 

 
       65,840,622  
Systems Software — 28.4%  

Appian Corp.(a)(b)

    85,934        7,949,754  

BlackBerry Ltd.(a)(b)

    1,104,548        10,747,252  

CommVault Systems Inc.(a)

    99,368        7,483,404  

Crowdstrike Holdings Inc., Class A(a)(b)

    431,384        106,025,560  

Dolby Laboratories Inc., Class A

    141,655        12,465,640  

Fortinet Inc.(a)

    293,453        85,700,014  

McAfee Corp., Class A

    158,462        3,503,595  

Microsoft Corp.

    1,658,456        467,551,916  

N-Able Inc.(a)

    147,137        1,825,970  

NortonLifeLock Inc.

    1,259,168        31,856,950  

Oracle Corp.

    3,566,901        310,784,084  

Palo Alto Networks Inc.(a)(b)

    210,852        100,998,108  

Ping Identity Holding Corp.(a)

    106,691        2,621,398  

Progress Software Corp.

    94,782        4,662,327  

 

 

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

  21


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Expanded Tech-Software Sector ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Systems Software (continued)            

Qualys Inc.(a)(b)

    72,553     $ 8,074,423  

Rapid7 Inc.(a)

    120,837       13,656,998  

SailPoint Technologies Holdings Inc.(a)(b)

    201,333       8,633,159  

ServiceNow Inc.(a)

    428,950       266,922,716  

Telos Corp.(a)

    114,203       3,245,649  

Tenable Holdings Inc.(a)

    196,652       9,073,523  

Teradata Corp.(a)

    236,333       13,553,698  

Varonis Systems Inc.(a)(b)

    231,884       14,110,141  

VMware Inc., Class A(a)(b)

    174,118       25,891,347  

Xperi Holding Corp.

    226,950       4,275,738  

Zscaler Inc.(a)

    169,145       44,353,202  

Zuora Inc., Class A(a)

    241,315       4,001,003  
   

 

 

 
      1,569,967,569  
   

 

 

 

Total Common Stocks — 100.0%
(Cost: $5,634,619,521)

      5,525,566,002  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 4.1%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(c)(d)(e)

    225,480,396       225,593,136  
Security   Shares     Value  
Money Market Funds (continued)            

BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)

    2,090,000     $ 2,090,000  
   

 

 

 
      227,683,136  
   

 

 

 

Total Short -Term Investments — 4.1%
(Cost: $ 227,573,794)

 

    227,683,136  
   

 

 

 

Total Investments in Securities — 104.1%
(Cost: $ 5,862,193,315)

 

    5,753,249,138  

Other Assets, Less Liabilities — (4.1)%

 

    (227,384,684
   

 

 

 

Net Assets — 100.0%

 

  $ 5,525,864,454  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(c) 

Affiliate of the Fund.

(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 six months ended September 30, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
03/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
09/30/21
    Shares
Held at
09/30/21
    Income     Capital
Gain
Distributions
from
Underlying
Funds
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 224,544,053     $ 1,074,855 (a)    $     $ 12,009     $ (37,781   $ 225,593,136       225,480,396     $ 355,552 (b)    $  

BlackRock Cash Funds: Treasury, SL Agency Shares

    4,920,000             (2,830,000 )(a)                  2,090,000       2,090,000       222        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ 12,009     $ (37,781   $ 227,683,136       $ 355,774     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (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 Categorized by Risk Exposure

For the period ended September 30, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 871,253  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 13,920  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 2,325,568  

 

 

22  

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


Schedule of Investments (unaudited) (continued)

September 30, 2021

  

iShares® Expanded Tech-Software Sector 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

                 

Common Stocks

   $ 5,525,566,002        $