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OCTOBER 31, 2021 |
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2021 Annual Report
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iShares Trust
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iShares Aaa - A Rated Corporate Bond ETF | QLTA | NYSE Arca |
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iShares BB Rated Corporate Bond ETF | HYBB | NYSE Arca |
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iShares Convertible Bond ETF | ICVT | Cboe BZX |
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iShares Floating Rate Bond ETF | FLOT | Cboe BZX |
Dear Shareholder,
The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.
Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.
The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.
Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.
Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.
In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of October 31, 2021
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6-Month
|
12-Month
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U.S.
large cap equities
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10.91% | 42.91% | ||
U.S.
small cap equities
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1.85 | 50.80 | ||
International
equities
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4.14 | 34.18 | ||
Emerging
market equities
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(4.87) | 16.96 | ||
3-month Treasury bills
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0.01 | 0.06 | ||
U.S.
Treasury securities
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1.59 | (4.77) | ||
U.S.
investment grade bonds
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1.06 | (0.48) | ||
Tax-exempt municipal bonds
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0.33 | 2.76 | ||
U.S.
high yield bonds
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2.36 | 10.53 | ||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
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2 |
T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
Table of Contents
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5 | ||||
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13 | ||||
14 | ||||
Financial Statements |
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65 | ||||
66 | ||||
68 | ||||
72 | ||||
80 | ||||
81 | ||||
82 | ||||
86 | ||||
87 | ||||
89 | ||||
90 |
iShares Trust
U.S. Bond Market Overview
The U.S. bond market declined slightly for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -0.48%.
The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.
However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.
The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.
U.S. Treasuries declined, as inflation increased, and investors moved toward equities and lower-rated bonds. Rising domestic inflation expectations pressured U.S. Treasuries, which typically lose value in an inflationary environment. U.S. Treasury yields (which move inversely to prices) began the reporting period near historic lows, but generally rose as inflation increased and the economy continued to strengthen. Yields of U.S. Treasuries with intermediate- and long-term maturities, which are more sensitive to inflation, generally increased more than short-term U.S. Treasuries. However, long-term U.S. Treasury yields rose less than intermediate-term U.S. Treasury yields, with two-year, 10-year, and 30-year U.S. Treasury yields rising by 0.34%, 0.67%, and 0.28%, respectively.
Mortgage-backed securities (“MBS”) declined slightly, despite ongoing support from Fed bond purchasing. MBS performance was constrained by prepayments, as homeowners took advantage of low mortgage rates to refinance their mortgages at a lower interest rate.
On the upside, most corporate bonds advanced for the reporting period, particularly lower-rated corporate bonds. A narrowing yield spread (the difference between yields on corporate bonds and U.S. Treasuries) buoyed the performance of corporate bonds compared to U.S. Treasuries. Investors’ ongoing search for yield in a low interest rate environment drove the decline in the yield spread and supported corporate bond prices. High-yield bonds gained the most, as investors’ concerns about solvency abated alongside the growing economy, and the Fed’s support led to high investor confidence. Corporate bond issuance was elevated by historical standards as companies took advantage of low yields to refinance and lock in advantageous borrowing costs.
4 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 2021 | iShares® Aaa - A Rated Corporate Bond ETF |
Investment Objective
The iShares Aaa - A Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of Aaa to A, or equivalently rated, fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporations, as represented by the Bloomberg U.S. Corporate Aaa - A Capped Index (the “Index”) (formerly the Bloomberg Barclays U.S. Corporate Aaa - A Capped Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
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Fund NAV |
0.34 | % | 4.08 | % | 3.85 | % | 0.34 | % | 22.15 | % | 44.28 | % | ||||||||||||||||
Fund Market |
0.49 | 4.01 | 3.83 | 0.49 | 21.72 | 44.11 | ||||||||||||||||||||||
Index |
0.46 | 4.21 | 4.02 | 0.46 | 22.92 | 46.68 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (05/01/21) |
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Ending Account Value (10/31/21) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (05/01/21) |
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Ending Account Value (10/31/21) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ | 1,000.00 | $ | 1,021.60 | $ | 0.76 | $ | 1,000.00 | $ | 1,024.40 | $ | 0.77 | 0.15 | % |
(a) |
Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information. |
F U N D S U M M A R Y |
5 |
Fund Summary as of October 31, 2021 (continued) | iShares® Aaa - A Rated Corporate Bond ETF |
Portfolio Management Commentary
Corporate bonds rated Aaa to A advanced modestly during the reporting period. The post-coronavirus pandemic economic recovery drove corporate bond yields lower, narrowing the difference in yield between investment-grade debt and U.S. Treasuries. However, ongoing inflation concerns and the prospect of interest rate increases dampened this momentum.
Investment-grade bonds from energy companies, particularly major oil and gas companies, were the largest contributors to the Index’s performance. Ratings downgrades in the first quarter of 2021, amid Environmental, Social, and Governance concerns, did little to taper investor sentiment, as persistent supply-demand imbalances increased oil and gas prices throughout the reporting period. This led to strong corporate earnings in the second and third quarters of 2021, which supported bonds.
Bonds from financial companies made a notable contribution to the Index’s performance. Multiple top-rated banks completed their largest debt issuance on record, reflecting confidence in a broad economic recovery. Yields for these bonds remained slightly higher than those of the investment-grade debt of industrial companies, further driving investor demand.
On the downside, bonds from technology companies detracted from the Index’s return. A large new bond issuance from a top-rated technology company led to a ratings downgrade that negatively impacted the prices of its outstanding debt. Additionally, supply-chain shortages and slower growth in the third quarter of 2021 reduced investor confidence in the sector.
In terms of interest rate sensitivity, bonds with maturities of 10 years or longer contributed significantly to the Index’s performance. Investors continued favoring bonds with these longer maturities for their higher yields.
Looking at credit quality, A-rated bonds contributed the most to the Index’s performance. An increase in U.S Treasury yields had a negative impact on the highest-rated bonds, encouraging investors to seek out lower-rated debt.
Portfolio Information
ALLOCATION BY MATURITY
Maturity |
|
Percent of Total Investments |
(a) | |
1-5 Years |
34.8 | % | ||
5-10 Years |
26.8 | |||
10-15 Years |
4.5 | |||
15-20 Years |
7.8 | |||
More than 20 Years |
26.1 |
TEN LARGEST HOLDINGS
Security |
|
Percent of Total Investments |
(a) | |
Microsoft Corp., 2.92%, 03/17/52 |
0.4 | % | ||
Microsoft Corp., 2.53%, 06/01/50 |
0.3 | |||
Amazon.com Inc., 1.20%, 06/03/27 |
0.2 | |||
Comcast Corp., 2.94%, 11/01/56 |
0.2 | |||
Bristol-Myers Squibb Co., 4.25%, 10/26/49 |
0.2 | |||
Abbott Laboratories, 4.90%, 11/30/46 |
0.2 | |||
HSBC Holdings PLC, 4.04%, 03/13/28 |
0.2 | |||
Apple Inc., 4.65%, 02/23/46 |
0.2 | |||
Bristol-Myers Squibb Co., 3.40%, 07/26/29 |
0.2 | |||
Comcast Corp., 2.89%, 11/01/51 |
0.2 |
(a) |
Excludes money market funds. |
6 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 2021 | iShares® BB Rated Corporate Bond ETF |
Investment Objective
The iShares BB Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of BB (or its equivalent) fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers, as represented by the ICE BofA BB US High Yield Constrained Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||
1 Year | Since Inception |
1 Year | Since Inception |
|||||||||||||||||
Fund NAV |
8.39 | % | 7.32 | % | 8.39 | % | 7.86 | % | ||||||||||||
Fund Market |
7.97 | 7.48 | 7.97 | 8.04 | ||||||||||||||||
Index |
8.55 | 7.60 | 8.55 | 8.13 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was 10/6/20. The first day of secondary market trading was 10/8/20.
On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA BB US High Yield Constrained Index. Historical index data prior to 3/1/2021 is for the 3pm pricing variant of the ICE BofA BB US High Yield Constrained Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA BB US High Yield Constrained Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
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Beginning Account Value (05/01/21) |
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Ending Account Value (10/31/21) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (05/01/21) |
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Ending Account Value (10/31/21) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
| ||||||||||
$ | 1,000.00 | $ | 1,024.50 | $ | 0.77 | $ | 1,000.00 | $ | 1,024.40 | $ | 0.77 | 0.15 | % |
(a) |
Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information. |
F U N D S U M M A R Y |
7 |
Fund Summary as of October 31, 2021 (continued) | iShares® BB Rated Corporate Bond ETF |
Portfolio Management Commentary
Corporate Bonds rated BB or equivalent advanced robustly for the reporting period amid a strong global economic recovery and investor demand for higher-yield investments in a low interest rate environment. Corporate earnings recovered as economies reopened, shifting the ratio of debt to profits back to pre-pandemic levels, which drove investor optimism about credit quality. On the supply side, bond issuance rose sharply as companies capitalized on rising investor demand and low interest rates to refinance. Robust financing for mergers and acquisitions also bolstered supply.
Corporate bonds issued by U.S. companies, which comprised approximately 87% of the Index on average for the reporting period, led contributions to the Index’s return, despite increasing concerns regarding ongoing inflation. High-yield credit spreads (the difference in yield between high-yield bonds and U.S. Treasuries) declined during the reporting period, which generally supported high-yield bonds. While the Fed maintained interest rates at historically low levels, corporate bond yields declined to record lows due to solid corporate balance sheets combined with strong investor demand. Previous downgrading of companies’ credit quality led to investor expectations of subsequent upgrades, further contributing to the decline in yields.
U.S. dollar-denominated Canadian corporate bonds contributed modestly to the Index’s return, as oil prices doubled due to rising demand and supply constraints. U.K. bonds denominated in U.S. dollars also contributed amid strong demand for the products of high-yield issuers, including luxury cars and financial services.
From a bond quality perspective, bonds rated Ba, which represented approximately 80% of the Index on average for the reporting period, contributed the most to the Index’s return. In terms of interest rate sensitivity, bonds with maturities of greater than 10 years led contributions amid declining high-yield spreads and demand for yield.
Portfolio Information
ALLOCATION BY MATURITY
Maturity |
|
Percent of Total Investments |
(a) | |
1-5 Years |
29.8 | % | ||
5-10 Years |
56.2 | |||
10-15 Years |
6.2 | |||
15-20 Years |
2.1 | |||
More than 20 Years |
5.7 |
TEN LARGEST HOLDINGS
Security |
|
Percent of Total Investments |
(a) | |
Sprint Corp., 7.88%, 09/15/23 |
0.5 | % | ||
Centene Corp., 4.63%, 12/15/29 |
0.5 | |||
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/26 |
0.4 | |||
American Airlines Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/29 |
0.4 | |||
HCA Inc., 3.50%, 09/01/30 |
0.4 | |||
HCA Inc., 5.38%, 02/01/25 |
0.4 | |||
Intesa Sanpaolo SpA, 5.02%, 06/26/24 |
0.3 | |||
Sprint Capital Corp., 6.88%, 11/15/28 |
0.3 | |||
Kraft Heinz Foods Co., 4.38%, 06/01/46 |
0.3 | |||
Centene Corp., 4.25%, 12/15/27 |
0.3 |
(a) |
Excludes money market funds. |
8 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 2021 | iShares® Convertible Bond ETF |
Investment Objective
The iShares Convertible Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated convertible securities, specifically cash pay bonds, with outstanding issue sizes greater than $250 million, as represented by the Bloomberg U.S. Convertible Cash Pay Bond >$250MM Index (the “Index”) (formerly the Bloomberg Barclays U.S. Convertible Cash Pay Bond >$250MM Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | Since Inception |
1 Year | 5 Years | Since Inception |
|||||||||||||||||||||||
Fund NAV |
31.91 | % | 20.36 | % | 15.31 | % | 31.91 | % | 152.54 | % | 149.50 | % | ||||||||||||||||
Fund Market |
31.72 | 20.27 | 15.34 | 31.72 | 151.62 | 149.79 | ||||||||||||||||||||||
Index |
32.87 | 21.03 | 15.94 | 32.87 | 159.67 | 158.18 |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was 6/2/15. The first day of secondary market trading was 6/4/15.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
Beginning Account Value (05/01/21) |
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Ending Account Value (10/31/21) |
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Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/21) |
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|
Ending Account Value (10/31/21) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,019.10 | $ 1.02 | $ 1,000.00 | $ 1,024.20 | $ 1.02 | 0.20 | % |
(a) |
Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information. |
F U N D S U M M A R Y |
9 |
Fund Summary as of October 31, 2021 (continued) | iShares® Convertible Bond ETF |
Portfolio Management Commentary
U.S. dollar-denominated convertible bonds advanced strongly for the reporting period. Convertible bonds are hybrid securities that have features of both debt and equity. The bonds represented in the Index pay interest on a periodic basis, similar to standard corporate bonds, but they also have an equity conversion feature and can be redeemed for shares of the issuer’s stock. Due to their convertibility feature, these securities advance or decline with stocks but with less volatility given their fixed-income component. During the reporting period, companies issued convertible bonds in historically large quantities to secure financing at low interest rates, as investors increasingly sought convertible bonds amid growing inflation. The equity-like features of convertible debt drove the Index’s performance, as equity returns were high during the reporting period while interest rates and most bond returns were relatively low.
From an industry perspective, convertible bonds issued by consumer cyclicals companies contributed the most to the Index’s return, led by automotive companies. Profits rose for manufacturers of electric vehicles due to high consumer demand and increased production despite a global shortage of semiconductors. Retailers also gained, benefiting from the rise in consumer spending and pent-up demand that followed the reopening of the economy. Vaccination programs helped leisure companies improve sales, as vacationers were more likely to engage in activities such as cruises.
Convertible bonds issued by technology companies also contributed to the Index’s return, as investors sought securities from businesses with favorable growth prospects. Technology company earnings were helped by strong growth in e-commerce, gaming, and financial technology revenues, particularly from Southeast Asia. Cybersecurity was another area of growth, as a series of high-profile security and data breaches led many companies to accelerate plans to improve their online defenses.
Portfolio Information
ALLOCATION BY MATURITY
Maturity |
|
Percent of Total Investments |
(a) | |
0-1 Year |
2.8 | % | ||
1-5 Years |
79.6 | |||
5-10 Years |
14.8 | |||
10-15 Years |
0.2 | |||
15-20 Years |
0.1 | |||
More than 20 Years |
2.5 |
TEN LARGEST HOLDINGS
Security |
|
Percent of Total Investments |
(a) | |
Sea Ltd., 2.38%, 12/01/25 |
1.6 | % | ||
Palo Alto Networks Inc., 0.38%, 06/01/25 |
1.3 | |||
Palo Alto Networks Inc., 0.75%, 07/01/23 |
1.2 | |||
Southwest Airlines Co., 1.25%, 05/01/25 |
1.1 | |||
DexCom Inc., 0.75%, 12/01/23 |
1.1 | |||
Sea Ltd., 0.25%, 09/15/26 |
1.1 | |||
DISH Network Corp., 3.38%, 08/15/26 |
1.1 | |||
MongoDB Inc., 0.25%, 01/15/26 |
1.1 | |||
Ford Motor Co. , 03/15/26 |
1.0 | |||
Zscaler Inc., 0.13%, 07/01/25 |
0.9 |
(a) |
Excludes money market funds. |
10 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of October 31, 2021 | iShares® Floating Rate Bond ETF |
Investment Objective
The iShares Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated, investment-grade floating rate bonds with remaining maturities between one month and five years, as represented by the Bloomberg US Floating Rate Note <5 Years Index (the “Index”) (formerly the Bloomberg Barclays US Floating Rate Note <5 Years Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV |
0.52 | % | 1.73 | % | 1.49 | % | 0.52 | % | 8.95 | % | 15.93 | % | ||||||||||||||||
Fund Market |
0.66 | 1.73 | 1.53 | 0.66 | 8.97 | 16.39 | ||||||||||||||||||||||
Index |
0.71 | 2.03 | 1.71 | 0.71 | 10.55 | 18.50 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||||||
|
Beginning Account Value (05/01/21) |
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Ending Account Value (10/31/21) |
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Expenses Paid During the Period |
(a) |
|
Beginning Account Value (05/01/21) |
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Ending Account Value (10/31/21) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 1,001.80 | $ 1.01 | $ 1,000.00 | $ 1,024.20 | $ 1.02 | 0.20 | % |
(a) |
Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information. |
F U N D S U M M A R Y |
11 |
Fund Summary as of October 31, 2021 (continued) | iShares® Floating Rate Bond ETF |
Portfolio Management Commentary
Investment-grade floating-rate bonds posted a modestly positive performance for the reporting period. The Index is composed of U.S. dollar-denominated bonds with interest rates that reset periodically. As a consequence of this reset, floating-rate bonds typically advance in a rising interest rate environment, as their yields reset at higher levels. However, while yields rose for many bonds, particularly long- and intermediate-term bonds, most floating-rate bonds are benchmarked to short-term interest rates. The Fed kept short-term interest rates unchanged during the reporting period, and yields of U.S. Treasuries dated less than one year declined slightly, which supported the Index’s performance. Additionally, strong investor demand for fixed-income instruments with variable yields that rise with interest rates also benefited the Index’s return.
Measures that are commonly used as a reference for resetting the yields of floating-rate bonds, such as the London Interbank Offered Rate and the Secured Overnight Financing Rate, declined slightly. Consequently, the overall impact of the interest rate environment varied depending on the particular measures used to reset yields, and the majority of the Index’s return came from interest earned on the bonds in the Index rather than price appreciation.
Corporate and government-related bonds both contributed to the Index’s performance, with corporate bonds driving the majority of the gain. Among corporate bonds, banks, which represented approximately 51% of the Index on average for the reporting period, were the leading contributors to the Index’s return. Banks are typically the largest issuers of floating-rate corporate bonds because they help reduce sensitivity to changing interest rates. Strong balance sheets and diverse revenue streams led to improving balance sheets and robust investor demand for bank floating-rate bonds. Consumer cyclicals company bonds also advanced as automotive company debt gained despite production cuts due to a semiconductor shortage.
Portfolio Information
ALLOCATION BY CREDIT QUALITY
Moody’s Credit Rating* |
|
Percent of Total Investments |
(a) | |
Aaa |
13.5 | % | ||
Aa |
13.0 | |||
A |
53.3 | |||
Baa |
16.3 | |||
Ba |
0.3 | |||
Not Rated |
3.6 |
ALLOCATION BY MATURITY
Maturity |
|
Percent of Total Investments |
(a) | |
0-1 Year |
30.3 | % | ||
1-5 Years |
69.3 | |||
5-10 Years |
0.4 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
12 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.
Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S |
13 |
October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Aerospace & Defense — 0.9% | ||||||||
General Dynamics Corp. |
||||||||
1.15%, 06/01/26 (Call 05/01/26) |
$ | 90 | $ | 89,762 | ||||
1.88%, 08/15/23 (Call 06/15/23) |
337 | 344,785 | ||||||
2.13%, 08/15/26 (Call 05/15/26)(a) |
350 | 361,700 | ||||||
2.25%, 11/15/22 (Call 08/15/22) |
490 | 496,880 | ||||||
2.25%, 06/01/31 (Call 03/01/31) |
30 | 30,463 | ||||||
2.38%, 11/15/24 (Call 09/15/24) |
65 | 67,670 | ||||||
2.63%, 11/15/27 (Call 08/15/27) |
353 | 372,489 | ||||||
2.85%, 06/01/41 (Call 12/01/40) |
145 | 149,746 | ||||||
3.25%, 04/01/25 (Call 03/01/25) |
425 | 452,519 | ||||||
3.38%, 05/15/23 (Call 04/15/23)(a) |
82 | 85,479 | ||||||
3.50%, 05/15/25 (Call 03/15/25) |
362 | 389,309 | ||||||
3.50%, 04/01/27 (Call 02/01/27) |
492 | 538,194 | ||||||
3.60%, 05/14/42 (Call 05/15/42) |
278 | 318,065 | ||||||
3.63%, 04/01/30 (Call 01/01/30)(a) |
510 | 570,165 | ||||||
3.75%, 05/15/28 (Call 02/15/28) |
397 | 444,148 | ||||||
4.25%, 04/01/40 (Call 10/01/39) |
389 | 474,596 | ||||||
4.25%, 04/01/50 (Call 10/01/49)(a) |
382 | 496,508 | ||||||
Lockheed Martin Corp. |
||||||||
2.80%, 06/15/50 (Call 12/15/49)(a) |
434 | 441,283 | ||||||
2.90%, 03/01/25 (Call 12/01/24) |
485 | 511,660 | ||||||
3.10%, 01/15/23 (Call 11/15/22) |
10 | 10,273 | ||||||
3.55%, 01/15/26 (Call 10/15/25) |
784 | 853,635 | ||||||
3.60%, 03/01/35 (Call 09/01/34) |
253 | 284,663 | ||||||
3.80%, 03/01/45 (Call 09/01/44) |
645 | 758,984 | ||||||
4.07%, 12/15/42 |
528 | 631,720 | ||||||
4.09%, 09/15/52 (Call 03/15/52) |
581 | 730,561 | ||||||
4.50%, 05/15/36 (Call 11/15/35) |
120 | 147,392 | ||||||
4.70%, 05/15/46 (Call 11/15/45) |
603 | 797,974 | ||||||
Series B, 6.15%, 09/01/36 |
55 | 77,833 | ||||||
|
|
|||||||
10,928,456 | ||||||||
Agriculture — 0.9% | ||||||||
Archer-Daniels-Midland Co. |
||||||||
2.50%, 08/11/26 (Call 05/11/26) |
523 | 550,478 | ||||||
3.25%, 03/27/30 (Call 12/27/29) |
740 | 807,399 | ||||||
4.50%, 03/15/49 (Call 09/15/48) |
158 | 210,985 | ||||||
Philip Morris International Inc. |
||||||||
0.88%, 05/01/26 (Call 04/01/26) |
310 | 301,181 | ||||||
1.13%, 05/01/23 |
380 | 383,496 | ||||||
1.50%, 05/01/25 (Call 04/01/25) |
505 | 509,257 | ||||||
1.75%, 11/01/30 (Call 08/01/30) |
55 | 52,648 | ||||||
2.10%, 05/01/30 (Call 02/01/30) |
216 | 213,376 | ||||||
2.13%, 05/10/23 (Call 03/10/23) |
333 | 340,216 | ||||||
2.50%, 11/02/22 (Call 10/02/22) |
320 | 326,272 | ||||||
2.63%, 03/06/23 |
306 | 314,883 | ||||||
2.75%, 02/25/26 (Call 11/25/25) |
544 | 571,973 | ||||||
2.88%, 05/01/24 (Call 04/01/24) |
270 | 282,679 | ||||||
3.13%, 08/17/27 (Call 05/17/27) |
195 | 209,370 | ||||||
3.13%, 03/02/28 (Call 12/02/27) |
410 | 437,724 | ||||||
3.25%, 11/10/24 |
592 | 630,154 | ||||||
3.38%, 08/11/25 (Call 05/11/25) |
225 | 241,045 | ||||||
3.38%, 08/15/29 (Call 05/15/29) |
289 | 314,689 | ||||||
3.60%, 11/15/23 |
259 | 274,628 | ||||||
3.88%, 08/21/42 |
335 | 363,569 | ||||||
4.13%, 03/04/43 |
379 | 423,752 | ||||||
4.25%, 11/10/44 |
558 | 643,631 | ||||||
4.38%, 11/15/41 |
371 | 427,381 | ||||||
4.50%, 03/20/42 |
296 | 346,652 |
Security | Par (000) |
Value | ||||||
Agriculture (continued) | ||||||||
4.88%, 11/15/43 |
$ | 392 | $ | 481,321 | ||||
6.38%, 05/16/38 |
630 | 891,078 | ||||||
|
|
|||||||
10,549,837 | ||||||||
Airlines — 0.2% | ||||||||
Delta Air Lines Pass Through Trust, Series 2020, Class AA, 2.00%, 12/10/29 |
52 | 51,602 | ||||||
JetBlue Pass Through Trust |
||||||||
Series 1A, Class A, 4.00%, 05/15/34 |
232 | 253,261 | ||||||
Series 2019-1, Class AA, 2.75%, 11/15/33 |
240 | 245,694 | ||||||
United Airlines Pass Through Trust |
||||||||
Series 2016-1, Class AA, 3.10%, 01/07/30 |
237 | 245,921 | ||||||
Series 2016-2, Class AA, 2.88%, 04/07/30 |
84 | 85,246 | ||||||
Series 2018-1, Class AA, 3.50%, 09/01/31 |
58 | 61,482 | ||||||
Series 2019, Class AA, 4.15%, 02/25/33 |
12 | 13,477 | ||||||
Series 2019-2, Class AA, 2.70%, 11/01/33 |
122 | 122,612 | ||||||
Series 2020-1, Class A, 5.88%, 04/15/29 |
1,432 | 1,597,711 | ||||||
|
|
|||||||
2,677,006 | ||||||||
Apparel — 0.5% | ||||||||
NIKE Inc. |
||||||||
2.25%, 05/01/23 (Call 02/01/23)(a) |
427 | 436,774 | ||||||
2.38%, 11/01/26 (Call 08/01/26)(a) |
540 | 566,741 | ||||||
2.40%, 03/27/25 (Call 02/27/25) |
588 | 612,478 | ||||||
2.75%, 03/27/27 (Call 01/27/27) |
491 | 521,457 | ||||||
2.85%, 03/27/30 (Call 12/27/29) |
742 | 794,697 | ||||||
3.25%, 03/27/40 (Call 09/27/39) |
567 | 623,853 | ||||||
3.38%, 11/01/46 (Call 05/01/46) |
185 | 210,106 | ||||||
3.38%, 03/27/50 (Call 09/27/49)(a) |
665 | 761,578 | ||||||
3.63%, 05/01/43 (Call 11/01/42) |
287 | 330,584 | ||||||
3.88%, 11/01/45 (Call 05/01/45) |
580 | 703,911 | ||||||
Ralph Lauren Corp., 2.95%, 06/15/30 (Call 03/15/30) |
355 | 371,646 | ||||||
|
|
|||||||
5,933,825 | ||||||||
Auto Manufacturers — 1.8% | ||||||||
American Honda Finance Corp. |
||||||||
0.55%, 07/12/24 |
60 | 59,327 | ||||||
0.65%, 09/08/23 |
198 | 198,030 | ||||||
0.88%, 07/07/23 |
280 | 281,431 | ||||||
1.00%, 09/10/25 |
435 | 430,959 | ||||||
1.20%, 07/08/25 |
115 | 114,716 | ||||||
1.30%, 09/09/26(a) |
635 | 630,168 | ||||||
1.80%, 01/13/31(a) |
130 | 126,953 | ||||||
1.95%, 05/10/23 |
543 | 553,985 | ||||||
2.00%, 03/24/28(a) |
420 | 423,881 | ||||||
2.05%, 01/10/23 |
402 | 409,417 | ||||||
2.15%, 09/10/24(a) |
415 | 428,284 | ||||||
2.30%, 09/09/26 |
326 | 338,303 | ||||||
2.35%, 01/08/27 |
412 | 426,181 | ||||||
2.40%, 06/27/24 |
56 | 58,116 | ||||||
2.60%, 11/16/22 |
613 | 626,314 | ||||||
2.90%, 02/16/24 |
584 | 610,531 | ||||||
3.45%, 07/14/23 |
70 | 73,308 | ||||||
3.50%, 02/15/28 |
296 | 326,319 | ||||||
3.55%, 01/12/24 |
83 | 87,802 | ||||||
3.63%, 10/10/23 |
509 | 538,008 | ||||||
Cummins Inc. |
||||||||
0.75%, 09/01/25 (Call 08/01/25) |
262 | 258,117 | ||||||
1.50%, 09/01/30 (Call 06/01/30) |
148 | 140,878 | ||||||
2.60%, 09/01/50 (Call 03/01/50) |
405 | 389,420 | ||||||
3.65%, 10/01/23 (Call 07/01/23) |
427 | 448,824 | ||||||
4.88%, 10/01/43 (Call 04/01/43)(a) |
105 | 139,684 |
14 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Auto Manufacturers (continued) | ||||||||
Daimler Finance North America LLC, 8.50%, 01/18/31 |
$ | 20 | $ | 30,112 | ||||
Toyota Motor Corp. |
||||||||
1.34%, 03/25/26 (Call 02/25/26) |
631 | 629,593 | ||||||
2.36%, 07/02/24 |
185 | 192,182 | ||||||
2.36%, 03/25/31 (Call 12/25/30)(a) |
270 | 278,057 | ||||||
2.76%, 07/02/29(a) |
120 | 126,926 | ||||||
3.42%, 07/20/23 |
35 | 36,736 | ||||||
3.67%, 07/20/28 |
56 | 62,464 | ||||||
Toyota Motor Credit Corp. |
||||||||
0.40%, 04/06/23 |
20 | 19,966 | ||||||
0.50%, 08/14/23(a) |
145 | 144,880 | ||||||
0.50%, 06/18/24 |
555 | 549,356 | ||||||
0.63%, 09/13/24 |
100 | 99,189 | ||||||
0.80%, 10/16/25 |
75 | 73,529 | ||||||
0.80%, 01/09/26 |
20 | 19,539 | ||||||
1.13%, 06/18/26 |
805 | 793,738 | ||||||
1.15%, 08/13/27 |
360 | 349,852 | ||||||
1.35%, 08/25/23 |
227 | 229,990 | ||||||
1.65%, 01/10/31(a) |
475 | 460,075 | ||||||
1.80%, 02/13/25(a) |
533 | 543,804 | ||||||
1.90%, 04/06/28 |
135 | 135,594 | ||||||
1.90%, 09/12/31 |
100 | 97,905 | ||||||
2.00%, 10/07/24 |
260 | 267,969 | ||||||
2.15%, 02/13/30 |
220 | 221,918 | ||||||
2.25%, 10/18/23 |
1,205 | 1,242,753 | ||||||
2.63%, 01/10/23 |
582 | 596,660 | ||||||
2.70%, 01/11/23 |
619 | 635,218 | ||||||
2.90%, 03/30/23 |
645 | 666,730 | ||||||
2.90%, 04/17/24 |
653 | 685,082 | ||||||
3.00%, 04/01/25 |
673 | 712,599 | ||||||
3.05%, 01/11/28(a) |
250 | 270,010 | ||||||
3.20%, 01/11/27 |
552 | 595,934 | ||||||
3.35%, 01/08/24 |
316 | 333,614 | ||||||
3.38%, 04/01/30 |
720 | 794,959 | ||||||
3.40%, 04/14/25 |
25 | 26,834 | ||||||
3.45%, 09/20/23 |
769 | 809,718 | ||||||
3.65%, 01/08/29 |
75 | 84,028 | ||||||
|
|
|||||||
20,936,469 | ||||||||
Auto Parts & Equipment — 0.1% | ||||||||
Magna International Inc. |
||||||||
2.45%, 06/15/30 (Call 03/15/30)(a) |
406 | 412,252 | ||||||
3.63%, 06/15/24 (Call 03/15/24) |
599 | 638,750 | ||||||
4.15%, 10/01/25 (Call 07/01/25)(a) |
448 | 492,164 | ||||||
|
|
|||||||
1,543,166 | ||||||||
Banks — 31.7% | ||||||||
Australia & New Zealand Banking Group Ltd./New York NY |
||||||||
2.05%, 11/21/22 |
220 | 223,784 | ||||||
2.63%, 11/09/22 |
775 | 792,778 | ||||||
3.70%, 11/16/25 |
240 | 262,920 | ||||||
Banco Bilbao Vizcaya Argentaria SA, 1.13%, 09/18/25 |
300 | 294,609 | ||||||
Banco Santander SA |
||||||||
1.72%, 09/14/27 (Call 09/14/26)(b) |
220 | 216,451 | ||||||
1.85%, 03/25/26 |
645 | 645,922 | ||||||
2.71%, 06/27/24 |
625 | 651,831 | ||||||
2.75%, 05/28/25 |
815 | 846,769 | ||||||
2.96%, 03/25/31 |
400 | 408,108 | ||||||
3.31%, 06/27/29 |
605 | 648,143 | ||||||
3.49%, 05/28/30 |
438 | 466,098 | ||||||
3.80%, 02/23/28 |
548 | 599,117 |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
3.85%, 04/12/23 |
$ | 200 | $ | 208,822 | ||||
4.25%, 04/11/27 |
95 | 105,003 | ||||||
4.38%, 04/12/28(a) |
608 | 684,353 | ||||||
Bank of America Corp. |
||||||||
0.52%, 06/14/24 (Call 06/14/23)(b) |
100 | 99,531 | ||||||
0.81%,
10/24/24 (Call 10/24/23), (SOFR + |
111 | 110,815 | ||||||
0.98%,
04/22/25 (Call 04/22/24), (SOFR + |
80 | 79,663 | ||||||
0.98%,
09/25/25 (Call 09/25/24), (SOFR + |
465 | 461,936 | ||||||
1.20%, 10/24/26 (Call 10/24/25)(b) |
320 | 314,496 | ||||||
1.32%,
06/19/26 (Call 06/19/25), (SOFR + |
687 | 681,483 | ||||||
1.49%, 05/19/24 (Call 05/19/23)(b) |
70 | 70,757 | ||||||
1.73%, 07/22/27 (Call 07/22/26)(b) |
170 | 168,958 | ||||||
1.92%, 10/24/31 (Call 10/24/30)(b) |
850 | 810,449 | ||||||
2.02%,
02/13/26 (Call 02/13/25), |
565 | 575,368 | ||||||
2.09%, 06/14/29 (Call 06/14/28)(b) |
610 | 602,912 | ||||||
2.30%,
07/21/32 (Call 07/21/31), (SOFR + |
160 | 156,613 | ||||||
2.46%,
10/22/25 (Call 10/22/24), |
457 | 472,337 | ||||||
2.50%,
02/13/31 (Call 02/13/30), |
700 | 702,303 | ||||||
2.57%, 10/20/32 (Call 10/20/31)(b) |
560 | 561,226 | ||||||
2.59%,
04/29/31 (Call 04/29/30), (SOFR + |
989 | 999,167 | ||||||
2.68%, 06/19/41 (Call 06/19/40)(b) |
325 | 312,923 | ||||||
2.69%, 04/22/32 (Call 04/22/31)(b) |
1,085 | 1,099,582 | ||||||
2.83%,
10/24/51 (Call 10/24/50), (SOFR + |
360 | 353,999 | ||||||
2.88%,
10/22/30 (Call 10/22/29), |
760 | 786,038 | ||||||
2.97%,
07/21/52 (Call 07/21/51), (SOFR + |
145 | 146,446 | ||||||
3.09%,
10/01/25 (Call 10/01/24), |
678 | 712,673 | ||||||
3.19%,
07/23/30 (Call 07/23/29), |
596 | 631,063 | ||||||
3.25%, 10/21/27 (Call 10/21/26) |
644 | 686,620 | ||||||
3.30%, 01/11/23 |
732 | 756,324 | ||||||
3.31%, 04/22/42 (Call 04/22/41)(b) |
905 | 957,110 | ||||||
3.37%,
01/23/26 (Call 01/23/25), |
485 | 514,425 | ||||||
3.42%,
12/20/28 (Call 12/20/27), |
1,097 | 1,173,362 | ||||||
3.46%, 03/15/25 (Call 03/15/24)(b) |
715 | 753,460 | ||||||
3.50%, 04/19/26 |
240 | 259,082 | ||||||
3.55%, 03/05/24 (Call 03/05/23)(b) |
325 | 337,058 | ||||||
3.56%,
04/23/27 (Call 04/23/26), |
717 | 770,366 | ||||||
3.59%,
07/21/28 (Call 07/21/27), |
809 | 875,516 | ||||||
3.71%,
04/24/28 (Call 04/24/27), |
460 | 498,700 | ||||||
3.82%,
01/20/28 (Call 01/20/27), |
660 | 719,433 | ||||||
3.86%, 07/23/24 (Call 07/23/23)(b) |
35 | 36,753 | ||||||
3.88%, 08/01/25 |
403 | 439,874 | ||||||
3.95%,
01/23/49 (Call 01/23/48), |
309 | 363,767 | ||||||
3.97%,
03/05/29 (Call 03/05/28), |
629 | 696,460 | ||||||
3.97%,
02/07/30 (Call 02/07/29), |
935 | 1,038,374 | ||||||
4.00%, 04/01/24 |
1,000 | 1,073,060 |
S C H E D U L E O F I N V E S T M E N T S |
15 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
4.08%,
04/23/40 (Call 04/23/39), |
$ | 503 | $ | 582,031 | ||||
4.08%,
03/20/51 (Call 03/20/50), |
1,173 | 1,414,884 | ||||||
4.10%, 07/24/23 |
489 | 518,834 | ||||||
4.13%, 01/22/24 |
812 | 870,253 | ||||||
4.24%,
04/24/38 (Call 04/24/37), |
723 | 850,226 | ||||||
4.27%,
07/23/29 (Call 07/23/28), |
853 | 958,183 | ||||||
4.33%,
03/15/50 (Call 03/15/49), |
709 | 880,316 | ||||||
4.44%,
01/20/48 (Call 01/20/47), |
660 | 832,577 | ||||||
4.88%, 04/01/44 |
250 | 325,183 | ||||||
5.00%, 01/21/44 |
572 | 751,208 | ||||||
5.88%, 02/07/42 |
368 | 524,698 | ||||||
Series N, 1.66%, 03/11/27 (Call 03/11/26)(b) |
160 | 159,254 | ||||||
Series
N, 2.65%, 03/11/32 (Call 03/11/31), |
371 | 374,866 | ||||||
Series
N, 3.48%, 03/11/51 (Call 03/13/51), |
130 | 144,089 | ||||||
Bank of America N.A., 6.00%, 10/15/36 |
366 | 502,031 | ||||||
Bank of Montreal 0.40%, 09/15/23 |
20 | 19,907 | ||||||
0.45%, 12/08/23 |
143 | 142,329 | ||||||
0.63%, 07/09/24 |
520 | 515,003 | ||||||
0.95%, 01/22/27 (Call 01/22/26)(b) |
435 | 423,473 | ||||||
1.25%, 09/15/26 |
1,000 | 981,180 | ||||||
1.85%, 05/01/25(a) |
242 | 247,034 | ||||||
2.05%, 11/01/22 |
252 | 256,221 | ||||||
2.50%, 06/28/24 |
190 | 197,684 | ||||||
2.55%, 11/06/22 (Call 10/06/22) |
790 | 805,911 | ||||||
Series E, 3.30%, 02/05/24 |
478 | 503,865 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
0.35%, 12/07/23 (Call 11/07/23) |
100 | 99,481 | ||||||
0.75%, 01/28/26 (Call 12/28/25) |
90 | 88,110 | ||||||
1.05%, 10/15/26 (Call 09/15/26)(a) |
500 | 489,885 | ||||||
1.60%, 04/24/25 (Call 03/24/25) |
609 | 617,471 | ||||||
1.65%, 07/14/28 (Call 05/14/28)(a) |
85 | 83,911 | ||||||
1.65%, 01/28/31 (Call 10/28/30)(a) |
55 | 53,457 | ||||||
1.80%, 07/28/31 (Call 04/28/31)(a) |
500 | 486,760 | ||||||
1.85%, 01/27/23 (Call 01/02/23) |
204 | 207,252 | ||||||
2.10%, 10/24/24 |
496 | 513,449 | ||||||
2.20%, 08/16/23 (Call 06/16/23)(a) |
478 | 490,710 | ||||||
2.45%, 08/17/26 (Call 05/17/26)(a) |
428 | 447,033 | ||||||
2.80%, 05/04/26 (Call 02/04/26) |
447 | 473,051 | ||||||
2.95%, 01/29/23 (Call 12/29/22) |
240 | 246,874 | ||||||
3.00%, 10/30/28 (Call 07/30/28) |
331 | 355,064 | ||||||
3.25%, 09/11/24 (Call 08/11/24)(a) |
426 | 453,183 | ||||||
3.25%, 05/16/27 (Call 02/16/27) |
203 | 219,096 | ||||||
3.30%, 08/23/29 (Call 05/23/29) |
350 | 381,287 | ||||||
3.40%, 05/15/24 (Call 04/15/24) |
461 | 489,361 | ||||||
3.40%, 01/29/28 (Call 10/29/27) |
453 | 495,097 | ||||||
3.44%,
02/07/28 (Call 02/07/27), |
446 | 484,294 | ||||||
3.45%, 08/11/23 |
180 | 189,068 | ||||||
3.50%, 04/28/23 |
326 | 340,471 | ||||||
3.85%, 04/28/28 |
75 | 84,648 | ||||||
Series 12, 3.65%, 02/04/24 (Call 01/05/24) |
496 | 526,673 |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
Series G, 3.00%, 02/24/25 (Call 01/24/25) |
$ | 513 | $ | 543,272 | ||||
Series J, 0.85%, 10/25/24 (Call 09/25/24) |
500 | 498,835 | ||||||
Series J, 1.90%, 01/25/29 (Call 11/25/28) |
1,000 | 997,990 | ||||||
Bank of Nova Scotia (The) |
||||||||
0.55%, 09/15/23 |
117 | 116,764 | ||||||
0.70%, 04/15/24 |
60 | 59,624 | ||||||
1.05%, 03/02/26 |
30 | 29,380 | ||||||
1.30%, 06/11/25 |
165 | 164,896 | ||||||
1.30%, 09/15/26 (Call 06/15/26) |
1,000 | 983,070 | ||||||
1.35%, 06/24/26 |
400 | 396,752 | ||||||
1.63%, 05/01/23 |
510 | 518,282 | ||||||
1.95%, 02/01/23 |
554 | 563,734 | ||||||
2.00%, 11/15/22 |
699 | 710,610 | ||||||
2.15%, 08/01/31 |
405 | 399,630 | ||||||
2.20%, 02/03/25(a) |
591 | 609,096 | ||||||
2.38%, 01/18/23 |
381 | 389,630 | ||||||
2.70%, 08/03/26 |
234 | 245,698 | ||||||
3.40%, 02/11/24 |
456 | 481,322 | ||||||
Barclays Bank PLC, 3.75%, 05/15/24 |
145 | 155,501 | ||||||
BBVA USA |
||||||||
3.88%, 04/10/25 (Call 03/10/25) |
95 | 102,639 | ||||||
2.50%, 08/27/24 (Call 07/27/24) |
5 | 5,206 | ||||||
BNP Paribas SA, 3.25%, 03/03/23 |
480 | 497,429 | ||||||
BPCE SA |
||||||||
3.38%, 12/02/26 |
670 | 723,459 | ||||||
4.00%, 04/15/24 |
630 | 675,946 | ||||||
Canadian Imperial Bank of Commerce |
||||||||
0.45%, 06/22/23 |
70 | 69,749 | ||||||
0.50%, 12/14/23 |
300 | 297,978 | ||||||
0.95%, 06/23/23 |
224 | 224,956 | ||||||
0.95%, 10/23/25 |
245 | 240,813 | ||||||
1.00%, 10/18/24 |
1,000 | 995,830 | ||||||
1.25%, 06/22/26 (Call 05/22/26) |
140 | 137,264 | ||||||
2.25%, 01/28/25 |
813 | 838,073 | ||||||
3.10%, 04/02/24 |
680 | 715,061 | ||||||
3.50%, 09/13/23 |
522 | 550,371 | ||||||
Citibank N.A., 3.65%, 01/23/24 (Call 12/23/23) |
545 | 577,738 | ||||||
Citigroup Inc. |
||||||||
0.78%, 10/30/24 (Call 10/30/23), (SOFR + 0.686%)(b) |
785 | 782,904 | ||||||
0.98%, 05/01/25 (Call 05/01/24), (SOFR + 0.669%)(b) |
140 | 139,398 | ||||||
1.00%, 11/03/25 (Call 11/03/24)(b) |
40 | 40,026 | ||||||
1.12%, 01/28/27 (Call 01/28/26)(b) |
110 | 107,312 | ||||||
1.46%, 06/09/27 (Call 06/09/26)(b) |
1,016 | 1,000,354 | ||||||
1.68%, 05/15/24 (Call 05/15/23)(b) |
413 | 419,030 | ||||||
2.52%, 11/03/32 (Call 11/03/31)(b) |
340 | 338,745 | ||||||
2.56%, 05/01/32 (Call 05/01/31)(b) |
1,495 | 1,499,096 | ||||||
2.57%, 06/03/31 (Call 06/03/30)(b) |
1,473 | 1,484,003 | ||||||
2.67%, 01/29/31 (Call 01/29/30), (SOFR + 1.146%)(b) |
1,106 | 1,123,519 | ||||||
2.90%, 11/03/42 (Call 11/03/41)(b) |
300 | 297,246 | ||||||
2.98%, 11/05/30 (Call 11/05/29)(b) |
1,008 | 1,049,449 | ||||||
3.11%, 04/08/26 (Call 04/08/25), (SOFR + 2.842%)(b) |
1,558 | 1,640,854 | ||||||
3.20%, 10/21/26 (Call 07/21/26) |
1,129 | 1,200,308 | ||||||
3.30%, 04/27/25 |
489 | 522,032 | ||||||
3.35%,
04/24/25 (Call 04/24/24), |
1,478 | 1,556,674 | ||||||
3.40%, 05/01/26 |
905 | 974,667 | ||||||
3.52%,
10/27/28 (Call 10/27/27), |
1,111 | 1,193,070 | ||||||
3.67%,
07/24/28 (Call 07/24/27), |
1,254 | 1,355,373 |
16 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
3.70%, 01/12/26(a) |
$ | 770 | $ | 835,296 | ||||
3.75%, 06/16/24(a) |
236 | 252,725 | ||||||
3.88%, 10/25/23 |
435 | 462,170 | ||||||
3.88%,
01/22/38 (Call 01/24/38), |
456 | 517,615 | ||||||
3.89%,
01/10/28 (Call 01/10/27), |
644 | 701,329 | ||||||
3.98%,
03/20/30 (Call 03/20/29), |
125 | 138,834 | ||||||
4.04%,
06/01/24 (Call 06/01/23), |
734 | 771,779 | ||||||
4.08%,
04/23/29 (Call 04/23/28), |
969 | 1,078,575 | ||||||
4.28%,
04/24/48 (Call 04/24/47), |
426 | 531,848 | ||||||
4.41%, 03/31/31 (Call 03/31/30), (SOFR + 3.914%)(b) |
1,829 | 2,096,802 | ||||||
4.65%, 07/30/45 |
419 | 542,454 | ||||||
4.65%, 07/23/48 (Call 06/23/48) |
988 | 1,296,740 | ||||||
5.32%, 03/26/41 (Call 03/26/40), (SOFR + 4.548%)(b) |
640 | 842,451 | ||||||
5.88%, 01/30/42 |
495 | 708,355 | ||||||
8.13%, 07/15/39 |
828 | 1,404,834 | ||||||
Comerica Inc. |
||||||||
3.70%, 07/31/23 (Call 06/30/23) |
548 | 574,644 | ||||||
4.00%, 02/01/29 (Call 11/03/28) |
525 | 595,581 | ||||||
Cooperatieve Rabobank U.A., 5.25%, 05/24/41(a) |
571 | 790,961 | ||||||
Cooperatieve Rabobank U.A./New York |
||||||||
0.38%, 01/12/24 |
325 | 321,757 | ||||||
2.75%, 01/10/23 |
750 | 770,190 | ||||||
3.38%, 05/21/25 |
530 | 569,914 | ||||||
Credit Suisse AG/New York NY |
||||||||
0.50%, 02/02/24 |
30 | 29,753 | ||||||
1.00%, 05/05/23 |
365 | 366,876 | ||||||
1.25%, 08/07/26 |
955 | 932,586 | ||||||
2.95%, 04/09/25 |
825 | 868,758 | ||||||
3.63%, 09/09/24 |
1,075 | 1,149,487 | ||||||
Deutsche Bank AG/New York NY |
||||||||
0.90%, 05/28/24 |
20 | 19,862 | ||||||
1.69%, 03/19/26 |
145 | 144,490 | ||||||
Fifth Third Bank NA |
||||||||
1.80%, 01/30/23 (Call 12/30/22) |
20 | 20,302 | ||||||
2.25%, 02/01/27 (Call 01/01/27) |
460 | 473,354 | ||||||
3.95%, 07/28/25 (Call 06/28/25) |
495 | 542,763 | ||||||
First Republic Bank/CA, 1.91%, 02/12/24 (Call 02/12/23), (SOFR + 0.620%)(b) |
315 | 319,719 | ||||||
Goldman Sachs Group Inc. (The) |
||||||||
0.48%, 01/27/23 (Call 01/27/22) |
115 | 114,787 | ||||||
0.63%, 11/17/23 (Call 11/17/22), (SOFR + 0.538%)(b) |
210 | 209,767 | ||||||
0.66%, 09/10/24 (Call 09/10/23)(b) |
140 | 139,349 | ||||||
0.67%, 03/08/24 (Call 03/08/23)(b) |
132 | 131,744 | ||||||
0.86%, 02/12/26 (Call 02/12/25), (SOFR + 0.609%)(b) |
92 | 90,271 | ||||||
0.93%, 10/21/24 (Call 10/21/23)(b) |
500 | 499,450 | ||||||
1.09%, 12/09/26 (Call 12/09/25)(b) |
550 | 536,882 | ||||||
1.43%, 03/09/27 (Call 03/09/26), (SOFR + 0.798%)(b) |
1,555 | 1,530,478 | ||||||
1.54%, 09/10/27 (Call 09/10/26)(b) |
87 | 85,526 | ||||||
1.95%, 10/21/27 (Call 10/21/26)(b) |
560 | 561,019 | ||||||
2.38%, 07/21/32 (Call 07/21/31), (SOFR + 1.248%)(b) |
1,592 | 1,564,984 | ||||||
2.60%, 02/07/30 (Call 11/07/29) |
891 | 905,434 | ||||||
2.62%, 04/22/32 (Call 04/22/31), (SOFR + 1.281%)(b) |
1,400 | 1,403,976 | ||||||
2.65%, 10/21/32 (Call 10/21/31)(b) |
805 | 809,202 | ||||||
2.91%, 07/21/42 (Call 07/21/41), (SOFR + 1.472%)(b) |
402 | 400,448 |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
3.20%, 02/23/23 (Call 01/23/23) |
$ | 254 | $ | 261,772 | ||||
3.21%, 04/22/42 (Call 04/22/41)(b) |
947 | 981,547 | ||||||
3.27%,
09/29/25 (Call 09/29/24), |
1,082 | 1,141,283 | ||||||
3.50%, 01/23/25 (Call 10/23/24) |
1,179 | 1,252,853 | ||||||
3.50%, 04/01/25 (Call 03/01/25) |
1,468 | 1,566,385 | ||||||
3.50%, 11/16/26 (Call 11/16/25) |
1,331 | 1,425,820 | ||||||
3.63%, 01/22/23 |
859 | 889,847 | ||||||
3.63%, 02/20/24 (Call 01/20/24) |
761 | 804,818 | ||||||
3.69%,
06/05/28 (Call 06/05/27), |
1,165 | 1,260,646 | ||||||
3.75%, 05/22/25 (Call 02/22/25) |
954 | 1,024,501 | ||||||
3.75%, 02/25/26 (Call 11/25/25) |
740 | 801,753 | ||||||
3.80%, 03/15/30 (Call 12/15/29) |
938 | 1,034,333 | ||||||
3.81%,
04/23/29 (Call 04/23/28), |
613 | 671,296 | ||||||
3.85%, 07/08/24 (Call 04/08/24) |
1,137 | 1,212,008 | ||||||
3.85%, 01/26/27 (Call 01/26/26) |
1,317 | 1,425,824 | ||||||
4.00%, 03/03/24 |
1,308 | 1,396,892 | ||||||
4.02%,
10/31/38 (Call 10/31/37), |
958 | 1,095,588 | ||||||
4.22%,
05/01/29 (Call 05/01/28), |
1,612 | 1,805,650 | ||||||
4.41%,
04/23/39 (Call 04/23/38), |
700 | 839,958 | ||||||
4.75%, 10/21/45 (Call 04/21/45)(a) |
710 | 928,659 | ||||||
4.80%, 07/08/44 (Call 01/08/44) |
513 | 656,419 | ||||||
6.13%, 02/15/33 |
543 | 719,741 | ||||||
6.25%, 02/01/41 |
949 | 1,391,509 | ||||||
HSBC Bank USA N.A., 7.00%, 01/15/39 |
150 | 232,644 | ||||||
HSBC Holdings PLC |
||||||||
0.98%, 05/24/25 (Call 05/24/24)(b) |
615 | 609,951 | ||||||
1.59%, 05/24/27 (Call 05/24/26)(b) |
235 | 230,695 | ||||||
1.65%, 04/18/26 (Call 04/18/25)(b) |
1,888 | 1,882,506 | ||||||
2.01%, 09/22/28 (Call 09/22/27)(b) |
500 | 492,175 | ||||||
2.10%, 06/04/26 (Call 06/04/25)(b) |
630 | 637,648 | ||||||
2.21%, 08/17/29 (Call 08/17/28), (SOFR + 1.285%)(b) |
855 | 838,080 | ||||||
2.36%, 08/18/31 (Call 08/18/30)(b) |
780 | 762,723 | ||||||
2.63%, 11/07/25 (Call 11/07/24), (SOFR + 1.401%)(b) |
610 | 631,075 | ||||||
2.80%, 05/24/32 (Call 05/24/31)(b) |
610 | 614,239 | ||||||
2.85%, 06/04/31 (Call 06/04/30)(b) |
95 | 96,586 | ||||||
3.03%, 11/22/23 (Call 11/22/22)(b) |
945 | 968,077 | ||||||
3.60%, 05/25/23 |
760 | 794,360 | ||||||
3.80%, 03/11/25 (Call 03/11/24)(b) |
1,150 | 1,217,286 | ||||||
3.90%, 05/25/26(a) |
1,285 | 1,395,587 | ||||||
3.95%,
05/18/24 (Call 05/18/23), |
695 | 727,644 | ||||||
3.97%, 05/22/30 (Call 05/22/29)(a)(b) |
1,078 | 1,178,599 | ||||||
4.04%,
03/13/28 (Call 03/13/27), |
2,043 | 2,222,682 | ||||||
4.29%, 09/12/26 (Call 09/12/25)(b) |
865 | 942,565 | ||||||
4.30%, 03/08/26 |
1,652 | 1,817,976 | ||||||
4.58%, 06/19/29 (Call 06/19/28)(b) |
973 | 1,099,208 | ||||||
4.95%, 03/31/30 |
1,358 | 1,597,904 | ||||||
6.10%, 01/14/42 |
255 | 366,991 | ||||||
HSBC USA Inc., 3.50%, 06/23/24 |
505 | 538,471 | ||||||
Huntington National Bank (The) |
||||||||
1.80%, 02/03/23 (Call 01/03/23) |
15 | 15,214 | ||||||
3.55%, 10/06/23 (Call 09/06/23) |
270 | 284,210 |
S C H E D U L E O F I N V E S T M E N T S |
17 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
ING
Groep NV 1.73%, 04/01/27 |
$ | 220 | $ | 219,415 | ||||
2.73%, 04/01/32 (Call 04/01/31)(b) |
233 | 237,655 | ||||||
3.55%, 04/09/24 |
300 | 318,357 | ||||||
3.95%, 03/29/27 |
555 | 611,160 | ||||||
4.05%, 04/09/29 |
560 | 632,626 | ||||||
4.10%, 10/02/23 |
697 | 741,190 | ||||||
4.55%, 10/02/28 |
760 | 879,996 | ||||||
JPMorgan Chase & Co. |
||||||||
0.56%, 02/16/25 (Call 02/16/24)(b) |
20 | 19,796 | ||||||
0.65%, 09/16/24 (Call 09/16/23)(b) |
65 | 64,886 | ||||||
0.70%, 03/16/24 (Call 03/16/23), (SOFR + 0.580%)(b) |
59 | 59,003 | ||||||
0.77%, 08/09/25 (Call 08/09/24), (SOFR + 0.490%)(b) |
85 | 83,999 | ||||||
0.97%, 06/23/25 (Call 06/23/24)(b) |
235 | 233,677 | ||||||
1.04%, 02/04/27 (Call 02/04/26)(b) |
50 | 48,560 | ||||||
1.05%, 11/19/26 (Call 11/19/25), (SOFR + 0.800%)(b) |
110 | 107,287 | ||||||
1.47%, 09/22/27 (Call 09/22/26)(b) |
600 | 588,996 | ||||||
1.51%, 06/01/24 (Call 06/01/23)(b) |
50 | 50,607 | ||||||
1.58%, 04/22/27 (Call 04/22/26), (SOFR + 0.885%)(b) |
825 | 817,435 | ||||||
1.76%, 11/19/31 (Call 11/19/30)(b) |
55 | 52,067 | ||||||
1.95%, 02/04/32 (Call 02/04/31)(b) |
404 | 386,883 | ||||||
2.01%, 03/13/26 (Call 03/13/25)(b) |
360 | 366,505 | ||||||
2.07%, 06/01/29 (Call 06/01/28)(b) |
125 | 123,775 | ||||||
2.08%, 04/22/26 (Call 04/22/25)(b) |
1,180 | 1,203,553 | ||||||
2.18%, 06/01/28 (Call 06/01/27)(b) |
326 | 328,243 | ||||||
2.30%, 10/15/25 (Call 10/15/24)(b) |
435 | 447,850 | ||||||
2.52%, 04/22/31 (Call 04/22/30), (SOFR + 2.040%)(a)(b) |
785 | 794,090 | ||||||
2.53%, 11/19/41 (Call 11/19/40)(b) |
95 | 90,316 | ||||||
2.58%, 04/22/32 (Call 04/22/31)(b) |
660 | 664,739 | ||||||
2.70%, 05/18/23 (Call 03/18/23) |
727 | 748,403 | ||||||
2.74%, 10/15/30 (Call 10/15/29), (SOFR + 1.510%)(b) |
815 | 836,923 | ||||||
2.95%, 10/01/26 (Call 07/01/26) |
692 | 732,115 | ||||||
2.96%, 05/13/31 (Call 05/13/30), (SOFR + 2.515%)(b) |
641 | 662,166 | ||||||
2.97%, 01/15/23 (Call 01/15/22) |
460 | 462,351 | ||||||
3.11%, 04/22/41 (Call 04/22/40), (SOFR + 2.460%)(b) |
405 | 419,418 | ||||||
3.11%, 04/22/51 (Call 04/22/50), (SOFR + 2.440%)(b) |
80 | 82,889 | ||||||
3.13%, 01/23/25 (Call 10/23/24) |
865 | 912,566 | ||||||
3.16%, 04/22/42 (Call 04/22/41)(b) |
195 | 202,708 | ||||||
3.20%, 01/25/23 |
923 | 953,588 | ||||||
3.20%, 06/15/26 (Call 03/15/26) |
750 | 800,422 | ||||||
3.22%,
03/01/25 (Call 03/01/24), |
795 | 833,295 | ||||||
3.30%, 04/01/26 (Call 01/01/26) |
633 | 676,772 | ||||||
3.33%, 04/22/52 (Call 04/22/51), (SOFR + 1.580%)(b) |
1,155 | 1,246,511 | ||||||
3.38%, 05/01/23 |
199 | 207,034 | ||||||
3.51%,
01/23/29 (Call 01/23/28), |
240 | 259,133 | ||||||
3.54%,
05/01/28 (Call 05/01/27), |
848 | 915,441 | ||||||
3.56%,
04/23/24 (Call 04/23/23), |
742 | 772,489 | ||||||
3.63%, 05/13/24 |
940 | 1,004,268 | ||||||
3.63%, 12/01/27 (Call 12/01/26) |
252 | 271,865 | ||||||
3.70%, 05/06/30 (Call 05/06/29)(b) |
736 | 804,580 | ||||||
3.78%,
02/01/28 (Call 02/01/27), |
649 | 706,677 | ||||||
3.80%, 07/23/24 (Call 07/23/23)(b) |
521 | 547,425 | ||||||
3.88%, 02/01/24 |
689 | 734,991 | ||||||
3.88%, 09/10/24(a) |
805 | 865,512 |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
3.88%,
07/24/38 (Call 07/24/37), |
$ | 641 | $ | 729,291 | ||||
3.90%, 07/15/25 (Call 04/15/25) |
657 | 713,568 | ||||||
3.90%,
01/23/49 (Call 01/23/48), |
465 | 541,985 | ||||||
3.96%, 01/29/27 (Call 01/29/26)(b) |
60 | 65,353 | ||||||
3.96%,
11/15/48 (Call 11/15/47), |
875 | 1,029,682 | ||||||
4.01%, 04/23/29 (Call 04/23/28)(b) |
640 | 709,843 | ||||||
4.02%,
12/05/24 (Call 12/05/23), |
235 | 249,831 | ||||||
4.03%,
07/24/48 (Call 07/24/47), |
388 | 460,137 | ||||||
4.13%, 12/15/26 |
460 | 509,726 | ||||||
4.20%,
07/23/29 (Call 07/23/28), |
770 | 863,463 | ||||||
4.25%, 10/01/27 |
410 | 461,746 | ||||||
4.26%,
02/22/48 (Call 02/22/47), |
528 | 646,151 | ||||||
4.45%,
12/05/29 (Call 12/05/28), |
615 | 701,038 | ||||||
4.49%, 03/24/31 (Call 03/24/30), (SOFR + 3.790%)(b) |
80 | 92,652 | ||||||
4.85%, 02/01/44 |
268 | 349,193 | ||||||
4.95%, 06/01/45 |
435 | 574,143 | ||||||
5.40%, 01/06/42 |
354 | 482,254 | ||||||
5.50%, 10/15/40 |
350 | 474,817 | ||||||
5.60%, 07/15/41 |
423 | 584,396 | ||||||
5.63%, 08/16/43 |
255 | 351,459 | ||||||
6.40%, 05/15/38 |
622 | 902,746 | ||||||
7.63%, 10/15/26 |
270 | 344,042 | ||||||
8.00%, 04/29/27 |
64 | 83,672 | ||||||
KeyBank N.A./Cleveland OH |
||||||||
0.42%, 01/03/24 (Call 01/03/23)(b) |
330 | 329,320 | ||||||
1.25%, 03/10/23 |
20 | 20,199 | ||||||
3.30%, 06/01/25 |
467 | 501,166 | ||||||
3.38%, 03/07/23 |
450 | 466,987 | ||||||
Lloyds Banking Group PLC |
||||||||
0.70%, 05/11/24 (Call 05/11/23), (1 year CMT + 0.550%)(b) |
15 | 14,985 | ||||||
1.63%, 05/11/27 (Call 05/11/26)(b) |
610 | 602,381 | ||||||
2.44%, 02/05/26 (Call 02/05/25)(b) |
240 | 246,926 | ||||||
2.91%, 11/07/23 (Call 11/07/22)(b) |
930 | 950,386 | ||||||
3.57%, 11/07/28 (Call 11/07/27)(b) |
835 | 895,011 | ||||||
3.75%, 01/11/27 |
680 | 737,956 | ||||||
3.87%, 07/09/25 (Call 07/09/24)(b) |
639 | 683,264 | ||||||
3.90%, 03/12/24 |
360 | 383,702 | ||||||
4.05%, 08/16/23 |
728 | 770,304 | ||||||
4.38%, 03/22/28 |
630 | 711,251 | ||||||
4.45%, 05/08/25 |
785 | 864,159 | ||||||
4.55%, 08/16/28 |
575 | 658,800 | ||||||
M&T Bank Corp., 3.55%, 07/26/23 (Call 06/26/23) |
569 | 595,954 | ||||||
Manufacturers & Traders Trust Co. |
||||||||
2.90%, 02/06/25 (Call 01/06/25) |
275 | 289,856 | ||||||
3.40%, 08/17/27 |
465 | 501,926 | ||||||
Mitsubishi UFJ Financial Group Inc. |
||||||||
0.85%, 09/15/24 (Call 09/15/23)(b) |
115 | 115,005 | ||||||
0.95%, 07/19/25 (Call 07/19/24)(b) |
200 | 198,752 | ||||||
0.96%, 10/11/25 (Call 10/11/24)(a)(b) |
425 | 421,723 | ||||||
1.41%, 07/17/25 |
815 | 813,288 | ||||||
1.54%, 07/20/27 (Call 07/20/26)(b) |
345 | 340,691 |
18 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
1.64%, 10/13/27 (Call 10/13/26)(a)(b) |
$ | 505 | $ | 499,824 | ||||
2.05%, 07/17/30 |
355 | 345,624 | ||||||
2.19%, 02/25/25 |
1,175 | 1,207,183 | ||||||
2.31%, 07/20/32 (Call 07/20/31)(b) |
330 | 324,522 | ||||||
2.49%, 10/13/32 (Call 10/13/31)(b) |
255 | 253,988 | ||||||
2.56%, 02/25/30 |
649 | 656,924 | ||||||
2.76%, 09/13/26 |
330 | 345,124 | ||||||
2.80%, 07/18/24 |
400 | 418,152 | ||||||
3.20%, 07/18/29 |
725 | 768,935 | ||||||
3.29%, 07/25/27 |
622 | 668,196 | ||||||
3.41%, 03/07/24 |
688 | 726,507 | ||||||
3.46%, 03/02/23 |
243 | 252,229 | ||||||
3.68%, 02/22/27(a) |
702 | 764,808 | ||||||
3.74%, 03/07/29 |
835 | 922,241 | ||||||
3.75%, 07/18/39 |
670 | 751,385 | ||||||
3.76%, 07/26/23 |
368 | 387,390 | ||||||
3.78%, 03/02/25 |
209 | 225,622 | ||||||
3.85%, 03/01/26 |
505 | 551,632 | ||||||
3.96%, 03/02/28 |
537 | 598,454 | ||||||
4.05%, 09/11/28 |
661 | 744,068 | ||||||
4.15%, 03/07/39(a) |
161 | 190,318 | ||||||
4.29%, 07/26/38(a) |
130 | 156,064 | ||||||
Mizuho Financial Group Inc. |
||||||||
0.85%, 09/08/24 (Call 09/08/23)(b) |
500 | 500,015 | ||||||
1.23%, 05/22/27 (Call 05/22/26)(b) |
325 | 316,219 | ||||||
1.24%, 07/10/24 (Call 07/10/23), (SOFR + 1.252%)(b) |
135 | 135,929 | ||||||
1.55%, 07/09/27 (Call 07/09/26)(b) |
700 | 690,753 | ||||||
1.98%, 09/08/31 (Call 09/08/30)(b) |
215 | 205,987 | ||||||
2.17%, 05/22/32 (Call 05/22/31)(b) |
145 | 140,999 | ||||||
2.20%, 07/10/31 (Call 07/10/30)(b) |
290 | 282,750 | ||||||
2.23%, 05/25/26 (Call 05/25/25)(b) |
300 | 306,147 | ||||||
2.26%, 07/09/32 (Call 07/09/31)(b) |
700 | 682,367 | ||||||
2.56%, 09/13/25 (Call 09/13/24)(b) |
200 | 207,106 | ||||||
2.59%, 05/25/31 (Call 05/25/30)(b) |
250 | 251,835 | ||||||
2.84%, 09/13/26 |
220 | 231,563 | ||||||
2.87%, 09/13/30 (Call 09/13/29)(b) |
325 | 335,615 | ||||||
3.15%,
07/16/30 (Call 07/16/29), |
285 | 300,302 | ||||||
3.17%, 09/11/27 |
286 | 304,127 | ||||||
3.55%, 03/05/23 |
280 | 290,928 | ||||||
3.66%, 02/28/27 |
647 | 704,777 | ||||||
3.92%, 09/11/24 (Call 09/11/23)(b) |
200 | 211,168 | ||||||
4.02%, 03/05/28 |
490 | 548,393 | ||||||
4.25%, 09/11/29 (Call 09/11/28)(b) |
320 | 359,984 | ||||||
Morgan Stanley |
||||||||
0.53%, 01/25/24 (Call 01/25/23), (SOFR + 0.455%)(b) |
110 | 109,747 | ||||||
0.56%, 11/10/23 (Call 11/10/22), (SOFR + 0.466%)(b) |
315 | 314,698 | ||||||
0.73%, 04/05/24 (Call 04/05/23), (SOFR + 0.610%)(b) |
160 | 159,814 | ||||||
0.79%, 01/22/25 (Call 01/22/24), (SOFR + 0.590%)(b) |
102 | 101,389 | ||||||
0.79%, 05/30/25 (Call 05/30/24)(b) |
65 | 64,323 | ||||||
0.99%, 12/10/26 (Call 12/10/25)(b) |
1,517 | 1,473,492 | ||||||
1.16%, 10/21/25 (Call 10/21/24)(b) |
1,500 | 1,492,410 | ||||||
1.51%, 07/20/27 (Call 07/20/26), (SOFR + 0.858%)(b) |
942 | 926,692 | ||||||
1.59%, 05/04/27 (Call 05/04/26), (SOFR + 0.879%)(b) |
57 | 56,462 | ||||||
1.79%, 02/13/32 (Call 02/13/31)(b) |
570 | 536,558 | ||||||
1.93%, 04/28/32 (Call 04/28/31), (SOFR + 1.020%)(b) |
688 | 655,031 | ||||||
2.19%, 04/28/26 (Call 04/28/25), (SOFR + 1.990%)(b) |
510 | 522,046 | ||||||
2.24%, 07/21/32 (Call 07/21/31), (SOFR + 1.178%)(b) |
500 | 488,155 | ||||||
2.51%, 10/20/32 (Call 10/20/31)(b) |
550 | 548,922 | ||||||
2.70%, 01/22/31 (Call 01/22/30), (SOFR + 1.143%)(b) |
1,176 | 1,202,319 |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
2.72%, 07/22/25 (Call 07/22/24), (SOFR + 1.152%)(a)(b) |
$ | 1,298 | $ | 1,347,155 | ||||
2.80%, 07/25/51 (Call 01/25/51)(b) |
135 | 133,506 | ||||||
3.13%, 01/23/23 |
1,008 | 1,039,228 | ||||||
3.13%, 07/27/26 |
1,428 | 1,516,793 | ||||||
3.22%, 04/22/42 (Call 04/22/41)(b) |
1,092 | 1,151,787 | ||||||
3.59%,
07/22/28 (Call 07/22/27), |
1,470 | 1,590,555 | ||||||
3.62%, 04/01/31 (Call 04/01/30), (SOFR + 3.120%)(b) |
45 | 49,118 | ||||||
3.63%, 01/20/27 |
1,503 | 1,633,085 | ||||||
3.70%, 10/23/24(a) |
1,548 | 1,660,292 | ||||||
3.74%,
04/24/24 (Call 04/24/23), |
1,497 | 1,561,266 | ||||||
3.75%, 02/25/23 |
901 | 937,914 | ||||||
3.77%,
01/24/29 (Call 01/24/28), |
1,097 | 1,203,936 | ||||||
3.88%, 01/27/26 |
1,566 | 1,709,367 | ||||||
3.97%,
07/22/38 (Call 07/22/37), |
899 | 1,030,200 | ||||||
4.00%, 07/23/25 |
1,677 | 1,829,942 | ||||||
4.30%, 01/27/45 |
710 | 879,094 | ||||||
4.38%, 01/22/47 |
625 | 789,662 | ||||||
4.43%,
01/23/30 (Call 01/23/29), |
542 | 620,070 | ||||||
4.46%,
04/22/39 (Call 04/22/38), |
420 | 508,078 | ||||||
5.60%, 03/24/51 (Call 03/24/50), (SOFR + 4.480%)(a)(b) |
846 | 1,279,778 | ||||||
6.25%, 08/09/26 |
630 | 757,581 | ||||||
6.38%, 07/24/42 |
787 | 1,204,921 | ||||||
7.25%, 04/01/32 |
846 | 1,218,113 | ||||||
Series F, 3.88%, 04/29/24 |
1,626 | 1,736,048 | ||||||
Series
I, 0.86%, 10/21/25 (Call 10/21/24), |
510 | 504,619 | ||||||
National Australia Bank Ltd./New York |
||||||||
1.88%, 12/13/22 |
555 | 564,391 | ||||||
2.50%, 07/12/26(a) |
625 | 655,006 | ||||||
2.88%, 04/12/23 |
335 | 346,212 | ||||||
3.00%, 01/20/23(a) |
390 | 401,996 | ||||||
3.38%, 01/14/26(a) |
380 | 411,513 | ||||||
3.63%, 06/20/23 |
40 | 42,002 | ||||||
National Bank of Canada |
||||||||
0.55%, 11/15/24 (Call 11/15/23)(b) |
535 | 531,576 | ||||||
0.75%, 08/06/24 |
850 | 843,021 | ||||||
0.90%, 08/15/23 (Call 08/15/22)(b) |
75 | 75,119 | ||||||
2.10%, 02/01/23 |
390 | 397,145 | ||||||
Northern Trust Corp. |
||||||||
1.95%, 05/01/30 (Call 02/01/30) |
385 | 383,583 | ||||||
3.15%, 05/03/29 (Call 02/03/29) |
525 | 570,827 | ||||||
3.65%, 08/03/28 (Call 05/03/28)(a) |
145 | 161,900 | ||||||
3.95%, 10/30/25 |
590 | 651,625 | ||||||
PNC Bank N.A. |
||||||||
2.70%, 11/01/22 (Call 10/01/22) |
705 | 719,248 | ||||||
2.70%, 10/22/29 |
405 | 422,042 | ||||||
2.95%, 01/30/23 (Call 12/30/22) |
425 | 436,636 | ||||||
2.95%, 02/23/25 (Call 01/24/25) |
270 | 284,999 | ||||||
3.10%, 10/25/27 (Call 09/25/27) |
275 | 296,579 | ||||||
3.25%, 06/01/25 (Call 05/02/25) |
170 | 182,157 | ||||||
3.25%, 01/22/28 (Call 12/23/27) |
150 | 163,115 | ||||||
3.30%, 10/30/24 (Call 09/30/24) |
440 | 470,004 | ||||||
3.80%, 07/25/23 (Call 06/25/23) |
275 | 288,954 | ||||||
4.05%, 07/26/28 |
585 | 661,313 |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
4.20%, 11/01/25 (Call 10/02/25) |
$ | 290 | $ | 321,567 | ||||
PNC Financial Services Group Inc. (The) |
||||||||
1.15%, 08/13/26 (Call 07/13/26) |
510 | 505,282 | ||||||
2.20%, 11/01/24 (Call 10/02/24) |
416 | 432,070 | ||||||
2.31%, 04/23/32 (Call 04/23/31)(b) |
568 | 572,652 | ||||||
2.55%, 01/22/30 (Call 10/24/29) |
350 | 361,239 | ||||||
2.60%, 07/23/26 (Call 05/23/26)(a) |
600 | 630,492 | ||||||
2.85%, 11/09/22(c) |
453 | 464,040 | ||||||
3.15%, 05/19/27 (Call 04/19/27) |
550 | 594,154 | ||||||
3.45%, 04/23/29 (Call 01/23/29) |
521 | 572,761 | ||||||
3.50%, 01/23/24 (Call 12/23/23) |
705 | 744,487 | ||||||
3.90%, 04/29/24 (Call 03/29/24) |
392 | 418,993 | ||||||
Royal Bank of Canada |
||||||||
0.43%, 01/19/24 |
130 | 128,885 | ||||||
0.50%, 10/26/23 |
581 | 578,949 | ||||||
0.65%, 07/29/24 |
1,002 | 993,192 | ||||||
0.75%, 10/07/24 |
1,000 | 991,110 | ||||||
1.15%, 06/10/25 |
622 | 618,990 | ||||||
1.15%, 07/14/26 |
705 | 692,677 | ||||||
1.20%, 04/27/26 |
835 | 822,951 | ||||||
1.40%, 11/02/26 |
1,000 | 988,000 | ||||||
1.60%, 04/17/23 |
515 | 522,931 | ||||||
1.95%, 01/17/23 |
654 | 665,602 | ||||||
2.25%, 11/01/24 |
708 | 733,106 | ||||||
2.30%, 11/03/31 |
400 | 398,792 | ||||||
2.55%, 07/16/24 |
170 | 177,159 | ||||||
3.70%, 10/05/23 |
911 | 963,392 | ||||||
4.65%, 01/27/26 |
293 | 328,356 | ||||||
Santander UK PLC, 4.00%, 03/13/24 |
1,330 | 1,425,161 | ||||||
State Street Corp. |
||||||||
2.20%, 03/03/31 |
507 | 503,182 | ||||||
2.35%, 11/01/25 (Call 11/01/24), (SOFR + 0.940%)(b) |
358 | 371,507 | ||||||
2.40%, 01/24/30 |
400 | 411,256 | ||||||
2.65%, 05/19/26 |
380 | 402,131 | ||||||
3.03%, 11/01/34 (Call 11/01/29), (SOFR + 1.490%)(b) |
240 | 251,218 | ||||||
3.10%, 05/15/23 |
481 | 499,721 | ||||||
3.30%, 12/16/24 |
678 | 727,555 | ||||||
3.55%, 08/18/25 |
299 | 325,064 | ||||||
3.70%, 11/20/23 |
644 | 684,527 | ||||||
3.78%,
12/03/24 (Call 12/03/23), |
200 | 212,674 | ||||||
4.14%,
12/03/29 (Call 12/03/28), |
325 | 375,008 | ||||||
Sumitomo Mitsui Banking Corp. |
||||||||
3.95%, 07/19/23 |
495 | 523,888 | ||||||
3.95%, 01/10/24 |
285 | 303,972 | ||||||
Sumitomo Mitsui Financial Group Inc. |
||||||||
1.40%, 09/17/26 |
520 | 510,032 | ||||||
1.47%, 07/08/25 |
275 | 274,857 | ||||||
1.71%, 01/12/31 |
1,000 | 944,620 | ||||||
1.90%, 09/17/28 |
520 | 507,458 | ||||||
2.22%, 09/17/31 |
405 | 395,778 | ||||||
2.30%, 01/12/41 |
300 | 275,760 | ||||||
2.35%, 01/15/25 |
815 | 840,061 | ||||||
2.45%, 09/27/24 |
67 | 69,443 | ||||||
2.63%, 07/14/26 |
929 | 964,739 | ||||||
2.70%, 07/16/24 |
265 | 276,048 | ||||||
2.72%, 09/27/29 |
300 | 307,848 | ||||||
2.75%, 01/15/30(a) |
800 | 820,120 | ||||||
3.01%, 10/19/26 |
765 | 810,449 |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
3.04%, 07/16/29 |
$ | 1,084 | $ | 1,136,563 | ||||
3.10%, 01/17/23 |
506 | 521,104 | ||||||
3.35%, 10/18/27 |
465 | 501,730 | ||||||
3.36%, 07/12/27 |
839 | 908,914 | ||||||
3.45%, 01/11/27 |
832 | 895,989 | ||||||
3.54%, 01/17/28 |
435 | 473,406 | ||||||
3.75%, 07/19/23 |
545 | 573,149 | ||||||
3.78%, 03/09/26 |
309 | 336,467 | ||||||
3.94%, 10/16/23 |
379 | 402,430 | ||||||
3.94%, 07/19/28 |
216 | 240,736 | ||||||
4.31%, 10/16/28(a) |
215 | 244,939 | ||||||
Svenska Handelsbanken AB, 3.90%, 11/20/23 |
280 | 298,746 | ||||||
Toronto-Dominion Bank (The) |
||||||||
0.25%, 01/06/23 |
150 | 149,595 | ||||||
0.30%, 06/02/23 |
25 | 24,908 | ||||||
0.45%, 09/11/23 |
290 | 289,011 | ||||||
0.55%, 03/04/24 |
35 | 34,739 | ||||||
0.70%, 09/10/24 |
75 | 74,423 | ||||||
0.75%, 06/12/23 |
160 | 160,496 | ||||||
0.75%, 09/11/25 |
547 | 535,425 | ||||||
0.75%, 01/06/26(a) |
817 | 796,052 | ||||||
1.15%, 06/12/25(a) |
645 | 642,730 | ||||||
1.20%, 06/03/26 |
500 | 493,595 | ||||||
1.25%, 09/10/26 |
150 | 147,228 | ||||||
1.90%, 12/01/22 |
717 | 728,271 | ||||||
2.00%, 09/10/31(a) |
130 | 127,868 | ||||||
2.65%, 06/12/24 |
695 | 725,740 | ||||||
3.25%, 03/11/24 |
666 | 702,537 | ||||||
3.50%, 07/19/23 |
913 | 959,344 | ||||||
3.63%, 09/15/31 (Call 09/15/26)(b) |
782 | 847,657 | ||||||
Truist Bank |
||||||||
1.25%, 03/09/23 (Call 02/09/23) |
225 | 227,198 | ||||||
1.50%, 03/10/25 (Call 02/10/25) |
90 | 91,031 | ||||||
2.15%, 12/06/24 (Call 11/05/24) |
50 | 51,655 | ||||||
2.25%, 03/11/30 (Call 12/11/29) |
512 | 511,329 | ||||||
2.64%, 09/17/29 (Call 09/17/24)(b) |
387 | 401,002 | ||||||
2.75%, 05/01/23 (Call 04/01/23) |
256 | 264,125 | ||||||
3.00%, 02/02/23 (Call 01/02/23) |
234 | 240,828 | ||||||
3.20%, 04/01/24 (Call 03/01/24) |
388 | 408,777 | ||||||
3.63%, 09/16/25 (Call 08/16/25) |
695 | 751,107 | ||||||
3.69%, 08/02/24 (Call 08/02/23)(b) |
185 | 194,685 | ||||||
3.80%, 10/30/26 (Call 09/30/26) |
302 | 331,623 | ||||||
4.05%, 11/03/25 (Call 09/03/25) |
184 | 202,836 | ||||||
Truist Financial Corp. |
||||||||
1.13%, 08/03/27 (Call 06/03/27) |
405 | 390,756 | ||||||
1.20%, 08/05/25 (Call 07/03/25)(a) |
55 | 54,935 | ||||||
1.27%, 03/02/27 (Call 03/02/26)(b) |
847 | 834,702 | ||||||
1.89%, 06/07/29 (Call 06/07/28)(b) |
525 | 519,272 | ||||||
1.95%, 06/05/30 (Call 03/05/30)(a) |
458 | 454,322 | ||||||
2.20%, 03/16/23 (Call 02/13/23) |
503 | 513,885 | ||||||
2.50%, 08/01/24 (Call 07/01/24) |
430 | 448,077 | ||||||
2.85%, 10/26/24 (Call 09/26/24) |
880 | 926,728 | ||||||
3.70%, 06/05/25 (Call 05/05/25) |
380 | 411,863 | ||||||
3.75%, 12/06/23 (Call 11/06/23) |
85 | 90,090 | ||||||
3.88%, 03/19/29 (Call 02/16/29) |
493 | 552,056 | ||||||
4.00%, 05/01/25 (Call 03/01/25) |
502 | 547,521 | ||||||
U.S. Bancorp. |
||||||||
1.38%, 07/22/30 (Call 04/22/30) |
70 | 66,162 | ||||||
1.45%, 05/12/25 (Call 04/11/25) |
834 | 841,623 | ||||||
2.40%, 07/30/24 (Call 06/28/24)(a) |
877 | 911,229 |
20 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
2.49%, 11/03/36 (Call 11/03/31)(b) |
$ | 400 | $ | 398,616 | ||||
3.00%, 07/30/29 (Call 04/30/29) |
387 | 412,097 | ||||||
3.10%, 04/27/26 (Call 03/27/26) |
563 | 600,445 | ||||||
3.38%, 02/05/24 (Call 01/05/24) |
586 | 618,582 | ||||||
3.60%, 09/11/24 (Call 08/11/24) |
727 | 779,962 | ||||||
3.70%, 01/30/24 (Call 12/29/23) |
342 | 363,201 | ||||||
3.90%, 04/26/28 (Call 03/24/28) |
635 | 716,534 | ||||||
3.95%, 11/17/25 (Call 10/17/25) |
465 | 512,407 | ||||||
Series V, 2.38%, 07/22/26 (Call 06/22/26) |
774 | 808,536 | ||||||
Series X, 3.15%, 04/27/27 (Call 03/27/27) |
714 | 767,379 | ||||||
U.S. Bank N.A./Cincinnati OH |
||||||||
1.95%, 01/09/23 (Call 12/09/22) |
20 | 20,349 | ||||||
2.05%, 01/21/25 (Call 12/20/24) |
115 | 118,499 | ||||||
2.80%, 01/27/25 (Call 12/27/24) |
464 | 487,766 | ||||||
3.40%, 07/24/23 (Call 06/23/23) |
485 | 508,144 | ||||||
Wachovia Corp., 5.50%, 08/01/35 |
360 | 461,876 | ||||||
Wells Fargo & Co. |
||||||||
1.65%, 06/02/24 (Call 06/02/23)(b) |
1,165 | 1,181,578 | ||||||
2.16%, 02/11/26 (Call 02/11/25)(b) |
1,100 | 1,125,696 | ||||||
2.19%, 04/30/26 (Call 04/30/25)(b) |
745 | 761,554 | ||||||
2.39%, 06/02/28 (Call 06/02/27)(b) |
740 | 751,714 | ||||||
2.41%, 10/30/25 (Call 10/30/24)(b) |
490 | 505,974 | ||||||
2.57%, 02/11/31 (Call 02/11/30)(b) |
125 | 126,425 | ||||||
2.88%, 10/30/30 (Call 10/30/29)(b) |
1,230 | 1,274,538 | ||||||
3.00%, 02/19/25 |
1,137 | 1,197,079 | ||||||
3.00%, 04/22/26 |
1,339 | 1,417,024 | ||||||
3.00%, 10/23/26 |
1,150 | 1,214,377 | ||||||
3.07%, 04/29/40 (Call 04/30/40)(b) |
1,218 | 1,246,209 | ||||||
3.20%, 06/17/27 (Call 06/17/26)(b) |
1,217 | 1,290,069 | ||||||
3.30%, 09/09/24 |
990 | 1,053,479 | ||||||
3.55%, 09/29/25 |
813 | 874,780 | ||||||
3.58%, 05/22/28 (Call 05/22/27)(b) |
1,174 | 1,265,337 | ||||||
3.75%, 01/24/24 (Call 12/22/23) |
914 | 969,736 | ||||||
3.90%, 05/01/45 |
645 | 754,547 | ||||||
4.10%, 06/03/26 |
824 | 903,508 | ||||||
4.13%, 08/15/23 |
391 | 413,924 | ||||||
4.15%, 01/24/29 (Call 10/24/28) |
1,030 | 1,158,832 | ||||||
4.30%, 07/22/27 |
931 | 1,040,104 | ||||||
4.40%, 06/14/46 |
865 | 1,047,134 | ||||||
4.48%, 01/16/24(a) |
231 | 248,762 | ||||||
4.48%, 04/04/31 (Call 04/04/30)(b) |
1,041 | 1,203,386 | ||||||
4.65%, 11/04/44 |
837 | 1,033,335 | ||||||
4.75%, 12/07/46 |
856 | 1,085,348 | ||||||
4.90%, 11/17/45 |
788 | 1,008,735 | ||||||
5.01%, 04/04/51 (Call 04/04/50)(b) |
1,412 | 1,950,311 | ||||||
5.38%, 11/02/43 |
800 | 1,067,768 | ||||||
5.61%, 01/15/44 |
625 | 855,131 | ||||||
Series M, 3.45%, 02/13/23 |
936 | 970,164 | ||||||
Wells Fargo Bank N.A. |
||||||||
5.85%, 02/01/37 |
275 | 371,170 | ||||||
5.95%, 08/26/36 |
650 | 877,539 | ||||||
6.60%, 01/15/38 |
348 | 508,038 | ||||||
Westpac Banking Corp. |
||||||||
1.15%, 06/03/26 |
105 | 103,740 | ||||||
2.00%, 01/13/23(a) |
310 | 315,586 | ||||||
2.15%, 06/03/31 |
450 | 448,717 | ||||||
2.35%, 02/19/25 |
223 | 231,472 | ||||||
2.65%, 01/16/30(a) |
295 | 310,842 | ||||||
2.70%, 08/19/26 |
530 | 560,364 | ||||||
2.75%, 01/11/23 |
839 | 861,854 |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
2.85%, 05/13/26(a) |
$ | 495 | $ | 525,769 | ||||
3.30%, 02/26/24 |
781 | 825,400 | ||||||
3.35%, 03/08/27 |
500 | 541,515 | ||||||
3.40%, 01/25/28 |
600 | 657,708 | ||||||
3.65%, 05/15/23 |
558 | 584,706 | ||||||
|
|
|||||||
376,576,250 | ||||||||
Beverages — 2.2% | ||||||||
Brown-Forman Corp., 4.50%, 07/15/45 (Call 01/15/45) |
290 | 375,443 | ||||||
Coca-Cola Co. (The) |
||||||||
1.00%, 03/15/28 |
140 | 133,920 | ||||||
1.38%, 03/15/31 |
169 | 159,282 | ||||||
1.45%, 06/01/27 |
265 | 263,725 | ||||||
1.50%, 03/05/28 |
256 | 252,452 | ||||||
1.65%, 06/01/30(a) |
820 | 795,638 | ||||||
1.75%, 09/06/24 |
309 | 316,274 | ||||||
2.00%, 03/05/31(a) |
270 | 268,777 | ||||||
2.13%, 09/06/29 |
598 | 608,991 | ||||||
2.25%, 01/05/32 |
1,450 | 1,463,166 | ||||||
2.50%, 06/01/40 |
434 | 427,620 | ||||||
2.50%, 03/15/51(a) |
208 | 201,485 | ||||||
2.60%, 06/01/50 |
670 | 661,786 | ||||||
2.75%, 06/01/60 |
522 | 521,671 | ||||||
2.88%, 05/05/41 |
435 | 452,291 | ||||||
2.90%, 05/25/27(a) |
494 | 529,761 | ||||||
3.00%, 03/05/51 |
1,144 | 1,218,040 | ||||||
3.38%, 03/25/27 |
346 | 377,732 | ||||||
3.45%, 03/25/30 |
550 | 611,352 | ||||||
4.20%, 03/25/50 |
85 | 109,960 | ||||||
Coca-Cola Femsa SAB de CV |
||||||||
1.85%, 09/01/32 (Call 06/01/32) |
150 | 141,832 | ||||||
5.25%, 11/26/43 |
370 | 490,568 | ||||||
Diageo Capital PLC |
||||||||
1.38%, 09/29/25 (Call 08/29/25) |
405 | 406,782 | ||||||
2.00%, 04/29/30 (Call 01/29/30) |
510 | 506,231 | ||||||
2.13%, 10/24/24 (Call 09/24/24) |
500 | 516,835 | ||||||
2.13%, 04/29/32 (Call 01/29/32) |
375 | 371,805 | ||||||
2.38%, 10/24/29 (Call 07/24/29) |
390 | 399,805 | ||||||
2.63%, 04/29/23 (Call 01/29/23) |
815 | 835,677 | ||||||
3.88%, 04/29/43 (Call 10/29/42)(a) |
281 | 330,984 | ||||||
5.88%, 09/30/36 |
329 | 461,959 | ||||||
Diageo Investment Corp., 4.25%, 05/11/42 |
248 | 302,962 | ||||||
Fomento Economico Mexicano SAB de CV, 3.50%, 01/16/50 (Call 07/16/49) |
930 | 995,593 | ||||||
PepsiCo Inc. |
||||||||
0.40%, 10/07/23 |
345 | 344,062 | ||||||
0.75%, 05/01/23 |
512 | 514,785 | ||||||
1.40%, 02/25/31 (Call 11/25/30) |
605 | 577,721 | ||||||
1.63%, 05/01/30 (Call 02/01/30) |
495 | 482,615 | ||||||
1.95%, 10/21/31 (Call 07/21/31) |
545 | 540,983 | ||||||
2.25%, 03/19/25 (Call 02/19/25) |
939 | 975,020 | ||||||
2.38%, 10/06/26 (Call 07/06/26) |
202 | 211,748 | ||||||
2.63%, 03/19/27 (Call 01/19/27) |
135 | 142,637 | ||||||
2.63%, 07/29/29 (Call 04/29/29) |
483 | 509,826 | ||||||
2.63%, 10/21/41 (Call 04/21/41) |
300 | 304,152 | ||||||
2.75%, 03/01/23 |
785 | 808,793 | ||||||
2.75%, 04/30/25 (Call 01/30/25) |
662 | 697,086 | ||||||
2.75%, 03/19/30 (Call 12/19/29) |
742 | 786,201 | ||||||
2.75%, 10/21/51 (Call 04/21/51) |
625 | 644,237 | ||||||
2.85%, 02/24/26 (Call 11/24/25) |
547 | 581,789 | ||||||
2.88%, 10/15/49 (Call 04/15/49)(a) |
575 | 604,745 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Beverages (continued) | ||||||||
3.00%, 10/15/27 (Call 07/15/27)(a) |
$ | 118 | $ | 127,490 | ||||
3.38%, 07/29/49 (Call 01/29/49) |
249 | 284,485 | ||||||
3.45%, 10/06/46 (Call 04/06/46) |
361 | 411,688 | ||||||
3.50%, 07/17/25 (Call 04/17/25) |
386 | 417,031 | ||||||
3.60%, 03/01/24 (Call 12/01/23) |
531 | 562,239 | ||||||
3.63%, 03/19/50 (Call 09/19/49) |
329 | 393,500 | ||||||
7.00%, 03/01/29 |
50 | 68,394 | ||||||
|
|
|||||||
26,501,626 | ||||||||
Chemicals — 0.6% | ||||||||
Air Products and Chemicals Inc. |
||||||||
1.50%, 10/15/25 (Call 09/15/25) |
450 | 454,752 | ||||||
1.85%, 05/15/27 (Call 03/15/27) |
431 | 438,482 | ||||||
2.05%, 05/15/30 (Call 02/15/30) |
505 | 509,080 | ||||||
2.70%, 05/15/40 (Call 11/15/39) |
482 | 489,755 | ||||||
2.80%, 05/15/50 (Call 11/15/49) |
453 | 464,556 | ||||||
Ecolab Inc. |
||||||||
1.30%, 01/30/31 (Call 10/30/30)(a) |
345 | 323,034 | ||||||
2.13%, 08/15/50 (Call 02/15/50) |
115 | 104,127 | ||||||
2.70%, 11/01/26 (Call 08/01/26) |
305 | 322,056 | ||||||
2.75%, 08/18/55 (Call 02/18/55)(a)(d) |
265 | 262,400 | ||||||
3.25%, 12/01/27 (Call 09/01/27)(a) |
242 | 262,149 | ||||||
4.80%, 03/24/30 (Call 12/24/29) |
357 | 429,964 | ||||||
EI du Pont de Nemours and Co. |
||||||||
1.70%, 07/15/25 (Call 06/15/25) |
238 | 241,389 | ||||||
2.30%, 07/15/30 (Call 04/15/30) |
277 | 280,033 | ||||||
Linde Inc./CT |
||||||||
1.10%, 08/10/30 (Call 05/10/30) |
585 | 541,523 | ||||||
2.70%, 02/21/23 (Call 11/21/22)(a) |
348 | 356,046 | ||||||
3.20%, 01/30/26 (Call 10/30/25)(a) |
396 | 425,094 | ||||||
3.55%, 11/07/42 (Call 05/07/42) |
82 | 93,084 | ||||||
PPG Industries Inc. |
||||||||
1.20%, 03/15/26 (Call 02/15/26) |
110 | 108,095 | ||||||
3.75%, 03/15/28 (Call 12/15/27) |
558 | 627,209 | ||||||
|
|
|||||||
6,732,828 | ||||||||
Commercial Services — 0.8% | ||||||||
American University (The), Series 2019, 3.67%, 04/01/49 |
103 | 118,727 | ||||||
Automatic Data Processing Inc. |
||||||||
1.25%, 09/01/30 (Call 06/01/30) |
621 | 585,851 | ||||||
1.70%, 05/15/28 (Call 03/15/28) |
135 | 134,402 | ||||||
3.38%, 09/15/25 (Call 06/15/25) |
821 | 885,153 | ||||||
Brown University in Providence in the State of Rhode Island and Providence Plant, Series A, 2.92%, 09/01/50 (Call 03/01/50) |
140 | 153,586 | ||||||
California Institute of Technology, 3.65%, 09/01/2119 (Call 03/01/2119) |
185 | 215,223 | ||||||
Cintas Corp. No. 2, 3.70%, 04/01/27 (Call 01/01/27) |
218 | 240,127 | ||||||
Duke University, Series 2020, 2.83%, 10/01/55(a) |
70 | 73,270 | ||||||
Ford Foundation (The), Series 2020, 2.82%, 06/01/70 (Call 12/01/69) |
55 | 55,870 | ||||||
George Washington University (The), Series 2018, 4.13%, 09/15/48 (Call 03/15/48) |
61 | 75,721 | ||||||
Leland Stanford Junior University (The), 3.65%, 05/01/48 (Call 11/01/47)(a) |
394 | 482,449 | ||||||
Massachusetts Institute of Technology |
||||||||
3.89%, 07/01/2116 |
308 | 389,743 | ||||||
4.68%, 07/01/2114 |
260 | 395,348 | ||||||
5.60%, 07/01/2111 |
283 | 506,446 | ||||||
Series F, 2.99%, 07/01/50 (Call 01/01/50) |
30 | 33,269 | ||||||
Northwestern University, 4.64%, 12/01/44 |
254 | 331,404 |
Security | Par (000) |
Value | ||||||
Commercial Services (continued) | ||||||||
Novant Health Inc., 3.17%, 11/01/51 (Call 05/01/51) |
$ | 11 | $ | 11,823 | ||||
PayPal Holdings Inc. |
||||||||
1.35%, 06/01/23 |
150 | 151,847 | ||||||
1.65%, 06/01/25 (Call 05/01/25) |
15 | 15,237 | ||||||
2.30%, 06/01/30 (Call 03/01/30) |
40 | 40,622 | ||||||
2.40%, 10/01/24 (Call 09/01/24) |
10 | 10,404 | ||||||
2.65%, 10/01/26 (Call 08/01/26) |
25 | 26,391 | ||||||
2.85%, 10/01/29 (Call 07/01/29) |
550 | 580,987 | ||||||
3.25%, 06/01/50 (Call 12/01/49) |
375 | 406,245 | ||||||
President and Fellows of Harvard College |
||||||||
2.52%, 10/15/50 (Call 04/15/50) |
261 | 264,048 | ||||||
3.15%, 07/15/46 (Call 01/15/46) |
334 | 375,186 | ||||||
3.30%, 07/15/56 (Call 01/15/56) |
260 | 304,067 | ||||||
Rockefeller Foundation (The), Series 2020, 2.49%, 10/01/50 (Call 04/01/50) |
30 | 30,161 | ||||||
S&P Global Inc. |
||||||||
2.30%, 08/15/60 (Call 02/15/60) |
363 | 318,119 | ||||||
2.50%, 12/01/29 (Call 09/01/29) |
295 | 306,098 | ||||||
2.95%, 01/22/27 (Call 10/22/26) |
223 | 237,491 | ||||||
3.25%, 12/01/49 (Call 06/01/49) |
154 | 168,585 | ||||||
4.00%, 06/15/25 (Call 03/15/25) |
312 | 340,557 | ||||||
Trustees of Princeton University (The) |
||||||||
5.70%, 03/01/39 |
214 | 310,970 | ||||||
Series 2020, 2.52%, 07/01/50 (Call 01/01/50) |
179 | 179,004 | ||||||
University of Southern California, 3.03%, 10/01/39 |
409 | 435,295 | ||||||
Yale University |
||||||||
Series 2020, 0.87%, 04/15/25 (Call 03/15/25) |
18 | 17,939 | ||||||
Series 2020, 1.48%, 04/15/30 (Call 01/15/30)(a) |
105 | 103,093 | ||||||
Series 2020, 2.40%, 04/15/50 (Call 10/15/49) |
45 | 44,514 | ||||||
|
|
|||||||
9,355,272 | ||||||||
Computers — 4.1% | ||||||||
Apple Inc. |
||||||||
0.55%, 08/20/25 (Call 07/20/25) |
105 | 102,837 | ||||||
0.70%, 02/08/26 (Call 01/08/26)(a) |
310 | 303,571 | ||||||
0.75%, 05/11/23 |
33 | 33,131 | ||||||
1.13%, 05/11/25 (Call 04/11/25) |
1,207 | 1,206,747 | ||||||
1.20%, 02/08/28 (Call 12/08/27) |
1,078 | 1,044,269 | ||||||
1.25%, 08/20/30 (Call 05/20/30) |
105 | 98,940 | ||||||
1.40%, 08/05/28 (Call 06/05/28) |
610 | 594,597 | ||||||
1.65%, 05/11/30 (Call 02/11/30) |
283 | 275,628 | ||||||
1.65%, 02/08/31 (Call 11/08/30) |
880 | 852,324 | ||||||
1.70%, 08/05/31 (Call 05/05/31) |
610 | 591,346 | ||||||
1.80%, 09/11/24 (Call 08/11/24) |
296 | 303,521 | ||||||
2.05%, 09/11/26 (Call 07/11/26) |
725 | 746,721 | ||||||
2.20%, 09/11/29 (Call 06/11/29) |
647 | 661,014 | ||||||
2.38%, 02/08/41 (Call 08/08/40) |
685 | 664,779 | ||||||
2.40%, 01/13/23 (Call 12/13/22) |
265 | 270,790 | ||||||
2.40%, 05/03/23 |
1,602 | 1,646,744 | ||||||
2.40%, 06/20/50 (Call 02/20/50) |
10 | 9,451 | ||||||
2.45%, 08/04/26 (Call 05/04/26) |
1,110 | 1,163,646 | ||||||
2.50%, 02/09/25 |
706 | 737,318 | ||||||
2.55%, 08/20/60 (Call 02/20/60) |
45 | 42,205 | ||||||
2.65%, 05/11/50 (Call 11/11/49) |
82 | 80,913 | ||||||
2.65%, 02/08/51 (Call 08/08/50) |
732 | 723,560 | ||||||
2.70%, 08/05/51 (Call 02/05/51) |
285 | 283,965 | ||||||
2.75%, 01/13/25 (Call 11/13/24) |
932 | 980,455 | ||||||
2.80%, 02/08/60 (Call 08/08/60) |
1,185 | 1,170,448 | ||||||
2.85%, 02/23/23 (Call 12/23/22) |
661 | 678,979 | ||||||
2.85%, 05/11/24 (Call 03/11/24) |
748 | 783,739 | ||||||
2.85%, 08/05/61 (Call 02/05/61) |
1,005 | 1,005,412 |
22 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Computers (continued) | ||||||||
2.90%, 09/12/27 (Call 06/12/27) |
$ | 815 | $ | 871,023 | ||||
2.95%, 09/11/49 (Call 03/11/49) |
610 | 633,766 | ||||||
3.00%, 02/09/24 (Call 12/09/23) |
688 | 720,584 | ||||||
3.00%, 06/20/27 (Call 03/20/27) |
481 | 518,701 | ||||||
3.00%, 11/13/27 (Call 08/13/27) |
619 | 665,710 | ||||||
3.20%, 05/13/25 |
833 | 891,110 | ||||||
3.20%, 05/11/27 (Call 02/11/27)(a) |
982 | 1,063,094 | ||||||
3.25%, 02/23/26 (Call 11/23/25) |
1,281 | 1,380,034 | ||||||
3.35%, 02/09/27 (Call 11/09/26) |
973 | 1,059,723 | ||||||
3.45%, 05/06/24 |
1,116 | 1,187,904 | ||||||
3.45%, 02/09/45 |
839 | 942,373 | ||||||
3.75%, 09/12/47 (Call 03/12/47) |
485 | 569,666 | ||||||
3.75%, 11/13/47 (Call 05/13/47) |
532 | 626,185 | ||||||
3.85%, 05/04/43 |
1,204 | 1,422,695 | ||||||
3.85%, 08/04/46 (Call 02/04/46) |
840 | 998,466 | ||||||
4.25%, 02/09/47 (Call 08/09/46) |
428 | 540,397 | ||||||
4.38%, 05/13/45 |
825 | 1,054,870 | ||||||
4.45%, 05/06/44 |
409 | 522,379 | ||||||
4.50%, 02/23/36 (Call 08/23/35) |
608 | 758,638 | ||||||
4.65%, 02/23/46 (Call 08/23/45) |
1,617 | 2,140,682 | ||||||
International Business Machines Corp. |
||||||||
1.70%, 05/15/27 (Call 03/15/27) |
30 | 29,993 | ||||||
1.95%, 05/15/30 (Call 02/15/30) |
200 | 195,678 | ||||||
2.85%, 05/15/40 (Call 11/15/39) |
258 | 256,269 | ||||||
2.88%, 11/09/22 |
889 | 911,412 | ||||||
2.95%, 05/15/50 (Call 11/15/49) |
395 | 392,752 | ||||||
3.00%, 05/15/24 |
1,328 | 1,397,109 | ||||||
3.30%, 05/15/26(a) |
990 | 1,068,091 | ||||||
3.30%, 01/27/27 |
465 | 503,358 | ||||||
3.38%, 08/01/23(a) |
656 | 687,698 | ||||||
3.45%, 02/19/26(a) |
863 | 933,809 | ||||||
3.50%, 05/15/29 |
200 | 218,944 | ||||||
3.63%, 02/12/24 |
1,002 | 1,063,693 | ||||||
4.00%, 06/20/42 |
505 | 582,538 | ||||||
4.15%, 05/15/39 |
945 | 1,106,104 | ||||||
4.25%, 05/15/49 |
1,255 | 1,535,819 | ||||||
4.70%, 02/19/46 |
345 | 446,151 | ||||||
5.60%, 11/30/39 |
389 | 536,622 | ||||||
5.88%, 11/29/32 |
537 | 710,397 | ||||||
7.00%, 10/30/25 |
499 | 608,755 | ||||||
|
|
|||||||
48,810,242 | ||||||||
Cosmetics & Personal Care — 1.1% | ||||||||
Colgate-Palmolive Co. |
||||||||
1.95%, 02/01/23(a) |
383 | 390,419 | ||||||
3.25%, 03/15/24 |
42 | 44,528 | ||||||
3.70%, 08/01/47 (Call 02/01/47) |
258 | 316,316 | ||||||
4.00%, 08/15/45 |
292 | 370,387 | ||||||
Estee Lauder Companies Inc. (The) |
||||||||
1.95%, 03/15/31 (Call 12/15/30) |
25 | 24,805 | ||||||
2.00%, 12/01/24 (Call 11/01/24) |
447 | 461,527 | ||||||
2.38%, 12/01/29 (Call 09/01/29) |
445 | 460,010 | ||||||
2.60%, 04/15/30 (Call 01/15/30) |
65 | 67,852 | ||||||
3.13%, 12/01/49 (Call 06/01/49)(a) |
169 | 185,532 | ||||||
3.15%, 03/15/27 (Call 12/15/26) |
488 | 527,699 | ||||||
4.15%, 03/15/47 (Call 09/15/46) |
220 | 278,870 | ||||||
Procter & Gamble Co. (The) |
||||||||
0.55%, 10/29/25 |
375 | 366,911 | ||||||
1.00%, 04/23/26 |
365 | 361,806 | ||||||
1.20%, 10/29/30 |
595 | 562,424 | ||||||
1.95%, 04/23/31 |
605 | 609,187 |
Security | Par (000) |
Value | ||||||
Cosmetics & Personal Care (continued) | ||||||||
2.45%, 11/03/26 |
$ | 561 | $ | 591,586 | ||||
2.70%, 02/02/26(a) |
649 | 688,751 | ||||||
2.80%, 03/25/27 |
302 | 321,959 | ||||||
2.85%, 08/11/27 |
568 | 609,720 | ||||||
3.00%, 03/25/30 |
775 | 842,719 | ||||||
3.10%, 08/15/23 |
570 | 596,254 | ||||||
3.55%, 03/25/40 |
10 | 11,767 | ||||||
Unilever Capital Corp. |
||||||||
0.38%, 09/14/23(a) |
30 | 29,895 | ||||||
1.75%, 08/12/31 (Call 05/12/31)(a) |
500 | 487,290 | ||||||
2.00%, 07/28/26 |
325 | 334,679 | ||||||
2.13%, 09/06/29 (Call 06/06/29) |
15 | 15,283 | ||||||
2.60%, 05/05/24 (Call 03/05/24) |
660 | 687,568 | ||||||
2.90%, 05/05/27 (Call 02/05/27) |
300 | 319,533 | ||||||
3.10%, 07/30/25 |
275 | 294,245 | ||||||
3.25%, 03/07/24 (Call 02/07/24) |
548 | 578,507 | ||||||
3.50%, 03/22/28 (Call 12/22/27)(a) |
150 | 165,777 | ||||||
5.90%, 11/15/32 |
633 | 855,455 | ||||||
Series 30Y, 2.63%, 08/12/51 (Call 02/12/51) |
500 | 501,700 | ||||||
|
|
|||||||
12,960,961 | ||||||||
Distribution & Wholesale — 0.1% | ||||||||
WW Grainger Inc. |
||||||||
1.85%, 02/15/25 (Call 01/15/25) |
269 | 276,185 | ||||||
4.60%, 06/15/45 (Call 12/15/44) |
362 | 474,339 | ||||||
|
|
|||||||
750,524 | ||||||||
Diversified Financial Services — 3.4% | ||||||||
American Express Co. |
||||||||
2.50%, 07/30/24 (Call 06/30/24) |
810 | 843,963 | ||||||
2.65%, 12/02/22 |
755 | 772,395 | ||||||
3.00%, 10/30/24 (Call 09/29/24) |
1,014 | 1,071,879 | ||||||
3.13%, 05/20/26 (Call 04/20/26) |
445 | 477,262 | ||||||
3.40%, 02/27/23 (Call 01/27/23) |
926 | 958,716 | ||||||
3.40%, 02/22/24 (Call 01/22/24) |
785 | 828,544 | ||||||
3.63%, 12/05/24 (Call 11/04/24)(a) |
466 | 500,708 | ||||||
3.70%, 08/03/23 (Call 07/03/23) |
970 | 1,019,373 | ||||||
4.05%, 12/03/42 |
379 | 455,312 | ||||||
4.20%, 11/06/25 (Call 10/06/25)(a) |
280 | 311,063 | ||||||
American Express Credit Corp., 3.30%, 05/03/27 (Call 04/03/27) |
839 | 914,015 | ||||||
Ameriprise Financial Inc. |
||||||||
2.88%, 09/15/26 (Call 06/15/26)(a) |
395 | 418,392 | ||||||
3.00%, 04/02/25 (Call 03/02/25) |
260 | 274,105 | ||||||
3.70%, 10/15/24 |
495 | 534,412 | ||||||
4.00%, 10/15/23 |
529 | 563,221 | ||||||
Brookfield Finance I UK PLC, 2.34%, 01/30/32 (Call 10/30/31) |
195 | 190,474 | ||||||
Brookfield Finance Inc. |
||||||||
2.72%, 04/15/31 (Call 01/15/31) |
95 | 96,339 | ||||||
3.50%, 03/30/51 (Call 09/30/50) |
87 | 92,018 | ||||||
3.90%, 01/25/28 (Call 10/25/27) |
481 | 531,317 | ||||||
4.00%, 04/01/24 (Call 02/01/24) |
195 | 207,784 | ||||||
4.25%, 06/02/26 (Call 03/02/26) |
171 | 189,458 | ||||||
4.35%, 04/15/30 (Call 01/15/30) |
511 | 583,071 | ||||||
4.70%, 09/20/47 (Call 03/20/47) |
462 | 569,826 | ||||||
4.85%, 03/29/29 (Call 12/29/28) |
480 | 560,544 | ||||||
Brookfield Finance LLC, 3.45%, 04/15/50 (Call 10/15/49) |
439 | 461,196 | ||||||
Cboe Global Markets Inc. |
||||||||
1.63%, 12/15/30 (Call 09/15/30) |
170 | 162,296 | ||||||
3.65%, 01/12/27 (Call 10/12/26) |
444 | 486,295 |
S C H E D U L E O F I N V E S T M E N T S |
23 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
Charles Schwab Corp. (The) |
||||||||
0.75%, 03/18/24 (Call 02/18/24) |
$ | 77 | $ | 76,861 | ||||
0.90%, 03/11/26 (Call 02/11/26) |
406 | 398,392 | ||||||
1.15%, 05/13/26 (Call 04/13/26) |
335 | 331,784 | ||||||
1.65%, 03/11/31 (Call 12/11/30) |
455 | 435,804 | ||||||
2.00%, 03/20/28 (Call 01/20/28) |
21 | 21,192 | ||||||
2.30%, 05/13/31 (Call 02/13/31) |
425 | 429,101 | ||||||
2.65%, 01/25/23 (Call 12/25/22) |
518 | 531,100 | ||||||
2.75%, 10/01/29 (Call 07/01/29) |
45 | 47,233 | ||||||
3.20%, 03/02/27 (Call 12/02/26) |
510 | 549,142 | ||||||
3.20%, 01/25/28 (Call 10/25/27) |
400 | 433,728 | ||||||
3.25%, 05/22/29 (Call 02/22/29)(a) |
316 | 343,091 | ||||||
3.30%, 04/01/27 (Call 01/01/27) |
583 | 628,299 | ||||||
3.55%, 02/01/24 (Call 01/01/24) |
339 | 359,130 | ||||||
3.63%, 04/01/25 (Call 01/01/25) |
538 | 576,623 | ||||||
3.85%, 05/21/25 (Call 03/21/25) |
556 | 604,177 | ||||||
4.00%, 02/01/29 (Call 11/01/28) |
462 | 523,303 | ||||||
4.20%, 03/24/25 (Call 02/24/25) |
273 | 299,276 | ||||||
4.63%, 03/22/30 (Call 12/22/29) |
296 | 352,699 | ||||||
CME Group Inc. |
||||||||
3.00%, 03/15/25 (Call 12/15/24) |
97 | 102,349 | ||||||
3.75%, 06/15/28 (Call 03/15/28) |
262 | 293,115 | ||||||
4.15%, 06/15/48 (Call 12/15/47)(a) |
305 | 393,499 | ||||||
5.30%, 09/15/43 (Call 03/15/43) |
402 | 563,861 | ||||||
Credit Suisse USA Inc., 7.13%, 07/15/32 |
516 | 728,675 | ||||||
Franklin Resources Inc., 1.60%, 10/30/30 (Call 07/30/30) |
140 | 132,294 | ||||||
Invesco Finance PLC |
||||||||
3.13%, 11/30/22 |
370 | 380,342 | ||||||
3.75%, 01/15/26 |
137 | 148,935 | ||||||
4.00%, 01/30/24 |
367 | 391,398 | ||||||
Legg Mason Inc., 5.63%, 01/15/44 |
328 | 455,152 | ||||||
Mastercard Inc. |
||||||||
1.90%, 03/15/31 (Call 12/15/30) |
150 | 150,024 | ||||||
2.00%, 03/03/25 (Call 02/03/25) |
343 | 353,201 | ||||||
2.95%, 11/21/26 (Call 08/21/26) |
646 | 692,073 | ||||||
2.95%, 06/01/29 (Call 03/01/29) |
756 | 812,141 | ||||||
2.95%, 03/15/51 (Call 09/15/50) |
233 | 246,516 | ||||||
3.30%, 03/26/27 (Call 01/26/27) |
623 | 676,709 | ||||||
3.35%, 03/26/30 (Call 12/26/29) |
672 | 743,004 | ||||||
3.38%, 04/01/24 |
59 | 62,629 | ||||||
3.50%, 02/26/28 (Call 11/26/27) |
145 | 160,280 | ||||||
3.65%, 06/01/49 (Call 12/01/48) |
520 | 608,244 | ||||||
3.80%, 11/21/46 (Call 05/21/46)(a) |
281 | 335,581 | ||||||
3.85%, 03/26/50 (Call 09/26/49) |
561 | 679,405 | ||||||
3.95%, 02/26/48 (Call 08/26/47) |
310 | 378,774 | ||||||
ORIX Corp. |
||||||||
2.25%, 03/09/31(a) |
50 | 49,931 | ||||||
3.25%, 12/04/24 |
351 | 372,464 | ||||||
3.70%, 07/18/27 |
265 | 290,374 | ||||||
4.05%, 01/16/24 |
89 | 94,598 | ||||||
Visa Inc. |
||||||||
0.75%, 08/15/27 (Call 06/15/27) |
197 | 189,356 | ||||||
1.10%, 02/15/31 (Call 11/15/30)(a) |
515 | 480,536 | ||||||
1.90%, 04/15/27 (Call 02/15/27) |
884 | 900,115 | ||||||
2.00%, 08/15/50 (Call 02/15/50) |
793 | 708,633 | ||||||
2.05%, 04/15/30 (Call 01/15/30) |
716 | 725,716 | ||||||
2.70%, 04/15/40 (Call 10/15/39) |
536 | 550,274 | ||||||
2.75%, 09/15/27 (Call 06/15/27) |
317 | 338,318 | ||||||
2.80%, 12/14/22 (Call 10/14/22) |
874 | 894,548 | ||||||
3.15%, 12/14/25 (Call 09/14/25) |
754 | 810,263 |
Security | Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
3.65%, 09/15/47 (Call 03/15/47) |
$ | 388 | $ | 456,439 | ||||
4.15%, 12/14/35 (Call 06/14/35)(a) |
757 | 907,772 | ||||||
4.30%, 12/14/45 (Call 06/14/45) |
1,556 | 1,991,804 | ||||||
|
|
|||||||
40,264,255 | ||||||||
Electric — 6.0% | ||||||||
AEP Transmission Co. LLC |
||||||||
3.75%, 12/01/47 (Call 06/01/47) |
305 | 349,484 | ||||||
Series M, 3.65%, 04/01/50 (Call 10/01/49) |
315 | 362,143 | ||||||
Series N, 2.75%, 08/15/51 (Call 02/15/51) |
200 | 197,262 | ||||||
Alabama Power Co. |
||||||||
3.13%, 07/15/51 (Call 01/15/51)(a) |
50 | 52,908 | ||||||
3.45%, 10/01/49 (Call 04/01/49) |
300 | 332,121 | ||||||
3.75%, 03/01/45 (Call 09/01/44) |
410 | 468,269 | ||||||
6.00%, 03/01/39 |
262 | 368,935 | ||||||
Series 20-A, 1.45%, 09/15/30 (Call 06/15/30) |
115 | 108,502 | ||||||
Series A, 4.30%, 07/15/48 (Call 01/15/48) |
307 | 384,932 | ||||||
Series B, 3.70%, 12/01/47 (Call 06/01/47) |
364 | 418,338 | ||||||
Ameren
Illinois Co. |
231 | 268,859 | ||||||
4.50%, 03/15/49 (Call 09/15/48) |
250 | 329,252 | ||||||
Appalachian Power Co. |
||||||||
7.00%, 04/01/38 |
270 | 397,273 | ||||||
Series AA, 2.70%, 04/01/31 (Call 01/01/31) |
289 | 295,037 | ||||||
Series Z, 3.70%, 05/01/50 (Call 11/01/49)(a) |
90 | 99,993 | ||||||
Arizona Public Service Co. |
||||||||
2.20%, 12/15/31 (Call 09/15/31) |
55 | 53,885 | ||||||
3.35%, 05/15/50 (Call 11/15/49) |
61 | 64,588 | ||||||
4.35%, 11/15/45 (Call 05/15/45) |
10 | 12,038 | ||||||
Baltimore Gas & Electric Co., 3.50%, 08/15/46 (Call 02/15/46) |
320 | 352,784 | ||||||
Baltimore Gas and Electric Co., 2.25%, 06/15/31 (Call 03/15/31) |
145 | 145,422 | ||||||
Berkshire Hathaway Energy Co. |
||||||||
1.65%, 05/15/31 (Call 02/15/31)(a) |
645 | 613,492 | ||||||
2.85%, 05/15/51 (Call 11/15/50) |
740 | 725,607 | ||||||
3.25%, 04/15/28 (Call 01/15/28) |
274 | 297,060 | ||||||
3.70%, 07/15/30 (Call 04/15/30) |
60 | 67,070 | ||||||
3.75%, 11/15/23 (Call 08/15/23) |
156 | 164,435 | ||||||
3.80%, 07/15/48 (Call 01/15/48) |
355 | 406,155 | ||||||
4.05%, 04/15/25 (Call 03/15/25) |
61 | 66,565 | ||||||
4.25%, 10/15/50 (Call 04/15/50) |
585 | 722,803 | ||||||
4.45%, 01/15/49 (Call 07/15/48) |
387 | 487,686 | ||||||
4.50%, 02/01/45 (Call 08/01/44) |
214 | 264,397 | ||||||
5.15%, 11/15/43 (Call 05/15/43) |
380 | 498,419 | ||||||
5.95%, 05/15/37 |
300 | 409,116 | ||||||
6.13%, 04/01/36 |
731 | 1,004,116 | ||||||
CenterPoint Energy Houston Electric LLC |
||||||||
3.55%, 08/01/42 (Call 02/01/42) |
180 | 202,898 | ||||||
4.50%, 04/01/44 (Call 10/01/43) |
299 | 381,073 | ||||||
Series AC, 4.25%, 02/01/49 (Call 08/01/48) |
333 | 424,805 | ||||||
Series AF, 3.35%, 04/01/51 (Call 10/01/50) |
178 | 199,196 | ||||||
Commonwealth Edison Co. |
||||||||
2.55%, 06/15/26 (Call 03/15/26) |
388 | 406,958 | ||||||
3.00%, 03/01/50 (Call 09/01/49) |
355 | 366,509 | ||||||
3.65%, 06/15/46 (Call 12/15/45) |
202 | 230,783 | ||||||
3.70%, 08/15/28 (Call 05/15/28) |
238 | 266,353 | ||||||
4.00%, 03/01/48 (Call 09/01/47)(a) |
385 | 462,389 | ||||||
5.90%, 03/15/36 |
50 | 69,845 | ||||||
Series 123, 3.75%, 08/15/47 (Call 02/15/47) |
326 | 379,093 | ||||||
Series 130, 3.13%, 03/15/51 (Call 09/15/50) |
331 | 350,992 |
24 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Electric (continued) | ||||||||
Series 131, 2.75%, 09/01/51 (Call 03/01/51) |
$ | 200 | $ | 197,760 | ||||
Connecticut Light & Power Co. (The) |
||||||||
4.00%, 04/01/48 (Call 10/01/47) |
230 | 281,428 | ||||||
Series A, 3.20%, 03/15/27 (Call 12/15/26) |
280 | 302,128 | ||||||
Consolidated Edison Co. of New York Inc. |
||||||||
2.40%, 06/15/31 (Call 03/15/31) |
440 | 443,256 | ||||||
3.60%, 06/15/61 (Call 12/15/60) |
450 | 486,864 | ||||||
3.70%, 11/15/59 (Call 05/15/59) |
85 | 92,796 | ||||||
3.85%, 06/15/46 (Call 12/15/45) |
215 | 241,256 | ||||||
3.95%, 03/01/43 (Call 09/01/42) |
337 | 376,705 | ||||||
4.45%, 03/15/44 (Call 09/15/43) |
503 | 601,125 | ||||||
4.50%, 12/01/45 (Call 06/01/45) |
353 | 430,318 | ||||||
4.50%, 05/15/58 (Call 11/15/57) |
215 | 267,989 | ||||||
4.63%, 12/01/54 (Call 06/01/54) |
198 | 251,612 | ||||||
Series 07-A, 6.30%, 08/15/37 |
147 | 207,296 | ||||||
Series 08-B, 6.75%, 04/01/38 |
291 | 428,265 | ||||||
Series 09-C, 5.50%, 12/01/39 |
266 | 351,977 | ||||||
Series 2017, 3.88%, 06/15/47 (Call 12/15/46) |
350 | 396,641 | ||||||
Series 20A, 3.35%, 04/01/30 (Call 01/01/30)(a) |
213 | 231,601 | ||||||
Series 20B, 3.95%, 04/01/50 (Call 10/01/49) |
394 | 459,317 | ||||||
Series A, 4.13%, 05/15/49 (Call 11/15/48) |
303 | 358,328 | ||||||
Series C, 3.00%, 12/01/60 (Call 06/01/60) |
150 | 144,994 | ||||||
Series C, 4.30%, 12/01/56 (Call 06/01/56) |
265 | 323,210 | ||||||
Series D, 4.00%, 12/01/28 (Call 09/01/28)(a) |
290 | 327,714 | ||||||
Series E, 4.65%, 12/01/48 (Call 06/01/48) |
197 | 249,812 | ||||||
Consumers Energy Co. |
||||||||
2.50%, 05/01/60 (Call 11/01/59) |
153 | 139,805 | ||||||
2.65%, 08/15/52 (Call 02/15/52)(a) |
125 | 122,950 | ||||||
3.10%, 08/15/50 (Call 02/15/50) |
330 | 353,156 | ||||||
3.50%, 08/01/51 (Call 02/01/51) |
267 | 304,303 | ||||||
4.05%, 05/15/48 (Call 11/15/47) |
230 | 280,593 | ||||||
4.35%, 04/15/49 (Call 10/15/48) |
218 | 277,961 | ||||||
Delmarva Power & Light Co., 3.50%, 11/15/23 (Call 08/15/23) |
350 | 367,801 | ||||||
Dominion Energy South Carolina Inc. |
||||||||
5.10%, 06/01/65 (Call 12/01/64) |
199 | 294,122 | ||||||
6.05%, 01/15/38 |
255 | 360,353 | ||||||
DTE Electric Co. |
||||||||
2.25%, 03/01/30 (Call 12/01/29) |
330 | 333,514 | ||||||
2.95%, 03/01/50 (Call 09/01/49) |
272 | 280,971 | ||||||
3.70%, 03/15/45 (Call 09/15/44) |
276 | 316,445 | ||||||
3.95%, 03/01/49 (Call 09/01/48) |
335 | 404,382 | ||||||
Series A, 1.90%, 04/01/28 (Call 02/01/28) |
158 | 158,376 | ||||||
Series A, 4.05%, 05/15/48 (Call 11/15/47) |
180 | 219,787 | ||||||
Series C, 2.63%, 03/01/31 (Call 12/01/30)(a) |
285 | 295,611 | ||||||
Duke Energy Carolinas LLC |
||||||||
2.45%, 02/01/30 (Call 11/01/29) |
260 | 265,957 | ||||||
2.50%, 03/15/23 (Call 01/15/23) |
59 | 60,387 | ||||||
2.55%, 04/15/31 (Call 01/15/31) |
54 | 55,540 | ||||||
2.95%, 12/01/26 (Call 09/01/26) |
170 | 181,455 | ||||||
3.05%, 03/15/23 (Call 02/15/23) |
245 | 253,085 | ||||||
3.20%, 08/15/49 (Call 02/15/49) |
165 | 175,009 | ||||||
3.70%, 12/01/47 (Call 06/01/47) |
305 | 345,870 | ||||||
3.75%, 06/01/45 (Call 12/01/44) |
267 | 302,938 | ||||||
3.88%, 03/15/46 (Call 09/15/45) |
290 | 335,837 | ||||||
3.95%, 11/15/28 (Call 08/15/28) |
300 | 339,183 | ||||||
3.95%, 03/15/48 (Call 09/15/47) |
267 | 314,056 | ||||||
4.00%, 09/30/42 (Call 03/30/42) |
285 | 328,608 | ||||||
4.25%, 12/15/41 (Call 06/15/41) |
271 | 323,184 | ||||||
5.30%, 02/15/40 |
381 | 506,033 |
Security | Par (000) |
Value | ||||||
Electric (continued) | ||||||||
6.00%, 01/15/38 |
$ | 97 | $ | 135,179 | ||||
6.05%, 04/15/38 |
280 | 393,910 | ||||||
Duke Energy Florida LLC |
||||||||
1.75%, 06/15/30 (Call 03/15/30) |
280 | 270,777 | ||||||
2.50%, 12/01/29 (Call 09/01/29) |
425 | 438,923 | ||||||
3.20%, 01/15/27 (Call 10/15/26)(a) |
212 | 227,749 | ||||||
3.40%, 10/01/46 (Call 04/01/46) |
260 | 282,857 | ||||||
3.80%, 07/15/28 (Call 04/15/28) |
235 | 262,171 | ||||||
6.35%, 09/15/37 |
209 | 303,773 | ||||||
6.40%, 06/15/38 |
460 | 668,403 | ||||||
Duke Energy Indiana LLC |
||||||||
2.75%, 04/01/50 (Call 10/01/49) |
215 | 208,864 | ||||||
3.75%, 05/15/46 (Call 11/15/45) |
180 | 206,244 | ||||||
6.35%, 08/15/38 |
251 | 360,838 | ||||||
Series YYY, 3.25%, 10/01/49 (Call 04/01/49) |
240 | 253,214 | ||||||
Duke Energy Progress LLC |
||||||||
2.50%, 08/15/50 (Call 02/15/50) |
288 | 268,384 | ||||||
3.25%, 08/15/25 (Call 05/15/25) |
265 | 283,804 | ||||||
3.45%, 03/15/29 (Call 12/15/28) |
320 | 350,954 | ||||||
3.60%, 09/15/47 (Call 03/15/47) |
195 | 218,468 | ||||||
3.70%, 09/01/28 (Call 06/01/28) |
79 | 87,844 | ||||||
4.10%, 05/15/42 (Call 11/15/41) |
255 | 299,128 | ||||||
4.10%, 03/15/43 (Call 09/15/42) |
226 | 265,753 | ||||||
4.15%, 12/01/44 (Call 06/01/44) |
225 | 267,732 | ||||||
4.20%, 08/15/45 (Call 02/15/45) |
245 | 296,325 | ||||||
Entergy Arkansas LLC |
||||||||
2.65%, 06/15/51 (Call 12/15/50) |
347 | 332,135 | ||||||
3.50%, 04/01/26 (Call 01/01/26) |
515 | 557,807 | ||||||
Entergy Louisiana LLC |
||||||||
0.62%, 11/17/23 (Call 12/06/21) |
170 | 169,708 | ||||||
0.95%, 10/01/24 (Call 10/01/22) |
100 | 99,506 | ||||||
2.35%, 06/15/32 (Call 03/15/32) |
40 | 39,842 | ||||||
2.90%, 03/15/51 (Call 09/15/50) |
335 | 334,896 | ||||||
3.10%, 06/15/41 (Call 12/15/40) |
60 | 62,281 | ||||||
4.00%, 03/15/33 (Call 12/15/32) |
327 | 374,670 | ||||||
4.20%, 09/01/48 (Call 03/01/48) |
353 | 433,318 | ||||||
4.20%, 04/01/50 (Call 10/01/49) |
238 | 292,066 | ||||||
Evergy Kansas Central Inc. |
||||||||
3.45%, 04/15/50 (Call 10/15/49) |
270 | 295,709 | ||||||
4.13%, 03/01/42 (Call 09/01/41) |
286 | 337,185 | ||||||
Florida Power & Light Co. |
||||||||
2.75%, 06/01/23 (Call 12/01/22) |
293 | 300,249 | ||||||
2.85%, 04/01/25 (Call 03/01/25)(a) |
493 | 518,823 | ||||||
3.13%, 12/01/25 (Call 06/01/25) |
286 | 305,331 | ||||||
3.15%, 10/01/49 (Call 04/01/49) |
379 | 414,914 | ||||||
3.25%, 06/01/24 (Call 12/01/23) |
246 | 258,514 | ||||||
3.70%, 12/01/47 (Call 06/01/47) |
361 | 426,236 | ||||||
3.95%, 03/01/48 (Call 09/01/47) |
338 | 414,679 | ||||||
3.99%, 03/01/49 (Call 09/01/48) |
305 | 378,173 | ||||||
4.05%, 06/01/42 (Call 12/01/41) |
208 | 249,796 | ||||||
4.05%, 10/01/44 (Call 04/01/44) |
215 | 260,984 | ||||||
4.13%, 02/01/42 (Call 08/01/41) |
247 | 298,638 | ||||||
4.13%, 06/01/48 (Call 12/01/47) |
257 | 324,666 | ||||||
5.69%, 03/01/40 |
220 | 312,103 | ||||||
5.95%, 02/01/38 |
270 | 385,136 | ||||||
5.96%, 04/01/39 |
270 | 389,100 | ||||||
Georgia Power Co. |
||||||||
4.30%, 03/15/42 |
473 | 547,550 | ||||||
Series 10-C, 4.75%, 09/01/40 |
310 | 374,954 | ||||||
Series A, 2.10%, 07/30/23 |
405 | 414,760 |
S C H E D U L E O F I N V E S T M E N T S |
25 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Electric (continued) | ||||||||
Series A, 3.25%, 03/15/51 (Call 09/15/50) |
$ | 205 | $ | 210,135 | ||||
Series B, 2.65%, 09/15/29 (Call 06/15/29) |
55 | 56,846 | ||||||
Series B, 3.70%, 01/30/50 (Call 07/30/49) |
15 | 16,287 | ||||||
Kentucky Utilities Co. |
||||||||
3.30%, 06/01/50 (Call 12/01/49) |
250 | 269,982 | ||||||
4.38%, 10/01/45 (Call 04/01/45) |
132 | 163,574 | ||||||
5.13%, 11/01/40 (Call 05/01/40) |
494 | 641,913 | ||||||
MidAmerican Energy Co. |
||||||||
2.70%, 08/01/52 (Call 02/01/52) |
100 | 98,664 | ||||||
3.15%, 04/15/50 (Call 10/15/49) |
140 | 149,842 | ||||||
3.50%, 10/15/24 (Call 07/15/24) |
51 | 54,529 | ||||||
3.65%, 04/15/29 (Call 01/15/29) |
388 | 431,122 | ||||||
3.65%, 08/01/48 (Call 02/01/48) |
223 | 256,053 | ||||||
4.25%, 07/15/49 (Call 01/15/49) |
637 | 801,594 | ||||||
National Rural Utilities Cooperative Finance Corp. |
||||||||
1.00%, 06/15/26 (Call 05/15/26) |
73 | 71,763 | ||||||
2.40%, 03/15/30 (Call 12/15/29) |
330 | 335,389 | ||||||
2.85%, 01/27/25 (Call 10/27/24)(a) |
54 | 56,726 | ||||||
3.40%, 02/07/28 (Call 11/07/27) |
398 | 432,710 | ||||||
4.02%, 11/01/32 (Call 05/01/32) |
498 | 575,404 | ||||||
4.30%, 03/15/49 (Call 09/15/48) |
137 | 172,293 | ||||||
Series D, 1.00%, 10/18/24 |
420 | 419,097 | ||||||
Northern States Power Co./MN |
||||||||
2.60%, 06/01/51 (Call 12/01/50) |
215 | 209,791 | ||||||
2.90%, 03/01/50 (Call 09/01/49) |
293 | 302,640 | ||||||
3.40%, 08/15/42 (Call 02/15/42) |
54 | 59,530 | ||||||
3.60%, 09/15/47 (Call 03/15/47) |
348 | 399,643 | ||||||
NSTAR Electric Co., 3.20%, 05/15/27 (Call 02/15/27) |
170 | 183,452 | ||||||
Oncor Electric Delivery Co. LLC |
||||||||
3.10%, 09/15/49 (Call 03/15/49) |
369 | 398,328 | ||||||
3.75%, 04/01/45 (Call 10/01/44) |
333 | 389,407 | ||||||
PacifiCorp. |
||||||||
2.90%, 06/15/52 (Call 12/15/51) |
40 | 39,670 | ||||||
3.30%, 03/15/51 (Call 09/15/50) |
255 | 270,343 | ||||||
4.13%, 01/15/49 (Call 07/15/48) |
297 | 355,334 | ||||||
4.15%, 02/15/50 (Call 08/15/49) |
204 | 246,426 | ||||||
5.75%, 04/01/37 |
292 | 395,076 | ||||||
6.00%, 01/15/39 |
265 | 370,049 | ||||||
6.25%, 10/15/37 |
280 | 394,957 | ||||||
PECO Energy Co., 3.90%, 03/01/48 (Call 09/01/47) |
52 | 61,730 | ||||||
Pinnacle West Capital Corp., 1.30%, 06/15/25 (Call 05/15/25) |
653 | 647,580 | ||||||
Potomac Electric Power Co. |
||||||||
4.15%, 03/15/43 (Call 09/15/42) |
315 | 374,730 | ||||||
6.50%, 11/15/37 |
245 | 356,669 | ||||||
Public Service Co. of Colorado |
||||||||
1.88%, 06/15/31 (Call 12/15/30)(a) |
65 | 63,544 | ||||||
3.60%, 09/15/42 (Call 03/15/42) |
214 | 240,144 | ||||||
Series 34, 3.20%, 03/01/50 (Call 09/01/49) |
205 | 220,166 | ||||||
Public Service Electric & Gas Co. |
||||||||
2.38%, 05/15/23 (Call 02/15/23) |
264 | 270,175 | ||||||
3.80%, 03/01/46 (Call 09/01/45) |
203 | 239,522 | ||||||
Puget Sound Energy Inc., 4.22%, 06/15/48 (Call 12/15/47) |
7 | 8,532 | ||||||
San Diego Gas & Electric Co. |
||||||||
2.50%, 05/15/26 (Call 02/15/26) |
317 | 330,501 | ||||||
4.50%, 08/15/40 |
110 | 135,016 | ||||||
Series VVV, 1.70%, 10/01/30 (Call 07/01/30) |
341 | 326,184 | ||||||
Series WWW, 2.95%, 08/15/51 (Call 02/15/51) |
240 | 244,094 | ||||||
Southern California Edison Co. |
||||||||
1.10%, 04/01/24 (Call 04/01/23) |
70 | 70,129 |
Security | Par (000) |
Value | ||||||
Electric (continued) | ||||||||
2.25%, 06/01/30 (Call 03/01/30) |
$ | 210 | $ | 206,934 | ||||
2.85%, 08/01/29 (Call 05/01/29) |
187 | 193,074 | ||||||
3.65%, 02/01/50 (Call 08/01/49) |
557 | 597,845 | ||||||
4.00%, 04/01/47 (Call 10/01/46) |
134 | 149,230 | ||||||
4.50%, 09/01/40 (Call 03/01/40) |
200 | 227,032 | ||||||
4.65%, 10/01/43 (Call 04/01/43) |
289 | 343,208 | ||||||
5.50%, 03/15/40 |
244 | 307,960 | ||||||
6.00%, 01/15/34(a) |
345 | 449,431 | ||||||
6.05%, 03/15/39 |
311 | 413,496 | ||||||
Series 08-A, 5.95%, 02/01/38 |
295 | 387,120 | ||||||
Series 20A, 2.95%, 02/01/51 (Call 08/01/50) |
820 | 782,567 | ||||||
Series A, 4.20%, 03/01/29 (Call 12/01/28) |
269 | 301,051 | ||||||
Series B, 4.88%, 03/01/49 (Call 09/01/48) |
235 | 293,202 | ||||||
Series C, 3.50%, 10/01/23 (Call 07/01/23) |
247 | 258,189 | ||||||
Series C, 4.13%, 03/01/48 (Call 09/01/47) |
525 | 593,959 | ||||||
Series E, 3.70%, 08/01/25 (Call 06/01/25) |
511 | 552,279 | ||||||
Southwestern Public Service Co., Series 8, 3.15%, 05/01/50 (Call 11/01/49) |
350 | 369,866 | ||||||
Union Electric Co. |
||||||||
2.15%, 03/15/32 (Call 12/15/31)(a) |
400 | 396,096 | ||||||
2.63%, 03/15/51 (Call 09/15/50)(a) |
70 | 68,436 | ||||||
Virginia Electric & Power Co. |
||||||||
2.45%, 12/15/50 (Call 06/15/50) |
503 | 470,803 | ||||||
3.30%, 12/01/49 (Call 06/01/49)(a) |
377 | 414,063 | ||||||
4.00%, 01/15/43 (Call 07/15/42) |
240 | 278,117 | ||||||
4.45%, 02/15/44 (Call 08/15/43) |
301 | 370,736 | ||||||
4.60%, 12/01/48 (Call 06/01/48) |
264 | 344,467 | ||||||
8.88%, 11/15/38 |
296 | 524,435 | ||||||
Series A, 2.88%, 07/15/29 (Call 04/15/29) |
275 | 290,595 | ||||||
Series A, 3.15%, 01/15/26 (Call 10/15/25) |
445 | 474,735 | ||||||
Series A, 3.50%, 03/15/27 (Call 12/15/26) |
70 | 76,187 | ||||||
Series A, 3.80%, 04/01/28 (Call 01/01/28) |
270 | 300,046 | ||||||
Series A, 6.00%, 05/15/37 |
212 | 294,129 | ||||||
Series B, 3.80%, 09/15/47 (Call 03/15/47) |
275 | 317,740 | ||||||
Series B, 6.00%, 01/15/36 |
140 | 191,419 | ||||||
Series C, 2.75%, 03/15/23 (Call 12/15/22) |
243 | 249,121 | ||||||
Series C, 4.00%, 11/15/46 (Call 05/15/46) |
230 | 273,015 | ||||||
Series D, 4.65%, 08/15/43 (Call 02/15/43) |
140 | 175,238 | ||||||
|
|
|||||||
71,287,633 | ||||||||
Electrical Components & Equipment — 0.1% | ||||||||
Emerson Electric Co. |
||||||||
0.88%, 10/15/26 (Call 09/15/26) |
387 | 375,866 | ||||||
1.80%, 10/15/27 (Call 08/15/27) |
192 | 193,093 | ||||||
1.95%, 10/15/30 (Call 07/15/30) |
315 | 311,589 | ||||||
2.63%, 02/15/23 (Call 11/15/22) |
307 | 313,726 | ||||||
2.75%, 10/15/50 (Call 04/15/50) |
262 | 260,525 | ||||||
3.15%, 06/01/25 (Call 03/01/25)(a) |
145 | 154,316 | ||||||
|
|
|||||||
1,609,115 | ||||||||
Electronics — 0.3% | ||||||||
Honeywell International Inc. |
||||||||
1.10%, 03/01/27 (Call 02/01/27)(a) |
290 | 284,902 | ||||||
1.35%, 06/01/25 (Call 05/01/25) |
258 | 260,152 | ||||||
1.75%, 09/01/31 (Call 06/01/31) |
345 | 335,147 | ||||||
1.95%, 06/01/30 (Call 03/01/30)(a) |
341 | 340,314 | ||||||
2.30%, 08/15/24 (Call 07/15/24) |
384 | 399,018 | ||||||
2.50%, 11/01/26 (Call 08/01/26)(a) |
519 | 546,144 | ||||||
2.70%, 08/15/29 (Call 05/15/29) |
435 | 459,743 | ||||||
2.80%, 06/01/50 (Call 12/01/49)(a) |
364 | 381,530 | ||||||
|
|
|||||||
3,006,950 |
26 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Food — 0.2% | ||||||||
Hershey Co. (The) |
||||||||
2.30%, 08/15/26 (Call 05/15/26) |
$ | 760 | $ | 791,296 | ||||
3.38%, 05/15/23 (Call 04/15/23)(a) |
384 | 399,629 | ||||||
Hormel Foods Corp. |
||||||||
1.70%, 06/03/28 (Call 04/03/28) |
250 | 247,940 | ||||||
1.80%, 06/11/30 (Call 03/11/30)(a) |
1,186 | 1,162,126 | ||||||
3.05%, 06/03/51 (Call 12/03/50)(a) |
55 | 58,762 | ||||||
|
|
|||||||
2,659,753 | ||||||||
Forest Products & Paper — 0.1% | ||||||||
Georgia-Pacific LLC |
||||||||
7.75%, 11/15/29 |
61 | 86,158 | ||||||
8.00%, 01/15/24 |
642 | 739,796 | ||||||
|
|
|||||||
825,954 | ||||||||
Gas — 0.3% | ||||||||
Atmos Energy Corp. |
||||||||
1.50%, 01/15/31 (Call 10/15/30) |
224 | 210,103 | ||||||
3.00%, 06/15/27 (Call 03/15/27)(a) |
322 | 343,001 | ||||||
3.38%, 09/15/49 (Call 03/15/49)(a) |
303 | 325,852 | ||||||
4.13%, 10/15/44 (Call 04/15/44) |
449 | 524,966 | ||||||
4.15%, 01/15/43 (Call 07/15/42) |
240 | 279,221 | ||||||
4.30%, 10/01/48 (Call 04/01/48) |
150 | 184,332 | ||||||
CenterPoint Energy Resources Corp., 1.75%, 10/01/30 (Call 07/01/30) |
360 | 344,185 | ||||||
Southern California Gas Co. |
||||||||
3.15%, 09/15/24 (Call 06/15/24) |
95 | 100,413 | ||||||
Series TT, 2.60%, 06/15/26 (Call 03/15/26) |
269 | 281,584 | ||||||
Series VV, 4.30%, 01/15/49 (Call 07/15/48) |
89 | 111,415 | ||||||
Series XX, 2.55%, 02/01/30 (Call 11/01/29) |
381 | 390,529 | ||||||
|
|
|||||||
3,095,601 | ||||||||
Hand & Machine Tools — 0.2% | ||||||||
Snap-on Inc., 3.10%, 05/01/50 (Call 11/01/49) |
323 | 346,689 | ||||||
Stanley Black & Decker Inc. |
||||||||
2.30%, 03/15/30 (Call 12/15/29) |
597 | 610,355 | ||||||
2.75%, 11/15/50 (Call 05/15/50) |
507 | 498,558 | ||||||
3.40%, 03/01/26 (Call 01/01/26) |
191 | 206,566 | ||||||
4.25%, 11/15/28 (Call 08/15/28) |
70 | 80,732 | ||||||
4.85%, 11/15/48 (Call 05/15/48)(a) |
85 | 114,956 | ||||||
|
|
|||||||
1,857,856 | ||||||||
Health Care - Products — 0.9% | ||||||||
Abbott Laboratories |
||||||||
1.15%, 01/30/28 (Call 11/30/27)(a) |
624 | 605,442 | ||||||
1.40%, 06/30/30 (Call 03/30/30)(a) |
318 | 305,210 | ||||||
2.95%, 03/15/25 (Call 12/15/24) |
538 | 569,624 | ||||||
3.40%, 11/30/23 (Call 09/30/23) |
718 | 755,530 | ||||||
3.75%, 11/30/26 (Call 08/30/26) |
642 | 710,527 | ||||||
4.75%, 11/30/36 (Call 05/30/36) |
697 | 891,435 | ||||||
4.75%, 04/15/43 (Call 10/15/42) |
258 | 339,577 | ||||||
4.90%, 11/30/46 (Call 05/30/46) |
1,626 | 2,259,327 | ||||||
5.30%, 05/27/40(a) |
392 | 541,728 | ||||||
6.00%, 04/01/39 |
85 | 124,834 | ||||||
6.15%, 11/30/37(a) |
50 | 73,594 | ||||||
Baxter International Inc. |
||||||||
1.73%, 04/01/31 (Call 01/01/31)(a) |
315 | 300,973 | ||||||
2.60%, 08/15/26 (Call 05/15/26) |
328 | 342,786 | ||||||
Medtronic Inc. |
||||||||
3.50%, 03/15/25 |
841 | 906,808 | ||||||
4.38%, 03/15/35 |
287 | 351,914 | ||||||
4.63%, 03/15/45 |
1,027 | 1,368,549 | ||||||
|
|
|||||||
10,447,858 |
Security | Par (000) |
Value | ||||||
Health Care - Services — 2.6% | ||||||||
Ascension Health |
||||||||
3.95%, 11/15/46 |
$ | 752 | $ | 936,263 | ||||
Series B, 2.53%, 11/15/29 (Call 08/15/29) |
512 | 533,934 | ||||||
Series B, 3.11%, 11/15/39 (Call 05/15/39) |
35 | 37,702 | ||||||
Baptist Healthcare System Obligated Group, Series 20B, 3.54%, 08/15/50 (Call 02/15/50)(a) |
20 | 21,941 | ||||||
BayCare Health System Inc., Series 2020, 3.83%, 11/15/50 (Call 05/15/50) |
94 | 114,576 | ||||||
Baylor Scott & White Holdings, Series 2021, 2.84%, 11/15/50 (Call 11/15/49) |
45 | 45,936 | ||||||
Children’s Hospital of Philadelphia (The), Series 2020, 2.70%, 07/01/50 (Call 01/01/50) |
65 | 64,900 | ||||||
CommonSpirit Health, 3.82%, 10/01/49 (Call 04/01/49)(a) |
242 | 277,211 | ||||||
Cottage Health Obligated Group, Series 2020, 3.30%, 11/01/49 (Call 05/01/49) |
60 | 65,362 | ||||||
Duke University Health System Inc., Series 2017, 3.92%, 06/01/47 (Call 12/01/46) |
350 | 425,862 | ||||||
Hackensack Meridian Health Inc. |
||||||||
Series 2020, 2.68%, 09/01/41 (Call 03/01/41) |
100 | 99,246 | ||||||
Series 2020, 2.88%, 09/01/50 (Call 03/01/50) |
50 | 50,371 | ||||||
Johns Hopkins Health System Corp. (The), 3.84%, 05/15/46 |
446 | 534,522 | ||||||
Kaiser Foundation Hospitals |
||||||||
3.15%, 05/01/27 (Call 02/01/27) |
647 | 693,713 | ||||||
4.15%, 05/01/47 (Call 11/01/46) |
837 | 1,039,721 | ||||||
4.88%, 04/01/42 |
200 | 266,386 | ||||||
Series 2019, 3.27%, 05/12/49 (Call 05/01/49) |
300 | 327,015 | ||||||
Series 2021, 2.81%, 06/01/41 (Call 12/01/40) |
70 | 70,894 | ||||||
Series 2021, 3.00%, 06/01/51 (Call 12/01/50) |
75 | 77,893 | ||||||
Mass General Brigham Inc., Series 2020, 3.34%, 07/01/60 (Call 01/01/60) |
254 | 278,813 | ||||||
Mayo Clinic, Series 2021, 3.20%, 11/15/61 (Call 05/15/61) |
35 | 37,998 | ||||||
Memorial Sloan-Kettering Cancer Center, Series 2015, 4.20%, 07/01/55 |
265 | 345,276 | ||||||
Methodist Hospital (The), Series 20A, 2.71%, 12/01/50 (Call 06/01/50) |
77 | 75,789 | ||||||
Mount Sinai Hospitals Group Inc., Series 2019, 3.74%, 07/01/49 (Call 01/01/49)(a) |
358 | 396,689 | ||||||
New York and Presbyterian Hospital (The) |
||||||||
4.02%, 08/01/45(a) |
491 | 616,509 | ||||||
Series 2019, 3.95%, 08/01/2119 (Call 02/01/2119) |
100 | 122,216 | ||||||
Northwell Healthcare Inc. |
||||||||
3.98%, 11/01/46 (Call 11/01/45) |
385 | 441,749 | ||||||
4.26%, 11/01/47 (Call 11/01/46) |
378 | 451,646 | ||||||
Providence St Joseph Health Obligated Group |
||||||||
Series 19A, 2.53%, 10/01/29 (Call 07/01/29) |
241 | 249,927 | ||||||
Series 21A, 2.70%, 10/01/51 (Call 04/01/51) |
20 | 19,637 | ||||||
SSM Health Care Corp. |
||||||||
Series 2018, 3.69%, 06/01/23 (Call 03/01/23) |
464 | 482,620 | ||||||
Series A, 3.82%, 06/01/27 (Call 03/01/27)(a) |
55 | 60,710 | ||||||
Stanford Health Care, Series 2018, 3.80%, 11/15/48 (Call 05/15/48)(a) |
480 | 578,002 | ||||||
Sutter Health |
||||||||
Series 20A, 2.29%, 08/15/30 (Call 02/15/30)(a) |
195 | 196,030 | ||||||
Series 20A, 3.36%, 08/15/50 (Call 02/15/50) |
139 | 150,550 | ||||||
Toledo Hospital (The), 5.75%, 11/15/38 (Call 11/15/28) |
351 | 418,627 | ||||||
UnitedHealth Group Inc. |
||||||||
1.15%, 05/15/26 (Call 04/15/26) |
270 | 267,440 | ||||||
1.25%, 01/15/26(a) |
226 | 225,514 | ||||||
2.00%, 05/15/30 |
560 | 558,533 |
S C H E D U L E O F I N V E S T M E N T S |
27 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Health Care - Services (continued) | ||||||||
2.30%, 05/15/31 (Call 02/15/31) |
$ | 297 | $ | 300,603 | ||||
2.38%, 08/15/24 |
135 | 140,304 | ||||||
2.75%, 02/15/23 (Call 11/15/22) |
225 | 230,254 | ||||||
2.75%, 05/15/40 (Call 11/15/39)(a) |
497 | 499,152 | ||||||
2.88%, 03/15/23 |
333 | 343,613 | ||||||
2.88%, 08/15/29 |
640 | 680,845 | ||||||
2.90%, 05/15/50 (Call 11/15/49) |
610 | 624,182 | ||||||
2.95%, 10/15/27 |
611 | 655,316 | ||||||
3.05%, 05/15/41 (Call 11/15/40) |
440 | 459,012 | ||||||
3.10%, 03/15/26 |
686 | 736,414 | ||||||
3.13%, 05/15/60 (Call 11/15/59)(a) |
375 | 393,210 | ||||||
3.25%, 05/15/51 (Call 11/15/50) |
837 | 907,467 | ||||||
3.38%, 04/15/27 |
470 | 512,892 | ||||||
3.45%, 01/15/27 |
531 | 579,831 | ||||||
3.50%, 06/15/23 |
546 | 571,935 | ||||||
3.50%, 02/15/24 |
340 | 360,502 | ||||||
3.50%, 08/15/39 (Call 02/15/39) |
575 | 640,021 | ||||||
3.70%, 08/15/49 (Call 02/15/49) |
577 | 668,166 | ||||||
3.75%, 07/15/25 |
375 | 409,024 | ||||||
3.75%, 10/15/47 (Call 04/15/47) |
719 | 833,357 | ||||||
3.85%, 06/15/28(a) |
667 | 751,222 | ||||||
3.88%, 12/15/28 |
489 | 553,255 | ||||||
3.88%, 08/15/59 (Call 02/15/59) |
370 | 445,151 | ||||||
3.95%, 10/15/42 (Call 04/15/42) |
288 | 337,928 | ||||||
4.20%, 01/15/47 (Call 07/15/46) |
362 | 445,274 | ||||||
4.25%, 03/15/43 (Call 09/15/42) |
315 | 383,843 | ||||||
4.25%, 04/15/47 (Call 10/15/46) |
348 | 436,764 | ||||||
4.25%, 06/15/48 (Call 12/15/47) |
145 | 181,597 | ||||||
4.38%, 03/15/42 (Call 09/15/41) |
215 | 263,506 | ||||||
4.45%, 12/15/48 (Call 06/15/48) |
538 | 694,644 | ||||||
4.63%, 07/15/35 |
537 | 665,123 | ||||||
4.63%, 11/15/41 (Call 05/15/41) |
229 | 288,375 | ||||||
4.75%, 07/15/45 |
760 | 1,011,735 | ||||||
5.80%, 03/15/36 |
360 | 496,127 | ||||||
6.50%, 06/15/37 |
247 | 366,644 | ||||||
6.63%, 11/15/37 |
369 | 554,581 | ||||||
6.88%, 02/15/38 |
510 | 787,379 | ||||||
|
|
|||||||
30,866,971 | ||||||||
Household Products & Wares — 0.2% | ||||||||
Kimberly-Clark Corp. |
||||||||
1.05%, 09/15/27 (Call 07/15/27) |
465 | 450,548 | ||||||
2.00%, 11/02/31 (Call 08/02/31) |
500 | 498,480 | ||||||
2.88%, 02/07/50 (Call 08/07/49)(a) |
301 | 313,576 | ||||||
3.10%, 03/26/30 (Call 12/26/29) |
330 | 358,647 | ||||||
3.20%, 04/25/29 (Call 01/25/29) |
65 | 70,971 | ||||||
3.20%, 07/30/46 (Call 01/30/46) |
234 | 258,546 | ||||||
3.95%, 11/01/28 (Call 08/01/28) |
75 | 85,603 | ||||||
6.63%, 08/01/37 |
396 | 606,403 | ||||||
|
|
|||||||
2,642,774 | ||||||||
Insurance — 3.0% | ||||||||
Aflac Inc. |
||||||||
3.60%, 04/01/30 (Call 01/01/30) |
1,038 | 1,153,384 | ||||||
3.63%, 11/15/24 |
418 | 449,755 | ||||||
4.75%, 01/15/49 (Call 07/15/48) |
48 | 63,893 | ||||||
Allstate Corp. (The) |
||||||||
0.75%, 12/15/25 (Call 11/15/25) |
226 | 221,582 | ||||||
1.45%, 12/15/30 (Call 09/15/30) |
280 | 266,095 | ||||||
3.15%, 06/15/23 |
252 | 262,715 | ||||||
3.28%, 12/15/26 (Call 09/15/26) |
340 | 367,798 |
Security | Par (000) |
Value | ||||||
Insurance (continued) | ||||||||
3.85%, 08/10/49 (Call 02/10/49) |
$ | 391 | $ | 469,122 | ||||
4.20%, 12/15/46 (Call 06/15/46) |
256 | 319,263 | ||||||
4.50%, 06/15/43 |
220 | 275,917 | ||||||
5.55%, 05/09/35 |
375 | 499,597 | ||||||
Berkshire Hathaway Finance Corp. |
||||||||
1.45%, 10/15/30 (Call 07/15/30) |
372 | 355,617 | ||||||
1.85%, 03/12/30 (Call 12/12/29)(a) |
300 | 296,748 | ||||||
2.50%, 01/15/51 (Call 07/15/50) |
375 | 351,994 | ||||||
2.85%, 10/15/50 (Call 04/15/50) |
817 | 819,345 | ||||||
4.20%, 08/15/48 (Call 02/15/48) |
921 | 1,138,881 | ||||||
4.25%, 01/15/49 (Call 07/15/48) |
857 | 1,069,630 | ||||||
4.30%, 05/15/43 |
293 | 357,522 | ||||||
4.40%, 05/15/42 |
280 | 346,738 | ||||||
5.75%, 01/15/40 |
357 | 509,107 | ||||||
Berkshire Hathaway Inc. |
||||||||
2.75%, 03/15/23 (Call 01/15/23) |
458 | 470,554 | ||||||
3.00%, 02/11/23 |
180 | 185,749 | ||||||
3.13%, 03/15/26 (Call 12/15/25) |
113 | 121,621 | ||||||
4.50%, 02/11/43 |
437 | 548,295 | ||||||
Chubb Corp. (The), 6.00%, 05/11/37 |
153 | 219,228 | ||||||
Chubb INA Holdings Inc. |
||||||||
2.88%, 11/03/22 (Call 09/03/22) |
420 | 428,555 | ||||||
3.15%, 03/15/25 |
532 | 567,383 | ||||||
3.35%, 05/15/24 |
205 | 217,905 | ||||||
3.35%, 05/03/26 (Call 02/03/26) |
155 | 167,588 | ||||||
4.35%, 11/03/45 (Call 05/03/45) |
185 | 237,329 | ||||||
Loews Corp. |
||||||||
2.63%, 05/15/23 (Call 02/15/23) |
110 | 112,915 | ||||||
3.20%, 05/15/30 (Call 02/15/30) |
168 | 179,659 | ||||||
3.75%, 04/01/26 (Call 01/01/26) |
575 | 628,297 | ||||||
4.13%, 05/15/43 (Call 11/15/42) |
116 | 135,785 | ||||||
Manulife Financial Corp. |
||||||||
2.48%, 05/19/27 (Call 03/19/27) |
344 | 355,961 | ||||||
4.15%, 03/04/26 |
229 | 253,645 | ||||||
5.38%, 03/04/46 |
177 | 251,972 | ||||||
Marsh & McLennan Companies Inc. |
||||||||
2.25%, 11/15/30 (Call 08/15/30) |
630 | 629,660 | ||||||
3.50%, 06/03/24 (Call 03/03/24) |
336 | 356,640 | ||||||
3.50%, 03/10/25 (Call 12/10/24) |
340 | 363,586 | ||||||
3.75%, 03/14/26 (Call 12/14/25) |
254 | 276,916 | ||||||
3.88%, 03/15/24 (Call 02/15/24) |
458 | 488,782 | ||||||
4.20%, 03/01/48 (Call 09/01/47) |
255 | 317,024 | ||||||
4.35%, 01/30/47 (Call 07/30/46) |
293 | 368,855 | ||||||
4.38%, 03/15/29 (Call 12/15/28) |
724 | 836,560 | ||||||
4.75%, 03/15/39 (Call 09/15/38) |
149 | 188,804 | ||||||
4.90%, 03/15/49 (Call 09/15/48) |
418 | 570,838 | ||||||
MetLife Inc. |
||||||||
3.00%, 03/01/25 |
400 | 423,008 | ||||||
3.60%, 04/10/24(a) |
203 | 216,428 | ||||||
3.60%, 11/13/25 (Call 08/13/25)(a) |
202 | 219,766 | ||||||
4.05%, 03/01/45 |
394 | 474,872 | ||||||
4.13%, 08/13/42 |
391 | 464,011 | ||||||
4.55%, 03/23/30 (Call 12/23/29) |
225 | 265,685 | ||||||
4.60%, 05/13/46 (Call 11/13/45)(a) |
315 | 409,755 | ||||||
4.88%, 11/13/43 |
480 | 628,094 | ||||||
5.70%, 06/15/35 |
501 | 676,345 | ||||||
5.88%, 02/06/41 |
320 | 456,742 | ||||||
6.38%, 06/15/34 |
324 | 455,884 | ||||||
6.50%, 12/15/32 |
421 | 584,967 | ||||||
Series D, 4.37%, 09/15/23 |
20 | 21,338 |
28 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Insurance (continued) | ||||||||
PartnerRe Finance B LLC, 3.70%, 07/02/29 (Call 04/02/29) |
$ | 300 | $ | 329,277 | ||||
Principal Financial Group Inc. |
||||||||
2.13%, 06/15/30 (Call 03/15/30) |
441 | 433,719 | ||||||
3.70%, 05/15/29 (Call 02/15/29)(a) |
470 | 520,887 | ||||||
6.05%, 10/15/36 |
100 | 138,571 | ||||||
Progressive Corp. (The) |
||||||||
2.45%, 01/15/27 |
121 | 127,337 | ||||||
3.20%, 03/26/30 (Call 12/26/29) |
264 | 286,649 | ||||||
3.95%, 03/26/50 (Call 09/26/49) |
333 | 406,523 | ||||||
4.00%, 03/01/29 (Call 12/01/28)(a) |
360 | 409,651 | ||||||
4.13%, 04/15/47 (Call 10/15/46)(a) |
333 | 410,396 | ||||||
4.20%, 03/15/48 (Call 09/15/47) |
352 | 441,158 | ||||||
Prudential Financial Inc. |
||||||||
1.50%, 03/10/26 (Call 02/10/26) |
125 | 125,921 | ||||||
2.10%, 03/10/30 (Call 12/10/29)(a) |
65 | 65,438 | ||||||
3.00%, 03/10/40 (Call 09/10/39)(a) |
356 | 365,673 | ||||||
3.70%, 03/13/51 (Call 09/13/50) |
597 | 692,048 | ||||||
3.91%, 12/07/47 (Call 06/07/47) |
398 | 468,303 | ||||||
3.94%, 12/07/49 (Call 06/07/49) |
518 | 617,451 | ||||||
4.35%, 02/25/50 (Call 08/25/49)(a) |
438 | 558,384 | ||||||
4.60%, 05/15/44 |
393 | 496,064 | ||||||
5.70%, 12/14/36 |
365 | 491,480 | ||||||
Prudential PLC, 3.13%, 04/14/30(a) |
25 | 26,757 | ||||||
Travelers Companies Inc. (The) |
||||||||
2.55%, 04/27/50 (Call 10/27/49) |
255 | 249,056 | ||||||
3.05%, 06/08/51 (Call 12/08/50) |
110 | 117,055 | ||||||
3.75%, 05/15/46 (Call 11/15/45)(a) |
248 | 290,644 | ||||||
4.00%, 05/30/47 (Call 11/30/46) |
312 | 380,172 | ||||||
4.05%, 03/07/48 (Call 09/07/47) |
239 | 294,881 | ||||||
4.10%, 03/04/49 (Call 09/04/48) |
240 | 300,799 | ||||||
5.35%, 11/01/40 |
390 | 537,260 | ||||||
6.25%, 06/15/37 |
449 | 651,274 | ||||||
Travelers Property Casualty Corp., 6.38%, 03/15/33 |
328 | 458,380 | ||||||
|
|
|||||||
35,062,912 | ||||||||
Internet — 3.1% | ||||||||
Alibaba Group Holding Ltd. |
||||||||
2.13%, 02/09/31 (Call 11/09/30)(a) |
700 | 670,866 | ||||||
2.70%, 02/09/41 (Call 08/09/40)(a) |
550 | 506,413 | ||||||
3.15%, 02/09/51 (Call 08/09/50) |
520 | 493,823 | ||||||
3.25%, 02/09/61 (Call 08/09/60) |
530 | 499,954 | ||||||
3.40%, 12/06/27 (Call 09/06/27) |
1,165 | 1,236,822 | ||||||
3.60%, 11/28/24 (Call 08/28/24) |
1,225 | 1,302,885 | ||||||
4.00%, 12/06/37 (Call 06/06/37) |
400 | 434,580 | ||||||
4.20%, 12/06/47 (Call 06/06/47) |
510 | 570,032 | ||||||
4.40%, 12/06/57 (Call 06/06/57) |
500 | 577,425 | ||||||
4.50%, 11/28/34 (Call 05/28/34) |
260 | 295,487 | ||||||
Alphabet Inc. |
||||||||
0.45%, 08/15/25 (Call 07/15/25) |
155 | 151,658 | ||||||
0.80%, 08/15/27 (Call 06/15/27)(a) |
600 | 576,714 | ||||||
1.10%, 08/15/30 (Call 05/15/30) |
1,025 | 962,516 | ||||||
1.90%, 08/15/40 (Call 02/15/40) |
527 | 477,283 | ||||||
2.00%, 08/15/26 (Call 05/15/26) |
1,435 | 1,481,365 | ||||||
2.05%, 08/15/50 (Call 02/15/50)(a) |
375 | 336,293 | ||||||
2.25%, 08/15/60 (Call 02/15/60) |
1,240 | 1,113,731 | ||||||
3.38%, 02/25/24 |
834 | 884,115 | ||||||
Amazon.com Inc. |
||||||||
0.25%, 05/12/23 |
45 | 44,866 | ||||||
0.40%, 06/03/23 |
187 | 186,899 | ||||||
0.45%, 05/12/24 |
7 | 6,948 | ||||||
0.80%, 06/03/25 (Call 05/03/25) |
125 | 123,793 |
Security | Par (000) |
Value | ||||||
Internet (continued) | ||||||||
1.00%, 05/12/26 (Call 04/12/26)(a) |
$ | 210 | $ | 208,083 | ||||
1.20%, 06/03/27 (Call 04/03/27) |
2,402 | 2,360,950 | ||||||
1.50%, 06/03/30 (Call 03/03/30) |
201 | 194,433 | ||||||
1.65%, 05/12/28 (Call 03/12/28) |
372 | 370,493 | ||||||
2.10%, 05/12/31 (Call 02/12/31) |
212 | 213,200 | ||||||
2.40%, 02/22/23 (Call 01/22/23)(a) |
716 | 732,941 | ||||||
2.50%, 11/29/22 (Call 08/29/22) |
576 | 585,878 | ||||||
2.50%, 06/03/50 (Call 12/03/49) |
366 | 350,196 | ||||||
2.70%, 06/03/60 (Call 12/03/59) |
105 | 101,308 | ||||||
2.80%, 08/22/24 (Call 06/22/24) |
924 | 970,644 | ||||||
2.88%, 05/12/41 (Call 11/12/40) |
1,477 | 1,525,771 | ||||||
3.10%, 05/12/51 (Call 11/12/50) |
1,820 | 1,948,401 | ||||||
3.15%, 08/22/27 (Call 05/22/27) |
1,547 | 1,676,159 | ||||||
3.25%, 05/12/61 (Call 11/12/60) |
1,510 | 1,644,088 | ||||||
3.80%, 12/05/24 (Call 09/05/24) |
591 | 639,598 | ||||||
3.88%, 08/22/37 (Call 02/22/37) |
1,344 | 1,581,955 | ||||||
4.05%, 08/22/47 (Call 02/22/47) |
757 | 931,216 | ||||||
4.25%, 08/22/57 (Call 02/22/57) |
1,327 | 1,728,139 | ||||||
4.80%, 12/05/34 (Call 06/05/34) |
619 | 785,338 | ||||||
4.95%, 12/05/44 (Call 06/05/44) |
694 | 933,916 | ||||||
5.20%, 12/03/25 (Call 09/03/25) |
541 | 620,343 | ||||||
Baidu Inc. |
||||||||
3.50%, 11/28/22 |
654 | 671,324 | ||||||
3.63%, 07/06/27 |
455 | 490,704 | ||||||
3.88%, 09/29/23 (Call 08/29/23) |
230 | 241,449 | ||||||
Booking Holdings Inc. |
||||||||
2.75%, 03/15/23 (Call 02/15/23) |
212 | 217,904 | ||||||
3.55%, 03/15/28 (Call 12/15/27)(a) |
450 | 498,686 | ||||||
3.60%, 06/01/26 (Call 03/01/26) |
507 | 551,570 | ||||||
3.65%, 03/15/25 (Call 12/15/24) |
342 | 368,129 | ||||||
4.63%, 04/13/30 (Call 01/13/30) |
768 | 905,441 | ||||||
Tencent Music Entertainment Group, 2.00%, 09/03/30 (Call 06/03/30) |
50 | 46,852 | ||||||
|
|
|||||||
37,029,577 | ||||||||
Machinery — 1.8% | ||||||||
Caterpillar Financial Services Corp. |
||||||||
0.25%, 03/01/23 |
52 | 51,875 | ||||||
0.45%, 09/14/23(a) |
400 | 399,276 | ||||||
0.45%, 05/17/24 |
2 | 1,983 | ||||||
0.65%, 07/07/23 |
470 | 470,912 | ||||||
0.80%, 11/13/25(a) |
5 | 4,922 | ||||||
0.90%, 03/02/26 |
510 | 501,401 | ||||||
1.10%, 09/14/27(a) |
644 | 627,365 | ||||||
1.15%, 09/14/26 |
300 | 296,181 | ||||||
1.45%, 05/15/25 |
117 | 118,182 | ||||||
1.95%, 11/18/22 |
344 | 349,373 | ||||||
2.15%, 11/08/24 |
337 | 349,223 | ||||||
2.55%, 11/29/22 |
382 | 390,496 | ||||||
2.85%, 05/17/24 |
299 | 313,977 | ||||||
3.25%, 12/01/24(a) |
30 | 32,130 | ||||||
3.45%, 05/15/23 |
497 | 519,112 | ||||||
3.65%, 12/07/23 |
295 | 313,449 | ||||||
3.75%, 11/24/23 |
418 | 444,940 | ||||||
Caterpillar Inc. |
||||||||
1.90%, 03/12/31 (Call 12/12/30)(a) |
370 | 366,689 | ||||||
2.60%, 09/19/29 (Call 06/19/29)(a) |
46 | 48,184 | ||||||
2.60%, 04/09/30 (Call 01/09/30)(a) |
11 | 11,529 | ||||||
3.25%, 09/19/49 (Call 03/19/49) |
395 | 438,904 | ||||||
3.25%, 04/09/50 (Call 10/09/49) |
604 | 674,608 | ||||||
3.40%, 05/15/24 (Call 02/15/24) |
810 | 857,855 |
S C H E D U L E O F I N V E S T M E N T S |
29 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Machinery (continued) | ||||||||
3.80%, 08/15/42 |
$ | 412 | $ | 485,818 | ||||
4.30%, 05/15/44 (Call 11/15/43) |
229 | 292,925 | ||||||
4.75%, 05/15/64 (Call 11/15/63)(a) |
317 | 461,327 | ||||||
5.20%, 05/27/41 |
344 | 472,037 | ||||||
Deere & Co. |
||||||||
2.75%, 04/15/25 (Call 03/15/25) |
292 | 307,283 | ||||||
2.88%, 09/07/49 (Call 03/07/49)(a) |
215 | 227,173 | ||||||
3.10%, 04/15/30 (Call 01/15/30) |
508 | 549,940 | ||||||
3.75%, 04/15/50 (Call 10/15/49)(a) |
349 | 427,092 | ||||||
3.90%, 06/09/42 (Call 12/09/41) |
56 | 67,342 | ||||||
5.38%, 10/16/29 |
241 | 301,402 | ||||||
John Deere Capital Corp. |
||||||||
0.40%, 10/10/23 |
165 | 164,607 | ||||||
0.45%, 01/17/24 |
500 | 497,000 | ||||||
0.45%, 06/07/24 |
405 | 401,489 | ||||||
0.63%, 09/10/24 |
130 | 129,201 | ||||||
0.70%, 01/15/26 |
465 | 453,417 | ||||||
1.05%, 06/17/26 |
975 | 960,687 | ||||||
1.20%, 04/06/23 |
410 | 414,096 | ||||||
1.30%, 10/13/26 |
260 | 258,172 | ||||||
1.45%, 01/15/31 |
315 | 299,880 | ||||||
1.50%, 03/06/28 |
510 | 501,993 | ||||||
1.75%, 03/09/27 |
230 | 231,826 | ||||||
2.00%, 06/17/31 |
975 | 970,729 | ||||||
2.05%, 01/09/25 |
250 | 257,870 | ||||||
2.45%, 01/09/30 |
440 | 455,360 | ||||||
2.60%, 03/07/24 |
346 | 360,740 | ||||||
2.65%, 06/24/24 |
530 | 555,541 | ||||||
2.65%, 06/10/26 |
345 | 365,448 | ||||||
2.70%, 01/06/23(a) |
260 | 266,711 | ||||||
2.80%, 01/27/23 |
315 | 324,069 | ||||||
2.80%, 03/06/23 |
530 | 546,446 | ||||||
2.80%, 09/08/27 |
298 | 317,665 | ||||||
2.80%, 07/18/29 |
225 | 239,452 | ||||||
3.35%, 06/12/24 |
190 | 202,669 | ||||||
3.45%, 03/13/25(a) |
47 | 50,605 | ||||||
3.45%, 03/07/29 |
196 | 216,868 | ||||||
3.65%, 10/12/23 |
230 | 243,770 | ||||||
Rockwell Automation Inc. |
||||||||
1.75%, 08/15/31 (Call 05/15/31)(a) |
50 | 48,640 | ||||||
4.20%, 03/01/49 (Call 09/01/48) |
250 | 320,450 | ||||||
|
|
|||||||
21,230,306 | ||||||||
Manufacturing — 0.6% | ||||||||
3M Co. |
||||||||
1.75%, 02/14/23 (Call 01/14/23) |
165 | 167,572 | ||||||
2.00%, 02/14/25 (Call 01/14/25) |
296 | 304,241 | ||||||
2.25%, 03/15/23 (Call 02/15/23) |
338 | 345,625 | ||||||
2.25%, 09/19/26 (Call 06/19/26) |
522 | 542,050 | ||||||
2.38%, 08/26/29 (Call 05/26/29) |
418 | 429,942 | ||||||
2.65%, 04/15/25 (Call 03/15/25) |
320 | 335,363 | ||||||
2.88%, 10/15/27 (Call 07/15/27)(a) |
445 | 474,988 | ||||||
3.00%, 08/07/25 |
306 | 327,261 | ||||||
3.05%, 04/15/30 (Call 01/15/30)(a) |
200 | 215,470 | ||||||
3.13%, 09/19/46 (Call 03/19/46) |
267 | 281,704 | ||||||
3.25%, 02/14/24 (Call 01/14/24) |
28 | 29,505 | ||||||
3.25%, 08/26/49 (Call 02/26/49)(a) |
415 | 453,205 | ||||||
3.38%, 03/01/29 (Call 12/01/28) |
323 | 354,257 | ||||||
3.63%, 09/14/28 (Call 06/14/28) |
399 | 445,898 | ||||||
3.63%, 10/15/47 (Call 04/15/47) |
210 | 242,237 | ||||||
3.70%, 04/15/50 (Call 10/15/49)(a) |
330 | 389,958 |
Security | Par (000) |
Value | ||||||
Manufacturing (continued) | ||||||||
4.00%, 09/14/48 (Call 03/14/48) |
$ | 408 | $ | 499,331 | ||||
5.70%, 03/15/37 |
236 | 327,809 | ||||||
Illinois Tool Works Inc. |
||||||||
2.65%, 11/15/26 (Call 08/15/26) |
75 | 79,396 | ||||||
3.50%, 03/01/24 (Call 12/01/23) |
221 | 233,447 | ||||||
3.90%, 09/01/42 (Call 03/01/42) |
650 | 759,785 | ||||||
4.88%, 09/15/41 (Call 03/15/41) |
270 | 353,352 | ||||||
|
|
|||||||
7,592,396 | ||||||||
Media — 4.4% | ||||||||
Comcast Cable Communications Holdings Inc., 9.46%, 11/15/22 |
430 | 470,166 | ||||||
Comcast Corp. |
||||||||
1.50%, 02/15/31 (Call 11/15/30) |
245 | 229,565 | ||||||
1.95%, 01/15/31 (Call 10/15/30)(a) |
640 | 624,013 | ||||||
2.35%, 01/15/27 (Call 10/15/26) |
684 | 708,774 | ||||||
2.45%, 08/15/52 (Call 02/15/52)(a) |
1,520 | 1,378,974 | ||||||
2.65%, 02/01/30 (Call 11/01/29) |
755 | 781,629 | ||||||
2.65%, 08/15/62 (Call 02/15/62) |
25 | 22,469 | ||||||
2.80%, 01/15/51 (Call 07/15/50) |
716 | 689,680 | ||||||
2.89%, 11/01/51 (Call 05/01/51)(d) |
2,155 | 2,103,517 | ||||||
2.94%, 11/01/56 (Call 05/01/56)(d) |
2,433 | 2,346,215 | ||||||
2.99%, 11/01/63 (Call 05/01/63)(d) |
1,567 | 1,503,458 | ||||||
3.10%, 04/01/25 (Call 03/01/25) |
430 | 455,675 | ||||||
3.15%, 03/01/26 (Call 12/01/25)(a) |
959 | 1,026,849 | ||||||
3.15%, 02/15/28 (Call 11/15/27) |
775 | 834,605 | ||||||
3.20%, 07/15/36 (Call 01/15/36) |
558 | 592,869 | ||||||
3.25%, 11/01/39 (Call 05/01/39) |
85 | 89,593 | ||||||
3.30%, 02/01/27 (Call 11/01/26) |
727 | 784,644 | ||||||
3.30%, 04/01/27 (Call 02/01/27) |
444 | 479,094 | ||||||
3.38%, 02/15/25 (Call 11/15/24) |
250 | 266,708 | ||||||
3.38%, 08/15/25 (Call 05/15/25) |
805 | 863,854 | ||||||
3.40%, 04/01/30 (Call 01/01/30) |
689 | 751,065 | ||||||
3.40%, 07/15/46 (Call 01/15/46) |
618 | 665,456 | ||||||
3.45%, 02/01/50 (Call 08/01/49) |
583 | 628,672 | ||||||
3.55%, 05/01/28 (Call 02/01/28)(a) |
225 | 247,903 | ||||||
3.60%, 03/01/24(a) |
263 | 279,850 | ||||||
3.70%, 04/15/24 (Call 03/15/24) |
594 | 633,531 | ||||||
3.75%, 04/01/40 (Call 10/01/39) |
684 | 765,683 | ||||||
3.90%, 03/01/38 (Call 09/01/37) |
566 | 641,555 | ||||||
3.95%, 10/15/25 (Call 08/15/25) |
458 | 503,145 | ||||||
3.97%, 11/01/47 (Call 05/01/47) |
757 | 873,078 | ||||||
4.00%, 08/15/47 (Call 02/15/47) |
421 | 488,954 | ||||||
4.00%, 03/01/48 (Call 09/01/47) |
429 | 497,919 | ||||||
4.00%, 11/01/49 (Call 05/01/49) |
815 | 951,667 | ||||||
4.05%, 11/01/52 (Call 05/01/52) |
235 | 277,220 | ||||||
4.15%, 10/15/28 (Call 07/15/28) |
1,618 | 1,845,620 | ||||||
4.20%, 08/15/34 (Call 02/15/34) |
503 | 588,359 | ||||||
4.25%, 10/15/30 (Call 07/15/30) |
699 | 806,940 | ||||||
4.25%, 01/15/33 |
715 | 836,221 | ||||||
4.40%, 02/25/35 (Call 02/15/35)(a) |
453 | 535,247 | ||||||
4.50%, 01/15/43 |
133 | 160,149 | ||||||
4.60%, 10/15/38 (Call 04/15/38) |
557 | 681,451 | ||||||
4.60%, 08/15/45 (Call 02/15/45) |
372 | 468,962 | ||||||
4.65%, 07/15/42 |
279 | 346,663 | ||||||
4.70%, 10/15/48 (Call 04/15/48) |
823 | 1,068,583 | ||||||
4.95%, 10/15/58 (Call 04/15/58) |
528 | 734,427 | ||||||
5.65%, 06/15/35 |
286 | 378,401 | ||||||
6.50%, 11/15/35 |
315 | 450,740 | ||||||
7.05%, 03/15/33 |
410 | 588,530 |
30 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Media (continued) | ||||||||
NBCUniversal Media LLC |
||||||||
4.45%, 01/15/43 |
$ | 311 | $ | 376,571 | ||||
5.95%, 04/01/41 |
235 | 337,404 | ||||||
TWDC Enterprises 18 Corp. |
||||||||
1.85%, 07/30/26(a) |
394 | 400,127 | ||||||
2.35%, 12/01/22 |
640 | 652,256 | ||||||
2.95%, 06/15/27(a) |
476 | 513,428 | ||||||
3.00%, 02/13/26 |
605 | 644,234 | ||||||
3.00%, 07/30/46 |
424 | 444,229 | ||||||
3.15%, 09/17/25 |
478 | 511,020 | ||||||
3.70%, 12/01/42 |
295 | 332,828 | ||||||
4.13%, 06/01/44 |
622 | 742,369 | ||||||
Series B, 7.00%, 03/01/32 |
390 | 551,659 | ||||||
Series E, 4.13%, 12/01/41 |
356 | 422,220 | ||||||
Walt Disney Co. (The) |
||||||||
1.75%, 08/30/24 (Call 07/30/24) |
716 | 732,411 | ||||||
1.75%, 01/13/26(a) |
516 | 523,425 | ||||||
2.00%, 09/01/29 (Call 06/01/29)(a) |
728 | 729,318 | ||||||
2.20%, 01/13/28 |
435 | 443,965 | ||||||
2.65%, 01/13/31(a) |
1,125 | 1,166,974 | ||||||
2.75%, 09/01/49 (Call 03/01/49) |
1,082 | 1,061,247 | ||||||
3.35%, 03/24/25 |
191 | 204,464 | ||||||
3.50%, 05/13/40 (Call 11/13/39) |
838 | 923,719 | ||||||
3.60%, 01/13/51 (Call 07/13/50) |
1,321 | 1,508,040 | ||||||
3.70%, 09/15/24 (Call 06/15/24) |
144 | 154,339 | ||||||
3.70%, 10/15/25 (Call 07/15/25) |
329 | 357,333 | ||||||
3.70%, 03/23/27 |
360 | 397,170 | ||||||
3.80%, 03/22/30 |
569 | 640,313 | ||||||
3.80%, 05/13/60 (Call 11/13/59) |
312 | 368,678 | ||||||
4.63%, 03/23/40 (Call 09/23/39) |
297 | 370,900 | ||||||
4.70%, 03/23/50 (Call 09/23/49) |
711 | 953,032 | ||||||
4.75%, 09/15/44 (Call 03/15/44) |
305 | 391,690 | ||||||
5.40%, 10/01/43 |
51 | 70,309 | ||||||
6.15%, 02/15/41 |
45 | 66,114 | ||||||
6.20%, 12/15/34 |
277 | 389,542 | ||||||
6.40%, 12/15/35 |
545 | 787,667 | ||||||
6.65%, 11/15/37 |
378 | 565,877 | ||||||
|
|
|||||||
52,683,214 | ||||||||
Metal Fabricate & Hardware — 0.1% | ||||||||
Precision Castparts Corp. |
||||||||
2.50%, 01/15/23 (Call 10/15/22) |
577 | 588,038 | ||||||
3.25%, 06/15/25 (Call 03/15/25) |
434 | 465,170 | ||||||
3.90%, 01/15/43 (Call 07/15/42) |
240 | 275,753 | ||||||
|
|
|||||||
1,328,961 | ||||||||
Mining — 0.5% | ||||||||
BHP Billiton Finance USA Ltd. |
||||||||
3.85%, 09/30/23 |
312 | 331,175 | ||||||
4.13%, 02/24/42 |
340 | 404,678 | ||||||
5.00%, 09/30/43 |
1,111 | 1,478,397 | ||||||
Rio Tinto Alcan Inc., 6.13%, 12/15/33 |
270 | 374,493 | ||||||
Rio Tinto Finance USA Ltd. |
||||||||
2.75%, 11/02/51 |
380 | 378,096 | ||||||
3.75%, 06/15/25 (Call 03/15/25) |
601 | 653,870 | ||||||
5.20%, 11/02/40 |
397 | 535,033 | ||||||
7.13%, 07/15/28 |
366 | 484,994 | ||||||
Rio Tinto Finance USA PLC |
||||||||
4.13%, 08/21/42 (Call 02/21/42) |
371 | 447,129 | ||||||
4.75%, 03/22/42 (Call 09/22/41) |
250 | 321,745 | ||||||
|
|
|||||||
5,409,610 |
Security | Par (000) |
Value | ||||||
Oil & Gas — 6.2% | ||||||||
BP Capital Markets America Inc. |
||||||||
1.75%, 08/10/30 (Call 05/10/30) |
$ | 250 | $ | 241,900 | ||||
2.75%, 05/10/23 |
601 | 620,304 | ||||||
2.77%, 11/10/50 (Call 05/10/50) |
625 | 592,700 | ||||||
2.94%, 04/06/23 |
409 | 422,203 | ||||||
2.94%, 06/04/51 (Call 12/04/50) |
1,062 | 1,035,089 | ||||||
3.00%, 02/24/50 (Call 08/24/49) |
964 | 955,112 | ||||||
3.00%, 03/17/52 (Call 09/17/51) |
500 | 494,120 | ||||||
3.02%, 01/16/27 (Call 10/16/26) |
554 | 587,927 | ||||||
3.06%, 06/17/41 (Call 12/17/40) |
110 | 111,209 | ||||||
3.12%, 05/04/26 (Call 02/04/26) |
515 | 550,808 | ||||||
3.19%, 04/06/25 (Call 03/06/25) |
331 | 351,492 | ||||||
3.22%, 11/28/23 (Call 09/28/23) |
471 | 493,179 | ||||||
3.22%, 04/14/24 (Call 02/14/24) |
401 | 421,824 | ||||||
3.38%, 02/08/61 (Call 08/08/60) |
825 | 849,568 | ||||||
3.41%, 02/11/26 (Call 12/11/25) |
200 | 215,792 | ||||||
3.54%, 04/06/27 (Call 02/06/27) |
150 | 163,304 | ||||||
3.59%, 04/14/27 (Call 01/14/27) |
341 | 371,963 | ||||||
3.63%, 04/06/30 (Call 01/06/30)(a) |
827 | 915,985 | ||||||
3.79%, 02/06/24 (Call 01/06/24) |
481 | 511,505 | ||||||
3.80%, 09/21/25 (Call 07/21/25) |
580 | 632,954 | ||||||
3.94%, 09/21/28 (Call 06/21/28) |
535 | 599,082 | ||||||
4.23%, 11/06/28 (Call 08/06/28) |
963 | 1,098,860 | ||||||
BP Capital Markets PLC |
||||||||
2.50%, 11/06/22 |
405 | 412,926 | ||||||
3.28%, 09/19/27 (Call 06/19/27) |
809 | 875,144 | ||||||
3.51%, 03/17/25 |
530 | 569,156 | ||||||
3.54%, 11/04/24 |
570 | 610,721 | ||||||
3.72%, 11/28/28 (Call 08/28/28) |
314 | 348,289 | ||||||
3.81%, 02/10/24 |
522 | 556,081 | ||||||
3.99%, 09/26/23 |
427 | 453,692 | ||||||
Burlington Resources LLC |
||||||||
5.95%, 10/15/36 |
293 | 401,158 | ||||||
7.20%, 08/15/31 |
295 | 416,953 | ||||||
7.40%, 12/01/31 |
155 | 224,031 | ||||||
Chevron Corp. |
||||||||
1.14%, 05/11/23 |
189 | 190,775 | ||||||
1.55%, 05/11/25 (Call 04/11/25) |
1,310 | 1,329,060 | ||||||
2.00%, 05/11/27 (Call 03/11/27) |
470 | 479,607 | ||||||
2.24%, 05/11/30 (Call 02/11/30) |
1,064 | 1,087,238 | ||||||
2.36%, 12/05/22 (Call 09/05/22) |
727 | 739,403 | ||||||
2.57%, 05/16/23 (Call 03/16/23) |
305 | 313,330 | ||||||
2.90%, 03/03/24 (Call 01/03/24) |
672 | 703,302 | ||||||
2.95%, 05/16/26 (Call 02/16/26) |
1,226 | 1,307,725 | ||||||
3.08%, 05/11/50 (Call 11/11/49) |
442 | 473,603 | ||||||
3.19%, 06/24/23 (Call 03/24/23) |
1,067 | 1,106,223 | ||||||
3.33%, 11/17/25 (Call 08/17/25) |
556 | 599,162 | ||||||
Chevron USA Inc. |
||||||||
0.69%, 08/12/25 (Call 07/12/25)(a) |
218 | 214,159 | ||||||
1.02%, 08/12/27 (Call 06/12/27)(a) |
338 | 326,691 | ||||||
2.34%, 08/12/50 (Call 02/12/50) |
332 | 312,342 | ||||||
3.85%, 01/15/28 (Call 10/15/27) |
385 | 431,735 | ||||||
3.90%, 11/15/24 (Call 08/15/24)(a) |
50 | 54,082 | ||||||
Conoco Funding Co., 7.25%, 10/15/31 |
165 | 234,757 | ||||||
ConocoPhillips |
||||||||
3.75%, 10/01/27 (Call 07/01/27)(a)(d) |
37 | 40,724 | ||||||
4.30%, 08/15/28 (Call 05/15/28)(d) |
626 | 716,626 | ||||||
4.85%, 08/15/48 (Call 02/15/48)(d) |
325 | 433,147 | ||||||
4.88%, 10/01/47 (Call 04/01/47)(d) |
325 | 431,408 | ||||||
5.90%, 10/15/32 |
331 | 434,947 |
S C H E D U L E O F I N V E S T M E N T S |
31 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
5.90%, 05/15/38 |
$ | 373 | $ | 516,702 | ||||
6.50%, 02/01/39 |
1,105 | 1,634,251 | ||||||
ConocoPhillips Co. |
||||||||
4.30%, 11/15/44 (Call 05/15/44) |
445 | 540,248 | ||||||
4.95%, 03/15/26 (Call 12/15/25) |
58 | 65,935 | ||||||
5.95%, 03/15/46 (Call 09/15/45) |
148 | 224,229 | ||||||
6.95%, 04/15/29 |
529 | 701,861 | ||||||
EOG Resources Inc. |
||||||||
2.63%, 03/15/23 (Call 12/15/22) |
75 | 76,700 | ||||||
3.15%, 04/01/25 (Call 01/01/25) |
330 | 349,754 | ||||||
3.90%, 04/01/35 (Call 10/01/34) |
84 | 95,253 | ||||||
4.15%, 01/15/26 (Call 10/15/25) |
323 | 356,860 | ||||||
4.38%, 04/15/30 (Call 01/15/30) |
267 | 311,202 | ||||||
4.95%, 04/15/50 (Call 10/15/49) |
290 | 394,876 | ||||||
Exxon Mobil Corp. |
||||||||
1.57%, 04/15/23 |
794 | 806,283 | ||||||
2.02%, 08/16/24 (Call 07/16/24) |
372 | 383,818 | ||||||
2.28%, 08/16/26 (Call 06/16/26)(a) |
408 | 424,242 | ||||||
2.44%, 08/16/29 (Call 05/16/29) |
844 | 871,717 | ||||||
2.61%, 10/15/30 (Call 07/15/30)(a) |
952 | 990,946 | ||||||
2.71%, 03/06/25 (Call 12/06/24) |
843 | 883,860 | ||||||
2.73%, 03/01/23 (Call 01/01/23) |
638 | 654,441 | ||||||
2.99%, 03/19/25 (Call 02/19/25) |
1,232 | 1,302,532 | ||||||
3.00%, 08/16/39 (Call 02/16/39) |
417 | 430,119 | ||||||
3.04%, 03/01/26 (Call 12/01/25) |
1,062 | 1,133,823 | ||||||
3.10%, 08/16/49 (Call 02/16/49) |
735 | 763,591 | ||||||
3.18%, 03/15/24 (Call 12/15/23) |
500 | 525,430 | ||||||
3.29%, 03/19/27 (Call 01/19/27) |
289 | 313,834 | ||||||
3.45%, 04/15/51 (Call 10/15/50)(a) |
1,048 | 1,161,939 | ||||||
3.48%, 03/19/30 (Call 12/19/29) |
996 | 1,101,456 | ||||||
3.57%, 03/06/45 (Call 09/06/44) |
415 | 463,493 | ||||||
4.11%, 03/01/46 (Call 09/01/45) |
869 | 1,044,912 | ||||||
4.23%, 03/19/40 (Call 09/19/39) |
988 | 1,179,899 | ||||||
4.33%, 03/19/50 (Call 09/19/49)(a) |
1,149 | 1,446,809 | ||||||
Shell International Finance BV |
||||||||
0.38%, 09/15/23 |
43 | 42,880 | ||||||
2.00%, 11/07/24 (Call 10/07/24) |
525 | 540,634 | ||||||
2.25%, 01/06/23(a) |
368 | 375,643 | ||||||
2.38%, 04/06/25 (Call 03/06/25) |
59 | 61,245 | ||||||
2.38%, 11/07/29 (Call 08/07/29) |
772 | 793,662 | ||||||
2.50%, 09/12/26(a) |
454 | 477,136 | ||||||
2.75%, 04/06/30 (Call 01/06/30)(a) |
802 | 845,645 | ||||||
2.88%, 05/10/26 |
993 | 1,058,260 | ||||||
3.13%, 11/07/49 (Call 05/07/49) |
627 | 667,742 | ||||||
3.25%, 05/11/25 |
536 | 573,424 | ||||||
3.25%, 04/06/50 (Call 10/06/49)(a) |
763 | 836,431 | ||||||
3.40%, 08/12/23 |
310 | 325,398 | ||||||
3.50%, 11/13/23 (Call 10/13/23) |
528 | 557,695 | ||||||
3.63%, 08/21/42 |
273 | 304,521 | ||||||
3.75%, 09/12/46 |
568 | 660,192 | ||||||
3.88%, 11/13/28 (Call 08/13/28) |
879 | 990,870 | ||||||
4.00%, 05/10/46 |
991 | 1,188,903 | ||||||
4.13%, 05/11/35 |
763 | 901,538 | ||||||
4.38%, 05/11/45 |
1,302 | 1,629,648 | ||||||
4.55%, 08/12/43 |
543 | 687,748 | ||||||
5.50%, 03/25/40 |
405 | 560,281 | ||||||
6.38%, 12/15/38 |
1,127 | 1,669,053 | ||||||
TotalEnergies Capital Canada Ltd., 2.75%, 07/15/23 |
577 | 598,297 | ||||||
TotalEnergies Capital International SA |
||||||||
2.43%, 01/10/25 (Call 10/10/24) |
560 | 580,714 |
Security | Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
2.70%, 01/25/23 |
$ | 610 | $ | 626,159 | ||||
2.83%, 01/10/30 (Call 10/10/29)(a) |
801 | 850,582 | ||||||
2.99%, 06/29/41 (Call 12/29/40) |
457 | 469,887 | ||||||
3.13%, 05/29/50 (Call 11/29/49)(a) |
1,191 | 1,249,430 | ||||||
3.39%, 06/29/60 (Call 12/29/59) |
58 | 63,015 | ||||||
3.46%, 02/19/29 (Call 11/19/28) |
700 | 771,337 | ||||||
3.46%, 07/12/49 (Call 01/12/49) |
536 | 592,998 | ||||||
3.70%, 01/15/24 |
651 | 692,033 | ||||||
3.75%, 04/10/24 |
549 | 587,858 | ||||||
TotalEnergies Capital SA, 3.88%, 10/11/28 |
470 | 531,847 | ||||||
|
|
|||||||
73,578,798 | ||||||||
Oil & Gas Services — 0.3% | ||||||||
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor Inc. |
||||||||
3.14%, 11/07/29 (Call 08/07/29) |
288 | 306,161 | ||||||
3.34%, 12/15/27 (Call 09/15/27) |
227 | 244,863 | ||||||
4.08%, 12/15/47 (Call 06/15/47) |
543 | 621,208 | ||||||
4.49%, 05/01/30 (Call 02/01/30) |
113 | 130,716 | ||||||
Baker Hughes Holdings LLC, 5.13%, 09/15/40 |
184 | 234,392 | ||||||
Baker Hughes Holdings LLC/Baker Hughes Co-Obligor Inc., 2.77%, 12/15/22 (Call 11/15/22) |
279 | 285,253 | ||||||
Schlumberger Finance Canada Ltd., 1.40%, 09/17/25 (Call 08/17/25) |
95 | 95,224 | ||||||
Schlumberger Investment SA |
||||||||
2.65%, 06/26/30 (Call 03/26/30)(a) |
70 | 71,810 | ||||||
3.65%, 12/01/23 (Call 09/01/23) |
1,208 | 1,272,713 | ||||||
|
|
|||||||
3,262,340 | ||||||||
Pharmaceuticals — 6.2% | ||||||||
Astrazeneca Finance LLC |
||||||||
0.70%, 05/28/24 (Call 05/28/22) |
770 | 769,777 | ||||||
1.20%, 05/28/26 (Call 04/28/26)(a) |
750 | 743,610 | ||||||
1.75%, 05/28/28 (Call 03/28/28) |
750 | 747,248 | ||||||
2.25%, 05/28/31 (Call 02/28/31) |
40 | 40,509 | ||||||
AstraZeneca PLC |
||||||||
0.70%, 04/08/26 (Call 03/08/26) |
50 | 48,498 | ||||||
3.38%, 11/16/25 |
20 | 21,628 | ||||||
4.00%, 01/17/29 (Call 10/17/28) |
140 | 159,272 | ||||||
4.00%, 09/18/42 |
1,040 | 1,251,650 | ||||||
4.38%, 11/16/45 |
1,000 | 1,289,290 | ||||||
4.38%, 08/17/48 (Call 02/17/48) |
1,000 | 1,302,750 | ||||||
Bristol-Myers Squibb Co. |
||||||||
0.54%, 11/13/23 (Call 12/06/21) |
18 | 17,981 | ||||||
0.75%, 11/13/25 (Call 10/13/25) |
436 | 427,546 | ||||||
1.13%, 11/13/27 (Call 09/13/27)(a) |
300 | 291,789 | ||||||
1.45%, 11/13/30 (Call 08/13/30)(a) |
875 | 835,161 | ||||||
2.35%, 11/13/40 (Call 05/13/40) |
426 | 404,964 | ||||||
2.55%, 11/13/50 (Call 05/13/50) |
783 | 747,976 | ||||||
2.75%, 02/15/23 (Call 01/15/23) |
209 | 214,702 | ||||||
2.90%, 07/26/24 (Call 06/26/24) |
1,085 | 1,141,821 | ||||||
3.20%, 06/15/26 (Call 04/15/26) |
831 | 897,580 | ||||||
3.25%, 02/20/23 (Call 01/20/23) |
272 | 281,237 | ||||||
3.25%, 11/01/23 |
294 | 309,391 | ||||||
3.25%, 02/27/27 |
537 | 583,998 | ||||||
3.25%, 08/01/42 |
430 | 468,046 | ||||||
3.40%, 07/26/29 (Call 04/26/29) |
1,917 | 2,107,761 | ||||||
3.45%, 11/15/27 (Call 08/15/27) |
435 | 477,247 | ||||||
3.88%, 08/15/25 (Call 05/15/25) |
172 | 187,692 | ||||||
3.90%, 02/20/28 (Call 11/20/27) |
675 | 758,801 | ||||||
4.13%, 06/15/39 (Call 12/15/38) |
1,125 | 1,344,735 | ||||||
4.25%, 10/26/49 (Call 04/26/49) |
1,842 | 2,317,015 |
32 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
4.35%, 11/15/47 (Call 05/15/47) |
$ | 840 | $ | 1,062,625 | ||||
4.50%, 03/01/44 (Call 09/01/43) |
169 | 212,671 | ||||||
4.55%, 02/20/48 (Call 08/20/47) |
261 | 340,287 | ||||||
5.00%, 08/15/45 (Call 02/15/45) |
357 | 486,077 | ||||||
Eli Lilly & Co. |
||||||||
2.25%, 05/15/50 (Call 11/15/49)(a) |
524 | 485,077 | ||||||
2.50%, 09/15/60 (Call 03/15/60) |
145 | 136,905 | ||||||
2.75%, 06/01/25 (Call 03/01/25) |
519 | 545,812 | ||||||
3.38%, 03/15/29 (Call 12/15/28) |
726 | 800,400 | ||||||
3.95%, 03/15/49 (Call 09/15/48) |
1,000 | 1,239,520 | ||||||
4.15%, 03/15/59 (Call 09/15/58) |
40 | 52,521 | ||||||
GlaxoSmithKline Capital Inc. |
||||||||
2.80%, 03/18/23(a) |
515 | 531,161 | ||||||
3.38%, 05/15/23 |
643 | 670,900 | ||||||
3.63%, 05/15/25 |
327 | 354,282 | ||||||
3.88%, 05/15/28 |
965 | 1,088,308 | ||||||
4.20%, 03/18/43 |
244 | 299,334 | ||||||
5.38%, 04/15/34(a) |
466 | 615,097 | ||||||
6.38%, 05/15/38 |
1,174 | 1,740,349 | ||||||
GlaxoSmithKline Capital PLC |
||||||||
0.53%, 10/01/23 (Call 10/01/22) |
370 | 369,497 | ||||||
3.00%, 06/01/24 (Call 05/01/24) |
567 | 596,722 | ||||||
3.38%, 06/01/29 (Call 03/01/29) |
360 | 394,297 | ||||||
Johnson & Johnson |
||||||||
0.55%, 09/01/25 (Call 08/01/25) |
45 | 44,183 | ||||||
0.95%, 09/01/27 (Call 07/01/27) |
240 | 232,363 | ||||||
2.05%, 03/01/23 (Call 01/01/23)(a) |
107 | 109,012 | ||||||
2.10%, 09/01/40 (Call 03/01/40) |
530 | 502,933 | ||||||
2.25%, 09/01/50 (Call 03/01/50)(a) |
500 | 478,230 | ||||||
2.45%, 03/01/26 (Call 12/01/25) |
15 | 15,746 | ||||||
2.45%, 09/01/60 (Call 03/01/60) |
410 | 395,281 | ||||||
2.63%, 01/15/25 (Call 11/15/24) |
225 | 236,133 | ||||||
2.90%, 01/15/28 (Call 10/15/27) |
857 | 921,309 | ||||||
2.95%, 03/03/27 (Call 12/03/26)(a) |
708 | 761,468 | ||||||
3.38%, 12/05/23 |
20 | 21,182 | ||||||
3.40%, 01/15/38 (Call 07/15/37) |
557 | 630,318 | ||||||
3.50%, 01/15/48 (Call 07/15/47) |
334 | 392,513 | ||||||
3.55%, 03/01/36 (Call 09/01/35) |
570 | 653,830 | ||||||
3.63%, 03/03/37 (Call 09/03/36) |
688 | 798,796 | ||||||
3.70%, 03/01/46 (Call 09/01/45) |
778 | 932,503 | ||||||
3.75%, 03/03/47 (Call 09/03/46)(a) |
433 | 524,826 | ||||||
4.38%, 12/05/33 (Call 06/05/33) |
312 | 382,768 | ||||||
4.50%, 09/01/40(a) |
287 | 370,574 | ||||||
4.50%, 12/05/43 (Call 06/05/43) |
205 | 265,102 | ||||||
4.95%, 05/15/33 |
363 | 467,675 | ||||||
5.85%, 07/15/38 |
371 | 540,647 | ||||||
5.95%, 08/15/37 |
576 | 836,352 | ||||||
Mead Johnson Nutrition Co. |
||||||||
4.13%, 11/15/25 (Call 08/15/25) |
559 | 616,107 | ||||||
4.60%, 06/01/44 (Call 12/01/43) |
120 | 156,091 | ||||||
Merck & Co. Inc. |
||||||||
0.75%, 02/24/26 (Call 01/24/26)(a) |
90 | 88,159 | ||||||
1.45%, 06/24/30 (Call 03/24/30) |
75 | 72,038 | ||||||
2.35%, 06/24/40 (Call 12/24/39) |
466 | 446,176 | ||||||
2.45%, 06/24/50 (Call 12/24/49)(a) |
670 | 638,912 | ||||||
2.75%, 02/10/25 (Call 11/10/24)(a) |
1,013 | 1,062,617 | ||||||
2.80%, 05/18/23 |
67 | 69,345 | ||||||
2.90%, 03/07/24 (Call 02/07/24) |
328 | 343,505 | ||||||
3.40%, 03/07/29 (Call 12/07/28) |
728 | 799,329 | ||||||
3.60%, 09/15/42 (Call 03/15/42) |
299 | 339,431 |
Security | Par (000) |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
3.70%, 02/10/45 (Call 08/10/44) |
$ | 830 | $ | 963,066 | ||||
3.90%, 03/07/39 (Call 09/07/38) |
490 | 573,648 | ||||||
4.00%, 03/07/49 (Call 09/07/48) |
711 | 876,969 | ||||||
4.15%, 05/18/43 |
613 | 748,216 | ||||||
6.50%, 12/01/33(a) |
338 | 491,790 | ||||||
Novartis Capital Corp. |
||||||||
1.75%, 02/14/25 (Call 01/14/25) |
62 | 63,238 | ||||||
2.00%, 02/14/27 (Call 12/14/26) |
663 | 677,971 | ||||||
2.20%, 08/14/30 (Call 05/14/30) |
880 | 898,278 | ||||||
2.75%, 08/14/50 (Call 02/14/50) |
626 | 640,536 | ||||||
3.00%, 11/20/25 (Call 08/20/25) |
30 | 32,025 | ||||||
3.10%, 05/17/27 (Call 02/17/27) |
410 | 441,238 | ||||||
3.40%, 05/06/24(a) |
910 | 967,257 | ||||||
3.70%, 09/21/42 |
268 | 310,502 | ||||||
4.00%, 11/20/45 (Call 05/20/45) |
645 | 791,022 | ||||||
4.40%, 05/06/44 |
760 | 972,967 | ||||||
Pfizer Inc. |
||||||||
0.80%, 05/28/25 (Call 04/28/25) |
441 | 436,162 | ||||||
1.70%, 05/28/30 (Call 02/28/30)(a) |
655 | 641,376 | ||||||
1.75%, 08/18/31 (Call 05/18/31)(a) |
200 | 194,532 | ||||||
2.55%, 05/28/40 (Call 11/28/39) |
434 | 431,483 | ||||||
2.63%, 04/01/30 (Call 01/01/30) |
640 | 671,539 | ||||||
2.70%, 05/28/50 (Call 11/28/49)(a) |
958 | 967,781 | ||||||
2.75%, 06/03/26 |
521 | 554,651 | ||||||
2.95%, 03/15/24 (Call 02/15/24) |
508 | 533,034 | ||||||
3.00%, 06/15/23(a) |
103 | 107,051 | ||||||
3.00%, 12/15/26 |
452 | 488,052 | ||||||
3.20%, 09/15/23 (Call 08/15/23) |
115 | 120,357 | ||||||
3.40%, 05/15/24 |
608 | 647,082 | ||||||
3.45%, 03/15/29 (Call 12/15/28) |
596 | 658,985 | ||||||
3.60%, 09/15/28 (Call 06/15/28) |
385 | 430,422 | ||||||
3.90%, 03/15/39 (Call 09/15/38) |
353 | 415,040 | ||||||
4.00%, 12/15/36 |
555 | 657,736 | ||||||
4.00%, 03/15/49 (Call 09/15/48)(a) |
99 | 122,223 | ||||||
4.10%, 09/15/38 (Call 03/15/38) |
357 | 427,536 | ||||||
4.13%, 12/15/46 |
619 | 770,463 | ||||||
4.20%, 09/15/48 (Call 03/15/48) |
490 | 620,825 | ||||||
4.30%, 06/15/43 |
414 | 512,342 | ||||||
4.40%, 05/15/44 |
464 | 584,454 | ||||||
7.20%, 03/15/39 |
1,082 | 1,750,438 | ||||||
Pharmacia LLC, 6.60%, 12/01/28 |
189 | 249,563 | ||||||
Sanofi |
||||||||
3.38%, 06/19/23 (Call 05/19/23) |
795 | 829,988 | ||||||
3.63%, 06/19/28 (Call 03/19/28) |
548 | 619,010 | ||||||
Wyeth LLC |
||||||||
5.95%, 04/01/37 |
826 | 1,169,385 | ||||||
6.00%, 02/15/36(a) |
276 | 387,402 | ||||||
6.45%, 02/01/24 |
142 | 159,580 | ||||||
6.50%, 02/01/34 |
352 | 503,026 | ||||||
|
|
|||||||
73,467,212 | ||||||||
Pipelines — 0.0% | ||||||||
Columbia Pipeline Group Inc. |
||||||||
4.50%, 06/01/25 (Call 03/01/25) |
366 | 403,043 | ||||||
5.80%, 06/01/45 (Call 12/01/44) |
70 | 96,197 | ||||||
|
|
|||||||
499,240 | ||||||||
Real Estate — 0.0% | ||||||||
Brookfield Asset Management Inc., 4.00%, 01/15/25 (Call 10/15/24) |
45 | 48,552 | ||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
33 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Real Estate Investment Trusts — 1.5% | ||||||||
AvalonBay Communities Inc. |
||||||||
2.05%, 01/15/32 (Call 10/15/31)(a) |
$ | 125 | $ | 122,594 | ||||
2.30%, 03/01/30 (Call 12/01/29) |
305 | 309,182 | ||||||
2.45%, 01/15/31 (Call 10/17/30) |
476 | 487,248 | ||||||
3.45%, 06/01/25 (Call 03/03/25) |
475 | 508,886 | ||||||
Camden Property Trust |
||||||||
2.80%, 05/15/30 (Call 02/15/30) |
397 | 415,842 | ||||||
3.15%, 07/01/29 (Call 04/01/29)(a) |
255 | 273,796 | ||||||
ERP Operating LP |
||||||||
1.85%, 08/01/31 (Call 05/01/31)(a) |
605 | 584,315 | ||||||
2.50%, 02/15/30 (Call 11/15/29) |
250 | 256,237 | ||||||
2.85%, 11/01/26 (Call 08/01/26) |
60 | 63,283 | ||||||
3.00%, 04/15/23 (Call 01/15/23) |
443 | 455,851 | ||||||
3.00%, 07/01/29 (Call 04/01/29) |
431 | 457,675 | ||||||
3.50%, 03/01/28 (Call 12/01/27) |
346 | 377,849 | ||||||
4.50%, 07/01/44 (Call 01/01/44) |
87 | 109,259 | ||||||
Prologis LP |
||||||||
1.25%, 10/15/30 (Call 07/15/30)(a) |
555 | 517,060 | ||||||
2.13%, 04/15/27 (Call 02/15/27) |
235 | 240,323 | ||||||
2.13%, 10/15/50 (Call 04/15/50) |
282 | 245,805 | ||||||
2.25%, 04/15/30 (Call 01/15/30) |
453 | 457,322 | ||||||
3.00%, 04/15/50 (Call 10/15/49) |
420 | 438,102 | ||||||
Public Storage |
||||||||
0.88%, 02/15/26 (Call 01/15/26) |
335 | 328,263 | ||||||
1.85%, 05/01/28 (Call 03/01/28) |
178 | 177,925 | ||||||
2.30%, 05/01/31 (Call 02/01/31) |
59 | 59,579 | ||||||
3.09%, 09/15/27 (Call 06/15/27) |
382 | 411,899 | ||||||
3.39%, 05/01/29 (Call 02/01/29) |
349 | 381,576 | ||||||
Realty Income Corp. |
||||||||
3.00%, 01/15/27 (Call 10/15/26) |
428 | 454,557 | ||||||
3.25%, 01/15/31 (Call 10/15/30) |
328 | 353,410 | ||||||
3.65%, 01/15/28 (Call 10/15/27) |
405 | 446,035 | ||||||
3.88%, 04/15/25 (Call 02/15/25) |
75 | 81,446 | ||||||
4.13%, 10/15/26 (Call 07/15/26) |
85 | 94,842 | ||||||
4.65%, 08/01/23 (Call 05/01/23) |
287 | 304,430 | ||||||
4.65%, 03/15/47 (Call 09/15/46) |
311 | 408,312 | ||||||
Simon Property Group LP |
||||||||
1.38%, 01/15/27 (Call 10/15/26)(a) |
552 | 542,152 | ||||||
1.75%, 02/01/28 (Call 11/01/27) |
95 | 93,311 | ||||||
2.00%, 09/13/24 (Call 06/13/24) |
434 | 445,293 | ||||||
2.20%, 02/01/31 (Call 11/01/30) |
72 | 70,548 | ||||||
2.25%, 01/15/32 (Call 10/15/31) |
800 | 777,016 | ||||||
2.45%, 09/13/29 (Call 06/13/29)(a) |
480 | 487,450 | ||||||
2.65%, 07/15/30 (Call 04/15/30)(a) |
252 | 257,544 | ||||||
2.75%, 06/01/23 (Call 03/01/23) |
687 | 706,841 | ||||||
3.25%, 11/30/26 (Call 08/30/26) |
29 | 31,107 | ||||||
3.25%, 09/13/49 (Call 03/13/49)(a) |
630 | 652,693 | ||||||
3.30%, 01/15/26 (Call 10/15/25) |
490 | 526,005 | ||||||
3.38%, 10/01/24 (Call 07/01/24) |
687 | 729,937 | ||||||
3.38%, 06/15/27 (Call 03/15/27) |
415 | 448,192 | ||||||
3.38%, 12/01/27 (Call 09/01/27)(a) |
225 | 242,228 | ||||||
3.50%, 09/01/25 (Call 06/01/25)(a) |
635 | 683,946 | ||||||
3.75%, 02/01/24 (Call 11/01/23) |
360 | 380,635 | ||||||
3.80%, 07/15/50 (Call 01/15/50) |
163 | 184,578 | ||||||
4.25%, 11/30/46 (Call 05/30/46) |
90 | 106,913 | ||||||
4.75%, 03/15/42 (Call 09/15/41)(a) |
86 | 105,679 | ||||||
6.75%, 02/01/40 (Call 11/01/39) |
361 | 534,998 | ||||||
|
|
|||||||
17,829,969 |
Security | Par (000) |
Value | ||||||
Retail — 2.7% | ||||||||
Costco Wholesale Corp. |
||||||||
1.38%, 06/20/27 (Call 04/20/27) |
$ | 220 | $ | 218,203 | ||||
1.60%, 04/20/30 (Call 01/20/30) |
847 | 824,648 | ||||||
1.75%, 04/20/32 (Call 01/20/32) |
450 | 438,849 | ||||||
2.75%, 05/18/24 (Call 03/18/24) |
344 | 360,082 | ||||||
3.00%, 05/18/27 (Call 02/18/27) |
413 | 447,324 | ||||||
Home Depot Inc. (The) |
||||||||
0.90%, 03/15/28 (Call 01/15/28) |
130 | 123,705 | ||||||
1.38%, 03/15/31 (Call 12/15/30) |
670 | 629,733 | ||||||
1.50%, 09/15/28 (Call 07/15/28)(a) |
102 | 100,063 | ||||||
1.88%, 09/15/31 (Call 06/15/31)(a) |
52 | 50,807 | ||||||
2.13%, 09/15/26 (Call 06/15/26) |
608 | 629,225 | ||||||
2.38%, 03/15/51 (Call 09/15/50) |
500 | 465,980 | ||||||
2.50%, 04/15/27 (Call 02/15/27) |
528 | 554,315 | ||||||
2.70%, 04/01/23 (Call 01/01/23) |
509 | 522,493 | ||||||
2.70%, 04/15/30 (Call 01/15/30) |
532 | 560,925 | ||||||
2.75%, 09/15/51 (Call 03/15/51)(a) |
102 | 102,466 | ||||||
2.80%, 09/14/27 (Call 06/14/27) |
635 | 676,110 | ||||||
2.95%, 06/15/29 (Call 03/15/29) |
577 | 618,654 | ||||||
3.00%, 04/01/26 (Call 01/01/26) |
452 | 482,908 | ||||||
3.13%, 12/15/49 (Call 06/15/49) |
512 | 547,072 | ||||||
3.30%, 04/15/40 (Call 10/15/39) |
832 | 905,183 | ||||||
3.35%, 09/15/25 (Call 06/15/25) |
566 | 609,531 | ||||||
3.35%, 04/15/50 (Call 10/15/49)(a) |
903 | 1,003,639 | ||||||
3.50%, 09/15/56 (Call 03/15/56) |
388 | 442,328 | ||||||
3.75%, 02/15/24 (Call 11/15/23) |
478 | 507,091 | ||||||
3.90%, 12/06/28 (Call 09/06/28) |
643 | 731,020 | ||||||
3.90%, 06/15/47 (Call 12/15/46) |
540 | 647,455 | ||||||
4.20%, 04/01/43 (Call 10/01/42) |
471 | 571,747 | ||||||
4.25%, 04/01/46 (Call 10/01/45)(a) |
1,012 | 1,269,230 | ||||||
4.40%, 03/15/45 (Call 09/15/44) |
492 | 625,657 | ||||||
4.50%, 12/06/48 (Call 06/06/48) |
657 | 862,661 | ||||||
4.88%, 02/15/44 (Call 08/15/43) |
522 | 691,405 | ||||||
5.40%, 09/15/40 (Call 03/15/40) |
190 | 260,214 | ||||||
5.88%, 12/16/36 |
1,279 | 1,803,160 | ||||||
5.95%, 04/01/41 (Call 10/01/40) |
405 | 584,152 | ||||||
Target Corp. |
||||||||
2.25%, 04/15/25 (Call 03/15/25) |
261 | 270,816 | ||||||
2.35%, 02/15/30 (Call 11/15/29) |
230 | 236,900 | ||||||
2.50%, 04/15/26(a) |
832 | 879,041 | ||||||
3.38%, 04/15/29 (Call 01/15/29) |
972 | 1,071,834 | ||||||
3.50%, 07/01/24 |
628 | 672,155 | ||||||
3.63%, 04/15/46 |
391 | 465,884 | ||||||
3.90%, 11/15/47 (Call 05/15/47) |
136 | 169,858 | ||||||
4.00%, 07/01/42 |
540 | 663,725 | ||||||
TJX Companies Inc. (The) |
||||||||
1.15%, 05/15/28 (Call 03/15/28)(a) |
47 | 45,366 | ||||||
1.60%, 05/15/31 (Call 02/15/31)(a) |
530 | 507,433 | ||||||
2.25%, 09/15/26 (Call 06/15/26) |
780 | 811,941 | ||||||
2.50%, 05/15/23 (Call 02/15/23) |
558 | 572,268 | ||||||
Walmart Inc. |
||||||||
2.35%, 12/15/22 (Call 11/15/22) |
295 | 301,157 | ||||||
2.38%, 09/24/29 (Call 06/24/29) |
30 | 31,363 | ||||||
2.55%, 04/11/23 (Call 01/11/23) |
758 | 777,746 | ||||||
2.65%, 12/15/24 (Call 10/15/24) |
20 | 21,057 | ||||||
2.95%, 09/24/49 (Call 03/24/49) |
320 | 346,093 | ||||||
3.05%, 07/08/26 (Call 05/08/26) |
5 | 5,395 | ||||||
3.25%, 07/08/29 (Call 04/08/29) |
25 | 27,669 | ||||||
3.30%, 04/22/24 (Call 01/22/24)(a) |
871 | 920,812 | ||||||
3.55%, 06/26/25 (Call 04/26/25) |
20 | 21,835 |
34 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Retail (continued) | ||||||||
3.70%, 06/26/28 (Call 03/26/28) |
$ | 1,025 | $ | 1,154,898 | ||||
4.05%, 06/29/48 (Call 12/29/47) |
1,291 | 1,657,437 | ||||||
5.63%, 04/01/40 |
70 | 101,247 | ||||||
5.63%, 04/15/41 |
25 | 36,525 | ||||||
6.20%, 04/15/38 |
60 | 90,106 | ||||||
|
|
|||||||
31,728,596 | ||||||||
Semiconductors — 3.0% | ||||||||
Analog Devices Inc. |
||||||||
2.10%, 10/01/31 (Call 07/01/31) |
20 | 19,965 | ||||||
2.80%, 10/01/41 (Call 04/01/41) |
500 | 508,980 | ||||||
2.95%, 10/01/51 (Call 04/01/51) |
520 | 540,374 | ||||||
3.50%, 12/05/26 (Call 09/05/26) |
40 | 43,664 | ||||||
Applied Materials Inc. |
||||||||
1.75%, 06/01/30 (Call 03/01/30) |
460 | 450,096 | ||||||
2.75%, 06/01/50 (Call 12/01/49)(a) |
502 | 508,626 | ||||||
3.30%, 04/01/27 (Call 01/01/27)(a) |
555 | 602,280 | ||||||
3.90%, 10/01/25 (Call 07/01/25) |
322 | 352,487 | ||||||
4.35%, 04/01/47 (Call 10/01/46) |
314 | 402,583 | ||||||
5.10%, 10/01/35 (Call 04/01/35) |
327 | 425,411 | ||||||
5.85%, 06/15/41 |
410 | 598,563 | ||||||
Intel Corp. |
||||||||
1.60%, 08/12/28 (Call 06/12/28) |
85 | 83,830 | ||||||
2.00%, 08/12/31 (Call 05/12/31)(a) |
220 | 216,278 | ||||||
2.45%, 11/15/29 (Call 08/15/29) |
1,048 | 1,081,578 | ||||||
2.60%, 05/19/26 (Call 02/19/26)(a) |
653 | 688,915 | ||||||
2.70%, 12/15/22 |
500 | 512,485 | ||||||
2.80%, 08/12/41 (Call 02/12/41) |
60 | 59,835 | ||||||
2.88%, 05/11/24 (Call 03/11/24) |
614 | 644,098 | ||||||
3.05%, 08/12/51 (Call 02/12/51) |
510 | 519,471 | ||||||
3.10%, 02/15/60 (Call 08/15/59) |
84 | 84,454 | ||||||
3.15%, 05/11/27 (Call 02/11/27) |
325 | 351,263 | ||||||
3.20%, 08/12/61 (Call 02/12/61) |
30 | 30,665 | ||||||
3.25%, 11/15/49 (Call 05/15/49) |
827 | 872,444 | ||||||
3.40%, 03/25/25 (Call 02/25/25) |
585 | 626,921 | ||||||
3.70%, 07/29/25 (Call 04/29/25) |
1,090 | 1,182,868 | ||||||
3.73%, 12/08/47 (Call 06/08/47) |
959 | 1,082,845 | ||||||
3.75%, 03/25/27 (Call 01/25/27) |
465 | 514,313 | ||||||
3.90%, 03/25/30 (Call 12/25/29)(a) |
953 | 1,081,760 | ||||||
4.00%, 12/15/32(a) |
409 | 474,996 | ||||||
4.10%, 05/19/46 (Call 11/19/45) |
665 | 792,088 | ||||||
4.10%, 05/11/47 (Call 11/11/46) |
515 | 616,120 | ||||||
4.25%, 12/15/42(a) |
205 | 249,879 | ||||||
4.60%, 03/25/40 (Call 09/25/39) |
431 | 536,664 | ||||||
4.75%, 03/25/50 (Call 09/25/49) |
955 | 1,269,329 | ||||||
4.80%, 10/01/41 |
365 | 471,321 | ||||||
4.90%, 07/29/45 (Call 01/29/45) |
267 | 356,106 | ||||||
4.95%, 03/25/60 (Call 09/25/59) |
452 | 636,023 | ||||||
Lam Research Corp. |
||||||||
1.90%, 06/15/30 (Call 03/15/30) |
685 | 678,054 | ||||||
2.88%, 06/15/50 (Call 12/15/49) |
146 | 148,951 | ||||||
3.13%, 06/15/60 (Call 12/15/59) |
362 | 378,616 | ||||||
3.75%, 03/15/26 (Call 01/15/26) |
570 | 625,039 | ||||||
3.80%, 03/15/25 (Call 12/15/24) |
150 | 161,839 | ||||||
4.00%, 03/15/29 (Call 12/15/28) |
570 | 648,614 | ||||||
4.88%, 03/15/49 (Call 09/15/48) |
262 | 358,597 | ||||||
NVIDIA Corp. |
||||||||
1.55%, 06/15/28 (Call 04/15/28) |
95 | 93,441 | ||||||
2.00%, 06/15/31 (Call 03/15/31) |
130 | 128,609 | ||||||
2.85%, 04/01/30 (Call 01/01/30) |
776 | 824,190 | ||||||
3.20%, 09/16/26 (Call 06/16/26)(a) |
404 | 438,477 |
Security | Par (000) |
Value | ||||||
Semiconductors (continued) | ||||||||
3.50%, 04/01/40 (Call 10/01/39) |
$ | 637 | $ | 712,300 | ||||
3.50%, 04/01/50 (Call 10/01/49) |
877 | 1,002,507 | ||||||
3.70%, 04/01/60 (Call 10/01/59) |
130 | 154,275 | ||||||
QUALCOMM Inc. |
||||||||
1.30%, 05/20/28 (Call 02/20/28) |
1,172 | 1,135,258 | ||||||
1.65%, 05/20/32 (Call 02/20/32) |
745 | 704,584 | ||||||
2.15%, 05/20/30 (Call 02/20/30) |
396 | 400,150 | ||||||
2.60%, 01/30/23 (Call 12/30/22) |
50 | 51,229 | ||||||
2.90%, 05/20/24 (Call 03/20/24)(a) |
31 | 32,545 | ||||||
3.25%, 05/20/27 (Call 02/20/27) |
550 | 595,512 | ||||||
3.25%, 05/20/50 (Call 11/20/49)(a) |
358 | 391,498 | ||||||
3.45%, 05/20/25 (Call 02/20/25) |
72 | 77,299 | ||||||
4.30%, 05/20/47 (Call 11/20/46) |
714 | 900,854 | ||||||
4.65%, 05/20/35 (Call 11/20/34) |
41 | 50,631 | ||||||
4.80%, 05/20/45 (Call 11/20/44) |
737 | 982,384 | ||||||
Texas Instruments Inc. |
||||||||
1.13%, 09/15/26 (Call 08/15/26) |
35 | 34,741 | ||||||
1.38%, 03/12/25 (Call 02/12/25) |
565 | 569,927 | ||||||
1.75%, 05/04/30 (Call 02/04/30) |
364 | 358,500 | ||||||
1.90%, 09/15/31 (Call 06/15/31) |
80 | 78,998 | ||||||
2.25%, 05/01/23 (Call 02/01/23) |
400 | 408,572 | ||||||
2.25%, 09/04/29 (Call 06/04/29) |
580 | 596,263 | ||||||
2.70%, 09/15/51 (Call 03/15/51) |
100 | 101,612 | ||||||
2.90%, 11/03/27 (Call 08/03/27) |
201 | 216,787 | ||||||
3.88%, 03/15/39 (Call 09/15/38) |
72 | 85,241 | ||||||
4.15%, 05/15/48 (Call 11/15/47) |
811 | 1,033,076 | ||||||
TSMC Arizona Corp. |
||||||||
1.75%, 10/25/26 (Call 09/25/26) |
20 | 20,106 | ||||||
2.50%, 10/25/31 (Call 07/25/31) |
15 | 15,190 | ||||||
3.25%, 10/25/51 (Call 04/25/51) |
385 | 406,776 | ||||||
Xilinx Inc. |
||||||||
2.38%, 06/01/30 (Call 03/01/30) |
588 | 594,268 | ||||||
2.95%, 06/01/24 (Call 04/01/24) |
434 | 453,777 | ||||||
|
|
|||||||
36,138,865 | ||||||||
Software — 2.4% | ||||||||
Adobe Inc. |
||||||||
1.70%, 02/01/23 |
484 | 491,676 | ||||||
1.90%, 02/01/25 (Call 01/01/25) |
393 | 402,656 | ||||||
2.15%, 02/01/27 (Call 12/01/26) |
629 | 650,512 | ||||||
2.30%, 02/01/30 (Call 11/01/29) |
735 | 753,088 | ||||||
3.25%, 02/01/25 (Call 11/01/24) |
490 | 521,223 | ||||||
Intuit Inc. |
||||||||
0.65%, 07/15/23 |
209 | 209,288 | ||||||
0.95%, 07/15/25 (Call 06/15/25) |
93 | 92,089 | ||||||
1.35%, 07/15/27 (Call 05/15/27) |
515 | 504,906 | ||||||
1.65%, 07/15/30 (Call 04/15/30) |
237 | 229,876 | ||||||
Microsoft Corp. |
||||||||
2.00%, 08/08/23 (Call 06/08/23) |
874 | 895,011 | ||||||
2.13%, 11/15/22(a) |
395 | 401,999 | ||||||
2.38%, 05/01/23 (Call 02/01/23)(a) |
720 | 737,201 | ||||||
2.40%, 08/08/26 (Call 05/08/26) |
41 | 43,044 | ||||||
2.53%, 06/01/50 (Call 12/01/49) |
2,882 | 2,841,277 | ||||||
2.65%, 11/03/22 (Call 09/03/22) |
630 | 642,172 | ||||||
2.68%, 06/01/60 (Call 12/01/59) |
1,788 | 1,789,287 | ||||||
2.70%, 02/12/25 (Call 11/12/24) |
588 | 618,505 | ||||||
2.88%, 02/06/24 (Call 12/06/23) |
977 | 1,021,805 | ||||||
2.92%, 03/17/52 (Call 09/17/51) |
4,664 | 4,947,012 | ||||||
3.04%, 03/17/62 (Call 09/17/61) |
1,404 | 1,516,137 | ||||||
3.13%, 11/03/25 (Call 08/03/25)(a) |
672 | 720,794 | ||||||
3.30%, 02/06/27 (Call 11/06/26)(a) |
1,420 | 1,549,121 |
S C H E D U L E O F I N V E S T M E N T S |
35 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Software (continued) | ||||||||
3.45%, 08/08/36 (Call 02/08/36) |
$ | 590 | $ | 674,842 | ||||
3.50%, 02/12/35 (Call 08/12/34) |
913 | 1,045,896 | ||||||
3.63%, 12/15/23 (Call 09/15/23) |
1,054 | 1,114,299 | ||||||
3.70%, 08/08/46 (Call 02/08/46) |
11 | 13,240 | ||||||
4.20%, 11/03/35 (Call 05/03/35) |
10 | 12,283 | ||||||
4.25%, 02/06/47 (Call 08/06/46) |
10 | 13,073 | ||||||
5.30%, 02/08/41 |
10 | 14,257 | ||||||
salesforce.com Inc. |
||||||||
0.63%, 07/15/24 (Call 07/15/22) |
20 | 19,944 | ||||||
1.50%, 07/15/28 (Call 05/15/28)(a) |
455 | 448,048 | ||||||
1.95%, 07/15/31 (Call 04/15/31) |
150 | 148,800 | ||||||
2.70%, 07/15/41 (Call 01/15/41) |
330 | 331,132 | ||||||
2.90%, 07/15/51 (Call 01/15/51) |
905 | 930,421 | ||||||
3.05%, 07/15/61 (Call 01/15/61) |
325 | 339,229 | ||||||
3.25%, 04/11/23 (Call 03/11/23) |
789 | 818,690 | ||||||
3.70%, 04/11/28 (Call 01/11/28) |
1,033 | 1,154,481 | ||||||
|
|
|||||||
28,657,314 | ||||||||
Telecommunications — 0.8% | ||||||||
America Movil SAB de CV |
||||||||
2.88%, 05/07/30 (Call 02/07/30) |
250 | 259,452 | ||||||
3.63%, 04/22/29 (Call 01/22/29) |
450 | 488,160 | ||||||
4.38%, 07/16/42 |
579 | 694,256 | ||||||
4.38%, 04/22/49 (Call 10/22/48) |
575 | 716,335 | ||||||
6.13%, 03/30/40 |
742 | 1,049,960 | ||||||
6.38%, 03/01/35 |
225 | 313,353 | ||||||
Cisco Systems Inc. |
||||||||
2.20%, 09/20/23 (Call 07/20/23) |
784 | 806,611 | ||||||
2.50%, 09/20/26 (Call 06/20/26) |
833 | 881,672 | ||||||
2.60%, 02/28/23 |
180 | 184,943 | ||||||
2.95%, 02/28/26 |
672 | 720,142 | ||||||
3.50%, 06/15/25 |
268 | 290,710 | ||||||
3.63%, 03/04/24 |
786 | 838,866 | ||||||
5.50%, 01/15/40 |
851 | 1,195,119 | ||||||
5.90%, 02/15/39 |
413 | 597,826 | ||||||
|
|
|||||||
9,037,405 | ||||||||
Transportation — 2.4% | ||||||||
Burlington Northern Santa Fe LLC |
||||||||
3.00%, 03/15/23 (Call 12/15/22) |
503 | 517,205 | ||||||
3.00%, 04/01/25 (Call 01/01/25) |
45 | 47,643 | ||||||
3.05%, 02/15/51 (Call 08/15/50)(a) |
250 | 264,720 | ||||||
3.25%, 06/15/27 (Call 03/15/27)(a) |
224 | 244,035 | ||||||
3.30%, 09/15/51 (Call 03/15/51) |
406 | 450,226 | ||||||
3.40%, 09/01/24 (Call 06/01/24) |
357 | 380,155 | ||||||
3.55%, 02/15/50 (Call 08/15/49) |
111 | 127,354 | ||||||
3.75%, 04/01/24 (Call 01/01/24) |
355 | 377,017 | ||||||
3.85%, 09/01/23 (Call 06/01/23) |
524 | 551,143 | ||||||
3.90%, 08/01/46 (Call 02/01/46) |
343 | 407,611 | ||||||
4.05%, 06/15/48 (Call 12/15/47) |
423 | 519,757 | ||||||
4.13%, 06/15/47 (Call 12/15/46) |
330 | 406,372 | ||||||
4.15%, 04/01/45 (Call 10/01/44) |
397 | 486,547 | ||||||
4.15%, 12/15/48 (Call 06/15/48) |
360 | 448,420 | ||||||
4.38%, 09/01/42 (Call 03/01/42) |
147 | 181,208 | ||||||
4.40%, 03/15/42 (Call 09/15/41) |
242 | 298,207 | ||||||
4.45%, 03/15/43 (Call 09/15/42) |
387 | 483,220 | ||||||
4.55%, 09/01/44 (Call 03/01/44) |
390 | 494,649 | ||||||
4.70%, 09/01/45 (Call 03/01/45) |
308 | 404,798 | ||||||
4.90%, 04/01/44 (Call 10/01/43) |
444 | 585,325 | ||||||
5.05%, 03/01/41 (Call 09/01/40) |
257 | 338,862 | ||||||
5.15%, 09/01/43 (Call 03/01/43) |
359 | 489,295 |
Security | Par/ Shares (000) |
Value | ||||||
Transportation (continued) | ||||||||
5.40%, 06/01/41 (Call 12/01/40) |
$ | 265 | $ | 361,608 | ||||
5.75%, 05/01/40 (Call 11/01/39) |
356 | 499,475 | ||||||
6.15%, 05/01/37 |
245 | 352,327 | ||||||
Canadian National Railway Co. |
||||||||
2.45%, 05/01/50 (Call 11/01/49)(a) |
255 | 240,032 | ||||||
2.75%, 03/01/26 (Call 12/01/25) |
416 | 438,547 | ||||||
3.20%, 08/02/46 (Call 02/02/46) |
446 | 475,971 | ||||||
3.65%, 02/03/48 (Call 08/03/47) |
306 | 351,181 | ||||||
4.45%, 01/20/49 (Call 07/20/48) |
161 | 208,398 | ||||||
FedEx Corp., Series 2020-1, Class AA, 1.88%, 08/20/35(a) |
341 | 335,165 | ||||||
Union Pacific Corp. |
||||||||
2.38%, 05/20/31 (Call 02/20/31)(a) |
520 | 530,941 | ||||||
2.95%, 03/10/52 (Call 09/10/51)(a) |
620 | 636,790 | ||||||
2.97%, 09/16/62 (Call 03/16/62) |
750 | 754,905 | ||||||
3.20%, 05/20/41 (Call 11/20/40) |
630 | 672,588 | ||||||
3.25%, 02/05/50 (Call 08/05/49) |
630 | 682,611 | ||||||
3.50%, 06/08/23 (Call 05/08/23) |
17 | 17,744 | ||||||
3.55%, 05/20/61 (Call 11/20/60) |
1,000 | 1,121,760 | ||||||
3.60%, 09/15/37 (Call 03/15/37) |
40 | 44,847 | ||||||
3.70%, 03/01/29 (Call 12/01/28)(a) |
500 | 556,170 | ||||||
3.75%, 07/15/25 (Call 05/15/25) |
100 | 108,722 | ||||||
3.75%, 02/05/70 (Call 08/05/69) |
30 | 34,847 | ||||||
3.80%, 10/01/51 (Call 04/01/51) |
500 | 593,155 | ||||||
3.80%, 04/06/71 (Call 10/06/70) |
350 | 410,522 | ||||||
3.84%, 03/20/60 (Call 09/20/59) |
750 | 888,337 | ||||||
3.95%, 08/15/59 (Call 02/15/59) |
15 | 18,108 | ||||||
United Parcel Service Inc. |
||||||||
2.40%, 11/15/26 (Call 08/15/26) |
304 | 318,674 | ||||||
2.50%, 04/01/23 (Call 03/01/23) |
475 | 487,345 | ||||||
2.80%, 11/15/24 (Call 09/15/24) |
78 | 82,274 | ||||||
3.05%, 11/15/27 (Call 08/15/27)(a) |
703 | 762,460 | ||||||
3.40%, 03/15/29 (Call 12/15/28) |
503 | 554,492 | ||||||
3.40%, 11/15/46 (Call 05/15/46) |
220 | 249,253 | ||||||
3.40%, 09/01/49 (Call 03/01/49)(a) |
343 | 391,397 | ||||||
3.75%, 11/15/47 (Call 05/15/47) |
538 | 647,128 | ||||||
3.90%, 04/01/25 (Call 03/01/25) |
622 | 676,605 | ||||||
4.25%, 03/15/49 (Call 09/15/48) |
58 | 74,734 | ||||||
4.45%, 04/01/30 (Call 01/01/30) |
371 | 439,483 | ||||||
4.88%, 11/15/40 (Call 05/15/40) |
256 | 334,861 | ||||||
5.20%, 04/01/40 (Call 10/01/39) |
343 | 461,603 | ||||||
5.30%, 04/01/50 (Call 10/01/49) |
464 | 689,871 | ||||||
6.20%, 01/15/38 |
641 | 939,398 | ||||||
Walmart Inc. |
||||||||
1.05%, 09/17/26 (Call 08/17/26) |
70 | 69,310 | ||||||
1.50%, 09/22/28 (Call 07/22/28)(a) |
120 | 118,663 | ||||||
1.80%, 09/22/31 (Call 06/22/31) |
800 | 788,544 | ||||||
2.50%, 09/22/41 (Call 03/22/41) |
470 | 472,491 | ||||||
2.65%, 09/22/51 (Call 03/22/51) |
700 | 718,298 | ||||||
|
|
|||||||
28,115,404 | ||||||||
|
|
|||||||
Total
Corporate Bonds & Notes — 98.3% |
1,165,521,853 | |||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 7.6% | ||||||||
BlackRock
Cash Funds: Institutional, |
79,962 | 80,001,921 |
36 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Aaa - A Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares (000) |
Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock
Cash Funds: Treasury, |
10,637 | $ | 10,637,000 | |||||
|
|
|||||||
90,638,921 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 7.6% |
90,638,921 | |||||||
|
|
|||||||
Total
Investments in Securities — 105.9% |
|
1,256,160,774 | ||||||
Other Assets, Less Liabilities — (5.9)% |
(69,815,973 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 1,186,344,801 | ||||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(c) |
Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect. |
(d) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(e) |
Affiliate of the Fund. |
(f) |
Annualized 7-day yield as of period end. |
(g) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
|
||||||||||||||||||||||||||||||||||||
Affiliated Issuer | Value at 10/31/20 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/21 |
Shares Held at 10/31/21 (000) |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 57,109,372 | $ | 22,905,326 | (a) | $ | — | $ | (11,064 | ) | $ | (1,713 | ) | $ | 80,001,921 | 79,962 | $ | 140,568 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
10,417,000 | 220,000 | (a) | — | — | — | 10,637,000 | 10,637 | 2,490 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (11,064 | ) | $ | (1,713 | ) | $ | 90,638,921 | $ | 143,058 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments |
||||||||||||||||
Corporate Bonds & Notes |
$ | — | $ | 1,165,521,853 | $ | — | $ | 1,165,521,853 | ||||||||
Money Market Funds |
90,638,921 | — | — | 90,638,921 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 90,638,921 | $ | 1,165,521,853 | $ | — | $ | 1,256,160,774 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
37 |
Schedule of Investments October 31, 2021 |
iShares® BB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Advertising — 0.3% | ||||||||
Lamar Media Corp. |
||||||||
3.63%, 01/15/31 (Call 01/15/26) |
$ | 50 | $ | 49,032 | ||||
3.75%, 02/15/28 (Call 02/15/23) |
75 | 75,810 | ||||||
4.00%, 02/15/30 (Call 02/15/25) |
75 | 76,143 | ||||||
4.88%, 01/15/29 (Call 01/15/24) |
50 | 52,375 | ||||||
|
|
|||||||
253,360 | ||||||||
Aerospace & Defense — 1.2% | ||||||||
BWX Technologies Inc. |
||||||||
4.13%, 06/30/28 (Call 06/30/23)(a) |
50 | 50,625 | ||||||
4.13%, 04/15/29 (Call 04/15/24)(a) |
45 | 45,664 | ||||||
Hexcel Corp. |
||||||||
4.20%, 02/15/27 (Call 11/15/26) |
50 | 54,112 | ||||||
4.95%, 08/15/25 (Call 05/15/25) |
50 | 55,186 | ||||||
Howmet Aerospace Inc. |
||||||||
3.00%, 01/15/29 (Call 11/15/28) |
75 | 73,875 | ||||||
5.13%, 10/01/24 (Call 07/01/24) |
140 | 153,475 | ||||||
5.90%, 02/01/27 |
95 | 108,776 | ||||||
5.95%, 02/01/37 |
75 | 90,249 | ||||||
6.88%, 05/01/25 (Call 04/01/25) |
75 | 86,905 | ||||||
Moog Inc., 4.25%, 12/15/27 (Call 12/15/22)(a) |
75 | 77,204 | ||||||
Rolls-Royce PLC |
||||||||
3.63%, 10/14/25 (Call 07/14/25)(a) |
100 | 102,118 | ||||||
5.75%, 10/15/27 (Call 07/15/27)(a) |
125 | 138,319 | ||||||
Spirit AeroSystems Inc. |
||||||||
3.85%, 06/15/26 (Call 03/15/26) |
25 | 26,250 | ||||||
5.50%, 01/15/25 (Call 10/15/22)(a) |
50 | 52,062 | ||||||
|
|
|||||||
1,114,820 | ||||||||
Agriculture — 0.1% | ||||||||
Turning
Point Brands Inc., 5.63%, 02/15/26 |
35 | 35,481 | ||||||
Vector
Group Ltd., 5.75%, 02/01/29 |
85 | 84,575 | ||||||
|
|
|||||||
120,056 | ||||||||
Airlines — 2.0% | ||||||||
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a) |
140 | 141,750 | ||||||
American Airlines Inc./AAdvantage Loyalty IP Ltd. |
||||||||
5.50%, 04/20/26(a) |
390 | 409,110 | ||||||
5.75%, 04/20/29(a) |
330 | 355,162 | ||||||
Delta Air Lines Inc. |
||||||||
2.90%, 10/28/24 (Call 09/28/24) |
100 | 102,150 | ||||||
3.75%, 10/28/29 (Call 07/28/29)(b) |
55 | 55,890 | ||||||
3.80%, 04/19/23 (Call 03/19/23) |
75 | 77,740 | ||||||
4.38%, 04/19/28 (Call 01/19/28)(b) |
60 | 63,993 | ||||||
7.38%, 01/15/26 (Call 12/15/25) |
115 | 135,253 | ||||||
Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd., 8.00%, 09/20/25 (Call 09/20/23)(a) |
38 | 42,759 | ||||||
United Airlines Inc. |
||||||||
4.38%, 04/15/26 (Call 10/15/25)(a) |
215 | 222,411 | ||||||
4.63%, 04/15/29 (Call 10/15/25)(a) |
215 | 221,661 | ||||||
|
|
|||||||
1,827,879 | ||||||||
Apparel — 0.7% | ||||||||
Hanesbrands Inc. |
||||||||
4.63%, 05/15/24 (Call 02/15/24)(a) |
100 | 104,250 | ||||||
4.88%, 05/15/26 (Call 02/15/26)(a) |
100 | 106,898 | ||||||
5.38%, 05/15/25 (Call 05/15/22)(a) |
85 | 88,400 | ||||||
Levi
Strauss & Co., 3.50%, 03/01/31 |
55 | 55,275 | ||||||
Michael
Kors USA Inc., 4.50%, 11/01/24 |
30 | 31,746 | ||||||
Under Armour Inc., 3.25%, 06/15/26 (Call 03/15/26) |
50 | 51,250 |
Security | Par (000) |
Value | ||||||
Apparel (continued) | ||||||||
William Carter Co. (The) |
||||||||
5.50%, 05/15/25 (Call 05/15/22)(a) |
$ | 60 | $ | 62,775 | ||||
5.63%, 03/15/27 (Call 03/15/22)(a) |
50 | 51,813 | ||||||
Wolverine World Wide Inc., 4.00%, 08/15/29 (Call 08/15/24)(a) |
60 | 59,239 | ||||||
|
|
|||||||
611,646 | ||||||||
Auto Manufacturers — 2.3% | ||||||||
Allison Transmission Inc. |
||||||||
3.75%, 01/30/31 (Call 01/30/26)(a) |
110 | 105,737 | ||||||
4.75%, 10/01/27 (Call 10/01/22)(a) |
50 | 51,875 | ||||||
5.88%, 06/01/29 (Call 06/01/24)(a) |
75 | 80,719 | ||||||
Ford Motor Co. |
||||||||
4.35%, 12/08/26 (Call 09/08/26)(b) |
85 | 90,875 | ||||||
4.75%, 01/15/43 |
75 | 81,919 | ||||||
5.29%, 12/08/46 (Call 06/08/46)(b) |
50 | 57,370 | ||||||
7.45%, 07/16/31 |
110 | 145,612 | ||||||
8.50%, 04/21/23 |
160 | 175,440 | ||||||
9.00%, 04/22/25 (Call 03/22/25) |
200 | 240,500 | ||||||
Ford Motor Credit Co. LLC |
||||||||
2.90%, 02/16/28 (Call 12/16/27) |
75 | 74,344 | ||||||
3.35%, 11/01/22 |
200 | 203,040 | ||||||
3.38%, 11/13/25 (Call 10/13/25) |
75 | 77,063 | ||||||
3.66%, 09/08/24 |
200 | 207,000 | ||||||
4.00%, 11/13/30 (Call 08/13/30) |
200 | 208,750 | ||||||
4.13%, 08/17/27 (Call 06/17/27) |
75 | 79,594 | ||||||
4.38%, 08/06/23 |
75 | 78,000 | ||||||
5.11%, 05/03/29 (Call 02/03/29) |
75 | 83,344 | ||||||
5.13%, 06/16/25 (Call 05/16/25) |
75 | 81,375 | ||||||
|
|
|||||||
2,122,557 | ||||||||
Auto Parts & Equipment — 0.7% | ||||||||
Dana Financing Luxembourg Sarl, 5.75%, 04/15/25 (Call 04/15/22)(a) |
50 | 51,500 | ||||||
Dana Inc. |
||||||||
4.25%, 09/01/30 (Call 05/01/26) |
40 | 40,478 | ||||||
5.38%, 11/15/27 (Call 11/15/22) |
30 | 31,425 | ||||||
5.63%, 06/15/28 (Call 06/15/23) |
50 | 52,875 | ||||||
IHO Verwaltungs GmbH |
||||||||
4.75%, 09/15/26 (Call 09/15/22), (5.50% PIK)(a)(c) |
50 | 51,186 | ||||||
6.00%, 05/15/27 (Call 05/15/22), (6.75% PIK)(a)(c) |
100 | 103,750 | ||||||
Meritor Inc. |
||||||||
4.50%, 12/15/28 (Call 12/15/23)(a) |
40 | 39,800 | ||||||
6.25%, 06/01/25 (Call 06/01/22)(a) |
35 | 36,619 | ||||||
Tenneco Inc. |
||||||||
5.13%, 04/15/29 (Call 04/15/24)(a) |
80 | 79,300 | ||||||
7.88%, 01/15/29 (Call 01/15/24)(a) |
65 | 71,094 | ||||||
ZF North America Capital Inc., 4.75%, 04/29/25(a) |
125 | 134,531 | ||||||
|
|
|||||||
692,558 | ||||||||
Banks — 2.9% | ||||||||
CIT Group Inc. |
||||||||
3.93%, 06/19/24 (Call 06/19/23)(d) |
50 | 51,933 | ||||||
4.75%, 02/16/24 (Call 11/16/23) |
50 | 53,125 | ||||||
5.00%, 08/01/23 |
100 | 106,125 | ||||||
5.25%, 03/07/25 (Call 12/07/24) |
50 | 54,875 | ||||||
6.13%, 03/09/28 |
50 | 59,250 | ||||||
Commerzbank AG, 8.13%, 09/19/23(a) |
100 | 112,012 | ||||||
Deutsche Bank AG |
||||||||
4.30%, 05/24/28 (Call 05/24/23), (5 year USD Swap + 2.248%)(d) |
180 | 186,483 | ||||||
4.50%, 04/01/25 |
175 | 187,752 |
38 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® BB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
Deutsche Bank AG/New York NY |
||||||||
3.73%, 01/14/32 (Call 01/14/31)(d) |
$ | 150 | $ | 153,756 | ||||
4.88%, 12/01/32 (Call 12/01/27)(d) |
100 | 108,647 | ||||||
5.88%, 07/08/31 (Call 04/08/30)(d) |
50 | 58,744 | ||||||
Dresdner
Funding Trust I, 8.15%, 06/30/31 |
125 | 176,813 | ||||||
Goldman Sachs Capital I, 6.35%, 02/15/34 |
105 | 145,479 | ||||||
Intesa Sanpaolo SpA |
||||||||
4.95%, 06/01/42 (Call 06/01/41)(a) |
100 | 103,265 | ||||||
5.02%, 06/26/24(a) |
295 | 316,370 | ||||||
5.71%, 01/15/26(a) |
185 | 205,686 | ||||||
Popular Inc., 6.13%, 09/14/23 (Call 08/14/23)(b) |
50 | 53,386 | ||||||
Standard
Chartered PLC, 7.01%, |
75 | 103,875 | ||||||
Synovus
Financial Corp., 5.90%, 02/07/29 |
20 | 21,513 | ||||||
UniCredit SpA |
||||||||
5.46%, 06/30/35 (Call 06/30/30)(a)(d) |
150 | 164,094 | ||||||
5.86%, 06/19/32 (Call 06/19/27)(a)(d) |
125 | 137,984 | ||||||
7.30%, 04/02/34 (Call 04/02/29)(a)(d) |
150 | 180,872 | ||||||
|
|
|||||||
2,742,039 | ||||||||
Biotechnology — 0.1% | ||||||||
Emergent BioSolutions Inc., 3.88%, 08/15/28 (Call 08/15/23)(a) |
50 | 48,000 | ||||||
|
|
|||||||
Building Materials — 0.7% | ||||||||
Boise
Cascade Co., 4.88%, 07/01/30 |
60 | 63,000 | ||||||
Builders FirstSource Inc. |
||||||||
4.25%, 02/01/32 (Call 08/01/26)(a) |
100 | 100,794 | ||||||
5.00%, 03/01/30 (Call 03/01/25)(a) |
75 | 79,219 | ||||||
6.75%, 06/01/27 (Call 06/01/22)(a) |
72 | 75,870 | ||||||
Jeld-Wen Inc., 6.25%, 05/15/25 (Call 05/15/22)(a) |
25 | 26,344 | ||||||
Louisiana-Pacific Corp., 3.63%, 03/15/29 (Call 03/15/24)(a) |
50 | 50,297 | ||||||
Masonite International Corp. |
||||||||
3.50%, 02/15/30 (Call 08/15/29)(a) |
50 | 48,797 | ||||||
5.38%, 02/01/28 (Call 02/01/23)(a) |
60 | 63,000 | ||||||
Summit Materials LLC/Summit Materials Finance Corp. |
||||||||
5.25%, 01/15/29 (Call 07/15/23)(a) |
75 | 78,562 | ||||||
6.50%, 03/15/27 (Call 03/15/22)(a) |
50 | 52,250 | ||||||
|
|
|||||||
638,133 | ||||||||
Chemicals — 1.9% | ||||||||
Ashland LLC |
||||||||
3.38%, 09/01/31 (Call 06/01/31)(a) |
55 | 54,312 | ||||||
6.88%, 05/15/43 (Call 02/15/43) |
25 | 32,500 | ||||||
Element Solutions Inc., 3.88%, 09/01/28 (Call 09/01/23)(a) |
75 | 74,931 | ||||||
GCP Applied Technologies Inc., 5.50%, 04/15/26 (Call 04/15/22)(a) |
50 | 51,200 | ||||||
HB Fuller Co. |
||||||||
4.00%, 02/15/27 (Call 11/15/26) |
50 | 52,500 | ||||||
4.25%, 10/15/28 (Call 10/15/23) |
25 | 25,344 | ||||||
INEOS Quattro Finance 2 PLC, 3.38%, 01/15/26 (Call 01/15/23)(a) |
50 | 49,688 | ||||||
Ingevity Corp., 3.88%, 11/01/28 (Call 11/01/23)(a) |
65 | 63,859 | ||||||
Methanex Corp. |
||||||||
5.13%, 10/15/27 (Call 04/15/27) |
80 | 84,400 | ||||||
5.25%, 12/15/29 (Call 09/15/29) |
75 | 79,500 | ||||||
5.65%, 12/01/44 (Call 06/01/44) |
25 | 25,938 | ||||||
Minerals Technologies Inc., 5.00%, 07/01/28 (Call 07/01/23)(a) |
50 | 51,497 | ||||||
NOVA Chemicals Corp. |
||||||||
4.25%, 05/15/29 (Call 05/15/24)(a) |
76 | 75,012 | ||||||
4.88%, 06/01/24 (Call 03/03/24)(a) |
110 | 114,482 | ||||||
5.00%, 05/01/25 (Call 01/31/25)(a)(b) |
55 | 57,956 | ||||||
5.25%, 06/01/27 (Call 03/03/27)(a) |
110 | 115,772 | ||||||
OCI NV, 5.25%, 11/01/24 (Call 11/01/21)(a) |
181 | 185,751 |
Security | Par (000) |
Value | ||||||
Chemicals (continued) | ||||||||
Olin Corp. |
||||||||
5.00%, 02/01/30 (Call 02/01/24) |
$ | 50 | $ | 52,750 | ||||
5.13%, 09/15/27 (Call 03/15/22) |
50 | 51,938 | ||||||
5.63%, 08/01/29 (Call 08/01/24)(b) |
85 | 92,840 | ||||||
9.50%, 06/01/25 (Call 03/01/25)(a) |
50 | 61,437 | ||||||
SPCM SA, 3.13%, 03/15/27 (Call 03/15/24)(a) |
100 | 98,875 | ||||||
Valvoline Inc. |
||||||||
3.63%, 06/15/31 (Call 06/15/26)(a) |
55 | 53,625 | ||||||
4.25%, 02/15/30 (Call 02/15/25)(a) |
75 | 76,125 | ||||||
WR Grace Holdings LLC, 5.63%, 10/01/24(a) |
50 | 53,625 | ||||||
|
|
|||||||
1,735,857 | ||||||||
Coal — 0.1% | ||||||||
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., 7.50%, 05/01/25 (Call 05/01/22)(a) |
50 | 50,750 | ||||||
SunCoke Energy Inc., 4.88%, 06/30/29 (Call 06/30/24)(a) |
50 | 49,625 | ||||||
|
|
|||||||
100,375 | ||||||||
Commercial Services — 3.1% | ||||||||
ADT Security Corp. (The) |
||||||||
4.13%, 06/15/23 |
75 | 78,074 | ||||||
4.13%, 08/01/29 (Call 08/01/28)(a) |
115 | 113,348 | ||||||
4.88%, 07/15/32(a) |
75 | 75,004 | ||||||
Albion Financing 1 Sarl/Aggreko Holdings Inc., 6.13%, 10/15/26 (Call 10/15/23)(a) |
75 | 75,683 | ||||||
AMN Healthcare Inc. |
||||||||
4.00%, 04/15/29 (Call 04/15/24)(a) |
50 | 50,750 | ||||||
4.63%, 10/01/27 (Call 10/01/22)(a) |
50 | 51,376 | ||||||
ASGN Inc., 4.63%, 05/15/28 (Call 05/15/23)(a) |
60 | 61,950 | ||||||
Autopistas Metropolitanas de Puerto Rico LLC, 6.75%, 06/30/35(a) |
22 | 21,745 | ||||||
Brink’s Co. (The) |
||||||||
4.63%, 10/15/27 (Call 10/15/22)(a) |
50 | 51,590 | ||||||
5.50%, 07/15/25 (Call 06/18/22)(a) |
50 | 52,405 | ||||||
CoreCivic Inc., 8.25%, 04/15/26 (Call 04/15/24) |
100 | 102,205 | ||||||
Garda World Security Corp., 4.63%, 02/15/27 (Call 02/15/23)(a) |
60 | 59,550 | ||||||
Gartner Inc. |
||||||||
3.63%, 06/15/29 (Call 06/15/24)(a) |
65 | 65,325 | ||||||
3.75%, 10/01/30 (Call 10/01/25)(a) |
100 | 101,375 | ||||||
4.50%, 07/01/28 (Call 07/01/23)(a) |
85 | 88,502 | ||||||
Graham Holdings Co., 5.75%, 06/01/26 (Call 06/01/22)(a) |
50 | 52,085 | ||||||
Korn Ferry, 4.63%, 12/15/27 (Call 12/15/22)(a) |
45 | 46,406 | ||||||
Prime Security Services Borrower LLC/Prime Finance Inc. |
||||||||
3.38%, 08/31/27 (Call 08/31/26)(a) |
125 | 119,736 | ||||||
5.25%, 04/15/24(a) |
100 | 106,375 | ||||||
5.75%, 04/15/26(a) |
150 | 160,448 | ||||||
Service Corp. International/U.S. |
||||||||
3.38%, 08/15/30 (Call 08/15/25) |
100 | 98,500 | ||||||
4.00%, 05/15/31 (Call 05/15/26) |
85 | 86,913 | ||||||
4.63%, 12/15/27 (Call 12/15/22) |
75 | 78,656 | ||||||
5.13%, 06/01/29 (Call 06/01/24)(b) |
75 | 80,981 | ||||||
Square Inc. |
||||||||
2.75%, 06/01/26 (Call 05/01/26)(a) |
105 | 106,154 | ||||||
3.50%, 06/01/31 (Call 03/01/31)(a) |
105 | 107,625 | ||||||
TriNet Group Inc., 3.50%, 03/01/29 (Call 03/01/24)(a) |
65 | 65,170 | ||||||
United Rentals North America Inc. |
||||||||
3.75%, 01/15/32 (Call 07/15/26) |
85 | 84,796 | ||||||
3.88%, 02/15/31 (Call 08/15/25)(b) |
120 | 120,888 | ||||||
4.00%, 07/15/30 (Call 07/15/25) |
75 | 76,522 | ||||||
4.88%, 01/15/28 (Call 01/15/23) |
195 | 205,832 | ||||||
5.25%, 01/15/30 (Call 01/15/25) |
110 | 119,075 |
S C H E D U L E O F I N V E S T M E N T S |
39 |
Schedule of Investments (continued) October 31, 2021 |
iShares® BB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Commercial Services (continued) | ||||||||
5.50%, 05/15/27 (Call 05/15/22) |
$ | 110 | $ | 115,293 | ||||
WW International Inc., 4.50%, 04/15/29 (Call 04/15/24)(a) |
40 | 38,300 | ||||||
|
|
|||||||
2,918,637 | ||||||||
Computers — 1.3% | ||||||||
Booz Allen Hamilton Inc. |
||||||||
3.88%, 09/01/28 (Call 09/01/23)(a) |
75 | 76,076 | ||||||
4.00%, 07/01/29 (Call 07/01/24)(a) |
70 | 70,875 | ||||||
Crowdstrike Holdings Inc., 3.00%, 02/15/29 (Call 02/15/24) |
100 | 98,750 | ||||||
Dell Inc. |
||||||||
5.40%, 09/10/40 |
40 | 48,081 | ||||||
6.50%, 04/15/38 |
65 | 86,222 | ||||||
Seagate HDD Cayman |
||||||||
3.13%, 07/15/29 (Call 01/15/24)(a) |
60 | 57,555 | ||||||
3.38%, 07/15/31 (Call 01/15/26)(a) |
70 | 67,085 | ||||||
4.09%, 06/01/29 (Call 03/01/29) |
50 | 51,699 | ||||||
4.13%, 01/15/31 (Call 10/15/30) |
50 | 50,774 | ||||||
4.75%, 06/01/23 |
50 | 52,313 | ||||||
4.75%, 01/01/25(b) |
50 | 54,000 | ||||||
4.88%, 03/01/24 (Call 01/01/24) |
75 | 79,972 | ||||||
4.88%, 06/01/27 (Call 03/01/27) |
50 | 55,107 | ||||||
5.75%, 12/01/34 (Call 06/01/34) |
50 | 57,563 | ||||||
Western Digital Corp., 4.75%, 02/15/26 (Call 11/15/25)(b) |
250 | 274,687 | ||||||
|
|
|||||||
1,180,759 | ||||||||
Cosmetics & Personal Care — 0.2% | ||||||||
Avon Products Inc., 6.50%, 03/15/23 |
35 | 36,881 | ||||||
Edgewell Personal Care Co. |
||||||||
4.13%, 04/01/29 (Call 04/01/24)(a) |
60 | 58,950 | ||||||
5.50%, 06/01/28 (Call 06/01/23)(a)(b) |
95 | 99,385 | ||||||
|
|
|||||||
195,216 | ||||||||
Distribution & Wholesale — 0.4% | ||||||||
American Builders & Contractors Supply Co. Inc., 4.00%, 01/15/28 (Call 01/15/23)(a) |
75 | 76,031 | ||||||
Avient Corp. |
||||||||
5.25%, 03/15/23 |
50 | 52,375 | ||||||
5.75%, 05/15/25 (Call 05/15/22)(a) |
50 | 52,250 | ||||||
G-III Apparel Group Ltd., 7.88%,
08/15/25 |
50 | 53,313 | ||||||
Resideo
Funding Inc., 4.00%, 09/01/29 |
50 | 47,813 | ||||||
Univar Solutions USA Inc., 5.13%, 12/01/27 (Call 12/01/22)(a) |
75 | 78,187 | ||||||
|
|
|||||||
359,969 | ||||||||
Diversified Financial Services — 4.4% | ||||||||
AerCap Holdings NV, 5.88%, 10/10/79 (Call 10/10/24)(d) |
100 | 104,328 | ||||||
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/20/25) |
100 | 113,521 | ||||||
Brightsphere Investment Group Inc., 4.80%, 07/27/26 |
50 | 51,211 | ||||||
Coinbase Global Inc. |
||||||||
3.38%, 10/01/28 (Call 10/01/24)(a) |
105 | 101,325 | ||||||
3.63%, 10/01/31 (Call 10/01/26)(a) |
120 | 114,300 | ||||||
Credit Acceptance Corp. |
||||||||
5.13%, 12/31/24 (Call 12/31/21)(a) |
50 | 51,125 | ||||||
6.63%, 03/15/26 (Call 03/15/22) |
45 | 46,856 | ||||||
Enact
Holdings Inc., 6.50%, 08/15/25 |
100 | 109,500 | ||||||
goeasy Ltd. |
||||||||
4.38%, 05/01/26 (Call 04/27/23)(a) |
45 | 45,900 | ||||||
5.38%, 12/01/24 (Call 12/01/21)(a) |
75 | 76,969 | ||||||
Jefferies Finance LLC/JFIN Co-Issuer Corp., 5.00%, 08/15/28 (Call 08/15/24)(a) |
100 | 101,356 | ||||||
Jefferson Capital Holdings LLC, 6.00%, 08/15/26 (Call 08/15/23)(a) |
25 | 25,313 | ||||||
LPL Holdings Inc. |
||||||||
4.00%, 03/15/29 (Call 03/15/24)(a) |
100 | 102,000 |
Security | Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
4.38%, 05/15/31 (Call 05/15/26)(a) |
$ | 35 | $ | 35,831 | ||||
4.63%, 11/15/27 (Call 11/15/22)(a) |
50 | 51,500 | ||||||
Midcap Financial Issuer Trust, 6.50%, 05/01/28 |
||||||||
(Call 05/01/24)(a) |
175 | 181,562 | ||||||
Navient Corp. |
||||||||
4.88%, 03/15/28 (Call 06/15/27) |
55 | 55,137 | ||||||
5.00%, 03/15/27 (Call 09/15/26) |
75 | 76,480 | ||||||
5.50%, 01/25/23 |
125 | 130,695 | ||||||
5.63%, 08/01/33 |
75 | 71,152 | ||||||
5.88%, 10/25/24 |
75 | 80,149 | ||||||
6.13%, 03/25/24 |
102 | 109,140 | ||||||
6.75%, 06/25/25 |
50 | 55,029 | ||||||
6.75%, 06/15/26 |
50 | 55,187 | ||||||
7.25%, 09/25/23 |
50 | 54,438 | ||||||
OneMain Finance Corp. |
||||||||
3.50%, 01/15/27 (Call 01/15/24) |
90 | 87,975 | ||||||
3.88%, 09/15/28 (Call 09/15/24) |
75 | 73,125 | ||||||
4.00%, 09/15/30 (Call 09/15/25) |
95 | 92,269 | ||||||
5.38%, 11/15/29 (Call 05/15/29) |
75 | 80,062 | ||||||
5.63%, 03/15/23 |
100 | 105,172 | ||||||
6.13%, 03/15/24 (Call 09/15/23) |
150 | 159,562 | ||||||
6.63%, 01/15/28 (Call 07/15/27) |
100 | 112,250 | ||||||
6.88%, 03/15/25 |
140 | 156,275 | ||||||
7.13%, 03/15/26 |
193 | 219,055 | ||||||
8.88%, 06/01/25 (Call 06/01/22) |
75 | 81,094 | ||||||
PRA Group Inc. |
||||||||
5.00%, 10/01/29 (Call 10/01/24)(a) |
35 | 34,587 | ||||||
7.38%, 09/01/25 (Call 09/01/22)(a) |
45 | 47,981 | ||||||
Quicken Loans LLC/Quicken Loans Co-Issuer Inc. |
||||||||
3.63%, 03/01/29 (Call 03/09/23)(a) |
100 | 99,250 | ||||||
3.88%, 03/01/31 (Call 03/01/26)(a) |
135 | 133,353 | ||||||
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc. |
||||||||
2.88%, 10/15/26 (Call 10/15/23)(a) |
150 | 148,969 | ||||||
4.00%, 10/15/33 (Call 10/15/27)(a) |
120 | 118,189 | ||||||
SLM Corp. |
||||||||
3.13%, 11/02/26 (Call 10/02/26) |
50 | 49,563 | ||||||
4.20%, 10/29/25 (Call 09/29/25) |
40 | 42,280 | ||||||
StoneX
Group Inc., 8.63%, 06/15/25 |
60 | 63,750 | ||||||
United Wholesale Mortgage LLC |
||||||||
5.50%, 11/15/25 (Call 11/15/22)(a) |
100 | 99,500 | ||||||
5.50%, 04/15/29 (Call 03/30/24)(a) |
75 | 72,937 | ||||||
|
|
|||||||
4,077,202 | ||||||||
Electric — 4.6% | ||||||||
Calpine Corp. |
||||||||
3.75%, 03/01/31 (Call 03/01/26)(a) |
100 | 96,001 | ||||||
4.50%, 02/15/28 (Call 02/15/23)(a) |
150 | 151,951 | ||||||
5.25%, 06/01/26 (Call 06/01/22)(a) |
90 | 92,606 | ||||||
Clearway Energy Operating LLC |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) |
105 | 103,950 | ||||||
3.75%, 01/15/32 (Call 01/15/27)(a) |
35 | 34,831 | ||||||
4.75%, 03/15/28 (Call 03/15/23)(a) |
85 | 89,930 | ||||||
DPL Inc. |
||||||||
4.13%, 07/01/25 (Call 04/01/25) |
50 | 52,882 | ||||||
4.35%, 04/15/29 (Call 01/15/29) |
55 | 59,400 | ||||||
Electricite de France SA |
||||||||
5.25%, (Call 01/29/23)(a)(d)(e) |
220 | 227,700 | ||||||
5.63%, (Call 01/22/24)(a)(d)(e) |
150 | 159,375 | ||||||
Emera Inc., Series 16-A, 6.75%, 06/15/76 (Call 06/15/26)(b)(d) |
125 | 146,735 | ||||||
FirstEnergy Corp. |
||||||||
2.05%, 03/01/25 (Call 02/01/25) |
50 | 50,150 |
40 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® BB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Electric (continued) | ||||||||
2.65%, 03/01/30 (Call 12/01/29) |
$ | 75 | $ | 73,798 | ||||
Series A, 1.60%, 01/15/26 (Call 12/15/25) |
25 | 24,627 | ||||||
Series B, 2.25%, 09/01/30 (Call 06/01/30) |
75 | 72,116 | ||||||
Series B, 4.40%, 07/15/27 (Call 04/15/27) |
175 | 189,860 | ||||||
Series B, 4.75%, 03/15/23 (Call 12/15/22) |
100 | 103,621 | ||||||
Series C, 3.40%, 03/01/50 (Call 09/01/49) |
85 | 84,320 | ||||||
Series C, 5.35%, 07/15/47 (Call 01/15/47) |
100 | 121,353 | ||||||
Series C, 7.38%, 11/15/31 |
175 | 238,404 | ||||||
FirstEnergy Transmission LLC |
||||||||
2.87%, 09/15/28 (Call 07/15/28)(a) |
75 | 77,284 | ||||||
4.55%, 04/01/49 (Call 10/01/48)(a) |
75 | 87,664 | ||||||
5.45%, 07/15/44 (Call 01/15/44)(a) |
50 | 63,270 | ||||||
Leeward Renewable Energy Operations LLC, 4.25%, 07/01/29 (Call 07/01/24)(a) |
60 | 60,294 | ||||||
NextEra Energy Operating Partners LP |
||||||||
3.88%, 10/15/26 (Call 07/15/26)(a)(b) |
50 | 53,187 | ||||||
4.25%, 07/15/24 (Call 04/15/24)(a) |
75 | 79,402 | ||||||
4.50%, 09/15/27 (Call 06/15/27)(a) |
75 | 80,235 | ||||||
NRG Energy Inc. |
||||||||
3.38%, 02/15/29 (Call 02/15/24)(a) |
65 | 63,375 | ||||||
3.63%, 02/15/31 (Call 02/15/26)(a) |
135 | 131,389 | ||||||
3.88%, 02/15/32 (Call 02/15/27)(a) |
115 | 112,700 | ||||||
5.25%, 06/15/29 (Call 06/15/24)(a) |
75 | 79,875 | ||||||
5.75%, 01/15/28 (Call 01/15/23) |
100 | 106,000 | ||||||
6.63%, 01/15/27 (Call 07/15/22) |
32 | 33,140 | ||||||
Pattern Energy Operations LP/Pattern Energy Operations Inc., 4.50%, 08/15/28 (Call 08/15/23)(a) |
100 | 103,500 | ||||||
PG&E Corp. |
||||||||
5.00%, 07/01/28 (Call 07/01/23)(b) |
125 | 130,000 | ||||||
5.25%, 07/01/30 (Call 06/15/25) |
110 | 114,922 | ||||||
Terraform
Global Operating LLC, 6.13%, 03/01/26 |
50 | 51,264 | ||||||
TransAlta Corp. |
||||||||
4.50%, 11/15/22 (Call 08/15/22)(b) |
75 | 76,500 | ||||||
6.50%, 03/15/40 |
25 | 29,453 | ||||||
Vistra Operations Co. LLC |
||||||||
4.38%, 05/01/29 (Call 05/01/24)(a) |
165 | 163,350 | ||||||
5.00%, 07/31/27 (Call 07/31/22)(a) |
155 | 158,875 | ||||||
5.50%, 09/01/26 (Call 09/01/22)(a) |
125 | 128,712 | ||||||
5.63%, 02/15/27 (Call 02/15/22)(a) |
190 | 195,761 | ||||||
|
|
|||||||
4,353,762 | ||||||||
Electrical Components & Equipment — 0.4% | ||||||||
EnerSys |
||||||||
4.38%, 12/15/27 (Call 09/15/27)(a) |
51 | 53,550 | ||||||
5.00%, 04/30/23 (Call 01/30/23)(a) |
25 | 25,966 | ||||||
WESCO Distribution Inc. |
||||||||
7.13%, 06/15/25 (Call 06/15/22)(a) |
150 | 159,000 | ||||||
7.25%, 06/15/28 (Call 06/15/23)(a) |
150 | 165,436 | ||||||
|
|
|||||||
403,952 | ||||||||
Electronics — 0.8% | ||||||||
Atkore Inc., 4.25%, 06/01/31 (Call 06/01/26)(a) |
45 | 45,450 | ||||||
Imola
Merger Corp., 4.75%, 05/15/29 |
225 | 231,176 | ||||||
Sensata Technologies BV |
||||||||
4.00%, 04/15/29 (Call 03/18/24)(a) |
125 | 126,958 | ||||||
4.88%, 10/15/23(a) |
50 | 52,938 | ||||||
5.00%, 10/01/25(a) |
60 | 65,725 | ||||||
5.63%, 11/01/24(a) |
50 | 55,125 | ||||||
Sensata Technologies Inc. |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) |
75 | 73,969 |
Security | Par (000) |
Value | ||||||
Electronics (continued) | ||||||||
4.38%, 02/15/30 (Call 11/15/29)(a) |
$ | 50 | $ | 52,769 | ||||
TTM
Technologies Inc., 4.00%, 03/01/29 |
45 | 44,600 | ||||||
|
|
|||||||
748,710 | ||||||||
Energy - Alternate Sources — 0.3% | ||||||||
TerraForm Power Operating LLC |
||||||||
4.25%, 01/31/23 (Call 10/31/22)(a) |
75 | 76,500 | ||||||
4.75%, 01/15/30 (Call 01/15/25)(a) |
75 | 77,699 | ||||||
5.00%, 01/31/28 (Call 07/31/27)(a) |
80 | 85,200 | ||||||
Topaz Solar Farms LLC, 5.75%, 09/30/39(a) |
70 | 84,699 | ||||||
|
|
|||||||
324,098 | ||||||||
Engineering & Construction — 0.7% | ||||||||
AECOM, 5.13%, 03/15/27 (Call 12/15/26) |
100 | 110,375 | ||||||
Arcosa Inc., 4.38%, 04/15/29 (Call 04/15/24)(a) |
45 | 45,931 | ||||||
Cellnex
Finance Co SA, 3.88%, 07/07/41 |
50 | 48,881 | ||||||
Dycom
Industries Inc., 4.50%, 04/15/29 |
50 | 50,750 | ||||||
Fluor Corp. |
||||||||
3.50%, 12/15/24 (Call 09/15/24)(b) |
50 | 52,129 | ||||||
4.25%, 09/15/28 (Call 06/15/28) |
70 | 72,800 | ||||||
MasTec Inc., 4.50%, 08/15/28 (Call 08/15/23)(a) |
75 | 76,875 | ||||||
TopBuild Corp. |
||||||||
3.63%, 03/15/29 (Call 03/15/24)(a) |
65 | 65,345 | ||||||
4.13%, 02/15/32 (Call 10/15/26)(a) |
55 | 55,481 | ||||||
Weekley Homes LLC/Weekley Finance Corp., 4.88%, 09/15/28 (Call 09/15/23)(a) |
50 | 51,750 | ||||||
|
|
|||||||
630,317 | ||||||||
Entertainment — 1.1% | ||||||||
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Op, 5.50%, 05/01/25 (Call 05/01/22)(a) |
100 | 103,750 | ||||||
Cinemark USA Inc., 8.75%, 05/01/25 (Call 05/01/22)(a) |
25 | 26,750 | ||||||
Empire Resorts Inc., 7.75%, 11/01/26 (Call 11/01/23)(a) |
25 | 25,496 | ||||||
International Game Technology PLC |
||||||||
4.13%, 04/15/26 (Call 04/15/23)(a) |
100 | 102,750 | ||||||
6.25%, 01/15/27 (Call 07/15/26)(a) |
150 | 168,750 | ||||||
6.50%, 02/15/25 (Call 08/15/24)(a)(b) |
125 | 138,750 | ||||||
Resorts World Las Vegas LLC/RWLV Capital Inc., 4.63%, 04/06/31 (Call 01/06/31)(a)(b) |
200 | 198,994 | ||||||
Six
Flags Theme Parks Inc., 7.00%, 07/01/25 |
100 | 106,250 | ||||||
Vail Resorts Inc., 6.25%, 05/15/25 (Call 05/15/22)(a)(b) |
50 | 52,665 | ||||||
WMG Acquisition Corp. |
||||||||
3.00%, 02/15/31 (Call 02/15/26)(a) |
100 | 97,295 | ||||||
3.88%, 07/15/30 (Call 07/15/25)(a) |
50 | 51,812 | ||||||
|
|
|||||||
1,073,262 | ||||||||
Environmental Control — 0.5% | ||||||||
Clean Harbors Inc. |
||||||||
4.88%, 07/15/27 (Call 07/15/22)(a) |
60 | 62,475 | ||||||
5.13%, 07/15/29 (Call 07/15/24)(a) |
25 | 27,062 | ||||||
GFL Environmental Inc. |
||||||||
3.50%, 09/01/28 (Call 03/01/28)(a) |
80 | 79,600 | ||||||
3.75%, 08/01/25 (Call 08/01/22)(a) |
75 | 77,171 | ||||||
4.25%, 06/01/25 (Call 06/01/22)(a) |
50 | 51,555 | ||||||
5.13%, 12/15/26 (Call 12/15/22)(a) |
75 | 78,375 | ||||||
Stericycle Inc., 3.88%, 01/15/29 (Call 11/15/23)(a) |
80 | 78,800 | ||||||
Tervita Corp., 11.00%, 12/01/25 (Call 12/01/23)(a) |
37 | 42,552 | ||||||
|
|
|||||||
497,590 | ||||||||
Food — 4.2% | ||||||||
Albertsons
Companies Inc./Safeway Inc./New |
||||||||
3.25%, 03/15/26 (Call 09/15/22)(a) |
100 | 101,625 | ||||||
3.50%, 02/15/23 (Call 12/15/22)(a) |
75 | 76,313 |
S C H E D U L E O F I N V E S T M E N T S |
41 |
Schedule of Investments (continued) October 31, 2021 |
iShares® BB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Food (continued) | ||||||||
3.50%, 03/15/29 (Call 09/15/23)(a) |
$ | 150 | $ | 147,853 | ||||
4.63%, 01/15/27 (Call 01/15/22)(a) |
175 | 183,146 | ||||||
4.88%, 02/15/30 (Call 02/15/25)(a)(b) |
125 | 133,981 | ||||||
5.88%, 02/15/28 (Call 08/15/22)(a) |
100 | 106,250 | ||||||
Ingles
Markets Inc., 4.00%, 06/15/31 |
35 | 34,825 | ||||||
JBS USA LUX SA/JBS USA Finance Inc., 6.75%, 02/15/28 (Call 02/15/23)(a) |
100 | 107,751 | ||||||
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance Inc. |
||||||||
3.75%, 12/01/31 (Call 12/01/26)(a) |
75 | 76,781 | ||||||
5.50%, 01/15/30 (Call 01/15/25)(a) |
150 | 164,250 | ||||||
6.50%, 04/15/29 (Call 04/15/24)(a) |
150 | 165,937 | ||||||
Kraft Heinz Foods Co. |
||||||||
3.00%, 06/01/26 (Call 03/01/26) |
160 | 167,369 | ||||||
3.75%, 04/01/30 (Call 01/01/30) |
50 | 54,348 | ||||||
3.88%, 05/15/27 (Call 02/15/27) |
125 | 135,454 | ||||||
4.25%, 03/01/31 (Call 12/01/30) |
120 | 135,531 | ||||||
4.38%, 06/01/46 (Call 12/01/45) |
250 | 291,825 | ||||||
4.63%, 01/30/29 (Call 10/30/28) |
50 | 56,876 | ||||||
4.63%, 10/01/39 (Call 04/01/39) |
50 | 58,221 | ||||||
4.88%, 10/01/49 (Call 04/01/49) |
125 | 154,788 | ||||||
5.00%, 06/04/42 |
130 | 160,679 | ||||||
5.20%, 07/15/45 (Call 01/15/45) |
150 | 190,776 | ||||||
5.50%, 06/01/50 (Call 12/01/49) |
75 | 100,487 | ||||||
6.50%, 02/09/40 |
60 | 85,631 | ||||||
6.75%, 03/15/32(b) |
25 | 33,813 | ||||||
6.88%, 01/26/39 |
80 | 117,174 | ||||||
7.13%, 08/01/39(a)(b) |
75 | 113,813 | ||||||
Lamb Weston Holdings Inc. |
||||||||
4.13%, 01/31/30 (Call 01/31/25)(a) |
125 | 125,119 | ||||||
4.38%, 01/31/32 (Call 01/31/27)(a) |
100 | 100,148 | ||||||
4.63%, 11/01/24 (Call 11/01/21)(a) |
100 | 102,440 | ||||||
4.88%, 11/01/26 (Call 11/01/21)(a) |
85 | 87,151 | ||||||
4.88%, 05/15/28 (Call 11/15/27)(a)(b) |
66 | 70,825 | ||||||
Pilgrim’s Pride Corp. |
||||||||
3.50%, 03/01/32 (Call 09/01/26)(a) |
95 | 95,237 | ||||||
4.25%, 04/15/31 (Call 04/15/26)(a) |
110 | 116,050 | ||||||
5.88%, 09/30/27 (Call 09/30/22)(a) |
100 | 105,437 | ||||||
|
|
|||||||
3,957,904 | ||||||||
Forest Products & Paper — 0.3% | ||||||||
Clearwater
Paper Corp., 4.75%, 08/15/28 |
50 | 50,688 | ||||||
Domtar Corp. |
||||||||
6.25%, 09/01/42 |
25 | 26,031 | ||||||
6.75%, 02/15/44 (Call 08/15/43) |
25 | 26,460 | ||||||
Glatfelter Corp., 4.75%, 11/15/29 (Call 11/01/24)(a) |
35 | 35,656 | ||||||
Pearl
Merger Sub Inc., 6.75%, 10/01/28 |
59 | 58,557 | ||||||
Sylvamo Corp., 7.00%, 09/01/29 (Call 09/01/24)(a) |
50 | 50,250 | ||||||
|
|
|||||||
247,642 | ||||||||
Gas — 0.3% | ||||||||
AmeriGas Partners LP/AmeriGas Finance Corp. |
||||||||
5.50%, 05/20/25 (Call 02/20/25) |
95 | 102,956 | ||||||
5.63%, 05/20/24 (Call 03/20/24) |
50 | 54,000 | ||||||
5.75%, 05/20/27 (Call 02/20/27) |
70 | 78,306 | ||||||
5.88%, 08/20/26 (Call 05/20/26)(b) |
75 | 83,625 | ||||||
|
|
|||||||
318,887 | ||||||||
Health Care - Products — 0.7% | ||||||||
Avantor Funding Inc. |
||||||||
3.88%, 11/01/29 (Call 11/01/24)(a) |
90 | 89,971 | ||||||
4.63%, 07/15/28 (Call 07/15/23)(a) |
190 | 197,115 | ||||||
Hill-Rom Holdings Inc., 4.38%,
09/15/27 |
50 | 51,969 |
Security | Par (000) |
Value | ||||||
Health Care - Products (continued) | ||||||||
Hologic Inc. |
||||||||
3.25%, 02/15/29 (Call 09/28/23)(a) |
$ | 95 | $ | 94,228 | ||||
4.63%, 02/01/28 (Call 02/01/23)(a) |
50 | 52,062 | ||||||
Teleflex Inc. |
||||||||
4.25%, 06/01/28 (Call 06/01/23)(a) |
75 | 77,059 | ||||||
4.63%, 11/15/27 (Call 11/15/22) |
50 | 51,813 | ||||||
|
|
|||||||
614,217 | ||||||||
Health Care - Services — 4.4% | ||||||||
Centene Corp. |
||||||||
2.45%, 07/15/28 (Call 05/15/28) |
245 | 244,169 | ||||||
2.50%, 03/01/31 (Call 12/01/30) |
250 | 243,750 | ||||||
2.63%, 08/01/31 (Call 05/01/31) |
145 | 142,639 | ||||||
3.00%, 10/15/30 (Call 07/15/30) |
252 | 256,128 | ||||||
3.38%, 02/15/30 (Call 02/15/25) |
250 | 256,563 | ||||||
4.25%, 12/15/27 (Call 12/15/22) |
275 | 288,062 | ||||||
4.63%, 12/15/29 (Call 12/15/24)(b) |
395 | 426,106 | ||||||
Charles River Laboratories International Inc. |
||||||||
3.75%, 03/15/29 (Call 03/15/24)(a)(b) |
50 | 50,500 | ||||||
4.00%, 03/15/31 (Call 03/15/26)(a) |
60 | 62,025 | ||||||
4.25%, 05/01/28 (Call 05/01/23)(a) |
50 | 51,500 | ||||||
HCA Inc. |
||||||||
3.50%, 09/01/30 (Call 03/01/30) |
335 | 352,303 | ||||||
5.38%, 02/01/25 |
300 | 333,750 | ||||||
5.38%, 09/01/26 (Call 03/01/26) |
121 | 137,801 | ||||||
5.63%, 09/01/28 (Call 03/01/28) |
175 | 205,096 | ||||||
5.88%, 05/01/23 |
150 | 160,313 | ||||||
5.88%, 02/15/26 (Call 08/15/25) |
205 | 233,444 | ||||||
5.88%, 02/01/29 (Call 08/01/28) |
125 | 148,776 | ||||||
IQVIA Inc. |
||||||||
5.00%, 10/15/26 (Call 10/15/22)(a) |
125 | 128,431 | ||||||
5.00%, 05/15/27 (Call 05/15/22)(a)(b) |
125 | 129,571 | ||||||
Magellan Health Inc., 4.90%, 09/22/24 (Call 07/22/24) |
25 | 27,369 | ||||||
Molina Healthcare Inc. |
||||||||
3.88%, 11/15/30 (Call 08/17/30)(a) |
65 | 67,031 | ||||||
4.38%, 06/15/28 (Call 06/15/23)(a) |
110 | 113,850 | ||||||
5.38%, 11/15/22 (Call 08/15/22) |
75 | 77,063 | ||||||
|
|
|||||||
4,136,240 | ||||||||
Holding Companies - Diversified — 0.7% | ||||||||
Icahn Enterprises LP/Icahn Enterprises Finance Corp. |
||||||||
4.38%, 02/01/29 (Call 08/01/28) |
95 | 95,420 | ||||||
4.75%, 09/15/24 (Call 06/15/24) |
140 | 145,102 | ||||||
5.25%, 05/15/27 (Call 11/15/26) |
175 | 182,000 | ||||||
6.25%, 05/15/26 (Call 05/15/22) |
135 | 141,413 | ||||||
6.75%, 02/01/24 (Call 02/01/22) |
50 | 50,750 | ||||||
|
|
|||||||
614,685 | ||||||||
Home Builders — 1.4% | ||||||||
Century
Communities Inc., 3.88%, 08/15/29 |
55 | 54,811 | ||||||
KB Home |
||||||||
4.00%, 06/15/31 (Call 12/15/30) |
35 | 35,481 | ||||||
4.80%, 11/15/29 (Call 05/15/29) |
35 | 37,713 | ||||||
6.88%, 06/15/27 (Call 12/15/26) |
35 | 41,337 | ||||||
7.63%, 05/15/23 (Call 11/15/22) |
50 | 53,125 | ||||||
LGI Homes Inc., 4.00%, 07/15/29 (Call 01/15/29)(a) |
35 | 34,038 | ||||||
M/I Homes Inc. |
||||||||
3.95%, 02/15/30 (Call 08/15/29)(a) |
40 | 39,500 | ||||||
4.95%, 02/01/28 (Call 02/01/23) |
25 | 26,000 | ||||||
Mattamy Group Corp. |
||||||||
4.63%, 03/01/30 (Call 03/01/25)(a)(b) |
70 | 71,003 | ||||||
5.25%, 12/15/27 (Call 12/15/22)(a) |
75 | 78,000 |
42 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® BB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Home Builders (continued) | ||||||||
Meritage Homes Corp. |
||||||||
3.88%, 04/15/29 (Call 10/15/28)(a) |
$ | 65 | $ | 67,356 | ||||
5.13%, 06/06/27 (Call 12/06/26) |
25 | 27,563 | ||||||
6.00%, 06/01/25 (Call 03/01/25) |
50 | 56,135 | ||||||
Taylor Morrison Communities Inc. |
||||||||
5.13%, 08/01/30 (Call 02/01/30)(a) |
75 | 79,500 | ||||||
5.75%, 01/15/28 (Call 10/15/27)(a) |
50 | 55,046 | ||||||
5.88%, 06/15/27 (Call 03/15/27)(a) |
50 | 55,937 | ||||||
Taylor Morrison Communities Inc./Taylor Morrison Holdings II Inc. |
||||||||
5.63%, 03/01/24 (Call 12/01/23)(a) |
50 | 53,438 | ||||||
5.88%, 04/15/23 (Call 01/15/23)(a) |
25 | 26,156 | ||||||
Toll Brothers Finance Corp. |
||||||||
3.80%, 11/01/29 (Call 08/01/29)(b) |
35 | 37,494 | ||||||
4.35%, 02/15/28 (Call 11/15/27) |
50 | 54,562 | ||||||
4.38%, 04/15/23 (Call 01/15/23) |
50 | 51,625 | ||||||
4.88%, 11/15/25 (Call 08/15/25) |
25 | 27,594 | ||||||
4.88%, 03/15/27 (Call 12/15/26) |
50 | 55,562 | ||||||
TRI Pointe Group Inc./TRI Pointe Homes Inc., 5.88%, 06/15/24 |
50 | 55,387 | ||||||
Tri Pointe Homes Inc. |
||||||||
5.25%, 06/01/27 (Call 12/01/26) |
35 | 37,763 | ||||||
5.70%, 06/15/28 (Call 12/15/27) |
25 | 27,188 | ||||||
Winnebago
Industries Inc., 6.25%, 07/15/28 |
50 | 54,063 | ||||||
|
|
|||||||
1,293,377 | ||||||||
Home Furnishings — 0.2% | ||||||||
Tempur Sealy International Inc. |
||||||||
3.88%, 10/15/31 (Call 10/15/26)(a) |
85 | 84,231 | ||||||
4.00%, 04/15/29 (Call 04/15/24)(a) |
115 | 116,818 | ||||||
|
|
|||||||
201,049 | ||||||||
Household Products & Wares — 0.2% | ||||||||
ACCO Brands Corp., 4.25%, 03/15/29 (Call 03/15/24)(a) |
60 | 59,325 | ||||||
Central Garden & Pet Co. |
||||||||
4.13%, 10/15/30 (Call 10/15/25) |
50 | 50,373 | ||||||
4.13%, 04/30/31 (Call 04/30/26)(a) |
45 | 45,000 | ||||||
5.13%, 02/01/28 (Call 01/01/23) |
50 | 52,375 | ||||||
|
|
|||||||
207,073 | ||||||||
Housewares — 0.6% | ||||||||
Newell Brands Inc. |
||||||||
4.35%, 04/01/23 (Call 02/01/23) |
115 | 119,765 | ||||||
4.70%, 04/01/26 (Call 01/01/26) |
230 | 251,882 | ||||||
4.88%, 06/01/25 (Call 05/01/25) |
50 | 54,767 | ||||||
5.88%, 04/01/36 (Call 10/01/35) |
50 | 60,625 | ||||||
6.00%, 04/01/46 (Call 10/01/45) |
75 | 94,192 | ||||||
|
|
|||||||
581,231 | ||||||||
Insurance — 0.8% | ||||||||
Assurant Inc., 7.00%, 03/27/48 (Call 03/27/28)(d) |
60 | 69,742 | ||||||
Enstar Finance LLC, 5.75%, 09/01/40 (Call 09/01/25)(d) |
50 | 52,750 | ||||||
Global
Atlantic Fin Co., 4.70%, 10/15/51 |
100 | 103,030 | ||||||
Liberty Mutual Group Inc. |
||||||||
4.30%, 02/01/61 (Call 02/03/26)(a) |
150 | 139,875 | ||||||
7.80%, 03/07/87(a) |
25 | 35,212 | ||||||
MGIC
Investment Corp., 5.25%, 08/15/28 |
75 | 79,795 | ||||||
NMI Holdings Inc., 7.38%, 06/01/25 (Call 03/30/25)(a)(b) |
50 | 57,448 | ||||||
Radian Group Inc. |
||||||||
4.50%, 10/01/24 (Call 07/01/24) |
50 | 53,000 | ||||||
4.88%, 03/15/27 (Call 09/15/26) |
60 | 65,475 | ||||||
6.63%, 03/15/25 (Call 09/15/24) |
50 | 55,625 | ||||||
|
|
|||||||
711,952 |
Security | Par (000) |
Value | ||||||
Internet — 0.8% | ||||||||
Cogent
Communications Group Inc., 3.50%, 05/01/26 |
$ | 75 | $ | 75,750 | ||||
Go Daddy Operating Co. LLC/GD Finance Co. Inc. |
||||||||
3.50%, 03/01/29 (Call 03/01/24)(a) |
100 | 96,750 | ||||||
5.25%, 12/01/27 (Call 06/01/22)(a) |
60 | 62,250 | ||||||
Match Group Holdings II LLC |
||||||||
3.63%, 10/01/31 (Call 10/01/26)(a) |
60 | 58,244 | ||||||
4.13%, 08/01/30 (Call 05/01/25)(a) |
60 | 61,725 | ||||||
4.63%, 06/01/28 (Call 06/01/23)(a) |
50 | 51,954 | ||||||
5.00%, 12/15/27 (Call 12/15/22)(a) |
50 | 52,125 | ||||||
5.63%, 02/15/29 (Call 02/15/24)(a) |
35 | 37,450 | ||||||
NortonLifeLock Inc., 5.00%, 04/15/25 (Call 04/15/22)(a) |
125 | 125,938 | ||||||
Twitter Inc., 3.88%, 12/15/27 (Call 09/15/27)(a) |
95 | 99,908 | ||||||
|
|
|||||||
722,094 | ||||||||
Iron & Steel — 0.6% | ||||||||
Carpenter
Technology Corp., 6.38%, 07/15/28 |
45 | 47,597 | ||||||
Cleveland-Cliffs Inc. |
||||||||
4.63%, 03/01/29 (Call 03/01/24)(a) |
25 | 25,906 | ||||||
4.88%, 03/01/31 (Call 03/01/26)(a) |
25 | 26,031 | ||||||
6.75%, 03/15/26 (Call 03/04/23)(a) |
125 | 133,125 | ||||||
9.88%, 10/17/25 (Call 10/17/22)(a) |
100 | 114,500 | ||||||
Commercial Metals Co. |
||||||||
3.88%, 02/15/31 (Call 02/15/26) |
35 | 34,650 | ||||||
4.88%, 05/15/23 (Call 02/15/23) |
90 | 93,398 | ||||||
Mineral
Resources Ltd., 8.13%, 05/01/27 |
70 | 75,574 | ||||||
|
|
|||||||
550,781 | ||||||||
Leisure Time — 0.6% | ||||||||
Carnival Corp., 4.00%, 08/01/28 (Call 05/01/28)(a) |
285 | 285,000 | ||||||
Royal Caribbean Cruises Ltd. |
||||||||
10.88%, 06/01/23 (Call 03/01/23)(a) |
115 | 128,656 | ||||||
11.50%, 06/01/25 (Call 06/01/22)(a) |
168 | 191,205 | ||||||
|
|
|||||||
604,861 | ||||||||
Lodging — 1.2% | ||||||||
Hilton Domestic Operating Co. Inc. |
||||||||
3.63%, 02/15/32 (Call 08/15/26)(a) |
180 | 175,610 | ||||||
3.75%, 05/01/29 (Call 05/01/24)(a) |
85 | 85,000 | ||||||
4.00%, 05/01/31 (Call 05/01/26)(a)(b) |
110 | 110,526 | ||||||
4.88%, 01/15/30 (Call 01/15/25) |
125 | 133,435 | ||||||
5.38%, 05/01/25 (Call 05/01/22)(a) |
50 | 52,122 | ||||||
5.75%, 05/01/28 (Call 05/01/23)(a) |
75 | 80,531 | ||||||
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp., 4.88%, 04/01/27 (Call 04/01/22) |
40 | 41,400 | ||||||
Marriott
Ownership Resorts Inc., 6.13%, 09/15/25 |
37 | 38,831 | ||||||
Travel + Leisure Co. |
||||||||
3.90%, 03/01/23 (Call 12/01/22) |
50 | 51,638 | ||||||
4.63%, 03/01/30 (Call 12/01/29)(a) |
50 | 51,881 | ||||||
5.65%, 04/01/24 (Call 02/01/24) |
50 | 54,177 | ||||||
6.00%, 04/01/27 (Call 01/01/27) |
35 | 38,063 | ||||||
6.60%, 10/01/25 (Call 07/01/25) |
25 | 27,900 | ||||||
6.63%, 07/31/26 (Call 04/30/26)(a) |
70 | 78,168 | ||||||
Wyndham
Hotels & Resorts Inc., 4.38%, 08/15/28 |
75 | 77,479 | ||||||
|
|
|||||||
1,096,761 | ||||||||
Machinery — 0.3% | ||||||||
Colfax Corp., 6.38%, 02/15/26 (Call 02/15/22)(a) |
31 | 32,240 | ||||||
GrafTech Finance Inc., 4.63%, 12/15/28 (Call 12/15/23)(a) |
75 | 75,750 | ||||||
Mueller
Water Products Inc., 4.00%, 06/15/29 |
55 | 55,894 | ||||||
Stevens
Holding Co. Inc., 6.13%, 10/01/26 |
50 | 53,875 |
S C H E D U L E O F I N V E S T M E N T S |
43 |
Schedule of Investments (continued) October 31, 2021 |
iShares® BB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Machinery (continued) | ||||||||
Weir
Group PLC (The), 2.20%, 05/13/26 |
$ | 100 | $ | 99,348 | ||||
|
|
|||||||
317,107 | ||||||||
Manufacturing — 0.4% | ||||||||
Amsted Industries Inc. |
||||||||
4.63%, 05/15/30 (Call 05/15/25)(a) |
50 | 51,375 | ||||||
5.63%, 07/01/27 (Call 07/01/22)(a) |
50 | 52,000 | ||||||
EnPro Industries Inc., 5.75%, 10/15/26 (Call 10/15/22) |
25 | 26,156 | ||||||
Hillenbrand Inc. |
||||||||
3.75%, 03/01/31 (Call 03/01/26) |
40 | 39,100 | ||||||
5.00%, 09/15/26 (Call 07/15/26)(b) |
50 | 55,937 | ||||||
5.75%, 06/15/25 (Call 06/15/22) |
50 | 52,688 | ||||||
Trinity Industries Inc., 4.55%, 10/01/24 (Call 07/01/24) |
67 | 71,010 | ||||||
|
|
|||||||
348,266 | ||||||||
Media — 6.9% | ||||||||
AMC Networks Inc. |
||||||||
4.25%, 02/15/29 (Call 02/15/24) |
110 | 108,350 | ||||||
4.75%, 08/01/25 (Call 08/01/22) |
100 | 102,500 | ||||||
5.00%, 04/01/24 (Call 04/01/22) |
55 | 55,619 | ||||||
CCO Holdings LLC/CCO Holdings Capital Corp. |
||||||||
4.25%, 02/01/31 (Call 07/01/25)(a) |
250 | 248,875 | ||||||
4.25%, 01/15/34 (Call 01/15/28)(a) |
125 | 121,226 | ||||||
4.50%, 08/15/30 (Call 02/15/25)(a) |
200 | 203,576 | ||||||
4.50%, 05/01/32 (Call 05/01/26) |
210 | 210,993 | ||||||
4.50%, 06/01/33 (Call 06/01/27)(a) |
140 | 139,650 | ||||||
4.75%, 03/01/30 (Call 09/01/24)(a) |
250 | 258,125 | ||||||
5.00%, 02/01/28 (Call 08/01/22)(a) |
200 | 208,000 | ||||||
5.13%, 05/01/27 (Call 05/01/22)(a) |
275 | 284,969 | ||||||
5.38%, 06/01/29 (Call 06/01/24)(a)(b) |
125 | 134,313 | ||||||
5.50%, 05/01/26 (Call 05/01/22)(a) |
55 | 56,815 | ||||||
CSC Holdings LLC |
||||||||
3.38%, 02/15/31 (Call 02/15/26)(a) |
50 | 45,538 | ||||||
4.13%, 12/01/30 (Call 12/01/25)(a) |
150 | 143,625 | ||||||
4.50%, 11/15/31 (Call 11/15/26)(a) |
200 | 193,780 | ||||||
5.38%, 02/01/28 (Call 02/01/23)(a)(b) |
100 | 103,000 | ||||||
5.50%, 04/15/27 (Call 04/15/22)(a) |
150 | 154,875 | ||||||
6.50%, 02/01/29 (Call 02/01/24)(a) |
200 | 214,500 | ||||||
DIRECTV Holdings LLC/DIRECTV Financing Co. Inc., 5.88%, 08/15/27 (Call 08/15/23)(a)(b) |
250 | 259,162 | ||||||
Gannett
Holdings LLC, 6.00%, 11/01/26 |
50 | 49,888 | ||||||
LCPR Senior Secured Financing DAC, 5.13%, 07/15/29 (Call 07/15/24)(a) |
150 | 151,125 | ||||||
Meredith Corp., 6.50%, 07/01/25 (Call 07/01/22) |
50 | 53,385 | ||||||
News Corp., 3.88%, 05/15/29 (Call 05/15/24)(a) |
125 | 126,875 | ||||||
Quebecor Media Inc., 5.75%, 01/15/23 |
100 | 105,250 | ||||||
Scripps Escrow II Inc., 3.88%, 01/15/29 (Call 01/15/24)(a)(b) |
50 | 49,750 | ||||||
Sinclair
Television Group Inc., 4.13%, 12/01/30 |
115 | 109,538 | ||||||
Sirius XM Radio Inc. |
||||||||
3.13%, 09/01/26 (Call 09/01/23)(a) |
105 | 105,131 | ||||||
3.88%, 09/01/31 (Call 09/01/26)(a) |
165 | 158,504 | ||||||
4.00%, 07/15/28 (Call 07/15/24)(a) |
220 | 221,584 | ||||||
4.13%, 07/01/30 (Call 07/01/25)(a) |
175 | 174,219 | ||||||
5.00%, 08/01/27 (Call 08/01/22)(a) |
200 | 208,750 | ||||||
5.50%, 07/01/29 (Call 07/01/24)(a) |
140 | 151,025 | ||||||
TEGNA Inc. |
||||||||
4.63%, 03/15/28 (Call 03/15/23)(b) |
100 | 100,875 | ||||||
4.75%, 03/15/26 (Call 03/15/23)(a) |
50 | 52,065 | ||||||
5.00%, 09/15/29 (Call 09/15/24) |
125 | 126,553 |
Security | Par (000) |
Value | ||||||
Media (continued) | ||||||||
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/28 (Call 12/01/22)(a) |
$ | 200 | $ | 208,600 | ||||
UPC
Broadband Finco BV, 4.88%, 07/15/31 |
125 | 127,081 | ||||||
ViacomCBS Inc., 6.25%, 02/28/57 (Call 02/28/27)(d) |
60 | 68,596 | ||||||
Videotron Ltd. |
||||||||
3.63%, 06/15/29 (Call 06/15/24)(a) |
50 | 50,250 | ||||||
5.13%, 04/15/27 (Call 04/15/22)(a) |
75 | 77,531 | ||||||
5.38%, 06/15/24 (Call 03/15/24)(a) |
75 | 80,531 | ||||||
Virgin Media Secured Finance PLC |
||||||||
4.50%, 08/15/30 (Call 08/15/25)(a)(b) |
150 | 149,812 | ||||||
5.50%, 05/15/29 (Call 05/15/24)(a) |
175 | 184,653 | ||||||
Ziggo BV |
||||||||
4.88%, 01/15/30 (Call 10/15/24)(a) |
100 | 101,688 | ||||||
5.50%, 01/15/27 (Call 01/15/22)(a) |
201 | 206,025 | ||||||
|
|
|||||||
6,446,775 | ||||||||
Mining — 2.5% | ||||||||
Alcoa Nederland Holding BV |
||||||||
4.13%, 03/31/29 (Call 03/31/24)(a) |
100 | 103,997 | ||||||
5.50%, 12/15/27 (Call 06/15/23)(a)(b) |
100 | 107,500 | ||||||
Arconic Corp. |
||||||||
6.00%, 05/15/25 (Call 05/15/22)(a) |
75 | 78,469 | ||||||
6.13%, 02/15/28 (Call 02/15/23)(a) |
110 | 115,913 | ||||||
FMG Resources August 2006 Pty Ltd. |
||||||||
4.38%, 04/01/31 (Call 01/01/31)(a)(b) |
175 | 177,187 | ||||||
4.50%, 09/15/27 (Call 06/15/27)(a) |
75 | 78,375 | ||||||
5.13%, 05/15/24 (Call 02/15/24)(a) |
75 | 79,946 | ||||||
Freeport-McMoRan Inc. |
||||||||
3.88%, 03/15/23 (Call 12/15/22) |
125 | 128,750 | ||||||
4.13%, 03/01/28 (Call 03/01/23) |
85 | 87,975 | ||||||
4.25%, 03/01/30 (Call 03/01/25) |
85 | 89,675 | ||||||
4.38%, 08/01/28 (Call 08/01/23) |
100 | 104,122 | ||||||
4.55%, 11/14/24 (Call 08/14/24) |
75 | 81,095 | ||||||
4.63%, 08/01/30 (Call 08/01/25)(b) |
100 | 108,125 | ||||||
5.00%, 09/01/27 (Call 09/01/22) |
75 | 78,281 | ||||||
5.25%, 09/01/29 (Call 09/01/24) |
50 | 54,725 | ||||||
5.40%, 11/14/34 (Call 05/14/34)(b) |
90 | 109,944 | ||||||
5.45%, 03/15/43 (Call 09/15/42) |
200 | 251,600 | ||||||
Kaiser Aluminum Corp. |
||||||||
4.50%, 06/01/31 (Call 06/01/26)(a) |
55 | 53,906 | ||||||
4.63%, 03/01/28 (Call 03/01/23)(a)(b) |
75 | 75,915 | ||||||
Novelis Corp. |
||||||||
3.25%, 11/15/26 (Call 11/15/23)(a) |
80 | 79,800 | ||||||
3.88%, 08/15/31 (Call 08/15/26)(a) |
75 | 73,223 | ||||||
4.75%, 01/30/30 (Call 01/30/25)(a) |
200 | 208,000 | ||||||
Perenti
Finance Pty Ltd., 6.50%, 10/07/25 |
50 | 51,868 | ||||||
|
|
|||||||
2,378,391 | ||||||||
Office & Business Equipment — 0.8% | ||||||||
CDW LLC/CDW Finance Corp. |
||||||||
3.25%, 02/15/29 (Call 08/15/23) |
75 | 76,050 | ||||||
4.25%, 04/01/28 (Call 10/01/22) |
75 | 77,625 | ||||||
5.50%, 12/01/24 (Call 06/01/24) |
79 | 86,505 | ||||||
Pitney Bowes Inc. |
||||||||
6.88%, 03/15/27 (Call 03/15/24)(a)(b) |
40 | 41,400 | ||||||
7.25%, 03/15/29 (Call 03/15/24)(a) |
50 | 51,625 | ||||||
Xerox Corp. |
||||||||
3.80%, 05/15/24(b) |
50 | 51,938 | ||||||
4.38%, 03/15/23 (Call 02/15/23) |
100 | 103,167 | ||||||
4.80%, 03/01/35 |
25 | 24,938 | ||||||
6.75%, 12/15/39 |
50 | 54,398 |
44 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® BB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Office & Business Equipment (continued) | ||||||||
Xerox Holdings Corp. |
||||||||
5.00%, 08/15/25 (Call 07/15/25)(a) |
$ | 75 | $ | 77,906 | ||||
5.50%, 08/15/28 (Call 07/15/28)(a) |
75 | 75,844 | ||||||
|
|
|||||||
721,396 | ||||||||
Oil & Gas — 7.8% | ||||||||
Antero Resources Corp. |
||||||||
5.38%, 03/01/30 (Call 03/01/25)(a) |
75 | 79,387 | ||||||
7.63%, 02/01/29 (Call 02/01/24)(a) |
75 | 83,062 | ||||||
8.38%, 07/15/26 (Call 01/15/24)(a) |
25 | 28,125 | ||||||
Apache Corp. |
||||||||
4.25%, 01/15/30 (Call 10/15/29) |
50 | 53,125 | ||||||
4.38%, 10/15/28 (Call 07/15/28) |
75 | 80,612 | ||||||
4.63%, 11/15/25 (Call 08/15/25) |
75 | 80,849 | ||||||
4.75%, 04/15/43 (Call 10/15/42) |
55 | 60,225 | ||||||
4.88%, 11/15/27 (Call 05/15/27) |
50 | 54,250 | ||||||
5.10%, 09/01/40 (Call 03/01/40) |
160 | 179,304 | ||||||
5.35%, 07/01/49 (Call 01/01/49) |
75 | 86,104 | ||||||
6.00%, 01/15/37 |
50 | 60,968 | ||||||
Bonanza
Creek Energy Inc., 5.00%, 10/15/26 |
50 | 50,510 | ||||||
CNX Resources Corp. |
||||||||
6.00%, 01/15/29 (Call 01/15/24)(a) |
60 | 63,300 | ||||||
7.25%, 03/14/27 (Call 03/14/22)(a) |
80 | 85,060 | ||||||
Continental Resources Inc./OK |
||||||||
3.80%, 06/01/24 (Call 03/01/24) |
100 | 105,000 | ||||||
4.38%, 01/15/28 (Call 10/15/27) |
125 | 136,406 | ||||||
4.50%, 04/15/23 (Call 01/15/23) |
70 | 72,794 | ||||||
4.90%, 06/01/44 (Call 12/01/43) |
85 | 96,445 | ||||||
5.75%, 01/15/31 (Call 07/15/30)(a)(b) |
175 | 209,562 | ||||||
CrownRock LP/CrownRock Finance Inc. |
||||||||
5.00%, 05/01/29 (Call 05/01/24)(a) |
50 | 51,500 | ||||||
5.63%, 10/15/25 (Call 10/15/22)(a) |
150 | 153,375 | ||||||
Endeavor Energy Resources LP/EER Finance Inc. |
||||||||
5.75%, 01/30/28 (Call 01/30/23)(a) |
125 | 131,250 | ||||||
6.63%, 07/15/25 (Call 07/15/22)(a) |
85 | 89,636 | ||||||
EQT Corp. |
||||||||
3.13%, 05/15/26 (Call 05/15/23)(a) |
60 | 60,450 | ||||||
3.63%, 05/15/31 (Call 11/15/30)(a)(b) |
70 | 71,488 | ||||||
3.90%, 10/01/27 (Call 07/01/27)(b) |
140 | 149,450 | ||||||
5.00%, 01/15/29 (Call 07/15/28) |
50 | 55,547 | ||||||
6.63%, 02/01/25 (Call 01/01/25) |
125 | 140,625 | ||||||
7.50%, 02/01/30 (Call 11/01/29) |
75 | 96,015 | ||||||
Harbour Energy PLC, 5.50%, 10/15/26 (Call 10/15/23)(a) |
50 | 49,932 | ||||||
Hilcorp Energy I LP/Hilcorp Finance Co. |
||||||||
5.75%, 02/01/29 (Call 02/01/24)(a) |
90 | 91,350 | ||||||
6.00%, 02/01/31 (Call 02/01/26)(a) |
55 | 56,451 | ||||||
6.25%, 11/01/28 (Call 11/01/23)(a) |
75 | 76,973 | ||||||
MEG Energy Corp., 6.50%, 01/15/25 (Call 01/15/22)(a) |
30 | 30,713 | ||||||
Murphy Oil Corp. |
||||||||
5.75%, 08/15/25 (Call 08/15/22) |
85 | 87,125 | ||||||
5.88%, 12/01/27 (Call 12/01/22) |
60 | 62,475 | ||||||
6.38%, 07/15/28 (Call 07/15/24) |
50 | 52,815 | ||||||
6.38%, 12/01/42 (Call 06/01/42) |
50 | 50,772 | ||||||
6.88%, 08/15/24 (Call 08/15/22) |
44 | 44,867 | ||||||
7.05%, 05/01/29 |
25 | 28,250 | ||||||
Neptune
Energy Bondco PLC, 6.63%, 05/15/25 |
100 | 102,250 | ||||||
Occidental Petroleum Corp. |
||||||||
2.70%, 02/15/23 (Call 08/15/22) |
25 | 25,280 | ||||||
2.90%, 08/15/24 (Call 06/15/24) |
100 | 101,870 | ||||||
3.00%, 02/15/27 (Call 11/15/26) |
50 | 50,000 |
Security | Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
3.20%, 08/15/26 (Call 06/15/26) |
$ | 50 | $ | 50,625 | ||||
3.40%, 04/15/26 (Call 01/15/26) |
75 | 76,526 | ||||||
3.50%, 06/15/25 (Call 03/15/25) |
50 | 51,750 | ||||||
3.50%, 08/15/29 (Call 05/15/29)(b) |
100 | 101,500 | ||||||
4.10%, 02/15/47 (Call 08/15/46) |
50 | 48,750 | ||||||
4.20%, 03/15/48 (Call 09/15/47) |
50 | 48,727 | ||||||
4.30%, 08/15/39 (Call 02/15/39) |
60 | 60,300 | ||||||
4.40%, 04/15/46 (Call 10/15/45) |
100 | 101,177 | ||||||
4.40%, 08/15/49 (Call 02/15/49) |
50 | 49,985 | ||||||
4.50%, 07/15/44 (Call 01/15/44) |
50 | 50,500 | ||||||
4.63%, 06/15/45 (Call 12/15/44) |
50 | 51,750 | ||||||
5.50%, 12/01/25 (Call 09/01/25) |
60 | 66,000 | ||||||
5.55%, 03/15/26 (Call 12/15/25) |
75 | 82,781 | ||||||
5.88%, 09/01/25 (Call 06/01/25) |
50 | 55,500 | ||||||
6.13%, 01/01/31 (Call 07/01/30)(b) |
90 | 107,775 | ||||||
6.20%, 03/15/40 |
50 | 60,578 | ||||||
6.38%, 09/01/28 (Call 03/01/28) |
35 | 41,025 | ||||||
6.45%, 09/15/36 |
110 | 139,975 | ||||||
6.60%, 03/15/46 (Call 09/15/45) |
50 | 63,976 | ||||||
6.63%, 09/01/30 (Call 03/01/30)(b) |
95 | 116,247 | ||||||
6.95%, 07/01/24 |
50 | 56,250 | ||||||
7.50%, 05/01/31 |
75 | 97,643 | ||||||
7.95%, 06/15/39 |
25 | 33,375 | ||||||
8.00%, 07/15/25 (Call 04/15/25) |
25 | 29,500 | ||||||
8.50%, 07/15/27 (Call 01/15/27) |
25 | 31,125 | ||||||
8.88%, 07/15/30 (Call 01/15/30)(b) |
35 | 47,425 | ||||||
Ovintiv Exploration Inc. |
||||||||
5.38%, 01/01/26 (Call 10/01/25) |
60 | 66,821 | ||||||
5.63%, 07/01/24 |
120 | 132,126 | ||||||
Ovintiv Inc. |
||||||||
6.50%, 08/15/34 |
65 | 87,714 | ||||||
6.50%, 02/01/38 |
50 | 67,798 | ||||||
6.63%, 08/15/37 |
50 | 67,938 | ||||||
7.20%, 11/01/31 |
50 | 66,977 | ||||||
7.38%, 11/01/31 |
60 | 81,247 | ||||||
8.13%, 09/15/30 |
50 | 68,593 | ||||||
Parkland Corp. |
||||||||
4.50%, 10/01/29 (Call 10/01/24)(a) |
90 | 90,562 | ||||||
5.88%, 07/15/27 (Call 07/15/22)(a) |
75 | 79,219 | ||||||
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 05/15/25 (Call 05/15/22)(a)(b) |
140 | 135,800 | ||||||
PDC Energy Inc. |
||||||||
5.75%, 05/15/26 (Call 05/15/22) |
85 | 87,444 | ||||||
6.13%, 09/15/24 (Call 09/15/22) |
50 | 50,688 | ||||||
Southwestern Energy Co. |
||||||||
5.38%, 02/01/29 (Call 02/01/24)(a) |
75 | 79,125 | ||||||
5.38%, 03/15/30 (Call 03/15/25) |
180 | 189,896 | ||||||
6.45%, 01/23/25 (Call 10/23/24) |
100 | 109,000 | ||||||
7.75%, 10/01/27 (Call 10/01/22) |
50 | 53,688 | ||||||
8.38%, 09/15/28 (Call 09/15/23) |
50 | 55,750 | ||||||
Sunoco LP/Sunoco Finance Corp. |
||||||||
4.50%, 05/15/29 (Call 05/15/24) |
95 | 96,069 | ||||||
4.50%, 04/30/30 (Call 04/30/25)(a) |
98 | 98,864 | ||||||
5.88%, 03/15/28 (Call 03/15/23) |
50 | 52,928 | ||||||
6.00%, 04/15/27 (Call 04/15/22) |
75 | 78,562 | ||||||
Viper
Energy Partners LP, 5.38%, 11/01/27 |
75 | 78,187 | ||||||
|
|
|||||||
7,271,308 | ||||||||
Oil & Gas Services — 0.1% | ||||||||
TechnipFMC PLC, 6.50%, 02/01/26 (Call 02/01/23)(a) |
100 | 106,635 | ||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
45 |
Schedule of Investments (continued) October 31, 2021 |
iShares® BB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Packaging & Containers — 1.9% | ||||||||
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 3.25%, 09/01/28 (Call 05/15/24)(a) |
$ | 100 | $ | 97,875 | ||||
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc. |
||||||||
4.13%, 08/15/26 (Call 08/15/22)(a) |
50 | 51,002 | ||||||
5.25%, 04/30/25 (Call 04/30/22)(a) |
125 | 130,000 | ||||||
Ball Corp. |
||||||||
2.88%, 08/15/30 (Call 05/15/30) |
165 | 158,606 | ||||||
3.13%, 09/15/31 (Call 06/15/31) |
95 | 92,387 | ||||||
4.00%, 11/15/23 |
100 | 104,875 | ||||||
4.88%, 03/15/26 (Call 12/15/25) |
75 | 82,219 | ||||||
5.25%, 07/01/25 |
105 | 117,057 | ||||||
Berry Global Inc. |
||||||||
4.50%, 02/15/26 (Call 02/15/22)(a)(b) |
30 | 30,450 | ||||||
5.63%, 07/15/27 (Call 07/15/22)(a) |
75 | 78,552 | ||||||
Cascades Inc./Cascades USA Inc. |
||||||||
5.13%, 01/15/26 (Call 01/15/23)(a) |
50 | 52,750 | ||||||
5.38%, 01/15/28 (Call 01/15/23)(a) |
75 | 78,469 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26) |
50 | 53,282 | ||||||
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 02/01/22) |
100 | 103,030 | ||||||
Graphic Packaging International LLC |
||||||||
3.50%, 03/15/28(a) |
50 | 50,375 | ||||||
3.50%, 03/01/29 (Call 09/01/28)(a) |
50 | 49,500 | ||||||
4.75%, 07/15/27 (Call 04/15/27)(a) |
50 | 53,812 | ||||||
Sealed Air Corp. |
||||||||
4.00%, 12/01/27 (Call 09/01/27)(a) |
50 | 52,250 | ||||||
5.13%, 12/01/24 (Call 09/01/24)(a) |
50 | 53,875 | ||||||
5.25%, 04/01/23 (Call 01/01/23)(a) |
50 | 52,275 | ||||||
5.50%, 09/15/25 (Call 06/15/25)(a) |
50 | 55,250 | ||||||
6.88%, 07/15/33(a) |
35 | 44,888 | ||||||
Silgan Holdings Inc., 4.13%, 02/01/28 (Call 10/01/22) |
85 | 86,381 | ||||||
TriMas Corp., 4.13%, 04/15/29 (Call 04/15/24)(a) |
50 | 50,625 | ||||||
|
|
|||||||
1,779,785 | ||||||||
Pharmaceuticals — 1.5% | ||||||||
180 Medical Inc., 3.88%, 10/15/29 (Call 10/07/24)(a) |
50 | 50,282 | ||||||
Bausch Health Companies Inc. |
||||||||
4.88%, 06/01/28 (Call 06/01/24)(a) |
175 | 180,215 | ||||||
5.50%, 11/01/25 (Call 11/01/21)(a) |
190 | 193,053 | ||||||
5.75%, 08/15/27 (Call 08/15/22)(a) |
75 | 78,524 | ||||||
Elanco Animal Health Inc. |
||||||||
5.27%, 08/28/23 (Call 07/28/23) |
75 | 79,860 | ||||||
5.90%, 08/28/28 (Call 05/28/28) |
75 | 87,649 | ||||||
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a) |
175 | 179,812 | ||||||
Organon & Co./Organon Foreign Debt Co-Issuer BV, 4.13%, 04/30/28 (Call 04/30/24)(a) |
225 | 228,094 | ||||||
Perrigo Finance Unlimited Co. |
||||||||
3.15%, 06/15/30 (Call 03/15/30) |
200 | 201,631 | ||||||
4.38%, 03/15/26 (Call 12/15/25) |
100 | 106,759 | ||||||
|
|
|||||||
1,385,879 | ||||||||
Pipelines — 7.3% | ||||||||
Antero Midstream Partners LP/Antero Midstream Finance Corp. |
||||||||
5.38%, 06/15/29 (Call 06/15/24)(a) |
25 | 26,124 | ||||||
5.75%, 01/15/28 (Call 01/15/23)(a) |
25 | 26,156 | ||||||
7.88%, 05/15/26 (Call 05/15/23)(a) |
50 | 54,687 | ||||||
Buckeye Partners LP |
||||||||
3.95%, 12/01/26 (Call 09/01/26) |
70 | 71,762 | ||||||
4.13%, 03/01/25 (Call 02/01/25)(a) |
70 | 71,750 | ||||||
4.13%, 12/01/27 (Call 09/01/27) |
50 | 50,375 |
Security | Par (000) |
Value | ||||||
Pipelines (continued) | ||||||||
4.35%, 10/15/24 (Call 07/15/24) |
$ | 25 | $ | 26,151 | ||||
4.50%, 03/01/28 (Call 12/01/27)(a) |
60 | 59,250 | ||||||
5.60%, 10/15/44 (Call 04/15/44) |
35 | 33,950 | ||||||
5.85%, 11/15/43 (Call 05/15/43) |
50 | 49,295 | ||||||
Cheniere
Energy Inc., 4.63%, 10/15/28 |
232 | 243,298 | ||||||
Cheniere Energy Partners LP |
||||||||
3.25%, 01/31/32 (Call 01/31/27)(a) |
145 | 143,724 | ||||||
4.00%, 03/01/31 (Call 03/01/26)(a) |
165 | 171,603 | ||||||
4.50%, 10/01/29 (Call 10/01/24) |
175 | 186,844 | ||||||
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. |
||||||||
5.63%, 05/01/27 (Call 05/01/22)(a) |
50 | 51,188 | ||||||
5.75%, 04/01/25 (Call 04/01/22) |
75 | 76,918 | ||||||
6.00%, 02/01/29 (Call 02/01/24)(a) |
100 | 103,636 | ||||||
DCP Midstream Operating LP |
||||||||
3.88%, 03/15/23 (Call 12/15/22) |
75 | 77,344 | ||||||
5.13%, 05/15/29 (Call 02/15/29) |
75 | 84,939 | ||||||
5.38%, 07/15/25 (Call 04/15/25) |
100 | 110,500 | ||||||
5.60%, 04/01/44 (Call 10/01/43) |
50 | 60,000 | ||||||
5.63%, 07/15/27 (Call 04/15/27)(b) |
50 | 57,048 | ||||||
5.85%, 05/21/43 (Call 05/21/23)(a)(d) |
70 | 65,240 | ||||||
6.45%, 11/03/36(a) |
25 | 32,250 | ||||||
6.75%, 09/15/37(a) |
50 | 66,854 | ||||||
8.13%, 08/16/30 |
25 | 33,875 | ||||||
DT Midstream Inc. |
||||||||
4.13%, 06/15/29 (Call 06/15/24)(a) |
135 | 135,965 | ||||||
4.38%, 06/15/31 (Call 06/15/26)(a) |
95 | 96,250 | ||||||
EnLink Midstream LLC |
||||||||
5.38%, 06/01/29 (Call 03/01/29) |
50 | 51,750 | ||||||
5.63%, 01/15/28 (Call 07/15/27)(a) |
50 | 53,017 | ||||||
EnLink Midstream Partners LP |
||||||||
4.15%, 06/01/25 (Call 03/01/25) |
100 | 104,388 | ||||||
4.40%, 04/01/24 (Call 01/01/24) |
85 | 88,825 | ||||||
4.85%, 07/15/26 (Call 04/15/26) |
60 | 62,400 | ||||||
5.05%, 04/01/45 (Call 10/01/44) |
50 | 47,625 | ||||||
5.45%, 06/01/47 (Call 12/01/46) |
60 | 60,000 | ||||||
5.60%, 04/01/44 (Call 10/01/43) |
25 | 24,523 | ||||||
EQM Midstream Partners LP |
||||||||
4.00%, 08/01/24 (Call 05/01/24) |
50 | 51,875 | ||||||
4.13%, 12/01/26 (Call 09/01/26) |
50 | 51,438 | ||||||
4.50%, 01/15/29 (Call 07/15/28)(a) |
100 | 102,875 | ||||||
4.75%, 07/15/23 (Call 06/15/23) |
80 | 84,209 | ||||||
4.75%, 01/15/31 (Call 07/15/30)(a) |
140 | 144,945 | ||||||
5.50%, 07/15/28 (Call 04/15/28) |
85 | 93,622 | ||||||
6.00%, 07/01/25 (Call 04/01/25)(a) |
100 | 108,500 | ||||||
6.50%, 07/01/27 (Call 01/01/27)(a) |
75 | 83,437 | ||||||
6.50%, 07/15/48 (Call 01/15/48) |
60 | 71,365 | ||||||
Harvest
Midstream I LP, 7.50%, 09/01/28 |
90 | 94,500 | ||||||
Hess Midstream Operations LP |
||||||||
4.25%, 02/15/30 (Call 02/15/25)(a) |
70 | 70,000 | ||||||
5.13%, 06/15/28 (Call 06/15/23)(a)(b) |
74 | 76,864 | ||||||
5.63%, 02/15/26 (Call 02/15/22)(a) |
100 | 103,625 | ||||||
Holly Energy Partners LP/Holly Energy Finance Corp., 5.00%, 02/01/28 (Call 02/01/23)(a) |
50 | 50,125 | ||||||
Northriver
Midstream Finance LP, 5.63%, 02/15/26 |
60 | 61,950 | ||||||
NuStar Logistics LP |
||||||||
5.63%, 04/28/27 (Call 01/28/27) |
50 | 52,437 | ||||||
5.75%, 10/01/25 (Call 07/01/25) |
75 | 80,250 | ||||||
6.00%, 06/01/26 (Call 03/01/26) |
50 | 53,125 |
46 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® BB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Pipelines (continued) | ||||||||
6.38%, 10/01/30 (Call 04/01/30) |
$ | 70 | $ | 76,716 | ||||
Rattler
Midstream LP, 5.63%, 07/15/25 |
50 | 52,250 | ||||||
Rockies Express Pipeline LLC |
||||||||
3.60%, 05/15/25 (Call 04/15/25)(a) |
50 | 52,055 | ||||||
4.80%, 05/15/30 (Call 02/15/30)(a) |
25 | 26,625 | ||||||
4.95%, 07/15/29 (Call 04/15/29)(a) |
60 | 64,200 | ||||||
6.88%, 04/15/40(a) |
50 | 56,625 | ||||||
7.50%, 07/15/38(a) |
45 | 51,413 | ||||||
Southeast Supply Header LLC, 4.25%, 06/15/24 (Call 03/15/24)(a) |
50 | 52,063 | ||||||
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. |
||||||||
5.50%, 01/15/28 (Call 01/15/23)(a)(b) |
75 | 75,272 | ||||||
6.00%, 03/01/27 (Call 03/01/23)(a) |
50 | 51,813 | ||||||
6.00%, 12/31/30 (Call 12/31/25)(a) |
90 | 90,020 | ||||||
6.00%, 09/01/31 (Call 09/01/26)(a) |
50 | 49,188 | ||||||
7.50%, 10/01/25 (Call 10/01/22)(a) |
80 | 86,500 | ||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. |
||||||||
4.00%, 01/15/32 (Call 07/15/26)(a) |
120 | 123,836 | ||||||
4.88%, 02/01/31 (Call 02/01/26) |
125 | 134,779 | ||||||
5.00%, 01/15/28 (Call 01/15/23) |
80 | 84,187 | ||||||
5.38%, 02/01/27 (Call 02/01/22) |
50 | 51,750 | ||||||
5.50%, 03/01/30 (Call 03/01/25) |
100 | 109,904 | ||||||
5.88%, 04/15/26 (Call 04/15/22) |
95 | 99,187 | ||||||
6.50%, 07/15/27 (Call 07/15/22) |
85 | 91,056 | ||||||
6.88%, 01/15/29 (Call 01/15/24) |
85 | 95,200 | ||||||
Venture Global Calcasieu Pass LLC |
||||||||
3.88%, 08/15/29 (Call 02/15/29)(a) |
125 | 127,187 | ||||||
4.13%, 08/15/31 (Call 02/15/31)(a) |
150 | 155,242 | ||||||
Western Midstream Operating LP |
||||||||
3.95%, 06/01/25 (Call 03/01/25) |
55 | 57,932 | ||||||
4.35%, 02/01/25 (Call 01/01/25) |
85 | 89,037 | ||||||
4.50%, 03/01/28 (Call 12/01/27) |
50 | 54,125 | ||||||
4.65%, 07/01/26 (Call 04/01/26) |
50 | 54,000 | ||||||
4.75%, 08/15/28 (Call 05/15/28) |
50 | 55,010 | ||||||
5.30%, 02/01/30 (Call 11/01/29) |
125 | 137,031 | ||||||
5.30%, 03/01/48 (Call 09/01/47) |
80 | 93,200 | ||||||
5.45%, 04/01/44 (Call 10/01/43) |
75 | 88,009 | ||||||
5.50%, 08/15/48 (Call 02/15/48)(b) |
50 | 59,689 | ||||||
6.50%, 02/01/50 (Call 08/01/49) |
100 | 119,698 | ||||||
|
|
|||||||
6,859,445 | ||||||||
Real Estate — 0.6% | ||||||||
Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/28 (Call 05/18/23)(a) |
75 | 80,062 | ||||||
Howard Hughes Corp. (The) |
||||||||
4.13%, 02/01/29 (Call 02/01/24)(a) |
80 | 80,081 | ||||||
4.38%, 02/01/31 (Call 02/01/26)(a) |
75 | 75,017 | ||||||
5.38%, 08/01/28 (Call 08/01/23)(a) |
75 | 78,656 | ||||||
Kennedy-Wilson Inc. |
||||||||
4.75%, 03/01/29 (Call 03/01/24) |
55 | 56,100 | ||||||
4.75%, 02/01/30 (Call 09/01/24) |
70 | 70,438 | ||||||
5.00%, 03/01/31 (Call 03/01/26) |
75 | 76,312 | ||||||
Newmark
Group Inc., 6.13%, 11/15/23 |
75 | 81,000 | ||||||
|
|
|||||||
597,666 | ||||||||
Real Estate Investment Trusts — 4.8% | ||||||||
American
Finance Trust Inc./American Finance Operating Partner LP, 4.50%,
09/30/28 |
55 | 55,000 | ||||||
Apollo Commercial Real Estate Finance Inc., 4.63%, 06/15/29 (Call 06/15/24)(a) |
50 | 48,125 |
Security | Par (000) |
Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Blackstone
Mortgage Trust Inc., 3.75%, 01/15/27 |
$ | 50 | $ | 49,743 | ||||
Brookfield Property REIT Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL |
||||||||
4.50%, 04/01/27 (Call 10/01/23)(a) |
95 | 92,625 | ||||||
5.75%, 05/15/26 (Call 05/15/22)(a) |
100 | 103,450 | ||||||
CTR Partnership LP/CareTrust Capital Corp., 3.88%, 06/30/28 (Call 03/30/28)(a) |
25 | 25,375 | ||||||
Diversified Healthcare Trust |
||||||||
4.38%, 03/01/31 (Call 09/01/30) |
60 | 57,975 | ||||||
9.75%, 06/15/25 (Call 06/15/22) |
95 | 103,194 | ||||||
Global Net Lease Inc./Global Net Lease Operating Partnership LP, 3.75%, 12/15/27 (Call 09/15/27)(a) |
75 | 74,126 | ||||||
HAT Holdings I LLC/HAT Holdings II LLC |
||||||||
3.38%, 06/15/26 (Call 03/15/26)(a) |
110 | 109,037 | ||||||
3.75%, 09/15/30(a) |
50 | 49,688 | ||||||
6.00%, 04/15/25 (Call 04/15/22)(a) |
50 | 52,073 | ||||||
Iron Mountain Inc. |
||||||||
4.50%, 02/15/31 (Call 02/15/26)(a)(b) |
135 | 136,350 | ||||||
4.88%, 09/15/27 (Call 09/15/22)(a) |
100 | 103,064 | ||||||
4.88%, 09/15/29 (Call 09/15/24)(a) |
110 | 113,641 | ||||||
5.00%, 07/15/28 (Call 07/15/23)(a) |
50 | 51,500 | ||||||
5.25%, 03/15/28 (Call 12/27/22)(a) |
100 | 104,250 | ||||||
5.25%, 07/15/30 (Call 07/15/25)(a) |
150 | 156,631 | ||||||
5.63%, 07/15/32 (Call 07/15/26)(a) |
75 | 79,875 | ||||||
iStar Inc. |
||||||||
4.25%, 08/01/25 (Call 05/01/25) |
50 | 51,250 | ||||||
4.75%, 10/01/24 (Call 07/01/24) |
95 | 100,367 | ||||||
5.50%, 02/15/26 (Call 08/15/22) |
50 | 51,938 | ||||||
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |
||||||||
4.25%, 02/01/27 (Call 02/01/23)(a) |
75 | 75,374 | ||||||
4.75%, 06/15/29 (Call 06/15/24)(a) |
70 | 70,525 | ||||||
5.25%, 10/01/25 (Call 10/01/22)(a) |
40 | 40,300 | ||||||
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer Inc. |
||||||||
3.88%, 02/15/29 (Call 11/15/28)(a) |
100 | 105,902 | ||||||
4.50%, 09/01/26 (Call 06/01/26) |
100 | 108,475 | ||||||
4.50%, 01/15/28 (Call 10/15/27) |
50 | 54,125 | ||||||
4.63%, 06/15/25 (Call 03/15/25)(a) |
125 | 134,375 | ||||||
5.63%, 05/01/24 (Call 02/01/24) |
150 | 162,727 | ||||||
5.75%, 02/01/27 (Call 11/01/26) |
110 | 125,400 | ||||||
MPT Operating Partnership LP/MPT Finance Corp. |
||||||||
3.50%, 03/15/31 (Call 03/15/26) |
135 | 136,026 | ||||||
4.63%, 08/01/29 (Call 08/01/24) |
100 | 105,750 | ||||||
5.00%, 10/15/27 (Call 09/07/22) |
160 | 168,432 | ||||||
5.25%, 08/01/26 (Call 08/01/22) |
55 | 56,650 | ||||||
RLJ Lodging Trust LP |
||||||||
3.75%, 07/01/26 (Call 07/01/23)(a) |
65 | 65,650 | ||||||
4.00%, 09/15/29 (Call 09/15/24)(a) |
50 | 49,903 | ||||||
Service Properties Trust |
||||||||
3.95%, 01/15/28 (Call 07/15/27)(b) |
50 | 46,500 | ||||||
4.35%, 10/01/24 (Call 09/01/24) |
95 | 95,736 | ||||||
4.38%, 02/15/30 (Call 08/15/29) |
35 | 32,988 | ||||||
4.50%, 06/15/23 (Call 12/15/22) |
50 | 51,000 | ||||||
4.50%, 03/15/25 (Call 09/15/24) |
25 | 25,008 | ||||||
4.65%, 03/15/24 (Call 09/15/23) |
50 | 50,438 | ||||||
4.75%, 10/01/26 (Call 08/01/26) |
50 | 49,450 | ||||||
4.95%, 02/15/27 (Call 08/15/26) |
50 | 49,250 | ||||||
4.95%, 10/01/29 (Call 07/01/29) |
60 | 57,750 |
S C H E D U L E O F I N V E S T M E N T S |
47 |
Schedule of Investments (continued) October 31, 2021 |
iShares® BB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Real Estate Investment Trusts (continued) |
||||||||
5.25%, 02/15/26 (Call 08/15/25) |
$ | 50 | $ | 50,500 | ||||
5.50%, 12/15/27 (Call 09/15/27)(b) |
40 | 41,837 | ||||||
7.50%, 09/15/25 (Call 06/15/25) |
75 | 83,002 | ||||||
Starwood Property Trust Inc., 3.63%, 07/15/26 (Call 01/15/26)(a) |
65 | 65,000 | ||||||
VICI Properties LP/VICI Note Co. Inc. |
||||||||
3.50%, 02/15/25 (Call 02/15/22)(a) |
75 | 76,312 | ||||||
3.75%, 02/15/27 (Call 02/15/23)(a)(b) |
75 | 77,062 | ||||||
4.13%, 08/15/30 (Call 02/15/25)(a) |
120 | 126,000 | ||||||
4.25%, 12/01/26 (Call 12/01/22)(a) |
153 | 158,482 | ||||||
4.63%, 12/01/29 (Call 12/01/24)(a)(b) |
125 | 133,359 | ||||||
|
|
|||||||
4,498,565 | ||||||||
Retail — 3.9% | ||||||||
1011778 BC ULC/New Red Finance Inc. |
||||||||
3.50%, 02/15/29 (Call 02/15/24)(a) |
95 | 92,150 | ||||||
3.88%, 01/15/28 (Call 09/15/22)(a) |
185 | 184,552 | ||||||
5.75%, 04/15/25 (Call 04/15/22)(a) |
50 | 51,938 | ||||||
Abercrombie & Fitch Management Co., 8.75%, 07/15/25 (Call 07/15/22)(a) |
25 | 26,875 | ||||||
Asbury Automotive Group Inc. |
||||||||
4.50%, 03/01/28 (Call 03/01/23) |
60 | 61,050 | ||||||
4.75%, 03/01/30 (Call 03/01/25) |
50 | 51,000 | ||||||
Bath & Body Works Inc. |
||||||||
5.25%, 02/01/28 |
50 | 53,900 | ||||||
6.63%, 10/01/30 (Call 10/01/25)(a) |
125 | 139,844 | ||||||
6.69%, 01/15/27 |
25 | 28,375 | ||||||
6.75%, 07/01/36 |
75 | 90,030 | ||||||
6.88%, 11/01/35 |
115 | 139,718 | ||||||
7.50%, 06/15/29 (Call 06/15/24) |
50 | 56,475 | ||||||
9.38%, 07/01/25(a) |
50 | 62,000 | ||||||
FirstCash Inc., 4.63%, 09/01/28 (Call 09/01/23)(a) |
75 | 77,344 | ||||||
Foot Locker Inc., 4.00%, 10/01/29 (Call 10/01/24)(a) |
50 | 49,571 | ||||||
Gap Inc. (The) |
||||||||
3.63%, 10/01/29 (Call 10/01/24)(a) |
100 | 98,000 | ||||||
3.88%, 10/01/31 (Call 10/01/26)(a) |
75 | 73,500 | ||||||
Group
1 Automotive Inc., 4.00%, 08/15/28 |
95 | 95,019 | ||||||
KFC
Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%,
06/01/27 |
85 | 87,975 | ||||||
Lithia Motors Inc. |
||||||||
3.88%, 06/01/29 (Call 06/01/24)(a) |
100 | 103,625 | ||||||
4.38%, 01/15/31 (Call 10/15/25)(a) |
60 | 63,895 | ||||||
4.63%, 12/15/27 (Call 12/15/22)(a) |
50 | 52,862 | ||||||
Macy’s Retail Holdings LLC |
||||||||
4.30%, 02/15/43 (Call 08/15/42) |
25 | 21,468 | ||||||
4.50%, 12/15/34 (Call 06/15/34) |
50 | 48,916 | ||||||
5.13%, 01/15/42 (Call 07/15/41) |
25 | 23,375 | ||||||
5.88%, 04/01/29 (Call 04/01/24)(a) |
75 | 79,926 | ||||||
Murphy Oil USA Inc. |
||||||||
3.75%, 02/15/31 (Call 02/15/26)(a) |
60 | 59,025 | ||||||
4.75%, 09/15/29 (Call 09/15/24) |
50 | 52,673 | ||||||
5.63%, 05/01/27 (Call 05/01/22) |
35 | 36,356 | ||||||
Nordstrom Inc. |
||||||||
2.30%, 04/08/24 (Call 04/08/22) |
25 | 25,123 | ||||||
4.00%, 03/15/27 (Call 12/15/26) |
50 | 51,375 | ||||||
4.25%, 08/01/31 (Call 05/01/31) |
50 | 49,983 | ||||||
4.38%, 04/01/30 (Call 01/01/30) |
50 | 50,873 | ||||||
5.00%, 01/15/44 (Call 07/15/43) |
100 | 99,000 | ||||||
6.95%, 03/15/28(b) |
50 | 58,562 | ||||||
Penske Automotive Group Inc., 3.75%, 06/15/29 (Call 06/15/24) |
75 | 74,588 | ||||||
QVC Inc. |
||||||||
4.38%, 03/15/23 |
95 | 98,562 |
Security | Par (000) |
Value | ||||||
Retail (continued) |
||||||||
4.38%, 09/01/28 (Call 06/01/28) |
$ | 70 | $ | 71,575 | ||||
4.45%, 02/15/25 (Call 11/15/24) |
65 | 69,306 | ||||||
4.75%, 02/15/27 (Call 11/15/26)(b) |
60 | 62,813 | ||||||
4.85%, 04/01/24 |
50 | 53,623 | ||||||
5.45%, 08/15/34 (Call 02/15/34) |
85 | 88,825 | ||||||
Sonic Automotive Inc. |
||||||||
4.63%, 11/15/29 (Call 11/15/24)(a) |
77 | 77,223 | ||||||
4.88%, 11/15/31 (Call 11/15/26)(a) |
46 | 46,000 | ||||||
Superior Plus LP/Superior General Partner Inc., 4.50%, 03/15/29 (Call 03/15/24)(a) |
85 | 86,929 | ||||||
Vivo
Energy Investments BV, 5.13%, 09/24/27 |
50 | 52,775 | ||||||
Yum! Brands Inc. |
||||||||
3.63%, 03/15/31 (Call 12/15/30) |
140 | 138,369 | ||||||
3.88%, 11/01/23 (Call 08/01/23) |
50 | 52,250 | ||||||
4.63%, 01/31/32 (Call 10/01/26) |
140 | 145,600 | ||||||
4.75%, 01/15/30 (Call 10/15/29)(a) |
100 | 106,750 | ||||||
5.35%, 11/01/43 (Call 05/01/43) |
25 | 27,750 | ||||||
6.88%, 11/15/37 |
25 | 31,500 | ||||||
|
|
|||||||
3,680,791 | ||||||||
Semiconductors — 0.5% | ||||||||
Amkor
Technology Inc., 6.63%, 09/15/27 |
50 | 53,175 | ||||||
ams AG, 7.00%, 07/31/25 (Call 07/31/22)(a) |
50 | 52,938 | ||||||
Entegris Inc. |
||||||||
3.63%, 05/01/29 (Call 05/01/24)(a)(b) |
55 | 55,413 | ||||||
4.38%, 04/15/28 (Call 04/15/23)(a) |
25 | 25,906 | ||||||
Microchip
Technology Inc., 4.25%, 09/01/25 |
135 | 140,416 | ||||||
ON
Semiconductor Corp., 3.88%, 09/01/28 |
100 | 101,125 | ||||||
Synaptics Inc., 4.00%, 06/15/29 (Call 06/15/24)(a) |
50 | 50,500 | ||||||
|
|
|||||||
479,473 | ||||||||
Software — 2.0% | ||||||||
Black
Knight InfoServ LLC, 3.63%, 09/01/28 |
100 | 99,500 | ||||||
CDK Global Inc. |
||||||||
4.88%, 06/01/27 (Call 06/01/22) |
75 | 78,072 | ||||||
5.00%, 10/15/24 (Call 07/15/24) |
75 | 83,134 | ||||||
5.25%, 05/15/29 (Call 05/15/24)(a) |
50 | 53,625 | ||||||
Dun &
Bradstreet Corp. (The), 6.88%, 08/15/26 |
50 | 52,125 | ||||||
Fair Isaac Corp., 5.25%, 05/15/26 (Call 02/15/26)(a) |
100 | 111,500 | ||||||
J2 Global Inc., 4.63%, 10/15/30 (Call 10/15/25)(a) |
100 | 104,750 | ||||||
MSCI Inc. |
||||||||
3.25%, 08/15/33 (Call 08/15/27)(a) |
80 | 80,309 | ||||||
3.63%, 09/01/30 (Call 03/01/25)(a) |
110 | 112,750 | ||||||
3.63%, 11/01/31 (Call 11/01/26)(a) |
75 | 77,250 | ||||||
3.88%, 02/15/31 (Call 06/01/25)(a) |
100 | 103,160 | ||||||
4.00%, 11/15/29 (Call 11/15/24)(a) |
110 | 114,950 | ||||||
Nuance
Communications Inc., 5.63%, 12/15/26 |
71 | 73,263 | ||||||
Open Text Corp. |
||||||||
3.88%, 02/15/28 (Call 02/15/23)(a) |
100 | 100,750 | ||||||
5.88%, 06/01/26 (Call 06/01/22)(a) |
100 | 103,250 | ||||||
Open
Text Holdings Inc., 4.13%, 02/15/30 |
100 | 101,660 | ||||||
PTC Inc. |
||||||||
3.63%, 02/15/25 (Call 02/15/22)(a) |
50 | 50,814 | ||||||
4.00%, 02/15/28 (Call 02/15/23)(a) |
50 | 50,687 | ||||||
ROBLOX Corp., 3.88%, 05/01/30 (Call 11/01/24)(a) |
205 | 204,231 | ||||||
Twilio Inc. |
||||||||
3.63%, 03/15/29 (Call 03/15/24)(b) |
65 | 65,650 | ||||||
3.88%, 03/15/31 (Call 03/15/26) |
70 | 70,685 | ||||||
|
|
|||||||
1,892,115 |
48 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® BB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Telecommunications — 7.9% | ||||||||
Embarq Corp., 8.00%, 06/01/36(b) |
$ | 155 | $ | 171,275 | ||||
Hughes Satellite Systems Corp., 5.25%, 08/01/26 |
85 | 94,881 | ||||||
Koninklijke
KPN NV, 7.00%, 03/28/73 |
50 | 52,843 | ||||||
Level 3 Financing Inc. |
||||||||
3.63%, 01/15/29 (Call 01/15/24)(a) |
105 | 99,352 | ||||||
3.75%, 07/15/29 (Call 01/15/24)(a) |
100 | 94,500 | ||||||
4.25%, 07/01/28 (Call 07/01/23)(a) |
160 | 158,182 | ||||||
4.63%, 09/15/27 (Call 09/15/22)(a) |
125 | 128,125 | ||||||
5.25%, 03/15/26 (Call 03/15/22) |
100 | 103,070 | ||||||
5.38%, 05/01/25 (Call 05/01/22)(b) |
100 | 102,350 | ||||||
Lumen Technologies Inc. |
||||||||
4.00%, 02/15/27 (Call 02/15/23)(a) |
140 | 140,700 | ||||||
4.50%, 01/15/29 (Call 01/15/24)(a)(b) |
135 | 130,444 | ||||||
5.13%, 12/15/26 (Call 12/15/22)(a) |
150 | 153,484 | ||||||
5.38%, 06/15/29 (Call 06/15/24)(a) |
130 | 130,487 | ||||||
5.63%, 04/01/25 (Call 01/01/25) |
50 | 53,688 | ||||||
Series G, 6.88%, 01/15/28 |
50 | 55,688 | ||||||
Series P, 7.60%, 09/15/39 |
50 | 55,167 | ||||||
Series U, 7.65%, 03/15/42 |
50 | 55,000 | ||||||
Series W, 6.75%, 12/01/23 |
50 | 54,876 | ||||||
Series Y, 7.50%, 04/01/24 (Call 01/01/24) |
103 | 113,043 | ||||||
Millicom International Cellular SA |
||||||||
5.13%, 01/15/28 (Call 09/15/22)(a)(b) |
90 | 93,915 | ||||||
6.25%, 03/25/29 (Call 04/25/24)(a)(b) |
135 | 146,812 | ||||||
Nokia OYJ |
||||||||
4.38%, 06/12/27 |
45 | 48,375 | ||||||
6.63%, 05/15/39 |
60 | 80,700 | ||||||
Sprint Capital Corp. |
||||||||
6.88%, 11/15/28 |
250 | 316,110 | ||||||
8.75%, 03/15/32 |
180 | 269,415 | ||||||
Sprint Communications Inc., 6.00%, 11/15/22 |
225 | 236,020 | ||||||
Sprint Corp. |
||||||||
7.13%, 06/15/24 |
225 | 254,250 | ||||||
7.63%, 02/15/25 (Call 11/15/24) |
140 | 162,750 | ||||||
7.63%, 03/01/26 (Call 11/01/25) |
155 | 185,829 | ||||||
7.88%, 09/15/23 |
410 | 454,587 | ||||||
Switch Ltd. |
||||||||
3.75%, 09/15/28 (Call 09/15/23)(a) |
75 | 74,625 | ||||||
4.13%, 06/15/29 (Call 06/15/24)(a) |
50 | 50,250 | ||||||
Telecom Italia Capital SA |
||||||||
6.00%, 09/30/34 |
110 | 122,375 | ||||||
6.38%, 11/15/33 |
120 | 137,665 | ||||||
7.20%, 07/18/36 |
125 | 151,875 | ||||||
7.72%, 06/04/38 |
100 | 127,500 | ||||||
Telecom Italia SpA/Milano, 5.30%, 05/30/24(a) |
175 | 186,375 | ||||||
T-Mobile USA Inc. |
||||||||
2.25%, 02/15/26 (Call 02/15/23) |
110 | 110,550 | ||||||
2.25%, 02/15/26 (Call 02/15/23)(a) |
85 | 85,425 | ||||||
2.63%, 04/15/26 (Call 04/15/23) |
125 | 126,891 | ||||||
2.63%, 02/15/29 (Call 02/15/24) |
125 | 123,906 | ||||||
2.88%, 02/15/31 (Call 02/15/26) |
105 | 104,344 | ||||||
3.38%, 04/15/29 (Call 04/15/24) |
130 | 133,575 | ||||||
3.38%, 04/15/29 (Call 04/15/24)(a) |
110 | 113,025 | ||||||
3.50%, 04/15/31 (Call 04/15/26) |
143 | 147,991 | ||||||
3.50%, 04/15/31 (Call 04/15/26)(a) |
120 | 124,188 | ||||||
4.75%, 02/01/28 (Call 02/01/23) |
175 | 184,625 | ||||||
5.38%, 04/15/27 (Call 04/15/22) |
75 | 78,094 | ||||||
United States Cellular Corp., 6.70%, 12/15/33 |
65 | 80,896 | ||||||
ViaSat Inc., 5.63%, 04/15/27 (Call 04/15/22)(a) |
50 | 52,000 |
Security | Par/ Shares (000) |
Value | ||||||
Telecommunications (continued) | ||||||||
Viavi
Solutions Inc., 3.75%, 10/01/29 |
$ | 50 | $ | 49,640 | ||||
Vmed O2 UK Financing I PLC |
||||||||
4.25%, 01/31/31 (Call 01/31/26)(a) |
150 | 146,041 | ||||||
4.75%, 07/15/31 (Call 07/15/26)(a) |
100 | 100,500 | ||||||
Vodafone Group PLC |
||||||||
3.25%, 06/04/81 (Call 06/04/26)(d) |
50 | 50,024 | ||||||
4.13%, 06/04/81 (Call 04/04/31)(d) |
125 | 124,253 | ||||||
5.13%, 06/04/81 (Call 12/04/50)(d) |
100 | 102,434 | ||||||
7.00%, 04/04/79 (Call 01/04/29)(d) |
235 | 284,135 | ||||||
|
|
|||||||
7,369,120 | ||||||||
Toys, Games & Hobbies — 0.2% | ||||||||
Mattel Inc. |
||||||||
3.38%, 04/01/26 (Call 04/01/23)(a) |
65 | 66,867 | ||||||
3.75%, 04/01/29 (Call 04/01/24)(a)(b) |
65 | 67,522 | ||||||
5.88%, 12/15/27 (Call 12/15/22)(a)(b) |
75 | 80,625 | ||||||
|
|
|||||||
215,014 | ||||||||
Transportation — 0.2% | ||||||||
Cargo Aircraft Management Inc., 4.75%, 02/01/28 (Call 02/01/23)(a) |
100 | 101,875 | ||||||
First Student Bidco Inc./First Transit Parent Inc., 4.00%, 07/31/29 (Call 07/31/24)(a) |
85 | 83,087 | ||||||
|
|
|||||||
184,962 | ||||||||
Trucking & Leasing — 0.1% | ||||||||
AerCap
Global Aviation Trust, 6.50%, 06/15/45 |
50 | 53,625 | ||||||
|
|
|||||||
Total
Corporate Bonds & Notes — 97.5% |
91,215,826 | |||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 9.1% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.05%(f)(g)(h) |
7,572 | 7,575,790 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(f)(g) |
970 | 970,000 | ||||||
|
|
|||||||
8,545,790 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 9.1% |
8,545,790 | |||||||
|
|
|||||||
Total
Investments in Securities — 106.6% |
99,761,616 | |||||||
Other Assets, Less Liabilities — (6.6)% |
(6,150,356 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 93,611,260 | ||||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
All or a portion of this security is on loan. |
(c) |
Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates. |
(d) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(e) |
Perpetual security with no stated maturity date. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
S C H E D U L E O F I N V E S T M E N T S |
49 |
Schedule of Investments (continued) October 31, 2021 |
iShares® BB Rated Corporate Bond ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 10/31/20 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/21 |
Shares Held at 10/31/21 (000) |
Income | Capital
Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | — | $ | 7,576,683 | (a) | $ | — | $ | (893 | ) | $ | — | $ | 7,575,790 | 7,572 | $ | 8,653 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
640,000 | 330,000 | (a) | — | — | — | 970,000 | 970 | 249 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (893 | ) | $ | — | $ | 8,545,790 | $ | 8,902 | $ | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
|
||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
|
||||||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Corporate Bonds & Notes |
$ | — | $ | 91,215,826 | $ | — | $ | 91,215,826 | ||||||||
Money Market Funds |
8,545,790 | — | — | 8,545,790 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 8,545,790 | $ | 91,215,826 | $ | — | $ | 99,761,616 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
50 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments October 31, 2021 |
iShares® Convertible Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Convertible Bonds |
||||||||
Airlines — 2.4% | ||||||||
American Airlines Group Inc., 6.50%, 07/01/25 |
$ | 6,945 | $ | 10,141,298 | ||||
Copa Holdings SA, 4.50%, 04/15/25 |
2,000 | 3,223,940 | ||||||
GOL Equity Finance SA, 3.75%, 07/15/24(a) |
3,125 | 2,702,406 | ||||||
JetBlue Airways Corp., 0.50%, 04/01/26(a) |
5,200 | 5,022,056 | ||||||
Southwest Airlines Co., 1.25%, 05/01/25 |
15,455 | 21,722,157 | ||||||
Spirit Airlines Inc., 1.00%, 05/15/26 |
3,250 | 2,952,690 | ||||||
|
|
|||||||
45,764,547 | ||||||||
Auto Manufacturers — 2.1% | ||||||||
Fisker Inc., 2.50%, 09/15/26(a) |
4,200 | 4,413,948 | ||||||
Ford Motor Co., 0.00% 03/15/26(a)(b) |
15,515 | 18,285,514 | ||||||
Li Auto Inc., 0.25%, 05/01/28(a) |
6,100 | 8,152,711 | ||||||
NIO Inc. |
||||||||
0.00%, 02/01/26(a)(b) |
5,300 | 4,727,494 | ||||||
0.50%, 02/01/27(a) |
4,350 | 3,704,590 | ||||||
|
|
|||||||
39,284,257 | ||||||||
Auto Parts & Equipment — 0.1% | ||||||||
Meritor Inc., 3.25%, 10/15/37 (Call 10/15/25) |
2,500 | 2,736,050 | ||||||
|
|
|||||||
Banks — 0.6% | ||||||||
Barclays
Bank PLC, Series VUN, |
1,700 | 1,865,206 | ||||||
BofA Finance LLC |
||||||||
0.13%, 09/01/22 |
2,075 | 2,379,299 | ||||||
0.25%, 05/01/23 |
1,885 | 2,130,351 | ||||||
Deutsche Bank AG/London, 1.00%, 05/01/23 |
1,545 | 1,750,269 | ||||||
JPMorgan Chase Bank N.A., 0.13%, 01/01/23(a) |
3,950 | 4,098,757 | ||||||
|
|
|||||||
12,223,882 | ||||||||
Biotechnology — 4.6% | ||||||||
BioMarin Pharmaceutical Inc. |
||||||||
0.60%, 08/01/24 |
4,070 | 4,200,769 | ||||||
1.25%, 05/15/27 |
3,478 | 3,503,181 | ||||||
Bridgebio Pharma Inc. |
||||||||
2.25%, 02/01/29(a) |
5,425 | 4,861,939 | ||||||
2.50%, 03/15/27 |
3,445 | 4,957,355 | ||||||
Esperion Therapeutics Inc., 4.00%, 11/15/25(a) |
1,800 | 988,380 | ||||||
Exact Sciences Corp. |
||||||||
0.38%, 03/15/27 |
4,655 | 5,268,436 | ||||||
0.38%, 03/01/28 |
7,910 | 8,483,317 | ||||||
1.00%, 01/15/25 |
2,200 | 3,228,984 | ||||||
Guardant
Health Inc., |
7,565 | 8,366,209 | ||||||
Halozyme Therapeutics Inc., 0.25%, 03/01/27(a) |
6,160 | 5,436,631 | ||||||
Illumina Inc., 0.00% 08/15/23(b) |
4,715 | 5,546,585 | ||||||
Insmed Inc., 0.75%, 06/01/28 |
4,200 | 4,884,138 | ||||||
Intercept Pharmaceuticals Inc., 3.50%, 02/15/26(a) |
3,200 | 3,489,344 | ||||||
Ionis Pharmaceuticals Inc. |
||||||||
0.00%, 04/01/26(a)(b) |
4,550 | 4,114,656 | ||||||
0.13%, 12/15/24 |
3,976 | 3,603,608 | ||||||
Ligand Pharmaceuticals Inc., 0.75%, 05/15/23 |
2,425 | 2,456,622 | ||||||
Livongo Health Inc., 0.88%, 06/01/25 |
3,900 | 5,692,011 | ||||||
NeoGenomics Inc., 0.25%, 01/15/28 |
2,200 | 2,219,382 | ||||||
Novavax Inc., 3.75%, 02/01/23 |
2,125 | 2,910,591 | ||||||
PTC Therapeutics Inc., 1.50%, 09/15/26(a) |
1,675 | 1,749,085 | ||||||
Travere Therapeutics Inc., 2.50%, 09/15/25 |
1,775 | 1,880,187 | ||||||
|
|
|||||||
87,841,410 | ||||||||
Commercial Services — 4.5% | ||||||||
2U Inc., 2.25%, 05/01/25 |
2,639 | 3,372,879 | ||||||
Alarm.com Holdings Inc., 0.00% 01/15/26(a)(b) |
3,795 | 3,493,260 | ||||||
Chegg Inc. |
||||||||
0.00%, 09/01/26(b) |
7,005 | 6,523,546 |
Security | Par (000) |
Value | ||||||
Commercial Services (continued) | ||||||||
0.13%, 03/15/25 |
$ | 5,131 | $ | 6,775,639 | ||||
Euronet Worldwide Inc., 0.75%, 03/15/49 (Call 03/20/25) |
3,839 | 4,107,346 | ||||||
FTI Consulting Inc., 2.00%, 08/15/23 |
2,460 | 3,631,108 | ||||||
Repay Holdings Corp., 0.00% 02/01/26(a)(b) |
3,505 | 3,251,343 | ||||||
Sabre GLBL Inc., 4.00%, 04/15/25 |
2,538 | 3,995,751 | ||||||
Shift4 Payments Inc. |
||||||||
0.00%, 12/15/25(a)(b) |
4,785 | 5,168,901 | ||||||
0.50%, 08/01/27(a) |
4,400 | 4,092,880 | ||||||
Square Inc. |
||||||||
0.00%, 05/01/26(a)(b) |
3,375 | 3,967,110 | ||||||
0.13%, 03/01/25 |
7,551 | 16,156,875 | ||||||
0.25%, 11/01/27(a) |
3,554 | 4,343,699 | ||||||
0.50%, 05/15/23 |
4,530 | 14,792,488 | ||||||
Stride Inc., 1.13%, 09/01/27 |
2,960 | 2,973,764 | ||||||
|
|
|||||||
86,646,589 | ||||||||
Computers — 3.7% | ||||||||
CyberArk Software Ltd., 0.00% 11/15/24(b) |
3,725 | 4,822,907 | ||||||
Insight Enterprises Inc., 0.75%, 02/15/25 |
2,776 | 4,033,944 | ||||||
KBR Inc., 2.50%, 11/01/23 |
2,465 | 4,198,684 | ||||||
Lumentum Holdings Inc. |
||||||||
0.25%, 03/15/24 |
3,410 | 4,948,251 | ||||||
0.50%, 12/15/26 |
7,489 | 8,159,865 | ||||||
PAR Technology Corp., 1.50%, 10/15/27 |
1,800 | 1,982,034 | ||||||
Parsons Corp., 0.25%, 08/15/25 |
3,365 | 3,405,548 | ||||||
Pure Storage Inc., 0.13%, 04/15/23 |
3,620 | 4,319,819 | ||||||
Rapid7 Inc., 0.25%, 03/15/27(a) |
4,125 | 5,666,801 | ||||||
Varonis Systems Inc., 1.25%, 08/15/25 |
1,844 | 4,004,043 | ||||||
Western Digital Corp., 1.50%, 02/01/24 |
7,640 | 7,677,283 | ||||||
Zscaler Inc., 0.13%, 07/01/25 |
8,032 | 17,334,100 | ||||||
|
|
|||||||
70,553,279 | ||||||||
Cosmetics & Personal Care — 0.3% | ||||||||
Beauty Health Co. (The), 1.25%, 10/01/26(a) |
5,000 | 5,683,700 | ||||||
|
|
|||||||
Diversified Financial Services — 2.1% | ||||||||
Coinbase
Global Inc., |
10,200 | 12,068,130 | ||||||
JPMorgan Chase Financial Co. LLC, 0.25%, 05/01/23(a) |
4,250 | 4,823,537 | ||||||
LendingTree Inc., 0.50%, 07/15/25 |
3,711 | 3,165,928 | ||||||
PRA Group Inc., 3.50%, 06/01/23 |
2,950 | 3,265,149 | ||||||
SoFi Technologies Inc., 0.00% 10/15/26(a)(b) |
8,368 | 9,811,313 | ||||||
Upstart Holdings Inc., 0.25%, 08/15/26(a) |
4,900 | 6,847,064 | ||||||
|
|
|||||||
39,981,121 | ||||||||
Electric — 0.2% | ||||||||
NRG Energy Inc., 2.75%, 06/01/48 (Call 06/01/25) |
3,837 | 4,456,177 | ||||||
|
|
|||||||
Electronics — 1.0% | ||||||||
Fortive Corp., 0.88%, 02/15/22 |
8,268 | 8,284,453 | ||||||
II-VI Inc., 0.25%, 09/01/22 |
2,834 | 3,807,706 | ||||||
Itron Inc., 0.00% 03/15/26(a)(b) |
3,325 | 3,120,945 | ||||||
OSI Systems Inc., 1.25%, 09/01/22 |
1,794 | 1,858,674 | ||||||
Vishay Intertechnology Inc., 2.25%, 06/15/25 |
2,859 | 2,906,259 | ||||||
|
|
|||||||
19,978,037 | ||||||||
Energy - Alternate Sources — 1.9% | ||||||||
Enphase Energy Inc. |
||||||||
0.00%, 03/01/26(a)(b) |
4,150 | 4,497,396 | ||||||
0.00%, 03/01/28(a)(b) |
3,940 | 4,375,055 | ||||||
NextEra Energy Partners LP |
||||||||
0.00%, 06/15/24(a)(b) |
3,000 | 3,143,700 | ||||||
0.00%, 11/15/25(a)(b) |
4,195 | 4,858,733 | ||||||
SolarEdge Technologies Inc., 0.00% 09/15/25(b) |
4,510 | 6,673,357 | ||||||
Sunnova Energy International Inc., 0.25%, 12/01/26(a) |
3,900 | 5,555,433 |
S C H E D U L E O F I N V E S T M E N T S |
51 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Convertible Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Energy - Alternate Sources (continued) | ||||||||
SunPower Corp., 4.00%, 01/15/23 |
$ | 2,450 | $ | 3,684,236 | ||||
Sunrun Inc., 0.00% 02/01/26(a)(b) |
2,875 | 2,619,729 | ||||||
|
|
|||||||
35,407,639 | ||||||||
Entertainment — 2.0% | ||||||||
Cinemark Holdings Inc., 4.50%, 08/15/25 |
3,165 | 5,012,284 | ||||||
DraftKings Inc., 0.00% 03/15/28(a)(b) |
8,200 | 7,159,994 | ||||||
Live Nation Entertainment Inc. |
||||||||
2.00%, 02/15/25 |
2,413 | 2,928,996 | ||||||
2.50%, 03/15/23 |
4,190 | 6,559,906 | ||||||
Marriott Vacations Worldwide Corp., 0.00% 01/15/26(a)(b) |
4,355 | 4,904,775 | ||||||
Penn National Gaming Inc., 2.75%, 05/15/26 |
2,189 | 6,919,495 | ||||||
Vail Resorts Inc., 0.00% 01/01/26(a)(b) |
4,025 | 4,419,450 | ||||||
|
|
|||||||
37,904,900 | ||||||||
Food — 0.4% | ||||||||
Beyond Meat Inc., 0.00% 03/15/27(a)(b) |
8,200 | 6,853,888 | ||||||
|
|
|||||||
Health Care - Products — 3.6% | ||||||||
Alphatec Holdings Inc., 0.75%, 08/01/26(a) |
2,000 | 1,916,440 | ||||||
CONMED Corp., 2.63%, 02/01/24 |
2,520 | 4,319,835 | ||||||
Envista Holdings Corp., 2.38%, 06/01/25 |
3,801 | 7,428,636 | ||||||
Glaukos Corp., 2.75%, 06/15/27 |
1,548 | 1,818,683 | ||||||
Haemonetics Corp., 0.00% 03/01/26(a)(b) |
3,475 | 3,043,787 | ||||||
Insulet Corp., 0.38%, 09/01/26 |
5,965 | 8,840,249 | ||||||
Integra LifeSciences Holdings Corp., 0.50%, 08/15/25 |
3,588 | 3,895,851 | ||||||
LivaNova USA Inc., 3.00%, 12/15/25 |
2,195 | 3,194,603 | ||||||
Natera Inc., 2.25%, 05/01/27 |
2,045 | 6,276,064 | ||||||
Novocure Ltd., 0.00% 11/01/25(a)(b) |
3,635 | 3,708,936 | ||||||
NuVasive Inc. |
||||||||
0.38%, 03/15/25 |
3,716 | 3,521,690 | ||||||
1.00%, 06/01/23 |
3,186 | 3,157,071 | ||||||
Omnicell Inc., 0.25%, 09/15/25 |
4,168 | 7,771,695 | ||||||
Repligen Corp., 0.38%, 07/15/24 |
1,887 | 4,788,319 | ||||||
SmileDirectClub Inc., 0.00% 02/01/26(a)(b) |
5,450 | 3,770,201 | ||||||
Tandem Diabetes Care Inc., 1.50%, 05/01/25(a) |
1,550 | 2,158,329 | ||||||
|
|
|||||||
69,610,389 | ||||||||
Health Care - Services — 1.0% | ||||||||
Accolade Inc., 0.50%, 04/01/26(a) |
2,000 | 2,127,860 | ||||||
Invitae Corp., 2.00%, 09/01/24 |
2,355 | 2,776,545 | ||||||
Oak Street Health Inc., 0.00% 03/15/26(a)(b) |
6,575 | 6,147,362 | ||||||
Teladoc Health Inc., 1.25%, 06/01/27 |
7,125 | 7,356,634 | ||||||
|
|
|||||||
18,408,401 | ||||||||
Holding Companies - Diversified — 0.3% | ||||||||
Ares Capital Corp. |
||||||||
3.75%, 02/01/22 |
2,540 | 2,834,335 | ||||||
4.63%, 03/01/24 |
2,985 | 3,403,139 | ||||||
|
|
|||||||
6,237,474 | ||||||||
Home Builders — 0.3% | ||||||||
LCI Industries, 1.13%, 05/15/26(a) |
3,100 | 3,256,860 | ||||||
Winnebago Industries Inc., 1.50%, 04/01/25 |
1,575 | 2,010,235 | ||||||
|
|
|||||||
5,267,095 | ||||||||
Internet — 23.9% | ||||||||
Airbnb Inc., 0.00% 03/15/26(a)(b) |
13,600 | 13,367,984 | ||||||
Baozun Inc., 1.63%, 05/01/24 |
1,300 | 1,227,304 | ||||||
Booking Holdings Inc., 0.75%, 05/01/25 |
6,206 | 9,211,318 | ||||||
Etsy Inc. |
||||||||
0.13%, 10/01/26 |
4,557 | 13,183,219 | ||||||
0.13%, 09/01/27 |
4,398 | 6,508,028 | ||||||
0.25%, 06/15/28(a) |
6,900 | 8,771,970 | ||||||
Expedia Group Inc., 0.00% 02/15/26(a)(b) |
6,720 | 7,244,832 |
Security | Par (000) |
Value | ||||||
Internet (continued) | ||||||||
Farfetch Ltd., 3.75%, 05/01/27 |
$ | 2,450 | $ | 6,330,065 | ||||
Fiverr International Ltd., 0.00% 11/01/25(b) |
2,939 | 3,242,128 | ||||||
fuboTV Inc., 3.25%, 02/15/26(a) |
2,450 | 2,381,964 | ||||||
Hello Group Inc., 1.25%, 07/01/25 |
4,828 | 4,307,348 | ||||||
iQIYI Inc. |
||||||||
2.00%, 04/01/25 |
7,805 | 6,964,167 | ||||||
3.75%, 12/01/23 |
5,050 | 4,977,431 | ||||||
4.00%, 12/15/26 |
6,135 | 5,358,248 | ||||||
JOYY Inc. |
||||||||
0.75%, 06/15/25 |
3,230 | 2,964,236 | ||||||
1.38%, 06/15/26 |
3,000 | 2,711,910 | ||||||
Lyft Inc., 1.50%, 05/15/25 |
5,490 | 7,647,735 | ||||||
Magnite Inc., 0.25%, 03/15/26(a) |
3,050 | 2,539,582 | ||||||
Mandiant Inc. |
||||||||
0.88%, 06/01/24 |
4,687 | 4,936,911 | ||||||
Series B, 1.63%, 06/01/35 (Call 06/01/22) |
3,020 | 2,980,045 | ||||||
Match Group Financeco 2 Inc., 0.88%, 06/15/26(a) |
3,975 | 7,218,560 | ||||||
Match Group Financeco 3 Inc., 2.00%, 01/15/30(a) |
4,060 | 7,935,635 | ||||||
MercadoLibre Inc., 2.00%, 08/15/28 |
3,000 | 10,134,030 | ||||||
NortonLifeLock Inc., 2.00%, 08/15/22(a) |
4,765 | 6,090,909 | ||||||
Okta Inc. |
||||||||
0.13%, 09/01/25 |
7,395 | 10,742,569 | ||||||
0.38%, 06/15/26 |
7,552 | 9,448,081 | ||||||
Opendoor Technologies Inc., 0.25%, 08/15/26(a) |
7,000 | 9,750,650 | ||||||
Palo Alto Networks Inc. |
||||||||
0.38%, 06/01/25 |
13,838 | 24,207,505 | ||||||
0.75%, 07/01/23 |
11,400 | 21,978,402 | ||||||
Pinduoduo Inc., 0.00% 12/01/25(b) |
13,715 | 12,852,052 | ||||||
Q2 Holdings Inc. |
||||||||
0.13%, 11/15/25(a) |
2,275 | 2,077,917 | ||||||
0.75%, 06/01/26 |
2,130 | 2,367,474 | ||||||
RealReal Inc. (The), 1.00%, 03/01/28(a) |
2,200 | 1,815,198 | ||||||
Sea Ltd. |
||||||||
0.25%, 09/15/26 |
20,200 | 21,251,612 | ||||||
2.38%, 12/01/25 |
7,850 | 29,922,473 | ||||||
Shopify Inc., 0.13%, 11/01/25 |
6,162 | 7,799,428 | ||||||
Snap Inc. |
||||||||
0.00%, 05/01/27(a)(b) |
8,050 | 8,157,306 | ||||||
0.25%, 05/01/25 |
2,098 | 5,178,682 | ||||||
0.75%, 08/01/26 |
5,665 | 13,537,594 | ||||||
Spotify USA Inc., 0.00% 03/15/26(a)(b) |
10,625 | 10,123,394 | ||||||
TripAdvisor Inc., 0.25%, 04/01/26(a) |
2,950 | 2,654,823 | ||||||
Twitter Inc. |
||||||||
0.00%, 03/15/26(a)(b) |
9,075 | 8,314,969 | ||||||
0.25%, 06/15/24 |
8,505 | 10,033,263 | ||||||
Uber Technologies Inc., 0.00% 12/15/25(a)(b) |
7,745 | 7,479,037 | ||||||
Upwork Inc., 0.25%, 08/15/26(a) |
4,350 | 4,658,676 | ||||||
Vianet Group Inc., 0.00% 02/01/26(a)(b) |
3,950 | 3,264,359 | ||||||
Wayfair Inc. |
||||||||
0.63%, 10/01/25 |
11,110 | 10,952,905 | ||||||
1.00%, 08/15/26 |
6,320 | 11,489,002 | ||||||
1.13%, 11/01/24 |
3,990 | 8,778,559 | ||||||
Weibo Corp., 1.25%, 11/15/22 |
5,875 | 5,755,620 | ||||||
Wix.com Ltd. |
||||||||
0.00%, 07/01/23(b) |
2,756 | 3,907,126 | ||||||
0.00%, 08/15/25(b) |
3,897 | 3,681,028 | ||||||
Zendesk Inc., 0.63%, 06/15/25 |
8,298 | 9,728,409 | ||||||
Zillow Group Inc. |
||||||||
0.75%, 09/01/24 |
4,150 | 9,947,052 | ||||||
1.38%, 09/01/26 |
3,465 | 8,468,391 |
52 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Convertible Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Internet (continued) | ||||||||
2.75%, 05/15/25 |
$ | 4,125 | $ | 7,172,550 | ||||
|
|
|||||||
455,731,665 | ||||||||
Iron & Steel — 0.7% | ||||||||
Allegheny Technologies Inc., 3.50%, 06/15/25 |
1,490 | 1,971,091 | ||||||
Cleveland-Cliffs Inc., 1.50%, 01/15/25 |
2,070 | 6,438,632 | ||||||
United States Steel Corp., 5.00%, 11/01/26 |
2,305 | 5,001,850 | ||||||
|
|
|||||||
13,411,573 | ||||||||
Leisure Time — 2.8% | ||||||||
Callaway Golf Co., 2.75%, 05/01/26 |
1,703 | 2,925,805 | ||||||
Carnival Corp., 5.75%, 04/01/23 |
3,500 | 8,043,210 | ||||||
Liberty TripAdvisor Holdings Inc., 0.50%, 06/30/51 (Call 03/27/25)(a) |
2,000 | 1,683,200 | ||||||
NCL Corp. Ltd. |
||||||||
5.38%, 08/01/25 |
2,930 | 4,872,590 | ||||||
6.00%, 05/15/24 |
6,275 | 12,947,961 | ||||||
Peloton Interactive Inc., 0.00% 02/15/26(a)(b) |
7,360 | 6,569,536 | ||||||
Royal Caribbean Cruises Ltd. |
||||||||
2.88%, 11/15/23(a) |
4,490 | 5,624,174 | ||||||
4.25%, 06/15/23 |
7,817 | 10,538,723 | ||||||
|
|
|||||||
53,205,199 | ||||||||
Lodging — 0.4% | ||||||||
Huazhu Group Ltd. |
||||||||
0.38%, 11/01/22 |
2,915 | 3,314,297 | ||||||
3.00%, 05/01/26, (Put 05/01/24) |
3,529 | 4,654,574 | ||||||
|
|
|||||||
7,968,871 | ||||||||
Machinery — 0.7% | ||||||||
Chart Industries Inc., 1.00%, 11/15/24(a) |
1,720 | 5,226,960 | ||||||
Middleby Corp. (The), 1.00%, 09/01/25 |
5,357 | 8,062,499 | ||||||
|
|
|||||||
13,289,459 | ||||||||
Manufacturing — 0.2% | ||||||||
John
Bean Technologies Corp., |
3,150 | 3,435,390 | ||||||
|
|
|||||||
Media — 5.3% | ||||||||
Cable One Inc. |
||||||||
0.00%, 03/15/26(a)(b) |
3,875 | 3,698,145 | ||||||
1.13%, 03/15/28(a) |
2,275 | 2,246,358 | ||||||
DISH Network Corp. |
||||||||
0.00%, 12/15/25(a)(b) |
14,135 | 16,228,676 | ||||||
2.38%, 03/15/24 |
7,135 | 6,936,076 | ||||||
3.38%, 08/15/26 |
20,189 | 20,592,578 | ||||||
Liberty Broadband Corp. |
||||||||
1.25%, 09/30/50 (Call 10/05/23)(a) |
6,325 | 6,344,228 | ||||||
2.75%, 09/30/50 (Call 10/05/23)(a) |
3,673 | 3,810,517 | ||||||
Liberty Interactive LLC, 1.75%, 09/30/46 (Call 10/05/23)(a) |
2,250 | 4,458,915 | ||||||
Liberty Latin America Ltd., 2.00%, 07/15/24 |
2,296 | 2,293,038 | ||||||
Liberty Media Corp. |
||||||||
0.50%, 12/01/50 (Call 09/01/24)(a) |
6,100 | 7,779,208 | ||||||
1.38%, 10/15/23 |
6,745 | 9,773,505 | ||||||
2.13%, 03/31/48 (Call 04/07/23)(a) |
2,428 | 2,505,065 | ||||||
2.25%, 12/01/48 (Call 12/02/21)(a) |
2,755 | 4,187,379 | ||||||
2.75%, 12/01/49 (Call 12/01/24)(a) |
4,487 | 4,639,289 | ||||||
Liberty Media Corp.-Liberty Formula One, 1.00%, 01/30/23 |
3,718 | 5,686,644 | ||||||
|
|
|||||||
101,179,621 | ||||||||
Mining — 0.3% | ||||||||
MP Materials Corp., 0.25%, 04/01/26(a) |
5,150 | 5,419,293 | ||||||
|
|
|||||||
Oil & Gas — 1.5% | ||||||||
CNX Resources Corp., 2.25%, 05/01/26 |
1,985 | 2,715,004 | ||||||
EQT Corp., 1.75%, 05/01/26 |
3,615 | 5,648,365 |
Security | Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
Nabors Industries Inc., 0.75%, 01/15/24 |
$ | 1,775 | $ | 1,646,419 | ||||
Pioneer Natural Resources Co., 0.25%, 05/15/25 |
9,424 | 16,725,809 | ||||||
Transocean Inc., 4.00%, 12/15/25 |
1,500 | 1,613,025 | ||||||
|
|
|||||||
28,348,622 | ||||||||
Pharmaceuticals — 3.9% | ||||||||
Aerie Pharmaceuticals Inc., 1.50%, 10/01/24 |
1,725 | 1,545,617 | ||||||
Aphria Inc., 5.25%, 06/01/24(a) |
1,275 | 1,581,127 | ||||||
Aurora Cannabis Inc., 5.50%, 02/28/24 |
800 | 681,192 | ||||||
Clovis Oncology Inc., 1.25%, 05/01/25 |
1,425 | 1,030,802 | ||||||
Dexcom Inc., 0.25%, 11/15/25 |
8,370 | 10,711,005 | ||||||
DexCom Inc., 0.75%, 12/01/23 |
5,729 | 21,645,079 | ||||||
GSK Finance No. 3 PLC, 0.00% 06/22/23(a)(b) |
2,000 | 1,952,400 | ||||||
Herbalife Nutrition Ltd., 2.63%, 03/15/24 |
3,885 | 4,036,321 | ||||||
Jazz Investments I Ltd. |
||||||||
1.50%, 08/15/24 |
3,197 | 3,252,916 | ||||||
2.00%, 06/15/26 |
7,900 | 9,180,432 | ||||||
Neurocrine Biosciences Inc., 2.25%, 05/15/24 |
2,655 | 3,737,948 | ||||||
Pacira BioSciences Inc., 0.75%, 08/01/25 |
3,095 | 3,257,116 | ||||||
Revance Therapeutics Inc., 1.75%, 02/15/27 |
2,225 | 1,833,823 | ||||||
Sarepta Therapeutics Inc., 1.50%, 11/15/24 |
4,000 | 5,404,680 | ||||||
Supernus Pharmaceuticals Inc., 0.63%, 04/01/23 |
2,155 | 2,138,557 | ||||||
Tilray Inc., 5.00%, 10/01/23 |
2,600 | 2,547,428 | ||||||
|
|
|||||||
74,536,443 | ||||||||
Pipelines — 0.3% | ||||||||
Cheniere Energy Inc., 4.25%, 03/15/45 |
3,557 | 3,021,743 | ||||||
Golar LNG Ltd., 2.75%, 02/15/22 |
2,815 | 2,812,860 | ||||||
|
|
|||||||
5,834,603 | ||||||||
Private Equity — 0.3% | ||||||||
Digitalbridge Operating Co. LLC, 5.75%, 07/15/25(a) |
2,025 | 6,123,782 | ||||||
|
|
|||||||
Real Estate — 0.7% | ||||||||
Radius Global Infrastructure Inc., 2.50%, 09/15/26(a) |
1,500 | 1,548,390 | ||||||
Realogy Group LLC / Realogy Co-Issuer Corp., 0.25%, 06/15/26(a) |
3,200 | 3,254,368 | ||||||
Redfin Corp. |
||||||||
0.00%, 10/15/25(b) |
4,583 | 4,670,810 | ||||||
0.50%, 04/01/27(a) |
3,825 | 3,469,122 | ||||||
|
|
|||||||
12,942,690 | ||||||||
Real Estate Investment Trusts — 1.6% | ||||||||
Apollo Commercial Real Estate Finance Inc., 4.75%, 08/23/22 |
2,941 | 2,955,558 | ||||||
Arbor Realty Trust Inc., 4.75%, 11/01/22 |
1,675 | 1,951,609 | ||||||
Blackstone Mortgage Trust Inc., 4.38%, 05/05/22 |
3,425 | 3,484,629 | ||||||
iStar Inc., 3.13%, 09/15/22 |
1,865 | 3,409,574 | ||||||
Pebblebrook Hotel Trust, 1.75%, 12/15/26 |
5,395 | 6,021,144 | ||||||
PennyMac Corp., 5.50%, 03/15/26(a) |
2,000 | 2,067,780 | ||||||
Starwood Property Trust Inc., 4.38%, 04/01/23 (Call 01/01/23) |
1,700 | 1,815,770 | ||||||
Summit Hotel Properties Inc., 1.50%, 02/15/26 |
1,950 | 2,082,990 | ||||||
Two Harbors Investment Corp., 6.25%, 01/15/26 |
2,200 | 2,277,044 | ||||||
Uniti Fiber Holdings Inc., 4.00%, 06/15/24(a) |
2,804 | 3,840,527 | ||||||
|
|
|||||||
29,906,625 | ||||||||
Retail — 2.9% | ||||||||
American Eagle Outfitters Inc., 3.75%, 04/15/25 |
2,901 | 8,232,545 | ||||||
Burlington Stores Inc., 2.25%, 04/15/25 |
4,902 | 7,027,997 | ||||||
Cheesecake Factory Inc. (The), 0.38%, 06/15/26 |
2,300 | 2,092,402 | ||||||
Cracker Barrel Old Country Store Inc., 0.63%, 06/15/26(a) |
2,800 | 2,745,008 | ||||||
Dick’s Sporting Goods Inc., 3.25%, 04/15/25 |
3,975 | 15,125,511 | ||||||
Guess? Inc., 2.00%, 04/15/24 |
2,050 | 2,273,758 |
S C H E D U L E O F I N V E S T M E N T S |
53 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Convertible Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Retail (continued) | ||||||||
National Vision Holdings Inc., 2.50%, 05/15/25 |
$ | 2,947 | $ | 6,079,455 | ||||
RH, 0.00% 09/15/24(b) |
2,016 | 6,271,554 | ||||||
Shake Shack Inc., 0.00% 03/01/28(a)(b) |
2,300 | 1,886,345 | ||||||
Vroom Inc., 0.75%, 07/01/26(a) |
4,000 | 3,092,000 | ||||||
|
|
|||||||
54,826,575 | ||||||||
Semiconductors — 2.1% | ||||||||
MACOM Technology Solutions Holdings Inc., 0.25%, 03/15/26(a) |
3,575 | 3,924,278 | ||||||
Microchip Technology Inc., 0.13%, 11/15/24 |
4,650 | 5,197,910 | ||||||
ON Semiconductor Corp., 0.00% 05/01/27(a)(b) |
5,650 | 6,840,624 | ||||||
Silicon Laboratories Inc., 0.63%, 06/15/25 |
3,466 | 5,571,248 | ||||||
SMART Global Holdings Inc., 2.25%, 02/15/26 |
1,475 | 2,193,546 | ||||||
Wolfspeed Inc. |
||||||||
0.88%, 09/01/23 |
2,807 | 5,643,502 | ||||||
1.75%, 05/01/26 |
4,151 | 10,825,351 | ||||||
|
|
|||||||
40,196,459 | ||||||||
Software — 19.3% | ||||||||
1Life Healthcare Inc., 3.00%, 06/15/25 |
2,125 | 2,061,760 | ||||||
8x8 Inc., 0.50%, 02/01/24 |
2,146 | 2,384,313 | ||||||
Akamai Technologies Inc. |
||||||||
0.13%, 05/01/25 |
8,262 | 10,116,489 | ||||||
0.38%, 09/01/27 |
6,951 | 7,641,443 | ||||||
Alteryx Inc. |
||||||||
0.50%, 08/01/24 |
2,950 | 2,797,279 | ||||||
1.00%, 08/01/26 |
2,442 | 2,286,005 | ||||||
Avalara Inc., 0.25%, 08/01/26(a) |
6,800 | 7,114,432 | ||||||
Avaya Holdings Corp., 2.25%, 06/15/23 |
2,071 | 2,139,094 | ||||||
Bandwidth Inc. |
||||||||
0.25%, 03/01/26 |
3,080 | 3,579,730 | ||||||
0.50%, 04/01/28(a) |
2,100 | 1,752,618 | ||||||
Bentley Systems Inc. |
||||||||
0.13%, 01/15/26(a) |
4,375 | 4,974,638 | ||||||
0.38%, 07/01/27(a) |
4,200 | 4,250,904 | ||||||
BigCommerce Holdings Inc., 0.25%, 10/01/26(a) |
2,700 | 2,679,021 | ||||||
Bilibili Inc. |
||||||||
1.25%, 06/15/27 |
5,634 | 11,001,512 | ||||||
1.38%, 04/01/26 |
2,840 | 8,598,469 | ||||||
Bill.com Holdings Inc. |
||||||||
0.00%, 12/01/25(a)(b) |
7,895 | 15,266,167 | ||||||
0.00%, 04/01/27(a)(b) |
3,900 | 4,189,107 | ||||||
Blackline Inc. |
||||||||
0.00%, 03/15/26(a)(b) |
8,465 | 8,640,141 | ||||||
0.13%, 08/01/24 |
1,588 | 2,830,324 | ||||||
Box Inc., 0.00% 01/15/26(a)(b) |
2,850 | 3,401,247 | ||||||
Ceridian HCM Holding Inc., 0.25%, 03/15/26(a) |
4,250 | 4,880,785 | ||||||
Cloudflare Inc., 0.00% 08/15/26(a)(b) |
9,300 | 11,730,276 | ||||||
Coupa Software Inc. |
||||||||
0.13%, 06/15/25 |
5,700 | 8,904,768 | ||||||
0.38%, 06/15/26 |
9,582 | 10,536,176 | ||||||
Datadog Inc., 0.13%, 06/15/25 |
5,454 | 10,334,948 | ||||||
DocuSign Inc., 0.00% 01/15/24(a)(b) |
5,310 | 5,586,545 | ||||||
Dropbox Inc. |
||||||||
0.00%, 03/01/26(a)(b) |
4,965 | 5,272,880 | ||||||
0.00%, 03/01/28(a)(b) |
4,895 | 5,342,648 | ||||||
Envestnet Inc. |
||||||||
0.75%, 08/15/25(a) |
2,960 | 3,029,323 | ||||||
1.75%, 06/01/23 |
2,305 | 3,029,923 | ||||||
Everbridge Inc. |
||||||||
0.00%, 03/15/26(a)(b) |
2,475 | 2,734,850 |
Security | Par (000) |
Value | ||||||
Software (continued) | ||||||||
0.13%, 12/15/24 |
$ | 3,020 | $ | 4,589,494 | ||||
Fastly Inc., 0.00% 03/15/26(a)(b) |
6,425 | 5,737,204 | ||||||
Five9 Inc., 0.50%, 06/01/25 |
5,590 | 7,487,525 | ||||||
Guidewire Software Inc., 1.25%, 03/15/25 |
3,274 | 4,070,924 | ||||||
HubSpot Inc., 0.38%, 06/01/25 |
3,239 | 9,311,995 | ||||||
Jamf Holding Corp., 0.13%, 09/01/26(a) |
2,625 | 3,056,209 | ||||||
LivePerson Inc., 0.00% 12/15/26(a)(b) |
3,760 | 3,679,461 | ||||||
Medallia Inc., 0.13%, 09/15/25 |
4,394 | 4,743,015 | ||||||
MicroStrategy Inc. |
||||||||
0.00%, 02/15/27(a)(b) |
6,600 | 5,451,138 | ||||||
0.75%, 12/15/25(a) |
4,700 | 9,105,357 | ||||||
MongoDB Inc., 0.25%, 01/15/26 |
8,139 | 20,433,448 | ||||||
New Relic Inc., 0.50%, 05/01/23 |
3,100 | 3,247,622 | ||||||
Nuance Communications Inc., 1.25%, 04/01/25 |
1,940 | 5,444,300 | ||||||
Nutanix Inc., 0.25%, 10/01/27(a) |
4,100 | 3,874,500 | ||||||
PagerDuty Inc., 1.25%, 07/01/25 |
1,700 | 2,178,499 | ||||||
Pegasystems Inc., 0.75%, 03/01/25 |
4,627 | 5,043,661 | ||||||
Porch Group Inc., 0.75%, 09/15/26(a) |
2,900 | 3,191,218 | ||||||
Progress Software Corp., 1.00%, 04/15/26(a) |
3,000 | 3,201,630 | ||||||
RingCentral Inc. |
||||||||
0.00%, 03/01/25(b) |
7,303 | 7,494,193 | ||||||
0.00%, 03/15/26(b) |
4,596 | 4,477,469 | ||||||
Sailpoint Technologies Holdings Inc., 0.13%, 09/15/24 |
2,498 | 4,399,802 | ||||||
Splunk Inc. |
||||||||
0.50%, 09/15/23 |
5,193 | 6,485,953 | ||||||
1.13%, 09/15/25 |
6,056 | 7,908,288 | ||||||
1.13%, 06/15/27 |
8,441 | 8,803,625 | ||||||
Tabula Rasa HealthCare Inc., 1.75%, 02/15/26 |
2,364 | 1,977,982 | ||||||
Tyler Technologies Inc., 0.25%, 03/15/26(a) |
3,700 | 4,505,601 | ||||||
Verint Systems Inc., 0.25%, 04/15/26(a) |
2,360 | 2,339,279 | ||||||
Workday Inc., 0.25%, 10/01/22 |
8,139 | 16,083,885 | ||||||
Workiva Inc., 1.13%, 08/15/26 |
2,525 | 4,995,005 | ||||||
Ziff Davis Inc., 1.75%, 11/01/26(a) |
3,656 | 4,971,356 | ||||||
Zynga Inc. |
||||||||
0.00%, 12/15/26(a)(b) |
6,015 | 5,796,114 | ||||||
0.25%, 06/01/24 |
4,941 | 5,611,593 | ||||||
|
|
|||||||
368,785,160 | ||||||||
Telecommunications — 1.0% | ||||||||
GDS Holdings Ltd., 2.00%, 06/01/25 |
1,645 | 2,248,781 | ||||||
Infinera Corp., 2.13%, 09/01/24 |
3,150 | 3,378,469 | ||||||
InterDigital Inc., 2.00%, 06/01/24 |
2,860 | 3,080,106 | ||||||
Nice Ltd., 0.00% 09/15/25(b) |
3,529 | 4,138,599 | ||||||
Viavi Solutions Inc., 1.00%, 03/01/24 |
2,025 | 2,608,322 | ||||||
Vonage Holdings Corp., 1.75%, 06/01/24 |
2,825 | 3,306,719 | ||||||
|
|
|||||||
18,760,996 | ||||||||
Transportation — 0.3% | ||||||||
Air Transport Services Group Inc., 1.13%, 10/15/24 |
1,349 | 1,434,230 | ||||||
Atlas Air Worldwide Holdings Inc., 1.88%, 06/01/24 |
2,325 | 3,389,943 | ||||||
|
|
|||||||
4,824,173 | ||||||||
Trucking & Leasing — 0.1% | ||||||||
Greenbrier Companies Inc. (The), 2.88%, 04/15/28(a) |
2,600 | 2,702,856 | ||||||
|
|
|||||||
Total
Convertible Bonds — 99.4% |
1,896,268,890 | |||||||
|
|
54 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Convertible Bond ETF (Percentages shown are based on Net Assets) |
Security | Shares (000) |
Value | ||||||
Common Stocks |
||||||||
Media — 0.2% | ||||||||
Gannett Co. Inc.(c) |
600 | $ | 3,480,000 | |||||
|
|
|||||||
Total
Common Stocks — 0.2% |
3,480,000 | |||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 0.2% | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e) |
4,430 | 4,430,000 | ||||||
|
|
|||||||
Total
Short-Term Investments — 0.2% |
4,430,000 | |||||||
|
|
|||||||
Total
Investments in Securities — 99.8% |
1,904,178,890 | |||||||
Other Assets, Less Liabilities — 0.2% |
3,018,843 | |||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 1,907,197,733 | ||||||
|
|
(a) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(b) |
Zero-coupon bond. |
(c) |
Non-income producing security. |
(d) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 10/31/20 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change
in Unrealized Appreciation (Depreciation) |
Value at 10/31/21 |
Shares Held at 10/31/21 (000) |
Income | Capital
Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares(a) |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | — | $ | 2,163 | (b) | $ | — | ||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
3,980,000 | 450,000 | (c) | — | — | — | 4,430,000 | 4,430 | 2,532 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | — | $ | — | $ | 4,430,000 | $ | 4,695 | $ | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
As of period end, the entity is no longer held. |
(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. |
(c) |
Represents net amount purchased (sold). |
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 |
||||||||||||||||
Convertible Bonds |
$ | — | $ | 1,896,268,890 | $ | — | $ | 1,896,268,890 | ||||||||
Common Stocks |
3,480,000 | — | — | 3,480,000 | ||||||||||||
Money Market Funds |
4,430,000 | — | — | 4,430,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 7,910,000 | $ | 1,896,268,890 | $ | — | $ | 1,904,178,890 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
55 |
Schedule of Investments October 31, 2021 |
iShares® Floating Rate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Corporate Bonds & Notes |
||||||||
Agriculture — 0.3% | ||||||||
BAT
Capital Corp., 1.00%, 08/15/22 (Call 07/15/22), |
$ | 18,078 | $ | 18,159,351 | ||||
|
|
|||||||
Auto Manufacturers — 7.4% | ||||||||
American Honda Finance Corp. |
||||||||
0.25%,
01/21/22, |
10,000 | 10,000,800 | ||||||
0.28%,
02/22/23, |
4,900 | 4,899,755 | ||||||
0.40%,
01/12/24, |
11,292 | 11,310,406 | ||||||
0.41%,
12/10/21, |
16,850 | 16,853,539 | ||||||
0.47%,
11/05/21, |
17,670 | 17,670,353 | ||||||
0.50%,
05/10/23, |
13,320 | 13,356,364 | ||||||
0.53%,
09/08/23, |
9,680 | 9,727,819 | ||||||
0.57%,
02/15/22, |
8,084 | 8,094,105 | ||||||
0.59%,
11/16/22, |
4,462 | 4,478,509 | ||||||
0.67%,
06/27/22, |
5,000 | 5,015,300 | ||||||
BMW
Finance NV, 0.91%, 08/12/22, |
16,395 | 16,486,976 | ||||||
BMW U.S. Capital LLC |
||||||||
0.43%, 08/12/24, (SOFR + 0.380%)(a)(b)(c) |
17,000 | 17,079,220 | ||||||
0.58%, 04/01/24, (SOFR + 0.530%)(a)(b)(c) |
15,912 | 16,032,931 | ||||||
0.66%,
04/14/22, |
2,270 | 2,274,631 | ||||||
Daimler Finance North America LLC |
||||||||
0.79%,
11/05/21, |
7,573 | 7,573,379 | ||||||
0.96%,
05/04/23, |
6,999 | 7,061,851 | ||||||
1.01%,
02/22/22, |
29,070 | 29,138,024 | ||||||
1.02%,
02/15/22, |
38,386 | 38,476,975 | ||||||
General Motors Financial Co. Inc. |
||||||||
0.67%, 10/15/24, (SOFR + 0.620%)(a) |
7,200 | 7,207,416 | ||||||
0.81%, 03/08/24, (SOFR + 0.760%)(a) |
18,772 | 18,872,055 | ||||||
1.12%,
01/05/23, |
8,979 | 9,037,723 | ||||||
1.22%,
11/06/21, |
5,247 | 5,247,630 | ||||||
1.25%, 11/17/23, (SOFR + 1.200%)(a) |
20,870 | 21,170,528 | ||||||
1.44%,
06/30/22, |
16,677 | 16,780,397 | ||||||
1.68%,
01/14/22, |
9,886 | 9,910,715 | ||||||
Nissan Motor Acceptance Corp. |
||||||||
0.75%,
03/08/24, |
7,935 | 7,936,111 | ||||||
0.77%,
07/13/22, |
5,690 | 5,690,455 | ||||||
0.82%,
09/28/22, |
8,769 | 8,792,150 | ||||||
1.01%,
01/13/22, |
10,517 | 10,523,836 | ||||||
Toyota Motor Credit Corp. |
||||||||
0.20%, 08/15/22, (SOFR + 0.150%)(a)(b) |
17,000 | 16,999,150 | ||||||
0.27%,
02/14/22, |
11,250 | 11,251,575 | ||||||
0.31%, 06/18/24, (SOFR + 0.260%)(a) |
30,991 | 31,006,186 | ||||||
0.34%, 09/13/24, (SOFR + 0.290%)(a)(b) |
20,115 | 20,140,747 | ||||||
0.37%, 04/06/23, (SOFR + 0.320%)(a) |
13,671 | 13,701,350 | ||||||
0.38%, 01/11/24, (SOFR + 0.330%)(a)(b) |
12,274 | 12,303,580 | ||||||
0.39%, 10/14/22, (SOFR + 0.340%)(a) |
2,227 | 2,231,454 | ||||||
0.51%,
01/11/23, |
1,200 | 1,203,864 | ||||||
0.52%,
05/17/22, |
9,978 | 9,994,563 | ||||||
0.59%,
09/08/22, |
15,305 | 15,354,894 | ||||||
0.81%,
01/11/22, |
9,300 | 9,311,067 | ||||||
Volkswagen
Group of America Finance LLC, 1.06%, 11/12/21, |
18,419 | 18,423,236 | ||||||
|
|
|||||||
518,621,619 | ||||||||
Banks — 50.6% | ||||||||
ANZ New Zealand Int’l Ltd./London, 1.12%, 01/25/22, |
||||||||
(3 mo. LIBOR US + 1.000%)(a)(c) |
5,025 | 5,035,904 |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
ASB
Bank Ltd., 1.09%, 06/14/23, |
$ | 6,625 | $ | 6,714,437 | ||||
Australia & New Zealand Banking Group Ltd. |
||||||||
0.62%,
11/21/22, |
14,625 | 14,688,326 | ||||||
0.71%,
11/09/22, |
1,210 | 1,215,929 | ||||||
0.84%,
05/19/22, |
9,819 | 9,854,152 | ||||||
1.00%,
11/23/21, |
4,865 | 4,867,481 | ||||||
Banco Santander SA |
||||||||
1.22%,
02/23/23, |
10,720 | 10,831,595 | ||||||
1.24%,
04/12/23, |
13,130 | 13,285,590 | ||||||
1.68%,
04/11/22, |
13,274 | 13,347,335 | ||||||
Bank of America Corp. |
||||||||
0.74%,
04/22/25 (Call 04/22/24), |
16,375 | 16,479,964 | ||||||
0.78%,
10/24/24 (Call 10/24/23), |
6,801 | 6,847,655 | ||||||
0.89%,
02/05/26 (Call 02/05/25), |
31,073 | 31,467,938 | ||||||
0.91%,
03/05/24 (Call 03/05/23), |
41,468 | 41,779,839 | ||||||
1.08%,
07/23/24 (Call 07/23/23), |
14,778 | 14,959,474 | ||||||
1.12%,
04/24/23 (Call 04/24/22), |
38,974 | 39,138,081 | ||||||
1.29%,
01/20/23 (Call 01/20/22), |
25,251 | 25,309,330 | ||||||
Bank of Montreal |
||||||||
0.31%, 09/15/23, (SOFR + 0.265%)(a)(b) |
15,800 | 15,806,162 | ||||||
0.32%, 04/14/23, (SOFR + 0.270%)(a) |
1,900 | 1,902,014 | ||||||
0.37%, 07/09/24, (SOFR + 0.320%)(a) |
15,100 | 15,128,086 | ||||||
0.40%, 12/08/23, (SOFR + 0.350%)(a) |
10,213 | 10,229,954 | ||||||
0.67%, 09/15/26, (SOFR + 0.620%)(a) |
30,186 | 30,243,052 | ||||||
0.70%,
03/26/22, |
5,010 | 5,020,270 | ||||||
0.73%, 03/10/23, (SOFR + 0.680%)(a)(b) |
30,275 | 30,479,962 | ||||||
0.74%,
09/11/22, |
6,447 | 6,479,235 | ||||||
Bank of New York Mellon Corp. (The) |
||||||||
0.31%,
04/26/24 (Call 03/26/24), |
7,149 | 7,153,218 | ||||||
1.18%,
10/30/23 (Call 10/30/22), |
18,307 | 18,475,058 | ||||||
Series
J, 0.25%, 10/25/24 (Call 09/25/24), |
20,200 | 20,189,496 | ||||||
Bank of Nova Scotia (The) |
||||||||
0.31%, 09/15/23, (SOFR + 0.260%)(a) |
16,765 | 16,763,323 | ||||||
0.33%,
06/23/23 (Call 06/23/22), |
14,171 | 14,177,094 | ||||||
0.43%, 07/31/24, (SOFR + 0.380%)(a)(b) |
14,950 | 14,972,873 | ||||||
0.59%, 03/02/26, (SOFR + 0.545%)(a)(b) |
18,745 | 18,752,123 | ||||||
0.60%, 09/15/23, (SOFR + 0.550%)(a) |
18,720 | 18,831,384 | ||||||
0.66%, 09/15/26, (SOFR + 0.610%)(a) |
6,445 | 6,456,537 | ||||||
0.74%,
09/19/22, |
12,326 | 12,387,753 | ||||||
0.76%,
03/07/22, |
5,586 | 5,597,340 | ||||||
Series FRN, 0.49%, 04/15/24, (SOFR + 0.445%)(a) |
22,245 | 22,328,419 | ||||||
Banque Federative du Credit Mutuel SA |
||||||||
0.46%, 02/04/25, (SOFR + 0.410%)(a)(c) |
11,148 | 11,162,269 | ||||||
0.86%,
07/20/22, |
5,575 | 5,601,147 | ||||||
1.09%,
07/20/23, |
8,725 | 8,843,922 | ||||||
Barclays PLC |
||||||||
1.50%,
05/16/24 (Call 05/16/23), |
36,482 | 37,035,067 | ||||||
1.55%,
02/15/23 (Call 02/15/22), |
21,070 | 21,141,006 | ||||||
1.75%,
01/10/23 (Call 01/10/22), |
18,795 | 18,821,689 |
56 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Floating Rate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
BNG
Bank NV, 0.18%, 03/11/22, |
$ | 13,280 | $ | 13,283,453 | ||||
BPCE SA |
||||||||
0.43%,
01/14/22, |
5,000 | 5,001,850 | ||||||
1.00%,
05/31/22, |
20,932 | 21,031,008 | ||||||
1.35%,
05/22/22, |
13,190 | 13,268,349 | ||||||
1.35%,
09/12/23, |
13,396 | 13,633,913 | ||||||
Canadian Imperial Bank of Commerce |
||||||||
0.39%, 06/22/23, (SOFR + 0.340%)(a) |
21,000 | 21,028,140 | ||||||
0.45%, 12/14/23, (SOFR + 0.400%)(a)(b) |
19,400 | 19,442,486 | ||||||
0.47%, 10/18/24, (SOFR + 0.420%)(a) |
20,925 | 20,939,020 | ||||||
0.77%,
09/13/23, |
10,001 | 10,100,810 | ||||||
0.84%,
06/16/22, |
11,772 | 11,821,560 | ||||||
0.85%, 03/17/23, (SOFR + 0.800%)(a)(b) |
16,385 | 16,513,950 | ||||||
Capital
One N.A., 1.28%, 01/30/23 (Call 01/30/22), |
9,815 | 9,835,906 | ||||||
Citigroup Inc. |
||||||||
0.72%,
05/01/25 (Call 05/01/24), |
20,800 | 20,922,096 | ||||||
0.82%,
10/27/22 (Call 09/27/22), |
20,385 | 20,487,944 | ||||||
0.92%,
11/04/22 (Call 11/04/21), |
12,120 | 12,207,143 | ||||||
1.07%,
07/24/23 (Call 07/24/22), |
17,009 | 17,101,699 | ||||||
1.08%,
04/25/22 (Call 03/25/22), |
37,087 | 37,205,678 | ||||||
1.14%,
06/01/24 (Call 06/01/23), |
22,135 | 22,399,956 | ||||||
1.18%,
12/08/21 (Call 11/08/21), |
28,708 | 28,703,694 | ||||||
1.22%,
05/17/24 (Call 05/17/23), |
39,355 | 39,859,531 | ||||||
1.38%,
07/01/26 (Call 07/01/25), |
9,100 | 9,362,444 | ||||||
1.55%,
09/01/23 (Call 09/01/22), |
44,496 | 44,944,965 | ||||||
Citizens
Bank N.A./Providence RI, 0.84%, 02/14/22 (Call 01/14/22), |
7,137 | 7,145,422 | ||||||
Commonwealth Bank of Australia |
||||||||
0.45%, 07/07/25, (SOFR + 0.400%)(a)(c) |
34,060 | 34,090,313 | ||||||
0.57%, 06/15/26, (SOFR + 520%)(a)(b)(c) |
12,350 | 12,397,794 | ||||||
0.80%,
09/18/22, |
8,010 | 8,054,135 | ||||||
0.82%,
03/10/22, |
11,355 | 11,381,798 | ||||||
0.82%,
03/16/23, |
1,655 | 1,669,150 | ||||||
0.94%,
06/04/24, |
7,600 | 7,720,156 | ||||||
Cooperatieve
Rabobank UA, 0.99%, 09/26/23, |
1,750 | 1,771,315 | ||||||
Cooperatieve Rabobank UA/NY |
||||||||
0.35%, 01/12/24, (SOFR + 0.300%)(a) |
15,400 | 15,424,640 | ||||||
0.60%,
01/10/23, |
6,240 | 6,270,139 | ||||||
0.95%,
01/10/22, |
11,599 | 11,616,167 | ||||||
Credit Agricole SA/London |
||||||||
1.14%,
04/24/23, |
11,357 | 11,494,760 | ||||||
1.55%,
01/10/22, |
12,206 | 12,237,369 | ||||||
Credit Suisse AG/New York NY |
||||||||
0.43%, 08/09/23, (SOFR + 0.380%)(a) |
30,985 | 31,053,477 | ||||||
0.44%, 02/02/24, (SOFR + 0.390%)(a) |
1,500 | 1,501,635 | ||||||
0.50%, 02/04/22, (SOFR + 0.450%)(a)(b) |
3,020 | 3,022,507 | ||||||
Credit Suisse Group AG |
||||||||
1.32%,
12/14/23 (Call 12/14/22), |
21,070 | 21,263,212 |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
1.35%,
06/12/24 (Call 06/12/23), |
$ | 23,746 | $ | 24,072,507 | ||||
Danske
Bank A/S, 1.17%, 09/12/23, |
5,544 | 5,599,717 | ||||||
DBS
Group Holdings Ltd., 0.74%, 07/25/22, |
3,770 | 3,781,687 | ||||||
Deutsche Bank AG/New York NY |
||||||||
1.31%,
11/16/22, |
12,791 | 12,884,502 | ||||||
1.35%,
02/27/23, |
9,055 | 9,138,306 | ||||||
DNB
Bank ASA, 0.74%, 12/02/22, |
7,610 | 7,654,290 | ||||||
Federation
des Caisses Desjardins du Quebec, 0.48%, 05/21/24, |
1,075 | 1,077,601 | ||||||
Fifth
Third Bank NA, 0.77%, 02/01/22, |
9,904 | 9,917,965 | ||||||
Goldman Sachs Group Inc. (The) |
||||||||
0.48%,
03/08/23 (Call 03/08/22), |
12,943 | 12,951,025 | ||||||
0.54%,
10/21/24 (Call 10/21/23), |
20,000 | 19,986,000 | ||||||
0.55%,
09/10/24 (Call 09/10/23), |
7,400 | 7,409,102 | ||||||
0.59%,
11/17/23 (Call 11/17/22), |
6,484 | 6,494,439 | ||||||
0.63%,
03/08/24 (Call 03/08/23), |
17,950 | 17,971,540 | ||||||
0.88%,
02/23/23, |
71,594 | 72,083,703 | ||||||
0.97%,
10/21/27 (Call 10/21/26), |
15,000 | 15,024,450 | ||||||
1.12%,
07/24/23 (Call 07/24/22), |
21,334 | 21,447,710 | ||||||
1.17%,
06/05/23 (Call 06/05/22), |
19,339 | 19,427,573 | ||||||
1.72%,
11/29/23, |
48,176 | 49,427,131 | ||||||
Series
., 1.29%, 05/15/26 (Call 05/15/25), |
30,750 | 31,411,125 | ||||||
Series
FRN, 0.45%, 01/27/23 (Call 01/27/22), |
17,357 | 17,365,158 | ||||||
Hana
Bank, 0.83%, 10/02/22, |
4,900 | 4,917,444 | ||||||
HSBC Holdings PLC |
||||||||
1.12%,
05/18/24 (Call 05/18/23), |
48,140 | 48,595,886 | ||||||
1.34%,
03/11/25 (Call 03/11/24), |
11,853 | 12,073,347 | ||||||
1.49%,
09/12/26 (Call 09/12/25), |
25 | 25,764 | ||||||
1.63%,
01/05/22, |
19,210 | 19,256,104 | ||||||
ING Groep NV |
||||||||
1.13%,
10/02/23, |
6,446 | 6,534,890 | ||||||
1.28%,
03/29/22, |
22,671 | 22,770,299 | ||||||
JPMorgan Chase & Co. |
||||||||
0.58%,
06/01/25 |
16,504 | 16,555,988 | ||||||
0.63%,
03/16/24 |
14,093 | 14,145,144 | ||||||
0.81%,
09/22/27 |
6,400 | 6,436,224 | ||||||
0.85%,
04/23/24 (Call 04/23/23), |
20,433 | 20,587,473 | ||||||
0.97%,
01/10/25 (Call 01/10/24), |
4,963 | 5,022,258 | ||||||
1.01%,
07/23/24 (Call 07/23/23), |
23,561 | 23,825,354 | ||||||
1.02%,
04/25/23 (Call 04/25/22), |
30,784 | 30,901,903 | ||||||
1.12%,
01/15/23 (Call 01/15/22), |
16,875 | 16,906,387 |
S C H E D U L E O F I N V E S T M E N T S |
57 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Floating Rate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
1.35%,
10/24/23 (Call 10/24/22), |
$ | 51,931 | $ | 52,481,469 | ||||
Series FRN, 0.63%, 06/23/25 (Call 06/23/24), (SOFR + 0.580%)(a)(b) |
17,540 | 17,623,140 | ||||||
KeyBank N.A./Cleveland OH, 0.37%, 06/14/24 (Call 06/14/23), (SOFR + 0.320%)(a) |
3,170 | 3,173,297 | ||||||
KeyBank NA/Cleveland OH |
||||||||
0.39%,
01/03/24 (Call 01/03/23), |
12,350 | 12,368,895 | ||||||
0.79%,
02/01/22, |
11,645 | 11,662,235 | ||||||
KfW, 1.05%, 02/12/24, (SOFR + 1.000%)(a) |
8,600 | 8,779,912 | ||||||
Korea Development Bank (The) |
||||||||
0.83%,
02/27/22, |
15,445 | 15,469,249 | ||||||
0.85%,
07/06/22, |
11,153 | 11,195,270 | ||||||
Macquarie Bank Ltd. |
||||||||
0.35%, 04/06/23, (SOFR + 0.300%)(a)(c) |
240 | 239,854 | ||||||
0.58%,
11/24/21, |
9,680 | 9,682,323 | ||||||
Macquarie Group Ltd. |
||||||||
0.76%,
10/14/25 (Call 10/14/24), |
7,165 | 7,181,265 | ||||||
1.14%,
11/28/23 (Call 11/28/22), |
14,786 | 14,859,339 | ||||||
1.48%,
03/27/24 (Call 03/27/23), |
13,047 | 13,229,136 | ||||||
Mitsubishi UFJ Financial Group Inc. |
||||||||
0.82%,
03/07/22, |
11,091 | 11,114,513 | ||||||
0.86%,
03/02/23, |
14,518 | 14,626,885 | ||||||
0.91%,
07/25/22, |
28,180 | 28,317,518 | ||||||
0.98%,
07/26/23, |
40,069 | 40,538,609 | ||||||
1.05%,
02/22/22, |
17,048 | 17,095,223 | ||||||
Mizuho Financial Group Inc. |
||||||||
0.72%,
09/08/24 (Call 09/08/23), |
816 | 819,582 | ||||||
0.76%,
05/25/24 (Call 05/25/23), |
32,925 | 33,096,210 | ||||||
0.91%,
03/05/23, |
18,515 | 18,664,786 | ||||||
0.96%,
07/16/23 (Call 07/16/22), |
11,450 | 11,502,555 | ||||||
0.96%,
09/13/23 (Call 09/13/22), |
13,925 | 14,002,562 | ||||||
0.99%,
09/11/22, |
33,420 | 33,643,246 | ||||||
1.06%,
02/28/22, |
40,563 | 40,671,709 | ||||||
1.11%,
07/10/24 (Call 07/10/23), |
15,750 | 15,929,707 | ||||||
1.11%,
09/11/24 (Call 09/11/23), |
13,850 | 14,006,505 | ||||||
Morgan Stanley |
||||||||
0.73%,
01/20/23 (Call 01/20/22), |
43,958 | 44,008,112 | ||||||
1.35%,
05/08/24 (Call 05/08/23), |
40,026 | 40,610,780 | ||||||
1.52%,
10/24/23 (Call 10/24/22), |
56,449 | 57,124,130 | ||||||
MUFG Union Bank N.A. |
||||||||
0.72%,
03/07/22 (Call 02/05/22), |
7,695 | 7,705,080 | ||||||
0.76%,
12/09/22 (Call 11/09/22), |
1,050 | 1,057,382 | ||||||
National Australia Bank Ltd. |
||||||||
0.52%,
12/13/22, |
21,245 | 21,325,943 | ||||||
0.72%,
04/12/23, |
10,345 | 10,419,794 | ||||||
0.83%,
11/04/21, |
12,418 | 12,418,497 | ||||||
0.85%,
05/22/22, |
13,845 | 13,896,642 |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
1.01%,
01/10/22, |
$ | 8,983 | $ | 8,997,463 | ||||
National Bank of Canada |
||||||||
0.35%,
05/16/23 (Call 05/16/22), |
1,000 | 1,000,140 | ||||||
0.54%, 08/06/24, (SOFR + 0.490%)(a) |
24,160 | 24,221,125 | ||||||
Natwest Group PLC |
||||||||
1.59%,
05/15/23 (Call 05/15/22), |
41,144 | 41,420,076 | ||||||
1.68%,
06/25/24 (Call 06/25/23), |
20,773 | 21,173,503 | ||||||
NatWest Markets PLC |
||||||||
0.58%, 08/12/24, (SOFR + 0.530%)(a)(b)(c) |
2,635 | 2,644,302 | ||||||
0.81%, 09/29/26, (SOFR + 0.760%)(a)(c) |
10,500 | 10,517,430 | ||||||
1.71%, 09/29/22, (SOFR + 1.662%)(a)(b)(c) |
7,565 | 7,663,042 | ||||||
PNC Bank N.A. |
||||||||
0.45%,
02/24/23 (Call 02/24/22), |
19,922 | 19,931,762 | ||||||
0.55%,
12/09/22 (Call 12/09/21), |
13,464 | 13,467,635 | ||||||
0.63%,
07/27/22, |
5,175 | 5,190,577 | ||||||
Royal Bank of Canada |
||||||||
0.35%, 01/19/24, (SOFR + 0.300%)(a) |
13,750 | 13,757,287 | ||||||
0.39%, 10/07/24, (SOFR + 0.340%)(a) |
10,500 | 10,502,100 | ||||||
0.41%, 07/29/24, (SOFR + 0.360%)(a)(b) |
20,200 | 20,233,128 | ||||||
0.45%, 08/05/22, (SOFR + 0.400%)(a) |
2,725 | 2,731,404 | ||||||
0.48%,
01/17/23, |
21,395 | 21,456,404 | ||||||
0.50%, 10/26/23, (SOFR + 0.450%)(a) |
24,434 | 24,532,225 | ||||||
0.57%, 01/20/26, (SOFR + 0.525%)(a)(b) |
7,548 | 7,558,416 | ||||||
0.60%,
04/29/22, |
10,676 | 10,696,498 | ||||||
0.62%, 04/27/26, (SOFR + 0.570%)(a)(b) |
12,005 | 12,034,172 | ||||||
0.64%, 11/02/26, (SOFR + 0.590%)(a) |
5,000 | 5,002,300 | ||||||
0.79%,
10/05/23, |
11,080 | 11,191,686 | ||||||
0.86%,
02/01/22, |
8,597 | 8,611,615 | ||||||
Santander
UK PLC, 0.78%, 11/15/21, |
13,718 | 13,720,744 | ||||||
Shinhan
Bank Co. Ltd., 1.82%, 04/24/25, |
13,000 | 13,554,450 | ||||||
Skandinaviska Enskilda Banken AB |
||||||||
0.44%,
09/01/23, |
15,479 | 15,521,877 | ||||||
0.76%,
12/12/22, |
3,545 | 3,566,447 | ||||||
Standard Chartered PLC |
||||||||
1.28%,
01/20/23 (Call 01/20/22), |
13,885 | 13,911,937 | ||||||
1.30%,
10/14/23 (Call 10/14/22), |
2,000 | 2,016,260 | ||||||
Sumitomo Mitsui Financial Group Inc. |
||||||||
0.86%,
10/18/22, |
14,694 | 14,766,148 | ||||||
0.86%,
01/17/23, |
6,457 | 6,501,941 | ||||||
0.90%,
07/12/22, |
14,530 | 14,598,436 | ||||||
0.92%,
10/16/23, |
16,020 | 16,195,259 | ||||||
0.98%,
07/19/23, |
13,574 | 13,720,599 | ||||||
Sumitomo
Mitsui Trust Bank Ltd., |
16,400 | 16,409,348 | ||||||
Swedbank
AB, 0.82%, 03/14/22, |
9,336 | 9,358,313 | ||||||
Toronto-Dominion Bank (The) |
||||||||
0.27%, 06/02/23, (SOFR + 0.220%)(a)(b) |
11,275 | 11,281,652 | ||||||
0.29%, 01/06/23, (SOFR + 0.240%)(a) |
14,456 | 14,468,866 | ||||||
0.40%, 03/04/24, (SOFR + 0.355%)(a)(b) |
18,105 | 18,143,020 | ||||||
0.40%, 09/10/24, (SOFR + 0.350%)(a)(b) |
20,500 | 20,506,150 | ||||||
0.50%, 09/28/23, (SOFR + 0.450%)(a) |
7,246 | 7,281,868 | ||||||
0.53%, 01/27/23, (SOFR + 0.480%)(a) |
16,872 | 16,941,344 |
58 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Floating Rate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Banks (continued) | ||||||||
0.64%, 09/10/26, (SOFR + 0.590%)(a)(b) |
$ | 5,108 | $ | 5,125,010 | ||||
0.65%,
12/01/22, |
6,125 | 6,156,789 | ||||||
0.76%,
07/19/23, |
8,246 | 8,318,977 | ||||||
Truist Bank |
||||||||
0.25%,
01/17/24 (Call 01/17/23), |
16,675 | 16,668,330 | ||||||
0.71%,
05/17/22 (Call 04/17/22), |
7,981 | 7,999,117 | ||||||
0.78%,
03/09/23 (Call 02/09/23), |
3,807 | 3,833,535 | ||||||
Truist Financial Corp. |
||||||||
0.45%,
06/09/25 (Call 06/09/24), |
26,140 | 26,166,140 | ||||||
0.78%,
04/01/22 (Call 03/01/22), |
10,186 | 10,205,557 | ||||||
U.S. Bank NA/Cincinnati OH |
||||||||
0.31%,
01/21/22 (Call 12/21/21), |
11,758 | 11,760,352 | ||||||
0.52%,
12/09/22 (Call 11/09/22), |
5,322 | 5,341,425 | ||||||
0.57%,
05/23/22 (Call 04/22/22), |
21,515 | 21,554,157 | ||||||
UBS AG/London |
||||||||
0.37%, 06/01/23, (SOFR + 0.320%)(a)(c) |
21,210 | 21,267,479 | ||||||
0.41%, 02/09/24, (SOFR + 0.360%)(a)(b)(c) |
26,330 | 26,396,878 | ||||||
0.50%, 08/09/24, (SOFR + 0.450%)(a)(c) |
25,500 | 25,635,405 | ||||||
UBS Group AG |
||||||||
1.07%,
08/15/23 (Call 08/15/22), |
27,900 | 28,071,306 | ||||||
1.35%,
05/23/23 (Call 05/23/22), |
23,357 | 23,497,843 | ||||||
1.66%,
02/01/22, |
10,637 | 10,674,974 | ||||||
UniCredit
SpA, 4.03%, 01/14/22, |
21,645 | 21,793,701 | ||||||
Wells Fargo & Co. |
||||||||
1.23%,
01/24/23 (Call 01/24/22), |
8,403 | 8,422,411 | ||||||
1.36%,
10/31/23 (Call 10/31/22), |
44,434 | 44,925,440 | ||||||
Westpac Banking Corp. |
||||||||
0.51%,
01/13/23, |
15,317 | 15,375,664 | ||||||
0.57%, 06/03/26, (SOFR + 0.520%)(a) |
11,750 | 11,825,670 | ||||||
0.69%,
01/11/23, |
8,838 | 8,888,023 | ||||||
0.84%,
06/28/22, |
10,019 | 10,063,084 | ||||||
0.84%,
05/15/23, |
24,457 | 24,683,472 | ||||||
0.89%,
02/26/24, |
9,613 | 9,744,121 | ||||||
0.97%,
01/11/22, |
12,912 | 12,931,884 | ||||||
|
|
|||||||
3,545,558,110 | ||||||||
Beverages — 0.1% | ||||||||
PepsiCo
Inc., 0.50%, 05/02/22, |
8,988 | 9,001,752 | ||||||
|
|
|||||||
Biotechnology — 0.3% | ||||||||
Gilead
Sciences Inc., 0.65%, 09/29/23 (Call 11/08/21), |
20,464 | 20,460,521 | ||||||
|
|
|||||||
Chemicals — 0.1% | ||||||||
DuPont
de Nemours Inc., 1.23%, 11/15/23, |
5,865 | 5,967,344 | ||||||
|
|
|||||||
Computers — 0.7% | ||||||||
Apple Inc. |
||||||||
0.48%,
05/11/22, |
26,571 | 26,615,108 | ||||||
0.63%,
02/09/22, |
13,464 | 13,481,503 |
Security | Par (000) |
Value | ||||||
Computers (continued) | ||||||||
International
Business Machines Corp., 0.70%, 11/06/21, |
$ | 7,986 | $ | 7,986,479 | ||||
|
|
|||||||
48,083,090 | ||||||||
Diversified Financial Services — 2.3% | ||||||||
AerCap
Ireland Capital DAC/AerCap Global Aviation Trust, 0.73%,
09/29/23, |
26,320 | 26,356,585 | ||||||
AIG
Global Funding, 0.43%, 12/15/23, |
1,350 | 1,351,458 | ||||||
American Express Co. |
||||||||
0.74%,
08/01/22 (Call 07/01/22), |
6,544 | 6,565,333 | ||||||
0.75%,
05/20/22 (Call 04/20/22), |
21,276 | 21,328,977 | ||||||
0.77%,
02/27/23 (Call 01/27/23), |
11,964 | 12,038,416 | ||||||
0.87%,
08/03/23 (Call 07/03/23), |
12,985 | 13,110,695 | ||||||
American
Express Credit Corp., 0.82%, 03/03/22 |
10,969 | 10,986,331 | ||||||
BOC
Aviation Ltd., 1.26%, 09/26/23 (Call 08/26/23), |
10,815 | 10,842,795 | ||||||
Capital One Financial Corp. |
||||||||
0.85%,
01/30/23 (Call 12/30/22), |
8,421 | 8,469,168 | ||||||
1.07%,
03/09/22 (Call 02/09/22), |
12,845 | 12,872,745 | ||||||
Charles Schwab Corp. (The) |
||||||||
0.55%,
03/18/24 (Call 02/18/24), |
24,305 | 24,403,192 | ||||||
0.57%,
05/13/26 (Call 04/13/26), |
13,025 | 13,083,613 | ||||||
|
|
|||||||
161,409,308 | ||||||||
Electric — 3.4% | ||||||||
American
Electric Power Co. Inc., Series A, 0.61%, 11/01/23 (Call 11/29/21), |
5,880 | 5,880,294 | ||||||
CenterPoint
Energy Inc., 0.70%, 05/13/24 (Call 05/13/22), |
7,351 | 7,355,778 | ||||||
Cleco
Power LLC, 0.62%, 06/15/23 (Call 03/15/22), |
3,000 | 2,998,230 | ||||||
Dominion
Energy Inc., Series D, 0.65%, 09/15/23 |
21,256 | 21,258,338 | ||||||
Duke Energy Corp. |
||||||||
0.30%, 06/10/23, (SOFR + 0.250%)(a)(b) |
6,620 | 6,620,397 | ||||||
0.76%,
03/11/22, |
6,589 | 6,599,740 | ||||||
Duke
Energy Progress LLC, Series A, 0.30%, 02/18/22 |
700 | 699,888 | ||||||
Eversource
Energy, 0.30%, 08/15/23, |
5,780 | 5,775,145 | ||||||
Florida
Power & Light Co., 0.30%, 05/10/23 |
22,903 | 22,901,397 | ||||||
National
Rural Utilities Cooperative Finance Corp., Series D, 0.38%,
10/18/24, |
10,000 | 10,011,700 | ||||||
NextEra Energy Capital Holdings Inc. |
||||||||
0.40%,
02/22/23 (Call 11/29/21), |
38,989 | 38,991,339 | ||||||
0.59%, 03/01/23, (SOFR + 0.540%)(a)(b) |
11,198 | 11,234,058 | ||||||
0.85%,
02/25/22, |
14,450 | 14,468,640 | ||||||
Pacific Gas and Electric Co. |
||||||||
1.50%,
11/15/21, |
24,500 | 24,502,205 | ||||||
1.60%,
06/16/22 (Call 11/29/21), |
17,375 | 17,374,479 |
S C H E D U L E O F I N V E S T M E N T S |
59 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Floating Rate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Electric (continued) | ||||||||
PPL
Electric Utilities Corp., 0.38%, 06/24/24 |
$ | 4,875 | $ | 4,877,828 | ||||
Southern California Edison Co. |
||||||||
0.69%, 04/03/23, (SOFR + 0.640%)(a) |
1,792 | 1,795,835 | ||||||
0.88%,
04/01/24 (Call 04/01/23), |
12,483 | 12,567,385 | ||||||
Series
F, 0.40%, 06/13/22, |
19,000 | 18,999,430 | ||||||
|
|
|||||||
234,912,106 | ||||||||
Electronics — 0.2% | ||||||||
Honeywell
International Inc., 0.50%, 08/08/22, |
13,284 | 13,320,797 | ||||||
|
|
|||||||
Food — 0.1% | ||||||||
General
Mills Inc., 1.13%, 10/17/23, |
8,591 | 8,731,549 | ||||||
|
|
|||||||
Gas — 0.3% | ||||||||
Atmos
Energy Corp., 0.50%, 03/09/23 (Call 11/29/21), |
1,780 | 1,780,659 | ||||||
CenterPoint
Energy Resources Corp., 0.62%, 03/02/23 (Call 11/29/21), |
1,701 | 1,700,915 | ||||||
ONE
Gas Inc., 0.72%, 03/11/23 (Call 11/29/21), |
1,037 | 1,037,176 | ||||||
Southern
California Gas Co., 0.47%, 09/14/23 |
13,782 | 13,776,211 | ||||||
|
|
|||||||
18,294,961 | ||||||||
Health Care - Products — 0.5% | ||||||||
Thermo Fisher Scientific Inc. |
||||||||
0.38%,
04/18/23 (Call 04/18/22), |
13,600 | 13,600,136 | ||||||
0.44%,
10/18/23 (Call 10/18/22), |
13,600 | 13,605,984 | ||||||
0.58%,
10/18/24 (Call 10/18/22), |
6,990 | 6,999,367 | ||||||
|
|
|||||||
34,205,487 | ||||||||
Health Care - Services — 0.1% | ||||||||
Roche
Holdings Inc., 0.29%, 03/05/24, |
8,002 | 8,016,244 | ||||||
|
|
|||||||
Household Products & Wares — 0.2% | ||||||||
Reckitt
Benckiser Treasury Services PLC, 0.69%, 06/24/22, |
17,035 | 17,087,297 | ||||||
|
|
|||||||
Insurance — 4.5% | ||||||||
Athene Global Funding |
||||||||
0.61%, 08/19/24, (SOFR + 0.560%)(a)(c) |
20,310 | 20,304,516 | ||||||
0.75%, 05/24/24, (SOFR + 0.700%)(a)(b)(c) |
41,583 | 41,768,876 | ||||||
1.36%,
07/01/22, |
10,645 | 10,719,302 | ||||||
Brighthouse Financial Global Funding |
||||||||
0.36%, 02/24/23, (SOFR + 0.310%)(a)(c) |
5,000 | 5,003,600 | ||||||
0.81%, 04/12/24, (SOFR + 0.760%)(a)(c) |
2,739 | 2,757,707 | ||||||
Equitable
Financial Life Global Funding, 0.44%, 04/06/23, |
1,265 | 1,267,138 | ||||||
GA
Global Funding Trust, 0.55%, 09/13/24, |
6,150 | 6,166,052 | ||||||
Jackson National Life Global Funding |
||||||||
0.65%, 01/06/23, (SOFR + 0.600%)(a)(b)(c) |
16,913 | 16,996,043 | ||||||
0.86%,
06/27/22, |
14,721 | 14,783,270 | ||||||
MassMutual Global Funding II |
||||||||
0.27%,
01/07/22, |
1,500 | 1,500,225 | ||||||
0.32%, 10/21/24, (SOFR + 0.270%)(a)(c) |
13,998 | 14,024,036 | ||||||
0.41%, 04/12/24, (SOFR + 0.360%)(a)(b)(c) |
9,246 | 9,286,682 | ||||||
MET
Tower Global Funding, 0.60%, 01/17/23, |
7,245 | 7,277,240 |
Security | Par (000) |
Value | ||||||
Insurance (continued) | ||||||||
Metropolitan Life Global Funding I |
||||||||
0.35%, 09/27/24, (SOFR + 0.300%)(a)(c) |
$ | 12,005 | $ | 12,015,564 | ||||
0.37%, 01/07/24, (SOFR + 0.320%)(a)(b)(c) |
14,900 | 14,946,190 | ||||||
0.40%, 09/08/22, (SOFR + 0.350%)(a)(b)(c) |
3,000 | 3,007,440 | ||||||
0.62%, 01/13/23, (SOFR + 0.570%)(a)(b)(c) |
24,332 | 24,445,387 | ||||||
New York Life Global Funding |
||||||||
0.24%, 06/30/23, (SOFR + 0.190%)(a)(c) |
750 | 749,933 | ||||||
0.27%, 02/02/23, (SOFR + 0.220%)(a)(b)(c) |
17,869 | 17,898,484 | ||||||
0.36%, 04/26/24, (SOFR + 0.310%)(a)(b)(c) |
9,780 | 9,800,147 | ||||||
0.40%,
01/10/23, |
17,381 | 17,424,974 | ||||||
0.41%,
01/21/22, |
10,475 | 10,480,971 | ||||||
0.41%, 10/21/23, (SOFR + 0.360%)(a)(b)(c) |
3,730 | 3,742,309 | ||||||
0.53%, 06/09/26, (SOFR + 0.480%)(a)(b)(c) |
9,400 | 9,441,642 | ||||||
0.56%,
07/12/22, |
12,884 | 12,921,106 | ||||||
0.64%,
06/10/22, |
13,940 | 13,984,748 | ||||||
Northwestern
Mutual Global Funding, 0.38%, 03/25/24, |
3,356 | 3,370,632 | ||||||
Principal Life Global Funding II |
||||||||
0.43%, 08/23/24, (SOFR + 0.380%)(a)(b)(c) |
7,030 | 7,037,592 | ||||||
0.50%, 04/12/24, (SOFR + 0.450%)(a)(b)(c) |
838 | 840,489 | ||||||
|
|
|||||||
313,962,295 | ||||||||
Internet — 0.6% | ||||||||
eBay
Inc., 1.00%, 01/30/23, |
11,522 | 11,617,863 | ||||||
TD
Ameritrade Holding Corp., 0.56%, 11/01/21, |
9,345 | 9,345,000 | ||||||
Tencent Holdings Ltd. |
||||||||
0.73%,
01/19/23, |
1,580 | 1,579,194 | ||||||
1.03%,
04/11/24, |
17,080 | 17,150,370 | ||||||
|
|
|||||||
39,692,427 | ||||||||
Lodging — 0.1% | ||||||||
Hyatt Hotels Corp., 1.10%, 10/01/23 (Call 10/01/22), (SOFR + 1.050%)(a) |
3,400 | 3,409,622 | ||||||
|
|
|||||||
Machinery — 1.8% | ||||||||
Caterpillar Financial Services Corp. |
||||||||
0.20%, 11/17/22, (SOFR + 0.150%)(a)(b) |
16,050 | 16,049,198 | ||||||
0.30%, 05/17/24, (SOFR + 0.245%)(a)(b) |
13,691 | 13,707,018 | ||||||
0.32%,
11/12/21, |
17,469 | 17,469,699 | ||||||
0.32%, 09/13/24, (SOFR + 0.270%)(a)(b) |
14,624 | 14,638,039 | ||||||
0.86%,
05/13/22, |
12,880 | 12,925,724 | ||||||
John Deere Capital Corp. |
||||||||
0.17%, 07/10/23, (SOFR + 0.120%)(a) |
6,780 | 6,780,814 | ||||||
0.25%, 10/11/24, (SOFR + 0.200%)(a) |
10,480 | 10,505,781 | ||||||
0.59%,
09/08/22, |
10,456 | 10,493,223 | ||||||
0.60%,
06/13/22, |
2,614 | 2,621,084 | ||||||
0.67%,
06/07/23, |
11,453 | 11,534,545 | ||||||
Otis
Worldwide Corp., 0.58%, 04/05/23 (Call 11/09/21), |
11,079 | 11,071,134 | ||||||
|
|
|||||||
127,796,259 | ||||||||
Manufacturing — 0.4% | ||||||||
3M
Co., 0.42%, 02/14/24, |
4,182 | 4,195,800 | ||||||
General Electric Co. |
||||||||
0.50%,
05/05/26, |
4,035 | 3,990,252 | ||||||
1.12%,
03/15/23, |
4,358 | 4,399,619 | ||||||
Siemens
Financieringsmaatschappij NV, |
18,092 | 18,126,556 | ||||||
|
|
|||||||
30,712,227 |
60 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Floating Rate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Media — 1.0% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 1.78%, 02/01/24 (Call 01/01/24), (3 mo. LIBOR US + 1.650%)(a) |
$ | 21,908 | $ | 22,436,859 | ||||
Comcast Corp., 0.75%, 04/15/24, |
||||||||
(3 mo. LIBOR US + 0.630%)(a) |
14,253 | 14,414,487 | ||||||
TWDC Enterprises 18 Corp., 0.51%, 03/04/22, |
||||||||
(3 mo. LIBOR US + 0.390%)(a) |
26,975 | 27,006,291 | ||||||
Walt Disney Co. (The), 0.51%, 09/01/22, |
||||||||
(3 mo. LIBOR US + 0.390%)(a)(b) |
8,231 | 8,250,343 | ||||||
|
|
|||||||
72,107,980 | ||||||||
Multi-National — 0.5% | ||||||||
Asian
Development Bank, |
27,585 | 28,682,883 | ||||||
Inter-American
Development Bank, |
9,027 | 9,031,062 | ||||||
|
|
|||||||
37,713,945 | ||||||||
Oil & Gas — 1.7% | ||||||||
Chevron Corp. |
||||||||
0.60%,
03/03/22, |
6,937 | 6,947,128 | ||||||
0.65%,
11/15/21, |
1,223 | 1,223,024 | ||||||
0.65%,
03/03/22, |
12,215 | 12,235,521 | ||||||
1.03%,
05/11/23, |
20,345 | 20,601,957 | ||||||
Chevron USA Inc. |
||||||||
0.23%,
08/12/22, |
3,163 | 3,162,557 | ||||||
0.33%,
08/11/23, |
17,660 | 17,705,033 | ||||||
ConocoPhillips
Co., 1.02%, 05/15/22, |
11,267 | 11,305,083 | ||||||
Exxon Mobil Corp. |
||||||||
0.45%,
08/16/22, |
11,805 | 11,833,804 | ||||||
0.49%,
03/06/22, |
11,657 | 11,670,639 | ||||||
Phillips 66, 0.74%, 02/15/24 (Call 11/29/21), |
||||||||
(3 mo. LIBOR US + 0.620%)(a)(b) |
7,106 | 7,107,350 | ||||||
Shell International Finance BV, 0.52%, 11/13/23, |
||||||||
(3 mo. LIBOR US + 0.400%)(a) |
13,281 | 13,357,366 | ||||||
|
|
|||||||
117,149,462 | ||||||||
Pharmaceuticals — 2.0% | ||||||||
AbbVie Inc. |
||||||||
0.59%,
11/19/21, |
14,980 | 14,980,599 | ||||||
0.78%,
11/21/22, |
20,094 | 20,207,531 | ||||||
AstraZeneca PLC |
||||||||
0.74%,
06/10/22, |
795 | 797,647 | ||||||
0.79%,
08/17/23, |
8,885 | 8,956,702 | ||||||
Bayer U.S. Finance II LLC, 1.13%, 12/15/23 |
||||||||
(Call
11/15/23), |
30,075 | 30,428,381 | ||||||
Becton Dickinson and Co., 1.15%, 06/06/22, |
||||||||
(3 mo. LIBOR US + 1.030%)(a)(b) |
15,165 | 15,243,251 | ||||||
Bristol-Myers Squibb Co., 0.50%, 05/16/22, |
||||||||
(3 mo. LIBOR US + 0.380%)(a)(b) |
9,394 | 9,411,473 | ||||||
Cardinal Health Inc., 0.89%, 06/15/22, |
||||||||
(3 mo. LIBOR US + 0.770%)(a)(b) |
14,856 | 14,914,087 | ||||||
Cigna Corp., 1.01%, 07/15/23 (Call 06/15/23), |
||||||||
(3 mo. LIBOR US + 0.890%)(a) |
18,885 | 19,098,212 | ||||||
Pfizer Inc., 0.45%, 09/15/23, |
||||||||
(3 mo. LIBOR US + 0.330%)(a)(b) |
4,926 | 4,944,867 | ||||||
|
|
|||||||
138,982,750 |
Security | Par (000) |
Value | ||||||
Pipelines — 0.4% | ||||||||
Enbridge Inc. |
||||||||
0.45%, 02/17/23, (SOFR + 0.400%)(a) |
$ | 13,832 | $ | 13,857,727 | ||||
0.62%,
02/18/22, |
16,230 | 16,248,340 | ||||||
|
|
|||||||
30,106,067 | ||||||||
Real Estate Investment Trusts — 0.2% | ||||||||
Public Storage, 0.52%, 04/23/24 (Call 04/23/22), |
||||||||
(SOFR + 0.470%)(a)(b) |
16,085 | 16,097,385 | ||||||
|
|
|||||||
Retail — 0.2% | ||||||||
7-Eleven Inc., 0.58%, 08/10/22 (Call 11/29/21), |
||||||||
(3 mo. LIBOR US + 0.450%)(a)(b)(c) |
11,917 | 11,919,741 | ||||||
Home Depot Inc. (The), 0.43%, 03/01/22, |
||||||||
(3 mo. LIBOR US + 0.310%)(a)(b) |
2,470 | 2,472,174 | ||||||
|
|
|||||||
14,391,915 | ||||||||
Semiconductors — 0.6% | ||||||||
Analog Devices Inc., 0.30%, 10/01/24, |
||||||||
(SOFR + 0.250%)(a) |
7,705 | 7,710,779 | ||||||
Intel Corp., 0.48%, 05/11/22, |
||||||||
(3 mo. LIBOR US + 0.350%)(a)(b) |
17,687 | 17,715,299 | ||||||
QUALCOMM Inc., 0.86%, 01/30/23, |
||||||||
(3 mo. LIBOR US + 0.730%)(a)(b) |
17,116 | 17,250,018 | ||||||
|
|
|||||||
42,676,096 | ||||||||
Telecommunications — 3.0% | ||||||||
AT&T Inc. |
||||||||
0.69%, 03/25/24 (Call 03/25/22), (SOFR + 0.640%)(a) |
7,145 | 7,152,216 | ||||||
1.29%,
06/12/24, |
39,492 | 40,345,027 | ||||||
Rogers Communications Inc., 0.73%, 03/22/22, |
||||||||
(3 mo. LIBOR US + 0.600%)(a) |
14,003 | 14,031,146 | ||||||
Verizon Communications Inc. |
||||||||
0.55%, 03/22/24, (SOFR + 0.500%)(a) |
14,059 | 14,137,309 | ||||||
0.84%, 03/20/26, (SOFR + 0.790%)(a) |
31,597 | 32,146,472 | ||||||
1.12%,
03/16/22, |
46,155 | 46,290,234 | ||||||
1.22%, 05/15/25 (Call 03/15/25), |
||||||||
(3 mo. LIBOR US + 1.100%)(a)(b) |
40,143 | 40,999,250 | ||||||
Vodafone Group PLC, 1.11%, 01/16/24, |
||||||||
(3 mo. LIBOR US + 0.990%)(a) |
11,896 | 12,078,842 | ||||||
|
|
|||||||
207,180,496 | ||||||||
Transportation — 0.4% | ||||||||
United Parcel Service Inc. |
||||||||
0.50%,
05/16/22, |
16,439 | 16,466,782 | ||||||
0.58%,
04/01/23, |
12,133 | 12,193,665 | ||||||
|
|
|||||||
28,660,447 | ||||||||
Trucking & Leasing — 0.1% | ||||||||
GATX Corp., 0.84%, 11/05/21, |
||||||||
(3 mo. LIBOR US + 0.720%)(a) |
4,150 | 4,150,166 | ||||||
|
|
|||||||
Total
Corporate Bonds & Notes — 84.1% |
|
5,886,619,075 | ||||||
|
|
|||||||
Foreign Government Obligations(e) |
| |||||||
Netherlands — 0.4% | ||||||||
Nederlandse Waterschapsbank NV, 0.19%, 12/15/21, |
||||||||
(3 mo. LIBOR US + 0.070%)(a)(c) |
27,500 | 27,503,575 | ||||||
|
|
|||||||
Norway — 0.0% | ||||||||
Kommunalbanken AS, 0.21%, 10/27/23, |
||||||||
(SOFR + 0.160%)(a)(c) |
500 | 500,310 | ||||||
|
|
S C H E D U L E O F I N V E S T M E N T S |
61 |
Schedule of Investments (continued) October 31, 2021 |
iShares® Floating Rate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
South Korea — 1.3% | ||||||||
Export-Import Bank of Korea |
||||||||
0.66%,
06/25/22, |
$ | 9,915 | $ | 9,938,102 | ||||
0.89%,
06/01/23, |
16,210 | 16,358,321 | ||||||
1.06%, 11/01/22, (3 mo. LIBOR US + 0.925%)(a) |
19,640 | 19,787,104 | ||||||
Series
5FRN, 1.00%, 01/25/22, |
6,255 | 6,265,571 | ||||||
Industrial Bank of Korea, 0.57%, 10/23/22, |
||||||||
(3 mo. LIBOR US + 0.450%)(a)(d) |
6,449 | 6,462,220 | ||||||
Korea Development Bank (The) |
||||||||
0.30%, 03/09/24, (SOFR + 0.250%)(a)(b) |
15,495 | 15,472,842 | ||||||
0.61%, 10/01/22, (3 mo. LIBOR US + 0.475%)(a) |
17,810 | 17,859,512 | ||||||
|
|
|||||||
92,143,672 | ||||||||
Supranational — 13.0% | ||||||||
African Development Bank, 0.13%, 12/15/21, |
||||||||
(3 mo. LIBOR US + 0.010%)(a)(b) |
8,617 | 8,617,086 | ||||||
Asian Development Bank |
||||||||
0.13%,
12/15/21, |
73,289 | 73,290,399 | ||||||
1.05%, 06/16/26, (SOFR + 1.000%)(a) |
3,100 | 3,220,001 | ||||||
European Bank for Reconstruction & Development |
||||||||
0.14%, 05/11/22, (3 mo. LIBOR US + 0.010%)(a) |
41,606 | 41,608,080 | ||||||
0.24%, 04/14/26, (SOFR + 0.190%)(a) |
28,225 | 28,245,887 | ||||||
0.31%, 08/19/22, (SOFR + 0.260%)(a) |
23,950 | 23,989,997 | ||||||
0.31%, 03/13/23, (SOFR + 0.260%)(a) |
12,705 | 12,734,349 | ||||||
0.33%, 10/15/24, (SOFR + 0.280%)(a) |
52,160 | 52,422,365 | ||||||
European Investment Bank |
||||||||
0.22%,
01/19/23, |
21,632 | 21,657,526 | ||||||
0.30%, 01/30/23, (SOFR + 0.250%)(a)(c) |
22,550 | 22,594,649 | ||||||
0.33%, 03/05/24, (SOFR + 0.280%)(a)(c) |
33,200 | 33,337,448 | ||||||
0.34%, 06/10/22, (SOFR + 0.290%)(a)(c) |
44,825 | 44,881,479 | ||||||
1.05%, 01/21/26, (SOFR + 1.000%)(a)(b)(c) |
44,750 | 46,355,182 | ||||||
Inter-American Development Bank |
||||||||
0.15%, 03/15/22, (3 mo. LIBOR US + 0.030%)(a) |
36,827 | 36,830,683 | ||||||
0.19%,
07/15/22, |
31,583 | 31,599,739 | ||||||
0.25%, 02/10/26, (SOFR + 0.200%)(a) |
45,599 | 45,664,207 | ||||||
0.30%, 02/04/25, (SOFR + 0.250%)(a)(b) |
30,950 | 31,068,229 | ||||||
0.31%, 09/16/22, (SOFR + 0.260%)(a) |
36,669 | 36,736,471 | ||||||
Series
GDIF, 0.12%, 01/15/22, |
14,471 | 14,471,289 | ||||||
International Bank for Reconstruction & Development |
||||||||
0.18%, 01/13/23, (SOFR + 0.130%)(a)(b) |
63,136 | 63,177,038 | ||||||
0.36%, 09/18/25, (SOFR + 0.310%)(a) |
48,900 | 49,215,405 | ||||||
Series
GDIF, 0.35%, 08/06/24, |
39,720 | 39,929,324 | ||||||
Series
GDIF, 0.44%, 06/17/24, |
29,800 | 30,021,414 |
Security | Par/ Shares (000) |
Value | ||||||
Supranational (continued) | ||||||||
International Finance Corp. |
||||||||
0.14%, 06/30/23, (SOFR + 0.090%)(a) |
$ | 20,700 | $ | 20,700,828 | ||||
0.19%,
12/15/22, |
41,062 | 41,094,439 | ||||||
0.30%,
12/15/21, |
28,940 | 28,947,235 | ||||||
Nordic Investment Bank, 1.05%, 05/12/26, (SOFR + 1.000%)(a) |
25,850 | 26,834,368 | ||||||
|
|
|||||||
909,245,117 | ||||||||
Sweden — 0.4% | ||||||||
Svensk
Exportkredit AB, 1.05%, 05/25/23, |
31,165 | 31,594,454 | ||||||
|
|
|||||||
Total
Foreign Government Obligations — 15.1% |
|
1,060,987,128 | ||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 3.7% | ||||||||
BlackRock
Cash Funds: Institutional, |
239,558 | 239,677,496 | ||||||
BlackRock
Cash Funds: Treasury, |
17,502 | 17,502,000 | ||||||
|
|
|||||||
257,179,496 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 3.7% |
|
257,179,496 | ||||||
|
|
|||||||
Total
Investments in Securities — 102.9% |
|
7,204,785,699 | ||||||
Other Assets, Less Liabilities — (2.9)% |
|
(203,239,615 | ) | |||||
|
|
|||||||
Net Assets — 100.0% |
|
$ | 7,001,546,084 | |||||
|
|
(a) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(b) |
All or a portion of this security is on loan. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933. |
(e) |
U.S. dollar denominated security issued by foreign domiciled entity. |
(f) |
Affiliate of the Fund. |
(g) |
Annualized 7-day yield as of period end. |
(h) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 10/31/20 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 10/31/21 |
Shares Held at 10/31/21 (000) |
Income | Capital
Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | 147,500,634 | $ | 92,211,078 | (a) | $ | — | $ | (18,193 | ) | $ | (16,023 | ) | $ | 239,677,496 | 239,558 | $ | 375,194 | (b) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
280,692,000 | — | (263,190,000 | )(a) | — | — | 17,502,000 | 17,502 | 71,361 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (18,193 | ) | $ | (16,023 | ) | $ | 257,179,496 | $ | 446,555 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
62 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (continued) October 31, 2021 |
iShares® Floating Rate Bond ETF |
Affiliates (continued)
(a) |
Represents net amount purchased (sold). |
(b) |
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Corporate Bonds & Notes |
$ | — | $ | 5,886,619,075 | $ | — | $ | 5,886,619,075 | ||||||||
Foreign Government Obligations |
— | 1,060,987,128 | — | 1,060,987,128 | ||||||||||||
Money Market Funds |
257,179,496 | — | — | 257,179,496 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 257,179,496 | $ | 6,947,606,203 | $ | — | $ | 7,204,785,699 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
S C H E D U L E O F I N V E S T M E N T S |
63 |
Statements of Assets and Liabilities
October 31, 2021
iShares Aaa - A Rated Corporate Bond ETF |
iShares BB Rated Corporate Bond ETF |
iShares Convertible Bond ETF |
iShares Floating Rate Bond ETF |
|||||||||||||
ASSETS |
||||||||||||||||
Investments in securities, at value (including securities on loan)(a): |
||||||||||||||||
Unaffiliated(b) |
$ | 1,165,521,853 | $ | 91,215,826 | $ | 1,899,748,890 | $ | 6,947,606,203 | ||||||||
Affiliated(c) |
90,638,921 | 8,545,790 | 4,430,000 | 257,179,496 | ||||||||||||
Cash |
11,585 | 130,229 | 1,278 | 37,691 | ||||||||||||
Receivables: |
||||||||||||||||
Investments sold |
4,504,760 | 1,514,326 | 28,482,629 | 29,822,505 | ||||||||||||
Securities lending income — Affiliated |
9,805 | 1,055 | 151 | 55,296 | ||||||||||||
Capital shares sold |
410,240 | — | — | 34,025,751 | ||||||||||||
Dividends |
59 | 8 | 24 | 379 | ||||||||||||
Interest |
8,749,056 | 1,096,094 | 4,242,688 | 7,024,127 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total assets |
1,269,846,279 | 102,503,328 | 1,936,905,660 | 7,275,751,448 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
LIABILITIES |
||||||||||||||||
Collateral on securities loaned, at value |
80,017,392 | 7,576,683 | — | 239,514,375 | ||||||||||||
Payables: |
||||||||||||||||
Investments purchased |
3,335,426 | 1,302,566 | 29,393,373 | 33,643,269 | ||||||||||||
Investment advisory fees |
148,660 | 12,819 | 314,554 | 1,047,720 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total liabilities |
83,501,478 | 8,892,068 | 29,707,927 | 274,205,364 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 1,186,344,801 | $ | 93,611,260 | $ | 1,907,197,733 | $ | 7,001,546,084 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS CONSIST OF: |
||||||||||||||||
Paid-in capital |
$ | 1,180,737,732 | $ | 92,098,370 | $ | 1,701,098,863 | $ | 7,053,849,044 | ||||||||
Accumulated earnings (loss) |
5,607,069 | 1,512,890 | 206,098,870 | (52,302,960 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
$ | 1,186,344,801 | $ | 93,611,260 | $ | 1,907,197,733 | $ | 7,001,546,084 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares outstanding |
21,000,000 | 1,800,000 | 18,650,000 | 138,000,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net asset value |
$ | 56.49 | $ | 52.01 | $ | 102.26 | $ | 50.74 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Shares authorized |
Unlimited | Unlimited | Unlimited | Unlimited | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Par value |
None | None | None | None | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
(a) Securities loaned, at value |
$ | 77,788,720 | $ | 7,175,032 | $ | — | $ | 232,148,239 | ||||||||
(b) Investments, at cost — Unaffiliated |
$ | 1,160,989,143 | $ | 90,210,950 | $ | 1,801,527,936 | $ | 6,932,517,141 | ||||||||
(c) Investments, at cost — Affiliated |
$ | 90,624,591 | $ | 8,545,790 | $ | 4,430,000 | $ | 257,111,081 |
See notes to financial statements.
64 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Year Ended October 31, 2021
|
iShares Aaa - A Rated Corporate Bond ETF |
|
iShares BB Rated Corporate Bond ETF |
|
|
iShares Convertible Bond ETF |
|
|
iShares Floating Rate Bond ETF |
| ||||||
|
||||||||||||||||
INVESTMENT INCOME |
||||||||||||||||
Dividends — Unaffiliated. |
$ | — | $ | — | $ | 4,659 | $ | — | ||||||||
Dividends — Affiliated |
2,490 | 249 | 2,532 | 71,361 | ||||||||||||
Interest — Unaffiliated |
26,753,964 | 4,166,314 | 15,067,604 | 38,192,391 | ||||||||||||
Securities lending income — Affiliated — net |
140,568 | 8,653 | 2,163 | 375,194 | ||||||||||||
Other income — Unaffiliated |
— | 1,065 | 37,395 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total investment income |
26,897,022 | 4,176,281 | 15,114,353 | 38,638,946 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
EXPENSES |
||||||||||||||||
Investment advisory fees |
1,942,677 | 275,658 | 3,173,405 | 12,213,716 | ||||||||||||
Miscellaneous |
173 | — | 173 | 173 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses |
1,942,850 | 275,658 | 3,173,578 | 12,213,889 | ||||||||||||
Less: |
||||||||||||||||
Investment advisory fees waived |
— | (110,263 | ) | — | — | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total expenses after fees waived |
1,942,850 | 165,395 | 3,173,578 | 12,213,889 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net investment income |
24,954,172 | 4,010,886 | 11,940,775 | 26,425,057 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
REALIZED AND UNREALIZED GAIN (LOSS) |
||||||||||||||||
Net realized gain (loss) from: |
||||||||||||||||
Investments — Unaffiliated |
(215,835 | ) | 630,233 | 129,014,469 | 1,357,455 | |||||||||||
Investments — Affiliated |
(11,064 | ) | (893 | ) | — | (18,193 | ) | |||||||||
In-kind redemptions — Unaffiliated |
33,419,946 | 1,751,324 | 177,102,270 | 3,139,680 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized gain |
33,193,047 | 2,380,664 | 306,116,739 | 4,478,942 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) on: |
||||||||||||||||
Investments — Unaffiliated |
(56,387,765 | ) | 1,509,216 | (34,834,225 | ) | 192,046 | ||||||||||
Investments — Affiliated |
(1,713 | ) | — | — | (16,023 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net change in unrealized appreciation (depreciation) |
(56,389,478 | ) | 1,509,216 | (34,834,225 | ) | 176,023 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net realized and unrealized gain (loss) |
(23,196,431 | ) | 3,889,880 | 271,282,514 | 4,654,965 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS |
$ | 1,757,741 | $ | 7,900,766 | $ | 283,223,289 | $ | 31,080,022 | ||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
65 |
Statements of Changes in Net Assets
iShares Aaa - A Rated Corporate Bond ETF |
iShares BB Rated Corporate Bond ETF |
|||||||||||||||
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/21 |
Period From 10/06/20(a) to 10/31/20 |
|||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
OPERATIONS |
||||||||||||||||
Net investment income |
$ | 24,954,172 | $ | 21,569,447 | $ | 4,010,886 | $ | 94,737 | ||||||||
Net realized gain |
33,193,047 | 11,480,266 | 2,380,664 | — | ||||||||||||
Net change in unrealized appreciation (depreciation) |
(56,389,478 | ) | 37,383,936 | 1,509,216 | (504,340 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) in net assets resulting from operations |
1,757,741 | 70,433,649 | 7,900,766 | (409,603 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS(b) |
||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(26,862,436 | ) | (20,251,698 | ) | (4,026,444 | ) | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
(273,973,795 | ) | 1,015,631,385 | 17,586,117 | 72,560,424 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
||||||||||||||||
Total increase (decrease) in net assets |
(299,078,490 | ) | 1,065,813,336 | 21,460,439 | 72,150,821 | |||||||||||
Beginning of year |
1,485,423,291 | 419,609,955 | 72,150,821 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 1,186,344,801 | $ | 1,485,423,291 | $ | 93,611,260 | $ | 72,150,821 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
66 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Statements of Changes in Net Assets (continued)
iShares Convertible Bond ETF |
iShares Floating Rate Bond ETF |
|||||||||||||||
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
|||||||||||||
INCREASE (DECREASE) IN NET ASSETS |
||||||||||||||||
OPERATIONS |
||||||||||||||||
Net investment income |
$ | 11,940,775 | $ | 7,688,276 | $ | 26,425,057 | $ | 124,402,531 | ||||||||
Net realized gain (loss) |
306,116,739 | 85,353,955 | 4,478,942 | (100,217,042 | ) | |||||||||||
Net change in unrealized appreciation (depreciation) |
(34,834,225 | ) | 120,688,311 | 176,023 | (4,906,350 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase in net assets resulting from operations |
283,223,289 | 213,730,542 | 31,080,022 | 19,279,139 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
DISTRIBUTIONS TO SHAREHOLDERS(a) |
||||||||||||||||
Decrease in net assets resulting from distributions to shareholders |
(48,045,347 | ) | (9,218,410 | ) | (28,120,691 | ) | (142,625,200 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
CAPITAL SHARE TRANSACTIONS |
||||||||||||||||
Net increase (decrease) in net assets derived from capital share transactions |
820,513,033 | 242,367,608 | 1,406,363,044 | (4,224,940,685 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
NET ASSETS |
||||||||||||||||
Total increase (decrease) in net assets |
1,055,690,975 | 446,879,740 | 1,409,322,375 | (4,348,286,746 | ) | |||||||||||
Beginning of year |
851,506,758 | 404,627,018 | 5,592,223,709 | 9,940,510,455 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
End of year |
$ | 1,907,197,733 | $ | 851,506,758 | $ | 7,001,546,084 | $ | 5,592,223,709 | ||||||||
|
|
|
|
|
|
|
|
(a) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
See notes to financial statements.
F I N A N C I A L S T A T E M E N T S |
67 |
(For a share outstanding throughout each period)
iShares Aaa - A Rated Corporate Bond ETF | ||||||||||||||||||||
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 |
Year Ended 10/31/17 |
||||||||||||||||
Net asset value, beginning of year |
$ | 57.46 | $ | 54.85 | $ | 49.57 | $ | 52.76 | $ | 52.80 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
1.10 | 1.35 | 1.68 | 1.53 | 1.40 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
(0.91 | ) | 2.68 | 5.25 | (3.23 | ) | (0.08 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase (decrease) from investment operations |
0.19 | 4.03 | 6.93 | (1.70 | ) | 1.32 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions(c) |
||||||||||||||||||||
From net investment income |
(1.13 | ) | (1.42 | ) | (1.65 | ) | (1.49 | ) | (1.36 | ) | ||||||||||
From net realized gain |
(0.03 | ) | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(1.16 | ) | (1.42 | ) | (1.65 | ) | (1.49 | ) | (1.36 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 56.49 | $ | 57.46 | $ | 54.85 | $ | 49.57 | $ | 52.76 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
0.34 | % | 7.44 | % | 14.22 | % | (3.27 | )% | 2.57 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||
Total expenses |
0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
1.93 | % | 2.37 | % | 3.19 | % | 3.00 | % | 2.69 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 1,186,345 | $ | 1,485,423 | $ | 419,610 | $ | 158,621 | $ | 121,345 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(e) |
17 | % | 16 | % | 16 | % | 15 | % | 16 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
68 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares BB Rated Corporate Bond ETF |
||||||||
Year Ended 10/31/21 |
Period From 10/06/20(a) to 10/31/20 |
|||||||
Net asset value, beginning of period |
$ | 49.76 | $ | 50.00 | ||||
|
|
|
|
|||||
Net investment income(b) |
1.89 | 0.12 | ||||||
Net realized and unrealized gain (loss)(c) |
2.25 | (0.36 | ) | |||||
|
|
|
|
|||||
Net increase (decrease) from investment operations |
4.14 | (0.24 | ) | |||||
|
|
|
|
|||||
Distributions(d) |
||||||||
From net investment income |
(1.89 | ) | — | |||||
|
|
|
|
|||||
Total distributions |
(1.89 | ) | — | |||||
|
|
|
|
|||||
Net asset value, end of period |
$ | 52.01 | $ | 49.76 | ||||
|
|
|
|
|||||
Total Return(e) |
||||||||
Based on net asset value |
8.39 | % | (0.48 | )%(f) | ||||
|
|
|
|
|||||
Ratios to Average Net Assets |
||||||||
Total expenses |
0.25 | % | 0.25 | %(g) | ||||
|
|
|
|
|||||
Total expenses after fees waived |
0.15 | % | 0.15 | %(g) | ||||
|
|
|
|
|||||
Net investment income |
3.64 | % | 3.36 | %(g) | ||||
|
|
|
|
|||||
Supplemental Data |
||||||||
Net assets, end of period (000) |
$ | 93,611 | $ | 72,151 | ||||
|
|
|
|
|||||
Portfolio turnover rate(h) |
32 | % | 0 | %(f)(i) | ||||
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Based on average shares outstanding. |
(c) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(d) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(e) |
Where applicable, assumes the reinvestment of distributions. |
(f) |
Not annualized. |
(g) |
Annualized. |
(h) |
Portfolio turnover rate excludes in-kind transactions. |
(i) |
Rounds to less than 1%. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
69 |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Convertible Bond ETF | ||||||||||||||||||||
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 |
Year Ended 10/31/17 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 80.71 | $ | 59.07 | $ | 55.86 | $ | 55.38 | $ | 47.01 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.75 | 0.86 | 0.96 | 0.93 | 1.00 | |||||||||||||||
Net realized and unrealized gain(b) |
24.52 | 21.90 | 4.74 | 0.87 | 8.57 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase from investment operations |
25.27 | 22.76 | 5.70 | 1.80 | 9.57 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions(c) |
||||||||||||||||||||
From net investment income |
(0.97 | ) | (1.12 | ) | (2.02 | ) | (1.13 | ) | (1.20 | ) | ||||||||||
From net realized gain |
(2.75 | ) | — | (0.47 | ) | (0.19 | ) | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(3.72 | ) | (1.12 | ) | (2.49 | ) | (1.32 | ) | (1.20 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 102.26 | $ | 80.71 | $ | 59.07 | $ | 55.86 | $ | 55.38 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
31.91 | % | 39.02 | % | 10.55 | % | 3.26 | %(e) | 20.63 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||
Total expenses |
0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
0.75 | % | 1.24 | % | 1.66 | % | 1.64 | % | 1.88 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 1,907,198 | $ | 851,507 | $ | 404,627 | $ | 259,730 | $ | 354,410 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(f) |
46 | % | 33 | % | 24 | % | 29 | % | 14 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been -1.94%. |
(f) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
70 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Financial Highlights (continued)
(For a share outstanding throughout each period)
iShares Floating Rate Bond ETF | ||||||||||||||||||||
Year Ended 10/31/21 |
Year Ended 10/31/20 |
Year Ended 10/31/19 |
Year Ended 10/31/18 |
Year Ended 10/31/17 |
||||||||||||||||
|
||||||||||||||||||||
Net asset value, beginning of year |
$ | 50.70 | $ | 50.98 | $ | 50.93 | $ | 50.93 | $ | 50.72 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income(a) |
0.22 | 0.83 | 1.44 | 1.19 | 0.73 | |||||||||||||||
Net realized and unrealized gain (loss)(b) |
0.05 | (0.24 | ) | 0.08 | (0.13 | ) | 0.19 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net increase from investment operations |
0.27 | 0.59 | 1.52 | 1.06 | 0.92 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Distributions(c) |
||||||||||||||||||||
From net investment income |
(0.23 | ) | (0.87 | ) | (1.47 | ) | (1.06 | ) | (0.71 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total distributions |
(0.23 | ) | (0.87 | ) | (1.47 | ) | (1.06 | ) | (0.71 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net asset value, end of year |
$ | 50.74 | $ | 50.70 | $ | 50.98 | $ | 50.93 | $ | 50.93 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Return(d) |
||||||||||||||||||||
Based on net asset value |
0.52 | % | 1.19 | % | 3.02 | % | 2.11 | % | 1.82 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Ratios to Average Net Assets |
||||||||||||||||||||
Total expenses |
0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | 0.20 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net investment income |
0.43 | % | 1.64 | % | 2.84 | % | 2.33 | % | 1.43 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Supplemental Data |
||||||||||||||||||||
Net assets, end of year (000) |
$ | 7,001,546 | $ | 5,592,224 | $ | 9,940,510 | $ | 11,832,089 | $ | 6,544,454 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Portfolio turnover rate(e) |
38 | % | 29 | % | 23 | % | 17 | % | 21 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Based on average shares outstanding. |
(b) |
The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities. |
(c) |
Distributions for annual periods determined in accordance with U.S. federal income tax regulations. |
(d) |
Where applicable, assumes the reinvestment of distributions. |
(e) |
Portfolio turnover rate excludes in-kind transactions. |
See notes to financial statements.
F I N A N C I A L H I G H L I G H T S |
71 |
1. |
ORGANIZATION |
iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.
These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):
iShares ETF | Diversification Classification |
|||
Aaa - A Rated Corporate Bond |
Diversified | |||
BB Rated Corporate Bond |
Diversified | |||
Convertible Bond |
Diversified | |||
Floating Rate Bond |
Diversified |
2. |
SIGNIFICANT ACCOUNTING POLICIES |
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis. For convertible securities, premiums attributable to the debt instrument are amortized, but premiums attributable to the conversion feature are not amortized.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
3. |
INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS |
Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• |
Fixed-income investments for which market quotations are readily available are generally valued using the last available bid price or current market quotations provided by independent dealers or third-party pricing services. Pricing services generally value fixed income securities assuming orderly transactions of an institutional round lot size, but a fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), market data, credit quality information, perceived market movements, news, and other relevant information. Certain fixed-income securities, including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche |
72 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued)
of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Manager determines such method does not represent fair value. |
• |
Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV. |
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.
Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.
Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• |
Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• |
Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• |
Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
4. |
SECURITIES AND OTHER INVESTMENTS |
Zero-Coupon Bonds: Zero-coupon bonds are normally issued at a significant discount from face value and do not provide for periodic interest payments. These bonds may experience greater volatility in market value than other debt obligations of similar maturity which provide for regular interest payments.
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and
N O T E S T O F I N A N C I A L S T A T E M E N T S |
73 |
Notes to Financial Statements (continued)
the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:
|
||||||||||||||||
iShares ETF and Counterparty |
|
Market Value
of Securities on Loan |
|
|
Cash Collateral Received |
(a) |
|
Non-Cash Collateral Received |
|
Net Amount | ||||||
|
||||||||||||||||
Aaa - A Rated Corporate Bond |
||||||||||||||||
Barclays Bank PLC |
$ | 9,343,151 | $ | 9,343,151 | $ | — | $ | — | ||||||||
Barclays Capital, Inc. |
2,230,590 | 2,230,590 | — | — | ||||||||||||
BMO Capital Markets Corp. |
1,870,530 | 1,870,530 | — | — | ||||||||||||
BNP Paribas SA |
4,577,901 | 4,577,901 | — | — | ||||||||||||
BofA Securities, Inc. |
5,001,596 | 5,001,596 | — | — | ||||||||||||
Citadel Clearing LLC |
86,885 | 86,885 | — | — | ||||||||||||
Citigroup Global Markets, Inc. |
2,702,353 | 2,702,353 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC |
4,103,293 | 4,103,293 | — | — | ||||||||||||
Deutsche Bank Securities, Inc. |
3,502,421 | 3,502,421 | — | — | ||||||||||||
HSBC Securities (USA), Inc. |
9,550,597 | 9,550,597 | — | — | ||||||||||||
J.P. Morgan Securities LLC |
17,176,956 | 17,176,956 | — | — | ||||||||||||
Jefferies LLC |
874,067 | 874,067 | — | — | ||||||||||||
Morgan Stanley |
5,015,627 | 5,015,627 | — | — | ||||||||||||
Nomura Securities International, Inc. |
1,067,228 | 1,067,228 | — | — | ||||||||||||
RBC Capital Markets LLC |
6,683,076 | 6,683,076 | — | — | ||||||||||||
Scotia Capital (USA), Inc. |
1,363,928 | 1,363,928 | — | — | ||||||||||||
State Street Bank & Trust Co. |
92,891 | 92,891 | — | — | ||||||||||||
Wells Fargo Bank N.A |
312,557 | 312,557 | — | — | ||||||||||||
Wells Fargo Securities LLC |
2,233,073 | 2,233,073 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 77,788,720 | $ | 77,788,720 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
BB Rated Corporate Bond |
||||||||||||||||
Barclays Bank PLC |
$ | 441,868 | $ | 441,868 | $ | — | $ | — | ||||||||
BMO Capital Markets Corp. |
182,258 | 182,258 | — | — | ||||||||||||
BNP Paribas SA |
3,720,800 | 3,720,800 | — | — | ||||||||||||
BofA Securities, Inc. |
913,670 | 913,670 | — | — | ||||||||||||
Citadel Clearing LLC |
174,455 | 174,455 | — | — | ||||||||||||
Citigroup Global Markets, Inc. |
728,884 | 728,884 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC |
304,521 | 304,521 | — | — | ||||||||||||
Nomura Securities International, Inc. |
147,422 | 147,422 | — | — | ||||||||||||
State Street Bank & Trust Co. |
561,154 | 561,154 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 7,175,032 | $ | 7,175,032 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Floating Rate Bond |
||||||||||||||||
Barclays Bank PLC |
$ | 16,859,424 | $ | 16,859,424 | $ | — | $ | — | ||||||||
Barclays Capital, Inc. |
7,530,666 | 7,530,666 | — | — | ||||||||||||
BMO Capital Markets Corp. |
2,647,768 | 2,647,768 | — | — | ||||||||||||
BNP Paribas SA |
101,379 | 101,379 | — | — | ||||||||||||
BofA Securities, Inc. |
11,248,884 | 11,248,884 | — | — | ||||||||||||
Citigroup Global Markets, Inc. |
6,338,361 | 6,338,361 | — | — | ||||||||||||
Credit Suisse Securities (USA) LLC |
3,634,190 | 3,634,190 | — | — | ||||||||||||
Goldman Sachs & Co. LLC |
4,742,226 | 4,742,226 | — | — | ||||||||||||
HSBC Securities (USA), Inc. |
305,569 | 305,569 | — | — | ||||||||||||
J.P. Morgan Securities LLC |
94,898,263 | 94,898,263 | — | — | ||||||||||||
Jefferies LLC |
1,007,230 | 1,007,230 | — | — | ||||||||||||
Morgan Stanley |
14,711,634 | 14,711,634 | — | — | ||||||||||||
Nomura Securities International, Inc. |
5,008,275 | 5,008,275 | — | — | ||||||||||||
Pershing LLC |
20,024 | 20,024 | — | — | ||||||||||||
RBC Capital Markets LLC |
13,839,474 | 13,839,474 | — | — | ||||||||||||
Toronto Dominion Bank |
2,527,925 | 2,527,925 | — | — | ||||||||||||
Wells Fargo Securities LLC |
46,726,947 | 46,726,947 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 232,148,239 | $ | 232,148,239 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
(a) |
Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities. |
74 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued)
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. |
INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES |
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each Fund, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:
iShares ETF | Investment Advisory Fee | |||
Aaa - A Rated Corporate Bond |
0.15 | % | ||
BB Rated Corporate Bond |
0.25 | |||
Convertible Bond |
0.20 | |||
Floating Rate Bond |
0.15 |
Effective October 20, 2021, for its investment advisory services to the iShares Floating Rate Bond ETF, BFA is entitled to an annual investment advisory fee of 0.15%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund. Prior to October 20, 2021, BFA was entitled to an annual investment advisory fee of 0.20%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.
Expense Waivers: BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). For the iShares BB Rated Corporate Bond ETF, BFA has elected to implement a voluntary fee waiver at an annual rate of 0.10% and currently intends to keep such voluntary fee waiver for the Fund in place for a one-year period through October 31, 2022. Any voluntary waiver or reimbursement implemented by BFA may be eliminated by BFA at any time.
This amount is included in investment advisory fees waived in the Statements of Operations. For the year ended October 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:
iShares ETF | Amounts waived |
|||
BB Rated Corporate Bond |
$ | 110,263 |
Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.
Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each Fund retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
75 |
Notes to Financial Statements (continued)
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended October 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:
iShares ETF | Fees Paid to BTC |
|||
Aaa - A Rated Corporate Bond |
$ | 57,840 | ||
BB Rated Corporate Bond |
3,666 | |||
Convertible Bond |
924 | |||
Floating Rate Bond |
152,915 |
Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the year ended October 31, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:
iShares ETF | Purchases | Sales | Net Realized Gain (Loss) |
|||||||||
Aaa - A Rated Corporate Bond |
$ | 404,322 | $ | — | $ | — | ||||||
BB Rated Corporate Bond |
479,406 | 2,888,872 | 167,971 |
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.
6. PURCHASES AND SALES
For the year ended October 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:
Other Securities | ||||||||
iShares ETF | Purchases | Sales | ||||||
Aaa - A Rated Corporate Bond |
$ | 223,143,980 | $ | 219,087,512 | ||||
BB Rated Corporate Bond |
34,926,151 | 33,256,028 | ||||||
Convertible Bond |
809,277,856 | 719,359,766 | ||||||
Floating Rate Bond |
2,673,980,735 | 2,116,991,103 |
For the year ended October 31, 2021, in-kind transactions were as follows:
iShares ETF | In-kind Purchases |
In-kind Sales | ||||||
Aaa - A Rated Corporate Bond |
$ | 371,139,345 | $ | 637,411,147 | ||||
BB Rated Corporate Bond |
75,210,929 | 58,796,078 | ||||||
Convertible Bond |
1,411,145,751 | 645,753,294 | ||||||
Floating Rate Bond |
1,871,872,270 | 579,634,625 |
7. |
INCOME TAX INFORMATION |
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.
76 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued)
U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of October 31, 2021, permanent differences attributable to certain deemed distributions and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:
iShares ETF | Paid-in Capital | Accumulated Earnings (Loss) |
||||||
Aaa - A Rated Corporate Bond |
$ | 33,419,946 | $ | (33,419,946 | ) | |||
BB Rated Corporate Bond |
1,951,829 | (1,951,829 | ) | |||||
Convertible Bond |
197,661,739 | (197,661,739 | ) | |||||
Floating Rate Bond |
2,860,549 | (2,860,549 | ) |
The tax character of distributions paid was as follows:
iShares ETF | Year Ended 10/31/21 |
Year
Ended 10/31/20 |
||||
Aaa - A Rated Corporate Bond |
||||||
Ordinary income |
$26,862,436 | $ | 20,251,698 | |||
|
|
|
iShares ETF | Year Ended 10/31/21 |
Period Ended 10/31/20 |
||||||
BB Rated Corporate Bond |
||||||||
Ordinary income |
$ | 4,026,444 | $ | — | ||||
|
|
|
|
iShares ETF |
Year Ended 10/31/21 |
Year Ended 10/31/20 |
||||||
Convertible Bond |
||||||||
Ordinary income |
$ | 26,673,704 | $ | 9,218,410 | ||||
Long-term capital gains |
21,371,643 | — | ||||||
|
|
|
|
|||||
$ | 48,045,347 | $ | 9,218,410 | |||||
|
|
|
|
|||||
Floating Rate Bond |
||||||||
Ordinary income |
$ | 28,120,691 | $ | 142,625,200 | ||||
|
|
|
|
As of October 31, 2021, the tax components of accumulated net earnings (losses) were as follows:
iShares ETF | |
Undistributed Ordinary Income |
|
|
Undistributed Long-Term Capital Gains |
|
|
Non-expiring Capital Loss Carryforwards(a) |
|
|
Net Unrealized Gains (Losses) |
(b) |
Total | |||||||
Aaa - A Rated Corporate Bond |
$ | 1,906,677 | $ | — | $ | (328,433 | ) | $ | 4,028,825 | $ | 5,607,069 | |||||||||
BB Rated Corporate Bond |
656,583 | 10,293 | — | 846,014 | 1,512,890 | |||||||||||||||
Convertible Bond |
35,142,629 | 75,045,375 | — | 95,910,866 | 206,098,870 | |||||||||||||||
Floating Rate Bond |
2,119,649 | — | (66,820,927 | ) | 12,398,318 | (52,302,960 | ) |
(a) |
Amounts available to offset future realized capital gains. |
(b) |
The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, amortization methods for premiums and discounts on fixed income securities and dividends deemed recognized for tax purposes. |
As of October 31, 2021, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:
iShares ETF | Non-Expiring | |||
Aaa - A Rated Corporate Bond |
$ | 328,433 | ||
Floating Rate Bond |
66,820,927 |
For the year ended October 31, 2021, the Funds listed below utilized the following amounts of their respective capital loss carryforwards:
iShares ETF | Utilized | |||
Floating Rate Bond |
$ | 231,236 |
N O T E S T O F I N A N C I A L S T A T E M E N T S |
77 |
Notes to Financial Statements (continued)
As of October 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:
iShares ETF | Tax Cost | Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
||||||||||||
Aaa - A Rated Corporate Bond |
$ | 1,252,131,949 | $ | 13,339,084 | $ | (9,310,259 | ) | $ | 4,028,825 | |||||||
BB Rated Corporate Bond |
98,915,602 | 1,610,380 | (764,366 | ) | 846,014 | |||||||||||
Convertible Bond |
1,808,268,024 | 165,009,293 | (69,098,427 | ) | 95,910,866 | |||||||||||
Floating Rate Bond |
7,192,387,381 | 13,962,478 | (1,564,160 | ) | 12,398,318 |
8. |
PRINCIPAL RISKS |
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.
Market Risk: Each Fund may be exposed to prepayment risk, which is the risk that borrowers may exercise their option to prepay principal earlier than scheduled during periods of declining interest rates, which would force each Fund to reinvest in lower yielding securities. Each Fund may also be exposed to reinvestment risk, which is the risk that income from each Fund’s portfolio will decline if each Fund invests the proceeds from matured, traded or called fixed-income securities at market interest rates that are below each Fund portfolio’s current earnings rate.
An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.
The Funds invest a significant portion of their assets in fixed-income securities and/or use derivatives tied to the fixed-income markets. Changes in market interest rates or economic conditions may affect the value and/or liquidity of such investments. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The Funds may be subject to a greater risk of rising interest rates due to the current period of historically low rates.
LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.
78 |
2 0 2 1 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S |
Notes to Financial Statements (continued)
9. |
CAPITAL SHARE TRANSACTIONS |
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows:
|
||||||||||||||||
Year Ended 10/31/21 |
Year Ended 10/31/20 |
|||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
Aaa - A Rated Corporate Bond |
||||||||||||||||
Shares sold |
6,650,000 | $ | 378,876,822 | 19,350,000 | $ | 1,081,341,076 | ||||||||||
Shares redeemed |
(11,500,000 | ) | (652,850,617 | ) | (1,150,000 | ) | (65,709,691 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) |
(4,850,000 | ) | $ | (273,973,795 | ) | 18,200,000 | $ | 1,015,631,385 | ||||||||
|
|
|
|
|
|
|
|
|
||||||||||||||||
Year Ended 10/31/21 |
Period Ended 10/31/20 |
|||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
BB Rated Corporate Bond |
||||||||||||||||
Shares sold |
1,500,000 | $ | 77,463,262 | 1,450,000 | $ | 72,560,424 | ||||||||||
Shares redeemed |
(1,150,000 | ) | (59,877,145 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase |
350,000 | $ | 17,586,117 | 1,450,000 | $ | 72,560,424 | ||||||||||
|
|
|
|
|
|
|
|
Year
Ended 10/31/21 |
Year
Ended 10/31/20 |
|||||||||||||||
iShares ETF | Shares | Amount | Shares | Amount | ||||||||||||
|
||||||||||||||||
Convertible Bond |
||||||||||||||||
Shares sold |
14,850,000 | $ | 1,483,986,664 | 6,300,000 | $ | 433,092,277 | ||||||||||
Shares redeemed |
(6,750,000 | ) | (663,473,631 | ) | (2,600,000 | ) | (190,724,669 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase |
8,100,000 | $ | 820,513,033 | 3,700,000 | $ | 242,367,608 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Floating Rate Bond |
||||||||||||||||
Shares sold |
39,500,000 | $ | 2,005,059,788 | 4,100,000 | $ | 217,504,452 | ||||||||||
Shares redeemed |
(11,800,000 | ) | (598,696,744 | ) | (88,800,000 | ) | (4,442,445,137 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net increase (decrease) |
27,700,000 | $ | 1,406,363,044 | (84,700,000 | ) | $ | (4,224,940,685 | ) | ||||||||
|
|
|
|
|
|
|
|
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
10. |
SUBSEQUENT EVENTS |
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.
N O T E S T O F I N A N C I A L S T A T E M E N T S |
79 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of iShares Trust and Shareholders of iShares Aaa - A Rated Corporate Bond ETF, iShares BB Rated Corporate Bond ETF, iShares Convertible Bond ETF and iShares Floating Rate Bond ETF
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of iShares Aaa—A Rated Corporate Bond ETF, iShares BB Rated Corporate Bond ETF, iShares Convertible Bond ETF and iShares Floating Rate Bond ETF (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.
iShares Aaa - A Rated Corporate Bond ETF, iShares Convertible Bond ETF and iShares Floating Rate Bond ETF: statements of operations for the year ended October 31, 2021 and statements of changes in net assets for each of the two years in the period ended October 31, 2021.
|
iShares BB Rated Corporate Bond ETF: statement of operations for the year ended October 31, 2021, and statement of changes in net assets for the year ended October 31, 2021 and the period October 6, 2020 (commencement of operations) to October 31, 2020.
|
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 21, 2021
We have served as the auditor of one or more BlackRock investment companies since 2000.
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Important Tax Information (unaudited)
The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended October 31, 2021 qualified for the dividends-received deduction for corporate shareholders:
Dividends-Received | ||||
iShares ETF |
Deduction | |||
Convertible Bond |
3.32 | % |
The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended October 31, 2021:
iShares ETF | Qualified Dividend Income |
|||
Convertible Bond |
$ | 1,685,612 |
The Funds hereby designates the following amounts, or maximum amounts allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended October 31, 2021:
iShares ETF | Interest Dividends | |||
Aaa - A Rated Corporate Bond |
$ | 25,250,091 | ||
BB Rated Corporate Bond |
4,292,199 | |||
Convertible Bond |
14,187,292 | |||
Floating Rate Bond |
27,973,128 |
The Funds hereby designates the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended October 31, 2021:
iShares ETF | Interest-Related Dividends |
|||
Aaa - A Rated Corporate Bond |
$ | 20,378,655 | ||
BB Rated Corporate Bond |
3,671,752 | |||
Convertible Bond |
11,831,474 | |||
Floating Rate Bond |
16,998,028 |
The Funds hereby designates the following amounts, or maximum amounts allowable by law, of distributions from direct federal obligation interest for the fiscal year ended October 31, 2021:
iShares ETF | Federal Obligation Interest |
|||
Aaa - A Rated Corporate Bond |
$ | 1,479 | ||
BB Rated Corporate Bond |
154 | |||
Convertible Bond |
1,524 | |||
Floating Rate Bond |
31,845 |
The law varies in each state as to whether and what percent of ordinary income dividends attribute to federal obligations is exempt from state income tax. Shareholders are advised to check with their tax advisers to determine if any portion of the dividends received is exempt from state income tax.
The Fund hereby designates the following amounts, or maximum amounts allowable by law, as capital gain dividends, subject to a long-term capital gains tax rate of not greater than 20%, for the fiscal year ended October 31, 2021:
iShares ETF | 20% Rate Long-Term Capital Gain Dividends |
|||
Convertible Bond |
$ | 37,801,946 |
I M P O R T A N T T A X I N F O R M A T I O N |
81 |
Board Review and Approval of Investment Advisory Contract
iShares Aaa - A Rated Corporate Bond ETF, iShares BB Rated Corporate Bond ETF, iShares Convertible Bond ETF (each the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that overall fund expenses (net of waivers and reimbursements) for the Fund were lower than the median of the overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2020, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected
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Board Review and Approval of Investment Advisory Contract (continued)
by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
iShares Floating Rate Bond ETF (the “Fund”)
Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
83 |
Board Review and Approval of Investment Advisory Contract (continued)
providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 7, 2021 and May 14, 2021, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 15-16, 2021, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.
After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.
Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs (including, where applicable, funds sponsored by an “at cost” service provider), objectively selected by Broadridge as comprising the Fund’s applicable peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the overall fund expenses (net of waivers and reimbursements) for the Fund were higher than the median of overall fund expenses (net of waivers and reimbursements ) of the funds in its Peer Group, excluding iShares funds.
In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.
Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent and proposed enhancements to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, which were provided at the May 7, 2021 meeting and throughout the year.
Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue,
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Board Review and Approval of Investment Advisory Contract (continued)
including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).
Based on this review, the Board concluded that the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, were within a reasonable range in light of the factors and other information considered.
Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board would continue to assess the appropriateness of adding breakpoints in the future.
The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.
Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.
The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.
The Board also considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement. The Board noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.
Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to (i) an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds and (ii) other technology-related initiatives aimed to better support the iShares funds. The Board further noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.
Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.
B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T |
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Supplemental Information (unaudited)
Section 19(a) Notices
The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.
October 31, 2021
Total Cumulative
Distributions for the Fiscal Year |
% Breakdown of the Total
Cumulative Distributions for the Fiscal Year |
|||||||||||||||||||||||||||||||
iShares ETF | Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
Net Investment Income |
Net Realized Capital Gains |
Return of Capital |
Total Per Share |
||||||||||||||||||||||||
Aaa - A Rated Corporate Bond |
$ | 1.127785 | $ | 0.034532 | $ | — | $ | 1.162317 | 97 | % | 3 | % | — | % | 100 | % | ||||||||||||||||
BB Rated Corporate Bond |
1.891588 | — | — | 1.891588 | 100 | — | — | 100 | ||||||||||||||||||||||||
Convertible Bond |
0.970300 | 2.752453 | — | 3.722753 | 26 | 74 | — | 100 | ||||||||||||||||||||||||
Floating Rate Bond(a) |
0.234665 | — | 0.000131 | 0.234796 | 100 | — | 0 | (b) | 100 |
(a) |
The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share. |
(b) |
Rounds to less than 1%. |
Premium/Discount Information
Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.
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Trustee and Officer Information
The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).
The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 375 funds as of October 31, 2021. With the exception of Robert S. Kapito, Salim Ramji and Charles Park, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito, Mr. Ramji and Mr. Park is c/o BlackRock, Inc., Park Avenue Plaza, 55 East 52nd Street, New York, NY 10055. The Board has designated Cecilia H. Herbert as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).
Interested Trustees | ||||||
Name (Age) | Position(s) | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Robert S. Kapito(a) (64) |
Trustee (since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji(b) (51) |
Trustee (since 2019). |
Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Director of iShares, Inc. (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
(a) |
Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
(b) |
Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates. |
Independent Trustees | ||||||
Name (Age) | Position(s) |
Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
Cecilia H. Herbert (72) |
Trustee (since 2005); Independent Board Chair (since 2016). | Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018) and Investment Committee (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School; Director of the Senior Center of Jackson Hole (since 2020). | Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Jane D. Carlin (65) |
Trustee (since 2015); Risk Committee Chair (since 2016). | Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani (66) |
Trustee (since 2017); Audit Committee Chair (since 2019). | Partner, KPMG LLP (2002-2016). | Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). |
T R U S T E E A N D O F F I C E R I N F O R M A T I O N |
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Trustee and Officer Information (continued)
Independent Trustees (continued) | ||||||
Name (Age) | Position(s) | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Trustee | |||
John E. Kerrigan (66) |
Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019). |
Chief Investment Officer, Santa Clara University (since 2002). |
Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (62) |
Trustee (since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). |
Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez (60) |
Trustee (since 2003); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016). |
Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Madhav V. Rajan (57) |
Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). |
Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
Officers | ||||
Name (Age) | Position(s) | Principal Occupation(s) During the Past 5 Years | ||
Armando Senra (50) |
President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker (47) |
Treasurer and Chief Financial Officer (since 2020). | Managing Director, BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
Charles Park (54) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre Smith (46) |
Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Scott Radell (52) |
Executive Vice President (since 2012). | Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan Mason (60) |
Executive Vice President (since 2016). | Managing Director, BlackRock, Inc. (since 2009). | ||
Marybeth Leithead (58) |
Executive Vice President (since 2019). | Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
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Electronic Delivery
Shareholders can sign up for email notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
• |
Go to icsdelivery.com. |
• |
If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. |
Householding
Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.
Availability of Quarterly Schedule of Investments
The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.
Availability of Proxy Voting Policies and Proxy Voting Records
A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.
A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.
G E N E R A L I N F O R M A T I O N |
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Glossary of Terms Used in this Report
Portfolio Abbreviations - Fixed Income | ||
CMT | Constant Maturity Treasury | |
LIBOR | London Interbank Offered Rate | |
PIK | Payment-in-kind | |
REIT | Real Estate Investment Trust | |
SOFR | Secured Overnight Financing Rate |
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Want to know more?
iShares.com | 1-800-474-2737
This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.
Investing involves risk, including possible loss of principal.
The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).
The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Bloomberg Index Services Limited or ICE Data Indices, LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above.
©2021 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.
iS-AR-1004-1021
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