LOGO

  OCTOBER 31, 2021

 

   2021 Annual Report

 

iShares Trust

 

·  

iShares CMBS ETF  |  CMBS  |  NYSE Arca

·  

iShares GNMA Bond ETF  |  GNMA  |  NASDAQ

·  

iShares Treasury Floating Rate Bond ETF  |  TFLO  |  NYSE Arca

·  

iShares U.S. Treasury Bond ETF  |  GOVT  |  Cboe BZX

 


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of October 31, 2021

 

     
    6-Month   12-Month

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

  10.91%   42.91%

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

  1.85   50.80  

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

  4.14   34.18  

Emerging market equities
(MSCI Emerging Markets Index)

  (4.87)   16.96  

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

  0.01   0.06

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

  1.59   (4.77)

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

  1.06   (0.48)

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

  0.33   2.76

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

  2.36   10.53  
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     13  

Shareholder Expenses

     13  

Schedules of Investments

     14  

Financial Statements

  

Statements of Assets and Liabilities

     31  

Statements of Operations

     32  

Statements of Changes in Net Assets

     33  

Financial Highlights

     35  

Notes to Financial Statements

     39  

Report of Independent Registered Public Accounting Firm

     47  

Important Tax Information (Unaudited)

     48  

Board Review and Approval of Investment Advisory Contract

     49  

Supplemental Information

     55  

Trustee and Officer Information

     56  

General Information

     58  

Glossary of Terms Used in this Report

     59  

 

 

 


Market Overview

 

iShares Trust

U.S. Bond Market Overview

The U.S. bond market declined slightly for the 12 months ended October 31, 2021 (“reporting period”). The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. fixed-income performance, returned -0.48%.

The U.S. economy continued to recover from the effects of the coronavirus pandemic, growing at a brisk pace during the reporting period. Driven by strong consumer spending and significant fiscal and monetary stimulus, U.S. growth outpaced most other developed economies. An ongoing COVID-19 vaccination program helped accelerate the easing of pandemic-related restrictions, and consumers returned to activities that were previously curtailed, such as travel, restaurant dining, and in-person shopping. Spending on goods also remained elevated, leading imports to rise to an all-time high.

However, this robust consumer demand combined with continued pandemic-related disruptions to the global supply chain led to significantly higher inflation. Similarly, in the labor market, the reopening economy and pent-up demand meant that hiring accelerated, and the unemployment rate fell substantially. Nonetheless, total employment remained notably below pre-pandemic levels and job openings reached a record high despite rising wages. Elevated demand drove an increase in industrial production, although rising commodities prices and supply delays constrained growth, particularly late in the reporting period. The emergence of the highly contagious Delta variant, which was responsible for a significant rise in cases beginning late in summer 2021, also weighed on the economy.

The U.S. Federal Reserve Bank (“Fed”) continued to keep short-term interest rates at near-zero levels and maintained a significant bond-buying program for U.S. Treasuries and mortgage-backed securities, although it discontinued its corporate bond purchasing program. The Fed indicated that it would begin slowing its bond buying activities late in 2021 and signaled that an interest rate increase could be possible in 2022. However, the improving employment environment and a sharp rise in inflation led investors to anticipate a more accelerated tightening of monetary policy. Trading activity showed that investors view multiple interest rate increases as probable in 2022.

U.S. Treasuries declined, as inflation increased, and investors moved toward equities and lower-rated bonds. Rising domestic inflation expectations pressured U.S. Treasuries, which typically lose value in an inflationary environment. U.S. Treasury yields (which move inversely to prices) began the reporting period near historic lows, but generally rose as inflation increased and the economy continued to strengthen. Yields of U.S. Treasuries with intermediate- and long-term maturities, which are more sensitive to inflation, generally increased more than short-term U.S. Treasuries. However, long-term U.S. Treasury yields rose less than intermediate-term U.S. Treasury yields, with two-year, 10-year, and 30-year U.S. Treasury yields rising by 0.34%, 0.67%, and 0.28%, respectively.

Mortgage-backed securities (“MBS”) declined slightly, despite ongoing support from Fed bond purchasing. MBS performance was constrained by prepayments, as homeowners took advantage of low mortgage rates to refinance their mortgages at a lower interest rate.

On the upside, most corporate bonds advanced for the reporting period, particularly lower-rated corporate bonds. A narrowing yield spread (the difference between yields on corporate bonds and U.S. Treasuries) buoyed the performance of corporate bonds compared to U.S. Treasuries. Investors’ ongoing search for yield in a low interest rate environment drove the decline in the yield spread and supported corporate bond prices. High-yield bonds gained the most, as investors’ concerns about solvency abated alongside the growing economy, and the Fed’s support led to high investor confidence. Corporate bond issuance was elevated by historical standards as companies took advantage of low yields to refinance and lock in advantageous borrowing costs.

 

 

4  

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


Fund Summary as of October 31, 2021    iShares® CMBS ETF

 

Investment Objective

The iShares CMBS ETF (the “Fund”) seeks to track the investment results of an index composed of investment-grade commercial mortgage-backed securities, as represented by the Bloomberg U.S. CMBS (ERISA Only) Index (the “Index”) (formerly the Bloomberg Barclays U.S. CMBS (ERISA Only) Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns            Cumulative Total Returns  
    

1 Year

    

5 Years

    

Since

Inception

           

1 Year

    

5 Years

    

Since

Inception

 

Fund NAV

    0.29      3.11      3.22        0.29      16.53      36.10

Fund Market

    0.15        3.15        3.23          0.15        16.75        36.20  

Index

    0.59        3.38        3.57                0.59        18.09        40.62  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning

Account Value

(05/01/21)

 

 

 

      

Ending

Account Value

(10/31/21)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

           

Beginning

Account Value

(05/01/21)

 

 

 

      

Ending

Account Value

(10/31/21)

 

 

 

      

Expenses

Paid During

the Period 

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

$ 1,000.00        $ 1,003.40        $ 1.26             $ 1,000.00        $ 1,023.90        $ 1.28          0.25

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of October 31, 2021  (continued)    iShares® CMBS ETF

 

Portfolio Management Commentary

Commercial mortgage-backed securities (“CMBS”) advanced modestly for the reporting period, as rising longer-term bond yields drove CMBS prices lower. However, the annual income from CMBS offset modest price declines.

From a supply and demand perspective, strong investor demand for yield supported CMBS, which have higher yields than U.S. Treasuries to compensate for the additional credit risk. Issuance was brisk during the first half of 2021, although the composition of issuance changed markedly. Bridge loans, which are loans intended to provide short-term financing for budget gaps, and single-asset, single-buyer loans drove issuance, while conduit loans, which pool borrowers to create securitized loans, became a much smaller portion of overall lending.

The credit environment improved significantly during the reporting period, as the commercial mortgage market continued to recover from the disruption of the coronavirus pandemic. The delinquency rate for CMBS loans declined sharply in every borrower segment, as policies like loan forbearance and pandemic relief for businesses early in the reporting period reduced credit distress, while the economic recovery helped restore the financial strength of many businesses.

The sectors hardest hit by the pandemic, including lodging and retail, continued to have the highest delinquency rates, but the rate of late payments also fell the most in those sectors. However, forbearance, loan modifications, and pandemic relief only forestalled credit stress, prompting Fed Chairman Jerome Powell to warn of the potential for loan defaults that could result from possible long-term shifts in demand for retail, lodging, and office space.

From a credit perspective, non-rated CMBS were the largest contributors to the Index’s return while the highest-rated lowest-yielding bonds detracted slightly from the Index’s performance. Intermediate-term bonds, which represented 90% of the Index on average, drove performance from a maturity perspective.

Portfolio Information

 

ALLOCATION BY CREDIT QUALITY

 

Moody’s Credit Rating*    
Percent of
Total Investments
 
(a) 

Aaa

    75.9

Aa

    4.0  

A

    0.6  

Baa

    0.1  

Not Rated

    19.4  
ALLOCATION BY MATURITY

 

Maturity    
Percent of
Total Investments
 
(a) 

0-1 Year

    0.1

1-5 Years

    11.9  

5-10 Years

    29.7  

10-15 Years

    2.4  

20-25 Years

    3.8  

25-30 Years

    32.2  

30-35 Years

    14.2  

35-40 Years

    3.9  

More than 40 Years

    1.8  

 

  *

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.

 

 

 

6  

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


Fund Summary as of October 31, 2021    iShares® GNMA Bond ETF

 

Investment Objective

The iShares GNMA Bond ETF (the “Fund”) seeks to track the investment results of an index composed of mortgage-backed pass-through securities guaranteed by the Government National Mortgage Association (GNMA or Ginnie Mae), as represented by the Bloomberg U.S. GNMA Bond Index (the “Index”) (formerly the Bloomberg Barclays U.S. GNMA Bond Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    (1.14 )%       1.71      1.69       (1.14 )%       8.83      17.73

Fund Market

    (1.33      1.66        1.68         (1.33      8.60        17.59  

Index

    (0.96      1.87        2.00               (0.96      9.70        21.17  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
   

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
    $ 1,000.00        $ 991.20        $ 0.65             $ 1,000.00     $ 1,024.60        $ 0.66          0.13

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of October 31, 2021  (continued)    iShares® GNMA Bond ETF

 

Portfolio Management Commentary

Mortgage-backed securities (“MBS”) guaranteed by the Government National Mortgage Association (“GNMA”) declined for the reporting period. During the reporting period, the 10-year U.S. Treasury bond yield, an important barometer for mortgage lending rates, increased from 0.88% to 1.55%. However, the average interest rate for a 30-year fixed-rate conforming mortgage increased by a smaller amount — from 2.81% at the beginning of the reporting period to 3.14% at the end of the reporting period. Rising interest rates typically lead to lower prices on fixed-rate bonds, including GNMA MBS, and this inverse relationship contributed to the Index’s overall decline.

GNMA issuance increased substantially during the reporting period amid strong growth in the mortgage market. The Fed’s mortgage purchasing program and elevated sales of new and existing homes were key sources of demand for MBS. COVID-19 relief policies, such as a moratorium on foreclosures and loan forbearance, also supported the mortgage market, in which loan delinquency fell sharply from a relatively high level.

Interest rates on mortgages began to increase in January 2021, which led to a surge in refinancing activity as homeowners sought to lock in historically low interest rates. Interest rates rose steadily before falling again during the summer, spurring another wave of refinancing until rising interest rates sharply curtailed mortgage refinancing. While the increase in interest rates decreased the price of existing MBS, it also decreased prepayment risk, which can negatively affect the value of the Index. Reflecting the decreased refinancing activity, the approximate weighted average life of the mortgages represented by the Index rose from 3.9 years to 4.4 years. Mortgages with a weighted average life between 3-7 years, which represented approximately 82% of the Index on average, detracted the most from the Index’s return.

Portfolio Information

 

ALLOCATION BY MATURITY

 

Maturity    

Percent of

Total Investments

 

(a) 

0-1 Year

    2.1

5-10 Years

    1.5  

10-15 Years

    0.5  

15-20 Years

    0.1  

20-25 Years

    11.7  

25-30 Years

    66.8  

30-35 Years

    17.3  
FIVE LARGEST HOLDINGS

 

Security    

Percent of

Total Investments

 

(a) 

Government National Mortgage Association, 2.00%, 11/18/51

    12.6

Government National Mortgage Association, 2.00%, 04/20/51

    10.3  

Government National Mortgage Association, 2.50%, 08/20/51

    6.3  

Government National Mortgage Association, 2.50%, 07/20/51

    4.7  

Government National Mortgage Association, 2.50%, 11/18/51

    3.9  

 

  (a) 

Excludes money market funds.

 

 

 

8  

2 0 2 1   H A R E S  N N U A L  E P O R T   T O  H A R E H O L D E R S  


Fund Summary as of October 31, 2021    iShares® Treasury Floating Rate Bond ETF

 

Investment Objective

The iShares Treasury Floating Rate Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury floating rate bonds, as represented by the Bloomberg U.S. Treasury Floating Rate Bond Index (the “Index”) (formerly the Bloomberg Barclays U.S. Treasury Floating Rate Bond Index). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      Since
Inception
           1 Year     5 Years      Since
Inception
 

Fund NAV

    (0.04 )%       1.06      0.76       (0.04 )%      5.43      6.00

Fund Market

    (0.04      1.07        0.75         (0.04     5.45        6.00  

Index

    0.11        1.21        0.86               0.11       6.18        6.85  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

The inception date of the Fund was 2/3/14. The first day of secondary market trading was 2/4/14.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 13 for more information.

Expense Example

 

Actual

         

Hypothetical 5% Return

          

 

 

     

 

 

      
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
   

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 999.60        $ 0.76             $ 1,000.00     $ 1,024.40        $ 0.77          0.15

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

 

 

 

U N D  U M M A R Y

  9


Fund Summary as of October 31, 2021  (continued)    iShares® Treasury Floating Rate Bond ETF

 

Portfolio Management Commentary

Investment-grade floating-rate bonds posted a modestly positive performance for the reporting period. The Index is composed of U.S. dollar-denominated bonds with interest rates that reset periodically. As a consequence of this reset, floating-rate bonds typically advance in a rising interest rate environment, as their yields reset at higher levels. However, while yields rose for many bonds, particularly long- and intermediate-term bonds, most floating-rate bonds are benchmarked to short-term interest rates. The Fed kept short-term interest rates unchanged during the reporting period, and yields of U.S. Treasuries dated less than one year declined slightly, which supported the Index’s performance. Additionally, strong investor demand for fixed-income instruments with variable yields that rise with interest rates also benefited the Index’s return.

Measures that are commonly used as a reference for resetting the yields of floating-rate bonds, such as the London Interbank Offered Rate and the Secured Overnight Financing Rate, declined slightly. Consequently, the overall impact of the interest rate environment varied depending on the particular measures used to reset yields, and the majority of the Index’s return came from interest earned on the bonds in the Index rather than price appreciation.

Corporate and government-related bonds both contributed to the Index’s performance, with corporate bonds driving the majority of the gain. Among corporate bonds, banks, which represented approximately 51% of the Index on average for the reporting period, were the leading contributors to the Index’s return. Banks are typically the largest issuers of floating-rate corporate bonds because they help reduce sensitivity to changing interest rates. Strong balance sheets and diverse revenue streams led to improving balance sheets and robust investor demand for bank floating-rate bonds. Consumer cyclicals company bonds also advanced as automotive company debt gained despite production cuts due to a semiconductor shortage.

Portfolio Information

 

ALLOCATION BY MATURITY

 

Maturity    
Percent of
Total Investments
 
(a) 

0-1 Year

    52.1

1-2 Years

    47.9  
FIVE LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

U.S. Treasury Floating Rate Note, 0.11%, 10/31/22

    51.1

U.S. Treasury Floating Rate Note, 0.08%, 07/31/23

    21.6  

U.S. Treasury Floating Rate Note, 0.10%, 01/31/23

    16.9  

U.S. Treasury Floating Rate Note, 0.09%, 04/30/23

    9.3  

U.S. Treasury Floating Rate Note, 0.17%, 04/30/22

    0.4  

 

  (a) 

Excludes money market funds.

 

 

 

10  

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


Fund Summary as of October 31, 2021    iShares® U.S. Treasury Bond ETF

 

Investment Objective

The iShares U.S. Treasury Bond ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. Treasury bonds, as represented by the ICE U.S. Treasury Core Bond 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      Since
Inception
           1 Year      5 Years      Since
Inception
 

Fund NAV

    (2.58 )%       2.32      2.08       (2.58 )%       12.17      22.12

Fund Market

    (2.33      2.34        2.09         (2.33      12.25        22.25  

Index

    (2.46      2.44        2.18               (2.46      12.83        23.32  

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

 

LOGO

 

The inception date of the Fund was 2/14/12. The first day of secondary market trading was 2/16/12.

On 3/1/2021 the Fund began to track the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Index data on and after 3/1/2021 is for the 4pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data from 7/1/2016 through 2/28/2021 is for the 3pm pricing variant of the ICE U.S. Treasury Core Bond Index. Historical index data prior to 7/1/2016 is for the Barclays U.S. Treasury 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 13 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(05/01/21)
 
 
 
      

Ending
Account Value
(10/31/21)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,009.50        $ 0.25             $ 1,000.00        $ 1,025.00        $ 0.26          0.05

 

  (a) 

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 13 for more information.

 

 

 

F U N D   S U M M A R Y

  11


Fund Summary as of October 31, 2021  (continued)    iShares® U.S. Treasury Bond ETF

 

Portfolio Management Commentary

Intermediate- and long-term U.S. Treasury prices declined, and their yields rose, during the reporting period in response to rising inflation. Inflation, as measured by the Consumer Price Index, increased to a 31-year high of 6.2% year-over-year as of October 2021, as disruptions related to the coronavirus pandemic led to a combination of pent-up consumer demand and supply-chain shortages. Specifically, costs linked to shelter, food, new vehicles, and energy drove the majority of price increases. Likewise, labor shortages and job resignations drove wage growth to a 40-year high, which added to inflationary pressure.

In addition to concerns about the possibility of longer-term inflation, U.S. Treasury bond yields increased following the Fed’s announcement that it plans to begin scaling back its bond-buying program as early as November 2021, with the goal of winding down the program entirely by mid-year 2022. The monthly bond-buying program, which provides liquidity to markets, has been one of the Fed’s key initiatives for providing support to the U.S. economy during the pandemic. The Fed also signaled the possibility of raising interest rates in 2022.

Massive issuance of U.S. Treasuries to finance the second largest, annual federal budget deficit, following record issuance in 2020, raised concerns about the market’s ability to absorb monthly auctions of U.S. Treasuries without higher interest rates. Growing revenue from income tax late in the reporting period allowed the U.S. Treasury to set expectations for smaller but still substantial auctions. In this environment, intermediate- and long-term U.S. Treasury yields increased more than those of shorter-term maturities. In contrast, yields of two- to three-year U.S. Treasury bonds declined slightly during the reporting period.

Portfolio Information

 

ALLOCATION BY MATURITY

 

Maturity    
Percent of
Total Investments
 
(a) 

0-1 Year

    0.1

1-5 Years

    53.3  

5-10 Years

    25.4  

15-20 Years

    2.8  

More than 20 Years

    18.4  
FIVE LARGEST HOLDINGS

 

Security    
Percent of
Total Investments
 
(a) 

U.S. Treasury Note/Bond, 0.25%, 05/15/24

    6.2

U.S. Treasury Note/Bond, 0.38%, 08/15/24

    5.5  

U.S. Treasury Note/Bond, 1.88%, 02/15/51

    5.1  

U.S. Treasury Note/Bond, 3.75%, 11/15/43

    5.0  

U.S. Treasury Note/Bond, 0.38%, 04/15/24

    3.9  

 

  (a) 

Excludes money market funds.

 

 

 

12  

2 0 2 1   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 by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Shareholder Expenses

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

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

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

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

 

 

B O U T   F U N D  E R F O R M A N C E / S H A R E H O L D E R   E X P E N S E S

  13


Schedule of Investments  

October 31, 2021

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  

Collaterized Mortgage Obligations

   
Mortgage-Backed Securities — 68.5%            

Banc of America Commercial Mortgage Trust

   

Series 2016-UB10, Class A4, 3.17%, 07/15/49 (Call 04/15/26)

  $ 800     $ 849,000  

Series 2016-UB10, Class B, 3.79%, 07/15/49 (Call 05/15/26)

    250       265,855  

Series 2017-BNK3, Class A3, 3.31%, 02/15/50 (Call 11/15/26)

    1,365       1,452,887  

Series 2017-BNK3, Class A4, 3.57%, 02/15/50 (Call 01/15/27)

    1,000       1,088,194  

Series 2017-BNK3, Class B, 3.88%, 02/15/50 (Call 01/15/27)(a)

    830       897,862  

BANK

   

Series 2017-BNK4, Class AS, 3.78%, 05/15/50 (Call 03/15/27)

    1,500       1,622,228  

Series 2017-BNK4, Class ASB, 3.42%, 05/15/50 (Call 10/15/26)

    300       316,977  

Series 2017-BNK4, Class C, 4.37%, 05/15/50 (Call 03/15/27)(a)

    485       524,655  

Series 2017-BNK5, Class A4, 3.13%, 06/15/60 (Call 05/15/27)

    1,960       2,085,932  

Series 2017-BNK7, Class A5, 3.44%, 09/15/60 (Call 09/15/27)

    220       239,116  

Series 2017-BNK7, Class B, 3.95%, 09/15/60 (Call 09/15/27)

    500       539,227  

Series 2017-BNK8, Class A3, 3.23%, 11/15/50 (Call 10/15/27)

    1,000       1,069,197  

Series 2017-BNK8, Class AS, 3.73%, 11/15/50 (Call 11/15/27)

    1,000       1,089,656  

Series 2018-BN10, Class A5, 3.69%, 02/15/61 (Call 01/15/28)

    1,500       1,651,610  

Series 2018-BN10, Class C, 4.16%, 02/15/61 (Call 02/15/28)(a)

    800       855,614  

Series 2018-BN14, Class A3, 3.97%, 09/15/60 (Call 07/15/28)

    600       666,346  

Series 2018-BN14, Class AS, 4.48%, 09/15/60 (Call 09/15/28)(a)

    500       569,020  

Series 2018-BN14, Class B, 4.58%, 09/15/60 (Call 09/15/28)(a)

    750       850,661  

Series 2019-BN16, Class AS, 4.27%, 02/15/52 (Call 01/15/29)

    262       296,999  

Series 2019-BN18, Class A2, 3.47%, 05/15/62 (Call 05/15/24)

    830       872,014  

Series 2019-BN19, Class A3, 2.93%, 08/15/61 (Call 05/15/29)

        3,000           3,147,205  

Series 2019-BN19, Class A3, 3.18%, 08/15/61 (Call 07/15/29)

    497       535,715  

Series 2019-BN20, Class A2, 2.76%, 09/15/62

    500       518,185  

Series 2019-BN20, Class A3, 3.01%, 09/15/62

    1,000       1,065,927  

Series 2019-BN20, Class B, 3.40%, 09/15/62(a)

    1,000       1,073,521  

Series 2019-BN21, Class A4, 2.60%, 10/17/52 (Call 08/15/29)

    2,000       2,065,940  

Series 2019-BN21, Class A5, 2.85%, 10/17/52 (Call 09/15/29)

    1,500       1,581,920  

Series 2019-BN21, Class B, 3.21%, 10/17/52 (Call 10/15/29)(a)

    1,000       1,054,047  

Series 2019-BN22, Class A3, 2.73%, 11/15/62 (Call 09/15/29)

    1,000       1,040,621  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series 2019-BN22, Class A4, 2.98%, 11/15/62 (Call 10/15/29)

  $ 820     $ 871,915  

Series 2019-BN24, Class ASB, 2.93%, 11/15/62 (Call 03/15/29)

    1,000       1,059,960  

Series 2019-BNK16, Class A4, 4.01%, 02/15/52 (Call 01/15/29)

    2,100       2,366,728  

Series 2020, Class A5, 2.65%, 01/15/63 (Call 01/15/30)

    1,000       1,039,512  

Series 2020-BN25, Class A3, 2.39%, 01/15/63 (Call 01/15/27)

    1,000       1,016,969  

Series 2020-BN26, Class B, 2.91%, 03/15/63 (Call 03/15/30)(a)

    250       260,466  

Series 2020-BN27, Class AS, 2.55%, 04/15/63 (Call 03/15/30)

    1,000       1,026,205  

Series 2020-BN28, Class A4, 1.84%, 03/15/63 (Call 09/15/30)

    500       487,841  

Series 2020-BN29, Class C, 3.03%, 11/15/53 (Call 12/15/30)(a)

    520       522,468  

Series 2021-BN32, Class AS, 2.64%, 04/15/54

    2,000       2,077,423  

Series 2021-BN34, Class A5, 2.44%, 06/15/63 (Call 06/15/31)

    244       249,158  

Series 2021-BN35, Class B, 2.53%, 06/15/64 (Call 07/15/31)

    1,000       998,366  

Series2017-BNK4, Class A4, 3.63%, 05/15/50 (Call 03/15/27)

    1,000       1,092,407  

Serise BN23, Class C, 3.62%, 12/15/52 (Call 12/15/29)(a)

    500       532,636  

Barclays Commercial Mortgage Trust

   

Series 2019-C3, Class A4, 3.58%, 05/15/52 (Call 04/15/29)

    1,746       1,923,583  

Series 2019-C4, Class A5, 2.92%, 08/15/52 (Call 07/15/29)

    2,000       2,115,124  

Series 2019-C5, Class A2, 3.04%, 11/15/52 (Call 10/15/24)

    678       705,307  

Series 2019-C5, Class A4, 3.06%, 11/15/52 (Call 10/15/29)

    2,000       2,137,300  

BBCMS Mortgage Trust

   

BBCMS 2020-C7, Class AS, 2.44%, 04/15/53 (Call 03/15/30)

    300       301,971  

Series 2017-C1, Class A2, 3.19%, 02/15/50 (Call 02/15/22)

    882       886,871  

Series 2017-C1, Class A4, 3.67%, 02/15/50 (Call 02/15/27)

    2,000       2,180,405  

Series 2018-C2, Class A5, 4.31%, 12/15/51 (Call 12/15/28)

    2,250       2,576,397  

Series 2018-C2, Class C, 4.97%, 12/15/51 (Call 12/15/28)(a)

    250       285,408  

Series 2020-C6, Class A4, 2.64%, 02/15/53 (Call 01/15/30)

    3,000       3,114,083  

Series 2020-C8, Class A5, 2.04%, 10/15/53 (Call 10/15/30)

    1,000       990,210  

BBCMS Trust

   

Class C, 2.84%, 07/15/54 (Call 06/15/31)

    500       495,364  

Series 2021-C10, Class A5, 2.49%, 07/15/54 (Call 06/15/31)

    3,000       3,075,576  

Series 2021-C10, Class AS, 2.68%, 07/15/54 (Call 06/15/31)

        1,000           1,024,112  

Series 2021-C10, Class B, 2.49%, 07/15/54 (Call 06/15/31)

    1,000       1,000,111  

Benchmark Mortgage Trust

   

BMARK 2020-B18 AM, Class AM, 2.34%, 07/15/53 (Call 07/11/30)

    430       429,210  

Series 2018-B1, Class A2, 3.57%, 01/15/51 (Call 01/15/23)

    1,250       1,283,971  

Series 2018-B1, Class A5, 3.67%, 01/15/51 (Call 12/15/27)(a)

    1,000       1,099,736  

Series 2018-B1, Class AM, 3.88%, 01/15/51 (Call 12/15/27)(a)

    500       548,924  

Series 2018-B2, Class A2, 3.66%, 02/15/51 (Call 12/15/24)

    600       614,592  

Series 2018-B2, Class A4, 3.61%, 02/15/51 (Call 11/15/27)

    1,350       1,473,623  

Series 2018-B2, Class A5, 3.88%, 02/15/51 (Call 01/15/28)(a)

    1,750       1,947,297  

 

 

14  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series 2018-B2, Class AS, 4.08%, 02/15/51 (Call 01/15/28)(a)

  $ 1,000     $ 1,109,759  

Series 2018-B2, Class C, 4.20%, 02/15/51 (Call 02/15/28)(a)

    500       541,505  

Series 2018-B3, Class A5, 4.03%, 04/10/51 (Call 02/10/28)

    1,000       1,122,011  

Series 2018-B4, Class A2, 3.98%, 07/15/51

    478       498,305  

Series 2018-B4, Class A5, 4.12%, 07/15/51(a)

    2,023       2,285,925  

Series 2018-B4, Class ASB, 4.06%, 07/15/51(a)

    464       510,862  

Series 2018-B4, Class C, 4.55%, 07/15/51(a)

    400       438,912  

Series 2018-B5, Class A4, 4.21%, 07/15/51 (Call 07/15/28)

    2,500       2,842,586  

Series 2018-B5, Class AS, 4.42%, 07/15/51 (Call 07/15/28)

    1,000       1,131,971  

Series 2018-B5, Class B, 4.57%, 07/15/51 (Call 07/15/28)

    500       568,386  

Series 2018-B7, Class A4, 4.51%, 05/15/53 (Call 10/15/28)(a)

    1,000       1,158,547  

Series 2018-B7, Class B, 4.86%, 05/15/53 (Call 11/15/28)(a)

    400       461,861  

Series 2018-B8, Class A4, 3.96%, 01/15/52 (Call 07/15/28)

    1,000       1,103,440  

Series 2018-B8, Class A5, 4.23%, 01/15/52 (Call 12/15/28)

    1,000       1,140,354  

Series 2018-B8, Class AS, 4.53%, 01/15/52 (Call 12/15/28)(a)

    1,563       1,788,725  

Series 2019-B10, Class AM, 3.98%, 03/15/62

    600       666,916  

Series 2019-B11, Class A5, 3.54%, 05/15/52 (Call 05/15/29)

    1,000       1,100,310  

Series 2019-B11, Class AS, 3.78%, 05/15/52 (Call 05/15/29)

    500       549,786  

Series 2019-B11, Class B, 3.96%, 05/15/52 (Call 05/15/29)(a)

    500       554,239  

Series 2019-B13, Class AM, 3.18%, 08/15/57 (Call 10/15/29)

    1,000       1,059,538  

Series 2019-B13, Class C, 3.84%, 08/15/57 (Call 10/15/29)(a)

    500       530,612  

Series 2019-B14, Class A5, 3.05%, 12/15/62 (Call 11/15/29)

    500       533,509  

Series 2019-B9, Class A5, 4.02%, 03/15/52 (Call 01/15/29)

    1,000       1,127,547  

Series 2019-B9, Class C, 4.97%, 03/15/52 (Call 01/15/29)(a)

    250       284,448  

Series 2020-B16, Class A5, 2.73%, 02/15/53 (Call 01/15/30)

    1,990       2,077,904  

Series 2020-B16, Class AM, 2.94%, 02/15/53 (Call 01/15/30)(a)

    1,000       1,041,852  

Series 2020-B17, Class C, 3.37%, 03/15/53 (Call 03/15/30)(a)

    250       259,074  

Series 2020-B19, Class B, 2.35%, 09/15/53 (Call 09/15/30)

    450       446,094  

Series 2020-B20, Class B, 2.53%, 10/15/53 (Call 10/15/30)

    500       505,562  

Series 2020-B21, Class A5, 2.25%, 12/17/53 (Call 12/15/30)

    500       494,566  

Series 2020-B22, Class A5, 1.97%, 01/15/54 (Call 12/15/30)

    1,000       983,460  

Series 2020-IG1, Class A3, 2.69%, 09/15/43 (Call 01/15/30)

    1,750       1,812,216  

Series 2021-B23, Class AS, 2.27%, 02/15/54 (Call 02/15/31)

    500       495,332  

Series 2021-B24, Class A4, 2.26%, 03/15/54 (Call 01/15/31)

    3,000       3,032,760  

Series 2021-B25, Class A5, 2.58%, 04/15/54 (Call 04/15/31)

        2,000           2,065,479  

Series 2021-B25, Class ASB, 2.27%, 04/15/54 (Call 03/15/31)

    650       660,400  

Series 2021-B26, Class A5, 2.61%, 06/15/54

    2,500       2,588,907  

Series 2021-B26, Class AM, 2.83%, 06/15/54

    500       520,313  

Series 2021-B28, Class AS, 2.43%, 08/15/54(a)

    500       501,498  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series 2021-B29, Class A5, 2.39%, 09/15/54 (Call 08/15/31)

  $ 830     $ 842,884  

Serise 2020-B17, Class A2, 2.21%, 03/15/53 (Call 03/15/25)

    1,000       1,016,497  

Serise 2020-B17, Class A5, 2.29%, 03/15/53 (Call 02/15/30)

    1,000       1,011,902  

CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A4, 3.54%, 11/15/50 (Call 11/15/27)(a)

    1,510       1,646,108  

CD Mortgage Trust

   

Series 2017-CD3, Class A4, 3.63%, 02/10/50 (Call 01/10/27)

    230       250,404  

Series 2017-CD3, Class AS, 3.83%, 02/10/50 (Call 01/10/27)

    750       808,676  

Series 2017-CD3, Class C, 4.55%, 02/10/50 (Call 01/10/27)(a)

    300       302,385  

Series 2017-CD4, Class A4, 3.51%, 05/10/50 (Call 04/10/27)(a)

    1,000       1,084,641  

Series 2017-CD5, Class A4, 3.43%, 08/15/50 (Call 07/15/27)

    750       813,856  

Series 2017-CD6, Class C, 4.27%, 11/13/50 (Call 11/13/27)(a)

    500       539,932  

Series 2018-CD7, Class ASB, 4.21%, 08/15/51 (Call 03/15/28)

    550       608,492  

Series 2019-CD8, Class A4, 2.91%, 08/15/57 (Call 08/15/29)

    1,000       1,054,342  

CFCRE Commercial Mortgage Trust

   

Series 2016-C3, Class A3, 3.87%, 01/10/48 (Call 12/10/25)

    500       541,449  

Series 2016-C4, Class A4, 3.28%, 05/10/58

    1,650       1,756,169  

Series 2017-C8, Class ASB, 3.37%, 06/15/50 (Call 07/15/26)

    1,000       1,056,374  

Series 2017-C8, Class B, 4.20%, 06/15/50 (Call 05/15/27)(a)

    750       815,012  

Citigroup Commercial Mortgage Trust

   

Series 20116-P4, Class A4, 2.90%, 07/10/49 (Call 07/10/26)

    1,729       1,822,286  

Series 2013-GC11, Class A3, 2.82%, 04/10/46 (Call 01/10/23)

    811       829,773  

Series 2013-GC11, Class AS, 3.42%, 04/10/46 (Call 04/10/23)

    100       102,890  

Series 2013-GC15, Class A4, 4.37%, 09/10/46 (Call 09/10/23)(a)

    750       792,479  

Series 2014-GC19, Class A4, 4.02%, 03/10/47 (Call 01/10/24)

    500       530,724  

Series 2014-GC21, Class A5, 3.86%, 05/10/47

        2,085           2,214,765  

Series 2014-GC23, Class A4, 3.62%, 07/10/47 (Call 07/10/24)

    750       795,135  

Series 2014-GC23, Class AS, 3.86%, 07/10/47 (Call 07/10/24)

    250       265,873  

Series 2014-GC23, Class C, 4.43%, 07/10/47 (Call 07/10/24)(a)

    250       263,237  

Series 2014-GC25, Class A4, 3.64%, 10/10/47 (Call 09/10/24)

    1,000       1,065,397  

Series 2014-GC25, Class AS, 4.02%, 10/10/47 (Call 09/10/24)

    953       1,014,471  

Series 2014-GC25, Class B, 4.35%, 10/10/47 (Call 10/10/24)(a)

    100       106,328  

Series 2015-GC27, Class A5, 3.14%, 02/10/48 (Call 12/10/24)

    1,190       1,248,864  

Series 2015-GC29, Class C, 4.15%, 04/10/48 (Call 04/10/25)(a)

    250       265,158  

 

 

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

  15


Schedule of Investments  (continued)

October 31, 2021

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series 2015-GC31, Class A4, 3.76%, 06/10/48 (Call 06/10/25)

  $ 750     $ 809,344  

Series 2015-GC33, Class A4, 3.78%, 09/10/58 (Call 09/10/25)

    1,500       1,619,276  

Series 2015-GC35, Class AAB, 3.61%, 11/10/48 (Call 04/10/25)

    428       447,354  

Series 2015-P1, Class A5, 3.72%, 09/15/48 (Call 07/15/25)

    356       384,527  

Series 2016-C1, Class A4, 3.21%, 05/10/49 (Call 05/10/26)

        2,374           2,530,543  

Series 2016-C2, Class A4, 2.83%, 08/10/49 (Call 08/10/26)

    1,000       1,051,018  

Series 2016-C3, Class A4, 3.15%, 11/15/49 (Call 10/15/26)

    1,466       1,567,004  

Series 2016-GC36, Class A4, 3.35%, 02/10/49 (Call 11/10/25)

    1,000       1,050,558  

Series 2016-P3, Class A3, 3.06%, 04/15/49 (Call 01/15/26)

    1,500       1,558,942  

Series 2016-P3, Class A4, 3.33%, 04/15/49 (Call 02/15/26)

    75       79,960  

Series 2016-P6, Class AS, 4.03%, 12/10/49 (Call 11/10/26)(a)

    1,000       1,077,130  

Series 2017-C4, Class A3, 3.21%, 10/12/50 (Call 08/12/27)

    1,000       1,061,342  

Series 2017-P8, Class A3, 3.20%, 09/15/50 (Call 07/15/27)

    885       944,847  

Series 2017-P8, Class AS, 3.79%, 09/15/50 (Call 09/15/27)(a)

    750       818,109  

Series 2018-B2, Class A2, 3.79%, 03/10/51 (Call 03/10/23)

    1,000       1,032,539  

Series 2018-B2, Class A4, 4.01%, 03/10/51 (Call 02/10/28)

    600       672,786  

Series 2018-C5, Class A4, 4.23%, 06/10/51 (Call 05/10/28)(a)

    3,000       3,412,269  

Series 2018-C6, Class A4, 4.41%, 11/10/51 (Call 11/10/28)

    1,199       1,381,148  

Series 2019-C7, Class A4, 3.10%, 12/15/72 (Call 12/15/29)

    2,000       2,145,835  

Series 2019-GC41, Class A5, 2.87%, 08/10/56 (Call 08/10/29)

    2,500       2,636,269  

Series 2019-GC41, Class AS, 3.02%, 08/10/56 (Call 08/10/29)

    750       785,330  

Series 2019-GC43, Class A2, 2.98%, 11/10/52 (Call 10/10/24)

    863       897,378  

Series 2019-GC43, Class A4, 3.04%, 11/10/52 (Call 10/10/29)

    750       799,134  

Series 2020-GC46, Class A5, 2.72%, 02/15/53 (Call 02/15/30)

    2,000       2,083,142  

Series 2020-GC46, Class AS, 2.92%, 02/15/53 (Call 02/15/30)(a)

    500       525,039  

Series 2020-GC46, Class B, 3.15%, 02/15/53 (Call 02/15/30)(a)

    234       246,820  

COMM Mortgage Trust

   

Series 2012-CR1, Class A3, 3.39%, 05/15/45 (Call 04/15/22)

    175       175,749  

Series 2013-CR11, Class AM, 4.72%, 08/10/50 (Call 09/10/23)(a)

    250       265,327  

Series 2013-CR6, Class ASB, 2.62%, 03/10/46 (Call 12/10/22)

    154       155,548  

Series 2013-CR8, Class A5, 3.61%, 06/10/46 (Call 05/10/23)(a)

    1,605       1,665,469  

Series 2013-CR9, Class A4, 4.25%, 07/10/45(a)

    1,200       1,256,661  

Series 2013-LC13, Class A5, 4.21%, 08/10/46 (Call 08/10/23)

    778       814,732  

Series 2013-LC6, Class AM, 3.28%, 01/10/46 (Call 01/10/23)

    100       102,209  

Series 2013-LC6, Class ASB, 2.48%, 01/10/46 (Call 09/10/22)

    60       60,697  

Series 2013-LC6, Class B, 3.74%, 01/10/46 (Call 01/10/23)

    430       440,523  

Series 2014-CR14, Class C, 4.61%, 02/10/47 (Call 01/10/24)(a)

    200       208,118  
Security  

Par

(000)

     Value  
Mortgage-Backed Securities (continued)  

Series 2014-CR15, Class A4, 4.07%, 02/10/47 (Call 01/10/24)(a)

  $ 400      $ 423,843  

Series 2014-CR16, Class A4, 4.05%, 04/10/47 (Call 03/10/24)

    500        531,819  

Series 2014-CR16, Class ASB, 3.65%, 04/10/47 (Call 01/10/24)

    94        97,159  

Series 2014-CR17, Class A5, 3.98%, 05/10/47 (Call 04/10/24)

    500        532,322  

Series 2014-CR17, Class B, 4.38%, 05/10/47 (Call 05/10/24)

    292        306,868  

Series 2014-CR18, Class AM, 4.10%, 07/15/47 (Call 06/15/24)

    300        318,683  

Series 2014-CR19, Class A5, 3.80%, 08/10/47 (Call 08/10/24)

    438        466,998  

Series 2014-CR19, Class B, 4.70%, 08/10/47 (Call 08/10/24)(a)

    850        915,721  

Series 2014-CR20, Class AM, 3.94%, 11/10/47 (Call 10/10/24)

    250        265,350  

Series 2014-LC15, Class A4, 4.01%, 04/10/47

        1,945            2,064,117  

Series 2014-LC17, Class A5, 3.92%, 10/10/47 (Call 09/10/24)

    675        722,612  

Series 2014-UBS2, Class A5, 3.96%, 03/10/47 (Call 02/10/24)

    1,521        1,612,213  

Series 2014-UBS2, Class AM, 4.20%, 03/10/47 (Call 02/10/24)

    425        450,040  

Series 2014-UBS3, Class C, 4.74%, 06/10/47 (Call 05/10/24)(a)

    150        158,002  

Series 2014-UBS4, Class A4, 3.42%, 08/10/47 (Call 06/10/24)

    250        259,829  

Series 2014-UBS4, Class A5, 3.69%, 08/10/47 (Call 07/10/24)

    500        529,782  

Series 2014-UBS4, Class AM, 3.97%, 08/10/47 (Call 07/10/24)

    500        530,479  

Series 2014-UBS4, Class B, 4.35%, 08/10/47 (Call 07/10/24)

    250        262,802  

Series 2014-UBS5, Class A4, 3.84%, 09/10/47 (Call 09/10/24)

    730        778,441  

Series 2014-UBS6, Class A4, 3.38%, 12/10/47 (Call 10/10/24)

    1,000        1,052,468  

Series 2014-UBS6, Class A5, 3.64%, 12/10/47 (Call 11/10/24)

    500        531,141  

Series 2015-CR22, Class A5, 3.31%, 03/10/48

    500        529,121  

Series 2015-CR22, Class AM, 3.60%, 03/10/48(a)

    200        211,996  

Series 2015-CR22, Class ASB, 3.14%, 03/10/48

    1,690        1,747,110  

Series 2015-CR22, Class C, 4.11%, 03/10/48(a)

    300        314,599  

Series 2015-CR23, Class A4, 3.50%, 05/10/48

    500        533,217  

Series 2015-CR24, Class B, 4.38%, 08/10/48 (Call 07/10/25)(a)

    750        802,857  

Series 2015-CR24, Class D, 3.46%, 08/10/48 (Call 08/10/25)(a)

    200        185,869  

Series 2015-CR25, Class A4, 3.76%, 08/10/48 (Call 08/10/25)

    750        809,955  

Series 2015-CR25, Class ASB, 3.54%, 08/10/48 (Call 04/10/25)

    783        816,018  

Series 2015-CR25, Class B, 4.53%, 08/10/48 (Call 08/10/25)(a)

    300        322,128  

Series 2015-CR26, Class A4, 3.63%, 10/10/48 (Call 08/10/25)

    2,398        2,579,797  

Series 2015-DC1, Class A5, 3.35%, 02/10/48 (Call 01/10/25)

    750        793,252  

 

 

16  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series 2015-DC1, Class B, 4.04%, 02/10/48 (Call 01/10/25)(a)

  $ 1,000     $ 1,053,092  

Series 2015-DC1, Class C, 4.31%, 02/10/48 (Call 01/10/25)(a)

    250       252,431  

Series 2015-LC19, Class A4, 3.18%, 02/10/48 (Call 01/10/25)

    1,000       1,055,397  

Series 2015-LC21, Class A4, 3.71%, 07/10/48 (Call 05/10/25)

    500       536,629  

Series 2015-LC23, Class A4, 3.77%, 10/10/48

    1,000       1,082,880  

Series 2015-PC1, Class A5, 3.90%, 07/10/50 (Call 05/10/25)

    1,533       1,651,328  

Series 2015-PC1, Class ASB, 3.61%, 07/10/50 (Call 11/10/24)

    143       148,978  

Series 2016-CR28, Class A4, 3.76%, 02/10/49

        2,000           2,164,466  

Series 2016-CR28, Class C, 4.64%, 02/10/49(a)

    604       645,305  

Series 2016-DC2, Class A4, 3.50%, 02/10/49 (Call 12/10/25)

    418       443,976  

Series 2016-DC2, Class AM, 4.24%, 02/10/49 (Call 02/10/26)

    750       813,938  

Series 2016-DC2, Class ASB, 3.55%, 02/10/49 (Call 08/10/25)

    857       900,361  

Series 2016-DC2, Class C, 4.67%, 02/10/49 (Call 02/10/26)(a)

    250       264,959  

Series 2017-COR2, Class C, 4.56%, 09/10/50 (Call 08/10/27)(a)

    750       820,076  

Series 2018-COR3, Class A3, 4.23%, 05/10/51 (Call 04/10/28)

    750       845,489  

Series 2018-COR3, Class B, 4.51%, 05/10/51 (Call 04/10/28)(a)

    500       566,722  

Series 2018-COR3, Class C, 4.56%, 05/10/51 (Call 04/10/28)(a)

    500       540,757  

Series 2019-GC44, Class A5, 2.95%, 08/15/57 (Call 11/15/29)

    1,000       1,066,153  

CSAIL Commercial Mortgage Trust

   

Series 2015-C1, Class A4, 3.51%, 04/15/50 (Call 01/15/25)

    500       529,821  

Series 2015-C1, Class AS, 3.79%, 04/15/50 (Call 01/15/25)(a)

    435       461,678  

Series 2015-C2, Class A4, 3.50%, 06/15/57 (Call 04/15/25)

    500       531,841  

Series 2015-C2, Class AS, 3.85%, 06/15/57 (Call 04/15/25)(a)

    700       735,071  

Series 2015-C3, Class A4, 3.72%, 08/15/48 (Call 07/15/25)

    650       697,472  

Series 2015-C4, Class A3, 3.54%, 11/15/48

    1,489       1,588,587  

Series 2015-C4, Class A4, 3.81%, 11/15/48

    1,464       1,583,311  

Series 2015-C4, Class D, 3.56%, 11/15/48(a)

    250       247,569  

Series 2016-C5, Class C, 4.65%, 11/15/48 (Call 11/15/25)(a)

    750       793,692  

Series 2016-C6, Class C, 4.92%, 01/15/49 (Call 04/15/26)(a)

    350       370,509  

Series 2016-C7, Class A4, 3.21%, 11/15/49 (Call 07/15/26)

    193       204,039  

Series 2016-C7, Class AS, 3.96%, 11/15/49 (Call 10/15/26)(a)

    1,000       1,075,545  

Series 2017-CX9, Class A5, 3.45%, 09/15/50

    1,000       1,080,605  

Series 2018-CX11, Class A5, 4.03%, 04/15/51 (Call 02/15/28)(a)

    1,000       1,116,054  

Series 2019-C15, Class A2, 3.45%, 03/15/52

    1,105       1,155,139  

Series 2019-C15, Class A3, 3.78%, 03/15/52

    1,000       1,094,082  

Series 2019-C15, Class B, 4.48%, 03/15/52

    1,000       1,111,911  

Series 2019-C17, Class A5, 3.02%, 09/15/52

    2,000       2,120,024  

Series 2019-C18, Class ASB, 2.87%, 12/15/52

    500       529,673  

Series 2020-C19, Class A3, 2.56%, 03/15/53

    500       514,260  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

DBGS Mortgage Trust, Series 2018-C1, Class A4, 4.47%, 10/15/51

  $     1,400     $     1,611,871  

DBJPM Mortgage Trust

   

Series 2016-C1, Class A4, 3.28%, 05/10/49 (Call 02/10/26)

    1,000       1,061,948  

Series 2016-C1, Class ASB, 3.04%, 05/10/49 (Call 12/10/25)

    446       463,921  

Series 2016-C1, Class B, 4.20%, 05/10/49 (Call 03/10/26)(a)

    1,160       1,229,115  

Series 2016-C1, Class C, 3.33%, 05/10/49 (Call 03/10/26)(a)

    468       455,510  

Series 2017-C6, Class A3, 3.27%, 06/10/50 (Call 06/10/24)

    750       778,157  

Federal National Mortgage Association

   

Series 2016-M1, Class A2, 2.94%, 01/25/26(a)

    937       994,123  

Series 2016-M10, Class AV2, 3.00%, 11/25/45

    500       542,684  

Series 2016-M12, Class AV2, 2.31%, 10/25/23

    493       501,562  

Series 2016-M5, Class A2, 2.47%, 04/25/26

    500       522,186  

Series 2017-M1, Class A2, 2.41%, 10/25/26(a)

    856       896,650  

Series 2017-M14, Class A2, 2.87%, 11/25/27(a)

    1,830       1,975,071  

Series 2019-M1, Class A1, 3.36%, 09/25/28

    766       821,454  

Series 2020-M1, Class A1, 2.15%, 10/25/29

    2,016       2,088,591  

Series 2020-M1, Class A2, 2.44%, 10/25/29

    4,530       4,804,316  

Series 2020-M14, Class A2, 1.78%, 05/25/30

    1,000       1,010,105  

Series 2020-M20, Class A2, 1.44%, 10/25/29

    250       246,615  

Series 2020-M5, Class A3, 2.19%, 01/25/30

    1,000       1,040,734  

Series 2020-M8, Class A2, 1.82%, 02/25/30

    100       101,214  

Series 2021-M4, Class A2, 1.47%, 02/25/31(a)

    1,500       1,470,272  

Series 2019-M6, Class A2, 3.45%, 01/01/29

    1,000       1,123,658  

Serise 2015-M15, Class A2, 2.92%, 10/25/25(a)

    944       993,577  

Freddie Mac Multifamily Structured Pass Through Certificates

   

Series K039, Class A2, 3.30%, 07/25/24 (Call 07/25/24)

    263       278,319  

Series K056, Class A1, 2.20%, 07/25/25 (Call 05/25/25)

    1,091       1,117,174  

Series K057, Class A2, 2.57%, 07/25/26 (Call 07/25/26)

    1,725       1,818,624  

Series K070, Class A1, 3.03%, 04/25/27 (Call 04/25/27)

    1,694       1,775,261  

Series K078, Class A1, 3.67%, 01/25/28 (Call 01/25/28)

    1,369       1,488,810  

Series K089, Class A1, 3.34%, 10/25/28 (Call 10/25/28)

    3,260       3,539,059  

Series K095, Class A2, 2.79%, 06/25/29 (Call 06/25/29)

    1,175       1,271,989  

Series K098, Class A2, 2.43%, 08/25/29 (Call 08/25/29)

    500       529,244  

Series K099, Class A2, 2.60%, 09/25/29 (Call 09/25/29)

    1,811       1,939,639  

Series K104, Class A2, 2.25%, 01/25/30 (Call 01/25/30)

    2,005       2,095,334  

Series K106, Class A1, 1.78%, 10/25/29 (Call 10/25/29)

    4,425       4,522,127  

Series K107, Class A2, 1.64%, 01/25/30 (Call 01/25/30)

    3,250       3,253,923  

Series K109, Class A2, 1.56%, 04/25/30 (Call 04/25/30)

    2,000       1,987,984  

Series K110, Class A1, 1.02%, 09/25/29 (Call 09/25/29)

    988       965,097  

Series K114, Class A2, 1.37%, 06/25/30 (Call 06/25/30)

    4,010       3,920,230  

Series K118, Class A1, 0.79%, 03/25/30 (Call 03/25/30)

    1,955       1,877,846  

Series K118, Class A2, 1.49%, 09/25/30 (Call 09/25/30)

    2,500       2,466,617  

Series K119, Class A2, 1.57%, 09/25/30 (Call 09/25/30)

    3,000       2,977,375  

Series K120, Class A2, 1.50%, 10/25/30 (Call 10/25/30)

    4,000       3,946,229  

Series K121, Class A2, 1.55%, 10/25/30 (Call 10/25/30)

    1,500       1,485,547  

Series K123, Class A2, 1.62%, 12/25/30 (Call 12/25/30)

    600       597,726  

Series K124, Class A2, 1.66%, 12/25/30 (Call 12/25/30)

    2,300       2,297,801  

Series K126, Class A2, 2.07%, 01/25/31 (Call 01/25/31)

    2,000       2,066,085  

Series K127, Class A2, 2.11%, 01/25/31 (Call 01/25/31)

    7,500       7,784,596  

Series K128, Class A2, 2.02%, 03/25/31 (Call 03/25/31)

    4,000       4,110,188  

Series K131, Class A2, 1.85%, 07/25/31 (Call 07/25/31)

    3,000       3,040,289  

Series K132, Class A2, 2.02%, 08/25/31 (Call 08/25/31)

    1,000       1,028,590  

Series K-1511, Class A2, 3.47%, 03/25/31 (Call 03/25/31)

    1,000       1,150,525  

Series K-1516, Class A2, 1.72%, 05/25/35 (Call 05/25/35)

    1,825       1,749,115  

Series K-1517, Class A2, 1.72%, 07/25/35 (Call 07/25/35)

    500       479,412  

Series K-1518, Class A2, 1.86%, 10/25/35 (Call 10/25/35)

    2,500       2,434,226  

 

 

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

  17


Schedule of Investments  (continued)

October 31, 2021

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Mortgage-Backed Securities (continued)             

Series K152, Class A1, 2.83%, 05/25/30 (Call 05/25/30)

  $     1,218      $     1,307,014  

Series K-1520, Class A2, 2.44%, 02/25/36 (Call 02/25/36)

    2,000        2,079,959  

Series K-1521, Class A2, 2.18%, 08/25/36 (Call 08/25/36)

    1,000        1,010,900  

Series K155, Class A1, 3.75%, 11/25/29 (Call 11/25/29)

    494        549,778  

Series K156, Class A3, 3.70%, 06/25/33 (Call 06/25/33)(a)

    500        584,087  

Series K727, Class A2, 2.95%, 07/25/24 (Call 07/25/24)

    1,000        1,040,191  

Series K735, Class A2, 2.86%, 05/25/26 (Call 05/25/26)

    2,000        2,124,451  

Series K737, Class AM, 2.10%, 10/25/26 (Call 10/25/26)

    300        309,966  

Series K740, Class A2, 1.47%, 09/25/27 (Call 09/25/27)

    2,000        2,005,975  

Series K741, Class A2, 1.60%, 12/25/27 (Call 12/25/27)

    1,120        1,130,819  

Series K742, Class A2, 1.76%, 03/25/28 (Call 03/25/28)

    2,550        2,596,800  

Series K742, Class AM, 1.37%, 04/25/28 (Call 04/25/28)

    1,400        1,386,217  

Series K745, Class A2, 1.66%, 08/25/28 (Call 08/25/28)

    3,000        3,033,991  

GS Mortgage Securities Corp. II, Series 2013-GC10, Class A5, 2.94%, 02/10/46 (Call 01/10/23)

    400        409,066  

GS Mortgage Securities Trust

    

Series 2012-GCJ9, Class AS, 3.12%, 11/10/45 (Call 11/10/22)

    200        203,792  

Series 2013-GC12, Class AS, 3.38%, 06/10/46 (Call 05/10/23)

    300        309,460  

Series 2013-GC12, Class B, 3.78%, 06/10/46 (Call 05/10/23)(a)

    115        118,677  

Series 2013-GC14, Class A5, 4.24%, 08/10/46 (Call 07/10/23)

    550        578,346  

Series 2013-GC16, Class A4, 4.27%, 11/10/46 (Call 10/10/23)

    3,500        3,698,360  

Series 2013-GC16, Class AS, 4.65%, 11/10/46 (Call 11/10/23)

    150        158,904  

Series 2013-GC16, Class C, 5.31%, 11/10/46 (Call 11/10/23)(a)

    100        103,110  

Series 2014-GC18, Class AS, 4.38%, 01/10/47 (Call 01/10/24)

    650        673,418  

Series 2014-GC20, Class A5, 4.00%, 04/10/47

    400        424,501  

Series 2014-GC20, Class B, 4.53%, 04/10/47(a)

    250        256,106  

Series 2014-GC22, Class A5, 3.86%, 06/10/47 (Call 05/10/24)

    2,640        2,807,468  

Series 2014-GC22, Class AS, 4.11%, 06/10/47 (Call 05/10/24)

    250        264,541  

Series 2014-GC24, Class AAB, 3.65%, 09/10/47 (Call 06/10/24)

    340        352,890  

Series 2014-GC26, Class A5, 3.63%, 11/10/47 (Call 11/10/24)

    750        797,741  

Series 2015-GC30, Class AAB, 3.12%, 05/10/50 (Call 10/10/24)

    321        330,977  

Series 2015-GC30, Class AS, 3.78%, 05/10/50 (Call 05/10/25)(a)

    500        534,156  

Series 2015-GC32, Class A3, 3.50%, 07/10/48 (Call 06/10/25)

    600        632,768  

Series 2015-GC32, Class C, 4.42%, 07/10/48 (Call 07/10/25)(a)

    804        848,475  

Series 2015-GC34, Class A4, 3.51%, 10/10/48 (Call 09/10/25)

    2,500        2,676,044  

Series 2016-GS2, Class A4, 3.05%, 05/10/49 (Call 02/10/26)

    1,170        1,237,446  

Series 2016-GS3, Class A3, 2.59%, 10/10/49 (Call 08/10/26)

    1,291        1,338,783  

Series 2016-GS3, Class A4, 2.85%, 10/10/49 (Call 09/10/26)

    780        818,691  

Series 2016-GS4, Class A4, 3.44%, 11/10/49(a)

    39        42,049  
Security  

Par

(000)

     Value  
Mortgage-Backed Securities (continued)             

Series 2017-GS7, Class A3, 3.17%, 08/10/50 (Call 05/10/27)

  $     1,000      $     1,066,575  

Series 2017-GS7, Class AAB, 3.20%, 08/10/50 (Call 03/10/27)

    910        960,428  

Series 2017-GS7, Class B, 3.88%, 08/10/50 (Call 07/10/27)

    500        540,270  

Series 2018-GS9, Class A4, 3.99%, 03/10/51 (Call 02/10/28)(a)

    1,000        1,117,321  

Series 2019-GC38, Class A4, 3.97%, 02/10/52 (Call 01/10/29)

    750        845,408  

Series 2019-GC40, Class A4, 3.16%, 07/10/52 (Call 06/10/29)

    1,131        1,215,995  

Series 2019-GSA1, Class C, 3.80%, 11/10/52 (Call 10/10/29)(a)

    500        532,566  

Series 2020-GC45, Class A4, 2.66%, 02/13/53 (Call 11/13/29)

    775        803,872  

JP Morgan Chase Commercial Mortgage Securities Trust

    

Series 2015-JP1, Class A4, 3.65%, 01/15/49 (Call 11/15/25)

    1,000        1,074,456  

Series 2015-JP1, Class AS, 4.12%, 01/15/49 (Call 12/15/25)(a)

    750        812,597  

Series 2016-JP3, Class AS, 3.14%, 08/15/49 (Call 09/15/26)

    1,000        1,047,437  

Series 2016-JP3, Class B, 3.40%, 08/15/49 (Call 09/15/26)(a)

    108        110,890  

JPMBB Commercial Mortgage Securities Trust

    

Series 2013-C12, Class AS, 4.04%, 07/15/45 (Call 05/15/23)(a)

    500        520,163  

Series 2013-C14, Class A4, 4.13%, 08/15/46 (Call 07/15/23)(a)

    513        534,562  

Series 2013-C14, Class AS, 4.41%, 08/15/46 (Call 07/15/23)(a)

    150        155,106  

Series 2013-C14, Class B, 4.55%, 08/15/46 (Call 07/15/23)(a)

    500        510,016  

Series 2013-C15, Class B, 4.93%, 11/15/45 (Call 10/15/23)(a)

    200        211,898  

Series 2013-C15, Class C, 5.19%, 11/15/45 (Call 10/15/23)(a)

    110        116,723  

Series 2013-C17, Class A4, 4.20%, 01/15/47 (Call 12/15/23)

    490        519,848  

Series 2013-C17, Class C, 4.89%, 01/15/47 (Call 12/15/23)(a)

    100        103,559  

Series 2014-C18, Class A5, 4.08%, 02/15/47 (Call 02/15/24)

    1,400        1,486,670  

Series 2014-C18, Class AS, 4.44%, 02/15/47 (Call 02/15/24)(a)

    1,200        1,263,763  

Series 2014-C18, Class ASB, 3.57%, 02/15/47 (Call 07/15/23)

    618        634,788  

Series 2014-C18, Class B, 4.80%, 02/15/47 (Call 02/15/24)(a)

    225        236,340  

Series 2014-C19, Class C, 4.66%, 04/15/47 (Call 04/15/24)(a)

    200        211,349  

Series 2014-C21, Class A4, 3.49%, 08/15/47 (Call 05/15/24)

    646        672,042  

Series 2014-C21, Class A5, 3.77%, 08/15/47 (Call 06/15/24)

    2,835        3,008,146  

Series 2014-C21, Class ASB, 3.43%, 08/15/47 (Call 02/15/24)

    205        211,558  

Series 2014-C22, Class A4, 3.80%, 09/15/47 (Call 08/15/24)

    750        798,361  

Series 2014-C22, Class C, 4.55%, 09/15/47 (Call 08/15/24)(a)

    200        195,007  

 

 

18  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Mortgage-Backed Securities (continued)  

Series 2014-C23, Class A5, 3.93%, 09/15/47 (Call 09/15/24)

  $     1,144      $     1,224,445  

Series 2014-C23, Class ASB, 3.66%, 09/15/47 (Call 07/15/24)

    206        213,956  

Series 2014-C25, Class AS, 4.07%, 11/15/47 (Call 10/15/24)

    222        237,875  

Series 2014-C25, Class B, 4.35%, 11/15/47 (Call 11/15/24)(a)

    185        194,488  

Series 2015-C27, Class AS, 3.63%, 02/15/48 (Call 01/15/25)

    500        528,109  

Series 2015-C28, Class A3, 2.91%, 10/15/48 (Call 01/15/25)

    978        1,003,009  

Series 2015-C28, Class ASB, 3.04%, 10/15/48 (Call 11/15/24)

    347        357,743  

Series 2015-C29, Class A4, 3.61%, 05/15/48 (Call 04/15/25)

    2,500        2,673,550  

Series 2015-C29, Class ASB, 3.30%, 05/15/48 (Call 11/15/24)

    358        371,403  

Series 2015-C29, Class B, 4.12%, 05/15/48 (Call 05/15/25)(a)

    250        259,770  

Series 2015-C30, Class AS, 4.23%, 07/15/48 (Call 07/15/25)(a)

    635        687,669  

Series 2015-C31, Class A3, 3.80%, 08/15/48 (Call 08/15/25)

    1,085        1,163,238  

Series 2015-C33, Class A4, 3.77%, 12/15/48 (Call 11/15/25)

    1,000        1,086,458  

Series 2016-C1, Class A5, 3.58%, 03/15/49 (Call 01/15/26)

    822        884,005  

Series 2016-C1, Class B, 4.73%, 03/15/49 (Call 02/15/26)(a)

    450        486,690  

Series 2016-C1, Class C, 4.73%, 03/15/49 (Call 02/15/26)(a)

    400        421,410  

JPMCC Commercial Mortgage Securities Trust

    

JPMCC 2017-JP5, Class ASB, 3.55%, 03/15/50

    130        138,053  

Series 2017-JP5, Class A3, 3.34%, 03/15/50

    250        253,951  

Series 2017-JP5, Class A5, 3.72%, 03/15/50

    1,300        1,421,508  

Series 2017-JP5, Class AS, 3.88%, 03/15/50(a)

    650        708,107  

Series 2017-JP6, Class A5, 3.49%, 07/15/50 (Call 04/15/27)

    300        325,272  

Series 2017-JP6, Class AS, 3.74%, 07/15/50 (Call 05/15/27)

    400        433,966  

Series 2017-JP7, Class A5, 3.45%, 09/15/50 (Call 07/15/27)

    1,000        1,082,461  

Series 2019-COR4, Class ASB, 3.94%, 03/10/52 (Call 03/10/28)

    1,000        1,096,629  

Series 2019-COR5, Class A2, 3.15%, 06/13/52 (Call 05/13/24)

    360        374,993  

Series 2019-COR5, Class A4, 3.39%, 06/13/52 (Call 04/13/29)

    1,200        1,298,847  

JPMDB Commercial Mortgage Securities Trust

    

Series 2016-C2, Class A4, 3.14%, 06/15/49 (Call 04/15/26)

    1,000        1,057,370  

Series 2016-C2, Class B, 3.99%, 06/15/49 (Call 05/15/26)(a)

    750        768,177  

Series 2017-C5, Class A5, 3.69%, 03/15/50 (Call 01/15/27)

    2,100        2,285,940  

Series 2017-C7, Class A3, 3.05%, 10/15/50 (Call 07/15/24)

    1,200        1,244,748  

Series 2017-C7, Class A5, 3.41%, 10/15/50 (Call 08/15/27)

    3,050        3,305,118  

Series 2019-COR6, Class A4, 3.06%, 11/13/52 (Call 10/13/29)

    955        1,017,311  

Series 2020-COR7, Class A5, 2.18%, 05/13/53 (Call 03/13/30)

    539        540,609  
Security  

Par

(000)

     Value  
Mortgage-Backed Securities (continued)  

JPMorgan Chase Commercial Mortgage Securities Trust

    

Series 2012-C8, Class ASB, 2.38%, 10/15/45 (Call 05/15/22)

  $ 45      $ 44,852  

Series 2013-C10, Class A5, 3.14%, 12/15/47 (Call 02/15/23)

    589        602,909  

Series 2013-C10, Class AS, 3.37%, 12/15/47 (Call 02/15/23)

    1,100        1,128,707  

Series 2013-C10, Class B, 3.67%, 12/15/47 (Call 02/15/23)(a)

    1,100        1,130,538  

Series 2013-C10, Class C, 4.10%, 12/15/47 (Call 02/15/23)(a)

    200        202,053  

Series 2013-C13, Class A4, 3.99%, 01/15/46 (Call 06/15/23)(a)

    205        214,132  

Series 2013-C13, Class ASB, 3.41%, 01/15/46 (Call 03/15/23)

    17        17,035  

Series 2013-LC11, Class A5, 2.96%, 04/15/46 (Call 04/15/23)

    500        513,207  

Series 2014-C20, Class A5, 3.80%, 07/15/47 (Call 05/15/24)

    500        529,912  

Series 2014-C20, Class B, 4.40%, 07/15/47 (Call 06/15/24)(a)

    100        105,882  

Series 2015-JP1, Class A5, 3.91%, 01/15/49 (Call 12/15/25)

        2,462            2,677,594  

Series 2016-JP2, Class A4, 2.82%, 08/15/49 (Call 07/15/26)

    1,023        1,072,814  

Series 2016-JP2, Class AS, 3.06%, 08/15/49 (Call 07/15/26)

    700        717,921  

Series 2016-JP4, Class A4, 3.65%, 12/15/49 (Call 11/15/26)(a)

    1,090        1,185,782  

Morgan Stanley Bank of America Merrill Lynch Trust

    

Series 2012-C6, Class A4, 2.86%, 11/15/45 (Call 09/15/22)

    1,131        1,143,895  

Series 2012-C6, Class AS, 3.48%, 11/15/45 (Call 09/15/22)

    500        509,814  

Series 2013-C09, Class A4, 3.10%, 05/15/46 (Call 04/15/23)

    1,500        1,537,159  

Series 2013-C10, Class A4, 4.08%, 07/15/46 (Call 06/15/23)(a)

    1,000        1,041,661  

Series 2013-C10, Class ASB, 3.91%, 07/15/46 (Call 01/15/23)(a)

    71        72,616  

Series 2013-C11, Class A3, 3.96%, 08/15/46 (Call 05/15/23)

    479        491,762  

Series 2013-C11, Class A4, 4.15%, 08/15/46 (Call 07/15/23)(a)

    800        836,268  

Series 2013-C13, Class A4, 4.04%, 11/15/46 (Call 11/15/23)

    1,100        1,161,390  

Series 2013-C13, Class C, 4.90%, 11/15/46 (Call 11/15/23)(a)

    230        231,014  

Series 2013-C7, Class AAB, 2.47%, 02/15/46 (Call 11/15/22)

    34        34,538  

Series 2013-C7, Class AS, 3.21%, 02/15/46 (Call 01/15/23)

    1,621        1,656,255  

Series 2013-C7, Class B, 3.77%, 02/15/46 (Call 01/15/23)

    200        201,374  

Series 2013-C8, Class B, 3.53%, 12/15/48 (Call 02/15/23)(a)

    200        204,055  

Series 2014-C14, Class A5, 4.06%, 02/15/47 (Call 12/15/23)

    1,000        1,057,737  

Series 2014-C14, Class AS, 4.38%, 02/15/47 (Call 01/15/24)(a)

    200        212,192  

Series 2014-C14, Class B, 4.86%, 02/15/47 (Call 01/15/24)(a)

    200        213,846  

Series 2014-C15, Class ASB, 3.65%, 04/15/47 (Call 12/15/23)

    110        113,530  

 

 

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

  19


Schedule of Investments  (continued)

October 31, 2021

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Mortgage-Backed Securities (continued)  

Series 2014-C16, Class A5, 3.89%, 06/15/47 (Call 05/15/24)

  $ 500      $ 530,101  

Series 2014-C17, Class A5, 3.74%, 08/15/47 (Call 07/15/24)

        2,220            2,355,127  

Series 2014-C18, Class A3, 3.65%, 10/15/47

    358        372,951  

Series 2014-C18, Class A4, 3.92%, 10/15/47

    1,150        1,228,821  

Series 2014-C19, Class A4, 3.53%, 12/15/47 (Call 11/15/24)

    1,275        1,352,485  

Series 2015-C20, Class A4, 3.25%, 02/15/48 (Call 12/15/24)

    3,500        3,690,832  

Series 2015-C20, Class AS, 3.61%, 02/15/48 (Call 01/15/25)

    500        529,087  

Series 2015-C21, Class A4, 3.34%, 03/15/48 (Call 02/15/25)

    901        949,008  

Series 2015-C22, Class A4, 3.31%, 04/15/48 (Call 04/15/25)

    1,000        1,056,633  

Series 2015-C22, Class C, 4.21%, 04/15/48 (Call 04/15/25)(a)

    250        249,509  

Series 2015-C23, Class A3, 3.45%, 07/15/50 (Call 05/15/25)

    730        774,632  

Series 2015-C24, Class A3, 3.48%, 05/15/48 (Call 05/15/25)

    369        390,833  

Series 2015-C24, Class A4, 3.73%, 05/15/48 (Call 07/15/25)

    950        1,023,910  

Series 2015-C25, Class ASB, 3.38%, 10/15/48 (Call 06/15/25)

    514        533,775  

Series 2015-C27, Class A4, 3.75%, 12/15/47 (Call 10/15/25)

    1,373        1,480,344  

Series 2016-C28, Class A4, 3.54%, 01/15/49 (Call 01/15/26)

    2,900        3,106,918  

Series 2016-C30, Class A5, 2.86%, 09/15/49 (Call 08/15/26)

    500        524,640  

Series 2016-C31, Class A5, 3.10%, 11/15/49 (Call 10/15/26)

    2,250        2,383,456  

Series 2016-C32, Class A4, 3.72%, 12/15/49 (Call 12/15/26)

    1,000        1,091,114  

Series 2016-C32, Class ASB, 3.51%, 12/15/49 (Call 07/15/26)

    310        328,631  

Series 2017-C33, Class A5, 3.60%, 05/15/50 (Call 04/15/27)

    1,100        1,198,720  

Series 2017-C34, Class A4, 3.54%, 11/15/52 (Call 09/15/27)

    1,000        1,091,134  

Series 2017-C34, Class AS, 3.86%, 11/15/52 (Call 10/15/27)

    500        547,470  

Morgan Stanley Capital I, Series 2017-HR2, Class A4, 3.59%, 12/15/50 (Call 12/15/27)

    2,010        2,192,170  

Morgan Stanley Capital I Trust

    

Series 2015-MS1, Class A4, 3.78%, 05/15/48 (Call 05/15/25)(a)

    500        536,140  

Series 2015-UBS8, Class AS, 4.11%, 12/15/48

    250        266,733  

Series 2016-BNK2, Class A4, 3.05%, 11/15/49 (Call 10/15/26)

    1,250        1,326,206  

Series 2016-UB11, Class A4, 2.78%, 08/15/49 (Call 08/15/26)

    1,000        1,045,015  

Series 2017-H1, Class A5, 3.53%, 06/15/50 (Call 05/15/27)

    1,000        1,085,815  

Series 2018-H3, Class A4, 3.91%, 07/15/51 (Call 05/15/28)

    500        553,375  

Series 2019-H7, Class A4, 3.26%, 07/15/52

    1,000        1,077,934  

Series 2020-HR8, Class A4, 2.04%, 07/15/53 (Call 07/15/30)

    1,120        1,108,692  

Series 2020-L4, Class A3, 2.70%, 02/15/53 (Call 02/15/30)

    1,500        1,561,394  
Security  

Par

(000)

     Value  
Mortgage-Backed Securities (continued)  

Series 2021-L6, Class A2, 2.13%, 06/15/54 (Call 07/15/26)

  $ 1,500      $ 1,523,814  

Series 2021-L7, Class A5, 2.57%, 10/15/54 (Call 09/15/31)

        3,000            3,079,376  

SG Commercial Mortgage Securities Trust, Series 2016-C5, Class A4, 3.06%, 10/10/48 (Call 06/10/26)

    1,000        1,047,180  

UBS Commercial Mortgage Trust

    

Series 2017-C2, Class A4, 3.49%, 08/15/50 (Call 07/15/27)

    1,000        1,080,010  

Series 2017-C6, Class AS, 3.93%, 12/15/50(a)

    500        546,873  

Series 2017-C7, Class A4, 3.68%, 12/15/50 (Call 12/15/27)

    1,000        1,095,027  

Series 2018-C08, Class A4, 3.98%, 02/15/51 (Call 02/15/28)

    1,325        1,472,335  

Series 2018-C12, Class ASB, 4.19%, 08/15/51 (Call 01/15/28)

    1,765        1,951,959  

Series 2018-C15, Class B, 4.92%, 12/15/51 (Call 12/15/28)(a)

    750        863,114  

Series 2019-C16, Class AS, 3.89%, 04/15/52 (Call 03/15/29)

    1,334        1,469,950  

Series 2019-C17, Class A4, 2.92%, 10/15/52 (Call 09/15/29)

    1,000        1,051,502  

UBS-Barclays Commercial Mortgage Trust

    

Series 2012-C4, Class AAB, 2.46%, 12/10/45 (Call 06/10/22)

    47        47,725  

Series 2013-C5, Class A4, 3.18%, 03/10/46 (Call 01/10/23)

    1,222        1,246,847  

Series 2013-C6, Class A4, 3.24%, 04/10/46 (Call 03/10/23)

    677        694,737  

Wells Fargo Commercial Mortgage Trust

    

Series 2013-LC12, Class A4, 4.22%, 07/15/46 (Call 06/15/23)(a)

    2,975        3,115,142  

Series 2013-LC12, Class AS, 4.31%, 07/15/46 (Call 07/15/23)(a)

    473        489,068  

Series 2014-LC16, Class ASB, 3.48%, 08/15/50 (Call 03/15/24)

    728        750,895  

Series 2015-C26, Class AS, 3.58%, 02/15/48 (Call 01/15/25)

    820        864,868  

Series 2015-C27, Class A5, 3.45%, 02/15/48 (Call 02/15/25)

    1,000        1,062,350  

Series 2015-C27, Class B, 4.14%, 02/15/48 (Call 03/15/25)(a)

    330        342,168  

Series 2015-C28, Class A4, 3.54%, 05/15/48 (Call 04/15/25)

    500        534,177  

Series 2015-C28, Class AS, 3.87%, 05/15/48 (Call 04/15/25)(a)

    250        267,681  

Series 2015-C30, Class A4, 3.66%, 09/15/58 (Call 07/15/25)

    817        878,642  

Series 2015-C30, Class ASB, 3.41%, 09/15/58 (Call 03/15/25)

    372        386,628  

Series 2015-C31, Class A4, 3.70%, 11/15/48 (Call 10/15/25)

    500        539,389  

Series 2015-C31, Class B, 4.48%, 11/15/48 (Call 10/15/25)(a)

    1,000        1,077,175  

Series 2015-C31, Class C, 4.60%, 11/15/48 (Call 11/15/25)(a)

    450        470,442  

Series 2015-LC20, Class A3, 3.09%, 04/15/50

    600        601,204  

Series 2015-LC20, Class B, 3.72%, 04/15/50

    750        779,154  

Series 2015-LC22, Class A4, 3.84%, 09/15/58 (Call 09/15/25)

    1,000        1,082,207  

Series 2015-NXS2, Class A5, 3.77%, 07/15/58 (Call 06/15/25)(a)

    750        808,155  

Series 2016-C32, Class ASB, 3.32%, 01/15/59 (Call 06/15/25)

    940        978,809  

Series 2016-C34, Class A4, 3.10%, 06/15/49 (Call 04/15/26)

    1,000        1,054,728  

 

 

20  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

     Value  
Mortgage-Backed Securities (continued)  

Series 2016-C35, Class A4, 2.93%, 07/15/48 (Call 06/15/26)

  $     1,000      $     1,048,462  

Series 2016-C36, Class AS, 3.42%, 11/15/59 (Call 10/15/26)

    500        520,153  

Series 2016-C37, Class ASB, 3.62%, 12/15/49 (Call 06/15/26)

    1,000        1,058,215  

Series 2016-LC24, Class A4, 2.94%, 10/15/49 (Call 08/15/26)

    1,680        1,772,722  

Series 2016-LC25, Class B, 4.35%, 12/15/59 (Call 11/15/26)(a)

    198        216,713  

Series 2016-NXS4, Class A4, 3.72%, 12/15/48

    1,000        1,080,237  

Series 2016-NXS6, Class B, 3.81%, 11/15/49 (Call 09/15/26)

    500        520,036  

Series 2017-C38, Class A4, 3.19%, 07/15/50 (Call 05/15/27)

    500        531,466  

Series 2017-C38, Class A5, 3.45%, 07/15/50 (Call 06/15/27)

    2,000        2,172,247  

Series 2017-C39, Class A5, 3.42%, 09/15/50 (Call 07/15/27)

    2,500        2,708,741  

Series 2017-C39, Class ASB, 3.21%, 09/15/50 (Call 12/15/26)

    1,000        1,054,373  

Series 2017-C39, Class C, 4.12%, 09/15/50 (Call 08/15/27)

    500        529,691  

Series 2017-C42, Class A4, 3.59%, 12/15/50

    1,250        1,368,110  

Series 2017-C42, Class B, 4.00%, 12/15/50(a)

    500        540,811  

Series 2018-C44, Class A5, 4.21%, 05/15/51 (Call 04/15/28)

    1,000        1,128,622  

Series 2018-C45, Class AS, 4.41%, 06/15/51 (Call 06/15/28)(a)

    350        394,435  

Series 2018-C46, Class AS, 4.38%, 08/15/51

    500        563,822  

Series 2018-C47, Class A4, 4.44%, 09/15/61 (Call 09/15/28)

    2,250        2,583,888  

Series 2018-C48, Class A5, 4.30%, 01/15/52 (Call 12/15/28)

    1,000        1,142,833  

Series 2019-C49, Class A5, 4.02%, 03/15/52 (Call 02/15/29)

    1,625        1,830,654  

Series 2019-C49, Class C, 4.87%, 03/15/52 (Call 02/15/29)(a)

    665        746,703  

Series 2019-C50, Class A5, 3.73%, 05/15/52 (Call 04/15/29)

    750        831,793  

Series 2019-C50, Class AS, 4.02%, 05/15/52 (Call 04/15/29)

    1,000        1,109,638  

Series 2019-C51, Class AS, 3.58%, 06/15/52 (Call 06/15/29)

    492        532,779  

Series 2019-C52, Class AS, 3.14%, 08/15/52 (Call 08/15/29)

    1,074        1,132,891  

Series 2019-C53, Class A4, 3.04%, 10/15/52 (Call 10/15/29)

    1,400        1,492,686  

Series 2020-C55, Class A5, 2.73%, 02/15/53 (Call 01/15/30)

    1,000        1,042,919  

Series 2020-C56, Class ASB, 2.42%, 06/15/53 (Call 11/15/29)

    2,000        2,068,499  

Series 2020-C56, Class B, 3.75%, 06/15/53 (Call 03/15/30)(a)

    345        380,884  

Series 2020-C56, Class C, 3.75%, 06/15/53 (Call 04/15/30)(a)

    800        857,242  

Series 2020-C57, Class A4, 2.12%, 08/15/53 (Call 08/15/30)

    2,919        2,911,237  

Series 2020-C58, Class A4, 2.09%, 07/15/53 (Call 11/15/30)

    1,000        993,029  
Security  

Par

(000)

     Value  
Mortgage-Backed Securities (continued)  

Series 2021-C59, Class A5, 2.63%, 04/15/54 (Call 04/15/31)

  $     1,000      $ 1,034,863  

Series 2021-C59, Class ASB, 2.30%, 04/15/54 (Call 01/15/30)

    354        360,110  

WFRBS Commercial Mortgage Trust

    

Series 2012-C10, Class A3, 2.88%, 12/15/45 (Call 12/15/22)

    200        203,143  

Series 2012-C10, Class AS, 3.24%, 12/15/45 (Call 12/15/22)

    250        251,821  

Series 2012-C6, Class AS, 3.84%, 04/15/45 (Call 02/15/22)

    145        145,489  

Series 2012-C8, Class ASB, 2.56%, 08/15/45 (Call 12/15/21)

    10        9,851  

Series 2013-C13, Class C, 3.91%, 05/15/45 (Call 05/15/23)(a)

    110        112,964  

Series 2013-C14, Class B, 3.84%, 06/15/46 (Call 05/15/23)(a)

    500        514,075  

Series 2013-C15, Class A4, 4.15%, 08/15/46 (Call 07/15/23)(a)

    2,000        2,095,614  

Series 2013-C17, Class A3, 3.75%, 12/15/46 (Call 10/15/23)

    756        789,576  

Series 2013-C17, Class ASB, 3.56%, 12/15/46 (Call 08/15/23)

    320        329,126  

Series 2013-C18, Class A4, 3.90%, 12/15/46 (Call 12/15/23)

    543        569,127  

Series 2013-C18, Class A5, 4.16%, 12/15/46 (Call 12/15/23)(a)

    2,000        2,120,722  

Series 2013-UBS1, Class A4, 4.08%, 03/15/46 (Call 11/15/23)(a)

    797        841,281  

Series 2014-C19, Class A4, 3.83%, 03/15/47 (Call 02/15/24)

    300        313,578  

Series 2014-C19, Class B, 4.72%, 03/15/47 (Call 03/15/24)(a)

    300        316,630  

Series 2014-C20, Class ASB, 3.64%, 05/15/47 (Call 01/15/24)

    187        193,488  

Series 2014-C22, Class A4, 3.49%, 09/15/57

    4,070        4,252,713  

Series 2014-C22, Class A5, 3.75%, 09/15/57

    400        425,235  

Series 2014-C22, Class AS, 4.07%, 09/15/57(a)

    480        511,491  

Series 2014-C24, Class A5, 3.61%, 11/15/47 (Call 10/15/24)

    100        106,096  

Series 2014-C25, Class A5, 3.63%, 11/15/47 (Call 11/15/24)

    1,050        1,119,578  

Series 2014-LC14, Class A5, 4.05%, 03/15/47 (Call 01/15/24)

    950        1,007,423  
    

 

 

 
         561,691,167  
    

 

 

 

Total Collaterized Mortgage Obligations — 68.5%

  

(Cost: $558,406,210)

       561,691,167  
    

 

 

 

U.S. Government & Agency Obligations

 

Mortgage-Backed Securities — 30.8%             

Federal National Mortgage Association

    

Series 2012-M9, Class A2, 2.48%, 04/25/22

    111        111,235  

Series 2013-M12, Class APT, 2.41%, 03/25/23(a)

    402        407,994  

Series 2013-M14, Class A2, 3.33%, 10/25/23(a)

    2,638        2,729,168  

Series 2013-M6, Class 1A2, 3.30%, 02/25/43(a)

    332        364,570  

Series 2013-M7, Class A2, 2.28%, 12/27/22

    338        340,921  

Series 2014-M11, Class 1A, 3.12%, 08/25/24(a)

    644        675,105  

Series 2014-M11, Class 2A, 3.30%, 08/25/26(a)

    577        625,005  

Series 2014-M13, Class A2, 3.02%, 08/25/24(a)

    138        144,089  

 

 

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

  21


Schedule of Investments  (continued)

October 31, 2021

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series 2014-M3, Class A2, 3.49%, 01/25/24(a)

  $ 573     $ 597,971  

Series 2014-M4, Class A2, 3.35%, 03/25/24(a)

    484       508,479  

Series 2015-M1, Class A2, 2.53%, 09/25/24

    667       688,546  

Series 2015-M10, Class A2, 3.09%, 04/25/27(a)

    2,467       2,661,557  

Series 2015-M11, Class A2, 2.82%, 04/25/25(a)

    800       837,666  

Series 2015-M13, Class A2, 2.71%, 06/25/25(a)

    931       971,997  

Series 2015-M2, Class A, 2.62%, 12/25/24

    335       347,141  

Series 2015-M8, Class A2, 2.90%, 01/25/25(a)

    1,250       1,305,319  

Series 2016-M6, Class A2, 2.49%, 05/25/26

    310       324,275  

Series 2016-M9, Class A2, 2.29%, 06/25/26

    2,000       2,074,648  

Series 2017, Class A2, 2.96%, 09/25/27(a)

    1,000       1,081,577  

Series 2017-M15, Class AV2, 2.62%, 11/25/24(a)

    977       1,011,907  

Series 2017-M2, Class A2, 2.78%, 02/25/27(a)

    1,927       2,053,967  

Series 2017-M3, Class A2, 2.47%, 12/25/26(a)

    839       881,476  

Series 2017-M4, Class A2, 2.56%, 12/25/26(a)

    908       957,962  

Series 2017-M7, Class A2, 2.96%, 02/25/27(a)

    1,038       1,108,857  

Series 2017-M8, Class A2, 3.06%, 05/25/27(a)

    2,400           2,593,208  

Series 2018-M1, Class A2, 2.99%, 12/25/27(a)

    919       991,663  

Series 2018-M10, Class A2, 3.37%, 07/25/28(a)

    1,040       1,161,286  

Series 2018-M13, Class A2, 3.70%, 09/25/30(a)

    100       115,123  

Series 2018-M7, Class A2, 3.06%, 03/25/28(a)

    800       874,610  

Series 2019-M1, Class A2, 3.55%, 09/25/28(a)

    3,000       3,392,118  

Series 2019-M2, Class A2, 3.63%, 11/25/28(a)

    2,000       2,272,574  

Series 2019-M5, Class A2, 3.27%, 02/25/29

    2,450       2,715,973  

Series 2019-M6, Class A1, 3.30%, 08/01/28

    1,299       1,392,174  

Series 2019-M7, Class A2, 3.14%, 04/25/29

    1,300       1,437,261  

Series 2019-M9, Class A2, 2.94%, 06/25/29

    1,970       2,151,949  

Series 2020-M5, Class A2, 2.21%, 01/25/30

    2,600       2,707,579  

Freddie Mac Multifamily Structured Pass Through Certificates

   

Series K027, Class A2, 2.64%, 01/25/23 (Call 01/25/23)

    1,000       1,019,554  

Series K028, Class A2, 3.11%, 02/25/23 (Call 02/25/23)

    2,710       2,783,418  

Series K029, Class A2, 3.32%, 02/25/23 (Call 02/25/23)(a)

    2,985       3,076,075  

Series K031, Class A2, 3.30%, 04/25/23 (Call 04/25/23)(a)

    2,000       2,069,034  

Series K032, Class A2, 3.31%, 05/25/23 (Call 05/25/23)(a)

    180       186,631  

Series K033, Class A2, 3.06%, 07/25/23 (Call 07/25/23)(a)

    2,000       2,066,443  

Series K034, Class A2, 3.53%, 07/25/23 (Call 07/25/23)(a)

    2,271       2,368,893  

Series K035, Class A2, 3.46%, 08/25/23 (Call 08/25/23)(a)

    375       391,023  

Series K036, Class A2, 3.53%, 10/25/23 (Call 10/25/23)(a)

    3,150       3,289,047  

Series K037, Class A2, 3.49%, 01/25/24 (Call 01/25/24)

    3,000       3,157,908  

Series K038, Class A2, 3.39%, 03/25/24 (Call 03/25/24)

    500       526,935  

Series K040, Class A2, 3.24%, 09/25/24 (Call 09/25/24)

    1,120       1,187,241  

Series K041, Class A2, 3.17%, 10/25/24 (Call 10/25/24)

    1,250       1,325,155  

Series K043, Class A2, 3.06%, 12/25/24 (Call 12/25/24)

    1,000       1,058,572  

Series K044, Class A2, 2.81%, 01/25/25 (Call 01/25/25)

    3,820       4,019,418  

Series K046, Class A2, 3.21%, 03/25/25 (Call 03/25/25)

    1,285       1,370,874  

Series K048, Class A1, 2.69%, 12/25/24 (Call 10/25/24)

    256       262,471  

Series K049, Class A2, 3.01%, 07/25/25 (Call 07/25/25)

    3,800       4,041,823  

Series K050, Class A2, 3.33%, 08/25/25 (Call 08/25/25)(a)

        3,450       3,710,696  

Series K051, Class A2, 3.31%, 09/25/25 (Call 09/25/25)

    2,630       2,830,106  

Series K052, Class A2, 3.15%, 11/25/25 (Call 11/25/25)

    800       857,369  

Series K053, Class A2, 3.00%, 12/25/25 (Call 12/25/25)

    2,200       2,344,720  

Series K054, Class A2, 2.75%, 01/25/26 (Call 01/25/26)

    700       740,571  

Series K056, Class A2, 2.53%, 05/25/26 (Call 05/25/26)

    1,725       1,813,988  

Series K057, Class A1, 2.21%, 06/25/25 (Call 04/25/25)

    577       587,828  

Series K058, Class A1, 2.34%, 07/25/26 (Call 06/25/26)

    1,165       1,197,827  

Series K058, Class A2, 2.65%, 08/25/26 (Call 08/25/26)

    1,527       1,618,091  

Series K059, Class A2, 3.12%, 09/25/26 (Call 09/25/26)(a)

    3,280       3,545,296  

Series K060, Class A2, 3.30%, 10/25/26 (Call 10/25/26)

    2,797       3,051,633  

Series K061, Class A1, 3.01%, 08/25/26 (Call 12/25/25)

    670       695,920  

Series K061, Class A2, 3.35%, 11/25/26 (Call 11/25/26)(a)

    1,300       1,421,191  
Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)            

Series K062, Class A2, 3.41%, 12/25/26 (Call 12/25/26)

  $ 1,000     $     1,098,329  

Series K063, Class A2, 3.43%, 01/25/27 (Call 01/25/27)(a)

    1,345       1,478,317  

Series K064, Class A1, 2.89%, 10/25/26 (Call 10/25/26)

    786       818,017  

Series K064, Class A2, 3.22%, 03/25/27 (Call 03/25/27)

    325       354,201  

Series K065, Class A1, 2.86%, 10/25/26 (Call 10/25/26)

    1,845       1,919,365  

Series K065, Class A2, 3.24%, 04/25/27 (Call 04/25/27)

    2,570       2,808,268  

Series K066, Class A2, 3.12%, 06/25/27 (Call 06/25/27)

    1,610       1,751,671  

Series K067, Class A1, 2.90%, 03/25/27 (Call 03/25/27)

    871       908,176  

Series K067, Class A2, 3.19%, 07/25/27 (Call 07/25/27)

    1,600       1,749,269  

Series K068, Class A2, 3.24%, 08/25/27 (Call 08/25/27)

    1,000       1,096,751  

Series K069, Class A2, 3.19%, 09/25/27 (Call 09/25/27)(a)

    1,960       2,145,990  

Series K070, Class A2, 3.30%, 11/25/27 (Call 11/25/27)(a)

    5,541       6,110,602  

Series K071, Class A2, 3.29%, 11/25/27 (Call 11/25/27)

    1,500       1,653,978  

Series K072, Class A2, 3.44%, 12/25/27 (Call 12/25/27)

    3,450       3,837,619  

Series K073, Class A2, 3.35%, 01/25/28 (Call 01/25/28)

    3,937       4,361,154  

Series K074, Class A1, 3.60%, 09/25/27 (Call 09/25/27)

    924       998,254  

Series K074, Class A2, 3.60%, 01/25/28 (Call 01/25/28)

    3,000       3,367,805  

Series K075, Class A2, 3.65%, 02/25/28 (Call 02/25/28)(a)

    1,000       1,125,361  

Series K076, Class A1, 3.73%, 12/25/27 (Call 12/25/27)

    1,024       1,116,108  

Series K076, Class A2, 3.90%, 04/25/28 (Call 04/25/28)

    3,525       4,023,247  

Series K077, Class A2, 3.85%, 05/25/28 (Call 05/25/28)(a)

    1,000       1,139,095  

Series K078, Class A2, 3.85%, 06/25/28 (Call 06/25/28)

    1,000       1,141,827  

Series K079, Class A2, 3.93%, 06/25/28 (Call 06/25/28)

    2,000       2,293,613  

Series K080, Class A2, 3.93%, 07/25/28 (Call 07/25/28)(a)

    700       803,184  

Series K081, Class A2, 3.90%, 08/25/28 (Call 08/25/28)(a)

    1,500       1,720,139  

Series K082, Class A2, 3.92%, 09/25/28 (Call 09/25/28)(a)

        2,000       2,297,344  

Series K083, Class A2, 4.05%, 09/25/28 (Call 09/25/28)(a)

    1,195       1,382,738  

Series K084, Class A2, 3.78%, 10/25/28 (Call 10/25/28)(a)

    1,000       1,134,600  

Series K085, Class A2, 4.06%, 10/25/28 (Call 10/25/28)(a)

    1,000       1,153,844  

Series K086, Class A2, 3.86%, 11/25/28 (Call 11/25/28)(a)

    1,725       1,978,919  

Series K087, Class A2, 3.77%, 12/25/28 (Call 12/25/28)

    4,571       5,219,154  

Series K088, Class A1, 3.48%, 09/25/28 (Call 09/25/28)

    342       372,423  

Series K088, Class A2, 3.69%, 01/25/29 (Call 01/25/29)

    2,010       2,286,878  

Series K089, Class A2, 3.56%, 01/25/29 (Call 01/25/29)

    2,400       2,713,115  

Series K090, Class A2, 3.42%, 02/25/29 (Call 02/25/29)

    2,500       2,807,914  

Series K091, Class A2, 3.51%, 03/25/29 (Call 03/25/29)

    6,517       7,354,468  

Series K092, Class A2, 3.30%, 04/25/29 (Call 04/25/29)

    3,010       3,358,317  

Series K094, Class A2, 2.90%, 06/25/29 (Call 06/25/29)

    1,420       1,549,285  

Series K096, Class A2, 2.52%, 07/25/29 (Call 07/25/29)

    1,215       1,293,925  

Series K100, Class A2, 2.67%, 09/25/29 (Call 09/25/29)

    1,000       1,076,980  

Series K101, Class A2, 2.52%, 10/25/29 (Call 10/25/29)

    250       266,574  

Series K102, Class A1, 2.18%, 05/25/29 (Call 04/25/29)

    971       1,010,089  

Series K102, Class A2, 2.54%, 10/25/29 (Call 10/25/29)

    2,000       2,134,275  

Series K103, Class A2, 2.65%, 11/25/29 (Call 11/25/29)

    2,720       2,924,570  

Series K105, Class A2, 1.87%, 03/25/53 (Call 01/25/30)

    2,060       2,095,241  

Series K106, Class A2, 2.07%, 01/25/30 (Call 01/25/30)

    3,500       3,612,067  

Series K108, Class A2, 1.52%, 03/25/30 (Call 03/25/30)

    4,153       4,117,572  

Series K110, Class A2, 1.48%, 04/25/30 (Call 04/25/30)

    4,640       4,584,236  

Series K111, Class A2, 1.35%, 05/25/30 (Call 05/25/30)

    1,500       1,466,058  

Series K115, Class A2, 1.38%, 06/25/30 (Call 06/25/30)

    1,000       979,065  

Series K116, Class A2, 1.38%, 07/25/30 (Call 07/25/30)

    2,000       1,956,659  

Series K117, Class A2, 1.41%, 08/25/30 (Call 08/25/30)

    1,500       1,470,074  

Series K125, Class A2, 1.85%, 01/25/31 (Call 01/25/31)

    2,000       2,027,609  

Series K130, Class A2, 1.72%, 06/25/31 (Call 06/25/31)

    2,500       2,503,759  

Series K1510, Class A2, 3.72%, 01/25/31 (Call 01/25/31)

    250       290,038  

Series K1510, Class A3, 3.79%, 01/25/34 (Call 01/25/34)

    500       586,198  

Series K-1512, Class A2, 2.99%, 05/25/31 (Call 05/25/31)

    1,230       1,343,349  

Series K-1512, Class A3, 3.06%, 04/25/34 (Call 04/25/34)

    1,450       1,594,830  

Series K-1513, Class A3, 2.80%, 08/25/34 (Call 08/25/34)

    1,015       1,091,806  

Series K-1514, Class A2, 2.86%, 10/25/34 (Call 10/25/34)

    1,000       1,083,549  

 

 

22  

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


Schedule of Investments  (continued)

October 31, 2021

  

iShares® CMBS ETF

(Percentages shown are based on Net Assets)

 

Security  

Par

(000)

    Value  
Mortgage-Backed Securities (continued)  

Series K152, Class A2, 3.08%, 01/25/31 (Call 01/25/31)

  $ 250     $ 274,846  

Series K153, Class A3, 3.12%, 10/25/31 (Call 10/25/31)(a)

    500       558,183  

Series K154, Class A2, 3.42%, 04/25/32 (Call 11/25/31)

    1,500       1,689,214  

Series K154, Class A3, 3.46%, 11/25/32 (Call 11/25/32)

    1,345       1,545,014  

Series K157, Class A2, 3.99%, 05/25/33 (Call 05/25/33)(a)

    1,076       1,250,992  

Series K159, Class A1, 3.95%, 12/25/29 (Call 12/25/29)

    1,552       1,742,573  

Series K159, Class A2, 3.95%, 11/25/30 (Call 11/25/30)(a)

    833       966,665  

Series K159, Class A3, 3.95%, 11/25/33 (Call 11/25/33)(a)

        2,000       2,375,116  

Series K720, Class A2, 2.72%, 06/25/22 (Call 06/25/22)

    742       747,530  

Series K723, Class A2, 2.45%, 08/25/23 (Call 08/25/23)

    439       449,428  

Series K724, Class A2, 3.06%, 11/25/23 (Call 11/25/23)(a)

    1,400       1,443,920  

Series K725, Class A2, 3.00%, 01/25/24 (Call 01/25/24)

    1,010       1,050,740  

Series K728, Class A2, 3.06%, 08/25/24 (Call 08/25/24)(a)

    2,000       2,094,994  

Series K729, Class A1, 2.95%, 02/25/24 (Call 02/25/24)

    369       376,053  

Series K730, Class A2, 3.59%, 01/25/25 (Call 01/25/25)(a)

    2,000       2,130,195  

Series K731, Class A2, 3.60%, 02/25/25 (Call 02/25/25)(a)

    1,000       1,060,103  

Series K733, Class A2, 3.75%, 08/25/25 (Call 08/25/25)

    1,000       1,079,444  

Series K734, Class A2, 3.21%, 02/25/26 (Call 02/25/26)

    2,455       2,628,559  

Series K739, Class A2, 1.34%, 09/25/27 (Call 09/25/27)

    2,150       2,142,985  

Series KS03, Class A4, 3.16%, 05/25/25 (Call 05/25/25)(a)

    1,000       1,054,934  
   

 

 

 
      252,832,051  
U.S. Government Obligations — 0.2%  

U.S. Treasury Note/Bond, 1.25%, 08/15/31

    1,500       1,457,578  
   

 

 

 

Total U.S. Government & Agency Obligations — 31.0%

 

(Cost: $249,151,841)

 

        254,289,629  
   

 

 

 
Security  

Shares

(000)

    Value  

Short-Term Investments

   
Money Market Funds — 0.7%            

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

    6,210     $ 6,210,000  
   

 

 

 

Total Short-Term Investments — 0.7%
(Cost: $6,210,000)

 

    6,210,000  
   

 

 

 

Total Investments in Securities — 100.2%
(Cost: $813,768,051)

 

    822,190,796  

Other Assets, Less Liabilities — (0.2)%

 

    (1,804,880
   

 

 

 

Net Assets — 100.0%

 

  $   820,385,916  
   

 

 

 

 

(a) 

Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer   Value at
10/31/20
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
10/31/21
    Shares
Held at
10/31/21
(000)
    Income     Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

  $ 3,540,000     $ 2,670,000 (a)    $     $     $     $ 6,210,000       6,210     $ 833     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

(a) 

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

 

 
     Level 1        Level 2        Level 3        Total  

 

 

Investments

                 

Assets

                 

Collaterized Mortgage Obligations

   $        $ 561,691,167        $        $ 561,691,167  

U.S. Government & Agency Obligations

              254,289,629                   254,289,629  

Money Market Funds

     6,210,000                            6,210,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $   6,210,000        $ 815,980,796        $         —        $ 822,190,796  
  

 

 

      

 

 

      

 

 

      

 

 

 

See notes to financial statements.

 

 

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

  23


Schedule of Investments

October 31, 2021

  

iShares® GNMA Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  

U.S. Government Agency Obligations

 

Mortgage-Backed Securities — 100.8%  

Government National Mortgage Association

   

1.50%, 11/18/21(a)

  $ 1,575     $ 1,543,838  

2.00%, 04/20/51

    48,859       49,523,401  

2.00%, 10/20/51

    2,320       2,351,542  

2.00%, 11/18/51(a)

    59,680       60,434,159  

2.50%, 01/15/28

    5       4,756  

2.50%, 02/20/28

    8       8,611  

2.50%, 01/20/31

    126       130,663  

2.50%, 07/20/35

    1,840       1,915,202  

2.50%, 04/20/43

    18       18,518  

2.50%, 12/20/46

    1,702       1,761,016  

2.50%, 01/20/47

    163       168,147  

2.50%, 08/20/50

    18,575       19,093,309  

2.50%, 09/20/50

    5,333       5,481,196  

2.50%, 01/20/51

    4,627       4,756,283  

2.50%, 02/20/51

    5,367       5,521,135  

2.50%, 05/20/51

    7,253       7,461,913  

2.50%, 07/20/51

    21,724       22,349,114  

2.50%, 08/20/51

        29,651           30,503,505  

2.50%, 11/18/51(a)

    18,446       18,961,551  

3.00%, 11/18/21(a)

    6,925       7,190,639  

3.00%, 07/15/27

    5       5,319  

3.00%, 09/15/27

    8       8,137  

3.00%, 01/20/31

    166       174,781  

3.00%, 07/20/31

    272       285,706  

3.00%, 02/20/32

    205       215,463  

3.00%, 09/15/42

    5       5,629  

3.00%, 10/15/42

    41       43,002  

3.00%, 01/20/43

    421       445,437  

3.00%, 07/15/43

    73       76,848  

3.00%, 09/20/43

    882       933,141  

3.00%, 01/15/44

    2,126       2,245,779  

3.00%, 08/20/44

    508       537,764  

3.00%, 05/20/45

    376       395,830  

3.00%, 07/20/45

    102       107,320  

3.00%, 10/20/45

    165       173,185  

3.00%, 11/20/45

    2,567       2,701,233  

3.00%, 12/20/45

    2,036       2,143,147  

3.00%, 01/20/46

    677       712,043  

3.00%, 02/20/46

    688       723,897  

3.00%, 03/20/46

    2,626       2,750,966  

3.00%, 04/20/46

    1,743       1,825,896  

3.00%, 05/20/46

    2,196       2,301,233  

3.00%, 06/20/46

    781       817,904  

3.00%, 07/20/46

    796       833,825  

3.00%, 08/20/46

    5,096       5,339,427  

3.00%, 09/20/46

    3,401       3,563,233  

3.00%, 12/15/46

    176       185,754  

3.00%, 12/20/46

    583       611,350  

3.00%, 02/15/47

    200       210,935  

3.00%, 02/20/47

    648       679,123  

3.00%, 06/20/47

    77       80,727  

3.00%, 07/20/47

    1,359       1,419,363  

3.00%, 10/20/47

    446       465,460  

3.00%, 12/20/47

    850       887,484  

3.00%, 01/20/48

    1,204       1,257,628  

3.00%, 02/20/48

    63       65,860  

3.00%, 04/20/49

    2,763       2,885,997  
Security   Par
(000)
    Value  
Mortgage-Backed Securities (continued)            

3.00%, 07/20/49

  $ 595     $ 618,315  

3.00%, 09/20/49

    46       48,213  

3.00%, 10/15/49

    1,124       1,172,338  

3.00%, 11/20/49

    1,784       1,852,273  

3.00%, 01/20/50

    4,479       4,647,776  

3.00%, 02/15/50

    808       843,017  

3.00%, 02/20/50

    1,877       1,947,252  

3.00%, 04/20/50

    13,635       14,142,623  

3.00%, 07/20/50

    17,304       17,950,114  

3.00%, 08/20/50

    1,828       1,896,391  

3.00%, 01/20/51

        11,694           12,132,935  

3.50%, 02/15/26

    3       3,270  

3.50%, 11/15/26

    2       2,452  

3.50%, 02/20/27

    7       7,348  

3.50%, 01/20/31

    54       57,822  

3.50%, 07/20/32

    148       157,904  

3.50%, 09/15/41

    5       5,859  

3.50%, 06/20/42

    3,496       3,684,937  

3.50%, 09/15/42

    15       16,730  

3.50%, 09/20/42

    150       161,230  

3.50%, 10/15/42

    6       6,329  

3.50%, 10/20/42

    351       378,613  

3.50%, 11/15/42

    28       29,741  

3.50%, 11/20/42

    1,166       1,256,749  

3.50%, 12/20/42

    124       133,283  

3.50%, 02/20/43

    975       1,054,431  

3.50%, 03/15/43

    584       632,155  

3.50%, 05/15/43

    41       43,882  

3.50%, 06/15/43

    137       148,203  

3.50%, 04/20/45

    370       393,590  

3.50%, 09/20/45

    4,070       4,326,478  

3.50%, 11/20/45

    15       15,605  

3.50%, 12/20/45

    101       107,708  

3.50%, 03/20/46

    525       555,907  

3.50%, 04/20/46

    83       87,809  

3.50%, 06/20/46

    815       862,748  

3.50%, 07/20/46

    4,817       5,100,791  

3.50%, 11/20/46

    15       15,354  

3.50%, 12/20/46

    197       209,074  

3.50%, 01/20/47

    72       76,004  

3.50%, 02/20/47

    176       186,393  

3.50%, 03/20/47

    366       385,730  

3.50%, 04/20/47

    1,549       1,634,548  

3.50%, 08/20/47

    640       688,950  

3.50%, 09/20/47

    1,419       1,495,410  

3.50%, 10/20/47

    10,558       11,136,607  

3.50%, 11/20/47

    1,375       1,449,033  

3.50%, 12/15/47

    528       569,904  

3.50%, 12/20/47

    615       662,482  

3.50%, 01/20/48

    455       479,595  

3.50%, 02/20/48

    1,959       2,064,812  

3.50%, 04/20/48

    138       149,303  

3.50%, 11/20/48

    996       1,049,146  

3.50%, 01/20/50

    4,482       4,685,140  

3.50%, 03/20/50

    3,827       3,998,273  

3.50%, 04/20/50

    14,503       15,147,300  

3.50%, 05/20/50

    9,457       9,876,503  

3.50%, 06/20/50

    912       953,596  

3.50%, 08/20/50

    3,989       4,170,045  

3.50%, 11/19/50(a)

    920       962,334  

 

 

24  

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


Schedule of Investments   (continued)

October 31, 2021

  

iShares® GNMA Bond ETF

(Percentages shown are based on Net Assets)

 

Security       
Par
(000)
    Value  
Mortgage-Backed Securities (continued)            

3.50%, 05/20/51

  $ 2,675     $ 2,812,548  

4.00%, 03/20/26

    2       2,387  

4.00%, 07/20/26

    2       1,900  

4.00%, 02/15/41

    8       8,837  

4.00%, 03/15/41

    8       9,287  

4.00%, 04/15/41

    36       38,744  

4.00%, 05/15/41

    8       8,266  

4.00%, 12/15/41

    9       9,893  

4.00%, 01/15/42

    5       5,558  

4.00%, 02/15/42

    20       22,265  

4.00%, 03/15/42

    53       58,435  

4.00%, 05/15/42

    9       9,761  

4.00%, 08/15/42

    10       11,173  

4.00%, 09/20/42

    250       273,770  

4.00%, 04/15/44

    45       48,327  

4.00%, 05/15/44

    52       56,094  

4.00%, 08/20/44

    33       35,580  

4.00%, 10/20/44

    356       387,883  

4.00%, 03/20/45

    1,403       1,526,308  

4.00%, 08/15/45

    3,305       3,610,813  

4.00%, 08/20/45

    585       635,390  

4.00%, 09/20/45

    804       873,671  

4.00%, 10/20/45

    7       7,846  

4.00%, 01/20/46

    12       13,377  

4.00%, 03/20/46

    144       156,264  

4.00%, 07/20/46

    14       15,172  

4.00%, 09/20/46

    409       441,993  

4.00%, 11/20/46

    165       178,835  

4.00%, 12/15/46

    27       28,812  

4.00%, 06/20/47

    2,494       2,678,842  

4.00%, 07/20/47

    522       560,755  

4.00%, 08/20/47

    10       10,373  

4.00%, 11/20/47

    153       163,869  

4.00%, 03/20/48

    1,484       1,585,063  

4.00%, 04/20/48

    622       673,078  

4.00%, 05/20/48

    3,502       3,791,282  

4.00%, 07/20/48

    559       596,352  

4.00%, 09/20/48

    2,641       2,813,070  

4.00%, 10/20/48

    1,881       2,004,257  

4.00%, 11/20/48

        11,324       12,088,736  

4.00%, 09/15/49

    301       324,686  

4.00%, 01/20/50

    802       850,525  

4.00%, 02/20/50

    17       18,392  

4.00%, 09/20/50

    519       550,893  

4.00%, 11/18/51(a)

    3,055       3,237,703  

4.50%, 11/18/21(a)

    1,500       1,599,785  

4.50%, 07/20/24

    1       1,381  

4.50%, 08/15/39

    113       125,701  

4.50%, 07/15/40

    26       29,314  

4.50%, 08/15/40

    44       49,535  

4.50%, 11/20/45

    256       283,708  

4.50%, 08/20/46

    460       510,746  

4.50%, 09/20/46

    68       76,083  

4.50%, 10/20/46

    78       87,008  

4.50%, 11/20/46

    80       89,215  

4.50%, 04/20/47

    8       8,969  

4.50%, 06/20/47

    10       10,474  

4.50%, 07/20/47

    3,517           3,814,139  

4.50%, 02/20/48

    532       574,943  

4.50%, 06/20/48

    34       36,202  
Security   Par/
Shares
(000)
    Value  
Mortgage-Backed Securities (continued)            

4.50%, 07/20/48

  $ 216     $ 231,520  

4.50%, 08/20/48

    180       192,631  

4.50%, 09/20/48

    5,185       5,543,687  

4.50%, 10/20/48

    176       187,715  

4.50%, 12/20/48

    1,568       1,674,180  

4.50%, 01/20/49

    1,061       1,131,206  

4.50%, 03/20/49

    27       28,481  

4.50%, 06/20/49

    1,028       1,095,000  

4.50%, 08/20/49

    318       338,934  

4.50%, 10/20/49

    235       250,936  

4.50%, 01/20/50

    1,269       1,351,852  

5.00%, 07/15/39

    25       28,497  

5.00%, 07/20/42

    137       156,911  

5.00%, 07/20/46

    53       61,118  

5.00%, 04/20/48

    72       78,000  

5.00%, 05/20/48

    383       415,703  

5.00%, 11/20/48

    95       102,006  

5.00%, 12/20/48

    90       96,767  

5.00%, 01/20/49

    266       287,131  

5.00%, 04/20/49

    17       18,195  

5.00%, 09/20/50

    328       358,735  

5.00%, 11/18/51(a)

    6,037       6,524,953  

5.50%, 10/15/38

    16       18,239  

5.50%, 07/20/40

    231       264,917  

5.50%, 11/18/51(a)

    625       692,969  

6.00%, 09/20/38

    22       25,478  

6.00%, 11/18/51(a)

    200       223,906  
   

 

 

 
      487,736,616  
   

 

 

 

Total U.S. Government Agency Obligations — 100.8%

 

(Cost: $489,482,502)

          487,736,616  
   

 

 

 
Short-Term Investments            
Money Market Funds — 20.0%            

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

    96,704       96,704,000  
   

 

 

 

Total Short-Term Investments — 20.0%
(Cost: $96,704,000)

 

    96,704,000  
   

 

 

 

Total Investments Before TBA Sales Commitments — 120.8%

 

(Cost: $586,186,502)

 

    584,440,616  
   

 

 

 

TBA Sales Commitments(a)

   
Mortgage-Backed Securities — (1.4)%            

Government National Mortgage Association

   

1.50%, 11/18/51

    (75     (73,516

2.00%, 11/18/51

    (2,550     (2,582,224

2.50%, 11/18/51

    (1,300     (1,336,334

3.00%, 11/18/51

    (1,550     (1,609,457

 

 

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

  25


Schedule of Investments   (continued)

October 31, 2021

  

iShares® GNMA Bond ETF

(Percentages shown are based on Net Assets)

 

Security   Par
(000)
    Value  
Mortgage-Backed Securities (continued)            

3.50%, 11/19/50

    (920   $ (962,334
   

 

 

 
      (6,563,865
   

 

 

 

Total TBA Sales Commitments — (1.4)%
(Proceeds: $(6,538,355))

      (6,563,865
   

 

 

 

Total Investments, Net of TBA Sales Commitments — 119.4%
(Cost: $579,648,147)

      577,876,751  

Other Assets, Less Liabilities — (19.4)%

      (94,029,469
   

 

 

 

Net Assets — 100.0%

    $     483,847,282  
   

 

 

 

 

(a) 

Represents or includes a TBA transaction.

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer    Value at
10/31/20
     Purchases
at Cost
     Proceeds
from Sales
     Net Realized
Gain (Loss)
     Change in
Unrealized
Appreciation
(Depreciation)
     Value at
10/31/21
     Shares
Held at
10/31/21
(000)
     Income      Capital Gain
Distributions from
Underlying Funds
 

BlackRock Cash Funds: Treasury, SL Agency Shares

   $ 97,794,000      $      $ (1,090,000 )(a)     $      $      $ 96,704,000        96,704      $ 31,589      $  
           

 

 

    

 

 

    

 

 

       

 

 

    

 

 

 

 

(a) 

Represents net amount purchased (sold).

 

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

      Level 1        Level 2        Level 3        Total  

Investments

                 

Assets

                 

U.S. Government Agency Obligations

   $        $ 487,736,616        $        $ 487,736,616  

Money Market Funds

     96,704,000                            96,704,000  
  

 

 

      

 

 

      

 

 

      

 

 

 
     96,704,000          487,736,616                   584,440,616  
  

 

 

      

 

 

      

 

 

      

 

 

 

Liabilities

                 

TBA Sales Commitments

              (6,563,865                 (6,563,865