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FEBRUARY 28, 2022 |
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2022 Annual Report
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iShares Trust
· iShares BBB Rated Corporate Bond ETF | LQDB | NYSE Arca
· iShares Broad USD Investment Grade Corporate Bond ETF | USIG | NASDAQ
· iShares 1-5 Year Investment Grade Corporate Bond ETF | IGSB | NASDAQ
· iShares 5-10 Year Investment Grade Corporate Bond ETF | IGIB | NASDAQ
· iShares 10+ Year Investment Grade Corporate Bond ETF | IGLB | NYSE Arca
Dear Shareholder,
The 12-month reporting period as of February 28, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.
Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a solid advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.
The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. In the corporate bond market, the improving economy assuaged credit concerns and led to modest returns for high-yield corporate bonds, outpacing the negative return of investment-grade corporate bonds.
The U.S. Federal Reserve (the “Fed”) maintained accommodative monetary policy during the reporting period by keeping near-zero interest rates. However, the Fed’s tone shifted during the period, as it reduced its bond-buying program and raised the prospect of higher rates in 2022. Continued high inflation and the Fed’s new stance led many analysts to anticipate that the Fed will raise interest rates multiple times throughout the year.
Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy. Sanctions on Russia and general wartime disruption are likely to drive already-high commodity prices even further upwards, and we have already seen spikes in energy and metal markets. While this will exacerbate inflationary pressure, it could also constrain economic growth, making the Fed’s way forward less clear. Its challenge will be combating inflation without stifling a recovery that is now facing additional supply shocks.
In this environment, we favor an overweight to equities, as we believe low interest rates and continued economic growth will support further gains, albeit likely more modest than what we saw in 2021. 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. and other developed market equities have room for further growth, while we believe Chinese equities stand to gain from a more accommodative monetary and fiscal environment. 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.
Overall, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Sincerely,
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2022
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6-Month | 12-Month | |||
U.S. large cap equities (S&P 500® Index) |
(2.62)% | 16.39% | ||
U.S. small cap equities (Russell 2000® Index) |
(9.46) | (6.01) | ||
International equities (MSCI Europe, Australasia, Far East Index) |
(6.78) | 2.83 | ||
Emerging market equities (MSCI Emerging Markets Index) |
(9.81) | (10.69) | ||
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index) |
0.02 | 0.04 | ||
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index) |
(3.94) | (1.67) | ||
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index) |
(4.07) | (2.64) | ||
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index) |
(3.09) | (0.66) | ||
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index) |
(3.07) | 0.64 | ||
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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T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Financial Statements |
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iShares Trust
U.S. Corporate Bond Market Overview
Investment-grade corporate bonds lost ground during the 12 months ended February 28, 2021 (the “reporting period”). The Markit iBoxx USD Liquid Investment Grade Index returned -3.24% for the reporting period and underperformed the -2.64% of the Bloomberg U.S. Aggregate Bond Index, a broad measure of the overall bond market.
The market downturn reflected a shift from an environment dominated by the adverse economic effects of COVID-19 to one characterized by improving growth and rising inflation. As vaccines were rolled out and lockdowns related to the virus gradually eased, economic growth rebounded in kind. U.S. GDP rose 5.7% in real (after-inflation) terms in 2021, up from -3.4% in 2020. However, the supply of goods and labor was insufficient to keep up with the increase in demand. These circumstances translated to a surge in inflation, with sharply rising prices for commodities, consumer products, housing costs and labor. Inflation, as measured by the U.S. Core Personal Consumption Index, moved north of 4% in October 2021 and exceeded 5% in January 2022 – well above its range of recent years.
The U.S. Federal Reserve (“Fed”) at first did not adjust its monetary policy in response to accelerating inflation, calling the uptrend “transitory.” As inflation in fact persisted, the Fed shifted gears in November 2021 by announcing it would taper the stimulative bond-buying program known as quantitative easing. It also stated its intention to begin raising interest rates. Investors, appearing to sense that the Fed had fallen behind the curve in fighting inflation, soon began to price in the possibility of as many as six to seven rate increases in 2022.
Late in the period, Russia’s invasion of Ukraine led to a large increase in uncertainty and somewhat dampened expectations regarding the likely extent of Fed tightening. At the same time, commodity prices surged in anticipation that the sanctions levied on Russia would further constrict the available supply of raw materials. Expectations for future inflation therefore remained elevated as of the end of February 2022, limiting the typical benefit of “flight to quality” into higher-rated bonds.
Investment-grade corporate bonds experienced a loss and underperformed the broader market. Corporates performed well through most of 2021, when the largely favorable investment backdrop encouraged investors to take on greater risk in search of more attractive yields. Investors were also cheered by the combination of rising corporate profits and improving credit conditions more generally. Together, these factors caused corporates’ yield spreads over equivalent Treasuries to revert to their pre-global financial crisis lows by mid-2021. However, prices began to weaken and spreads started to rise during the latter half of the year in response to higher inflation and increasing U.S. Treasury yields. Corporates suffered further declines in early 2022 after Russia’s invasion of Ukraine caused investors’ appetite for risk to evaporate, erasing the category’s previous gains. As a result, yield spreads closed the period at their highest level since late 2020.
4 |
2 0 2 2 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 February 28, 2022 | iShares® BBB Rated Corporate Bond ETF |
Investment Objective
The iShares BBB Rated Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of BBB (or its equivalent) fixed rate U.S. dollar-denominated bonds issued by U.S. and non-U.S. corporate issuers, as represented by the iBoxx USD Liquid Investment Grade BBB 0+ Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Cumulative Total Returns | ||
Since Inception | ||
Fund NAV |
(2.66)% | |
Fund Market |
(2.53) | |
Index |
(2.73) |
GROWTH OF $10,000 INVESTMENT
(SINCE INCEPTION AT NET ASSET VALUE)
The inception date of the Fund was 5/18/21. The first day of secondary market trading was 5/20/21.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 938.60 | $ 0.72 | $ 1,000.00 | $ 1,024.10 | $ 0.75 | 0.15 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
F U N D S U M M A R Y |
5 |
Fund Summary as of February 28, 2022 (continued) | iShares® BBB Rated Corporate Bond ETF |
Portfolio Information
ALLOCATION BY CREDIT QUALITY | ||
Moody’s Credit Rating* |
Percent of Total Investments(a) | |
A |
3.7% | |
Baa |
91.4 | |
Ba |
3.2 | |
Not Rated |
1.7 |
ALLOCATION BY MATURITY | ||
Maturity |
Percent of Total Investments(a) | |
0-1 Year |
0.9% | |
1-5 Years |
31.5 | |
5-10 Years |
30.7 | |
10-15 Years |
4.3 | |
15-20 Years |
6.7 | |
More than 20 Years |
25.9 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
6 |
2 0 2 2 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 February 28, 2022 | iShares® Broad USD Investment Grade Corporate Bond ETF |
Investment Objective
The iShares Broad USD Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds, as represented by the ICE BofA US Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||
Fund NAV |
(3.51 | )% | 3.64 | % | 3.49 | % | (3.51 | )% | 19.59 | % | 40.93 | % | ||||||||||||||
Fund Market |
(3.00 | ) | 3.69 | 3.46 | (3.00 | ) | 19.88 | 40.50 | ||||||||||||||||||
Index |
(3.02 | ) | 3.82 | 3.69 | (3.02 | ) | 20.62 | 43.71 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA US Corporate Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA US Corporate Index. Historical index data from 8/1/2018 through 2/28/2021 is for the 3pm pricing variant of the ICE BofA US Corporate Index. Historical index data prior to 8/1/2018 is for the Bloomberg Barclays U.S. Credit Bond Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 939.70 | $ 0.19 | $ 1,000.00 | $ 1,024.60 | $ 0.20 | 0.04 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
F U N D S U M M A R Y |
7 |
Fund Summary as of February 28, 2022 (continued) | iShares® Broad USD Investment Grade Corporate Bond ETF |
Portfolio Information
|
ALLOCATION BY CREDIT QUALITY | ||
Moody’s Credit Rating* |
Percent of Total Investments(a) | |
Aaa |
2.3% | |
Aa |
6.2 | |
A |
38.7 | |
Baa |
48.8 | |
Ba |
1.5 | |
Not Rated |
2.5 |
ALLOCATION BY MATURITY | ||
Maturity |
Percent of Total Investments(a) | |
1-5 Years |
33.6% | |
5-10 Years |
28.8 | |
10-15 Years |
5.9 | |
15-20 Years |
7.9 | |
More than 20 Years |
23.8 |
* |
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. |
8 |
2 0 2 2 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 February 28, 2022 | iShares® 1-5 Year Investment Grade Corporate Bond ETF |
Investment Objective
The iShares 1-5 Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities between one and five years, as represented by the ICE BofA 1-5 Year US Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||||
Fund NAV |
(2.20 | )% | 2.35 | % | 1.84 | % | (2.20 | )% | 12.34 | % | 20.03 | % | ||||||||||||||||
Fund Market |
(2.08 | ) | 2.37 | 1.83 | (2.08 | ) | 12.44 | 19.89 | ||||||||||||||||||||
Index |
(2.15 | ) | 2.55 | 2.11 | (2.15 | ) | 13.41 | 23.23 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 1-5 Year US Corporate Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA 1-5 Year US Corporate Index. Historical index from 8/1/2020 through 2/28/2021 is for the 3pm pricing variant of the ICE BofA 1-5 Year US Corporate Index. Historical Index data prior to 8/1/2018 is for the Bloomberg Barclays U.S. 1-3 Year Credit Bond Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22) |
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Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 970.90 | $ 0.29 | $ 1,000.00 | $ 1,024.50 | $ 0.30 | 0.06 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
F U N D S U M M A R Y |
9 |
Fund Summary as of February 28, 2022 (continued) | iShares® 1-5 Year Investment Grade Corporate Bond ETF |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
| ||
Moody’s Credit Rating* |
Percent of Total Investments(a) | |
Aaa |
2.1% | |
Aa |
5.9 | |
A |
43.7 | |
Baa |
44.2 | |
Ba |
1.3 | |
Not Rated |
2.8 |
ALLOCATION BY MATURITY
| ||
Maturity |
Percent of Total Investments(a) | |
1-2 Years |
20.9% | |
2-3 Years |
27.4 | |
3-4 Years |
27.3 | |
4-5 Years |
20.3 | |
5-6 Years |
3.6 | |
6-7 Years |
0.1 | |
7-8 Years |
0.1 | |
8-9 Years |
0.1 | |
9-10 Years |
0.1 | |
21-22 Years |
0.1 |
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
10 |
2 0 2 2 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 February 28, 2022 | iShares® 5-10 Year Investment Grade Corporate Bond ETF |
Investment Objective
The iShares 5-10 Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities between five and ten years, as represented by the ICE BofA 5-10 Year US Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||
Fund NAV |
(3.62 | )% | 3.80 | % | 3.26 | % | (3.62 | )% | 20.52 | % | 37.77 | % | ||||||||||||||
Fund Market |
(3.26 | ) | 3.83 | 3.22 | (3.26 | ) | 20.68 | 37.30 | ||||||||||||||||||
Index |
(3.25 | ) | 3.92 | 3.45 | (3.25 | ) | 21.21 | 40.35 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 5-10 Year US Corporate Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA 5-10 Year US Corporate Index. Historical index data from 8/1/2018 through 2/28/2021 is for the 3pm pricing variant of the ICE BofAML 5-10 Year US Corporate Index. Historical Index data prior to 8/1/2018 is for the Bloomberg Barclays U.S. Intermediate Credit Bond Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22 |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/21 |
) |
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Ending Account Value (02/28/22 |
) |
|
Expenses Paid During the Period |
(a) |
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Annualized Expense Ratio |
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$ 1,000.00 | $ 945.60 | $ 0.29 | $ 1,000.00 | $ 1,024.50 | $ 0.30 | 0.06 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
F U N D S U M M A R Y |
11 |
Fund Summary as of February 28, 2022 (continued) | iShares® 5-10 Year Investment Grade Corporate Bond ETF |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
| ||
Moody’s Credit Rating* |
Percent of Total Investments(a) | |
| ||
Aaa |
1.2% | |
Aa |
4.5 | |
A |
36.4 | |
Baa |
53.7 | |
Ba |
1.6 | |
Not Rated |
2.6 | |
|
ALLOCATION BY MATURITY
| ||
Maturity |
Percent of Total Investments(a) | |
| ||
1-5 Years |
0.1% | |
5-10 Years |
92.8 | |
10-15 Years |
5.8 | |
More than 20 Years |
1.3 | |
|
* |
Credit quality ratings shown reflect the ratings assigned by Moody’s Investors Service (“Moody’s”), a widely used independent, nationally recognized statistical rating organization. Moody’s credit ratings are opinions of the credit quality of individual obligations or of an issuer’s general creditworthiness. Investment grade ratings are credit ratings of Baa or higher. Below investment grade ratings are credit ratings of Ba or lower. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. |
(a) |
Excludes money market funds. |
12 |
2 0 2 2 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 February 28, 2022 | iShares® 10+ Year Investment Grade Corporate Bond ETF |
Investment Objective
The iShares 10+ Year Investment Grade Corporate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated investment-grade corporate bonds with remaining maturities greater than ten years, as represented by the ICE BofA 10+ Year US Corporate Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | |||||||||||||||||||||
Fund NAV |
(4.62 | )% | 5.10 | % | 4.85 | % | (4.62 | )% | 28.26 | % | 60.61 | % | ||||||||||||||
Fund Market |
(3.83 | ) | 5.19 | 4.92 | (3.83 | ) | 28.78 | 61.68 | ||||||||||||||||||
Index |
(3.66 | ) | 5.34 | 5.25 | (3.66 | ) | 29.71 | 66.77 |
GROWTH OF $10,000 INVESTMENT
(AT NET ASSET VALUE)
On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE BofA 10+ Year US Corporate Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE BofA 10+ Year US Corporate Index. Historical index data from 8/1/2018 through 2/28/2021 is for the 3pm pricing variant of the ICE BofA 10+ Year US Corporate Index. Historical Index data prior to 8/1/2018 is for the Bloomberg Barclays U.S. Long Credit Index.
Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 15 for more information.
Expense Example
Actual | Hypothetical 5% Return | |||||||||||||||||||||||||
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Beginning Account Value (09/01/21) |
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Ending Account Value (02/28/22 |
) |
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Expenses Paid During the Period |
(a) |
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Beginning Account Value (09/01/21 |
) |
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Ending Account Value (02/28/22 |
) |
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Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
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$ 1,000.00 | $ 906.00 | $ 0.28 | $ 1,000.00 | $ 1,024.50 | $ 0.30 | 0.06 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” for more information. |
F U N D S U M M A R Y |
13 |
Fund Summary as of February 28, 2022 (continued) | iShares® 10+ Year Investment Grade Corporate Bond ETF |
Portfolio Information
ALLOCATION BY CREDIT QUALITY
| ||
Moody’s Credit Rating* |
Percent of Total Investments(a) | |
| ||
Aaa |
3.4% | |
Aa |
8.5 | |
A |
36.5 | |
Baa |
48.0 | |
Ba |
1.6 | |
Not Rated |
2.0 | |
|
ALLOCATION BY MATURITY
| ||
Maturity |
Percent of Total Investments(a) | |
| ||
10-15 Years |
11.5% | |
15-20 Years |
24.1 | |
More than 20 Years |
64.4 | |
|
* |
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. |
14 |
2 0 2 2 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 using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in a Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
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 |
15 |
February 28, 2022 |
iShares® BBB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Corporate Bonds & Notes | ||||||||
Advertising — 0.2% | ||||||||
Interpublic
Group of Companies Inc. (The), |
$ | 35 | $ | 43,718 | ||||
Omnicom Group Inc., 2.60%, 08/01/31 (Call 05/01/31) |
100 | 96,166 | ||||||
|
|
|||||||
139,884 | ||||||||
Aerospace & Defense — 3.5% | ||||||||
Boeing Co. (The) |
||||||||
2.20%, 02/04/26 (Call 02/04/23) |
250 | 242,865 | ||||||
4.88%, 05/01/25 (Call 04/01/25) |
250 | 265,607 | ||||||
5.15%, 05/01/30 (Call 02/01/30) |
200 | 220,602 | ||||||
5.71%, 05/01/40 (Call 11/01/39) |
160 | 185,945 | ||||||
5.81%, 05/01/50 (Call 11/01/49) |
125 | 148,613 | ||||||
5.93%, 05/01/60 (Call 11/01/59) |
125 | 148,252 | ||||||
L3Harris
Technologies Inc., 4.40%, 06/15/28 |
200 | 216,156 | ||||||
Northrop Grumman Corp. |
||||||||
3.25%, 01/15/28 (Call 10/15/27) |
200 | 205,603 | ||||||
4.03%, 10/15/47 (Call 04/15/47) |
100 | 105,434 | ||||||
5.25%, 05/01/50 (Call 11/01/49) |
25 | 31,719 | ||||||
Raytheon Technologies Corp. |
||||||||
2.82%, 09/01/51 (Call 03/01/51) |
50 | 43,307 | ||||||
4.13%, 11/16/28 (Call 08/16/28) |
300 | 324,058 | ||||||
4.50%, 06/01/42 |
100 | 111,819 | ||||||
4.63%, 11/16/48 (Call 05/16/48) |
200 | 230,033 | ||||||
|
|
|||||||
2,480,013 | ||||||||
Agriculture — 1.9% | ||||||||
Altria Group Inc. |
||||||||
2.85%, 08/09/22 |
100 | 100,468 | ||||||
4.80%, 02/14/29 (Call 11/14/28) |
100 | 108,141 | ||||||
5.80%, 02/14/39 (Call 08/14/38) |
100 | 109,528 | ||||||
5.95%, 02/14/49 (Call 08/14/48) |
200 | 223,288 | ||||||
BAT Capital Corp. |
||||||||
2.73%, 03/25/31 (Call 12/25/30)(a) |
50 | 45,847 | ||||||
3.22%, 08/15/24 (Call 06/15/24) |
200 | 202,425 | ||||||
3.56%, 08/15/27 (Call 05/15/27) |
150 | 151,139 | ||||||
4.39%, 08/15/37 (Call 02/15/37) |
100 | 95,948 | ||||||
4.54%, 08/15/47 (Call 02/15/47) |
200 | 184,756 | ||||||
Bunge
Ltd. Finance Corp., 2.75%, 05/14/31 |
50 | 47,578 | ||||||
Reynolds
American Inc., 4.45%, 06/12/25 |
100 | 104,594 | ||||||
|
|
|||||||
1,373,712 | ||||||||
Apparel — 0.1% | ||||||||
VF Corp., 2.40%, 04/23/25 (Call 03/23/25) |
100 | 100,198 | ||||||
|
|
|||||||
Auto Manufacturers — 1.8% | ||||||||
Aptiv
PLC/Aptiv Corp., 3.25%, 03/01/32 |
55 | 55,152 | ||||||
General Motors Co. |
||||||||
6.25%, 10/02/43 |
160 | 194,500 | ||||||
6.60%, 04/01/36 (Call 10/01/35) |
50 | 61,932 | ||||||
General Motors Financial Co. Inc. |
||||||||
1.25%, 01/08/26 (Call 12/08/25) |
400 | 376,618 | ||||||
1.70%, 08/18/23 |
400 | 398,282 | ||||||
2.35%, 01/08/31 (Call 10/08/30) |
200 | 181,270 | ||||||
|
|
|||||||
1,267,754 | ||||||||
Auto Parts & Equipment — 0.3% | ||||||||
Aptiv PLC, 3.10%, 12/01/51 (Call 06/01/51) |
35 | 29,537 | ||||||
Aptiv
PLC/Aptiv Corp., 4.15%, 05/01/52 |
50 | 49,974 | ||||||
BorgWarner Inc., 2.65%, 07/01/27 (Call 05/01/27) |
100 | 99,608 | ||||||
Lear Corp., 5.25%, 05/15/49 (Call 11/15/48)(a) |
25 | 28,080 | ||||||
|
|
|||||||
207,199 |
Security |
Par (000) |
Value | ||||||
Banks — 8.7% | ||||||||
Barclays
PLC |
$ | 200 | $ | 187,689 | ||||
3.65%, 03/16/25 |
300 | 307,742 | ||||||
4.34%, 01/10/28 (Call 01/10/27) |
300 | 316,803 | ||||||
Citigroup
Inc. |
300 | 306,143 | ||||||
4.45%, 09/29/27 |
200 | 213,493 | ||||||
4.75%, 05/18/46 |
75 | 83,386 | ||||||
6.63%, 06/15/32 |
100 | 125,561 | ||||||
6.68%, 09/13/43 |
50 | 68,660 | ||||||
Cooperatieve Rabobank U.A., 4.38%, 08/04/25 |
250 | 261,836 | ||||||
Credit Suisse Group AG, 4.55%, 04/17/26 |
250 | 263,712 | ||||||
Deutsche Bank AG/New York NY |
||||||||
2.13%, 11/24/26 (Call 11/24/25), (SOFR + 1.870%)(b) |
400 | 384,758 | ||||||
2.31%, 11/16/27 (Call 11/16/26), (SOFR + 1.219%)(b) |
170 | 162,351 | ||||||
Fifth Third Bancorp. |
||||||||
4.30%, 01/16/24 (Call 12/16/23) |
200 | 207,744 | ||||||
8.25%, 03/01/38 |
40 | 60,222 | ||||||
Goldman Sachs Group Inc. (The) |
||||||||
4.25%, 10/21/25 |
200 | 209,952 | ||||||
5.15%, 05/22/45 |
25 | 29,445 | ||||||
6.75%, 10/01/37 |
200 | 262,778 | ||||||
HSBC Holdings PLC |
||||||||
4.25%, 08/18/25 |
300 | 311,137 | ||||||
6.50%, 05/02/36 |
100 | 125,999 | ||||||
6.80%, 06/01/38 |
150 | 195,827 | ||||||
Lloyds Banking Group PLC, 4.65%, 03/24/26 |
200 | 211,443 | ||||||
Morgan Stanley, 5.00%, 11/24/25 |
200 | 215,008 | ||||||
Natwest Group PLC |
||||||||
4.27%, 03/22/25 (Call 03/22/24), (3 mo. LIBOR US + 1.762%)(b) |
300 | 310,164 | ||||||
4.45%, 05/08/30 (Call 05/08/29), (3 mo. LIBOR US + 1.871%)(b) |
200 | 213,131 | ||||||
Santander
Holdings USA Inc., 3.45%, 06/02/25 |
300 | 304,932 | ||||||
Santander UK Group Holdings PLC, 1.09%, 03/15/25 (Call 03/15/24), (SOFR + 0.787%)(b) |
300 | 291,004 | ||||||
Wells Fargo & Co. |
||||||||
4.30%, 07/22/27 |
200 | 213,132 | ||||||
4.75%, 12/07/46 |
25 | 28,108 | ||||||
4.90%, 11/17/45 |
300 | 340,171 | ||||||
Westpac Banking Corp. |
||||||||
2.96%, 11/16/40 |
60 | 52,980 | ||||||
3.13%, 11/18/41 |
25 | 22,483 | ||||||
|
|
|||||||
6,287,794 | ||||||||
Beverages — 2.8% | ||||||||
Anheuser-Busch Companies LLC/Anheuser-Busch InBev Worldwide Inc. |
||||||||
3.65%, 02/01/26 (Call 11/01/25) |
100 | 104,440 | ||||||
4.70%, 02/01/36 (Call 08/01/35) |
200 | 223,909 | ||||||
4.90%, 02/01/46 (Call 08/01/45) |
325 | 369,522 | ||||||
Anheuser-Busch InBev Worldwide Inc. |
||||||||
3.50%, 06/01/30 (Call 03/01/30)(a) |
125 | 130,506 | ||||||
4.60%, 04/15/48 (Call 10/15/47) |
100 | 109,371 | ||||||
4.60%, 06/01/60 (Call 12/01/59) |
200 | 218,600 | ||||||
5.55%, 01/23/49 (Call 07/23/48) |
200 | 247,546 | ||||||
Constellation Brands Inc. |
||||||||
2.25%, 08/01/31 (Call 05/01/31) |
75 | 68,872 | ||||||
3.75%, 05/01/50 (Call 11/01/49) |
60 | 57,410 | ||||||
4.25%, 05/01/23 |
100 | 102,729 |
16 |
2 0 2 2 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) February 28, 2022 |
iShares® BBB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Beverages (continued) | ||||||||
Keurig Dr Pepper Inc. |
||||||||
0.75%, 03/15/24 (Call 04/08/22) |
$ | 200 | $ | 195,099 | ||||
2.25%, 03/15/31 (Call 12/15/30) |
100 | 93,496 | ||||||
3.35%, 03/15/51 (Call 09/15/50) |
60 | 54,963 | ||||||
Molson
Coors Beverage Co., 4.20%, 07/15/46 |
60 | 59,816 | ||||||
|
|
|||||||
2,036,279 | ||||||||
Biotechnology — 3.0% | ||||||||
Amgen Inc. |
||||||||
2.20%, 02/21/27 (Call 12/21/26) |
100 | 98,427 | ||||||
2.30%, 02/25/31 (Call 11/25/30) |
100 | 94,527 | ||||||
2.77%, 09/01/53 (Call 03/01/53) |
50 | 40,616 | ||||||
2.80%, 08/15/41 (Call 02/15/41) |
75 | 65,891 | ||||||
3.63%, 05/22/24 (Call 02/22/24) |
200 | 206,712 | ||||||
4.40%, 05/01/45 (Call 11/01/44) |
60 | 63,899 | ||||||
4.66%, 06/15/51 (Call 12/15/50)(a) |
200 | 224,925 | ||||||
Baxalta Inc., 5.25%, 06/23/45 (Call 12/23/44) |
100 | 119,796 | ||||||
Biogen Inc. |
||||||||
3.15%, 05/01/50 (Call 11/01/49) |
60 | 49,516 | ||||||
3.25%, 02/15/51 (Call 08/15/50)(a)(c) |
25 | 20,934 | ||||||
4.05%, 09/15/25 (Call 06/15/25) |
200 | 208,992 | ||||||
Gilead Sciences Inc. |
||||||||
0.75%, 09/29/23 (Call 03/21/22) |
150 | 147,803 | ||||||
1.65%, 10/01/30 (Call 07/01/30) |
200 | 181,719 | ||||||
4.75%, 03/01/46 (Call 09/01/45) |
100 | 113,254 | ||||||
4.80%, 04/01/44 (Call 10/01/43) |
160 | 181,236 | ||||||
Regeneron Pharmaceuticals Inc. |
||||||||
1.75%, 09/15/30 (Call 06/15/30) |
50 | 44,705 | ||||||
2.80%, 09/15/50 (Call 03/15/50) |
40 | 33,064 | ||||||
Royalty Pharma PLC |
||||||||
1.20%, 09/02/25 (Call 08/02/25) |
200 | 189,663 | ||||||
3.30%, 09/02/40 (Call 03/02/40) |
60 | 52,877 | ||||||
3.35%, 09/02/51 (Call 03/02/51) |
35 | 29,174 | ||||||
|
|
|||||||
2,167,730 | ||||||||
Building Materials — 0.7% | ||||||||
Carrier Global Corp. |
||||||||
2.24%, 02/15/25 (Call 01/15/25) |
200 | 199,506 | ||||||
3.58%, 04/05/50 (Call 10/05/49) |
75 | 71,146 | ||||||
Johnson
Controls International PLC/Tyco Fire & Security Finance SCA,
2.00%, 09/16/31 |
50 | 45,524 | ||||||
Martin
Marietta Materials Inc., 3.20%, 07/15/51 |
50 | 44,610 | ||||||
Vulcan Materials Co. |
||||||||
3.50%, 06/01/30 (Call 03/01/30) |
75 | 77,395 | ||||||
4.50%, 06/15/47 (Call 12/15/46) |
25 | 27,464 | ||||||
|
|
|||||||
465,645 | ||||||||
Chemicals — 1.9% | ||||||||
CF Industries Inc., 5.38%, 03/15/44 |
50 | 56,673 | ||||||
Dow Chemical Co. (The) |
||||||||
2.10%, 11/15/30 (Call 08/15/30) |
100 | 93,260 | ||||||
3.60%, 11/15/50 (Call 05/15/50)(a) |
160 | 152,820 | ||||||
DuPont de Nemours Inc. |
||||||||
4.73%, 11/15/28 (Call 08/15/28) |
150 | 165,722 | ||||||
5.42%, 11/15/48 (Call 05/15/48) |
85 | 106,651 | ||||||
Eastman Chemical Co. |
||||||||
4.50%, 12/01/28 (Call 09/01/28) |
50 | 54,217 | ||||||
4.65%, 10/15/44 (Call 04/15/44) |
40 | 43,580 | ||||||
FMC Corp. |
||||||||
3.45%, 10/01/29 (Call 07/01/29) |
50 | 50,433 | ||||||
4.50%, 10/01/49 (Call 04/01/49) |
25 | 26,813 |
Security |
Par (000) |
Value | ||||||
Chemicals (continued) | ||||||||
International
Flavors & Fragrances Inc., |
$ | 35 | $ | 40,021 | ||||
LYB International Finance III LLC |
||||||||
3.80%, 10/01/60 (Call 04/01/60) |
25 | 22,663 | ||||||
4.20%, 05/01/50 (Call 11/01/49) |
160 | 162,181 | ||||||
Mosaic Co. (The), 4.05%, 11/15/27 (Call 08/15/27) |
100 | 105,569 | ||||||
Nutrien Ltd. |
||||||||
2.95%, 05/13/30 (Call 02/13/30) |
50 | 50,051 | ||||||
3.95%, 05/13/50 (Call 11/13/49) |
50 | 52,188 | ||||||
Sherwin-Williams Co. (The) |
||||||||
3.45%, 06/01/27 (Call 03/01/27) |
100 | 103,904 | ||||||
4.50%, 06/01/47 (Call 12/01/46) |
60 | 65,753 | ||||||
Westlake Corp., 5.00%, 08/15/46 (Call 02/15/46) |
40 | 45,767 | ||||||
|
|
|||||||
1,398,266 | ||||||||
Commercial Services — 0.6% | ||||||||
Block Financial LLC, 2.50%, 07/15/28 (Call 05/15/28) |
50 | 47,638 | ||||||
Equifax Inc., 2.35%, 09/15/31 (Call 06/15/31) |
50 | 45,874 | ||||||
Global Payments Inc. |
||||||||
1.20%, 03/01/26 (Call 02/01/26) |
200 | 188,944 | ||||||
4.15%, 08/15/49 (Call 02/15/49) |
25 | 24,629 | ||||||
Moody’s Corp. |
||||||||
2.00%, 08/19/31 (Call 05/19/31)(a) |
50 | 45,901 | ||||||
2.55%, 08/18/60 (Call 02/18/60) |
50 | 37,890 | ||||||
Quanta Services Inc., 3.05%, 10/01/41 (Call 04/01/41) |
50 | 43,588 | ||||||
Verisk Analytics Inc., 3.63%, 05/15/50 (Call 11/15/49) |
25 | 24,230 | ||||||
|
|
|||||||
458,694 | ||||||||
Computers — 1.1% | ||||||||
Dell International LLC/EMC Corp. |
||||||||
3.45%, 12/15/51 (Call 06/15/51)(c) |
75 | 63,134 | ||||||
5.45%, 06/15/23 (Call 04/15/23) |
194 | 201,919 | ||||||
8.35%, 07/15/46 (Call 01/15/46) |
10 | 15,178 | ||||||
Hewlett Packard Enterprise Co. |
||||||||
1.45%, 04/01/24 (Call 03/01/24) |
160 | 157,454 | ||||||
6.35%, 10/15/45 (Call 04/15/45) |
40 | 47,747 | ||||||
HP Inc. |
||||||||
2.20%, 06/17/25 (Call 05/17/25) |
100 | 99,327 | ||||||
2.65%, 06/17/31 (Call 03/17/31) |
50 | 46,913 | ||||||
6.00%, 09/15/41 |
25 | 29,992 | ||||||
Kyndryl
Holdings Inc., 2.70%, 10/15/28 |
50 | 46,418 | ||||||
Leidos Inc., 4.38%, 05/15/30 (Call 02/15/30) |
75 | 79,606 | ||||||
|
|
|||||||
787,688 | ||||||||
Diversified Financial Services — 3.7% | ||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust |
||||||||
2.45%, 10/29/26 (Call 09/29/26) |
450 | 433,123 | ||||||
3.40%, 10/29/33 (Call 07/29/33) |
150 | 141,563 | ||||||
4.63%, 10/15/27 (Call 08/15/27) |
150 | 159,136 | ||||||
Air Lease Corp. |
||||||||
0.70%, 02/15/24 (Call 01/15/24) |
100 | 96,862 | ||||||
2.10%, 09/01/28 (Call 07/01/28) |
150 | 137,913 | ||||||
2.88%, 01/15/26 (Call 12/15/25)(a) |
200 | 199,163 | ||||||
Ally Financial Inc. |
||||||||
2.20%, 11/02/28 (Call 09/02/28) |
100 | 93,864 | ||||||
8.00%, 11/01/31 |
100 | 131,550 | ||||||
Capital One Financial Corp., 2.60%, 05/11/23 (Call 04/11/23) |
400 | 403,806 | ||||||
CI Financial Corp., 4.10%, 06/15/51 (Call 12/15/50)(a) |
50 | 47,118 | ||||||
Discover
Financial Services, 4.10%, 02/09/27 |
200 | 209,410 | ||||||
Jefferies Group LLC, 6.25%, 01/15/36 |
50 | 61,021 | ||||||
Nasdaq Inc. |
||||||||
1.65%, 01/15/31 (Call 10/15/30) |
100 | 88,250 |
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) February 28, 2022 |
iShares® BBB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Diversified Financial Services (continued) | ||||||||
3.25%, 04/28/50 (Call 10/28/49) |
$ | 25 | $ | 22,675 | ||||
Nomura Holdings Inc., 1.85%, 07/16/25 |
200 | 194,587 | ||||||
Synchrony Financial, 4.25%, 08/15/24 (Call 05/15/24) |
250 | 258,509 | ||||||
|
|
|||||||
2,678,550 | ||||||||
Electric — 4.6% |
||||||||
AEP
Texas Inc., Series I, 2.10%, 07/01/30 |
100 | 92,343 | ||||||
AES Corp. (The), 2.45%, 01/15/31 (Call 10/15/30) |
75 | 69,258 | ||||||
Dominion Energy Inc. |
||||||||
Series B, 3.30%, 04/15/41 (Call 10/15/40) |
50 | 46,634 | ||||||
Series C, 3.38%, 04/01/30 (Call 01/01/30) |
100 | 101,369 | ||||||
DTE Energy Co., Series C, 2.53%, 10/01/24 |
100 | 100,503 | ||||||
Duke Energy Corp. |
||||||||
2.45%, 06/01/30 (Call 03/01/30) |
100 | 94,335 | ||||||
3.50%, 06/15/51 (Call 12/15/50) |
50 | 45,834 | ||||||
3.75%, 04/15/24 (Call 01/15/24) |
200 | 206,383 | ||||||
3.75%, 09/01/46 (Call 03/01/46) |
100 | 95,438 | ||||||
Emera
U.S. Finance LP, 4.75%, 06/15/46 |
40 | 42,600 | ||||||
Entergy Corp., 2.40%, 06/15/31 (Call 03/05/31) |
100 | 92,718 | ||||||
Exelon Corp. |
||||||||
4.05%, 04/15/30 (Call 01/15/30) |
50 | 53,070 | ||||||
4.70%, 04/15/50 (Call 10/15/49) |
75 | 84,549 | ||||||
Georgia
Power Co., Series A, 3.25%, 03/15/51 |
75 | 66,620 | ||||||
NextEra Energy Capital Holdings Inc. |
||||||||
0.65%, 03/01/23 |
250 | 248,049 | ||||||
2.25%, 06/01/30 (Call 03/01/30) |
200 | 185,376 | ||||||
Pacific Gas and Electric Co. |
||||||||
1.37%, 03/10/23 (Call 03/21/22) |
200 | 197,522 | ||||||
3.25%, 06/01/31 (Call 03/01/31) |
150 | 141,419 | ||||||
3.50%, 08/01/50 (Call 02/01/50) |
50 | 41,166 | ||||||
4.00%, 12/01/46 (Call 06/01/46) |
50 | 43,587 | ||||||
4.20%, 03/01/29 (Call 01/01/29) |
100 | 102,189 | ||||||
4.40%, 03/01/32 (Call 12/01/31) |
100 | 102,187 | ||||||
4.55%, 07/01/30 (Call 01/01/30) |
150 | 153,906 | ||||||
4.95%, 07/01/50 (Call 01/01/50) |
150 | 148,350 | ||||||
Public
Service Enterprise Group Inc., |
50 | 47,353 | ||||||
Sempra Energy |
||||||||
3.40%, 02/01/28 (Call 11/01/27) |
100 | 102,915 | ||||||
4.00%, 02/01/48 (Call 08/01/47) |
60 | 60,061 | ||||||
Southern Co. (The) |
||||||||
2.95%, 07/01/23 (Call 05/01/23) |
200 | 202,436 | ||||||
3.25%, 07/01/26 (Call 04/01/26) |
120 | 123,050 | ||||||
4.40%, 07/01/46 (Call 01/01/46) |
70 | 73,634 | ||||||
WEC
Energy Group Inc., 2.20%, 12/15/28 |
75 | 71,979 | ||||||
Xcel Energy Inc., 2.60%, 12/01/29 (Call 06/01/29) |
100 | 98,072 | ||||||
|
|
|||||||
3,334,905 | ||||||||
Electronics — 0.6% | ||||||||
Agilent
Technologies Inc., 2.30%, 03/12/31 |
50 | 46,734 | ||||||
Amphenol Corp., 2.20%, 09/15/31 (Call 06/15/31)(a) |
50 | 46,115 | ||||||
Arrow
Electronics Inc., 2.95%, 02/15/32 |
80 | 76,190 | ||||||
Flex Ltd., 4.88%, 06/15/29 (Call 03/15/29) |
60 | 65,169 | ||||||
Jabil Inc., 3.95%, 01/12/28 (Call 10/12/27) |
100 | 104,485 | ||||||
Keysight
Technologies Inc., 3.00%, 10/30/29 |
100 | 100,112 | ||||||
|
|
|||||||
438,805 | ||||||||
Environmental Control — 0.6% | ||||||||
Republic
Services Inc., 3.38%, 11/15/27 |
200 | 206,920 | ||||||
Waste Connections Inc. |
||||||||
2.20%, 01/15/32 (Call 10/15/31) |
75 | 69,548 | ||||||
2.95%, 01/15/52 (Call 07/15/51) |
35 | 30,252 |
Security |
Par (000) |
Value | ||||||
Environmental Control (continued) | ||||||||
Waste Management Inc. |
||||||||
1.50%, 03/15/31 (Call 12/15/30) |
$ | 50 | $ | 44,675 | ||||
4.15%, 07/15/49 (Call 01/15/49) |
60 | 67,002 | ||||||
|
|
|||||||
418,397 | ||||||||
Food — 2.9% | ||||||||
Campbell Soup Co. |
||||||||
4.15%, 03/15/28 (Call 12/15/27) |
100 | 106,841 | ||||||
4.80%, 03/15/48 (Call 09/15/47) |
25 | 28,369 | ||||||
Conagra Brands Inc. |
||||||||
1.38%, 11/01/27 (Call 09/01/27) |
100 | 91,791 | ||||||
5.40%, 11/01/48 (Call 05/01/48) |
35 | 42,314 | ||||||
General Mills Inc. |
||||||||
3.00%, 02/01/51 (Call 08/01/50) |
25 | 22,810 | ||||||
3.70%, 10/17/23 (Call 09/17/23) |
200 | 205,843 | ||||||
4.00%, 04/17/25 (Call 02/17/25) |
50 | 52,327 | ||||||
JM Smucker Co. (The) |
||||||||
2.13%, 03/15/32 (Call 12/15/31) |
25 | 22,880 | ||||||
3.50%, 03/15/25 |
150 | 155,364 | ||||||
4.38%, 03/15/45 |
25 | 26,885 | ||||||
Kellogg Co. |
||||||||
3.40%, 11/15/27 (Call 08/15/27) |
100 | 103,503 | ||||||
4.50%, 04/01/46 |
25 | 28,375 | ||||||
Kroger
Co. (The) |
100 | 94,575 | ||||||
3.95%, 01/15/50 (Call 07/15/49) |
25 | 25,639 | ||||||
4.45%, 02/01/47 (Call 08/01/46) |
60 | 65,184 | ||||||
McCormick &
Co. Inc./MD |
150 | 141,511 | ||||||
1.85%, 02/15/31 (Call 11/15/30) |
50 | 45,428 | ||||||
Mondelez
International Inc. |
200 | 194,639 | ||||||
2.63%, 09/04/50 (Call 03/04/50) |
40 | 33,521 | ||||||
Sysco
Corp. |
35 | 30,545 | ||||||
3.30%, 07/15/26 (Call 04/15/26) |
200 | 206,018 | ||||||
5.95%, 04/01/30 (Call 01/01/30)(a) |
100 | 119,399 | ||||||
6.60%, 04/01/50 (Call 10/01/49) |
55 | 76,561 | ||||||
Tyson
Foods Inc. |
100 | 103,713 | ||||||
5.10%, 09/28/48 (Call 03/28/48) |
60 | 71,983 | ||||||
|
|
|||||||
2,096,018 | ||||||||
Forest Products & Paper — 0.1% | ||||||||
International
Paper Co., 4.40%, 08/15/47 |
75 | 82,092 | ||||||
|
|
|||||||
Gas — 0.4% | ||||||||
National
Fuel Gas Co., 2.95%, 03/01/31 |
50 | 47,571 | ||||||
NiSource
Inc. |
100 | 102,388 | ||||||
4.38%, 05/15/47 (Call 11/15/46) |
100 | 104,653 | ||||||
|
|
|||||||
254,612 | ||||||||
Health Care - Products — 1.3% | ||||||||
Baxter
International Inc., 1.92%, 02/01/27 |
150 | 145,347 | ||||||
Boston
Scientific Corp. |
60 | 58,952 | ||||||
2.65%, 06/01/30 (Call 03/01/30) |
50 | 48,458 | ||||||
4.70%, 03/01/49 (Call 09/01/48) |
60 | 68,202 | ||||||
Danaher Corp., 2.80%, 12/10/51 (Call 06/10/51) |
25 | 22,129 | ||||||
DH
Europe Finance II Sarl |
50 | 49,271 |
18 |
2 0 2 2 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) February 28, 2022 |
iShares® BBB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Health Care - Products (continued) | ||||||||
3.25%, 11/15/39 (Call 05/15/39) |
$ | 100 | $ | 98,039 | ||||
Koninklijke Philips NV, 6.88%, 03/11/38 |
25 | 34,252 | ||||||
PerkinElmer Inc., 1.90%, 09/15/28 (Call 07/15/28) |
50 | 46,932 | ||||||
Smith & Nephew PLC, 2.03%, 10/14/30 (Call 07/14/30) |
50 | 45,291 | ||||||
Stryker
Corp. |
60 | 57,808 | ||||||
4.63%, 03/15/46 (Call 09/15/45) |
60 | 68,833 | ||||||
Thermo
Fisher Scientific Inc. |
75 | 69,535 | ||||||
4.10%, 08/15/47 (Call 02/15/47) |
25 | 27,806 | ||||||
Zimmer
Biomet Holdings Inc., 2.60%, 11/24/31 |
100 | 94,310 | ||||||
|
|
|||||||
935,165 | ||||||||
Health Care - Services — 2.0% | ||||||||
Aetna Inc., 3.88%, 08/15/47 (Call 02/15/47)(a) |
60 | 60,103 | ||||||
Anthem
Inc. |
100 | 98,908 | ||||||
1.50%, 03/15/26 (Call 02/15/26) |
100 | 96,524 | ||||||
2.55%, 03/15/31 (Call 12/15/30) |
100 | 96,370 | ||||||
3.60%, 03/15/51 (Call 09/15/50) |
200 | 196,556 | ||||||
HCA
Inc. |
75 | 66,716 | ||||||
4.13%, 06/15/29 (Call 03/15/29) |
135 | 141,656 | ||||||
5.00%, 03/15/24 |
100 | 104,814 | ||||||
5.25%, 06/15/49 (Call 12/15/48) |
75 | 85,343 | ||||||
Humana
Inc. |
75 | 77,640 | ||||||
3.95%, 08/15/49 (Call 02/15/49) |
40 | 40,980 | ||||||
Laboratory
Corp. of America Holdings |
50 | 47,977 | ||||||
4.70%, 02/01/45 (Call 08/01/44)(a) |
40 | 44,055 | ||||||
Quest Diagnostics Inc., 3.45%, 06/01/26 (Call 03/01/26) |
200 | 207,366 | ||||||
Universal
Health Services Inc., 2.65%, 01/15/32 |
75 | 69,442 | ||||||
|
|
|||||||
1,434,450 | ||||||||
Holding Companies - Diversified — 0.5% | ||||||||
Ares Capital Corp., 2.15%, 07/15/26 (Call 06/15/26) |
160 | 151,146 | ||||||
Blackstone
Private Credit Fund, 3.25%, 03/15/27 |
75 | 72,032 | ||||||
FS
KKR Capital Corp., 3.13%, 10/12/28 |
50 | 46,496 | ||||||
Owl
Rock Capital Corp., 3.40%, 07/15/26 |
125 | 119,972 | ||||||
|
|
|||||||
389,646 | ||||||||
Home Builders — 0.4% | ||||||||
DR Horton Inc., 2.50%, 10/15/24 (Call 09/15/24) |
100 | 100,206 | ||||||
Lennar Corp., 4.75%, 11/29/27 (Call 05/29/27) |
100 | 108,706 | ||||||
NVR Inc., 3.00%, 05/15/30 (Call 11/15/29) |
75 | 74,058 | ||||||
|
|
|||||||
282,970 | ||||||||
Home Furnishings — 0.1% | ||||||||
Whirlpool Corp., 4.60%, 05/15/50 (Call 11/15/49) |
40 | 43,870 | ||||||
|
|
|||||||
Household Products & Wares — 0.1% | ||||||||
Avery Dennison Corp., 2.25%, 02/15/32 (Call 11/15/31) |
50 | 45,635 | ||||||
Clorox Co. (The), 1.80%, 05/15/30 (Call 02/15/30) |
50 | 46,005 | ||||||
|
|
|||||||
91,640 | ||||||||
Insurance — 2.2% | ||||||||
Alleghany Corp., 3.25%, 08/15/51 (Call 02/15/51) |
25 | 21,294 | ||||||
American
International Group Inc. |
100 | 102,646 | ||||||
3.90%, 04/01/26 (Call 01/01/26) |
100 | 105,076 | ||||||
4.50%, 07/16/44 (Call 01/16/44) |
160 | 177,349 |
Security |
Par (000) |
Value | ||||||
Insurance (continued) | ||||||||
Aon Corp., 2.80%, 05/15/30 (Call 02/15/30)(a) |
$ | 50 | $ | 49,157 | ||||
Aon PLC, 4.75%, 05/15/45 (Call 11/15/44) |
50 | 55,992 | ||||||
Arch
Capital Group Ltd., 3.64%, 06/30/50 |
50 | 47,702 | ||||||
Athene
Holding Ltd. |
75 | 74,797 | ||||||
3.95%, 05/25/51 (Call 11/25/50) |
25 | 23,740 | ||||||
AXA SA, 8.60%, 12/15/30 |
75 | 101,225 | ||||||
Brighthouse Financial Inc., 4.70%, 06/22/47 (Call 12/22/46) |
20 | 19,963 | ||||||
CNA Financial Corp., 3.45%, 08/15/27 (Call 05/15/27) |
75 | 77,782 | ||||||
Equitable Holdings Inc., 5.00%, 04/20/48 (Call 10/20/47) |
50 | 55,712 | ||||||
Everest
Reinsurance Holdings Inc., 3.13%, 10/15/52 |
75 | 65,607 | ||||||
Fairfax Financial Holdings Ltd., 3.38%, 03/03/31 (Call 12/03/30) |
60 | 59,406 | ||||||
Hartford
Financial Services Group Inc. (The) |
80 | 79,630 | ||||||
3.60%, 08/19/49 (Call 02/19/49) |
40 | 38,906 | ||||||
Jackson
Financial Inc., 4.00%, 11/23/51 |
25 | 22,423 | ||||||
Lincoln
National Corp. |
120 | 119,314 | ||||||
7.00%, 06/15/40 |
25 | 34,747 | ||||||
Markel
Corp. |
25 | 23,185 | ||||||
5.00%, 04/05/46 |
60 | 69,330 | ||||||
Old Republic International Corp., 3.85%, 06/11/51 (Call 12/11/50) |
25 | 23,658 | ||||||
Willis
North America Inc. |
25 | 24,385 | ||||||
4.50%, 09/15/28 (Call 06/15/28) |
100 | 107,202 | ||||||
|
|
|||||||
1,580,228 | ||||||||
Internet — 0.8% | ||||||||
eBay
Inc. |
200 | 209,546 | ||||||
3.65%, 05/10/51 (Call 11/10/50) |
50 | 47,553 | ||||||
Expedia
Group Inc. |
60 | 59,168 | ||||||
5.00%, 02/15/26 (Call 11/15/25) |
100 | 107,596 | ||||||
Netflix Inc., 5.88%, 11/15/28 |
100 | 113,128 | ||||||
VeriSign Inc., 2.70%, 06/15/31 (Call 03/15/31) |
50 | 46,796 | ||||||
|
|
|||||||
583,787 | ||||||||
Iron & Steel — 0.4% | ||||||||
ArcelorMittal SA, 4.25%, 07/16/29(a) |
75 | 76,827 | ||||||
Nucor Corp., 2.00%, 06/01/25 (Call 05/01/25) |
200 | 197,579 | ||||||
|
|
|||||||
274,406 | ||||||||
Lodging — 0.2% | ||||||||
Las
Vegas Sands Corp., 3.50%, 08/18/26 |
60 | 58,367 | ||||||
Marriott
International Inc./MD, Series EE, |
56 | 61,246 | ||||||
|
|
|||||||
119,613 | ||||||||
Machinery — 0.6% | ||||||||
CNH
Industrial Capital LLC, 1.88%, 01/15/26 |
100 | 97,391 | ||||||
Flowserve Corp., 2.80%, 01/15/32 (Call 10/15/31) |
50 | 45,993 | ||||||
IDEX Corp., 2.63%, 06/15/31 (Call 03/15/31) |
50 | 47,617 | ||||||
Otis
Worldwide Corp. |
110 | 106,216 | ||||||
3.11%, 02/15/40 (Call 08/15/39) |
50 | 46,252 | ||||||
Westinghouse
Air Brake Technologies Corp., |
100 | 108,772 | ||||||
|
|
|||||||
452,241 |
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) February 28, 2022 |
iShares® BBB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Manufacturing — 0.9% | ||||||||
Eaton Corp., 4.15%, 11/02/42 |
$ | 40 | $ | 42,831 | ||||
GE
Capital International Funding Co. Unlimited Co., |
200 | 224,762 | ||||||
General Electric Co., 6.75%, 03/15/32 |
108 | 139,389 | ||||||
Parker-Hannifin
Corp. |
75 | 76,424 | ||||||
3.30%, 11/21/24 (Call 08/21/24) |
75 | 76,956 | ||||||
4.00%, 06/14/49 (Call 12/14/48) |
60 | 63,124 | ||||||
|
|
|||||||
623,486 | ||||||||
Media — 3.4% | ||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital |
||||||||
2.80%, 04/01/31 (Call 01/01/31) |
200 | 186,796 | ||||||
3.70%, 04/01/51 (Call 10/01/50) |
200 | 169,140 | ||||||
3.85%, 04/01/61 (Call 10/01/60) |
50 | 41,451 | ||||||
3.95%, 06/30/62 (Call 12/30/61) |
75 | 62,795 | ||||||
4.91%, 07/23/25 (Call 04/23/25) |
200 | 211,935 | ||||||
5.38%, 05/01/47 (Call 11/01/46) |
35 | 36,952 | ||||||
6.48%, 10/23/45 (Call 04/23/45) |
300 | 358,195 | ||||||
Discovery
Communications LLC |
100 | 103,282 | ||||||
4.00%, 09/15/55 (Call 03/15/55) |
110 | 99,822 | ||||||
5.20%, 09/20/47 (Call 03/20/47) |
50 | 54,472 | ||||||
Fox
Corp. |
100 | 109,145 | ||||||
5.58%, 01/25/49 (Call 07/25/48) |
60 | 72,342 | ||||||
Paramount
Global |
110 | 109,368 | ||||||
4.75%, 05/15/25 (Call 04/15/25) |
200 | 213,552 | ||||||
4.95%, 01/15/31 (Call 10/15/30)(a) |
75 | 82,629 | ||||||
4.95%, 05/19/50 (Call 11/19/49)(a) |
50 | 54,631 | ||||||
Time Warner Cable LLC, 6.75%, 06/15/39 |
200 | 242,364 | ||||||
Time Warner Entertainment Co. LP, 8.38%, 03/15/23 |
200 | 212,904 | ||||||
|
|
|||||||
2,421,775 | ||||||||
Mining — 0.5% | ||||||||
Barrick
North America Finance LLC, |
60 | 74,505 | ||||||
Freeport-McMoRan
Inc. |
100 | 101,113 | ||||||
5.40%, 11/14/34 (Call 05/14/34) |
50 | 57,173 | ||||||
5.45%, 03/15/43 (Call 09/15/42) |
50 | 57,507 | ||||||
Newmont Corp., 4.88%, 03/15/42 (Call 09/15/41) |
60 | 69,044 | ||||||
Teck
Resources Ltd., 6.25%, 07/15/41 |
25 | 30,293 | ||||||
|
|
|||||||
389,635 | ||||||||
Office & Business Equipment — 0.1% | ||||||||
CDW
LLC/CDW Finance Corp., 3.28%, 12/01/28 |
75 | 73,647 | ||||||
|
|
|||||||
Oil & Gas — 2.7% | ||||||||
Canadian
Natural Resources Ltd. |
50 | 52,207 | ||||||
6.25%, 03/15/38 |
60 | 73,284 | ||||||
Cenovus
Energy Inc. |
50 | 45,050 | ||||||
5.38%, 07/15/25 (Call 04/15/25) |
56 | 60,681 | ||||||
6.75%, 11/15/39(a) |
60 | 75,217 | ||||||
Continental
Resources Inc./OK, 4.90%, 06/01/44 |
25 | 25,198 | ||||||
Devon
Energy Corp. |
50 | 52,400 |
Security | Par (000) |
Value | ||||||
Oil & Gas (continued) | ||||||||
5.00%, 06/15/45 (Call 12/15/44) |
$ | 25 | $ | 27,861 | ||||
5.60%, 07/15/41 (Call 01/15/41)(a) |
60 | 70,049 | ||||||
Diamondback
Energy Inc. |
100 | 100,948 | ||||||
4.40%, 03/24/51 (Call 09/24/50) |
25 | 25,866 | ||||||
Hess
Corp. |
60 | 69,569 | ||||||
7.30%, 08/15/31 |
75 | 95,392 | ||||||
Marathon Oil Corp., 6.60%, 10/01/37 |
40 | 50,170 | ||||||
Marathon
Petroleum Corp. |
150 | 159,181 | ||||||
6.50%, 03/01/41 (Call 09/01/40) |
60 | 76,346 | ||||||
Phillips
66 |
200 | 207,849 | ||||||
4.88%, 11/15/44 (Call 05/15/44)(a) |
100 | 114,096 | ||||||
Pioneer
Natural Resources Co., 1.13%, 01/15/26 |
200 | 190,418 | ||||||
Suncor
Energy Inc. |
25 | 25,511 | ||||||
3.75%, 03/04/51 (Call 09/04/50) |
100 | 96,259 | ||||||
5.95%, 05/15/35 |
50 | 60,431 | ||||||
Valero
Energy Corp. |
75 | 70,832 | ||||||
2.85%, 04/15/25 (Call 03/15/25) |
49 | 49,527 | ||||||
3.65%, 12/01/51 (Call 06/01/51) |
25 | 22,386 | ||||||
6.63%, 06/15/37 |
60 | 76,705 | ||||||
|
|
|||||||
1,973,433 | ||||||||
Oil & Gas Services — 0.5% | ||||||||
Halliburton
Co. |
60 | 59,145 | ||||||
4.85%, 11/15/35 (Call 05/15/35) |
60 | 66,646 | ||||||
5.00%, 11/15/45 (Call 05/15/45) |
100 | 111,216 | ||||||
7.45%, 09/15/39 |
25 | 34,189 | ||||||
NOV
Inc. |
50 | 50,115 | ||||||
3.95%, 12/01/42 (Call 06/01/42) |
25 | 22,552 | ||||||
|
|
|||||||
343,863 | ||||||||
Packaging & Containers — 0.1% | ||||||||
WRKCo Inc., 3.00%, 06/15/33 (Call 03/15/33) |
100 | 96,483 | ||||||
|
|
|||||||
Pharmaceuticals — 6.5% | ||||||||
AbbVie
Inc. |
300 | 301,910 | ||||||
2.60%, 11/21/24 (Call 10/21/24) |
300 | 302,576 | ||||||
2.95%, 11/21/26 (Call 09/21/26) |
300 | 305,040 | ||||||
4.05%, 11/21/39 (Call 05/21/39) |
100 | 104,924 | ||||||
4.25%, 11/21/49 (Call 05/21/49)(a) |
200 | 212,180 | ||||||
4.50%, 05/14/35 (Call 11/14/34) |
200 | 221,592 | ||||||
4.70%, 05/14/45 (Call 11/14/44) |
200 | 221,891 | ||||||
AmerisourceBergen
Corp. |
75 | 72,198 | ||||||
4.30%, 12/15/47 (Call 06/15/47) |
50 | 52,769 | ||||||
Becton
Dickinson and Co. |
125 | 113,975 | ||||||
3.36%, 06/06/24 (Call 04/06/24) |
91 | 93,276 | ||||||
3.79%, 05/20/50 (Call 11/20/49) |
60 | 59,747 | ||||||
4.67%, 06/06/47 (Call 12/06/46) |
25 | 28,000 | ||||||
Cardinal Health Inc., 4.37%, 06/15/47 (Call 12/15/46) |
25 | 25,606 | ||||||
Cigna
Corp. |
100 | 90,989 |
20 |
2 0 2 2 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) February 28, 2022 |
iShares® BBB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Pharmaceuticals (continued) | ||||||||
4.13%, 11/15/25 (Call 09/15/25) |
$ | 200 | $ | 210,865 | ||||
4.38%, 10/15/28 (Call 07/15/28) |
200 | 216,498 | ||||||
4.80%, 07/15/46 (Call 01/16/46) |
160 | 178,388 | ||||||
CVS Health Corp. |
||||||||
2.13%, 09/15/31 (Call 06/15/31) |
150 | 138,491 | ||||||
3.88%, 07/20/25 (Call 04/20/25) |
200 | 209,086 | ||||||
4.30%, 03/25/28 (Call 12/25/27) |
117 | 126,260 | ||||||
4.78%, 03/25/38 (Call 09/25/37) |
200 | 223,746 | ||||||
5.05%, 03/25/48 (Call 09/25/47) |
300 | 349,625 | ||||||
Mylan Inc., 5.20%, 04/15/48 (Call 10/15/47) |
50 | 52,554 | ||||||
Takeda
Pharmaceutical Co. Ltd., 5.00%, 11/26/28 |
200 | 225,392 | ||||||
Viatris Inc. |
||||||||
1.13%, 06/22/22 |
200 | 200,086 | ||||||
2.70%, 06/22/30 (Call 03/22/30) |
100 | 93,326 | ||||||
4.00%, 06/22/50 (Call 12/22/49) |
75 | 66,465 | ||||||
Zoetis Inc. |
||||||||
2.00%, 05/15/30 (Call 02/15/30) |
100 | 92,982 | ||||||
4.70%, 02/01/43 (Call 08/01/42) |
60 | 68,982 | ||||||
|
|
|||||||
4,659,419 | ||||||||
Pipelines — 6.9% | ||||||||
Boardwalk Pipelines LP, 3.40%, 02/15/31 (Call 11/15/30) |
50 | 48,985 | ||||||
Cheniere Corpus Christi Holdings LLC |
||||||||
2.74%, 12/31/39 (Call 07/04/39)(c) |
50 | 45,448 | ||||||
5.88%, 03/31/25 (Call 10/02/24) |
100 | 107,998 | ||||||
Enbridge Inc. |
||||||||
2.50%, 08/01/33 (Call 05/01/33) |
100 | 91,820 | ||||||
4.00%, 11/15/49 (Call 05/15/49) |
100 | 100,461 | ||||||
Energy Transfer LP 3.75%, 05/15/30 (Call 02/15/30) |
170 | 172,473 | ||||||
4.15%, 09/15/29 (Call 06/15/29) |
25 | 25,776 | ||||||
5.00%, 05/15/44 (Call 11/15/43) |
25 | 24,988 | ||||||
5.00%, 05/15/50 (Call 11/15/49) |
200 | 208,159 | ||||||
5.15%, 03/15/45 (Call 09/15/44) |
160 | 164,953 | ||||||
5.88%, 01/15/24 (Call 10/15/23) |
200 | 211,228 | ||||||
Enterprise Products Operating LLC 2.80%, 01/31/30 (Call 10/31/29) |
100 | 98,396 | ||||||
3.20%, 02/15/52 (Call 08/15/51) |
60 | 51,484 | ||||||
3.75%, 02/15/25 (Call 11/15/24) |
200 | 208,034 | ||||||
3.95%, 01/31/60 (Call 07/31/59) |
75 | 70,305 | ||||||
4.20%, 01/31/50 (Call 07/31/49) |
50 | 50,286 | ||||||
4.25%, 02/15/48 (Call 08/15/47) |
75 | 75,976 | ||||||
4.45%, 02/15/43 (Call 08/15/42) |
75 | 77,147 | ||||||
4.85%, 03/15/44 (Call 09/15/43) |
50 | 54,232 | ||||||
Kinder
Morgan Energy Partners LP, |
100 | 127,702 | ||||||
Kinder Morgan Inc. |
||||||||
3.60%, 02/15/51 (Call 08/15/50)(a) |
85 | 76,357 | ||||||
4.30%, 06/01/25 (Call 03/01/25) |
200 | 209,520 | ||||||
5.55%, 06/01/45 (Call 12/01/44) |
75 | 85,925 | ||||||
7.75%, 01/15/32 |
75 | 99,244 | ||||||
Magellan Midstream Partners LP |
||||||||
3.95%, 03/01/50 (Call 09/01/49) |
60 | 56,831 | ||||||
4.25%, 09/15/46 (Call 03/15/46) |
25 | 24,821 | ||||||
MPLX LP 2.65%, 08/15/30 (Call 05/15/30) |
50 | 47,064 | ||||||
4.50%, 04/15/38 (Call 10/15/37) |
75 | 77,409 | ||||||
4.88%, 12/01/24 (Call 09/01/24) |
200 | 211,881 | ||||||
5.50%, 02/15/49 (Call 08/15/48) |
100 | 113,969 | ||||||
ONEOK
Inc. |
100 | 108,931 |
Security | Par (000) |
Value | ||||||
Pipelines (continued) | ||||||||
5.85%, 01/15/26 (Call 12/15/25) |
$ | 50 | $ | 55,776 | ||||
6.35%, 01/15/31 (Call 10/15/30) |
100 | 118,651 | ||||||
Phillips 66 Partners LP, 3.75%, 03/01/28 (Call 12/01/27) |
100 | 102,880 | ||||||
Plains All American Pipeline LP/PAA Finance Corp. |
||||||||
3.55%, 12/15/29 (Call 09/15/29) |
100 | 98,764 | ||||||
4.90%, 02/15/45 (Call 08/15/44) |
25 | 24,282 | ||||||
5.15%, 06/01/42 (Call 12/01/41) |
25 | 25,000 | ||||||
Sabine Pass Liquefaction LLC |
||||||||
4.50%, 05/15/30 (Call 11/15/29)(a) |
160 | 172,147 | ||||||
5.63%, 03/01/25 (Call 12/01/24) |
100 | 107,915 | ||||||
Spectra Energy Partners LP, 4.75%, 03/15/24 (Call 12/15/23) |
200 | 209,036 | ||||||
TransCanada PipeLines Ltd. |
||||||||
1.00%, 10/12/24 (Call 09/12/24) |
100 | 96,778 | ||||||
2.50%, 10/12/31 (Call 07/12/31) |
100 | 93,452 | ||||||
4.25%, 05/15/28 (Call 02/15/28) |
100 | 106,660 | ||||||
5.10%, 03/15/49 (Call 09/15/48) |
70 | 82,508 | ||||||
7.63%, 01/15/39 |
75 | 107,162 | ||||||
Williams Companies Inc. (The) |
||||||||
2.60%, 03/15/31 (Call 12/15/30) |
100 | 94,644 | ||||||
4.55%, 06/24/24 (Call 03/24/24) |
200 | 209,508 | ||||||
5.10%, 09/15/45 (Call 03/15/45)(a) |
135 | 149,441 | ||||||
|
|
|||||||
4,982,407 | ||||||||
Real Estate Investment Trusts — 3.9% | ||||||||
Alexandria Real Estate Equities Inc. |
||||||||
2.00%, 05/18/32 (Call 02/18/32) |
100 | 90,233 | ||||||
4.00%, 02/01/50 (Call 08/01/49)(a) |
40 | 41,522 | ||||||
American Tower Corp. |
||||||||
3.10%, 06/15/50 (Call 12/15/49) |
60 | 50,234 | ||||||
3.80%, 08/15/29 (Call 05/15/29) |
200 | 206,095 | ||||||
5.00%, 02/15/24 |
200 | 210,536 | ||||||
Boston Properties LP, 2.90%, 03/15/30 (Call 12/15/29) |
200 | 194,811 | ||||||
Brixmor Operating Partnership LP, 2.50%, 08/16/31 (Call 05/16/31) |
75 | 69,276 | ||||||
Crown
Castle International Corp. |
85 | 73,109 | ||||||
3.20%, 09/01/24 (Call 07/01/24) |
200 | 204,004 | ||||||
3.80%, 02/15/28 (Call 11/15/27) |
200 | 207,805 | ||||||
Digital Realty Trust LP, 3.70%, 08/15/27 (Call 05/15/27) |
200 | 209,238 | ||||||
Equinix Inc. |
||||||||
2.15%, 07/15/30 (Call 04/15/30) |
200 | 182,253 | ||||||
2.95%, 09/15/51 (Call 03/15/51) |
25 | 20,504 | ||||||
Federal Realty Investment Trust, 4.50%, 12/01/44 (Call 06/01/44) |
25 | 27,302 | ||||||
GLP Capital LP/GLP Financing II Inc. |
||||||||
5.30%, 01/15/29 (Call 10/15/28) |
100 | 108,804 | ||||||
5.38%, 04/15/26 (Call 01/15/26) |
60 | 64,134 | ||||||
Healthcare
Trust of America Holdings LP, |
200 | 209,496 | ||||||
Healthpeak Properties Inc. |
||||||||
2.13%, 12/01/28 (Call 10/01/28) |
85 | 81,363 | ||||||
3.00%, 01/15/30 (Call 10/15/29) |
50 | 49,947 | ||||||
Kimco Realty Corp., 2.70%, 10/01/30 (Call 07/01/30) |
50 | 48,473 | ||||||
Omega Healthcare Investors Inc., 3.25%, 04/15/33 (Call 01/15/33) |
50 | 45,811 | ||||||
Ventas Realty LP, 4.75%, 11/15/30 (Call 08/15/30) |
100 | 111,473 | ||||||
Welltower Inc. |
||||||||
2.80%, 06/01/31 (Call 03/01/31) |
100 | 96,560 | ||||||
4.95%, 09/01/48 (Call 03/01/48) |
50 | 59,114 |
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) February 28, 2022 |
iShares® BBB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Real Estate Investment Trusts (continued) | ||||||||
Weyerhaeuser Co., 7.38%, 03/15/32 |
$ | 100 | $ | 136,019 | ||||
|
|
|||||||
2,798,116 | ||||||||
Retail — 2.7% | ||||||||
AutoZone Inc., 3.13%, 07/15/23 (Call 04/15/23) |
100 | 101,416 | ||||||
Best Buy Co. Inc., 1.95%, 10/01/30 (Call 07/01/30) |
40 | 36,416 | ||||||
Dick’s Sporting Goods Inc., 4.10%, 01/15/52 (Call 07/15/51) |
25 | 21,879 | ||||||
Dollar General Corp., 3.50%, 04/03/30 (Call 01/03/30) |
100 | 102,300 | ||||||
Dollar Tree Inc., 4.00%, 05/15/25 (Call 03/15/25) |
150 | 156,341 | ||||||
Lowe’s Companies Inc. |
||||||||
1.70%, 10/15/30 (Call 07/15/30) |
100 | 89,923 | ||||||
2.50%, 04/15/26 (Call 01/15/26) |
200 | 202,206 | ||||||
3.70%, 04/15/46 (Call 10/15/45) |
160 | 155,731 | ||||||
McDonald’s Corp. |
||||||||
3.60%, 07/01/30 (Call 04/01/30) |
100 | 104,906 | ||||||
3.63%, 09/01/49 (Call 03/01/49) |
200 | 196,166 | ||||||
3.70%, 01/30/26 (Call 10/30/25) |
100 | 105,285 | ||||||
4.88%, 12/09/45 (Call 06/09/45) |
50 | 57,230 | ||||||
O’Reilly
Automotive Inc., |
100 | 105,125 | ||||||
Starbucks
Corp. |
100 | 96,010 | ||||||
3.00%, 02/14/32 (Call 11/14/31) |
70 | 69,568 | ||||||
3.50%, 11/15/50 (Call 05/15/50) |
100 | 93,817 | ||||||
3.80%, 08/15/25 (Call 06/15/25) |
200 | 209,398 | ||||||
Walgreens
Boots Alliance Inc., |
60 | 65,102 | ||||||
|
|
|||||||
1,968,819 | ||||||||
Semiconductors — 2.5% | ||||||||
Broadcom
Corp./Broadcom Cayman Finance Ltd., |
300 | 312,266 | ||||||
Broadcom Inc. |
||||||||
2.45%, 02/15/31 (Call 11/15/30)(c) |
300 | 276,684 | ||||||
3.14%, 11/15/35 (Call 08/15/35)(c) |
100 | 92,614 | ||||||
3.42%, 04/15/33 (Call 01/15/33)(c) |
150 | 146,329 | ||||||
3.50%, 02/15/41 (Call 08/15/40)(c) |
145 | 133,602 | ||||||
4.70%, 04/15/25 (Call 03/15/25) |
300 | 318,734 | ||||||
Marvell Technology Inc., 2.95%, 04/15/31 (Call 01/15/31) |
75 | 72,208 | ||||||
Microchip Technology Inc., 4.25%, 09/01/25 (Call 09/01/22) |
100 | 102,561 | ||||||
Micron
Technology Inc. |
35 | 30,911 | ||||||
4.66%, 02/15/30 (Call 11/15/29) |
60 | 64,799 | ||||||
NXP BV/NXP Funding LLC/NXP USA Inc. |
||||||||
3.25%, 05/11/41 (Call 11/11/40)(c) |
25 | 22,921 | ||||||
3.25%, 11/30/51 (Call 05/30/51)(a)(c) |
35 | 30,674 | ||||||
3.88%, 06/18/26 (Call 04/18/26)(c) |
100 | 104,667 | ||||||
4.30%, 06/18/29 (Call 03/18/29)(a)(c) |
100 | 106,523 | ||||||
|
|
|||||||
1,815,493 | ||||||||
Software — 4.5% | ||||||||
Activision Blizzard Inc., 2.50%, 09/15/50 (Call 03/15/50) |
50 | 42,109 | ||||||
Autodesk Inc., 2.40%, 12/15/31 (Call 09/15/31) |
50 | 46,253 | ||||||
Broadridge
Financial Solutions Inc., |
50 | 46,991 | ||||||
Citrix Systems Inc., 4.50%, 12/01/27 (Call 09/01/27) |
100 | 102,846 | ||||||
Electronic
Arts Inc., 2.95%, 02/15/51 |
40 | 34,487 | ||||||
Fidelity
National Information Services Inc. |
200 | 188,772 | ||||||
3.10%, 03/01/41 (Call 09/01/40) |
25 | 22,435 | ||||||
Fiserv Inc. |
||||||||
2.75%, 07/01/24 (Call 06/01/24) |
200 | 202,054 | ||||||
3.50%, 07/01/29 (Call 04/01/29) |
120 | 121,588 | ||||||
4.40%, 07/01/49 (Call 01/01/49) |
35 | 37,244 |
Security |
Par (000) |
Value | ||||||
Software (continued) | ||||||||
Oracle Corp. |
||||||||
1.65%, 03/25/26 (Call 02/25/26) |
$ | 200 | $ | 191,540 | ||||
2.50%, 04/01/25 (Call 03/01/25) |
250 | 249,517 | ||||||
2.88%, 03/25/31 (Call 12/25/30) |
350 | 333,169 | ||||||
3.40%, 07/08/24 (Call 04/08/24) |
400 | 409,405 | ||||||
3.65%, 03/25/41 (Call 09/25/40) |
400 | 362,354 | ||||||
3.95%, 03/25/51 (Call 09/25/50) |
350 | 320,117 | ||||||
4.10%, 03/25/61 (Call 09/25/60) |
125 | 112,728 | ||||||
Roper Technologies Inc. |
||||||||
1.00%, 09/15/25 (Call 08/15/25) |
100 | 95,123 | ||||||
1.75%, 02/15/31 (Call 11/15/30) |
50 | 44,245 | ||||||
ServiceNow Inc., 1.40%, 09/01/30 (Call 06/01/30) |
50 | 44,089 | ||||||
VMware Inc., 3.90%, 08/21/27 (Call 05/21/27) |
200 | 209,149 | ||||||
|
|
|||||||
3,216,215 | ||||||||
Telecommunications — 9.9% | ||||||||
AT&T Inc. |
||||||||
0.90%, 03/25/24 (Call 03/25/22) |
200 | 196,583 | ||||||
2.30%, 06/01/27 (Call 04/01/27) |
200 | 197,242 | ||||||
2.75%, 06/01/31 (Call 03/01/31) |
200 | 194,369 | ||||||
3.10%, 02/01/43 (Call 08/01/42) |
100 | 89,181 | ||||||
3.50%, 06/01/41 (Call 12/01/40) |
200 | 189,791 | ||||||
3.50%, 09/15/53 (Call 03/15/53) |
425 | 389,525 | ||||||
3.65%, 06/01/51 (Call 12/01/50) |
150 | 140,687 | ||||||
3.65%, 09/15/59 (Call 03/15/59) |
400 | 363,212 | ||||||
4.50%, 05/15/35 (Call 11/15/34) |
200 | 219,273 | ||||||
4.50%, 03/09/48 (Call 09/09/47) |
50 | 53,682 | ||||||
Bell Telephone Co. of Canada or Bell Canada (The), |
||||||||
Series US-4, 3.65%, 03/17/51 (Call 09/17/50) |
80 | 77,460 | ||||||
British Telecommunications PLC, 9.63%, 12/15/30 |
100 | 141,262 | ||||||
Corning Inc. |
||||||||
4.38%, 11/15/57 (Call 05/15/57)(a) |
60 | 63,152 | ||||||
5.45%, 11/15/79 (Call 05/19/79) |
25 | 28,950 | ||||||
Deutsche
Telekom International Finance BV, |
50 | 69,154 | ||||||
Motorola Solutions Inc., 4.60%, 02/23/28 (Call 11/23/27) |
100 | 107,614 | ||||||
Orange SA |
||||||||
5.38%, 01/13/42 |
50 | 60,444 | ||||||
9.00%, 03/01/31 |
100 | 143,135 | ||||||
Rogers Communications Inc. |
||||||||
3.63%, 12/15/25 (Call 09/15/25) |
100 | 103,609 | ||||||
3.70%, 11/15/49 (Call 05/15/49) |
50 | 45,315 | ||||||
5.00%, 03/15/44 (Call 09/15/43) |
100 | 108,167 | ||||||
Telefonica Emisiones SA |
||||||||
4.67%, 03/06/38 |
150 | 155,175 | ||||||
7.05%, 06/20/36 |
100 | 129,865 | ||||||
Telefonica Europe BV, 8.25%, 09/15/30 |
100 | 134,265 | ||||||
TELUS Corp., 4.60%, 11/16/48 (Call 05/16/48) |
50 | 56,500 | ||||||
T-Mobile USA Inc. |
||||||||
2.55%, 02/15/31 (Call 11/15/30) |
150 | 140,456 | ||||||
3.00%, 02/15/41 (Call 08/15/40) |
150 | 130,814 | ||||||
3.30%, 02/15/51 (Call 08/15/50) |
125 | 108,778 | ||||||
3.50%, 04/15/25 (Call 03/15/25) |
200 | 205,611 | ||||||
3.60%, 11/15/60 (Call 05/15/60) |
100 | 87,759 | ||||||
3.75%, 04/15/27 (Call 02/15/27) |
200 | 207,614 | ||||||
4.50%, 04/15/50 (Call 10/15/49) |
25 | 26,042 | ||||||
Verizon Communications Inc. |
||||||||
1.45%, 03/20/26 (Call 02/20/26) |
200 | 193,263 | ||||||
1.68%, 10/30/30 (Call 07/30/30) |
275 | 247,181 | ||||||
2.55%, 03/21/31 (Call 12/21/30) |
400 | 383,358 | ||||||
2.99%, 10/30/56 (Call 04/30/56) |
100 | 85,292 | ||||||
3.40%, 03/22/41 (Call 09/22/40) |
325 | 312,848 |
22 |
2 0 2 2 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) February 28, 2022 |
iShares® BBB Rated Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par |
Value | ||||||
Telecommunications (continued) | ||||||||
3.55%, 03/22/51 (Call 09/22/50) |
$ | 400 | $ | 386,278 | ||||
3.70%, 03/22/61 (Call 09/22/60)(a) |
150 | 142,995 | ||||||
4.33%, 09/21/28 |
350 | 381,128 | ||||||
4.86%, 08/21/46 |
50 | 59,793 | ||||||
Vodafone Group PLC |
||||||||
4.38%, 05/30/28 |
200 | 216,255 | ||||||
5.25%, 05/30/48 |
200 | 232,282 | ||||||
6.15%, 02/27/37 |
75 | 93,144 | ||||||
|
|
|||||||
7,098,503 | ||||||||
Toys, Games & Hobbies — 0.1% |
||||||||
Hasbro Inc., 3.55%, 11/19/26 (Call 09/19/26) |
50 | 51,584 | ||||||
|
|
|||||||
Transportation — 1.7% |
||||||||
Canadian Pacific Railway Co. |
||||||||
2.05%, 03/05/30 (Call 12/05/29) |
60 | 56,592 | ||||||
3.10%, 12/02/51 (Call 06/02/51) |
25 | 22,701 | ||||||
6.13%, 09/15/2115 (Call 03/15/2115) |
40 | 53,000 | ||||||
CSX Corp. |
||||||||
2.50%, 05/15/51 (Call 11/15/50) |
250 | 205,897 | ||||||
3.35%, 11/01/25 (Call 08/01/25) |
50 | 51,900 | ||||||
4.25%, 03/15/29 (Call 12/15/28) |
100 | 108,917 | ||||||
FedEx Corp. |
||||||||
3.10%, 08/05/29 (Call 05/05/29) |
200 | 202,555 | ||||||
3.25%, 05/15/41 (Call 11/15/40) |
50 | 46,630 | ||||||
4.75%, 11/15/45 (Call 05/15/45) |
200 | 221,942 | ||||||
Kansas City Southern, 3.50%, 05/01/50 (Call 11/01/49) |
25 | 24,101 | ||||||
Norfolk Southern Corp. |
||||||||
3.05%, 05/15/50 (Call 11/15/49) |
160 | 145,738 | ||||||
3.16%, 05/15/55 (Call 11/15/54) |
50 | 45,758 | ||||||
|
|
|||||||
1,185,731 | ||||||||
Trucking & Leasing — 0.1% | ||||||||
GATX Corp., 3.10%, 06/01/51 (Call 12/01/50) |
50 | 43,306 | ||||||
|
|
Security |
Par/ Shares (000) |
Value | ||||||
|
||||||||
Water — 0.0% | ||||||||
Essential Utilities Inc., 3.35%, 04/15/50 (Call 10/15/49) |
$ | 35 | $ | 32,148 | ||||
|
|
|||||||
Total
Corporate Bonds & Notes — 95.1% |
68,436,314 | |||||||
|
|
|||||||
Short-Term Investments |
||||||||
Money Market Funds — 9.0% | ||||||||
BlackRock
Cash Funds: Institutional, |
3,635 | 3,635,476 | ||||||
BlackRock
Cash Funds: Treasury, |
2,810 | 2,810,000 | ||||||
|
|
|||||||
6,445,476 | ||||||||
|
|
|||||||
Total
Short-Term Investments — 9.0% |
6,445,476 | |||||||
|
|
|||||||
Total
Investments in Securities — 104.1% |
74,881,790 | |||||||
Other Assets, Less Liabilities — (4.1)% |
(2,965,359 | ) | ||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 71,916,431 | ||||||
|
|
(a) |
All or a portion of this security is on loan. |
(b) |
Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available. |
(c) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) |
Affiliate of the Fund. |
(e) |
Annualized 7-day yield as of period end. |
(f) |
All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended February 28, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer |
|
Value at 05/18/21 |
(a) |
|
Purchases at Cost |
|
|
Proceeds from Sales |
|
|
Net Realized Gain (Loss) |
|
|
Change in Unrealized Appreciation (Depreciation) |
|
|
Value at 02/28/22 |
|
|
Shares Held at 02/28/22 (000) |
|
Income |
|
Capital Gain Distributions from Underlying Funds |
| |||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares |
$ | — | $ | 3,636,773 | (b) | $ | — | $ | (1,036 | ) | $ | (261 | ) | $ | 3,635,476 | 3,635 | $ | 3,726 | (c) | $ | — | |||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
— | 2,810,000 | (b) | — | — | — | 2,810,000 | 2,810 | 204 | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
$ | (1,036 | ) | $ | (261 | ) | $ | 6,445,476 | $ | 3,930 | $ | — | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Commencement of operations. |
(b) |
Represents net amount purchased (sold). |
(c) |
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.
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) February 28, 2022 |
iShares® BBB Rated Corporate Bond ETF |
Fair Value Hierarchy as of Period End (continued)
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 |
Level 2 |
Level 3 | Total | |||||||||||||
Investments |
||||||||||||||||
Assets |
||||||||||||||||
Corporate Bonds & Notes |
$ | — | $ | 68,436,314 | $ | — | $ | 68,436,314 | ||||||||
Money Market Funds |
6,445,476 | — | — | 6,445,476 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 6,445,476 | $ | 68,436,314 | $ | — | $ | 74,881,790 | |||||||||
|
|
|
|
|
|
|
|
See notes to financial statements.
24 |
2 0 2 2 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 February 28, 2022 |
iShares® Broad USD Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security | Par (000) |
Value | ||||||
Corporate Bonds & Notes | ||||||||
Advertising — 0.1% | ||||||||
Interpublic Group of Companies Inc. (The) |
||||||||
2.40%, 03/01/31 (Call 12/01/30)(a) |
$ | 450 | $ | 426,755 | ||||
3.38%, 03/01/41 (Call 09/01/40) |
504 | 471,812 | ||||||
4.20%, 04/15/24 |
421 | 439,794 | ||||||
4.65%, 10/01/28 (Call 07/01/28) |
403 | 442,625 | ||||||
4.75%, 03/30/30 (Call 12/30/29) |
540 | 598,849 | ||||||
5.40%, 10/01/48 (Call 04/01/48)(a) |
628 | 784,154 | ||||||
Omnicom Group Inc. |
||||||||
2.45%, 04/30/30 (Call 01/30/30)(a) |
388 | 371,956 | ||||||
2.60%, 08/01/31 (Call 05/01/31) |
535 | 514,132 | ||||||
4.20%, 06/01/30 (Call 03/01/30)(a) |
582 | 630,330 | ||||||
Omnicom Group Inc./Omnicom Capital Inc. |
||||||||
3.60%, 04/15/26 (Call 01/15/26) |
1,145 | 1,195,969 | ||||||
3.65%, 11/01/24 (Call 08/01/24) |
886 | 916,200 | ||||||
WPP Finance 2010, 3.75%, 09/19/24 |
412 | 426,719 | ||||||
|
|
|||||||
7,219,295 | ||||||||
Aerospace & Defense — 1.6% | ||||||||
Airbus SE |
||||||||
3.15%, 04/10/27 (Call 01/10/27)(b) |
5 | 5,161 | ||||||
3.95%, 04/10/47 (Call 10/10/46)(b) |
650 | 691,638 | ||||||
BAE Systems Finance Inc., 7.50%, 07/01/27(b) |
200 | 242,165 | ||||||
BAE Systems Holdings Inc. |
||||||||
3.80%, 10/07/24(b) |
410 | 424,969 | ||||||
3.85%, 12/15/25 (Call 09/15/25)(b) |
882 | 922,693 | ||||||
4.75%, 10/07/44(b) |
427 | 473,281 | ||||||
BAE Systems PLC |
||||||||
1.90%, 02/15/31 (Call 11/15/30)(b) |
945 | 853,745 | ||||||
3.00%, 09/15/50 (Call 03/15/50)(a)(b) |
575 | 505,762 | ||||||
3.40%, 04/15/30 (Call 01/15/30)(b) |
1,350 | 1,378,198 | ||||||
5.80%, 10/11/41(b) |
550 | 686,597 | ||||||
Boeing Co. (The) |
||||||||
1.43%, 02/04/24 (Call 03/31/22) |
2,315 | 2,277,236 | ||||||
1.88%, 06/15/23 (Call 04/15/23) |
455 | 453,497 | ||||||
1.95%, 02/01/24 |
370 | 368,520 | ||||||
2.20%, 02/04/26 (Call 02/04/23) |
3,510 | 3,424,726 | ||||||
2.25%, 06/15/26 (Call 03/15/26) |
586 | 573,392 | ||||||
2.50%, 03/01/25 (Call 12/01/24)(a) |
372 | 372,515 | ||||||
2.60%, 10/30/25 (Call 07/30/25) |
380 | 378,059 | ||||||
2.70%, 02/01/27 (Call 12/01/26) |
440 | 434,376 | ||||||
2.75%, 02/01/26 (Call 01/01/26)(a) |
615 | 615,449 | ||||||
2.80%, 03/01/23 (Call 02/01/23) |
180 | 181,886 | ||||||
2.80%, 03/01/24 (Call 02/01/24) |
677 | 687,767 | ||||||
2.80%, 03/01/27 (Call 12/01/26) |
412 | 406,756 | ||||||
2.85%, 10/30/24 (Call 07/30/24) |
466 | 471,082 | ||||||
2.95%, 02/01/30 (Call 11/01/29)(a) |
845 | 808,948 | ||||||
3.10%, 05/01/26 (Call 03/01/26) |
745 | 751,512 | ||||||
3.20%, 03/01/29 (Call 12/01/28) |
915 | 904,601 | ||||||
3.25%, 02/01/28 (Call 12/01/27) |
368 | 367,672 | ||||||
3.25%, 03/01/28 (Call 12/01/27) |
408 | 407,503 | ||||||
3.25%, 02/01/35 (Call 11/01/34) |
61 | 57,104 | ||||||
3.30%, 03/01/35 (Call 09/01/34)(a) |
688 | 647,493 | ||||||
3.38%, 06/15/46 (Call 12/15/45) |
310 | 263,560 | ||||||
3.45%, 11/01/28 (Call 08/01/28) |
422 | 424,149 | ||||||
3.50%, 03/01/39 (Call 09/01/38) |
522 | 472,652 | ||||||
3.50%, 03/01/45 (Call 09/01/44) |
350 | 308,147 | ||||||
3.55%, 03/01/38 (Call 09/01/37)(a) |
470 | 434,936 | ||||||
3.60%, 05/01/34 (Call 02/01/34)(a) |
503 | 487,545 | ||||||
3.63%, 02/01/31 (Call 11/01/30)(a) |
460 | 463,923 |
Security | Par (000) |
Value | ||||||
Aerospace & Defense (continued) | ||||||||
3.63%, 03/01/48 (Call 09/01/47) |
$ | 273 | $ | 242,169 | ||||
3.65%, 03/01/47 (Call 09/01/46) |
230 | 203,159 | ||||||
3.75%, 02/01/50 (Call 08/01/49)(a) |
823 | 764,748 | ||||||
3.83%, 03/01/59 (Call 09/01/58) |
365 | 319,684 | ||||||
3.85%, 11/01/48 (Call 05/01/48) |
226 | 203,713 | ||||||
3.90%, 05/01/49 (Call 11/01/48) |
612 | 567,086 | ||||||
3.95%, 08/01/59 (Call 02/01/59) |
853 | 774,627 | ||||||
4.51%, 05/01/23 (Call 04/01/23) |
619 | 636,020 | ||||||
4.88%, 05/01/25 (Call 04/01/25) |
2,458 | 2,613,058 | ||||||
5.04%, 05/01/27 (Call 03/01/27) |
1,515 | 1,645,817 | ||||||
5.15%, 05/01/30 (Call 02/01/30) |
3,660 | 4,042,630 | ||||||
5.71%, 05/01/40 (Call 11/01/39) |
1,785 | 2,079,336 | ||||||
5.81%, 05/01/50 (Call 11/01/49) |
3,799 | 4,513,246 | ||||||
5.88%, 02/15/40 |
375 | 434,253 | ||||||
5.93%, 05/01/60 (Call 11/01/59) |
2,675 | 3,176,344 | ||||||
6.13%, 02/15/33 |
634 | 742,167 | ||||||
6.63%, 02/15/38 |
472 | 581,057 | ||||||
6.88%, 03/15/39 |
633 | 804,147 | ||||||
7.95%, 08/15/24 |
145 | 165,957 | ||||||
General Dynamics Corp. |
||||||||
1.15%, 06/01/26 (Call 05/01/26) |
504 | 483,374 | ||||||
1.88%, 08/15/23 (Call 06/15/23) |
296 | 296,797 | ||||||
2.13%, 08/15/26 (Call 05/15/26)(a) |
600 | 599,198 | ||||||
2.25%, 06/01/31 (Call 03/01/31) |
585 | 567,997 | ||||||
2.38%, 11/15/24 (Call 09/15/24) |
599 | 608,106 | ||||||
2.63%, 11/15/27 (Call 08/15/27) |
685 | 689,093 | ||||||
2.85%, 06/01/41 (Call 12/01/40) |
340 | 319,897 | ||||||
3.25%, 04/01/25 (Call 03/01/25) |
212 | 218,765 | ||||||
3.38%, 05/15/23 (Call 04/15/23) |
539 | 550,226 | ||||||
3.50%, 05/15/25 (Call 03/15/25) |
673 | 696,271 | ||||||
3.50%, 04/01/27 (Call 02/01/27) |
668 | 703,887 | ||||||
3.60%, 11/15/42 (Call 05/15/42) |
114 | 119,250 | ||||||
3.63%, 04/01/30 (Call 01/01/30)(a) |
995 | 1,058,482 | ||||||
3.75%, 05/15/28 (Call 02/15/28) |
281 | 297,034 | ||||||
4.25%, 04/01/40 (Call 10/01/39) |
852 | 951,240 | ||||||
4.25%, 04/01/50 (Call 10/01/49)(a) |
660 | 757,615 | ||||||
L3Harris Technologies Inc. |
||||||||
1.80%, 01/15/31 (Call 10/15/30) |
708 | 638,359 | ||||||
2.90%, 12/15/29 (Call 09/15/29)(a) |
584 | 579,112 | ||||||
3.83%, 04/27/25 (Call 01/27/25) |
621 | 647,041 | ||||||
3.85%, 06/15/23 (Call 05/15/23) |
465 | 476,708 | ||||||
3.85%, 12/15/26 (Call 09/15/26) |
609 | 639,458 | ||||||
3.95%, 05/28/24 (Call 02/28/24) |
372 | 385,273 | ||||||
4.40%, 06/15/28 (Call 03/15/28) |
1,614 | 1,741,258 | ||||||
4.85%, 04/27/35 (Call 10/27/34) |
447 | 509,697 | ||||||
5.05%, 04/27/45 (Call 10/27/44) |
414 | 487,247 | ||||||
6.15%, 12/15/40(a) |
165 | 215,248 | ||||||
Lockheed Martin Corp. |
||||||||
1.85%, 06/15/30 (Call 03/15/30)(a) |
560 | 524,417 | ||||||
2.80%, 06/15/50 (Call 12/15/49) |
879 | 783,219 | ||||||
2.90%, 03/01/25 (Call 12/01/24) |
689 | 706,162 | ||||||
3.55%, 01/15/26 (Call 10/15/25) |
1,077 | 1,134,366 | ||||||
3.60%, 03/01/35 (Call 09/01/34) |
729 | 764,854 | ||||||
3.80%, 03/01/45 (Call 09/01/44) |
1,079 | 1,128,045 | ||||||
4.07%, 12/15/42 |
880 | 959,690 | ||||||
4.09%, 09/15/52 (Call 03/15/52) |
956 | 1,044,763 | ||||||
4.50%, 05/15/36 (Call 11/15/35) |
492 | 558,215 | ||||||
4.70%, 05/15/46 (Call 11/15/45)(a) |
967 | 1,142,578 | ||||||
5.72%, 06/01/40(a) |
95 | 120,506 | ||||||
Series B, 6.15%, 09/01/36(a) |
340 | 446,670 |
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) February 28, 2022 |
iShares® Broad USD Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Aerospace & Defense (continued) | ||||||||
Northrop Grumman Corp. |
||||||||
2.93%, 01/15/25 (Call 11/15/24) |
$ | 690 | $ | 703,156 | ||||
3.20%, 02/01/27 (Call 11/01/26) |
793 | 812,272 | ||||||
3.25%, 08/01/23 |
679 | 693,298 | ||||||
3.25%, 01/15/28 (Call 10/15/27) |
1,767 | 1,805,273 | ||||||
3.85%, 04/15/45 (Call 10/15/44) |
473 | 484,117 | ||||||
4.03%, 10/15/47 (Call 04/15/47)(a) |
1,767 | 1,863,498 | ||||||
4.40%, 05/01/30 (Call 02/01/30)(a) |
756 | 832,991 | ||||||
4.75%, 06/01/43 |
691 | 795,186 | ||||||
5.05%, 11/15/40 |
484 | 571,088 | ||||||
5.15%, 05/01/40 (Call 11/01/39)(a) |
472 | 558,574 | ||||||
5.25%, 05/01/50 (Call 11/01/49) |
635 | 798,012 | ||||||
Northrop
Grumman Systems Corp., |
40 | 53,554 | ||||||
Raytheon Technologies Corp. |
||||||||
1.90%, 09/01/31 (Call 06/01/31) |
380 | 346,071 | ||||||
2.25%, 07/01/30 (Call 04/01/30)(a) |
938 | 888,153 | ||||||
2.38%, 03/15/32 (Call 12/15/31) |
1,670 | 1,585,221 | ||||||
2.65%, 11/01/26 (Call 08/01/26)(a) |
385 | 392,595 | ||||||
2.82%, 09/01/51 (Call 03/01/51) |
955 | 831,142 | ||||||
3.03%, 03/15/52 (Call 09/15/51) |
1,740 | 1,559,435 | ||||||
3.13%, 05/04/27 (Call 02/04/27)(a) |
950 | 977,108 | ||||||
3.13%, 07/01/50 (Call 01/01/50) |
930 | 850,988 | ||||||
3.20%, 03/15/24 (Call 01/15/24) |
568 | 581,561 | ||||||
3.50%, 03/15/27 (Call 12/15/26) |
1,020 | 1,067,461 | ||||||
3.70%, 12/15/23 (Call 09/15/23) |
308 | 316,755 | ||||||
3.75%, 11/01/46 (Call 05/01/46) |
1,067 | 1,078,341 | ||||||
3.95%, 08/16/25 (Call 06/16/25) |
1,594 | 1,679,798 | ||||||
4.05%, 05/04/47 (Call 11/04/46)(a) |
512 | 538,795 | ||||||
4.13%, 11/16/28 (Call 08/16/28) |
1,489 | 1,608,858 | ||||||
4.15%, 05/15/45 (Call 11/16/44) |
817 | 862,160 | ||||||
4.20%, 12/15/44 (Call 06/15/44) |
320 | 330,795 | ||||||
4.35%, 04/15/47 (Call 10/15/46) |
761 | 836,004 | ||||||
4.45%, 11/16/38 (Call 05/16/38) |
549 | 611,641 | ||||||
4.50%, 06/01/42 |
1,694 | 1,894,516 | ||||||
4.63%, 11/16/48 (Call 05/16/48) |
1,115 | 1,288,033 | ||||||
4.70%, 12/15/41 |
500 | 552,778 | ||||||
4.80%, 12/15/43 (Call 06/15/43) |
501 | 577,260 | ||||||
4.88%, 10/15/40 |
196 | 226,092 | ||||||
5.70%, 04/15/40 |
5 | 6,341 | ||||||
6.13%, 07/15/38 |
960 | 1,254,877 | ||||||
7.20%, 08/15/27(a) |
105 | 129,071 | ||||||
Teledyne Technologies Inc. |
||||||||
0.95%, 04/01/24 (Call 04/01/22)(a) |
500 | 487,204 | ||||||
1.60%, 04/01/26 (Call 03/01/26) |
512 | 494,657 | ||||||
2.25%, 04/01/28 (Call 02/01/28) |
275 | 267,074 | ||||||
2.75%, 04/01/31 (Call 01/01/31) |
435 | 419,847 | ||||||
|
|
|||||||
107,200,202 | ||||||||
Agriculture — 1.2% | ||||||||
Alliant
Energy Finance LLC, |
400 | 403,319 | ||||||
Altria Group Inc. |
||||||||
2.35%, 05/06/25 (Call 04/06/25) |
686 | 683,881 | ||||||
2.45%, 02/04/32 (Call 11/04/31)(a) |
1,105 | 986,536 | ||||||
2.63%, 09/16/26 (Call 06/16/26)(a) |
440 | 439,752 | ||||||
3.40%, 05/06/30 (Call 02/06/30) |
788 | 775,696 | ||||||
3.40%, 02/04/41 (Call 08/04/40) |
1,311 | 1,085,256 | ||||||
3.70%, 02/04/51 (Call 08/04/50) |
1,091 | 891,721 | ||||||
3.80%, 02/14/24 (Call 01/14/24) |
120 | 123,475 | ||||||
3.88%, 09/16/46 (Call 03/16/46) |
1,269 | 1,090,519 | ||||||
4.00%, 01/31/24 |
365 | 378,085 | ||||||
4.00%, 02/04/61 (Call 08/04/60) |
815 | 677,985 |
Security |
Par (000) |
Value | ||||||
Agriculture (continued) | ||||||||
4.25%, 08/09/42 |
$ | 741 | $ | 676,520 | ||||
4.40%, 02/14/26 (Call 12/14/25)(a) |
1,067 | 1,133,146 | ||||||
4.45%, 05/06/50 (Call 11/06/49) |
526 | 482,289 | ||||||
4.50%, 05/02/43 |
682 | 637,127 | ||||||
4.80%, 02/14/29 (Call 11/14/28) |
1,489 | 1,608,552 | ||||||
5.38%, 01/31/44 |
1,250 | 1,304,279 | ||||||
5.80%, 02/14/39 (Call 08/14/38) |
1,099 | 1,204,792 | ||||||
5.95%, 02/14/49 (Call 08/14/48) |
1,981 | 2,200,515 | ||||||
6.20%, 02/14/59 (Call 08/14/58) |
381 | 425,747 | ||||||
Archer-Daniels-Midland Co. |
||||||||
2.50%, 08/11/26 (Call 05/11/26) |
1,080 | 1,094,269 | ||||||
2.70%, 09/15/51 (Call 03/15/51) |
150 | 136,069 | ||||||
2.90%, 03/01/32 |
190 | 192,203 | ||||||
3.25%, 03/27/30 (Call 12/27/29) |
1,092 | 1,132,164 | ||||||
3.75%, 09/15/47 (Call 03/15/47) |
352 | 389,223 | ||||||
4.02%, 04/16/43 |
733 | 808,998 | ||||||
4.50%, 03/15/49 (Call 09/15/48) |
890 | 1,072,084 | ||||||
4.54%, 03/26/42 |
195 | 230,490 | ||||||
5.38%, 09/15/35(a) |
185 | 232,452 | ||||||
5.94%, 10/01/32 |
216 | 272,946 | ||||||
BAT Capital Corp. |
||||||||
2.26%, 03/25/28 (Call 01/25/28)(a) |
1,287 | 1,201,374 | ||||||
2.73%, 03/25/31 (Call 12/25/30)(a) |
624 | 571,869 | ||||||
2.79%, 09/06/24 (Call 08/06/24) |
967 | 972,932 | ||||||
3.22%, 08/15/24 (Call 06/15/24)(a) |
1,778 | 1,799,290 | ||||||
3.22%, 09/06/26 (Call 07/06/26) |
690 | 689,354 | ||||||
3.46%, 09/06/29 (Call 06/06/29) |
707 | 694,516 | ||||||
3.56%, 08/15/27 (Call 05/15/27)(a) |
2,652 | 2,669,051 | ||||||
3.73%, 09/25/40 (Call 03/25/40) |
685 | 590,665 | ||||||
3.98%, 09/25/50 (Call 03/25/50) |
686 | 590,647 | ||||||
4.39%, 08/15/37 (Call 02/15/37) |
1,833 | 1,756,794 | ||||||
4.54%, 08/15/47 (Call 02/15/47)(a) |
2,019 | 1,864,071 | ||||||
4.70%, 04/02/27 (Call 02/02/27) |
819 | 869,894 | ||||||
4.76%, 09/06/49 (Call 03/06/49) |
846 | 800,734 | ||||||
4.91%, 04/02/30 (Call 01/02/30) |
1,006 | 1,074,078 | ||||||
5.28%, 04/02/50 (Call 10/02/49) |
501 | 508,229 | ||||||
BAT International Finance PLC |
||||||||
1.67%, 03/25/26 (Call 02/25/26)(a) |
708 | 672,369 | ||||||
3.95%, 06/15/25(b) |
1,798 | 1,858,516 | ||||||
Bunge Ltd. Finance Corp. |
||||||||
1.63%, 08/17/25 (Call 07/17/25) |
1,087 | 1,055,277 | ||||||
2.75%, 05/14/31 (Call 02/14/31)(a) |
778 | 740,470 | ||||||
3.25%, 08/15/26 (Call 05/15/26)(a) |
316 | 322,922 | ||||||
3.75%, 09/25/27 (Call 06/25/27) |
629 | 653,726 | ||||||
4.35%, 03/15/24 (Call 03/10/22) |
584 | 606,748 | ||||||
Cargill Inc. |
||||||||
0.40%, 02/02/24 (Call 01/02/24)(b) |
710 | 692,164 | ||||||
0.75%, 02/02/26 (Call 01/02/26)(b) |
642 | 606,340 | ||||||
1.38%, 07/23/23(a)(b) |
436 | 434,097 | ||||||
1.70%, 02/02/31 (Call 11/02/30)(a)(b) |
415 | 376,225 | ||||||
2.13%, 04/23/30 (Call 01/23/30)(b) |
770 | 732,320 | ||||||
2.13%, 11/10/31 (Call 08/10/31)(b) |
869 | 818,942 | ||||||
3.13%, 05/25/51 (Call 11/25/50)(a)(b) |
885 | 855,620 | ||||||
3.25%, 03/01/23(a)(b) |
173 | 176,211 | ||||||
3.25%, 05/23/29 (Call 02/23/29)(a)(b) |
601 | 624,671 | ||||||
3.88%, 05/23/49 (Call 11/23/48)(a)(b) |
335 | 365,034 | ||||||
4.76%, 11/23/45(b) |
202 | 243,727 | ||||||
Imperial Brands Finance PLC |
||||||||
3.13%, 07/26/24 (Call 06/26/24)(b) |
705 | 712,821 | ||||||
3.50%, 07/26/26 (Call 05/26/26)(b) |
1,288 | 1,305,452 |
26 |
2 0 2 2 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) February 28, 2022 |
iShares® Broad USD Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Agriculture (continued) | ||||||||
3.88%, 07/26/29 (Call 04/26/29)(b) |
$ | 779 | $ | 790,835 | ||||
4.25%, 07/21/25 (Call 04/21/25)(b) |
509 | 531,129 | ||||||
Philip Morris International Inc. |
||||||||
0.88%, 05/01/26 (Call 04/01/26) |
763 | 717,693 | ||||||
1.13%, 05/01/23 |
416 | 414,552 | ||||||
1.50%, 05/01/25 (Call 04/01/25) |
688 | 671,538 | ||||||
1.75%, 11/01/30 (Call 08/01/30) |
583 | 527,530 | ||||||
2.10%, 05/01/30 (Call 02/01/30) |
830 | 780,072 | ||||||
2.13%, 05/10/23 (Call 03/10/23) |
339 | 340,919 | ||||||
2.63%, 03/06/23 |
198 | 200,150 | ||||||
2.75%, 02/25/26 (Call 11/25/25)(a) |
468 | 471,942 | ||||||
2.88%, 05/01/24 (Call 04/01/24) |
766 | 780,929 | ||||||
3.13%, 08/17/27 (Call 05/17/27)(a) |
470 | 484,930 | ||||||
3.13%, 03/02/28 (Call 12/02/27)(a) |
391 | 401,256 | ||||||
3.25%, 11/10/24 |
802 | 827,255 | ||||||
3.38%, 08/11/25 (Call 05/11/25) |
845 | 872,701 | ||||||
3.38%, 08/15/29 (Call 05/15/29) |
595 | 612,716 | ||||||
3.60%, 11/15/23(a) |
381 | 392,817 | ||||||
3.88%, 08/21/42 |
529 | 513,091 | ||||||
4.13%, 03/04/43 |
803 | 804,341 | ||||||
4.25%, 11/10/44(a) |
795 | 820,652 | ||||||
4.38%, 11/15/41 |
600 | 622,676 | ||||||
4.50%, 03/20/42 |
582 | 606,434 | ||||||
4.88%, 11/15/43 |
722 | 797,102 | ||||||
6.38%, 05/16/38 |
1,155 | 1,491,290 | ||||||
Reynolds American Inc. |
||||||||
4.45%, 06/12/25 (Call 03/12/25) |
2,179 | 2,278,724 | ||||||
4.85%, 09/15/23 |
353 | 367,612 | ||||||
5.70%, 08/15/35 (Call 02/15/35) |
556 | 607,508 | ||||||
5.85%, 08/15/45 (Call 02/15/45) |
1,941 | 2,100,175 | ||||||
6.15%, 09/15/43 |
552 | 613,083 | ||||||
7.25%, 06/15/37 |
786 | 966,322 | ||||||
Viterra Finance BV |
||||||||
2.00%, 04/21/26 (Call 03/21/26)(b) |
626 | 605,369 | ||||||
3.20%, 04/21/31 (Call 01/21/31)(b) |
630 | 607,278 | ||||||
|
|
|||||||
76,897,861 | ||||||||
Airlines — 0.2% | ||||||||
Delta Air Lines Inc., 7.00%, 05/01/25(b) |
755 | 838,827 | ||||||
Delta Air Lines Inc./SkyMiles IP Ltd. |
||||||||
4.50%, 10/20/25(a)(b) |
2,070 | 2,125,076 | ||||||
4.75%, 10/20/28(b) |
2,600 | 2,711,608 | ||||||
Mileage
Plus Holdings LLC/Mileage Plus Intellectual Property Assets
Ltd., |
2,230 | 2,352,650 | ||||||
Southwest Airlines Co. |
||||||||
2.63%, 02/10/30 (Call 11/10/29) |
706 | 671,736 | ||||||
3.00%, 11/15/26 (Call 08/15/26) |
194 | 196,380 | ||||||
3.45%, 11/16/27 (Call 08/16/27) |
339 | 347,729 | ||||||
4.75%, 05/04/23 |
334 | 345,239 | ||||||
5.13%, 06/15/27 (Call 04/15/27) |
1,103 | 1,222,786 | ||||||
5.25%, 05/04/25 (Call 04/04/25) |
921 | 995,801 | ||||||
|
|
|||||||
11,807,832 | ||||||||
Apparel — 0.2% | ||||||||
NIKE Inc. |
||||||||
2.25%, 05/01/23 (Call 02/01/23)(a) |
230 | 231,877 | ||||||
2.38%, 11/01/26 (Call 08/01/26) |
1,063 | 1,075,437 | ||||||
2.40%, 03/27/25 (Call 02/27/25) |
978 | 990,702 | ||||||
2.75%, 03/27/27 (Call 01/27/27)(a) |
1,000 | 1,026,613 | ||||||
2.85%, 03/27/30 (Call 12/27/29) |
1,195 | 1,214,494 |
Security |
Par (000) |
Value | ||||||
Apparel (continued) | ||||||||
3.25%, 03/27/40 (Call 09/27/39) |
$ | 909 | $ | 910,197 | ||||
3.38%, 11/01/46 (Call 05/01/46) |
436 | 442,155 | ||||||
3.38%, 03/27/50 (Call 09/27/49)(a) |
1,055 | 1,076,780 | ||||||
3.63%, 05/01/43 (Call 11/01/42) |
460 | 479,361 | ||||||
3.88%, 11/01/45 (Call 05/01/45) |
809 | 875,017 | ||||||
PVH Corp., 4.63%, 07/10/25 (Call 06/10/25) |
1,152 | 1,217,177 | ||||||
Ralph Lauren Corp. |
||||||||
2.95%, 06/15/30 (Call 03/15/30)(a) |
845 | 842,754 | ||||||
3.75%, 09/15/25 (Call 07/15/25) |
949 | 994,653 | ||||||
Tapestry Inc. |
||||||||
3.05%, 03/15/32 (Call 12/15/31) |
615 | 585,102 | ||||||
4.13%, 07/15/27 (Call 04/15/27) |
127 | 132,762 | ||||||
VF Corp. |
||||||||
2.40%, 04/23/25 (Call 03/23/25) |
844 | 844,706 | ||||||
2.80%, 04/23/27 (Call 02/23/27)(a) |
813 | 823,462 | ||||||
2.95%, 04/23/30 (Call 01/23/30) |
645 | 634,075 | ||||||
6.00%, 10/15/33 |
20 | 23,836 | ||||||
|
|
|||||||
14,421,160 | ||||||||
Auto Manufacturers — 2.2% | ||||||||
American Honda Finance Corp. |
||||||||
0.55%, 07/12/24 |
797 | 771,520 | ||||||
0.65%, 09/08/23 |
741 | 729,719 | ||||||
0.75%, 08/09/24(a) |
245 | 237,763 | ||||||
0.88%, 07/07/23 |
569 | 563,542 | ||||||
1.00%, 09/10/25 |
815 | 780,988 | ||||||
1.20%, 07/08/25 |
608 | 589,033 | ||||||
1.30%, 09/09/26(a) |
700 | 669,894 | ||||||
1.50%, 01/13/25 |
720 | 706,105 | ||||||
1.80%, 01/13/31(a) |
550 | 507,879 | ||||||
1.95%, 05/10/23 |
367 | 368,742 | ||||||
2.00%, 03/24/28 |
559 | 538,779 | ||||||
2.15%, 09/10/24 |
782 | 784,659 | ||||||
2.25%, 01/12/29 |
700 | 678,575 | ||||||
2.30%, 09/09/26(a) |
557 | 556,897 | ||||||
2.35%, 01/08/27 |
643 | 641,945 | ||||||
2.40%, 06/27/24 |
394 | 397,499 | ||||||
2.90%, 02/16/24 |
353 | 360,471 | ||||||
3.45%, 07/14/23 |
292 | 298,629 | ||||||
3.50%, 02/15/28 |
397 | 415,926 | ||||||
3.55%, 01/12/24(a) |
653 | 673,460 | ||||||
3.63%, 10/10/23 |
752 | 773,515 | ||||||
Aptiv PLC/Aptiv Corp., 3.25%, 03/01/32 |
800 | 802,549 | ||||||
BMW Finance NV |
||||||||
2.40%, 08/14/24 (Call 07/14/24)(b) |
1,119 | 1,126,249 | ||||||
2.85%, 08/14/29 (Call 05/14/29)(b) |
450 | 450,936 | ||||||
BMW U.S. Capital LLC |
||||||||
0.75%, 08/12/24(b) |
245 | 237,722 | ||||||
0.80%, 04/01/24(b) |
562 | 548,639 | ||||||
1.25%, 08/12/26 (Call 07/12/26)(a)(b) |
272 | 260,136 | ||||||
1.95%, 08/12/31 (Call 05/12/31)(a)(b) |
560 | 517,872 | ||||||
2.25%, 09/15/23 (Call 07/15/23)(a)(b) |
543 | 547,325 | ||||||
2.80%, 04/11/26 (Call 01/11/26)(a)(b) |
1,125 | 1,152,817 | ||||||
3.15%, 04/18/24 (Call 03/18/24)(a)(b) |
895 | 914,085 | ||||||
3.30%, 04/06/27 (Call 01/06/27)(a)(b) |
245 | 256,404 | ||||||
3.45%, 04/12/23 (Call 03/12/23)(a)(b) |
605 | 616,253 | ||||||
3.63%, 04/18/29 (Call 01/18/29)(a)(b) |
375 | 397,665 | ||||||
3.75%, 04/12/28 (Call 01/12/28)(b) |
721 | 766,863 | ||||||
3.80%, 04/06/23(b) |
386 | 395,071 | ||||||
3.90%, 04/09/25 (Call 03/09/25)(b) |
1,703 | 1,781,136 | ||||||
3.95%, 08/14/28 (Call 05/14/28)(b) |
580 | 623,210 |
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) February 28, 2022 |
iShares® Broad USD Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Auto Manufacturers (continued) | ||||||||
4.15%, 04/09/30 (Call 01/09/30)(b) |
$ | 915 | $ | 997,233 | ||||
BMW
US Capital LLC, 2.55%, 04/01/31 |
445 | 431,694 | ||||||
Cummins Inc. |
||||||||
0.75%, 09/01/25 (Call 08/01/25) |
1,016 | 966,291 | ||||||
1.50%, 09/01/30 (Call 06/01/30) |
905 | 812,266 | ||||||
2.60%, 09/01/50 (Call 03/01/50) |
833 | 690,118 | ||||||
3.65%, 10/01/23 (Call 07/01/23)(a) |
343 | 351,482 | ||||||
4.88%, 10/01/43 (Call 04/01/43)(a) |
150 | 179,105 | ||||||
7.13%, 03/01/28 |
15 | 18,808 | ||||||
Daimler Finance North America LLC |
||||||||
0.75%, 03/01/24(b) |
685 | 667,341 | ||||||
1.45%, 03/02/26(a)(b) |
1,048 | 1,006,956 | ||||||
1.75%, 03/10/23(a)(b) |
405 | 405,432 | ||||||
2.13%, 03/10/25(b) |
755 | 750,390 | ||||||
2.45%, 03/02/31(b) |
510 | 487,450 | ||||||
2.63%, 03/10/30(a)(b) |
350 | 339,729 | ||||||
2.70%, 06/14/24(a)(b) |
971 | 984,258 | ||||||
3.10%, 08/15/29(b) |
713 | 718,047 | ||||||
3.25%, 08/01/24(a)(b) |
735 | 753,493 | ||||||
3.30%, 05/19/25(b) |
762 | 784,026 | ||||||
3.45%, 01/06/27(a)(b) |
705 | 734,327 | ||||||
3.50%, 08/03/25(a)(b) |
647 | 670,992 | ||||||
3.65%, 02/22/24(b) |
695 | 715,625 | ||||||
3.70%, 05/04/23(b) |
310 | 317,495 | ||||||
3.75%, 02/22/28(b) |
479 | 505,484 | ||||||
4.30%, 02/22/29(b) |
615 | 665,172 | ||||||
8.50%, 01/18/31 |
1,088 | 1,536,482 | ||||||
Daimler Trucks Finance North America LLC |
||||||||
1.63%, 12/13/24(a)(b) |
255 | 250,098 | ||||||
2.00%, 12/14/26(b) |
160 | 154,370 | ||||||
2.38%, 12/14/28(b) |
280 | 268,810 | ||||||
2.50%, 12/14/31(b) |
565 | 532,721 | ||||||
General Motors Co. |
||||||||
4.00%, 04/01/25 |
383 | 397,241 | ||||||
4.20%, 10/01/27 (Call 07/01/27)(a) |
639 | 673,387 | ||||||
4.88%, 10/02/23 |
757 | 790,263 | ||||||
5.00%, 10/01/28 (Call 07/01/28) |
757 | 826,844 | ||||||
5.00%, 04/01/35(a) |
423 | 457,568 | ||||||
5.15%, 04/01/38 (Call 10/01/37)(a) |
723 | 782,869 | ||||||
5.20%, 04/01/45 |
953 | 1,032,157 | ||||||
5.40%, 10/02/23 |
847 | 889,866 | ||||||
5.40%, 04/01/48 (Call 10/01/47) |
670 | 743,247 | ||||||
5.95%, 04/01/49 (Call 10/01/48)(a) |
795 | 949,977 | ||||||
6.13%, 10/01/25 (Call 09/01/25) |
1,051 | 1,162,946 | ||||||
6.25%, 10/02/43(a) |
845 | 1,026,363 | ||||||
6.60%, 04/01/36 (Call 10/01/35) |
1,228 | 1,523,688 | ||||||
6.75%, 04/01/46 (Call 10/01/45) |
685 | 866,268 | ||||||
6.80%, 10/01/27 (Call 08/01/27)(a) |
873 | 1,027,923 | ||||||
General Motors Financial Co. Inc. |
||||||||
1.05%, 03/08/24 |
1,103 | 1,074,726 | ||||||
1.20%, 10/15/24 |
190 | 184,919 | ||||||
1.25%, 01/08/26 (Call 12/08/25) |
985 | 929,424 | ||||||
1.50%, 06/10/26 (Call 05/10/26) |
1,280 | 1,213,548 | ||||||
1.70%, 08/18/23 |
713 | 710,057 | ||||||
2.35%, 02/26/27 (Call 01/26/27) |
1,000 | 969,153 | ||||||
2.35%, 01/08/31 (Call 10/08/30) |
1,189 | 1,074,077 | ||||||
2.40%, 04/10/28 (Call 02/10/28) |
885 | 845,775 | ||||||
2.40%, 10/15/28 (Call 08/15/28) |
330 | 312,167 | ||||||
2.70%, 08/20/27 (Call 06/20/27)(a) |
789 | 772,191 |
Security |
Par (000) |
Value | ||||||
Auto Manufacturers (continued) | ||||||||
2.70%, 06/10/31 (Call 03/10/31) |
$ | 742 | $ | 686,620 | ||||
2.75%, 06/20/25 (Call 05/20/25) |
1,413 | 1,412,586 | ||||||
2.90%, 02/26/25 (Call 01/26/25) |
1,105 | 1,111,327 | ||||||
3.10%, 01/12/32 (Call 10/12/31) |
915 | 873,295 | ||||||
3.50%, 11/07/24 (Call 09/07/24) |
893 | 914,547 | ||||||
3.60%, 06/21/30 (Call 03/21/30) |
1,027 | 1,030,575 | ||||||
3.70%, 05/09/23 (Call 03/09/23) |
329 | 334,922 | ||||||
3.85%, 01/05/28 (Call 10/05/27) |
366 | 378,067 | ||||||
3.95%, 04/13/24 (Call 02/13/24) |
1,064 | 1,093,828 | ||||||
4.00%, 01/15/25 (Call 10/15/24) |
617 | 638,564 | ||||||
4.00%, 10/06/26 (Call 07/06/26) |
880 | 917,046 | ||||||
4.15%, 06/19/23 (Call 05/19/23) |
312 | 319,900 | ||||||
4.25%, 05/15/23 |
405 | 416,686 | ||||||
4.30%, 07/13/25 (Call 04/13/25) |
830 | 864,719 | ||||||
4.35%, 04/09/25 (Call 02/09/25) |
737 | 770,934 | ||||||
4.35%, 01/17/27 (Call 10/17/26)(a) |
1,001 | 1,051,956 | ||||||
5.10%, 01/17/24 (Call 12/17/23) |
1,388 | 1,455,750 | ||||||
5.25%, 03/01/26 (Call 12/01/25) |
1,159 | 1,261,521 | ||||||
5.65%, 01/17/29 (Call 10/17/28) |
513 | 576,686 | ||||||
Harley-Davidson
Financial Services Inc., |
1,037 | 1,047,996 | ||||||
Hyundai Capital America |
||||||||
0.80%, 01/08/24(b) |
669 | 649,697 | ||||||
0.88%, 06/14/24(a)(b) |
978 | 939,534 | ||||||
1.00%, 09/17/24(b) |
1,090 | 1,048,188 | ||||||
1.25%, 09/18/23(b) |
847 | 834,992 | ||||||
1.30%, 01/08/26 (Call 12/08/25)(b) |
420 | 396,747 | ||||||
1.50%, 06/15/26 (Call 05/15/26)(a)(b) |
785 | 739,572 | ||||||
1.65%, 09/17/26 (Call 08/17/26)(b) |
950 | 900,620 | ||||||
1.80%, 10/15/25 (Call 09/15/25)(b) |
856 | 827,112 | ||||||
1.80%, 01/10/28 (Call 11/08/27)(b) |
520 | 481,326 | ||||||
2.00%, 06/15/28 (Call 04/15/28)(b) |
1,001 | 930,721 | ||||||
2.10%, 09/15/28 (Call 07/17/28)(b) |
435 | 404,625 | ||||||
2.38%, 10/15/27 (Call 08/15/27)(b) |
1,130 | 1,088,307 | ||||||
2.65%, 02/10/25 (Call 01/10/25)(b) |
241 | 240,600 | ||||||
2.75%, 09/27/26(a)(b) |
453 | 450,594 | ||||||
3.00%, 02/10/27 (Call 12/10/26)(a)(b) |
418 | 417,257 | ||||||
3.40%, 06/20/24(a)(b) |
480 | 489,473 | ||||||
3.50%, 11/02/26 (Call 09/02/26)(b) |
601 | 613,599 | ||||||
4.13%, 06/08/23(b) |
285 | 290,819 | ||||||
4.30%, 02/01/24(b) |
390 | 402,850 | ||||||
5.75%, 04/06/23(a)(b) |
527 | 547,701 | ||||||
5.88%, 04/07/25 (Call 03/07/25)(a)(b) |
530 | 579,884 | ||||||
6.38%, 04/08/30 (Call 01/08/30)(a)(b) |
470 | 559,474 | ||||||
Hyundai Capital Services Inc. |
||||||||
1.25%, 02/08/26(b) |
375 | 355,398 | ||||||
2.13%, 04/24/25(a)(b) |
200 | 195,465 | ||||||
2.50%, 01/24/27(a)(b) |
70 | 68,701 | ||||||
3.63%, 08/29/27(b) |
200 | 208,118 | ||||||
3.75%, 03/05/23(b) |
500 | 507,700 | ||||||
Kia Corp. |
||||||||
1.00%, 04/16/24(b) |
80 | 78,072 | ||||||
3.25%, 04/21/26(b) |
885 | 906,337 | ||||||
3.50%, 10/25/27(b) |
405 | 419,167 | ||||||
Nissan Motor Acceptance Co. LLC |
||||||||
1.13%, 09/16/24(a)(b) |
585 | 563,147 | ||||||
1.85%, 09/16/26 (Call 08/16/26)(b) |
925 | 867,364 | ||||||
2.45%, 09/15/28 (Call 07/15/28)(b) |
615 | 573,053 | ||||||
Nissan Motor Acceptance Corp. |
||||||||
1.05%, 03/08/24(b) |
384 | 372,070 |
28 |
2 0 2 2 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) February 28, 2022 |
iShares® Broad USD Investment Grade Corporate Bond ETF (Percentages shown are based on Net Assets) |
Security |
Par (000) |
Value | ||||||
Auto Manufacturers (continued) | ||||||||
2.00%, 03/09/26 (Call 02/09/26)(a)(b) |
$ | 852 | $ | 805,133 | ||||
2.75%, 03/09/28 (Call 01/09/28)(b) |
717 | 685,570 | ||||||
3.45%, 03/15/23(b) |
283 | 286,928 | ||||||
3.88%, 09/21/23(b) |
235 | 240,044 | ||||||
Nissan Motor Co. Ltd. |
||||||||
3.04%, 09/15/23(b) |
964 | 973,049 | ||||||
3.52%, 09/17/25 (Call 08/17/25)(b) |
1,107 | 1,120,767 | ||||||
4.35%, 09/17/27 (Call 07/17/27)(b) |
1,615 | 1,662,549 | ||||||
4.81%, 09/17/30 (Call 06/17/30)(a)(b) |
2,136 | 2,239,007 | ||||||
PACCAR Financial Corp. |
||||||||
0.35%, 08/11/23 |
130 | 128,005 | ||||||
0.35%, 02/02/24 |
325 | 316,111 | ||||||
0.50%, 08/09/24 |
145 | 139,907 | ||||||
0.80%, 06/08/23(a) |
285 | 282,663 | ||||||
0.90%, 11/08/24 |
60 | 58,375 | ||||||
1.10%, 05/11/26 |
160 | 153,523 | ||||||
1.80%, 02/06/25 |
369 | 365,392 | ||||||
2.00%, 02/04/27 |
200 | 198,229 | ||||||
2.15%, 08/15/24 |
595 | 597,296 | ||||||
2.65%, 04/06/23 |
25 | 25,343 | ||||||
3.40%, 08/09/23 |
255 | 261,401 | ||||||
Stellantis Finance U.S. Inc. |
||||||||
1.71%, 01/29/27 (Call 12/29/26)(a)(b) |
1,278 | 1,215,513 | ||||||
2.69%, 09/15/31 (Call 06/15/31)(b) |
1,140 | 1,055,747 | ||||||
Stellantis NV, 5.25%, 04/15/23 |
855 | 884,070 | ||||||
Toyota Motor Corp. |
||||||||
0.68%, 03/25/24 (Call 02/25/24) |
1,117 | 1,089,163 | ||||||
1.34%, 03/25/26 (Call 02/25/26) |
914 | 883,009 | ||||||
2.36%, 07/02/24 |
590 | 594,221 | ||||||
2.36%, 03/25/31 (Call 12/25/30)(a) |
470 | 460,445 | ||||||
2.76%, 07/02/29 |
615 | 622,141 | ||||||
3.42%, 07/20/23 |
720 | 737,254 | ||||||
3.67%, 07/20/28 |
300 | 320,546 | ||||||
Toyota Motor Credit Corp. |
||||||||
0.45%, 01/11/24(a) |
672 | 656,073 | ||||||
0.50%, 08/14/23 |
700 | 689,682 | ||||||
0.50%, 06/18/24(a) |
1,020 | 987,490 | ||||||
0.63%, 09/13/24 |
425 | 410,451 | ||||||
0.80%, 10/16/25 |
894 | 849,497 | ||||||
0.80%, 01/09/26 |
710 | 674,085 | ||||||
1.13%, 06/18/26 |
805 | 770,298 | ||||||
1.15%, 08/13/27(a) |
697 | 654,065 | ||||||
1.35%, 08/25/23 |
893 | 889,888 | ||||||
1.45%, 01/13/25 |
200 | 196,710 | ||||||
1.65%, 01/10/31 |
450 | 411,315 | ||||||
1.80%, 02/13/25 |
1,304 | 1,294,110 | ||||||
1.90%, 01/13/27 |
500 | 491,337 | ||||||
1.90%, 04/06/28 |
526 | 506,921 | ||||||
1.90%, 09/12/31 |
445 | 411,648 | ||||||
2.00%, 10/07/24 |
190 | 190,152 | ||||||
2.15%, 02/13/30 |
787 | 756,164 | ||||||
2.25%, 10/18/23(a) |
541 | 544,645 | ||||||
2.40%, 01/13/32 |
60 | 57,845 | ||||||
2.90%, 03/30/23 |
469 | 476,411 | ||||||
2.90%, 04/17/24 |
844 | 861,270 | ||||||
3.00%, 04/01/25 |
1,204 | 1,232,668 | ||||||
3.05%, 01/11/28 |
481 | 496,061 | ||||||
3.20%, 01/11/27 |
709 | 738,894 | ||||||
3.35%, 01/08/24 |
326 | 334,938 | ||||||
3.38%, 04/01/30 |
797 | 833,925 |
Security |
Par (000) |
Value | ||||||
Auto Manufacturers (continued) | ||||||||
3.40%, 04/14/25 |
$ | 633 | $ | 656,222 | ||||
3.45%, 09/20/23 |
725 | 744,439 | ||||||
3.65%, 01/08/29 |
416 | 443,862 | ||||||
Volkswagen Group of America Finance LLC |
||||||||
0.88%, 11/22/23(b) |
894 | 875,481 | ||||||
1.25%, 11/24/25 (Call 10/24/25)(b) |
1,381 | 1,315,964 | ||||||
1.63%, 11/24/27 (Call 09/24/27)(b) |
766 | 720,999 | ||||||
2.85%, 09/26/24(b) |
488 | 494,697 | ||||||
3.13%, 05/12/23(b) |
605 | 613,738 | ||||||
3.20%, 09/26/26(a)(b) |
529 | 539,299 | ||||||
3.35%, 05/13/25(b) |
995 | 1,016,192 | ||||||
3.75%, 05/13/30(b) |
730 | 760,746 | ||||||
4.25%, 11/13/23(b) |
904 | 935,927 | ||||||
4.63%, 11/13/25(b) |
628 | 670,027 | ||||||
4.75%, 11/13/28(b) |
804 | 889,177 | ||||||
|
|
|||||||
143,973,334 | ||||||||
Auto Parts & Equipment — 0.2% | ||||||||
Aptiv PLC |
||||||||
3.10%, 12/01/51 (Call 06/01/51)(a) |
1,976 | 1,669,853 | ||||||
4.35%, 03/15/29 (Call 12/15/28) |
489 | 526,414 | ||||||
4.40%, 10/01/46 (Call 04/01/46) |
292 | 303,367 | ||||||
5.40%, 03/15/49 (Call 09/15/48)(a) |
228 | 267,729 | ||||||
Aptiv
PLC/Aptiv Corp., 4.15%, 05/01/52 |
1,000 | 1,005,208 | ||||||
BorgWarner Inc. |
||||||||
2.65%, 07/01/27 (Call 05/01/27)(a) |
1,019 | 1,015,217 | ||||||
3.38%, 03/15/25 (Call 12/15/24)(a) |
464 | 476,277 | ||||||
4.38%, 03/15/45 (Call 09/15/44) |
249 | 257,657 | ||||||
5.00%, 10/01/25(b) |
1,110 | 1,199,112 | ||||||
Denso
Corp., 1.24%, 09/16/26 |
115 | 109,523 | ||||||
Lear Corp. |
||||||||
2.60%, 01/15/32 (Call 10/15/31) |
275 | 254,830 | ||||||
3.50%, 05/30/30 (Call 02/28/30) |
315 | 316,858 | ||||||
3.55%, 01/15/52 (Call 07/15/51)(a) |
265 | 226,433 | ||||||
3.80%, 09/15/27 (Call 06/15/27)(a) |
577 | 600,751 | ||||||
4.25%, 05/15/29 (Call 02/15/29)(a) |
94 | 99,583 | ||||||
5.25%, 05/15/49 (Call 11/15/48)(a) |
519 | 582,411 | ||||||
Magna International Inc. |
||||||||
2.45%, 06/15/30 (Call 03/15/30) |
887 | 853,387 | ||||||
3.63%, 06/15/24 (Call 03/15/24) |
788 | 810,487 | ||||||
4.15%, 10/01/25 (Call 07/01/25) |
980 | 1,038,610 | ||||||
Toyota Industries Corp. |
||||||||
3.24%, 03/16/23 (Call 02/16/23)(b) |
250 | 254,773 | ||||||
3.57%, 03/16/28 (Call 12/16/27)(b) |
5 | 5,168 | ||||||
|
|
|||||||
11,873,648 | ||||||||
Banks — 19.7% | ||||||||
ABN AMRO Bank NV |
||||||||
1.54%, 06/16/27 (Call 06/16/26)(a)(b)(c) |
655 | 619,506 | ||||||
2.47%, 12/13/29 (Call 12/13/28)(b)(c) |
600 | 573,728 | ||||||
3.32%, 03/13/37 (Call 12/13/31)(b)(c) |
702 | 655,814 | ||||||
4.75%, 07/28/25(b) |
805 | 846,860 | ||||||
4.80%, 04/18/26(b) |
454 | 483,400 | ||||||
ADCB
Finance Cayman Ltd., |
275 | 279,950 | ||||||
AIB Group PLC |
||||||||
4.26%, 04/10/25 (Call 04/10/24)(b)(c) |
660 | 677,050 | ||||||
4.75%, 10/12/23(b) |
380 | 393,545 | ||||||
ANZ New Zealand Int’l Ltd./London |
||||||||
1.25%, 06/22/26(b) |
855 | 812,051 | ||||||
2.17%, 02/18/25(a)(b) |
200 | 199,532 | ||||||
2.55%, 02/13/30(b) |
810 | 797,703 |
S C H E D U L E O F I N V E S T M E N T S |
29 |