LOGO

  FEBRUARY 28, 2022

 

 

    

  

2022 Annual Report

 

 

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


The Markets in Review

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,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of February 28, 2022

 

     
      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.

 

 

2  

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


Table of Contents

 

      Page

The Markets in Review

   2

Market Overview

   4

Fund Summary

   5

About Fund Performance

   15

Shareholder Expenses

   15

Schedules of Investments

   16

Financial Statements

  

Statements of Assets and Liabilities

   223

Statements of Operations

   225

Statements of Changes in Net Assets

   227

Financial Highlights

   230

Notes to Financial Statements

   235

Report of Independent Registered Public Accounting Firm

   244

Important Tax Information (Unaudited)

   245

Statement Regarding Liquidity Risk Management Program

   246

Supplemental Information

   247

Trustee and Officer Information

   249

General Information

   252

Glossary of Terms Used in this Report

   253

 

 

 


Market Overview

 

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.

 

 

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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)

 

LOGO

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           

 

 

      

 

 

      
 

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

      

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending
Account Value
(02/28/22)
 
 
 
      

Expenses

Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      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.

 

 

 

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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)

 

LOGO

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           

 

 

   

 

 

      
 

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

   

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      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.

 

 

 

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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)

 

LOGO

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           

 

 

   

 

 

      
 

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

   

Beginning

Account Value

(09/01/21)

 

 

 

    

Ending

Account Value

(02/28/22)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      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.

 

 

 

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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)

 

LOGO

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           

 

 

   

 

 

      
 

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22

 

 

)  

      

Expenses

Paid During

the Period 

 

 

(a) 

   

Beginning

Account Value

(09/01/21

 

 

)  

   

Ending

    Account Value

(02/28/22

 

 

)  

      

Expenses

Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      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.

 

 

 

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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)

 

LOGO

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           

 

 

   

 

 

      
 

Beginning

Account Value

(09/01/21)

 

 

 

      

Ending

Account Value

(02/28/22

 

 

)  

      

Expenses

Paid During

the Period 

 

 

(a) 

   

Beginning

Account Value

(09/01/21

 

 

)  

   

Ending

    Account Value

(02/28/22

 

 

)  

      

Expenses

Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $      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


About Fund Performance

 

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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


Schedule of Investments  

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),
5.40%, 10/01/48 (Call 04/01/48)

  $ 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
(Call 03/15/28)

    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
(Call 02/14/31)(a)

    50       47,578  

Reynolds American Inc., 4.45%, 06/12/25
(Call 03/12/25)

    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
(Call 12/01/31)(a)

    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
(Call 11/01/51)

    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
2.67%, 03/10/32 (Call 03/10/31)(b)

  $ 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.
3.50%, 05/15/23

    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
(Call 05/02/25)

    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
(Call 01/15/46)(a)

    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
(Call 06/16/31)

    50       45,524  

Martin Marietta Materials Inc., 3.20%, 07/15/51
(Call 01/15/51)

    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.,
5.00%, 09/26/48 (Call 03/26/48)

  $ 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
(Call 08/15/28)(c)

    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
(Call 11/09/26)

    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
(Call 04/01/30)

    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
(Call 12/15/45)

    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
(Call 09/15/50)

    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.,
2.45%, 11/15/31 (Call 08/15/31)

    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
(Call 10/15/28)

    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
(Call 12/12/30)

    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
(Call 11/15/31)

    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
(Call 07/30/29)

    100       100,112  
   

 

 

 
      438,805  
Environmental Control — 0.6%            

Republic Services Inc., 3.38%, 11/15/27
(Call 08/15/27)

    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)
2.20%, 05/01/30 (Call 02/01/30)

    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
0.90%, 02/15/26 (Call 01/15/26)

    150       141,511  

1.85%, 02/15/31 (Call 11/15/30)

    50       45,428  

Mondelez International Inc.
1.50%, 05/04/25 (Call 04/04/25)

    200       194,639  

2.63%, 09/04/50 (Call 03/04/50)

    40       33,521  

Sysco Corp.
3.15%, 12/14/51 (Call 06/14/51)

    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.
3.95%, 08/15/24 (Call 05/15/24)

    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
(Call 02/15/47)

    75       82,092  
   

 

 

 
Gas — 0.4%            

National Fuel Gas Co., 2.95%, 03/01/31
(Call 12/01/30)

    50       47,571  

NiSource Inc.
3.60%, 05/01/30 (Call 02/01/30)

    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
(Call 01/01/27)(c)

    150       145,347  

Boston Scientific Corp.
1.90%, 06/01/25 (Call 05/01/25)

    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
2.60%, 11/15/29 (Call 08/15/29)

    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.
1.15%, 06/15/25 (Call 05/15/25)

    60       57,808  

4.63%, 03/15/46 (Call 09/15/45)

    60       68,833  

Thermo Fisher Scientific Inc.
2.00%, 10/15/31 (Call 07/15/31)

    75       69,535  

4.10%, 08/15/47 (Call 02/15/47)

    25       27,806  

Zimmer Biomet Holdings Inc., 2.60%, 11/24/31
(Call 08/24/31)

      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.
0.45%, 03/15/23

    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.
3.50%, 07/15/51 (Call 01/15/51)

    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.
3.85%, 10/01/24 (Call 07/01/24)

    75       77,640  

3.95%, 08/15/49 (Call 02/15/49)

    40       40,980  

Laboratory Corp. of America Holdings
1.55%, 06/01/26 (Call 05/01/26)

    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
(Call 10/15/31)(c)

    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
(Call 02/15/27)(c)

    75       72,032  

FS KKR Capital Corp., 3.13%, 10/12/28
(Call 08/12/28)

    50       46,496  

Owl Rock Capital Corp., 3.40%, 07/15/26
(Call 06/15/26)

    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.
3.40%, 06/30/30 (Call 03/30/30)

    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
(Call 12/30/49)

    50       47,702  

Athene Holding Ltd.
3.50%, 01/15/31 (Call 10/15/30)

    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
(Call 04/15/52)

    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)
2.80%, 08/19/29 (Call 05/19/29)

    80       79,630  

3.60%, 08/19/49 (Call 02/19/49)

    40       38,906  

Jackson Financial Inc., 4.00%, 11/23/51
(Call 05/23/51)(c)

    25       22,423  

Lincoln National Corp.
3.05%, 01/15/30 (Call 10/15/29)

      120       119,314  

7.00%, 06/15/40

    25       34,747  

Markel Corp.
3.45%, 05/07/52 (Call 11/07/51)

    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.
3.88%, 09/15/49 (Call 03/15/49)

    25       24,385  

4.50%, 09/15/28 (Call 06/15/28)

      100       107,202  
   

 

 

 
          1,580,228  
Internet — 0.8%            

eBay Inc.
3.60%, 06/05/27 (Call 03/05/27)(a)

    200       209,546  

3.65%, 05/10/51 (Call 11/10/50)

    50       47,553  

Expedia Group Inc.
3.25%, 02/15/30 (Call 11/15/29)(a)

    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
(Call 06/18/26)

    60       58,367  

Marriott International Inc./MD, Series EE,
5.75%, 05/01/25 (Call 04/01/25)

    56       61,246  
   

 

 

 
      119,613  
Machinery — 0.6%            

CNH Industrial Capital LLC, 1.88%, 01/15/26
(Call 12/15/25)

    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.
2.57%, 02/15/30 (Call 11/15/29)

    110       106,216  

3.11%, 02/15/40 (Call 08/15/39)

    50       46,252  

Westinghouse Air Brake Technologies Corp.,
4.95%, 09/15/28 (Call 06/15/28)

    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.,
4.42%, 11/15/35(a)

    200       224,762  

General Electric Co., 6.75%, 03/15/32

    108       139,389  

Parker-Hannifin Corp.
3.25%, 06/14/29 (Call 03/14/29)

    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
3.95%, 03/20/28 (Call 12/20/27)

    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.
4.71%, 01/25/29 (Call 10/25/28)

    100       109,145  

5.58%, 01/25/49 (Call 07/25/48)

    60       72,342  

Paramount Global
4.38%, 03/15/43

    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,
5.70%, 05/30/41

    60       74,505  

Freeport-McMoRan Inc.
4.13%, 03/01/28 (Call 03/01/23)

    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
(Call 01/15/41)

    25       30,293  
   

 

 

 
      389,635  
Office & Business Equipment — 0.1%            

CDW LLC/CDW Finance Corp., 3.28%, 12/01/28
(Call 10/01/28)

    75       73,647  
   

 

 

 
Oil & Gas — 2.7%            

Canadian Natural Resources Ltd.
3.85%, 06/01/27 (Call 03/01/27)

    50       52,207  

6.25%, 03/15/38

    60       73,284  

Cenovus Energy Inc.
3.75%, 02/15/52 (Call 08/15/51)

    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
(Call 12/01/43)

    25       25,198  

Devon Energy Corp.
4.50%, 01/15/30 (Call 01/15/25)

    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.
3.50%, 12/01/29 (Call 09/01/29)

    100       100,948  

4.40%, 03/24/51 (Call 09/24/50)

    25       25,866  

Hess Corp.
5.60%, 02/15/41

    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.
4.70%, 05/01/25 (Call 04/01/25)

    150       159,181  

6.50%, 03/01/41 (Call 09/01/40)

    60       76,346  

Phillips 66
3.85%, 04/09/25 (Call 03/09/25)

      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
(Call 12/15/25)

    200       190,418  

Suncor Energy Inc.
3.10%, 05/15/25 (Call 04/15/25)

    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.
2.80%, 12/01/31 (Call 09/01/31)

    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.
2.92%, 03/01/30 (Call 12/01/29)

    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.
3.60%, 12/01/29 (Call 09/01/29)(a)

    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.
2.30%, 11/21/22

    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.
2.70%, 03/15/31 (Call 12/15/30)(a)

    75       72,198  

4.30%, 12/15/47 (Call 06/15/47)

    50       52,769  

Becton Dickinson and Co.
1.96%, 02/11/31 (Call 11/11/30)

    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.
3.40%, 03/15/51 (Call 09/15/50)

    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
(Call 08/26/28)

    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,
6.95%, 01/15/38

    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.
5.20%, 07/15/48 (Call 01/15/48)

    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.
2.90%, 04/01/41 (Call 10/01/40)

    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,
3.75%, 07/01/27 (Call 04/01/27)

    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.,
3.90%, 06/01/29 (Call 03/01/29)

    100       105,125  

Starbucks Corp.
2.55%, 11/15/30 (Call 08/15/30)(a)

    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.,
4.80%, 11/18/44 (Call 05/18/44)

    60       65,102  
   

 

 

 
          1,968,819  
Semiconductors — 2.5%  

Broadcom Corp./Broadcom Cayman Finance Ltd.,
3.88%, 01/15/27 (Call 10/15/26)

    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.
3.48%, 11/01/51 (Call 05/01/51)

    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.,
2.60%, 05/01/31 (Call 02/01/31)

    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
(Call 08/15/50)(a)

    40       34,487  

Fidelity National Information Services Inc.
1.15%, 03/01/26 (Call 02/01/26)(a)

    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,
8.75%, 06/15/30

    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
(000)

    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%
(Cost: $71,943,737)

       68,436,314  
    

 

 

 

Short-Term Investments

    
Money Market Funds — 9.0%             

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.09%(d)(e)(f)

    3,635        3,635,476  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 0.03%(d)(e)

    2,810        2,810,000  
    

 

 

 
       6,445,476  
    

 

 

 

Total Short-Term Investments — 9.0%
(Cost: $6,445,737)

       6,445,476  
    

 

 

 

Total Investments in Securities — 104.1%
(Cost: $78,389,474)

       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.,
7.75%, 02/15/31

    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,
3.60%, 03/01/32(b)

    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)